Document:

Exhibit 10.5

 

SUBSCRIPTION AGREEMENT

 

E2open Parent Holdings, Inc.

9600 Great Hills Trail, Suite 300E 

Austin, TX 78759

 

Ladies and Gentlemen:

 

This
Subscription Agreement (this “Subscription Agreement”) is being entered into as of the date set forth on the signature
page hereto, by and between E2open Parent Holdings, Inc., a Delaware corporation (“E2open Parent”), and
the undersigned subscriber (the “Investor”), in connection with the Share Purchase Agreement related to BluJay Topco
Limited, a company incorporated in England and Wales (the “Company”), dated as of the date hereof (as may be amended,
supplemented or otherwise modified from time to time, the “Share Purchase Agreement”), by and among E2open Parent
and the Sellers (as defined in the Share Purchase Agreement), pursuant to which, among other things, E2open Parent will purchase the
entire issued ordinary shares of the Company and acquire, or procure the redemption in full in cash of, the entire issued A preference
shares in the capital of the Company (together with the accrued dividend on such shares up to the date of the completion of the transactions
contemplated by the Share Purchase Agreement (the “Transaction”)), on the terms and subject to the conditions therein.
In connection with the Transaction, E2open Parent is seeking commitments from interested investors to purchase shares of E2open Parent’s
class A common stock, par value $0.0001 per share (the “Shares”), in a private placement for a purchase price of $     
per share (the “Per Share Purchase Price”). On or about the date of this Subscription Agreement, E2open Parent is
entering into subscription agreements (the “Other Subscription Agreements” and together with the Subscription Agreement,
the “Subscription Agreements”) with certain other investors (the “Other Investors” and together
with the Investor, the “Investors”), pursuant to which the Investors, severally and not jointly, have agreed to purchase
on the closing date of the Transaction, inclusive of the Shares subscribed for by the Investor, an aggregate amount of up to 28,909,022
Shares, subject to Section 5(f) of this Subscription Agreement. The aggregate purchase price to be paid by the Investor
for the subscribed Shares (as set forth on the signature page hereto) is referred to herein as the “Subscription Amount.”

 

In connection therewith,
and in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, set forth
herein, and intending to be legally bound hereby, each of the Investor and E2open Parent acknowledges and agrees as follows:

 

1.           Subscription.
The Investor hereby irrevocably subscribes for and agrees to purchase from E2open Parent, and E2open Parent agrees to issue and sell
to Investor, the number of Shares set forth on the signature page of this Subscription Agreement on the terms and subject to the
conditions provided for herein. The Investor acknowledges and agrees that E2open Parent reserves the right to accept or reject the Investor’s
subscription for the Shares for any reason or for no reason, in whole or in part, at any time prior to its acceptance, and the same shall
be deemed to be accepted by E2open Parent only when this Subscription Agreement is signed by a duly authorized person by or on behalf
of E2open Parent; E2open Parent may do so in counterpart form.

 

     

     

    

 

2.           Closing.
The closing of the sale of the Shares contemplated hereby (the “Closing”) is contingent upon the substantially concurrent
consummation of the Transaction. The Closing shall occur on the date of, and substantially concurrently with and conditioned upon the
effectiveness of, the Transaction. Upon (a) satisfaction or waiver of the conditions set forth in Section 3 below and (b) delivery
of written notice from (or on behalf of) E2open Parent to the Investor (the “Closing Notice”), that E2open Parent
reasonably expects all conditions to the Completion (as defined in the Share Purchase Agreement) of the Transaction to be satisfied or
waived on a date that is not less than five (5) business days from the date on which the Closing Notice is delivered to the Investor,
the Investor shall deliver to E2open Parent, three (3) business days prior to the closing date specified in the Closing Notice (the
 “Closing Date”), the Subscription Amount by wire transfer of United States dollars in immediately available funds to the
account(s) specified by E2open Parent in the Closing Notice. On the Closing Date, E2open Parent shall issue a number of Shares to
the Investor set forth on the signature page to this Subscription Agreement and subsequently cause such Shares to be registered
in book entry form in the name of the Investor on E2open Parent’s share register; provided, however, that E2open Parent’s
obligation to issue the Shares to the Investor is contingent upon E2open Parent having received the Subscription Amount in full accordance
with this Section 2. If the Closing does not occur within two (2) business days following the Closing Date specified in the
Closing Notice, E2open Parent shall promptly (but not later than one (1) business day thereafter) return the Subscription Amount
in full to the Investor. For purposes of this Subscription Agreement, “business day” shall mean a day other than a Saturday,
Sunday or other day on which commercial banks in New York, New York are authorized or required by law to close.

 

3.           Closing
Conditions.

 

a.           The
obligation of the parties hereto to consummate the purchase and sale of the Shares pursuant to this Subscription Agreement is subject
to the following conditions:

 

(i)            no
applicable governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or
regulation (whether temporary, preliminary or permanent) which is then in effect and has the effect of making consummation of the transactions
contemplated hereby illegal or otherwise restraining or prohibiting consummation of the transactions contemplated hereby;

 

(ii)            all
conditions precedent to the Completion of the Transaction under the Share Purchase Agreement shall have been satisfied or waived (as
determined by the parties to the Share Purchase Agreement and other than those conditions under the Share Purchase Agreement which, by
their nature, are to be fulfilled at the Completion of the Transaction, including to the extent that any such condition is dependent
upon the consummation of the purchase and sale of the Shares pursuant to this Subscription Agreement or the Other Subscription Agreements)
and the Completion of the Transaction shall occur, on the Closing Date, substantially concurrently with or on the same date as the Closing;
and

 

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(iii)            no
suspension of the qualification of the Shares for offering or sale or trading in any applicable jurisdiction, or initiation or threatening
of any proceedings for any such purposes, shall have occurred.

 

b.           The
obligation of E2open Parent to consummate the issuance and sale of the Shares pursuant to this Subscription Agreement shall be subject
to the condition that all representations and warranties of the Investor contained in this Subscription Agreement are true and correct
in all material respects (other than representations and warranties that are qualified as to materiality, which representations and warranties
shall be true in all respects) at and as of the Closing Date, and consummation of the Closing shall constitute a reaffirmation by the
Investor of each of the representations and warranties of the Investor contained in this Subscription Agreement as of the Closing Date.

 

c.           The
obligation of the Investor to consummate the purchase of the Shares pursuant to this Subscription Agreement shall be subject to the conditions
that (i) all representations and warranties of E2open Parent contained in this Subscription Agreement shall be true and correct
in all material respects (other than representations and warranties that are qualified as to materiality or Material Adverse Effect (as
defined herein), which representations and warranties shall be true in all respects) at and as of the Closing Date, and consummation
of the Closing shall constitute a reaffirmation by E2open Parent of each of the representations and warranties of E2open Parent contained
in this Subscription Agreement as of the Closing Date and (ii) all obligations, covenants and agreements of E2open Parent required
to be performed by it at or prior to the Closing Date shall have been performed in all material respects; provided, that, the U.S. Securities
and Exchange Commission’s (the “SEC”) issuance of the Statement on Accounting and Reporting Considerations for
Warrants Issued by Special Purpose Acquisition Companies (the “Statement”), made on April 12, 2021, and any consequences
thereof or actions taken by E2open Parent in response thereto, shall not cause either of the conditions in this clause (c) to be
deemed to not have been satisfied so long as any such consequences or actions shall not have caused a material adverse effect on the
business, financial condition or results of operations of E2open Parent and its subsidiaries, taken as a whole (a “Material
Adverse Effect”). For the avoidance of doubt, any restatement of the financial statements of E2open and any amendments to previously
filed reports required to be filed by E2open Parent with the SEC (the “SEC Reports”) or delays in filing SEC reports,
in connection with the Statement or any subsequent related agreements or other guidance from the SEC with respect to the Statement, shall
not be considered to result in a Material Adverse Effect.

 

4.           Further
Assurances. The parties hereto shall execute and deliver such additional documents and take such additional actions as the parties
reasonably may deem to be practical and necessary in order to consummate the subscription as contemplated by this Subscription Agreement
and the Transaction.

 

5.           E2open
Parent Representations and Warranties. E2open Parent represents and warrants to the Investor that:

 

a.           E2open
Parent is duly incorporated, validly existing as a corporation and in good standing under the laws of the State of Delaware. E2open Parent
has all power (corporate or otherwise) and authority to own, lease and operate its properties and conduct its business as presently conducted
and to enter into, deliver and perform its obligations under this Subscription Agreement.

 

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b.           As
of the Closing Date, the Shares will be duly authorized and, when issued and delivered to the Investor against full payment therefor
in accordance with the terms of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable and will
not have been issued in violation of or subject to any preemptive or similar rights created under E2open Parent’s certificate of
incorporation (as amended on the Closing Date) or under the General Corporation Law of the State of Delaware. Assuming the accuracy of
the Investor’s representations and warranties set forth in Section 6, in connection with the offer, sale and delivery of the
Shares in the manner contemplated by this Subscription Agreement, it is not necessary to register the offer and sale of the Shares under
the Securities Act of 1933, as amended, (the “Securities Act”). The Shares (i) were
not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public
offering under, or in a distribution in violation of, the Securities Act, or any state securities laws.

 

c.           This
Subscription Agreement has been duly authorized, executed and delivered by E2open Parent and, assuming that this Subscription Agreement
constitutes the valid and binding agreement of the Investor, this Subscription Agreement constitutes the valid and binding agreement
of the Company and is enforceable against E2open Parent in accordance with its terms, except as may be limited or otherwise affected
by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights
of creditors generally, or (ii) principles of equity, whether considered at law or equity.

 

d.           The
issuance and sale of the Shares and the compliance by E2open Parent with all of the provisions of this Subscription Agreement and the
consummation of the transactions contemplated herein will not conflict with or result in a breach or violation of any of the terms or
provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of
the property or assets of E2open Parent or any of its subsidiaries pursuant to the terms of (i) any indenture, mortgage, deed of
trust, loan agreement, lease, license or other agreement or instrument to which E2open Parent or any of its subsidiaries is a party or
by which E2open Parent or any of its subsidiaries is bound or to which any of the property or assets of E2open Parent is subject that
would reasonably be expected to have a Material Adverse Effect or materially affect the validity of the Shares or the legal authority
of E2open Parent to timely comply in all material respects with the terms of this Subscription Agreement; (ii) result in any violation
of the provisions of the organizational documents of E2open Parent; or (iii) result in any violation of any statute or any judgment,
order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over E2open Parent
or any of their properties that would reasonably be expected to have a Material Adverse Effect or materially affect the validity of the
Shares or the legal authority of E2open Parent to timely comply in all material respects with this Subscription Agreement.

 

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e.           As
of their respective dates, all SEC Reports complied in all material respects with the applicable requirements of the Securities Act and
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations of the SEC
promulgated thereunder, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state
a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. The financial statements of E2open Parent included in the SEC Reports comply in all material
respects with applicable accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the
time of filing and fairly present in all material respects the financial position of E2open Parent as of and for the dates thereof and
the results of operations and cash flows for the periods then ended, subject, in the case of unaudited financial statements, to normal,
year-end audit adjustments. A copy of each SEC Report is available to the Investor via the SEC’s EDGAR system. To the knowledge
of E2open Parent, there are no material outstanding or unresolved comments in comment letters from the staff of the Division of Corporation
Finance of the SEC with respect to any of the SEC Reports as of the date hereof.

