Document:

Exhibit 10.5

  

   

  

  
    Execution Version

  

  

  

  
    REGISTRATION RIGHTS AGREEMENT

     

    THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of April 8, 2021, is made and entered into by and among PAR Technology Corporation, a Delaware corporation (the “Company”),

      and the investors listed on the Schedule of Investors attached hereto as Schedule 1 (each, an “Investor” and collectively, the “Investors”).

     

    WHEREAS, pursuant to the Securities Purchase Agreement by and among the Company and each of the Investors, dated as of April 8, 2021 (the “Purchase Agreement”), the Company has agreed, upon
      the terms and subject to the conditions of the Purchase Agreement, to issue and sell, at the Closing, to the Investors an aggregate of  2,279,412 shares of the Company’s common stock, par value $0.02 per share (the “Common Stock”);

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        

    

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

     

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

     

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

     

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

     

    “Filing Deadline” means, with respect to the Prospectus Supplement or any registration statement required to be filed to cover the resale by Investors of Registrable Securities pursuant to Section

        2, thirty (30) calendar days following the date of this Agreement; provided that, to the extent that the Company has not been provided the information regarding the Investors and their Registrable Securities in accordance with Section

        13 at least two (2) Business Days prior to the Filing Deadline, then the such Filing Deadline shall be extended to the second (2nd) Business Day following the date
      on which such information is provided to the Company.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “PAR Act” means PAR Act III, LLC.

     

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

     

    
      2

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      3

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    2.            Registration.

     

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

     

    
      4

      
        

    

    (b)          [Intentionally left blank.]

     

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

     

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

     

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

     

    
      5

      
        

    

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

     

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

     

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

     

    (iii)      notify such Investor as promptly as is reasonably practicable after the effectiveness under the 1933 Act of any
      post-effective amendment filed pursuant to Section 2(f)(i).

     

    3.            Underwritten Offering.

     

    (a)         If the Electing Investors intend to distribute the Registrable Securities by means of an underwriting (the “Underwritten

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

     

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

     

    
      6

      
        

    

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

     

    5.           Take-Down Notice.  Subject to the other applicable provisions of this Agreement, at any
      time that any Shelf Registration Statement is effective, if an Investor delivers a notice to the Company (a “Take-Down Notice”) stating that it intends to effect a sale or distribution of all or part of its Registrable Securities included by
      it on any Shelf Registration Statement that requires an amendment or supplement to the Shelf Registration Statement (a “Shelf Offering”) and stating the number of the Registrable Securities to be included in such Shelf Offering, then the
      Company shall amend or supplement the Shelf Registration Statement as may be necessary, subject to the other applicable provisions of this Agreement, in order to enable such Registrable Securities to be sold and distributed pursuant to the Shelf
      Offering.

     

    
      7

      
        

    

    6.            Piggyback Registration.

     

    (a)          Subject to the terms and conditions of this Agreement, if at any time the Company files a registration statement under the 1933 Act with respect to an
      offering of Common Stock or other equity securities of the Company (such Common Stock and other equity securities collectively, “Other Securities”), including, for the avoidance of doubt, any registration statement filed in response to PAR
      Act’s demand for a Underwritten Offering pursuant to Section 3 of the PAR Act Registration Rights Agreement (“PAR Act Demand Registration”), and whether or not for sale for its own account (other than a registration statement (i) on
      Form S-4, Form S-8 or any successor forms, (ii) the Form S-3 registration statement to be filed pursuant to the Prism Merger Agreement or (iii) filed solely in connection with any employee benefit or dividend reinvestment plan), then the Company
      shall promptly give written notice of such filing to the Investors, which notice shall be given, to the extent reasonably practicable, no later than ten (10) Business Days before the anticipated filing or launch date (except in the case of an
      offering that is an “overnight offering,” in which case such notice must be given no later than one (1) Business Day prior to the filing or launch date) (the “Piggyback Notice”).  The Piggyback Notice and the contents thereof shall be kept
      confidential by the Investors and their respective Affiliates and representatives, and the Investors shall be responsible for breaches of confidentiality by their respective Affiliates and representatives in their capacity as such.  The Piggyback
      Notice shall offer each Investor the opportunity to include in such registration statement, subject to the terms and conditions of this Agreement, the number of Registrable Securities as such Investor may reasonably request (a “Piggyback
        Registration”).  Subject to the terms and conditions of this Agreement, the Company shall include in each such Piggyback Registration all Registrable Securities with respect to which the Company has received from an Electing Investor a written
      request for inclusion therein within five (5) Business Days following receipt of any Piggyback Notice by such Electing Investor (but in any event not later than one (1) Business Day prior to the filing date of a Piggyback Registration and, except in
      the case of an offering that is an “overnight offering,” not later than one (1) Business Day following receipt of such notice), which request shall specify the maximum number of Registrable Securities intended to be disposed of by such Electing
      Investor and the intended method of distribution.  For the avoidance of doubt and notwithstanding anything in this Agreement to the contrary, the Company may not commence or permit the commencement of any sale of Other Securities in a public offering
      to which this Section 6 applies unless the Electing Investors shall have received the Piggyback Notice in respect to such public offering not less than ten (10) Business Days prior to the commencement of such sale of Other Securities (except
      in the case of an offering that is an “overnight offering,” in which case such notice must be given no later than one (1) Business Day prior to the filing or launch date).  Except in the case of an offering that is an “overnight offering,” the
      Electing Investors shall be permitted to withdraw all or part of the Registrable Securities from a Piggyback Registration at any time at least two (2) Business Days prior to the effective date of the registration statement relating to such Piggyback
      Registration.

     

    
      8

      
        

    

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

     

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

     

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

     

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

     

    
      9

      
        

    

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

     

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

     

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

     

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

     

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

     

    
      10

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      11

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

    (m)        Upon the occurrence of any event contemplated by Section 8(j)(vii), reasonably promptly prepare a post-effective
      amendment to such registration statement or a supplement to the related prospectus or file any other required document so that, as thereafter delivered to the Electing Investors, the prospectus will not contain (or incorporate by reference) an untrue
      statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.  If the Company notifies the Electing Investors in accordance with Section

        8(j)(vii) to suspend the use of the prospectus until the requisite changes to the prospectus have been made, then the Electing Investors shall suspend use of such prospectus and use their reasonable best efforts to return to the Company all
      copies of such prospectus (at the Company’s expense) other than permanent file copies then in the Electing Investors’ possession, and the period of effectiveness of such registration statement provided for in Section 8(a) above shall be
      extended by the number of days from and including the date of the giving of such notice to the date the Electing Investors shall have received such amended or supplemented prospectus pursuant to this Section 8(m); and

     

    
      12

      
        

    

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

     

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

     

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

     

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

     

    
      13

      
        

    

    12.          Indemnification.

     

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

     

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

     

    
      14

      
        

    

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

     

    
      15

      
        

    

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

     

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

     

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

     

    
      16

      
        

    

    15.         Miscellaneous.

     

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

     

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

     

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

     

    (d)         Specific Performance.  Each of the Investors, on the one hand, and the Company, on the other hand, acknowledges
      and agrees that irreparable injury to the other party hereto would occur in the event any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached and that such injury would not be
      adequately compensable by the remedies available at law (including the payment of money damages).  It is accordingly agreed that the Investors, on the one hand, and the Company, on the other hand (the “Moving Party”), shall each be entitled to
      specific enforcement of, and injunctive relief to prevent any violation of, the terms hereof, and the other party hereto will not take action, directly or indirectly, in opposition to the Moving Party seeking such relief on the grounds that any other
      remedy or relief is available at law or in equity.  This Section 15(d) is not the exclusive remedy for any violation of this Agreement.

