Document:

Exhibit 10.1

 

Execution Version

 

THIRD JOINDER AGREEMENT

 

THIRD JOINDER AGREEMENT, dated as of September
3, 2019 (this “Joinder Agreement”), by and among the Third Incremental Term Loan Lender (as defined below),
the Borrower (as defined below), the Guarantors party hereto, and Wells Fargo Bank, National Association (“Wells Fargo”)
as Administrative Agent.

 

RECITALS:

 

WHEREAS, reference is hereby made to
the Credit Agreement, dated as of December 6, 2016 (as amended by that certain Joinder Agreement, dated as of September 6, 2017,
and that certain First Amendment and Second Joinder Agreement, dated as of December 28, 2017, and as further amended, restated,
amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized
terms used but not defined herein shall have the meanings assigned thereto in the Credit Agreement), among PRA Health Sciences,
Inc. (“Holdings”), Pharmaceutical Research Associates, Inc. (the “Borrower”), the lenders,
other financial institutions or entities from time to time party thereto and Wells Fargo, as Administrative Agent, Collateral Agent,
Letter of Credit Issuer and Swingline Lender;

 

WHEREAS, subject to the terms and conditions
of the Credit Agreement, the Borrower may establish New Term Loan Commitments by, among other things, entering into one or more
Joinder Agreements with New Term Loan Lenders;

 

WHEREAS, pursuant
to Section 2.14(a) of the Credit Agreement, the Borrower has requested that PNC Bank, National Association (the “Third
Incremental Term Loan Lender”) provide New Term Loan Commitments (the “Third Incremental Term Loan Commitments”)
and make New Term Loans pursuant thereto (the “Third Incremental Term Loans” and, together with the Third Incremental
Term Loan Commitments, the “Third Incremental Term Loan Facility”) in the form of an increase in the Initial
Term Loans, in an aggregate principal amount of $300,000,000; and

 

WHEREAS, the Borrower
intends to use the proceeds of the Third Incremental Term Loans to repurchase certain equity interests of Holdings on or after
the Effective Date (as defined below) (the “Share Repurchase”);

 

NOW, THEREFORE, in consideration of
the premises and agreements, provisions and covenants herein contained, the parties hereto agree as follows:

 

On the terms and subject to the conditions
set forth in Section 6 below, the Third Incremental Term Loan Lender hereby agrees to provide the Third Incremental Term
Loan Commitments and fund the Third Incremental Term Loans, in each case, on the Effective Date in the aggregate principal amount
of $300,000,000.

 

The Third Incremental Term Loan Lender (i)
confirms that it has received a copy of the Credit Agreement and the other Credit Documents and the exhibits thereto, together
with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate
to make its own credit analysis and decision to enter into this Joinder Agreement; (ii) agrees that it will, independently and
without reliance upon the Administrative Agent, the Collateral Agent or any other Lender or Agent and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action
under the Credit Agreement; (iii) appoints and authorizes the Administrative Agent and the Collateral Agent to take such action
as agent on its behalf and to exercise such powers under the Credit Agreement and the other Credit Documents as are delegated to
the Administrative Agent or the Collateral Agent, as the case may be, by the terms thereof, together with such powers as are reasonably
incidental thereto; and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms
of the Credit Agreement are required to be performed by it as a New Term Loan Lender.

 

     

     

    

 

Subject to Section 6 hereof, the Third
Incremental Term Loan Lender hereby agrees that it will provide the Third Incremental Term Loan Commitments and fund the Third
Incremental Term Loans on the following terms and conditions:

 

	1.	Terms Generally. The Third Incremental Term Loans shall constitute an increase to the Initial Term Loans outstanding
under the Credit Agreement immediately prior to the Effective Date. For all purposes under the Credit Agreement and the other Credit
Documents, the Third Incremental Term Loans shall have the same terms (including, for the avoidance of doubt, with respect to Applicable
Margin, scheduled payments of principal and mandatory and voluntary prepayments) as, be fungible with and be part of the same Series
as the Initial Term Loans.