 

f.            Other
than the Other Subscription Agreements, the Share Purchase Agreement and any other agreement expressly contemplated by the Share Purchase
Agreement or described in the SEC Reports, E2open Parent has not entered into any side letter or similar agreement with any investor
in connection with such investor’s direct or indirect investment in E2open Parent or with any other investor. Except for any alternative
settlement procedures that apply to certain Other Investors due to their status as a mutual fund, no Other Subscription Agreement includes
terms and conditions that are materially more advantageous to any such Other Investor than Investor hereunder, and such Other Subscription
Agreements have not been amended in any material respect following the date of this Subscription Agreement (other than certain subscription
agreements for investors that submit an indication of interest for more than $75 million).

 

g.           Except
for such matters as have not had and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect,
as of the date hereof, there is no (i) action, suit, claim or other proceeding, in each case by or before any governmental authority
pending, or, to the knowledge of E2open Parent, threatened against E2open Parent or (ii) judgment, decree, injunction, ruling or
order of any governmental entity or arbitrator outstanding against E2open Parent.

 

h.           As
of the date of this Subscription Agreement, E2open Parent’s certificate of incorporation authorizes the issuance of 2,554,000,000
shares, consisting of (i) 1,000,000 shares of preferred stock, par value $0.0001 per share; (ii) 2,500,000,000 Shares; (iii) 9,000,000
shares of Series B-1 common stock, par value $0.0001 per share; (iv) 4,000,000 shares of Series B-2 common stock, par
value $0.0001 per share; and (v) 40,000,000 shares of Class V common stock, par value $0.0001 per share. As of the date of
this Subscription Agreement, (A) 187,051,142 Shares are issued and outstanding, (B) 8,120,367 shares of Series B-1 common
stock are issued and outstanding, (C) 3,372,184 shares of Series B-2 common stock are issued and outstanding, (D) 35,636,680
shares of Class V common stock are issued and outstanding, and the Company holds 4,363,320 shares of Class V common Stock in
treasury, (E) 29,079,972 warrants to purchase Shares of E2open Parent are issued and outstanding, consisting of: (a) 13,799,972
public warrants, (b) 10,280,000 private placement warrants, and (c) 5,000,000 forward purchase warrants, and (F) no preference
shares are issued and outstanding. All (1) issued and outstanding Shares, shares of Series B-1 common stock, shares of Series B-2
common stock and shares of Class V common stock of E2open Parent have been duly authorized and validly issued, are fully paid and
are non-assessable, and (2) outstanding warrants of E2open Parent have been duly authorized and validly issued. Except as set forth
above and pursuant to the Other Subscription Agreements, the Share Purchase Agreement and the other agreements and arrangements referred
to therein or in the SEC Reports, as of the date hereof, there are no outstanding options, warrants or other rights to subscribe for,
purchase or acquire from E2open Parent any Shares or other equity interests in E2open Parent, or securities convertible into or exchangeable
or exercisable for such equity interests. As of the date hereof, E2open Parent has no subsidiaries, other than Amber Road, Inc.,
E2open, LLC, Inttra, Inc and Zyme Solutions, Inc. and does not own, directly or indirectly, interests or investments (whether
equity or debt) in any person, whether incorporated or unincorporated. There are no stockholder agreements, voting trusts or other agreements
or understandings to which E2open Parent is a party or by which it is bound relating to the voting of any securities of E2open Parent,
other than (1) as set forth in the SEC Reports and (2) as contemplated by the Share Purchase Agreement.

 

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i.            As
of the date hereof, the issued and outstanding Shares of E2open Parent are registered pursuant to Section 12(b) of the Exchange
Act, and are listed for trading on the New York Stock Exchange (“NYSE”) under the symbol “ETWO”. Except
as disclosed in E2open Parent’s filings with the SEC, as of the date hereof, there is no suit, action, proceeding or investigation
pending or, to the knowledge of E2open Parent, threatened against E2open Parent by NYSE or the SEC, respectively, to prohibit or terminate
the listing of E2open Parent’s Shares on NYSE or to deregister the Shares under the Exchange Act. E2open Parent has taken no action
that is designed to terminate the registration of the Shares under the Exchange Act.

 

j.            E2open
Parent acknowledges and agrees that, notwithstanding anything herein to the contrary, the Shares may be pledged by Investor in connection
with a bona fide margin agreement, provided such pledge shall be (i) pursuant to an available exemption from the registration requirements
of the Securities Act or (ii) pursuant to, and in accordance with, a registration statement that is effective under the Securities
Act at the time of such pledge, and Investor effecting a pledge of Shares shall not be required to provide E2open Parent with any notice
thereof; provided, however, that neither E2open Parent, the Company or their respective counsels shall be required to take any action
(or refrain from taking any action) in connection with any such pledge, other than providing any such lender of such margin agreement
with an acknowledgment that the Shares are not subject to any contractual prohibition on pledging or lock up, the form of such acknowledgment
to be subject to review and comment by E2open Parent in all respects.

 

k.           E2open
Parent is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration
with, any court or other federal, state, local or other governmental authority, self-regulatory organization or other person in connection
with the execution, delivery and performance by E2open Parent of this Subscription Agreement (including, without limitation, the issuance
of the Shares), other than (i) filings with the SEC, (ii) filings required by applicable state securities laws, (iii) filings
required in accordance with Section 11 of this Subscription Agreement, (iv) filings required by the NYSE, or such other applicable
stock exchange on which E2open Parent’s common stock is then listed, and (v) the failure of which to obtain would not be reasonably
likely to have, individually or in the aggregate, a Material Adverse Effect.

 

l.            Other
than the Placement Agent (as defined below), E2open Parent has not engaged any broker, finder, commission agent, placement agent or arranger
in connection with the sale of the Shares, and E2open Parent is not under any obligation to pay any broker’s fee or commission
in connection with the sale of the Shares other than to the Placement Agent.

 

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6.            Investor
Representations and Warranties. The Investor represents and warrants to E2open Parent that:

 

a.           The
Investor (i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act), a “qualified
purchaser” (as defined in Section 2(a)(51) of the Investment Company Act) or an institutional “accredited investor”
(within the meaning of Rule 501(a) under the Securities Act), in each case, satisfying the applicable requirements set forth
on Schedule A, (ii) is acquiring the Shares only for his, her or its own account and not for the account of others, or if
the Investor is subscribing for the Shares as a fiduciary or agent for one or more investor accounts, the Investor has full investment
discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations and agreements
herein on behalf of each owner of each such account, and (iii) is not acquiring the Shares with a view to, or for offer or sale
in connection with, any distribution thereof in violation of the Securities Act (and shall provide the requested information set forth
on Schedule A). The Investor is not an entity formed for the specific purpose of acquiring the Shares and is an “institutional
account” as defined by FINRA Rule 4512(c).

 

b.           The
Investor acknowledges and agrees that the Shares are being offered in a transaction not involving any public offering within the meaning
of the Securities Act and that the Shares have not been registered under the Securities Act. The Investor acknowledges and agrees that
the Shares may not be offered, resold, transferred, pledged or otherwise disposed of by the Investor absent an effective registration
statement under the Securities Act except (i) to E2open Parent or a subsidiary thereof, (ii) to non-U.S. persons pursuant to
offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act or (iii) pursuant
to another applicable exemption from the registration requirements of the Securities Act, and in each of clauses (i) and (iii) in
accordance with any applicable securities laws of the states and other jurisdictions of the United States, and that any certificates
representing the Shares shall contain a restrictive legend to such effect and, as a result, the Investor may not be able to readily offer,
resell, transfer, pledge or otherwise dispose of the Shares and may be required to bear the financial risk of an investment in the Shares
for an indefinite period of time. The Investor acknowledges and agrees that the Shares will not immediately be eligible for resale pursuant
to Rule 144 promulgated under the Securities Act. The Investor acknowledges and agrees that it has been advised to consult legal
counsel and tax and accounting advisors prior to making any offer, resale, transfer, pledge or disposition of any of the Shares. The
Investor acknowledges that the sale of the Shares meets the exemptions from filing under FINRA Rule 5123(b)(1)(A) and FINRA
Rule 5123(b)(1)(C) or (J), and the institutional customer exemptions from filing under FINRA Rule 2111(b).

 

c.           The
Investor acknowledges and agrees that the Investor is purchasing the Shares from E2open Parent. The Investor further acknowledges that
there have been no representations, warranties, covenants and agreements made to the Investor by or on behalf of E2open Parent, the Company,
the Placement Agent, any of their respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives
of any of the foregoing or any other person or entity, expressly or by implication, other than those representations, warranties, covenants
and agreements of E2open Parent expressly set forth in Section 5 of this Subscription Agreement.

 

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d.           The
Investor’s acquisition and holding of the Shares will not constitute or result in a non-exempt prohibited transaction under Section 406
of the Employee Retirement Income Security Act of 1974, as amended, Section 4975 of the Internal Revenue Code of 1986, as amended,
or any applicable similar law.

 

e.           The
Investor acknowledges and agrees that the Investor has received such information as the Investor deems necessary in order to make an
investment decision with respect to the Shares, including, with respect to E2open Parent, the Transaction and the business of the Company
and its subsidiaries. Without limiting the generality of the foregoing, the Investor acknowledges that he, she or it has reviewed E2open
Parent’s filings with the SEC. The Investor acknowledges and agrees that the Investor and the Investor’s professional advisor(s),
if any, have had the full opportunity to ask such questions, receive such answers and obtain such information as the Investor and such
Investor’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Shares.

 

f.            The
Investor became aware of this offering of the Shares solely by means of direct contact between the Investor and E2open Parent or a representative
of E2open Parent, and the Shares were offered to the Investor solely by direct contact between the Investor and E2open Parent or a representative
of E2open Parent. The Investor did not become aware of this offering of the Shares, nor were the Shares offered to the Investor, by any
other means. The Investor acknowledges that the Shares (i) were not offered by any form of general advertising or, to its knowledge,
general solicitation and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation
of, the Securities Act, or any state securities laws. The Investor acknowledges that it is not relying upon, and has not relied upon,
any statement, representation or warranty made by any person, firm or corporation (including, without limitation, E2open Parent, the
Company, the Placement Agent, any of their respective affiliates or any control persons, officers, directors, employees, partners, agents
or representatives of any of the foregoing) or any other person or entity, other than the representations and warranties of E2open Parent
contained in Section 5 of this Subscription Agreement, in making its investment or decision to invest in E2open Parent.

 

g.           The
Investor acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares, including
those set forth in E2open Parent’s filings with the SEC. The Investor has such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of an investment in the Shares, and the Investor has sought such accounting,
legal and tax advice as the Investor has considered necessary to make an informed investment decision and the Investor has made its own
assessment and has satisfied itself concerning relevant tax and other economic considerations relative to its purchase of the Shares.
The Investor will not look to the Placement Agent for all or part of any such loss or losses the Investor may suffer and is able to sustain
a complete loss on its investment in the Shares.

 

h.           Alone,
or together with any professional advisor(s), the Investor has adequately analyzed and fully considered the risks of an investment in
the Shares and determined that the Shares are a suitable investment for the Investor and that the Investor is able at this time and in
the foreseeable future to bear the economic risk of a total loss of the Investor’s investment in E2open Parent. The Investor acknowledges
specifically that a possibility of total loss exists.

 

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i.            In
making its decision to purchase the Shares, the Investor has relied solely upon independent investigation made by the Investor. Without
limiting the generality of the foregoing, the Investor has not relied on any statements or other information provided by or on behalf
of the Placement Agent or any control persons, officers, directors, employees, partners, agents or representatives of any of the foregoing
concerning E2open Parent, the Company, the Transaction, the Share Purchase Agreement, this Subscription Agreement or the transactions
contemplated hereby or thereby, the Shares or the offer and sale of the Shares.