     

    
      17

      
        

    

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

     

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

     

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

     

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

     

    
      18

      
        

    

    if to the Company:

     

    PAR Technology Corporation

    8383 Seneca Turnpike

    New Hartford, New York 13413

    Attention:             Cathy King

    E-mail:                 cathy_king@partech.com

    with a copy to (for informational purposes only):

     

    Gibson, Dunn & Crutcher LLP

    200 Park Avenue

    New York, NY 10166

    Attention:            Boris Dolgonos

    Eduardo Gallardo

    E-mail:                 bdolgonos@gibsondunn.com

    egallardo@gibsondunn.com

     

    if to the Investors: to the address set forth in the Purchase Agreement.

     

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

     

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

     

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

       

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

       

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

       

      

    

    
      19

      
        

    

    

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

     

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

     

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

     

    [Signature pages follow.]

     

    
      20

      
        

    

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

    

    

    
      	 	
              PAR TECHNOLOGY CORPORATION

            
	 	 	 	 
	 	
              By:

            	
              /s/ Savneet Singh

            
	 	 	
              Name:

            	
              Savneet Singh

            
	 	 	
              Title:

            	
              President and

            
	 	 	 	
              Chief Executive Officer

            

    

    

    [Signature Page to Registration Rights Agreement]

     

    
      
        

    

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

     

    
      	 	
              The Funds and Accounts listed on Attachment A

            
	 	
              Each fund, severally, and not jointly

            
	 	 	 
	 	
              By: T. Rowe Price Associates, Inc., investment 

              adviser or subadviser, as applicable

            
	 	 	 
	 	
              By:

            	
              /s/ Andrew Baek

            
	 	 	
              Name: Andrew Baek

            
	 	 	
              Title: Vice President

            

    

    

    

    
      	 	
              Address:

            
	 	
              T. Rowe Price Associates, Inc.

              100 East Pratt Street

            
	 	
              Baltimore, MD 21202

            
	 	
              Attn.: Andrew Baek, Vice President

            
	 	
              Phone: 410-345-2090

            
	 	
              E-mail: andrew.baek@troweprice.com

            

    

    

    

    
      [Signature Page to Registration Rights Agreement]

    

    

    

    
      
        

    

    
      T. ROWE PRICE ASSOCIATES, INC.

      SCHEDULE “A” - PAR TECHNOLOGY CORPORATION

      COMMON STOCK

    

    

    

    	 	 	
            $

          	
            68.00000

          	 	 	
            Cost/Share

          	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
            Fund Name

          	 	
             Quantity

          	 	 	
             Cost

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

          	 	 	
            953,391

          	 	 	
            $

          	
            64,830,588.00

          	 
	
            T. Rowe Price Institutional Small-Cap Stock Fund

          	 	 	
            555,173

          	 	 	
            $

          	
            37,751,764.00

          	 
	
            T. Rowe Price Spectrum Conservative Allocation Fund

          	 	 	
            7,454

          	 	 	
            $

          	
            506,872.00

          	 
	
            T. Rowe Price Spectrum Moderate Allocation Fund

          	 	 	
            11,684

          	 	 	
            $

          	
            794,512.00

          	 
	
            T. Rowe Price Spectrum Moderate Growth Allocation Fund

          	 	 	
            21,153

          	 	 	
            $

          	
            1,438,404.00

          	 
	
            T. Rowe Price Moderate Allocation Portfolio

          	 	 	
            883

          	 	 	
            $

          	
            60,044.00

          	 
	
            U.S. Small-Cap Stock Trust

          	 	 	
            48,091

          	 	 	
            $

          	
            3,270,188.00

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

          	 	 	
            49,607

          	 	 	
            $

          	
            3,373,276.00

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

          	 	 	
            292,819

          	 	 	
            $

          	
            19,911,692.00

          	 
	
            Minnesota Life Insurance Company

          	 	 	
            11,784

          	 	 	
            $

          	
            801,312.00

          	 
	
            Costco 401(k) Retirement Plan

          	 	 	
            49,643

          	 	 	
            $

          	
            3,375,724.00

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

          	 	 	
            12,552

          	 	 	
            $

          	
            853,536.00

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

          	 	 	
            192,603

          	 	 	
            $

          	
            13,097,004.00

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

          	 	 	
            66,590

          	 	 	
            $

          	
            4,528,120.00

          	 
	
            T. Rowe Price U.S. Equities Trust

          	 	 	
            3,656

          	 	 	
            $

          	
            248,608.00

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

          	 	 	
            2,329

          	 	 	
            $

          	
            158,372.00

          	 
	 	 	 	 	 	 	 	 	 
	 	 	 	
            2,279,412

          	 	 	
            $

          	
            155,000,016.00

          	 

    

    

    
      
        

    

    SCHEDULE 1

     

    SCHEDULE OF INVESTORS

     

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

    T. Rowe Price Institutional Small-Cap Stock Fund

    T. Rowe Price Spectrum Conservative Allocation Fund

    T. Rowe Price Spectrum Moderate Allocation Fund

    T. Rowe Price Spectrum Moderate Growth Allocation Fund

    T. Rowe Price Moderate Allocation Portfolio

    U.S. Small-Cap Stock Trust

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

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

    Minnesota Life Insurance Company

    Costco 401(k) Retirement Plan

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

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

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

    T. Rowe Price U.S. Equities Trust

    MassMutual Select Funds - MassMutual Select T. Rowe Price Small and Mid Cap Blend FundExhibit 10.6

    

     

      

    
      Execution Version

    

    

    INVESTOR RIGHTS AGREEMENT

     

    This Investor Rights Agreement (this “Agreement”) is made and entered
      into as of April 8, 2021 by and between PAR Technology Corporation, a Delaware corporation (the “Company”), and PAR Act III, LLC, a Delaware limited liability company (“Act III,” and together with any transferees of the Securities (as defined in the Purchase Agreement) who are Affiliates (as defined in the Purchase Agreement) of Act III and
      agree to become parties to this Agreement, each an “Investor” and collectively, the “Investors”)
      (each of the Company and the Investors, a “Party” to this Agreement, and collectively, the “Parties”).

     

    RECITALS

     

    WHEREAS, the Company and Act III are parties to that certain Securities Purchase Agreement, dated as of April 8, 2021 (the “Purchase Agreement”), pursuant to which Act III became the holder of 73,530 shares of common stock, par value $0.02 per share, of the Company (the “Common Stock” and such shares, the “Common Shares”) and a holder of 500,000 Warrants (as defined in the Common Share Purchase Warrant);

     

    WHEREAS, in connection with the investment contemplated by the Transaction Documents (as defined in the Purchase Agreement), the Company and Investors
      have determined to come to an agreement with respect to certain governance matters as well as certain other matters, as provided in this Agreement.