 

	2.	Initial Drawing and Mandatory Termination of Commitments. The Third Incremental Term Loans shall be funded in Dollars
and shall be made in a single drawing on the Effective Date. The Third Incremental Term Loan Commitments shall terminate at 5:00
p.m. (New York City time) on the Effective Date.

 

	3.	Amendments to Credit Agreement. Pursuant to Section 2.14(f) of the Credit Agreement, the Borrower and the Administrative
Agent hereby agree that, effective as of the Effective Date, Section 2.5 of the Credit Agreement is hereby amended by deleting
the table set forth therein and replacing it with the following:

 

	
        Term Loan

        Repayment Date
	Term Loan

                                                                                Repayment Amount

	September 30, 2019	$6,443,502.88
	December 31, 2019	$6,443,502.88
	March 31, 2020	$6,443,502.88
	June 30, 2020	$6,443,502.88
	September 30, 2020	$6,443,502.88
	December 31, 2020	$6,443,502.88
	March 31, 2021	$6,443,502.88
	June 30, 2021	$6,443,502.88
	September 30, 2021	$6,443,502.88
	
        Initial Term Loan

        Maturity Date
	Remaining outstanding amounts

 

	4.	Notice of New Term Loan Commitments. This Joinder Agreement represents a written notice in accordance with Section 2.14(a)
by the Borrower to the Administrative Agent of its election to request the establishment of New Term Loan Commitments in the amount
and subject to the terms set forth herein.

 

	5.	Conditions to Effectiveness of this Joinder Agreement. This Joinder Agreement, and the obligation
of the Third Incremental Term Loan Lender to make its Third Incremental Term Loan Commitments and to fund its Third Incremental
Term Loans hereunder, will become effective on the first date (the “Effective Date”) on which each of the following
conditions is satisfied:

 

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		(a)	The Administrative Agent shall have received a counterpart of this Joinder Agreement, executed
and delivered by a duly Authorized Officer of the Borrower, Holdings, the other Guarantors and the Third Incremental Term Loan
Lender.

 

		(b)	The Administrative Agent (or its counsel) shall have received the executed legal opinions, in customary
form, of (i) Simpson Thacher & Bartlett LLP, special New York, Delaware and California counsel to the Credit Parties and (ii)
McGuireWoods LLP, special Virginia counsel to the Credit Parties. Holdings and the Borrower hereby instruct and agree to instruct
the other Credit Parties to have such counsel deliver such legal opinions.

 

		(c)	The Administrative Agent shall have received each of the following, each properly executed by an
authorized officer of the applicable signing Credit Party, dated as of the Effective Date:

 

		(i)	a certificate of each Credit Party with appropriate insertions, executed by two Authorized Officers
(which for this purpose may include one of the Secretary or Assistant Secretary) of each such Credit Party and, other to the extent
set forth below, attaching the following documents:

 

		(A)	a copy of the resolutions, in form and substance reasonably satisfactory to the Administrative
Agent, of the board of directors, general partner or other managers of each Credit Party (or a duly authorized committee thereof)
authorizing, among other matters, (A) the execution, delivery and performance of this Joinder Agreement and the other documents
required to be delivered hereunder and (B) in the case of the Borrower, the extensions of credit contemplated hereunder;

 

		(B)	the Certificate or Articles of Incorporation and By-Laws, Certificate of Formation and Operating
Agreement, Certificate of Limited Partnership and Partnership Agreement or other comparable organizational documents, as applicable,
of each Credit Party (provided that, in lieu of attaching such organizational documents, such certificate may include a representation
that such organizational documents have not been amended since the First Amendment Effective Date);

 

		(C)	a short-form certificate of good standing from the applicable secretary of state of the state of
incorporation or formation of each Credit Party; and

 

		(D)	the signatures and incumbency certificates of the Authorized Officers
of each Credit Party executing this Joinder Agreement and/or the other documents required to be delivered hereunder (provided that,
in lieu of attaching such incumbency certificates, such certificate may include a representation that such Authorized Officers
are the same as those whose signature and incumbency certificates were delivered to the Administrative Agent on the First Amendment
Effective Date);

 