 

j.            The
Investor acknowledges that the Placement Agent: (i) has not provided the Investor with any information or advice with respect to
the Shares, (ii) has not made or make any representation, express or implied as to E2open Parent, the Company, the Company’s
credit quality, the Shares or the Investor’s purchase of the Shares, (iii) has not acted as the Investor’s financial
advisor or fiduciary in connection with the issue and purchase of Shares, (iv) may have acquired, or during the term of the Shares
may acquire, non-public information with respect to the Company, which, subject to the requirements of applicable law, the Investor agrees
need not be provided to it, (v) may have existing or future business relationships with E2open Parent and the Company (including,
but not limited to, lending, depository, risk management, advisory and banking relationships) and will pursue actions and take steps
that it deems necessary or appropriate to protect its interests arising therefrom without regard to the consequences for a holder of
Shares, and that certain of these actions may have material and adverse consequences for a holder of Shares.

 

k.           The
Investor acknowledges that it has not relied on the Placement Agent in connection with its determination as to the legality of its acquisition
of the Shares or as to the other matters referred to herein and the Investor has not relied on any investigation that the Placement Agent
or any person acting on its behalf have conducted with respect to the Shares, E2open Parent or the Company. The Investor further acknowledges
that it has not relied on any information contained in any research reports prepared by the Placement Agent.

 

l.            The
Investor acknowledges and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Shares
or made any findings or determination as to the fairness of this investment.

 

m.          The
Investor, if not an individual, has been duly formed or incorporated and is validly existing and is in good standing under the laws of
its jurisdiction of formation or incorporation, with power and authority to enter into, deliver and perform its obligations under this
Subscription Agreement.

 

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n.           The
execution, delivery and performance by the Investor of this Subscription Agreement are within the powers of the Investor, have been duly
authorized and will not constitute or result in a breach or default under or conflict with any order, ruling or regulation of any court
or other tribunal or of any governmental commission or agency, or any agreement or other undertaking, to which the Investor is a party
or by which the Investor is bound, and, if the Investor is not an individual, will not violate any provisions of the Investor’s
organizational documents, including, without limitation, its incorporation or formation papers, bylaws, indenture of trust or partnership
or operating agreement, as may be applicable. The signature on this Subscription Agreement is genuine, and the signatory, if the Investor
is an individual, has legal competence and capacity to execute the same or, if the Investor is not an individual, the signatory has been
duly authorized to execute the same, and, assuming that this Subscription Agreement constitutes the valid and binding obligation of E2open
Parent, this Subscription Agreement constitutes a legal, valid and binding obligation of the Investor, enforceable against the Investor
in accordance with its terms except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity,
whether considered at law or equity.

 

o.           The
Investor is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by the
U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order issued by the
President of the United States and administered by OFAC (“OFAC List”), or a person or entity prohibited by any OFAC
sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (iii) a
non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank (each, a “Prohibited Investor”).
The Investor agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided that
the Investor is permitted to do so under applicable law. If the Investor is a financial institution subject to the Bank Secrecy Act (31
U.S.C. Section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”),
and its implementing regulations (collectively, the “BSA/PATRIOT Act”), the Investor maintains policies and procedures
reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. To the extent required, it maintains policies and
procedures reasonably designed for the screening of its investors against the OFAC sanctions programs, including the OFAC List. To the
extent required by applicable law, the Investor maintains policies and procedures reasonably designed to ensure that the funds held by
the Investor and used to purchase the Shares were legally derived and were not obtained, directly or indirectly, from a Prohibited Investor.

 

p.           No
disclosure or offering document has been prepared by Credit Suisse Securities (USA) LLC or any of its respective affiliates (the “Placement
Agent”) in connection with the offer and sale of the Shares.

 

q.           The
Placement Agent or any control persons, officers, directors, employees, partners, agents or representatives of any of the foregoing have
not made any independent investigation with respect to E2open Parent, the Company or its subsidiaries or any of their respective businesses,
or the Shares or the accuracy, completeness or adequacy of any information supplied to the Investor by E2open Parent.

 

r.            In
connection with the issue and purchase of the Shares, the Placement Agent has not acted as the Investor’s financial advisor or
fiduciary.

 

s.           The
Investor has or has commitments to have and, when required to deliver payment to E2open Parent pursuant to Section 2 above, will
have, sufficient funds to pay the Subscription Amount and consummate the purchase and sale of the Shares pursuant to this Subscription
Agreement.

 

    10 

     

    

 

t.            The
Investor acknowledges and agrees that it is not an underwriter within the meaning of Section 2(a)(11) of the Securities Act.

 

u.           The
Investor agrees that, from the date of this Subscription Agreement until the Closing or the earlier termination of this Subscription
Agreement, none of Investor, its controlled affiliates, or any person or entity acting on behalf of the Investor or any of its controlled
affiliates or pursuant to any understanding with the Investor or any of its controlled affiliates will engage in any Short Sales with
respect to securities of the E2open Parent. For the purposes hereof, “Short Sales” shall include, without limitation, all
 “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, and all types of direct
and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage arrangements), forward sale
contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), including through non-U.S. broker
dealers or foreign regulated brokers. Notwithstanding the foregoing, (A) nothing herein shall prohibit (x) other entities under
common management with the Investor with whom the Investor is not acting in concert with respect to any trading in securities of E2open
Parent, this Subscription Agreement or the Investor’s participation in this offering of the Shares including the Investor’s
controlled affiliates and/or affiliates, or (y) in the case of an Investor that is externally managed, advised or sub-advised by
another person, any other person that is not directly controlled or managed by such manager, adviser or sub-adviser, in each case from
entering into any Short Sale and (B) in the case of an Investor that is a multi-managed investment bank or vehicle whereby separate
portfolio managers manage separate portions of such Investor’s assets and the portfolio managers have no knowledge of the investment
decisions made by the portfolio managers managing other portions of such Investor’s assets, this Section (u) shall apply
only with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Shares
covered by this Subscription Agreement. For the avoidance of doubt, nothing in this Section (u) shall restrict any transactions
with respect to securities of E2open Parent other than transactions that are Short Sales including the exercise of any redemption with
respect to securities of the E2open Parent.

 

v.           The
Investor acknowledges the SEC’s issuance of the Statement and the Investor agrees that any actions taken by E2open Parent in connection
with, or as may be necessary or advisable to address the potential implications of, such Statement or review shall not be deemed to constitute
a breach of any of the representations, warranties or covenants in this Subscription Agreement; provided, however, that any such actions
may not materially and adversely affect the rights of the Investor (in its capacity as such) under this Subscription Agreement. For the
avoidance of doubt, any restatement or the financial statements of E2open Parent and any amendments to previously filed SEC Reports or
delays in filing SEC Reports, in connection with the Statement or any subsequent related agreements or other guidance from the SEC with
respect to the Statement shall not be considered to materially and adversely affect the rights of the Investor (in its capacity as such)
under this Subscription Agreement.

 

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7.            Registration
Rights.

 

a.            In
the event that the Shares are not registered in connection with the consummation of the Transaction, E2open Parent agrees that, within
thirty (30) calendar days after the Closing Date, it will file with the SEC (at the its sole cost and expense) a registration statement
registering the resale of the Shares (the “Registration Statement”), and it shall use its commercially reasonable
efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof, but no later than the
earlier of (i) sixty (60) calendar days after the filing thereof (or ninety (90) calendar days after the filing thereof if the SEC
notifies E2open Parent that it will “review” the Registration Statement) and (ii) ten (10) Business Days after
E2open Parent is notified (orally or in writing, whichever is earlier) by the SEC that the Registration Statement will not be “reviewed”
or will not be subject to further review. In connection with the foregoing, Investor shall not be required to execute any lock-up
or similar agreement or otherwise be subject to any contractual restriction on the ability to transfer the Shares. In no event shall
the Investor be identified as a statutory underwriter in the Registration Statement unless requested by the SEC. E2open Parent agrees
to cause such Registration Statement, or another shelf registration statement that includes the Shares to be sold pursuant to this Subscription
Agreement, to remain effective until the earliest of (i) the third anniversary of the Closing, (ii) the date on which the Investor
ceases to hold any Shares issued pursuant to this Subscription Agreement, or (iii) on the first date on which the Investor is able
to sell all of its Shares issued pursuant to this Subscription Agreement (or shares received in exchange therefor) under Rule 144
promulgated under the Securities Act (“Rule 144”) within 90 days without the public information, volume or manner
of sale limitations of such rule (such date, the “End Date”). Prior to the End Date, E2open Parent will use commercially
reasonable efforts to qualify the Shares for listing on the applicable stock exchange. The Investor agrees to disclose its ownership
to E2open Parent upon request to assist it in making the determination with respect to Rule 144 described in clause (iii) above.
E2open Parent may amend the Registration Statement so as to convert the Registration Statement to a Registration Statement on Form S-3
at such time after E2open Parent becomes eligible to use such Form S-3. The Investor acknowledges and agrees that E2open Parent
may suspend the use of any such registration statement if it determines that in order for such registration statement not to contain
a material misstatement or omission, an amendment thereto would be needed to include information that would at that time not otherwise
be required in a current, quarterly, or annual report under the Exchange Act, provided, that, (I) E2open Parent shall not
so delay filing or so suspend the use of the Registration Statement for a period of more than ninety (90) consecutive days or more than
a total of one hundred-twenty (120) calendar days in any three hundred sixty (360) day period and (II) E2open Parent shall use commercially
reasonable efforts to make such Registration Statement available for the sale by the Investor of such securities as soon as practicable
thereafter. E2open Parent’s obligations to include the Shares issued pursuant to this Subscription Agreement (or shares issued
in exchange therefor) for resale in the Registration Statement are contingent upon the Investor furnishing in writing to E2open Parent
such information regarding the Investor, the securities of E2open Parent held by the Investor and the intended method of disposition
of such Shares, which shall be limited to non-underwritten public offerings, as shall be reasonably requested by E2open Parent to effect
the registration of such Shares, and shall execute such documents in connection with such registration as E2open Parent may reasonably
request that are customary of a selling stockholder in similar situations.

 

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b.           If
the SEC prevents E2open Parent from including any or all of the Shares proposed to be registered for resale under the Registration Statement
due to limitations on the use of Rule 415 of the Securities Act for the resale of the Shares by the applicable stockholders or otherwise,
(i) such Registration Statement shall register for resale such number of Shares which is equal to the maximum number of Shares as
is permitted by the SEC and (ii) the number of Shares to be registered for each selling stockholders named in the Registration Statement
shall be reduced pro rata among all such selling stockholders.

 

c.            E2open
Parent agrees to indemnify and hold harmless, to the extent permitted by law, the Investor, its directors, and officers, employees, and
agents, and each person who controls the Investor (within the meaning of the Securities Act or the Exchange Act) and each affiliate of
the Investor (within the meaning of Rule 405 under the Securities Act) from and against any and all losses, claims, damages, liabilities
and expenses (including, without limitation, any reasonable and documented attorneys’ fees and expenses incurred in connection
with defending or investigating any such action or claim) caused by any untrue or alleged untrue statement of material fact contained
in any Registration Statement, prospectus included in any Registration Statement or preliminary prospectus or any amendment thereof or
supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements
therein not misleading, except insofar as the same are caused by or contained in any information furnished in writing to E2open Parent
by or on behalf of the Investor expressly for use therein.