     

    NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements contained herein, and for other good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound hereby, agree as follows:

     

    1.           Board Appointment and Related Agreements.

     

    (a)          Board Appointment

     

    (i)          From the date of this Agreement
        until the Company’s 2021 annual meeting of stockholders (the “2021 Annual Meeting”), Act III shall have the right (which right may not be assigned or transferred to any
        other Person) to designate one (1) person  (the “Director Nominee”), who shall be designated by the Investor Representative, for appointment to the Company’s Board of
        Directors (the “Board”). The initial Director Nominee is Keith Pascal (the “Initial Director Nominee”), and any replacement thereof shall be designated by Ronald M. Shaich
        (the “Investor Representative”) or any replacement thereof approved by Act III.

     

    (ii)       Prior to the Closing Date (as defined
        in the Purchase Agreement), the Nominating Committee has determined the Initial Director Nominee is reasonably acceptable to the Board and satisfies the Independent Director Criteria, and such nomination has been recommended by the Nominating
        Committee and approved by the Board, the Board has taken all necessary actions to promptly appoint the Initial Director Nominee as a director of the Company on the Closing Date.

     

    
      
        

    

    
    (iii)        On the Closing Date (as defined in
        the Purchase Agreement), the Company shall (A) increase the size of the Board from five (5) to six (6) directors and (B)  appoint the Initial Director Nominee to the Board. As used in this Agreement, an “Appointed Director” means any Director Nominee, including the Initial Director Nominee, who is elected or appointed to the Board to serve as a director of the Company, including a Replacement Director.

     

    (iv)        Any Director Nominee shall (a) have
        business, restaurant, marketing, technology, accounting, finance and/or other experiences or expertise relevant to the Company’s business, (b) be reasonably acceptable to the Nominating and Corporate Governance Committee of the Board (the “Nominating Committee”) and the Board, (c) qualify as “independent” pursuant to the New York Stock Exchange listing requirements and satisfy any other criteria applicable to
        “independent” directors under such listing requirements and under applicable law and the rules and regulations of the Securities and Exchange Commission (the “Commission”)
        and (d) have provided the items that would be required of an independent director pursuant the Company’s normal director intake procedures (including completion of a standard director and officer questionnaire and completion of a background check)
        (clauses (a)-(d), the “Independent Director Criteria”).

     

    (v)         The Company agrees that, subject to
        his or her satisfaction of the Independent Director Criteria, the Board shall nominate for election to the Board, along with its other nominees, the Appointed Director (who may be the Initial Director Nominee) at the 2021 Annual Meeting and shall
        recommend, support and solicit proxies for the election of such Appointed Director at such meeting in the same manner as it recommends, supports, and solicits proxies for the election of any continuing directors.

     

    (vi)        If any Appointed Director is unable
        or unwilling to serve as a director and ceases to be a director, resigns as a director, is removed as a director, or for any other reason fails to serve or is not serving as a director, the Investor Representative shall have the right to designate
        a person to be a replacement director (any such replacement nominee, when appointed to the Board, shall be referred to as a “Replacement Director”); provided that the
        rights under this sentence shall terminate on the earlier of (i) such time as the Appointed Director is not elected to the Board by the Company’s stockholders at the 2021 Annual Meeting and (ii) immediately prior to the 2022 annual meeting of
        Company stockholders.  Any Replacement Director must satisfy the Independent Director Criteria.  Within ten (10) business days of his or her name being submitted to the Nominating Committee, the Nominating Committee shall determine whether the
        Director Nominee with respect to the Replacement Director is reasonably acceptable to the Board, and if such nomination is recommended by the Nominating Committee and approved by the Board, the Board shall take all necessary actions to promptly
        appoint such Director Nominee as a director of the Company within five (5) business days of the Nominating Committee’s recommendation.

     

    (b)         Director Compensation. The Appointed Director shall be entitled to (i)  reimbursement of expenses and indemnification in the same manner and to the same extent as the other members of the Board, in
        accordance with the Company’s organizational documents and on the basis of the director indemnification agreement with the Company, and (ii) compensation in the same manner and to the same extent as the other members of the Board that are
        compensated as members of the Board.

     

    
      2

      
        

    

    2.           Board Observer Rights and Related Agreements.

     

    (a)          Board Observer

     

    (i)        From the date of this Agreement until
        the first anniversary of this Agreement, Act III shall have the right (which right may not be assigned or transferred to any other Person) to designate Ronald M. Shaich to serve as an observer (the “Voluntary Observer”) at meetings of the Board; provided that, after the first anniversary in the event either the Investor or the Company, in
        their respective reasonable discretion, determine that such arrangement is no longer beneficial to the Company, the Voluntary Observer shall be deemed to no longer be an observer of the Board effective upon notice of such determination to the other
        party; provided, further that Act III and the Company may mutually agree that the Voluntary
        Observer shall continue beyond such initial one (1) year period until such time as Act III and the Company shall mutually agree.

     

    (ii)        In the event the Appointed Director
        is not elected to the Board by the Company’s stockholders at the 2021 Annual Meeting, Act III shall have the right (which right may not be assigned or transferred to any other Person) to designate one (1) additional Observer (the “Primary Observer” and, together with the Voluntary Observer, the “Observers”), who shall be
        designated by the Investor Representative, to serve as an observer at meetings of the Board, which Primary Observer shall be acceptable to the Company (such acceptance not to be unreasonably withheld, conditioned or delayed); provided that no designee may serve as the Primary Observer if he or she has been convicted of, or pled guilty or no contest to, a felony having as its predicate element fraud
        or moral turpitude).

     

    (iii)        The Company agrees that (A) it will
        notify each of the Observers of, and each Observer may attend, in a non-voting observer capacity, all meetings of the Board (subject to the below and except to the extent an Observer has been excluded therefrom pursuant to Section 2(a)(v) below)
        for the purposes of permitting the Observers to have current information with respect to the affairs of the Company and actions taken by the Board. Other than the Board’s annual strategy meeting, annual operating plan (AOP) meeting, meeting
        immediately following the Company’s annual meeting of stockholders, and such other Board and committee meetings, the purpose(s) of which are strategic in nature, which, for the avoidance of doubt, the Voluntary Observer shall have the option of
        attending, (but with respect to committee meetings, only those to which non-committee members are invited to attend), upon receipt of such notice, the Voluntary Observer and the Lead Director with respect to meetings of the full Board, or, the
        relevant committee chair with respect to meetings of any Board committee shall discuss and mutually agree if the Voluntary Observer will attend the relevant meeting.  Subject to the forgoing, each Observer shall have the right to be heard at any
        such meetings, but in no event shall an Observer: (1) be deemed to be a member of the Board; or (2) have the right to vote on any matter under consideration by the Board or otherwise have any power to cause the Company to take, or not to take, any
        action. As a non-voting observer, each Observer will also be provided (concurrently with delivery to the directors of the Company and in the same manner delivery is made to them) copies of all notices, minutes, consents, and all other materials and
        information (financial or otherwise) that are provided to the directors with respect to a meeting or any written consent in lieu of a meeting of the Board (except to the extent an Observer has been excluded therefrom pursuant to Section 2(a)(v)
        below).

     

    
      3

      
        

    

    (iv)        If a meeting of the Board is
        conducted via telephone or other electronic medium (e.g., videoconference), the Observers may attend such meeting via the same medium; provided, however, that each Observer shall not knowingly provide any other person access to such meeting without the Company’s express written consent and, provided further, that each Observer may provide such access to his or her assistant for the
        limited purpose of managing such Observer’s calendar and other administrative tasks related thereto and any inadvertent access by another person which is promptly remedied upon discovery by such Observer shall not be deemed to breach the provisions
        of this Section 2(a)(iv).