		(ii)	a certificate executed by an Authorized Officer of the Borrower certifying (i) that no Event of
Default exists on the Effective Date before or after giving effect to the transactions contemplated hereby, including the establishment
of the Third Incremental Term Loan Commitments and the making of the Third Incremental Term Loans, (ii) that the aggregate amount
of Third Incremental Term Loan Commitments being incurred on the Effective Date do not exceed the Maximum Incremental Facilities
Amount as of such date, (iii) that after giving Pro Forma Effect to the incurrence of the Third Incremental Term Loans (and without
netting any cash proceeds thereof), Holdings is in compliance with the financial covenants set forth in Section 10.7 and 10.8 of
the Credit Agreement calculated as of the most recent period of four (4) consecutive fiscal quarters for which Section 9.1 Financial
Statements have been delivered and (iv) as to the matters set forth in Section 6(d) of this Joinder Agreement;

 

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		(iii)	a solvency certificate certified by a senior authorized financial officer of the Borrower to the
effect that after giving effect to the consummation of the transactions contemplated by this Joinder Agreement, including the incurrence
of the Third Incremental Term Loans, the Borrower on a consolidated basis with its Restricted Subsidiaries is Solvent; and

 

		(iv)	a Notice of Borrowing in accordance with Section 7.2 of the Credit Agreement completed and
signed by an Authorized Officer of the Borrower.

 

		(d)	The Lead Arranger (as defined below) and Third Incremental Term Loan Lender shall have received
all fees and compensation and, to the extent invoiced at least three (3) Business Days prior to the Effective Date (except as reasonably
agreed by the Borrower), such other amounts (including legal fees and expenses), in each case, due and payable on or prior to the
Effective Date.

 

		(e)	The Administrative Agent and the Third Incremental Term Loan Lender shall have received (i) all
documentation and other information about the Credit Parties as shall have been reasonably requested in writing by the Administrative
Agent or the Third Incremental Term Loan Lender at least ten calendar days prior to the Effective Date and as required by U.S.
regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including
without limitation the PATRIOT Act and 31 C.F.R. § 1010.230 (the “Beneficial Ownership Regulation”) and
(ii) a beneficial ownership certificate to the extent required under, an in accordance with the requirements of, the Beneficial
Ownership Regulation.

 

	6.	Representations and Warranties. To induce the other parties hereto to enter into this Joinder
Agreement, the Borrower and each Guarantor represents and warrants to each of the Lenders (including the Third Incremental Term
Loan Lender) and the Administrative Agent, as of the Effective Date:

 

		(a)	each Credit Party has the corporate or other organizational power and authority to execute, deliver
and carry out the terms and provisions of this Joinder Agreement and has taken all necessary corporate or other organizational
action to authorize the execution, delivery and performance of this Joinder Agreement;

 

		(b)	each Credit Party has duly executed and delivered this Joinder Agreement and this Joinder Agreement
constitutes the legal, valid and binding obligation of such Credit Party enforceable in accordance with its terms, except as the
enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and
subject to general principles of equity;

 

		(c)	neither the execution, delivery or performance by any Credit Party of this Joinder Agreement nor
compliance with the terms and provisions thereof nor the consummation of the transactions contemplated hereby will (a) contravene
any applicable provision of any material law, statute, rule, regulation, order, writ, injunction or decree of any court or governmental
instrumentality, (b) result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default
under, or result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or
assets of such Credit Party or any of the Restricted Subsidiaries (other than Liens created under the Credit Documents or Permitted
Liens) pursuant to, the terms of any material indenture, loan agreement, lease agreement, mortgage, deed of trust, agreement or
other material instrument to which such Credit Party or any of the Restricted Subsidiaries is a party or by which it or any of
its property or assets is bound other than any such breach, default or Lien that would not reasonably be expected to result in
a Material Adverse Effect or (c) violate any provision of the certificate of incorporation, by laws, articles or other organizational
documents of such Credit Party or any of the Restricted Subsidiaries; and

 

    4

     

    

 

		(d)	the representations and warranties set forth in Section 8 of the Credit Agreement and the representations
and warranties set forth in each other Credit Document are true and correct in all material respects on and as of the Effective
Date, with the same force and effect as though made on and as of such date, except to the extent such representations and warranties
specifically refer to a given date or period, in which case such representations and warranties were true and correct in all material
respects on an as of such date or period; provided that, any representation or warranty that is qualified as to “materiality”,
“Material Adverse Effect” or similar language are true and correct (after giving effect to any qualification therein)
in all respects as of such respective dates.