 

d.           The
Investor agrees, severally and not jointly with any person that is a party to the Other Subscription Agreements, to indemnify and hold
harmless E2open Parent, its directors and officers and agents and each person who controls E2open Parent (within the meaning of the Securities
Act) against any losses, claims, damages, liabilities and expenses (including, without limitation, reasonable and documented attorneys’
fees) resulting from any untrue statement of material fact contained in the Registration Statement, prospectus or preliminary prospectus
or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make
the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information
or affidavit so furnished in writing by or on behalf of the Investor expressly for use therein. In no event shall the liability of the
Investor be greater in amount than the dollar amount of the net proceeds received by the Investor upon the sale of the Shares purchased
pursuant to this Subscription Agreement giving rise to such indemnification obligation.

 

e.           Any
person entitled to indemnification herein shall (1) give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to indemnification
hereunder to the extent such failure has not prejudiced the indemnifying party) and (2) permit such indemnifying party to assume
the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying
party shall not be subject to any liability for any settlement made by the indemnified party without its consent. An indemnifying party
who elects not to assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all
parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of legal counsel to any
indemnified party a conflict of interest exists between such indemnified party and any other of such indemnified parties with respect
to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter
into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party
pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant
or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.

 

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f.            The
indemnification provided for under this Subscription Agreement shall remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party or any officer, director, employee, agent, affiliate or controlling person of such indemnified
party and shall survive the transfer of the Shares purchased pursuant to this Subscription Agreement.

 

g.           If
the indemnification provided under this Section 7 from the indemnifying party is unavailable or insufficient to hold harmless an
indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party,
in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of
such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party
and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information
supplied by or on behalf of, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s
relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a
party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth
above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding.
No person guilty of fraudulent misrepresentation (within the meaning of Section 10(f) of the Securities Act) shall be entitled
to contribution pursuant to this Section 7 from any person who was not guilty of such fraudulent misrepresentation. Any contribution
pursuant to this Section 7(f) by any seller of Shares shall be limited in amount to the amount of net proceeds received by
such seller from the sale of such Shares pursuant to the Registration Statement. Notwithstanding anything to the contrary herein, in
no event will any party be liable for consequential, special, exemplary or punitive damages in connection with this Subscription Agreement.

 

h.           With
a view to making available to the Investor the benefits of Rule 144 that may, at such times as Rule 144 is available to stockholders
of the Company, permit the Investors to sell securities of the Company to the public without registration, E2open Parent agrees to:

 

(i)              make
and keep public information available, as those terms are understood and defined in Rule 144;

 

(ii)             file
with the SEC in a timely manner all reports and other documents required of E2open Parent under the Securities Act and the Exchange Act
so long as E2open Parent remains subject to such requirements and the filing of such reports and other documents is required for the
applicable provisions of Rule 144; and

 

    14 

     

    

 

(iii)            furnish
to the Investor so long as such Investor owns the Shares acquired hereunder, promptly upon request, (A) a written statement by E2open
Parent, if true, that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act, (B) a
copy of the most recent annual or quarterly report of E2open Parent and such other reports and documents so filed by E2open Parent (it
being understood that the availability of such report on the SEC’s EDGAR system shall satisfy this requirement) and (C) such
other information as may be necessary to permit the Investor to sell such securities pursuant to Rule 144 without registration.

 

i.            In
connection with any sale, assignment, transfer or other disposition of the Shares by the Investor pursuant to Rule 144 or pursuant
to any other exemption under the Securities Act such that the Shares held by the Investor become freely tradable and upon compliance
by the Investor with the requirements of this Subscription Agreement, if requested by the Investor, E2open Parent shall cause the transfer
agent for the Shares (the “Transfer Agent”) to remove any restrictive legends related to the book entry account holding
such Shares and make a new, unlegended entry for such book entry Shares sold or disposed of without restrictive legends upon any such
request therefor from the Investor, provided that E2open Parent and the Transfer Agent have timely received from the Investor customary
representations, opinion and other documentation reasonably acceptable to E2open Parent and the Transfer Agent in connection therewith.

 

8.           Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties
hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earlier to occur of (a) such
date and time as the Share Purchase Agreement is terminated in accordance with its terms without being consummated, (b) upon the
mutual written agreement of each of the parties hereto and the Company to terminate this Subscription Agreement, (c) 20 days after
the Longstop Date (in accordance with the Share Purchase Agreement), if the Closing has not occurred by such date other than as a result
of a breach of Investor’s obligations hereunder, or (d) if any of the conditions to Closing set forth in Section 3 of
this Subscription Agreement are (i) not satisfied or waived prior to the Closing (and if the failure to so satisfy such condition
is capable of being cured prior to the Closing, such failure shall not have been cured by the date that is thirty calendar days following
receipt of written notice from the party claiming such condition has not been satisfied) or (ii) not capable of being satisfied
on the Closing and, in each case of (i) and (ii), as a result thereof, the transactions contemplated by this Subscription Agreement
will not be and are not consummated at the Closing (the termination events described in clauses (a)–(d) above, collectively,
the “Termination Events”); provided that nothing herein will relieve any party from liability for any willful breach
hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities
or damages arising from any such willful breach. E2open Parent shall notify the Investor in writing of the termination of the Share Purchase
Agreement promptly after the termination of such agreement. Upon the occurrence of any Termination Event, this Subscription Agreement
shall be void and of no further effect and any monies paid by the Investor to E2open Parent in connection herewith shall promptly (and
in any event within one business day) following the Termination Event be returned to the Investor.

 

    15 

     

    

 

9.            Miscellaneous.

 

a.           Neither
this Subscription Agreement nor any rights that may accrue to the parties hereunder (other than the Shares acquired hereunder, if any)
may be transferred or assigned without the prior written consent of each of the other parties hereto; provided that (i) this Subscription
Agreement and any of the Investor’s rights and obligations hereunder may be assigned to any fund or account managed by the same
investment manager as the Investor or by an affiliate (as defined in Rule 12b-2 of the Exchange Act) of such investment manager
without the prior consent of E2open Parent and (ii) the Investor’s rights under Section 7 may be assigned to an assignee
or transferee of the Shares; provided further that prior to such assignment any such assignee shall agree in writing to be bound by the
terms hereof; provided, that no assignment pursuant to clause (i) of this Section 9 shall relieve the Investor of its obligations
hereunder.

 

b.           E2open
Parent may request from the Investor such additional information as E2open Parent may deem necessary to register the resale of the Shares
and evaluate the eligibility of the Investor to acquire the Shares, and the Investor shall promptly provide such information as may reasonably
be requested to the extent readily available; provided, that, E2open Parent agrees to keep any such information provided by Investor
confidential other than as necessary to include in any registration statement E2open Parent is required to file hereunder. The Investor
acknowledges and agrees that if it does not provide E2open Parent with such requested information, E2open Parent may not be able to register
the Investor’s Shares for resale pursuant to Section 7 hereof. The Investor acknowledges that E2open Parent may file a copy
of this Subscription Agreement with the SEC as an exhibit to a periodic report or a registration statement of E2open Parent.

 

c.           The
Investor acknowledges that E2open Parent, the Company, the Placement Agent and others will rely on the acknowledgments, understandings,
agreements, representations and warranties contained in this Subscription Agreement, including Schedule A hereto. Prior to the Closing,
the Investor agrees to promptly notify E2open Parent, the Company and the Placement Agent if any of the acknowledgments, understandings,
agreements, representations and warranties set forth in Section 6 above are no longer accurate in any material respect (other than
those acknowledgments, understandings, agreements, representations and warranties qualified by materiality, in which case the Investor
shall notify E2open Parent and the Placement Agent if they are no longer accurate in any respect). The Investor acknowledges and agrees
that each purchase by the Investor of Shares from E2open Parent will constitute a reaffirmation of the acknowledgments, understandings,
agreements, representations and warranties herein (as modified by any such notice) by the Investor as of the time of such purchase.

 

d.           E2open
Parent, the Company and the Placement Agent are each entitled to rely upon this Subscription Agreement and each is irrevocably authorized
to produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official
inquiry with respect to the matters covered hereby; provided, however, that the foregoing clause of this Section 9(d) shall
not give the Company or the Placement Agent any rights other than those expressly set forth herein and, without limiting the generality
of the foregoing and for the avoidance of doubt, in no event shall the Company be entitled to rely on any of the representations and
warranties of E2open Parent set forth in this Subscription Agreement.

 

e.           All
of the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing.

 

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f.            This
Subscription Agreement may not be modified, waived or terminated (other than pursuant to the terms of Section 8 above) except by
an instrument in writing, signed by each of the parties hereto, provided, however, that no modification or waiver by E2open
Parent of the provisions of this Subscription Agreement shall be effective without the prior written consent of the Company (other than
modifications or waivers that are solely ministerial in nature or otherwise immaterial and do not affect any economic or any other material
term of this Subscription Agreement). No failure or delay of either party in exercising any right or remedy hereunder shall operate as
a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps
to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other
right or power. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies that
they would otherwise have hereunder.

 

g.           This
Subscription Agreement (including the schedule hereto) constitutes the entire agreement, and supersedes all other prior agreements, understandings,
representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof. Except as set forth
in Section 6(c), Section 6(f), Section 8, Section 9(c), Section 9 (d), Section 9 (f), this Section 9(g),
the last sentence of Section 9(k) and Section 10 with respect to the persons specifically referenced therein, and Section 6
with respect to the Placement Agent, this Subscription Agreement shall not confer any rights or remedies upon any person other than the
parties hereto, and their respective successors and assigns, and the parties hereto acknowledge that such persons so referenced are third
party beneficiaries of this Subscription Agreement for the purposes of, and to the extent of, the rights granted to them, if any, pursuant
to the applicable provisions; provided, that, notwithstanding anything to the contrary contained in this Subscription Agreement, the
Company is an intended third party beneficiary of each of the provisions of this Subscription Agreement.

 

h.           Except
as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto and their
heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations, warranties,
covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators,
successors, legal representatives and permitted assigns.

 

i.            If
any provision of this Subscription Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, illegal or unenforceable,
the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not in any way be affected
or impaired thereby and shall continue in full force and effect.

 

j.            This
Subscription Agreement may be executed in one or more counterparts (including by facsimile or electronic mail or in .pdf) and by different
parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All counterparts so executed
and delivered shall be construed together and shall constitute one and the same agreement.

 

k.           The
parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Subscription
Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties
shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement, without posting a bond or undertaking
and without proof of damages, to enforce specifically the terms and provisions of this Subscription Agreement, this being in addition
to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise. The parties hereto acknowledge
and agree that the Company shall be entitled to specifically enforce the Investor’s obligations to fund the Subscription Amount
and the provisions of the Subscription Agreement, in each case, on the terms and subject to the conditions set forth herein.

 

    17 

     

    

 

l.            This
Subscription Agreement shall be governed by and construed in accordance with the laws of the State of Delaware (regardless of the laws
that might otherwise govern under applicable principles of conflicts of laws thereof) as to all matters (including any action, suit,
litigation, arbitration, mediation, claim, charge, complaint, inquiry, proceeding, hearing, audit, investigation or reviews by or before
any governmental entity related hereto), including matters of validity, construction, effect, performance and remedies.