     

    (v)        Notwithstanding the foregoing, the
        Company may exclude the Observers from access to any material or meeting or portion thereof if the Board determines it is necessary to do so in its reasonable discretion and good faith (which determination may be made without participation of the
        Observers), that (1) upon advice of the Company’s legal counsel, such exclusion is reasonably necessary to preserve attorney-client privilege; provided, however, that any such exclusion shall apply only to such portion of the material or such portion of the meeting which would be required to preserve such privilege and not to
        any other portion thereof, (2) such portion of a meeting is an executive session limited solely to independent director members of the Board, independent auditors and/or legal counsel, as the Board may designate, and any Observer (assuming such
        Observer were a member of the Board for such determination) would not meet the then-applicable standards for independence adopted by the Commission, the New York Stock Exchange or such other exchange on which the Company’s securities are then
        traded, (3) such material is subject to a binding confidentiality obligation to a third party that the Company reasonably determines, after consulting with legal counsel, specifically restricts the Company’s ability to disclose it to a Board’s
        observer; provided that the Company uses commercially reasonable efforts to obtain any consents or waivers from the relevant third parties such that the relevant
        materials may be disclosed or provide the Observer with redacted copies of documents containing such materials, (4) such exclusion is necessary to avoid a conflict of interest or disclosure of competitively sensitive information; provided, however, that any such exclusion shall only apply to such portion of such material or
        meeting which would be required to avoid such conflict of interest or disclosure of such competitively sensitive information, or (5) such exclusion is necessary for the Company to negotiate transactions with any member of the Investor Group on an
        arms’ length basis.

     

    (vi)        The Company shall reimburse each
        Observer for all reasonable out-of-pocket expenses incurred by the Observer in connection with attendance at Board meetings in the same manner and to the same extent as the other members of the Board, in accordance with the Company’s applicable
        policies. All reimbursements payable by the Company pursuant to this Section 2(a)(vi) shall be paid to the Observer at the same time as comparable reimbursement is paid
        to the members of the Board, as applicable.

     

    (vii)       If the Primary Observer (or
        replacement thereof) is unable or unwilling to serve as an observer, resigns as an observer, is removed as an observer, or for any other reason fails to serve as an observer, the Investor Representative shall have the right, subject to Section 2(b), to designate a person to be a replacement Primary Observer in accordance with Section 2(a)(ii).

     

    
      4

      
        

    

    (b)         Primary Observer Resignation Event. The Primary Observer shall be deemed to no longer be an observer of the Board effective, and Act III’s right to appoint a Primary Observer (or substitute or
        replacement thereof) shall terminate on the date of, the Company’s 2022 annual meeting of stockholders.

     

    3.          Standstill. Until the earlier of (A) the second (2nd) anniversary of the date of the this Agreement, or (B) the first date on which there is no Appointed Director (including any Replacement Director)
        or any Observers on the Board and the Investor is no longer entitled to designate any Appointed Director (including any Replacement Director) or Observer (the “Standstill End Date”),

        without the prior written consent of the Company, the Investors will not, nor will they cause or permit any of their respective controlled Affiliates (as defined in the Purchase Agreement) to:

     

    (a)         effect or seek, offer or propose
        (whether publicly or otherwise) to effect, or announce any intention to effect or cause or participate in or in any way assist, facilitate or encourage any other Person (as defined in the Purchase Agreement) to effect or seek, offer or propose
        (whether publicly or otherwise) to effect or participate in, (i) any acquisition of any securities (or beneficial ownership thereof), or rights or options to acquire any securities (or beneficial ownership thereof), or any assets, indebtedness or
        businesses of the Company or its Subsidiaries (as defined in the Purchase Agreement), (ii) any tender or exchange offer, merger or other business combination involving the Company or its Subsidiaries or assets of the Company or its Subsidiaries
        constituting a significant portion of the consolidated assets of the Company and its Subsidiaries, or (iii) any “solicitation” of “proxies” (as such terms are used in the proxy rules of the Commission) or consents to vote any voting securities of
        the Company or any of its Subsidiaries;

     

    (b)         form, join or in any way participate
        in a “group” (as defined under the 1934 Act) with respect to the Company or otherwise act in concert with any Person in respect of any such securities;

     

    (c)         otherwise act, alone or in concert
        with others, to seek representation on or to control or influence the management, Board or policies of the Company or to obtain representation on the Board of the Company (other than pursuant to the terms of this Agreement);

     

    (d)          take any action which would or would
        reasonably be expected to force the Company to make a public announcement regarding any of the types of matters set forth in clause (a) above; or

     

    (e)          enter into any discussions or
        arrangements with any third party with respect to any of the foregoing;

     

    it being understood that nothing in this Section 3 shall restrict or prohibit (x) any
      Appointed Director from taking any action, or refraining from taking any action, which he or she determines, in his or her reasonable discretion, is necessary to fulfill his or her fiduciary duties as a member of the Board, (y) the Investors’ or any
      of its controlled Affiliates’(as defined in the Purchase Agreement) acquisition of any Equity Securities (as defined in Section 4(h)) (I) paid as dividends or acquired
      pursuant to Section 4 of this Agreement, in each case, in accordance with the terms of this Agreement or (II) in connection with the exercise of the Warrant, or (z) the
      acquisition by the Investors or any of its controlled Affiliates of equity or debt securities of the Company or any of its Subsidiaries (as defined in the Purchase Agreement), or voting such securities and otherwise exercising its rights and
      privileges with respect to such securities, so long as such acquisition, voting or exercise of the rights and privileges, would not constitute a violation of clauses (a)(ii) and (iii) or (b) through (e) above and after any such acquisition, voting or
      exercise of the rights and privileges pursuant to this clause (z), the Investors do not have collective beneficial ownership (as determined under Rule 13d-3 promulgated under the 1934 Act) of a number of Common Shares or shares or rights convertible
      or exercisable into Common Shares, including the Warrant (whether or not presently convertible or exercisable) that, in the aggregate, are convertible or exercisable into and/or equal 10.0% or more of the then-outstanding Common Stock (on an
      as-converted and as-exercised basis), including the Warrant (which, for purposes of this Agreement, regardless of whether the right to purchase Common Shares with respect to the Warrant can be exercised for cash or through cashless exercise, in each
      case, in accordance with the terms of the Warrant).

    

    

    
      5

      
        

    

    4.           Preemptive Rights.

     

    (a)        Notwithstanding anything contained in
        Section 3, until the date that is eighteen (18) months from the date hereof, if the Company makes any public or non-public offering of any New Securities, each Investor
        shall be afforded the opportunity (which right may not be assigned or transferred to any other Person) to acquire from the Company all or a portion of such Investor’s Preemptive Rights Portion of such New Securities on such terms and for the same
        price as that offered to the other purchasers of such New Securities; provided, that such Investor shall not be entitled to acquire any New Securities pursuant to this Section 4 to the extent the issuance of such New Securities to such Investor would require approval of the stockholders of the Company as a result of any such Investor’s
        status, if applicable, as an Affiliate of the Company or pursuant the applicable rules, listing requirements and regulations of the New York Stock Exchange, in which case the Company may consummate the proposed issuance of New Securities to other
        Persons (as defined in the Purchase Agreement) prior to obtaining approval of the stockholders of the Company (subject to compliance by the Company with Section 4(e)
        below).