 

	7.	Recordation of the New Term Loans. Upon execution and delivery hereof and the funding of
the Third Incremental Term Loans, the Administrative Agent will record the Third Incremental Term Loans made by the Third Incremental
Term Loan Lender in the Register.

 

	8.	Amendment, Modification and Waiver. This Joinder Agreement may not be amended, modified
or waived except by an instrument or instruments in writing signed and delivered on behalf of each of the parties hereto.

 

	9.	Entire Agreement. This Joinder Agreement, the Credit Agreement, the other Credit Documents
and any fee letters or similar letter agreements entered into in connection with the transactions contemplated hereby shall constitute
the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements
and understandings, both written and verbal, among the parties or any of them with respect to the subject matter hereof.

 

	10.	GOVERNING LAW. THIS JOINDER AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

	11.	Severability. Any term or provision of this Joinder Agreement which is invalid or unenforceable
in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without
rendering invalid or unenforceable the remaining terms and provisions of this Joinder Agreement or affecting the validity or enforceability
of any of the terms or provisions of this Joinder Agreement in any other jurisdiction. If any provision of this Joinder Agreement
is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as would be enforceable.

 

	12.	Counterparts. This Joinder Agreement may be executed in counterparts (including by facsimile
or other electronic transmission), each of which shall be deemed to be an original, but all of which shall constitute one and the
same agreement.

 

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	13.	WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY
JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS JOINDER
AGREEMENT OR ANY OTHER CREDIT DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

	14.	Credit Document. On and after the Effective Date, this Joinder Agreement shall constitute
a “Credit Document” for all purposes of the Credit Agreement and the other Credit Documents (it being understood that
for the avoidance of doubt this Joinder Agreement may be amended or waived solely by the parties hereto as set forth in Section
10 above).

 

	15.	Effect of Agreement. Except as expressly set forth herein, (i) this Joinder Agreement shall
not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders,
the Administrative Agent or any other Agent, in each case under the Credit Agreement or any other Credit Document, and (ii) shall
not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the
Credit Agreement or any other provision of either such agreement or any other Credit Document. Each and every term, condition,
obligation, covenant and agreement contained in the Credit Agreement or any other Credit Document is hereby ratified and re-affirmed
in all respects and shall continue in full force and effect. Each Credit Party (i) acknowledges and agrees that nothing in this
Amendment shall constitute a novation or termination of its Obligations and (ii) reaffirms its obligations under the Credit Documents
to which it is party and the validity of the guarantees and Liens granted by it pursuant to the Guarantee and the Security Documents.
Each Credit Party hereby confirms that each Credit Document to which it is a party or is otherwise bound and all Collateral encumbered
thereby will continue to guarantee or secure, as the case may be, to the fullest extent possible in accordance with the Credit
Documents, the payment and performance of the Obligations, as the case may be, including without limitation the payment and performance
of all such applicable Obligations that are joint and several obligations of each Credit Party now or hereafter existing. From
and after the Effective Date, (i) all references to the Credit Agreement in any Credit Document and all references in the Credit
Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the
Credit Agreement, shall, unless expressly provided otherwise, refer to the Credit Agreement as modified by this Joinder Agreement
and (ii) all references to the “Initial Term Loans” in the Credit Agreement and any other Credit Document shall, unless
the context otherwise requires, be deemed to include the Third Incremental Term Loans. Each of the Credit Parties hereby consents
to this Joinder Agreement and confirms that all obligations of such Credit Party under the Credit Documents to which such Credit
Party is a party shall continue to apply to the Credit Agreement as modified hereby.

 

	16.	Use of Proceeds. The proceeds of the Incremental Term Loan Facility will be used by the
Borrower, on or after the Effective Date, together with cash on hand of the Borrower, to fund the Share Repurchase, to pay the
fees and expenses incurred in connection with the transactions contemplated hereby and for general corporate purposes.