 

m.          Each
party hereto hereby, and any person asserting rights as a third party beneficiary may do so only if he, she or it, irrevocably agrees
that any action, suit or proceeding between or among the parties hereto, whether arising in contract, tort or otherwise, arising in connection
with any disagreement, dispute, controversy or claim arising out of or relating to this Subscription Agreement or any related document
or any of the transactions contemplated hereby or thereby (“Legal Dispute”) shall be brought only to the exclusive
jurisdiction of the courts of the State of Delaware or the federal courts located in the State of Delaware, and each party hereto hereby
consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding
and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the
venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding that is brought in any such
court has been brought in an inconvenient forum. During the period a Legal Dispute that is filed in accordance with this Section 9(m) is
pending before a court, all actions, suits or proceedings with respect to such Legal Dispute or any other Legal Dispute, including any
counterclaim, cross-claim or interpleader, shall be subject to the exclusive jurisdiction of such court. Each party hereto and any person
asserting rights as a third party beneficiary may do so only if he, she or it hereby waives, and shall not assert as a defense in any
Legal Dispute, that (a) such party is not personally subject to the jurisdiction of the above named courts for any reason, (b) such
action, suit or proceeding may not be brought or is not maintainable in such court, (c) such party’s property is exempt or
immune from execution, (d) such action, suit or proceeding is brought in an inconvenient forum, or (e) the venue of such action,
suit or proceeding is improper. A final judgment in any action, suit or proceeding described in this Section 9 (m) following
the expiration of any period permitted for appeal and subject to any stay during appeal shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by applicable Laws. EACH OF THE PARTIES HERETO AND ANY PERSON ASSERTING
RIGHTS AS A THIRD PARTY BENEFICIARY MAY DO SO ONLY IF HE, SHE OR IT IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT TO TRIAL BY
JURY ON ANY CLAIMS OR COUNTERCLAIMS ASSERTED IN ANY LEGAL DISPUTE RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY AND FOR ANY COUNTERCLAIM RELATING THERETO. IF THE SUBJECT MATTER OF ANY SUCH LEGAL DISPUTE IS ONE IN WHICH THE WAIVER OF JURY
TRIAL IS PROHIBITED, NO PARTY HERETO NOR ANY PERSON ASSERTING RIGHTS AS A THIRD PARTY BENEFICIARY SHALL ASSERT IN SUCH LEGAL DISPUTE
A NONCOMPULSORY COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. FURTHERMORE,
NO PARTY HERETO NOR ANY PERSON ASSERTING RIGHTS AS A THIRD PARTY BENEFICIARY SHALL SEEK TO CONSOLIDATE ANY SUCH LEGAL DISPUTE WITH A
SEPARATE ACTION OR OTHER LEGAL PROCEEDING IN WHICH A JURY TRIAL CANNOT BE WAIVED.

 

    18 

     

    

 

10.          Non-Reliance
and Exculpation. The Investor acknowledges that it is not relying upon, and has not relied upon, any statement, representation or
warranty made by any person, firm or corporation (including, without limitation, the Placement Agent, the Company (or any of its affiliates)
or any control persons, officers, directors, employees, partners, agents or representatives of any of the foregoing), other than the
statements, representations and warranties of E2open Parent expressly contained in Section 5 of this Subscription Agreement, in
making its investment or decision to invest in E2open Parent. The Investor acknowledges and agrees that none of (i) any other investor
pursuant to this Subscription Agreement or any other subscription agreement related to the private placement of the Shares (including
the investor’s respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives
of any of the foregoing), (ii) the Placement Agent or any control persons, officers, directors, employees, partners, agents or representatives
of any of the foregoing, or (iii) any other party to the Share Purchase Agreement or any Non-Party Affiliate (other than E2open
Parent with respect to the previous sentence), shall have any liability to the Investor, or to any other investor, pursuant to, arising
out of or relating to this Subscription Agreement or any other subscription agreement related to the private placement of the Shares,
the negotiation hereof or thereof or its subject matter, or the transactions contemplated hereby or thereby, including, without limitation,
with respect to any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the
Shares or with respect to any claim (whether in tort, contract or otherwise) for breach of this Subscription Agreement or in respect
of any written or oral representations made or alleged to be made in connection herewith, as expressly provided herein, or for any actual
or alleged inaccuracies, misstatements or omissions with respect to any information or materials of any kind furnished by E2open Parent,
the Company, the Placement Agent or any Non-Party Affiliate concerning E2open Parent, the Company, the Placement Agent, any of their
affiliates, this Subscription Agreement or the transactions contemplated hereby. For purposes of this Subscription Agreement, “Non-Party
Affiliates” means each former, current or future officer, director, employee, partner, member, manager, direct or indirect
equityholder or affiliate of E2open Parent, the Company, any Placement Agent or any of E2open Parent’s, the Company’s or
any Placement Agent’s affiliates or any family member of the foregoing.

 

    19 

     

    

 

11.          Disclosure.
E2open Parent shall, by 9:00 a.m., New York City time, on the first (1st) Business Day immediately following the date of this Subscription
Agreement, issue one or more press releases or file with the SEC a Current Report on Form 8-K (collectively, the “Disclosure
Document”) disclosing all material terms of the transactions contemplated hereby and by the Other Subscription Agreements, the
Transaction and any other material, nonpublic information that E2open Parent has provided to the Investor at any time prior to the filing
of the Disclosure Document. Upon the issuance of the Disclosure Document, to the actual knowledge of E2open Parent, the Investor shall
not be in possession of any material, non-public information received from E2open Parent or any of its officers, directors, or employees
or agents, and the Investor shall no longer be subject to any confidentiality or similar obligations under any current agreement, whether
written or oral, with E2open Parent or any of its affiliates, relating to the transactions contemplated by this Subscription Agreement.
Notwithstanding anything in this Subscription Agreement to the contrary, E2open Parent shall not publicly disclose the name of the Investor
or any of its affiliates or advisers, or include the name of the Investor or any of its affiliates or advisers in any press release or
in any filing with the SEC or any regulatory agency or trading market, without the prior written consent of the Investor, except (i) as
required by the federal securities law or pursuant to other routine proceedings of regulatory authorities, (ii) to the extent such
disclosure is required by law, at the request of the staff of the SEC or regulatory agency or under the regulations of any national securities
exchange on which E2open Parent’s securities are listed for trading or (iii) to the extent such announcements or other communications
contain only information previously disclosed in a public statement, press release or other communication previously approved in accordance
with this Section 11.

 

[SIGNATURE PAGES FOLLOW]

 

    20 

     

    

 

IN
WITNESS WHEREOF, the Investor has executed or caused this Subscription Agreement to be executed by its duly authorized representative
as of the date set forth below.

 

	Name
    of Investor:	State/Country
    of Formation or Domicile:
	 	 
	By:	                          	 	 

 

	Name:	                                      	 	 

 

	Title:	             	 	 
	 	 	 
	Name
    in which Shares are to be registered (if different):	 	Date:
    May 27, 2021
	 	 	 
	Investor’s
    EIN:	 	 
	 	 	 
	Business
    Address-Street:	 	Mailing
    Address-Street (if different):
	 	 	 
	City,
    State, Zip:	 	City,
    State, Zip:
	 	 	 
	Attn:	 	 	Attn:
	 	 	 
	 	 	 
	Telephone No.:	 	Telephone No.:
	Facsimile No.:	 	Facsimile No.:
	Email:	 	 
	 	 	 
	Number
    of Shares subscribed for:	 	 
	 	 	 
	Aggregate
    Subscription Amount: $	 	Price Per Share: $      

  

You must pay the Subscription
Amount by wire transfer of United States dollars in immediately available funds to the account specified by E2open Parent in the Closing
Notice.

 

    21 

     

    

 

IN WITNESS WHEREOF, E2open Parent has accepted this Subscription Agreement
as of the date set forth below.

 

		E2OPEN PARENT HOLDINGS, INC.
	 	 	 
	 	By:	                                 
	 	Name:
	 	Title:
	 	 
	Date: May 27, 2021	 

 

    22 

     

    

 

SCHEDULE A

ELIGIBILITY REPRESENTATIONS OF THE INVESTOR

 

A.            QUALIFIED
INSTITUTIONAL BUYER STATUS

 

(Please check the applicable subparagraphs):

 

 ̈
We are a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (a “QIB”)).

 

B.            INSTITUTIONAL
ACCREDITED INVESTOR STATUS

 

(Please check the applicable subparagraphs):

 

1.             ̈We
are an institutional “accredited investor” (within the meaning of Rule 501(a) under the Securities Act or an entity
in which all of the equity holders are accredited investors within the meaning of Rule 501(a) under the Securities Act), and
have marked and initialed the appropriate box on the following page indicating the provision under which we qualify as an “accredited
investor.”

 

2.             ̈We
are not a natural person.

 

Rule 501(a), in relevant part, states that
an “accredited investor” shall mean any person who comes within any of the below listed categories, or who the issuer reasonably
believes comes within any of the below listed categories, at the time of the sale of the securities to that person. The Investor has
indicated, by marking and initialing the appropriate box below, the provision(s) below which apply to the Investor and under which
the Investor accordingly qualifies as an “accredited investor.”

 

 ̈
Any bank, registered broker or dealer, insurance company, registered investment company, business development company, or small
business investment company;

 

 ̈
Any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its
political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

 

 ̈
Any employee benefit plan, within the meaning of the Employee Retirement Income Security Act of 1974, if a bank, insurance company,
or registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5,000,000;

 

 ̈
Any organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, similar business trust, or
partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;

 

 ̈
Any trust with assets in excess of $5,000,000, not formed to acquire the securities offered, whose purchase is directed by a sophisticated
person; or

 

 ̈
Any entity in which all of the equity owners are accredited investors meeting one or more of the above tests.

 

This page should be completed by the
Investor

and constitutes a part of the Subscription Agreement.hvbc-ex41_21.htm

 

EXHIBIT 4.1

FORM OF SUBORDINATED NOTE

HV BANCORP, INC. 

4.50% FIXED-TO-FLOATING RATE SUBORDINATED NOTE 

DUE MAY 28, 2031

 

THIS OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (THE “FDIC”) OR ANY OTHER GOVERNMENT AGENCY OR FUND. 

THIS OBLIGATION IS SUBORDINATED AND JUNIOR IN RIGHT OF PAYMENT TO THE OBLIGATIONS OF HV BANCORP, INC. ("COMPANY") TO ITS GENERAL AND SECURED CREDITORS AND IS UNSECURED. IT IS INELIGIBLE AS COLLATERAL FOR ANY EXTENSION OF CREDIT BY THE COMPANY OR ANY OF ITS SUBSIDIARIES (“SUBSIDIARIES”).

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THIS NOTE IS ISSUED SUBJECT TO THE RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS OF A SUBORDINATED NOTE PURCHASE AGREEMENT, DATED AS OF MAY 28, 2021, BETWEEN COMPANY AND THE NOTEHOLDER REFERRED TO THEREIN (THE “AGREEMENT”), A COPY OF WHICH IS ON FILE WITH THE COMPANY. THE NOTE REPRESENTED BY THIS INSTRUMENT MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE AGREEMENT. ANY SALE OR OTHER TRANSFER NOT IN COMPLIANCE WITH THE AGREEMENT WILL BE VOID.

THIS NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN THE SINGLE DENOMINATION OF $10,000,000.00. ANY ATTEMPTED TRANSFER OF THIS NOTE IN A DENOMINATION OF LESS THAN $10,000,000.00 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF THIS NOTE FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF PAYMENTS ON THIS NOTE, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS NOTE.