     

    (b)        If the Company proposes to offer New
        Securities, it shall give the Investors written notice of its intention, describing the anticipated price (or range of anticipated prices), anticipated amount of New Securities and other material terms and timing upon which the Company proposes to
        offer the same (including, in the case of a registered public offering and to the extent possible, a copy of the prospectus included in the registration statement filed with respect to such offering) at least seven (7) business days prior to such
        issuance or, in the case of a registered public offering, at least seven (7) business days prior to the commencement of such offering (provided that, to the extent the terms of such offering cannot reasonably be provided seven (7) business days
        prior to such issuance, notice of such terms may be given as promptly as reasonably practicable but in any event prior to such issuance or commencement). The Company may provide such notice to the Investors on a confidential basis prior to public
        disclosure of such offering. Other than in the case of a registered public offering, the Investor Representative may notify the Company in writing at any time on or prior to the second (2nd) business day immediately preceding the date of
        such issuance (or, if notice of all such terms has not been given prior to the second (2nd) business day immediately preceding the date of such issuance, at any time prior to such issuance) whether any of the Investors will exercise such
        preemptive rights and as to the amount of New Securities the Investors desire to purchase, up to the such Investor’s Preemptive Rights Portion. In the case of a registered public offering, the Investor Representative shall notify the Company in
        writing at any time prior to the second (2nd) business day immediately preceding the date of commencement of such registered public offering (or, if notice of all such terms has not been given prior to the second (2nd)
        business day immediately preceding the date of commencement of such registered public offering, at any time prior to the date of commencement of such registered public offering) whether any of the Investors will exercise such preemptive rights and
        as to the amount of New Securities the Investors desire to purchase, up to such Investor’s Preemptive Rights Portion. Such notice to the Company shall constitute a binding commitment by the Investors to purchase the amount of New Securities so
        specified at the anticipated price (or range of anticipated prices) and other terms set forth in the Company’s notice to it. Subject to receipt of the requisite notice of such issuance by the Company, the failure of the Investor Representative to
        respond prior to the time a response is required pursuant to this Section 4(b) shall be deemed to be a waiver of the Investors’ purchase rights under this Section 4 only with respect to the offering described in the applicable notice.

     

    
      6

      
        

    

    (c)        Each Investor shall purchase the New
        Securities that it has elected to purchase under this Section 4 concurrently with the related issuance of such New Securities by the Company (subject to the receipt of
        any required approvals from any governmental entity to consummate such purchase by such Investor, which such Investor shall use its reasonable best efforts and cooperate with the Company, as applicable, to obtain). If the proposed issuance by the
        Company of securities which gave rise to the exercise by the Investor of its preemptive rights pursuant to this Section 4 shall be terminated or abandoned by the Company
        without the issuance of any securities, then the purchase rights of the Investors pursuant to this Section 4 shall also terminate as to such proposed issuance by the
        Company (but not any subsequent or future issuance), and any funds in respect thereof paid to the Company by the Investors in respect thereof shall be promptly refunded in full.

     

    (d)        In the case of the offering of
        securities for consideration in whole or in part other than cash, including securities acquired in exchange therefor (other than securities by their terms so exchangeable), the consideration other than cash shall be deemed to be the fair value
        thereof as reasonably determined by the Board; provided, however, that such fair value as determined by the Board shall not exceed the aggregate market price of the
        securities being offered as of the date the Board authorizes the offering of such securities.

     

    (e)         In the event that the Investors are
        not entitled to acquire any New Securities pursuant to this Section 4 because such issuance would require the Company to obtain stockholder approval in respect of the
        issuance of such New Securities to the Investors as a result of any such Investor’s status, if applicable, as an Affiliate of the Company or pursuant the applicable rules, listing requirements and regulations of the New York Stock Exchange, the
        Company shall, upon the Investor’s reasonable request delivered to the Company in writing within seven (7) business days following the Investor’s receipt of the written notice by the Company of such issuance to the Investors pursuant to this Section 4, consider and discuss in good faith modifications proposed by the Investors to the terms and conditions of such portion of the New Securities which would otherwise
        be issued to the Investors such that the Company would not be required to obtain stockholder approval in respect of the issuance of such New Securities as so modified.

     

    
      7

      
        

    

    (f)         If the Investors do not elect to
        purchase their respective Preemptive Rights Portion of the New Securities pursuant to this Section 4, the Company may sell such portion of the New Securities on terms and
        conditions that are not materially more favorable in the aggregate to the applicable purchaser(s) than those set forth in the written notice of such offer. If such sale is not consummated within 120 days of the date upon which the written notice of
        such offer was given, then no issuance of such New Securities may be made thereafter by the Company without again offering the same to the Investors in accordance with this Section
            4. The election by any Investor to not exercise its subscription rights under this Section 4 in any one instance shall not affect its right as to any
        subsequent proposed issuance.

     

    (g)          The Company and the Investors shall
        cooperate in good faith to facilitate the exercise of the Investors’ rights pursuant to, and in accordance with the terms of, this Section 5.

     

    (h)          For purposes of this Section 4, the following terms have the following meanings:

     

    (i)          “Convertible Securities” means any security convertible into or exchangeable for capital stock of the Company.

     

    (ii)       “Equity Securities” means (A) the capital stock of the Company, (B) all Convertible Securities and (C) all Options to acquire from the Company shares of such capital stock or such Convertible
        Securities.

     

    (iii)     “Excluded Securities” means (A) any securities issued by the Company as full or partial consideration in connection with a bona fide merger, acquisition, consolidation, business combination, purchase of the capital stock or assets of, or transaction or series of transactions with, an unaffiliated third-party that is the result of arm’s length
        negotiations, including, for the avoidance of doubt, any securities issued by the Company as consideration pursuant to the Prism Merger Agreement (as defined in the Purchase Agreement); (B) any shares of capital stock or options to purchase shares
        of capital stock, or other equity-based awards (including restricted stock units), issued or granted to existing or former employees (or prospective employees who have accepted an offer of employment), directors or consultants (in each case, as
        defined in the Company’s equity incentive plans) of the Company or any of its Subsidiaries (as defined in the Purchase Agreement), pursuant to equity incentive plans, including the Company’s equity incentive plans existing on the date hereof and
        any future equity incentive plans adopted by the Company, as such plans may be amended or supplemented, in each case, that have been approved by the full Board or a majority of the independent members of the Board and requisite vote of the
        Company’s stockholders, as applicable (in each case, including with respect to any amendment or supplement thereof) or that exist as of the date of this Agreement, including, for the avoidance of doubt, any shares of Common Stock issuable upon
        exercise of any such Option or settlement or vesting of any equity-based award issued under such plans; (C) any shares of capital stock issuable upon exercise of any option of Prism (as defined in the Purchase Agreement) assumed by the Company
        pursuant to the Prism Merger Agreement (as defined in the Purchase Agreement); (D) any securities issued pursuant to any employee stock purchase plan approved by the Board and the Company’s stockholders; (E) securities issued by the Company upon
        the exercise, exchange or conversion of any securities that are exercisable or exchangeable for, or convertible into, shares of capital stock, including the Warrant Shares and shares of Common Stock issuable upon conversion of Convertible Notes (as
        defined in the Purchase Agreement), and are outstanding as of the date of this Agreement, provided that such exercise, exchange or conversion is effected pursuant to the
        terms of such securities as in effect on the date of this Agreement; (F) securities issued by the Company pursuant to any equipment loan or leasing arrangement, real property leasing arrangement or debt financing from a bank or similar financial
        institution approved by a majority of the disinterested members of the Board; (G) shares of any class of capital stock of the Company issued on a pro rata basis to all holders of such class as a stock dividend or upon any stock split or other
        subdivision of shares of capital stock; (H) shares of Common Stock issued pursuant to a bona fide public offering, or Convertible Securities or shares of Common Stock issuable upon exercise or conversion of Convertible Securities issued pursuant to
        a bona fide public offering, in each case with aggregate proceeds of at least $10,000,000, (I) rights issued pursuant to a stockholder rights plan, and (J) the issuance of warrants with indebtedness for purposes of yield enhancement.