 

	17.	Lead Arranger. The Borrower hereby appoints PNC Capital Markets LLC (the “Lead
Arranger”) as the sole lead arranger and sole bookrunner for the Third Incremental Term Loan Facility. The Borrower agrees
that the Lead Arranger shall have no obligations, duties or responsibilities under this Joinder Agreement or any other Credit Document
but shall be entitled to the privileges, indemnification, immunities and other benefits afforded to the Joint Lead Arrangers and
Bookrunners pursuant to Section 12 of the Credit Agreement.

 

[Signature pages follow]

 

    6

     

    

 

IN WITNESS WHEREOF, each of the undersigned
has caused its duly authorized officer to execute and deliver this Joinder Agreement as of the date first set forth above.

 

 

	 	PRA HEALTH SCIENCES, INC.
	 	 
	 	By:	 
	 	 	 
	 	 	/s/ Michael J. Bonello
	 	 	Name: Michael J. Bonello
	 	 	Title:   EVP, Treasurer, Secretary and CFO

 

	 	PHARMACEUTICAL RESEARCH ASSOCIATES, INC. 
	 	 
	 	By:	 
	 	 	 
	 	 	/s/ Michael J. Bonello
	 	 	Name: Michael J. Bonello
	 	 	Title:   EVP, Treasurer, Secretary and CFO

 

	 	PRA HOLDINGS, INC.
	 	 
	 	By:	 
	 	 	 
	 	 	/s/ Michael J. Bonello
	 	 	Name: Michael J. Bonello
	 	 	Title:   EVP, Treasurer, Secretary and CFO

 

	 	PRA INTERNATIONAL, LLC
	 	 
	 	By:	 
	 	 	 
	 	 	/s/ Michael J. Bonello
	 	 	Name: Michael J. Bonello
	 	 	Title:    EVP, Treasurer, Secretary and CFO

 

     
[Signature Page to Third Joinder Agreement]

 

     

    

 

	 	NEXTRIALS, INC.
	 	 
	 	By:	 
	 	 	 
	 	 	/s/ Michael J. Bonello
	 	 	Name: Michael J. Bonello
	 	 	Title:   EVP, Treasurer, Secretary and CFO

 

	 	PRA EARLY DEVELOPMENT RESEARCH, INC.
	 	 
	 	By:	 
	 	 	 
	 	 	/s/ Michael J. Bonello
	 	 	Name: Michael J. Bonello
	 	 	Title:   EVP, Treasurer, Secretary and CFO

 

	 	CRI NEWCO, INC.
	 	 
	 	By:	 
	 	 	 
	 	 	/s/ Michael J. Bonello
	 	 	Name: Michael J. Bonello
	 	 	Title:   EVP, Treasurer, Secretary and CFO

 

		CRI WORLDWIDE, LLC
	 	 
	 	By:	 
	 	 	 
	 	 	/s/ Michael J. Bonello
	 	 	Name: Michael J. Bonello
	 	 	Title:   EVP, Treasurer, Secretary and CFO

 

		LIFETREE CLINICAL RESEARCH, LC
	 	 
	 	By:	 
	 	 	 
	 	 	/s/ Michael J. Bonello
	 	 	Name: Michael J. Bonello
	 	 	Title:   EVP, Treasurer, Secretary and CFO

 

     
[Signature Page to Third Joinder Agreement]

 

     

    

 

		CRI INTERNATIONAL, LLC
	 	 
	 	By:	 
	 	 	 
	 	 	/s/ Michael J. Bonello
	 	 	Name: Michael J. Bonello
	 	 	Title:   EVP, Treasurer, Secretary and CFO

 

	 	CLINSTAR LLC
	 	 
	 	By: Pharmaceutical Research Associates, Inc., its managing member    
	 	 
	 	By:	 
	 	 
	 	 	/s/ Michael J. Bonello
	 	 	Name: Michael J. Bonello
	 	 	Title:   EVP, Treasurer, Secretary and CFO

 

     
[Signature Page to Third Joinder Agreement]

 

     

    

 