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CERTAIN ERISA CONSIDERATIONS:

THE HOLDER OF THIS NOTE, OR ANY INTEREST HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY WITHIN THE MEANING OF THE REGULATIONS OF 29 C.F.R. SECTION 2510.3-101 AS MODIFIED BY SECTION 3(42) OF ERISA, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS NOTE OR ANY INTEREST HEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS NOTE, OR ANY INTEREST HEREIN, ARE NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE AND HOLDING. ANY PURCHASER OR HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN TO WHICH TITLE I OF ERISA OR SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE “PLAN ASSETS” OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR (ii) SUCH PURCHASE OR HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH FULL EXEMPTIVE RELIEF IS NOT AVAILABLE UNDER APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

ANY FIDUCIARY OF ANY PLAN WHO IS CONSIDERING THE ACQUISITION OF THE SUBORDINATED NOTE SHOULD CONSULT WITH THEIR LEGAL COUNSEL PRIOR TO ACQUIRING SUCH SUBORDINATED NOTE.

2

 

 

THIS SUBORDINATED NOTE IS NOT A DEPOSIT AND IT IS NOT INSURED 
BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OR FUND.

Certificate Number:001

$10,000,000May 28, 2021

 

HV BANCORP, INC.

__________________
4.50% FIXED-TO-FLOATING RATE SUBORDINATED NOTE DUE MAY 28, 2031

1.  Subordinated Notes.  This Subordinated Note is one of a duly authorized issue of unsecured, subordinated notes of HV Bancorp, Inc., a Pennsylvania corporation (the "Company"), designated as the "4.50% Fixed to Floating Rate Note Due May 28, 2031” (the "Subordinated Note") issued pursuant to that Subordinated Note Purchase Agreement, dated as of the Issue Date (as defined herein), between the Company and Fulton Bank, N.A. initially limited in the aggregate principal amount of $10,000,000.00, but subject to being increased as provided in Sections 17 and 21 below.  The "Issue Date" of the Subordinated Note is May 28, 2021.

2.  Payment.    The Company, for value received, promises to pay to Fulton Bank, N.A. or its registered assigns, the principal sum of Ten Million Dollars ($10,000,000.00), plus accrued but unpaid interest on May 28, 2031 ("Maturity Date") and to pay interest thereon (i) from and including the Issue Date of the Subordinated Note to but excluding May 28, 2026 or the earlier redemption date contemplated by Section 7 of this Subordinated Note, at the rate of 4.50% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months and payable semiannually in arrears on June 30 and December 31 of each year (each, a "Fixed Interest Payment Date"), beginning June 30, 2021 and (ii) from and including May 28, 2026, to but excluding the Maturity Date or the earlier redemption date contemplated by Section 7 of this Subordinated Note, at the rate per annum (rounded to two decimal places when expressed as a percentage), reset quarterly, equal to the sum of (A) a base rate equal to the then current 90-Day Average SOFR, determined on the Interest Determination Date (as defined below) of the applicable interest period and (B) 325 basis points, computed on the basis of a 360-day year and the actual number of days elapsed and payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year (each, a "Floating Interest Payment Date"). 

(a)  An "Interest Payment Date" is either a Fixed Interest Payment Date or a Floating Interest Payment Date, as applicable. 

(b)  "90-Day Average SOFR" means the most recent 90-Day Average Secured Overnight Financing Rate for U.S. dollar denominated loans and derivatives as published by the Federal Reserve Bank of New York at the Federal Reserve Bank of New York's Website (as 

3

 

defined below) after 3:00 pm Eastern Time on the publication date most recently prior to the first day of the applicable floating rate interest period (the "Interest Determination Date").

(i)If the Company (or the calculation agent, if one has been appointed by the Company) reasonably determines in good faith on the relevant Interest Determination Date that the 90-Day Average SOFR has been discontinued or is no longer being published by the Federal Reserve Bank of New York, then the Company (or the calculation agent, if one has been appointed by the Company) will either (i) use a substitute or successor base rate that it has determined, in its sole, reasonable discretion, is most comparable to the 90-Day Average SOFR or (ii) use the 90-Day Average SOFR as published by an industry standard source. Notwithstanding the foregoing, if the Company (or the calculation agent, if one has been appointed by the Company) reasonably determines in good faith that there is an industry-accepted substitute or successor base rate, then the Company (or the calculation agent, if one has been appointed by the Company) shall use such substitute or successor base rate (such rate, the "Alternative Rate");

(ii)If the Company (or the calculation agent, if one has been appointed by the Company) has determined to utilize a substitute or successor base rate in accordance with the foregoing, the Company (or the calculation agent, if one has been appointed by the Company) in its sole, reasonable discretion may determine what business day convention to use, the definition of business day, the Interest Determination Date to be used and any other relevant methodology for calculating such substitute or successor base rate, including any adjustment factor needed to make such substitute or successor base rate comparable to the 90-Day Average SOFR base rate, in a manner that is consistent with industry-accepted practices for such substitute or successor base rate;

(iii)The Company (or the calculation agent, if one has been appointed by the Company) shall provide the Noteholder (as defined herein) with notice of its determination of an Alternative Rate promptly after such determination.  Notwithstanding anything herein to the contrary, if the Company has appointed a calculation agent for the Subordinated Note, absent manifest error, the calculation agent's determination of the Alternative Rate shall be binding and conclusive on the Noteholder and the Company.  If the Company has determined the Alternative Rate, and if, within five (5) Business Days (as defined herein) after providing such notice, the Company is notified in writing by the Noteholder that such Noteholder reasonably believes that the determination of such Alternative Rate is not consistent with this Section 2, then the Company shall appoint a calculation agent for the Subordinated Note who shall determine the Alternative Rate and the calculation agent's determination of the Alternative Rate shall be binding and conclusive on the Noteholder and the Company;

(iv)Notwithstanding the foregoing, in the event that the 90-Day Average SOFR or Alternative Rate, as determined in accordance with this Section 2, is less than zero, the 90-Day Average SOFR or Alternative Rate for such interest period shall be deemed to be zero;

4

 

(v)By issuing this Subordinated Note, the Company agrees, and the holder of this Subordinated Note, by its acceptance of this Subordinated Note, acknowledges that the use of the 90-Day Average SOFR is subject to Terms of Use, as published by the Federal Reserve Bank of New York, and such Terms of Use may be adopted and modified by the Federal Reserve Bank of New York and posted at the Federal Reserve Bank of New York's Website from time to time; and

(vi)"Federal Reserve Bank of New York's Website" means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.

(c)  The Company shall have the right, but not the obligation, except as expressly provided above, to appoint, in its sole discretion, from time to time, an independent calculation agent for the Subordinated Note.  The independent calculation agent shall be a member firm of the Financial Industry Regulatory Authority, Inc. or a successor self-regulatory organization or a bank (as defined in parts (A) through (C) of Section 3(a)(6) of the Securities Exchange Act of 1934, as amended), in each case having total equity capital of not less than $50 million and authorized by law to perform all the duties provided for it by this Section 2.  If the Company appoints a calculation agent, the Company shall promptly provide notice to the Noteholder of such appointment.

Any payment of principal of or interest on this Subordinated Note that would otherwise become due and payable on a day which is not a Business Day shall become due and payable on the next succeeding Business Day, with the same force and effect as if made on the date for payment of such principal or interest, and no interest will accrue in respect of such payment for the period after such day.  The term "Business Day" means any day that is not a Saturday or Sunday and that is not a day on which banks in the Commonwealth of Pennsylvania are generally authorized or required by law or executive order to be closed.

3.  Subordination. The indebtedness of Company evidenced by the Subordinated Note, including the principal and interest on this Note, shall be subordinate and junior in right of payment to the prior payment in full of all existing claims of creditors, whether now outstanding or subsequently created, assumed or incurred (collectively, “Senior Indebtedness”), which shall consist of principal of (and premium, if any) and interest, if any, on: (a) all indebtedness of the Company for borrowed money, whether or not evidenced by bonds, debentures, securities, notes or other written instruments; (b) any deferred obligations of the Company for the payment of the purchase price of property, goods, materials, assets or services purchased or acquired by the  Company and accrued liabilities arising in the ordinary course of business; (c) all obligations, contingent or otherwise, of the Company in respect of any letters of credit, bankers’ acceptances, security purchase facilities and similar credit transactions; (d) any capital lease obligations of the Company; (e) all obligations of the Company in respect of interest rate swap, cap or other agreements, interest rate future or option contracts, currency swap agreements, currency future or option contacts, commodity contracts and other similar arrangements; (f) any obligation of the  Company to its depositors or general creditors, as defined for purposes of the capital adequacy regulations of the Board of Governors of the Federal Reserve System applicable to Company, as the same may be amended or modified from time to time (the “Capital Adequacy Regulations”); (g) all obligations of the type referred 

5

 

to in clauses (a) through (f) of other persons for the payment of which the Company is responsible or liable as obligor, guarantor or otherwise; and (h) all obligations of the types referred to in clauses (a) through (g) of other persons secured by a lien on any property or asset of the Company; except “Senior Indebtedness” does not include (i) the Subordinated Note, (ii) any obligation that, by its terms, is on parity with the Subordinated Note, (iii) any indebtedness between the Company and any of its Subsidiaries or Affiliates or (iv) the Junior Subordinated Indebtedness (as defined below). This Subordinated Note is not secured by any assets of the Company or any other Person (as such term is defined in the Purchase Agreement) or Affiliate of such Person.

In the event of any insolvency, dissolution, assignment for the benefit of creditors, reorganization, restructuring of debt, marshaling of assets and liabilities or similar proceedings or any liquidation or winding up of or relating to the Company, whether voluntary or involuntary, holders of Senior Indebtedness shall be entitled to be paid in full before any payment shall be made on account of the principal of or interest on the Subordinated Note. In the event of any such proceeding, liquidation or winding up after payment in full of all sums owing with respect to the Senior Indebtedness, the registered holder of the Subordinated Note from time to time (collectively, the “Noteholder”), together with the holders of any obligations of Company ranking on a parity with the Subordinated Note, shall be entitled to be paid from the remaining assets of the Company the unpaid principal thereof and the unpaid interest thereon before any payment or other distribution, whether in cash, property or otherwise, shall be made on account of any capital stock or any present or future obligations of the Company ranking junior to the Subordinated Notes (collectively, “Junior Subordinated Indebtedness”), which includes any obligation that, by its terms, is subordinated to the Subordinated Note. 

If there shall have occurred and be continuing (a) a default, beyond any applicable grace period, in any payment with respect to any Senior Indebtedness or (b) an event of default, beyond any applicable grace period, with respect to any Senior Indebtedness as a result of which the maturity thereof is accelerated, unless and until such payment default or event of default shall have been cured or waived or shall have ceased to exist, no payment of principal or interest shall be made by the Company with respect to this Subordinated Note. The Company shall provide prompt written notice to the Noteholder upon the occurrence of events described in clauses (a) and (b) of the proceeding sentence. The provisions of this paragraph shall not apply to any payment with respect to which the immediately preceding paragraph of this Section 3 would be applicable.

Nothing herein shall act to prohibit, limit or impede the Company from issuing additional debt of the Company having the same rank as the Subordinated Note or which may be junior or senior in rank to the Subordinated Note. The Noteholder, by its acceptance hereof, agrees to and shall be bound by the provisions of this Section 3.  The Noteholder, by its acceptance hereof, further acknowledges and agrees that the foregoing subordination provisions are, and are intended to be, an inducement and a consideration for each holder of any Senior Indebtedness, whether such Senior Indebtedness was created or acquired before or after the issuance of the Subordinated Note, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness, and such holder of Senior Indebtedness shall be deemed conclusively to have relied on such subordination provisions in acquiring and continuing to hold or in continuing to hold such Senior Indebtedness.