     

    
      8

      
        

    

    (iv)        “New Securities” means all Equity Securities other than Excluded Securities.

     

    (v)       “Options” means any options, warrants or other rights to subscribe for, purchase or otherwise acquire any capital stock of the Company or Convertible Securities.

     

    (vi)       “Preemptive Rights Portion” means, with respect to an Investor, the amount of New Securities that each Investor shall be entitled to purchase in the aggregate determined by multiplying (1) the total number of such offered shares of New Securities by (2) the quotient of (a) the aggregate number of shares of Common Stock or securities convertible or exercisable into Common Shares (whether or not presently
        convertible or exercisable) (on an as-converted and as-exercised basis) held by such Investor, as of such date, divided by (b) the aggregate number of shares
        of Common Stock (on an as-converted and as-exercised basis) outstanding as of such date.

     

    5.          Corporate Opportunities. The Company, on behalf of itself and its Subsidiaries (as defined in the Purchase Agreement), to the fullest extent permitted by applicable law and pursuant to resolution of
        the Board adopted prior to entry by the Company into the Transaction Documents and addressing the matters in this Section 5 specifically, (a) acknowledges and affirms
        that the Investors, the Investor Representative and their Affiliates (as defined in the Purchase Agreement), including any Appointed Director, any Observer or any other members of the Board affiliated with the Investors (the “Investor Group”): (i) have participated (directly or indirectly) and will continue to participate (directly or indirectly) in direct investments in corporations, joint
        ventures, limited liability companies and other entities (“Other Investments”), including Other Investments engaged in various aspects of businesses similar to those
        engaged in by the Company and its Subsidiaries (and related services businesses) that may, are or will be competitive with the Company’s or any of its Subsidiaries’ businesses or that could be suitable for the Company’s or any of its Subsidiaries’
        interests, (ii) have done and may do business with any client, customer, vendor or lessor of any of the Company or its Affiliates or any other Person (as defined in the Purchase Agreement) with which any of the Company or its Affiliates has a
        business relationship, (iii) have interests in, participate with, aid and maintain seats on the board of directors or similar governing bodies of, or serve as officers of, Other Investments, (iv) may develop or become aware of business
        opportunities for Other Investments; and (v) may or will, as a result of or arising from the matters referenced in this Section 5, the nature of the Investor Group’s
        businesses and other factors, have conflicts of interest or potential conflicts of interest, (b) hereby renounces and disclaims any interest or expectancy in any business opportunity (including any Other Investments or any other opportunities that
        may arise in connection with the circumstances described in the foregoing clauses (a)(i) through (a)(v) (each, a “Renounced Business Opportunity”)), (c) acknowledges and
        affirms that no member of the Investor Group shall have any obligation to communicate or offer any Renounced Business Opportunity to the Company or any of its Subsidiaries, and any member of Investor Group may pursue a Renounced Business
        Opportunity and (d) waives any claim against the Investor Group and each member thereof in connection with the foregoing matters.  The Company agrees that in the event that the Investor Group or any member thereof acquires knowledge of a potential
        transaction or matter which may constitute a corporate opportunity for both (x) the Investor Group and (y) the Company or its Subsidiaries, a member of the Investor Group shall not have any duty to offer or communicate information regarding such
        corporate opportunity to the Company or its Subsidiaries unless such corporate opportunity was (x) solely learned or discovered by the Appointed Director or an Observer in his or her capacity as an Appointed Director or Observer or (y) solely
        learned or discovered by the Appointed Director’s or the Observers’ receipt of Confidential Information pursuant to the rights set forth in Section 7, but, for the
        avoidance of doubt, subject to Section 7(b). To the fullest extent permitted by applicable law, the Company hereby waives any claim against the Investor Group and each
        member thereof that such member or the Investor Group is liable to the Company or its stockholders for breach of any fiduciary duty solely by reason of the fact that the Investor Group or such member of the Investor Group (A) pursues or acquires
        any corporate opportunity for its own account or the account of any Affiliate or other person, (B) directs, recommends, sells, assigns or otherwise transfers such corporate opportunity to another Person or (C) does not communicate information
        regarding such corporate opportunity to the Company except as expressly described in the preceding sentence of this Section 5. Notwithstanding anything to the contrary in
        the foregoing, the Company does not renounce its interest in any corporate opportunity if such corporate opportunity was solely learned or discovered by the Appointed Director or an Observer (x) in his or her capacity as an Appointed Director or
        Observer of the Company or (y) such Person’s receipt of Confidential Information pursuant to the rights set forth in Section 7, but, for the avoidance of doubt, subject
        to Section 7(b). Notwithstanding anything to the contrary in the foregoing, the Company shall not be prohibited from pursuing any Renounced Business Opportunity as a
        result of this Section 5.

     

    
      9

      
        

    

    6.           Access to Information.  Subject to the provisions of Section 7:

     

    (a)        For so long as there is an Appointed
        Director (including any Replacement Director) or any Observers on the Board, Act III Management LLC (“Act III Management”) and its controlled Affiliates, and
        their respective Representatives shall be entitled to periodic meetings with senior management of the Company and reasonably requested information.

     

    (b)         The Appointed Director and any
        Observer may share confidential board materials he or she receives with Act III Management and its controlled Affiliates, and their respective Representatives.

     

    Notwithstanding anything to the contrary herein but without limiting any of the Appointed Director’ or Observer’s rights or access to information, Act III Management and
      its controlled Affiliates, and their respective Representatives shall not be entitled to receive any information pursuant to this Section 6 if, upon advice of the Company’s
      legal counsel, the Company concludes that (1) such exclusion is reasonably necessary to preserve attorney-client privilege; provided, however, that any such exclusion shall apply only to such portion of the material which would be required to preserve such privilege and not to any other portion thereof, (2) such information is
      subject to a binding confidentiality obligation to a third party that restricts the Company’s ability to disclose it; provided that the Company uses commercially reasonable
      efforts to obtain any consents or waivers from the relevant third parties such that the relevant information may be disclosed or provided to Act III Management and its controlled Affiliates, and their respective Representatives, as applicable with
      redacted copies of documents containing such information, (3) such information would result in the disclosure of competitively sensitive information, or (4) such information would impair the ability of the Company to negotiate transactions with any
      of Act III Management and its controlled Affiliates, and their respective Representatives on an arms’ length basis.