	 	PHARMACEUTICAL RESEARCH ASSOCIATES CIS, LLC
	 	 
	 	By: Pharmaceutical Research Associates Eastern Europe, LLC, its managing member 
	 	 
	 	By: ClinStar, LLC, its managing member 
	 	 
	 	By: Pharmaceutical Research Associates, Inc., its managing member 
	 	 
	 	 	/s/ Michael J. Bonello
	 	 	Name: Michael J. Bonello
	 	 	Title:   EVP, Treasurer, Secretary and CFO

 

	 	RPS GLOBAL HOLDINGS, LLC
	 	 
	 	By: PRA Holdings, Inc., its managing member    
	 	 
	 	 	/s/ Michael J. Bonello
	 	 	Name: Michael J. Bonello
	 	 	Title:   EVP, Treasurer, Secretary and CFO

 

	 	RPS PARENT HOLDING LLC
	 	 
	 	By: RPS Global Holdings, LLC, its managing member 
	 	 
	 	By: PRA Holdings, Inc., its managing member
	 	 
	 	 	/s/ Michael J. Bonello
	 	 	Name: Michael J. Bonello
	 	 	Title:   EVP, Treasurer, Secretary and CFO

 

     
[Signature Page to Third Joinder Agreement]

 

     

    

 

	 	ROY RPS HOLDINGS LLC
	 	 
	 	By: RPS Parent Holding LLC, its managing member 
	 	 
	 	By: RPS Global Holdings, LLC, its managing member 
	 	 
	 	By: PRA Holdings,
Inc., is managing member
	 	 
	 	 	/s/ Michael J. Bonello
	 	 	Name: Michael J. Bonello
	 	 	Title:   EVP, Treasurer, Secretary and CFO

 

	 	RESEARCH PHARMACEUTICAL SERVICES, INC.
	 	 
	 	By:
	 	 
	 	 	/s/ Michael J. Bonello
	 	 	Title:  EVP, Treasurer, Secretary and CFO
	 	 	Name:  Michael J. Bonello

 

     
[Signature Page to Third Joinder Agreement]

 

     

    

 

	 	SYMPHONY HEALTH SOLUTIONS CORPORATION
	 	 
	 	By:
	 	 
	 	 	/s/ Michael J. Bonello
	 	 	Name: Michael J. Bonello
	 	 	Title:   EVP, Treasurer, Secretary and CFO

 

		SOURCE HEALTHCARE ANALYTICS, LLC
	 	 
	 	By:
	 	 
	 	 	/s/ Michael J. Bonello
	 	 	Name: Michael J. Bonello
	 	 	Title:   EVP, Treasurer, Secretary and CFO

 

		PARALLEL 6, INC.
	 	 
	 	By:
	 	 
	 	 	/s/ Michael J. Bonello
	 	 	Name: Michael J. Bonello
	 	 	Title:   EVP, Treasurer, Secretary and CFO

 

     
[Signature Page to Third Joinder Agreement]

 

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION, as the Third Incremental
    Term Loan Lender
	 	 
	 	By:  	/s/ Richard C. Brown
	 	 	Name: Richard C. Brown
	 	 	Title: Senior Vice President

 

     
[Signature Page to Third Joinder Agreement]

 

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative
    Agent
	 	 
	 	By:  	/s/ Jordan Harris
	 	 	Name: Jordan Harris
	 	 	Title: Director

 

     
[Signature Page to Third Joinder Agreement]Exhibit 10.1

    

    
      

      

      August 30, 2019

      

      

      USA Technologies, Inc.

      100 Deerfield Lane

      Suite 300

      Malvern, PA  19355

      Attention: Glen Goold

      

      

      
        	 	
                Re:

              	
                CONSENT TO EXTENSION

              

      

      

      

      Dear Sir or Madam:

      

      

      We refer to that certain Credit Agreement, dated as of November 9, 2017 (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”), among USA
        Technologies, Inc., a Pennsylvania corporation (the “Borrower”), the other Loan Parties party thereto (together with the Borrower, the “Loan Parties”), the lenders party thereto from time to time (the “Lenders”), and JPMorgan
        Chase Bank, N.A., as administrative agent (the “Administrative Agent”) for the Lenders.  Capitalized terms used herein and not otherwise defined shall have the meanings given to such terms in the Credit Agreement.