6

 

4.  Merger and Sale of Assets. The Company shall not consolidate or merge into another entity or convey, transfer or lease its properties and assets substantially as an entirety to any person, unless:

(a)  the continuing entity which results from such consolidation or merger, if not the Company, or the person which acquires by conveyance or transfer or which leases the properties and assets of the Company substantially as an entirety shall be a corporation, association or other legal entity organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and expressly assumes the due and punctual payment of the principal of and any premium and interest on the Subordinated Note according to its terms, and the due and punctual performance of all covenants and conditions hereof on the part of the Company to be performed or observed; provided, however, that no further express assumption is needed by any successor by merger to the Company to the extent such legal successor assumes the Company’s obligations hereunder by operation of law; and

(b)  immediately after giving effect to such transaction, no Event of Default (as defined below), and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing.

For purposes of the foregoing, any sale, assignment, transfer, lease, or other conveyance of all or any of the properties and assets of one or more Subsidiaries that, if such properties and assets were directly owned by the Company, would constitute all or substantially all of the Company’s properties and assets, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company.

5.  Events of Default; Acceleration. If any of the following events shall occur and be continuing (each an “Event of Default”):

(a)  The Company or any major subsidiary depository institution (as defined for purposes of the Capital Adequacy Regulations, a “Major Subsidiary Depository Institution”) of the Company shall commence a voluntary case under any applicable bankruptcy, insolvency, liquidation, reorganization or other similar law now or hereafter in effect, or the Company shall consent to the appointment of a receiver, liquidator, trustee or other similar official in any liquidation, insolvency or similar proceeding with respect to the Company or all or substantially all of its property, or shall make an assignment for the benefit of creditors; or

(b)  A court or other governmental agency or body having jurisdiction shall enter a decree or order for the appointment of a receiver, liquidator, trustee or other similar official in any liquidation, insolvency or similar proceeding with respect to the Company or a Major Subsidiary Depository Institution of the Company or all or substantially all of the property of the Company or a Major Subsidiary Depository Institution of the Company, or for the winding up of the affairs or business of the Company or a Major Subsidiary Depository Institution, and such decree or order shall have remained in force for sixty (60) calendar days; or

(c)  The Company is notified that it is considered an institution in “troubled condition” within the meaning of 12 U.S.C. Section 1831i and the regulations promulgated thereunder; or

7

 

(d)  The Company (i) becomes insolvent or is unable to pay its debts as they mature, or (ii) admits in writing its inability to pay its debts as they mature; or

(e)  The Company materially breaches any of the representations, warranties or covenants made by it in the Agreement; or

(f)  The Company fails to make any required payment of principal or interest hereunder when due and payable (and, in the case of payment of interest, such failure to pay shall have continued for thirty (30) calendar days);

then, in the case of an Event of Default described in the foregoing clauses (a) or (b), unless the principal of this Subordinated Note already shall have become due and payable, the Noteholder, by notice in writing to the Company, may declare the principal amount of this Subordinated Note to be due and payable immediately and, upon any such declaration, the same shall become and shall be immediately due and payable. The Company waives demand, presentment for payment, notice of nonpayment, notice of protest, and all other notices. 

Notwithstanding the foregoing, because the Subordinated Note is required to qualify for treatment as Tier 2 Capital, upon the occurrence of an Event of Default other than an Event of Default described in Section 5(a) or Section 5(b), the Noteholder may not accelerate the Stated Maturity of the Subordinated Note and make the principal of, and any accrued and unpaid interest on, the Subordinated Note, immediately due and payable.  

6.  Failure to Make Payment. In the event of the occurrence of an Event of Default described in Section 5(f), the Company, upon demand of the Noteholder, will pay to the Noteholder the whole amount then due and payable on this Subordinated Note for principal and interest (without acceleration), with interest on the overdue principal and interest at the rate borne by this Subordinated Note, to the extent permitted by applicable law. If the Company fails to pay such amount upon such demand, the Noteholder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of the Company.

Upon the occurrence of a failure by the Company to make any required payment of principal or interest on this Subordinated Note or an Event of Default, until such failure or Event of Default is cured by the Company or waived by the Noteholder in accordance with Section 16 hereof, the Company shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company’s capital stock, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company that rank equal with or junior to the Subordinated Note, or (c) make any payments under any guarantee that ranks equal with or junior to the Subordinated Note, other than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of the Company’s common stock, (ii) any declaration of a noncash dividend in connection with the implementation of a stockholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto, (iii) as a result of a reclassification of the 

8

 

Company’s capital stock or the exchange or conversion of one class or series of the Company’s capital stock for another class or series of the Company’s capital stock, (iv) the purchase of fractional interests in shares of the Company’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, or (v) purchases of any class of the Company’s common stock related to the issuance of common stock or rights under any benefit plans for the Company’s directors, officers or employees or any of the Company’s dividend reinvestment and stock purchase plans (including, without limitation, any repurchases or acquisitions in connection with the forfeiture of any stock award, cashless or net exercise of any option, or acceptance of common stock in lieu of an award recipient’s tax obligations under any equity award).

7.  Redemption; Prepayment; Capital Treatment Event Redemption. The Subordinated Note is not subject to redemption at the option of the Noteholder.  The Company, however,  in its discretion, may redeem or prepay the Subordinated Note, in whole or in part, without premium or penalty, at any time on or after May 28, 2026, and prior to the Maturity Date on any Interest Payment Date at a price of 100% of the principal amount of this Subordinated  Note to be redeemed or prepaid on such date, plus interest accrued and unpaid to but excluding the date of redemption or prepayment. If less than the entire amount of the Subordinated Note is to be redeemed or prepaid, the notice of redemption or prepayment shall state the portion of the principal amount to be redeemed or prepaid and shall state that on and after the date fixed for redemption or prepayment, upon surrender of such Subordinated Note, a new Subordinated Note, having the same terms and conditions of the Subordinated Note, in principal amount equal to the unpaid portion thereof will be issued.

In addition, if all or any portion of the Subordinated Note ceases to be deemed to be Tier 2 Capital, including due to a change in applicable capital regulations (a “Capital Treatment Event”), the Company shall promptly notify the Noteholder thereof, and thereafter, the Company and the Noteholder shall work together in good faith to execute and deliver all agreements as reasonably necessary in order to restructure, as agreed to by the Company and the Noteholder, the applicable portions of the obligations evidenced by the Subordinated Note to qualify as Tier 2 Capital; provided, however, that nothing contained in this section shall limit the Company’s right to redeem the Subordinated Note upon the occurrence of a Capital Treatment Event. In the event of a Capital Treatment Event, Company shall have the right to redeem, on any Interest Payment Date, all or such portion of the Subordinated Note at a price of 100% of the principal amount of the Subordinated Note to be redeemed, plus accrued but unpaid interest to but excluding the date of redemption.  

Furthermore, the Company shall have the right, at any time, to redeem the Subordinated Note at a price of 100% of the principal amount of the Subordinated Note to be redeemed, plus accrued but unpaid interest to but excluding the date of redemption upon the occurrence of a Tax Event or an Investment Company Event.  A “Tax Event” means the receipt by the Company of an opinion of counsel to the Company that as a result of any amendment to, or change (including any final and adopted (or enacted) prospective change) in, the laws (or any regulations thereunder) of the United States or any political subdivision or taxing authority thereof or therein, or as a result of any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, there exists a material risk that interest payable by the Company on the Subordinated Note is not, or within one hundred twenty (120) days after the receipt of such opinion, will not be deductible by the Company, in whole or in part, for United 

9

 

States federal income tax purposes. An “Investment Company Event” means the receipt by the Company of an opinion of counsel to the Company to the effect that there is a material risk that the Company is or, within one hundred twenty (120) days after the receipt of such opinion, will be required to register as an investment company pursuant to the Investment Company Act of 1940, as amended.

In the case of any redemption or prepayment of this Subordinated Note, in whole or in part, without premium or penalty, the Company will give the holder of the Subordinated Note to be redeemed or prepaid notice not less than thirty (30) nor more than forty-five (45) calendar days prior to the redemption or prepayment date as to the aggregate principal amount to be redeemed or prepaid. Any such redemption or prepayment shall be subject to the prior approval of the Board of Governors of the Federal Reserve System (or its designee) or any successor agency to the extent such approval shall then be required by law, regulation or policy. 

8.  Repayment; Payment Procedures. The Company shall repay the aggregate principal amount of the Subordinated Note, plus all accrued but unpaid interest thereon to but excluding the Maturity Date, in full on the Maturity Date. Payment of the principal and interest payable on the Maturity Date will be made by check, or by wire transfer in immediately available funds to a bank account in the United States designated by the registered Noteholder of this Subordinated Note if such Noteholder shall have previously provided wire instructions to the Company, upon presentation and surrender of this Subordinated Note at the Payment Office (as defined in Section 13 below) or at such other place or places as the Company shall designate by notice to the registered Noteholder as the Payment Office, provided that this Subordinated Note is presented to the Company in time for the Company to make such payments in such funds in accordance with its normal procedures. Payments of interest (other than interest payable on the Maturity Date) shall be made by wire transfer in immediately available funds (if such Noteholder shall have previously provided wire transfer instructions to the Company) or check mailed to the registered Noteholder as such person’s address appears on the Security Register (as defined below). Interest payable on any Interest Payment Date shall be payable to the Noteholder in whose name this Subordinated Note is registered at the close of business on the fifteenth (15th) calendar day prior to the applicable Interest Payment Date. To the extent permitted by applicable law, interest shall accrue, at the rate at which interest accrues on the principal of this Subordinated Note, on any amount of principal or interest on this Subordinated Note not paid when due. All payments on this Subordinated Note shall be applied first to accrued interest and then the balance, if any, to principal. Protest, notice of protest, presentment and surrender of this Subordinated Note are hereby waived by the Company.

9.  Form of Payment. Payments of principal and interest on this Subordinated Note shall be made in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts.

10.  Registration of Transfer; Security Register. Except as otherwise provided herein, this Subordinated Note is transferable only in whole and not in part, and may be exchanged for a like aggregate principal amount of Subordinated Note of the same denomination, by the Noteholder in person, or by its attorney duly authorized in writing, at the Payment Office (as defined in Section 13 below). The Company shall maintain a register providing for the registration of the Subordinated Note and any exchange or transfer thereof (the “Security Register”). Upon 

10

 

surrender or presentation of this Subordinated Note for exchange or registration of transfer, the Company shall execute and deliver in exchange therefor a Subordinated Note in substantially the form hereof of like aggregate principal amount in the same denomination (and, in the absence of an opinion of counsel satisfactory to Company to the contrary, bearing the restrictive legend(s) set forth hereinabove) and that is or are registered in such name requested by the Noteholder. Any Subordinated Note presented or surrendered for registration of transfer or for exchange shall be duly endorsed and accompanied by a written instrument of transfer in such form as is attached hereto and incorporated herein, duly executed by the Noteholder or his attorney duly authorized in writing, with such tax identification number or other information for each person in whose name a Subordinated Note is to be issued, and accompanied by evidence of compliance with any restrictive legend(s) appearing on such Subordinated Note as the Company may reasonably request to comply with applicable law. No exchange or registration of transfer of this Subordinated Note shall be made during the period on or after the fifteenth (15th) day immediately preceding the Maturity Date. This Subordinated Note is subject to the restrictions on transfer contained in the Agreement, a copy of which is on file with the Company.

11.  Charges and Transfer Taxes. No service charge (other than any cost of delivery) shall be imposed for any exchange or registration of transfer of this Subordinated Note, but the Company may require the payment of a sum sufficient to cover any stamp or other tax or governmental fee or charge that may be imposed in connection therewith (or presentation of evidence that such tax, charge or fee has been paid).