     

    

    
      10

      
        

    

    7.           Confidentiality.

     

    (a)       The Investors will, and will direct
        their respective Affiliates (as defined in the Purchase Agreement) and their respective Representatives who receive Confidential Information to, keep confidential any Confidential Information and to use the Confidential Information solely for the
        purposes of monitoring, administering or managing the Investors’ investment in the Company made pursuant to this Agreement; provided that an Investor may disclose
        Confidential Information (i) to its Representatives to the extent reasonably necessary to obtain their services in connection with its investment in the Company, (ii) subject to the provisions of Section 3, to any prospective purchaser of Equity Securities from such Investor (as long as such prospective purchaser is not engaged in a business that directly competes or whose products or services directly compete
        with the Company’s and/or any of its significant subsidiaries’ (as defined by Rule 1.02(w) of Regulation S-X under the 1934 Act (as defined in the Purchase Agreement)) businesses or their respective products or services) and who enters into a
        separate confidentiality or non-disclosure agreement or obligation with the Company on terms not more restrictive to such Person than the terms of this Section 7 with
        respect to the Investors, (iii) to any Affiliate, partner, member, limited partners, or related investment fund of such Investor and their respective Representatives, in each case in the ordinary course of business (provided that the recipients of
        such Confidential Information are directed to abide by the confidentiality and non-disclosure obligations contained herein), (iv) as may be reasonably determined by such Investor to be necessary in connection with such Investor’s enforcement of its
        rights in connection with this Agreement or its investment in the Company, or (v) as may otherwise be required by law or legal, judicial or regulatory process; and provided, further,
        that (x) any breach of the confidentiality and use terms herein by any Person (as defined in the Purchase Agreement) to whom such Investor may disclose Confidential Information pursuant to clauses (i) and (iii) of the preceding proviso shall be
        attributable to such Investor for purposes of determining such Investor’s compliance with this Section 7 and such Investor shall be liable for such breach, except those
        who have entered into a separate confidentiality or non-disclosure agreement or obligation with the Company and (y) that such Investor takes commercially reasonable steps (at the Company’s sole expense) to minimize the extent of any required
        disclosure described in clause (v) of the preceding proviso.

     

    
      11

      
        

    

    (b)         Notwithstanding the foregoing
        restrictions, the Company acknowledges that the Investors’, Appointed Director’s, Observers’ and their respective Affiliates’ or Representatives’ knowledge of Confidential Information has inevitably enhanced the Investors’, Appointed Director’s,
        Observers’ and their respective Affiliates’ or Representatives’ general knowledge and understanding of the business of the Company and its Subsidiaries and the industries in which the Company and its Subsidiaries operate in a way that cannot be
        separated from the Investors’, Appointed Director’s, Observers’ and their respective Affiliates’ or Representatives’ general knowledge, and the Company agrees that the use of “mental impressions” by the Investors, Appointed Director, Observers and
        their respective Affiliates or Representatives  shall not be restricted in connection with decisions related to other investments or business activities in such industries or any other industries as long as Confidential Information is not disclosed
        in breach of Section 7(a) in connection therewith.  For the avoidance of doubt, a “mental impression” is what a person retains when they have not intentionally memorized
        the information or retained notes or other aids to help retain such memory, and, for the avoidance of doubt, the use of mental impressions shall not constitute use of the Confidential Information for purposes of this Section 7(b).

     

    (c)          For purposes of this Agreement, the
        following terms shall have the following meanings:

     

    (i)          “Confidential Information” means any information (including oral, written and electronic information) regarding the Company or its Subsidiaries (as defined in the Purchase Agreement) and its and their
        Affiliates, officers, directors and employees (whether prepared by the Company or on behalf of the Company or otherwise, and irrespective of the form or means of communication and whether it is labeled or otherwise identified as confidential) that
        may be furnished to the Investors or their Representatives by or on behalf of the Company at any time after the execution of the Non-Disclosure Agreement, dated December 14 2020, between Act III Management and the Company (the “Confidentiality Agreement”), that is non-public, confidential or proprietary in nature, including any analyses, compilations, forecasts, studies or other documents prepared by
        the Investors or their respective Affiliates or Representatives which contain, are based upon or otherwise reflect such information. “Confidential Information” shall not
        include such portions of the Confidential Information that (a) are or become generally available to the public other than as a result of disclosure by the Investors, their Affiliates or their Representatives in violation of this Agreement, (b) are
        or become available to the Investors, their Affiliates or their Representatives on a non-confidential basis from a source other than the Company or its Subsidiaries and such source is not otherwise known to the Investors, their Affiliates or their
        Representatives to be bound by any duty of confidentiality in respect of such information, (c) were already in the possession of the Investors, their Affiliates or their Representatives prior to the date of this Agreement and which were not
        obtained from, or on behalf of, the Company or its Subsidiaries or (d) are independently developed by the Investors, their Affiliates or their Representatives without use, reliance upon or reference to the Confidential Information.

     

    (ii)       “Representatives” means a Person’s (as defined in the Purchase Agreement) directors, members, officers, employees, agents, consultants, accountants, attorneys or financial advisors and direct or
        indirect members or partners.

     

    
      12

      
        

    

    (d)         The provisions of this Agreement
        shall supersede the Confidentiality Agreement. This Section 7 shall terminate 2 years from the earliest date on which Act III Management is no longer entitled to any
        relevant rights pursuant to Section 6.

     

    8.          Specific Performance. Each of the Investors, on the one hand, and the Company, on the other hand, acknowledges and agrees that irreparable injury to the other Party would occur in the event any of
        the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached and that such injury would not be adequately compensable by the remedies available at law (including the payment of money
        damages). It is accordingly agreed that the Investors, on the one hand, and the Company, on the other hand (in each case, the “Moving Party”), shall each be entitled to
        specific enforcement of, and injunctive relief to prevent any violation of, the terms hereof, and the other Party will not take action, directly or indirectly, in opposition to the Moving Party seeking such relief on the grounds that any other
        remedy or relief is available at law or in equity. This Section 8 is not the exclusive remedy for any violation of this Agreement.

     

    9.          Section 16 Matters. If the Company becomes a party to a consolidation, merger or other similar transaction, or if the Company proposes to take or omit to take any other action under Section 4 (including granting to the Investors or their Affiliates (as defined in the Purchase Agreement) the right to participate in any issuance of New Securities) or
        otherwise or if there is any event or circumstance that may result in the Investor Group or any member thereof being deemed to have made a disposition or acquisition of Equity Securities or derivatives thereof for purposes of Section 16 of the 1934
        Act (including the purchase by the Investors of any New Securities under Section 4 or any awards or grants made to the Appointed Director), and if the Appointed Director
        is serving on the Board at such time or has served on the Board during the preceding six (6) months (or if an Observer is serving in its capacity as such or has served in such capacity during the preceding six (6) months): (i) the Board or a
        committee thereof composed solely of two (2) or more “non-employee directors” as defined in Rule 16b-3 of the 1934 Act will pre-approve such acquisition or disposition of equity securities of the Company or derivatives thereof for the express
        purpose of exempting (to the extent permitted by law) the interests of Investor Group or any member thereof (for the Investors and/or their Affiliates, to the extent such persons may be deemed to be “directors by deputization”) in such transaction
        from Section 16(b) of the 1934 Act pursuant to Rule 16b-3 thereunder, and (ii) if the transaction involves (A) a merger or consolidation to which the Company is a party and the Common Stock is, in whole or in part, converted into or exchanged for
        equity securities of a different issuer, (B) a potential acquisition or deemed acquisition, or disposition or deemed disposition, by Investor Group or any member thereof of equity securities of such other issuer or derivatives thereof and (C) an
        Affiliate or other designee of the Investors or their Affiliates will serve on the board of directors (or its equivalent) of such other issuer pursuant to the terms of an agreement to which the Company is a party (or if the Investors notify the
        Company of such service a reasonable time in advance of the closing of such transactions), then if the Company requires that the other issuer pre-approve any acquisition of equity securities or derivatives thereof for the express purpose of
        exempting (to the extent permitted by law) the interests of any director or officer of the Company or any of its subsidiaries in such transactions from Section 16(b) of the 1934 Act pursuant to Rule 16b-3 thereunder, the Company shall require that
        such other issuer pre-approve any such acquisitions of equity securities or derivatives thereof for the express purpose of exempting the interests of Investor Group or any member thereof (for the Investors and/or their Affiliates, to the extent
        such persons may be deemed to be “directors by deputization” of such other issuer) in such transactions from Section 16(b) of the 1934 Act pursuant to Rule 16b-3 thereunder.