      

      

      The Loan Parties have requested that the Administrative Agent consent to an extension of the delivery of unaudited consolidated balance sheet and related statements of operations, stockholders’
        equity and cash flows for the period ending July 30, 2019, and the related certification of a Financial Officer, required to be delivered pursuant to that certain Consent to Extension letter dated June 27, 2019 to September 30, 2019 (the “Specified Extension”).

      

      

      At your request and subject to the terms and conditions of this letter agreement, the Administrative Agent and the Lenders consent to the Specified Extension.

      

      

      Each of the Loan Parties hereby (a) agrees that, after giving effect to the terms hereof, no Default or Event of Default exists as of the date hereof, (b) reaffirms all of its obligations and
        covenants under the Credit Agreement and the other Loan Documents to which it is a party, (c) restates and renews each and every representation and warranty heretofore made by it in the Credit Agreement and the other Loan Documents as fully as if
        made on the date hereof (except with respect to representations and warranties made as of an expressed date, in which case such representations and warranties shall be true and correct as of such date); provided, however, that (i) Section 3.04(a)
        of the Credit Agreement shall be subject to the restatement of the fiscal year 2017 financial statements of the Company disclosed in the Company’s Form 8-K dated February 6, 2019,  and (ii) Section 3.06(a)(i) of the Credit Agreement shall be
        subject to the purported class actions filed against the Company disclosed in the Company’s Form 12b-25 dated February 11, 2019, the purported class action filed against the Company in the Chester County, Pennsylvania, Court of Common Pleas (Docket
        No. 2019-04821-MJ) on May 17, 2019, and the purported class action filed against the Company in the United States District Court of the District of New Jersey (Case 2:19-cv-16597) on August 12, 2019 which has been consolidated with the purported
        class actions referred to in the Company’s Form 12b-25 dated February 11, 2019, and (d) agrees that none of its respective obligations and covenants shall be reduced or limited by the execution and delivery of this letter agreement.

       

      

      
        
          

      

      Each Loan Party and their respective Affiliates, successors, assigns, and legal representatives (collectively, the “Releasors”), acknowledge and agree that through the date hereof, each
        Secured Party has acted in good faith and has conducted itself in a commercially reasonable manner in its relationships with the Releasors in connection with this agreement and in connection with the Secured Obligations, the Credit Agreement, and
        the other Loan Documents, and the obligations and liabilities of the Releasors existing thereunder or arising in connection therewith, and the Releasors hereby waive and release any claims to the contrary.  The Releasors hereby release, acquit, and
        forever discharge each Secured Party and its Affiliates (including, without limitation, its parent and its subsidiaries) and their respective officers, directors, employees, agents, attorneys, advisors, successors and assigns, both present and
        former (collectively, the “Secured Party Affiliates”) from any and all manner of losses, costs, defenses, damages, liabilities, deficiencies, actions, causes of action, suits, debts, controversies, damages, judgments, executions, claims,
        demands, and expenses whatsoever, asserted or unasserted, known or unknown, foreseen or unforeseen, in contract, tort, law or equity (generically, “Claims”), that any Releasor has or may have against any Secured Party and/or any Secured
        Party Affiliate by reason of any action, failure to act, event, statement, accusation, assertion, matter, or thing whatsoever arising from or based on facts occurring prior to the effectiveness of this Agreement that arises out of or is connected
        to the Loan Documents or the Secured Obligations.  Each of the Releasors hereby unconditionally and irrevocably agrees that it will not sue any Secured Party or any Secured Party Affiliate on the basis of any Claim released, remised, and discharged
        by such Releasor pursuant to this paragraph.  If any Releasor or any of their respective successors, assigns, or other legal representatives violates the foregoing covenant, each Releasor, for itself and its successors, assigns, and legal
        representatives, agrees to pay, in addition to such other damages as any Secured Party or any Secured Party Affiliate may sustain as a result of such violation, all reasonable and documented attorneys’ fees and costs incurred by any Secured Party
        or any Secured Party Affiliate as a result of such violation.