12.  Ownership. Prior to due presentment of this Subordinated Note for registration of transfer, Company may treat the Noteholder in whose name this Subordinated Note is registered in the Security Register as the absolute owner of this Subordinated Note for receiving payments of principal and interest on this Subordinated Note and for all other purposes whatsoever, whether or not this Subordinated Note be overdue, and the Company shall not be affected by any notice to the contrary.

13.  Notices. All notices to the Company under this Subordinated Note shall be in writing and addressed to the Company at 2005 South Easton Road, Suite 304, Doylestown, PA 18901, Attention: Chief Financial Officer, or to such other address as the Company may notify to the Noteholder (the “Payment Office”). All notices to the Noteholder shall be in writing and sent by first-class mail or recognized commercial overnight courier to the Noteholder at the address as set forth in the Security Register.

14.  Denominations. The Subordinated Note is issued  only in fully registered form without interest coupons in a single denomination of $10,000,000.00.

15.  Absolute and Unconditional Obligation of the Company. No provisions of this Subordinated Note shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal and interest on this Subordinated Note at the times, places and rate, and in the coin or currency, herein prescribed.

16.  Waiver and Consent. 

(a)Any consent or waiver given by the Noteholder of this Subordinated Note shall be conclusive and binding upon such Noteholder and upon any future Noteholder of this Subordinated Note and of any Subordinated Note issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Subordinated Note. No delay or omission of the holder of this Subordinated Note to exercise any right or remedy accruing upon any Event of Default shall impair such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. The Noteholder, by its acceptance of such Subordinated Note (or beneficial interest therein), shall be deemed to have waived any right of offset against the Company with respect to the indebtedness evidenced thereby.

11

 

  

(b) No waiver or amendment of any term, provision, condition, covenant or agreement in the Subordinated Note shall be effective except with the consent of the holder of the Subordinated Note. No failure to exercise or delay in exercising, by any Noteholder of the Subordinated Note, of any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof, or the exercise of any other right or remedy provided at law or in equity. The rights and remedies provided in this Subordinated Note are cumulative and not exclusive of any right or remedy provided at law or in equity. No notice or demand on the Company in any case shall, in itself, entitle the Company to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the Noteholder to any other or further action in any circumstances without notice or demand. No consent or waiver, express or implied, by the Noteholder to or of any breach or default by the Company in the performance of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance of the same or any other obligations of the Company hereunder. Failure on the part of the Noteholder to complain of any acts or failure to act or to declare an Event of Default, irrespective of how long such failure continues, shall not constitute a waiver by the Noteholder of its rights hereunder or impair any rights, powers or remedies on account of any breach or default by the Company.

 

17.  Further Issues. The Company may create and issue additional notes having the same terms and conditions of the Subordinated Note (except for the issue date, interest rate, issue price, and maturity date) so that such further notes shall be consolidated and form a single series with the Subordinated Note. Any such issuance will either be registered or issued pursuant to an exemption from registration under the Securities Act.

18.  No Sinking Fund; Trust Indenture or Credit Rating; Convertibility. This Subordinated Note is not entitled to the benefit of any sinking fund. This Subordinated Note is not being issued pursuant to, or is the subject of, any trust indenture.  This Subordinated Note is not subject to any rating by a nationally recognized statistical rating organization. This Subordinated Note is not convertible into or exchangeable for any of the equity securities, other securities or assets of the Company or any Subsidiary of the Company.  This Subordinated Note will not be assigned a CUSIP or ISIN identifier.

19.  No Recourse Against Others.  No recourse under or upon any obligation, covenant or agreement contained in this Subordinated Note, or for any claim based thereon or otherwise in respect thereof, will be had against any past, present or future shareholder, employee, officer, or director, as such, of the Company or of any predecessor or successor, either directly or through the Company or any predecessor or successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or 

12

 

otherwise, all such liability being expressly waived and released by the acceptance of this Subordinated Note by the Noteholder and as part of the consideration for the issuance of this Subordinated Note.

20.  Governing Law; Interpretation. This Subordinated Note shall be governed by and construed in accordance with applicable federal law of the United States of America and the laws of the Commonwealth of Pennsylvania, without regard to conflict of laws principles of such state that would result in the application of the laws of another jurisdiction. This Subordinated Note is intended to meet the criteria for qualification of the outstanding principal as Tier 2 Capital under the Capital Adequacy Regulations, and the terms hereof shall be interpreted in a manner to satisfy such intent, subject to the limitation imposed on the capital treatment of subordinated debt during the five (5) years immediately preceding the Maturity Date of the Subordinated Note.

21.  Priority. The Subordinated Note ranks pari passu in the event of any insolvency proceeding, dissolution, assignment for the benefit of creditors, reorganization, restructuring of debt, marshaling of assets and liabilities or similar proceeding or any liquidation or winding up of the Company, with all other present or future unsecured subordinated debt obligations of the Company, except any unsecured subordinated debt that may be expressly stated to be senior to or subordinate to the Subordinated Note. 

22.  Successors and Assigns.  This Subordinated Note shall be binding upon the Company and its successors and permitted assigns and shall inure to the benefit of the Noteholder and its respective successors and permitted assigns.  The Noteholder only may assign all its interest in, the Noteholder’s rights and benefits hereunder only to the extent and in the manner permitted in Agreement.  To the extent of any such assignment, such assignee shall have the same rights and benefits against the Company and shall agree to be bound by and to comply with the terms and conditions of such Agreement as it would have had if it were the Noteholder hereunder.

23.  Purchase and Resale. Subject to any required federal and state regulatory approvals and the provisions of this Subordinated Note, the Company shall have the right to repurchase the Subordinated Note at any time in the open market, private transactions or otherwise. If the Company repurchases the Subordinated Note, it may, in its discretion, hold, resell or cancel any of the repurchased Subordinated Note, with the understanding that Subordinated Note held by the Company will not qualify as Tier 2 Capital.

24.  Submission to Jurisdiction. The Noteholder hereby irrevocably submits to the exclusive jurisdiction of the Court of Common Pleas of Bucks County, Pennsylvania and the U.S. District Court for the Eastern District of Pennsylvania over any action or proceeding arising out of or relating to this Subordinated Note and the transactions related thereto, regardless of whether a claim sounds in contract, tort, or otherwise and regardless of whether a claim is at law or in equity, and the Noteholder hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such state or federal court.  The Noteholder, on behalf of itself and its successors and assigns, hereby irrevocably waives, to the fullest extent permitted by law, any objection it may now or hereafter have to the laying of venue in any action or proceeding in any such court as well as any right it may now or hereafter have to remove such action or proceeding, once commenced, to another court on the grounds of Forum Non Conveniens or otherwise. The Noteholder agrees that 

13

 

a final, non-appealable judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

 

[SIGNATURE PAGE FOLLOWS]

14

 

 

IN WITNESS WHEREOF, the undersigned has caused this Note to be duly executed and attested.

 

	
ATTEST:
	
HV BANCORP, INC.

 

 

             By:

Name:  Janice Garner    Name: Joseph C. O’Neill, Jr.

	
Title: 
	
Corporate SecretaryTitle:   Executive Vice President/Treasurer

	

	
            and Chief Financial Officer

 

 

 

 

 

ASSIGNMENT AGREEMENT

To assign this Subordinated Note, fill in the form below:

 

I or we assign and transfer this Subordinated Note to:

 

 

(Print or type assignee’s name, address and zip code)

 

(Insert assignee’s social security or tax I.D. No.)

 

and irrevocably appoint ___________ agent to transfer this Subordinated Note on the books of Company. The agent may substitute another to act for him.

Date:__________________Your Signature: ______________________

 

Signature Guarantee: ______________________________________________________

(Signature must be guaranteed)

 

 

 

 

Sign exactly as your name appears on the other side of this Subordinated Note.

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

The undersigned hereby certifies that it □ is / □ is not an Affiliate of Company and that, to its knowledge, the proposed transferee □ is / □ is not an Affiliate of Company.

In connection with any transfer or exchange of the Subordinated Note evidenced by this certificate occurring prior to the date that is one year after the later of the date of original issuance of such Subordinated Note and the last date, if any, on which such Subordinated Note was owned by Company or any Affiliate of Company, the undersigned confirms that such Subordinated Note is being:

CHECK ONE BOX BELOW:

	
(1)
	
□ acquired for the undersigned’s own account, without transfer; or

	
(2)
	
□transferred to Company; or

 

 

		

	
(3)
	
□ transferred pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); or

	
(4)
	
□ transferred pursuant to an effective registration statement under the Securities Act; or

	
(5)
	
□ transferred pursuant to and in compliance with Regulation S under the Securities Act; or

	
(6)
	
□ transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3), (7) or (9) under the Securities Act) or an “accredited investor” (as defined in Rule 501(a)(4) under the Securities Act), that has furnished a signed letter containing certain representations and agreements; or

	
(7)
	
□ transferred pursuant to another available exemption from the registration requirements of the Securities Act.

Unless one of the boxes is checked, Company will refuse to register this Subordinated Note in the name of any person other than the registered Noteholder thereof; provided, however, that if box (5), (6) or (7) is checked, Company may require, prior to registering any such transfer of this Subordinated Note, in its sole discretion, such legal opinions, certifications and other information as Company may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act such as the exemption provided by Rule 144 under the Securities Act.

 

 _________________________________________

  Signature

Signature Guarantee:  

  

(Signature must be guaranteed) Signature

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Exchange Act.

TO BE COMPLETED BY PURCHASER IF BOX (1) OR (3) ABOVE IS CHECKED.

The undersigned represents and warrants that it is purchasing this Subordinated Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A.

 

 

 

Dated: 

 

 

 

 

EXHIBIT B

 

Form of Legal Opinion

 

1.       Each of the Company and the Bank (i) has been incorporated and is validly existing under the laws of its state of incorporation, (ii) has all requisite power and authority to carry on its business and to own, lease and operate its properties and assets as described in the Company’s Reports and (iii) is duly qualified or licensed to do business and is in good standing as a foreign corporation authorized to do business in each jurisdiction in which the nature of such businesses or the ownership or leasing of such properties requires such qualification, except where the failure to be so qualified would not, individually or in the aggregate, reasonably would be expected to have a Material Adverse Effect as such term is defined in the Subordinated Note Purchase Agreement.

 

2.       The Company is a registered bank holding company under the Bank Holding Company Act of 1956, as amended. The Bank is duly formed as a stock savings bank under Pennsylvania law.

 

3.       The Company has all necessary power and authority to execute, deliver and perform its obligations under the Subordinated Note Purchase Agreement and Subordinated Note to which it is a party.

 

4.       The Subordinated Note Purchase Agreement and the Subordinated Note have been duly and validly authorized, executed and delivered by the Company and, assuming due authorization, execution and delivery by the Noteholder, each will constitute a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except to the extent that enforceability may be limited by (i) bankruptcy, receivership, insolvency, reorganization, moratorium, fraudulent transfer, or other similar laws now or hereafter in effect relating to creditors’ rights generally and (ii) rules of law governing specific performance, injunctive relief, or other equitable principles or by other general equitable principles (regardless of whether enforceability is considered in a proceeding at law or in equity).  

 

5.       Assuming the accuracy of the representations and warranties of the Purchaser set forth in the Subordinated Note Purchase Agreement and the issuance of the Subordinated Note in accordance with the terms and conditions of the Subordinated Note Purchase Agreement and the Subordinated Note, the Subordinated Note to be issued and sold by the Company to the Noteholder pursuant to the Subordinated Note Purchase Agreement will be issued in a transaction exempt from the registration requirements of the Securities Act.

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