     

    
      13

      
        

    

    10.         Securities Laws. Each Investor acknowledges that it is aware, and will advise each of its Representatives who are informed as to the matters that are the subject of this Agreement, that the United
        States securities laws may prohibit any person who directly or indirectly has received from an issuer material, non-public information from purchasing or selling securities of such issuer or from communicating such information to any other person
        under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities.

     

    11.         Miscellaneous.

     

    (a)       Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of
        New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New
        York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the Borough of Manhattan in the City of New York, for the adjudication of any dispute hereunder or in connection herewith or with
        any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
        action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit,
        action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Each Party irrevocably
        consents to service of process in the manner provided for notices in Section 11(f). Nothing contained herein shall be deemed to limit in any way any right to serve
        process in any manner permitted by law. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT
          TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

     

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

     

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

     

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

     

    
      14

      
        

    

    (e)         Entire Agreement; Amendment and Waiver. This Agreement and the other Transaction Documents (as defined in the Purchase Agreement) supersede all other prior or contemporaneous agreements and
        understandings, both written and oral, between the Buyer (as defined in the Purchase Agreement), the Company, their Affiliates (as defined in the Purchase Agreement) and Persons (as defined in the Purchase Agreement) acting on their behalf with
        respect to the subject matter hereof and thereof, and this Agreement, the other Transaction Documents , and the instruments referenced herein and therein constitute the full and entire agreement and understanding of the parties with respect to the
        subject matters hereof and thereof and, except as specifically set forth herein or therein, neither the Company nor the Buyer makes any representation, warranty, covenant or undertaking with respect to any such matters. Provisions of this Agreement
        may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Investor Representative. No failure on the part
        of any Party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such Party preclude any other or further
        exercise thereof or the exercise of any other right, power or remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. Any amendment or waiver effected in accordance with this Section 11(e) shall be binding upon each Investor and the Company. No such amendment shall be effective to the extent that it applies to less than all of the Investors.
        Notwithstanding the foregoing, any Affiliate of Buyer (as defined in the Purchase Agreement) to whom there is a Transfer (as defined in the Purchase Agreement) of Securities shall have the right to become party to this Agreement as an Investor
        pursuant to a joinder to this Agreement.

     

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

     

    
      15

      
        

    

    if to the Company:

     

    	 	
            PAR Technology Corporation

          
	 	
            8383 Seneca Turnpike

          
	 	
            New Hartford, New York 13413

          
	 	
            Attention:

          	
            Cathy King

          
	 	
            E-mail:

          	
            cathy_king@partech.com

          

    

    

    with a copy to (for informational purposes only):

     

    	 	
            Gibson, Dunn & Crutcher LLP

          
	 	
            200 Park Avenue

          
	 	
            New York, NY 10166

          
	 	
            Attention:

          	
            Boris Dolgonos

          
	 	 	
            Eduardo Gallardo

          
	 	
            E-mail:

          	
            bdolgonos@gibsondunn.com

          
	 	 	
            egallardo@gibsondunn.com

          

     

    

    if to Act III:

     

    	 	
            PAR Act III, LLC

          
	 	
            23 Prescott St.

          
	 	
            Brookline, MA 02446

          
	 	
            Attention:

          	
            Ronald M. Shaich

          
	 	
            E-mail:

          	
            ronshaich@act3holdings.com

          

    

    

    with a copy to (for informational purposes only):

     

    	 	
            Sullivan & Cromwell LLP

          
	 	
            125 Broad St.

          
	 	
            New York, NY 10004

          
	 	
            Attention:

          	
            Audra D. Cohen

          
	 	 	
            Matthew B. Goodman

          
	 	
            E-mail:

          	
            cohena@sullcrom.com

          
	 	 	
            goodmanm@sullcrom.com

          

    

    

    if to the Investor Representative:

     

    	 	
            Ronald M. Shaich

          
	 	
            23 Prescott St.

          
	 	
            Brookline, MA 02446

          
	 	
            E-mail:

          	
            ronshaich@act3holdings.com

          

    

    

    with a copy to (for informational purposes only):

     

    	 	
            Sullivan & Cromwell LLP

          
	 	
            125 Broad St.

          
	 	
            New York, NY 10004

          
	 	
            Attention:

          	
            Audra D. Cohen

          
	 	 	
            Matthew B. Goodman

          
	 	
            E-mail:

          	
            cohena@sullcrom.com

          
	 	 	
            goodmanm@sullcrom.com

          

    

    

    
      16

      
        

    

    If to an Investor, to its address and e-mail address set forth on the Schedule of Investors attached hereto, with copies to such Investor’s Representatives as set forth
      on such Schedule of Investors, with a copy (for informational purposes only) to:

     

    	 	
            Sullivan & Cromwell LLP

          
	 	
            125 Broad St.

          
	 	
            New York, NY 10004

          
	 	
            Attention:

          	
            Audra D. Cohen

          
	 	 	
            Matthew B. Goodman

          
	 	
            E-mail:

          	
            cohena@sullcrom.com

          
	 	 	
            goodmanm@sullcrom.com

          

    

    

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

     

    (g)         Successors and Assigns. The terms and conditions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable by the Parties and their respective successors, heirs, and
        permitted assigns. No Party shall assign this Agreement or any rights or obligations hereunder without, with respect to any Investor, the prior written consent of the Company, except to an Affiliate of Buyer, and with respect to the Company, the
        prior written consent of the Investor Representative.

     

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

     

    (i)          Interpretation; Absence of Presumption.

     

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

     

    
      17

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

    [The remainder of this page intentionally left blank]

     

    
      18

      
        

    

    IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized signatories of the Parties as of the date hereof.

    

    

    	 	
            PAR TECHNOLOGY CORPORATION

          
	 	 	 	 
	 	By:	
            /s/ Savneet Singh

          
	 	 	
            Name: Savneet Singh

          
	 	 	
            Title: President and Chief Executive Officer

          

     

    

    
      [Signature Page to the Investor Rights Agreement]

       

      

    

    
      
        

    

    IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized signatories of the Parties as of the date hereof.

    

    

    	 	
            PAR Act III, LLC

          
	 	 	 
	 	By:	
            /s/ Ronald M. Shaich

          
	 	 	
            Name:

            

          	Ronald M. Shaich
	 	 	
            Title:

            

          	Chief Executive Officer

    
       

      

      [Signature Page to the Investor Rights Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00325-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00325-of-00352.parquet"}]]