       

      This letter agreement shall not become effective until each of the Loan Parties and the Administrative Agent have executed and delivered this letter agreement to the Administrative Agent.  Except
        for the consents set forth above, the text of the Credit Agreement and all other Loan Documents shall remain unchanged and in full force and effect.  This letter agreement shall not constitute an amendment to any other provision of the Credit
        Agreement or any other Loan Document. The Specified Extension is a one-time consent and shall not be construed as an agreement to consent to any future event. No consent by the Administrative Agent or the Lenders under the Credit Agreement or any
        other Loan Document is granted or intended except as expressly set forth herein.  Except as set forth herein, the consents agreed to herein shall not constitute a modification of the Credit Agreement or any of the other Loan Documents, or a course
        of dealing with the Administrative Agent and the Lenders at variance with the Credit Agreement or any of the other Loan Documents, such as to require further notice by the Administrative Agent or the Lenders to require strict compliance with the
        terms of the Credit Agreement and the other Loan Documents in the future.  This letter agreement shall be a “Loan Document” for all purposes under the Credit Agreement. This letter agreement shall be governed by, and construed in accordance with,
        the laws of the State of New York.  This letter agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such separate counterparts shall together constitute but one and the same instrument. 
        Delivery by one or more parties hereto of an executed counterpart of this letter agreement via facsimile, telecopy, or other electronic method of transmission pursuant to which the signature of such party can be seen (including, without limitation,
        Adobe Corporation’s Portable Document Format) shall have the same force and effect as the delivery of an original executed counterpart of this letter agreement.  Any party delivering an executed counterpart of this letter agreement by facsimile or
        other electronic method of transmission shall also deliver an original executed counterpart to the Administrative Agent, but the failure to do so shall not affect the validity, enforceability, or binding effect of this letter agreement.

       

      [remainder of page intentionally left blank; signature pages follow]

       

      

      
        
          

      

      	
              BORROWER:

            	
              USA TECHNOLOGIES, INC.

            
	 	 	 

      	 	
              By:

            	
              /s/ Stephen P. Herbert

            	 

      	 	
              Name: Stephen P. Herbert

            
	 	
              Title: Chief Executive Officer

            

      

      

      
        
          

      

      	
              ADMINISTRATIVE AGENT AND SOLE LENDER:

            
	 	 
	 	
              JPMORGAN CHASE BANK, N.A.

            
	 	 	 
	 	
              By:

            	
              /s/ Geraldine A. King

            	 

      	 	
              Name: Geraldine A. King

            
	 	
              Title: Executive Director, Special Credits Risk

            

       

      

      
        
          

      

      CONSENT, REAFFIRMATION, AND AGREEMENT OF GUARANTORS

      

      

      Each of the undersigned (a) acknowledges receipt of the foregoing consent (the “Agreement”); (b) consents to the execution and delivery of the Agreement; and (c) reaffirms all of its
        obligations and covenants under the Credit Agreement (as defined in the Agreement) and all of its other obligations under the Loan Documents to which it is a party, and, agrees that none of its obligations and covenants shall be reduced or limited
        by the execution and delivery of the Agreement or any of the other instruments, agreements or other documents executed and delivered pursuant thereto.

       

      This Consent, Reaffirmation, and Agreement of Guarantors (this “Consent”) may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of
        which when so executed and delivered shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same instrument.  This Consent may be executed by each party on separate copies, which copies,
        when combined so as to include the signatures of all parties, shall constitute a single counterpart of the Consent.

       

      As of August 30, 2019

      

      

      	 	
              STITCH NETWORKS CORPORATION

            
	 	 	 
	 	
              By:

            	
              /s/ Stephen P. Herbert

            	 

      	 	
              Name: Stephen P. Herbert

            
	 	
              Title: Chief Executive Officer

            

      

      

      	 	
              USAT CAPITAL CORP, LLC

            
	 	 
	 	
              By:

            	
              /s/ Stephen P. Herbert

            	 

      	 	
              Name: Stephen P. Herbert

            
	 	
              Title: Chief Executive Officer

            

      

      

      	 	
              CANTALOUPE SYSTEMS, INC.

            
	 	 
	 	
              By:

            	
              /s/ Stephen P. Herbert

            	 

      	 	
              Name: Stephen P. Herbert

            
	 	
              Title: Chief Executive Officer

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