Document:

Exhibit 10.1

    

    

    $70,000,000

    

    

    PAR  TECHNOLOGY  CORPORATION

    

    

    4.500% Convertible Senior Notes due 2024

    

    

    

    

    PURCHASE AGREEMENT

    

    

    April 10, 2019

    

    

    JEFFERIES LLC

    520 Madison Avenue

    New York, New York 10022

    

    

    Ladies and Gentlemen:

    

    

    PAR Technology Corporation, a Delaware corporation (the “Company”), hereby agrees with you as follows:

    

    

    1.            Issuance of Securities.  Subject to the terms and conditions herein
        contained, the Company proposes to issue and sell to Jefferies LLC (the “Initial Purchaser”) $70,000,000 in aggregate principal amount of 4.500% Convertible
        Senior Notes due 2024 (the “Initial Securities”).  The Initial Securities will be issued pursuant to an indenture (the “Indenture”), to be dated as of April 15, 2019, by and among the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”).  In addition, the Company has granted to the Initial Purchaser an option to purchase up to an additional $10,000,000 aggregate principal amount of its 4.500% Convertible Senior Notes due 2024 on the terms and conditions and for the purposes set forth in Section 2 (the “Option
            Securities” and, together with the Initial Securities, the “Securities”).  The Securities will be convertible into cash and duly and validly issued, fully paid and non-assessable shares of the Company’s common stock, par value $0.02 per share
          (the “Common Stock”), or a combination thereof including any such
          shares issuable upon conversion in connection with a “make-whole fundamental change” (as defined in the Final Offering Memorandum) (such shares, the “Conversion

            Shares”), on the terms, and subject to the conditions, set forth in the Indenture. Capitalized terms used but not defined herein shall have the
        meanings set forth in the “Description of the Notes” section of the Final Offering Memorandum (as hereinafter defined).

    

    

    The Securities will be offered and sold to the Initial Purchaser pursuant to an exemption from the registration requirements
        of the Securities Act of 1933, as amended, and the rules and regulations of the Securities and Exchange Commission (the “SEC”) thereunder (collectively, the
        “Securities Act”). Upon original issuance thereof, and until such time as the same is no longer required under the applicable requirements of the Securities
        Act, the Securities shall bear the legends set forth in the final offering memorandum, dated the date hereof  (the “Final Offering Memorandum”).  The Company
        has prepared a preliminary offering memorandum, dated April 9, 2019 (the “Preliminary Offering Memorandum”), (ii) a pricing term sheet, dated the date
        hereof, attached hereto as Schedule I, which includes pricing terms and other information with respect to the Securities and the Conversion Shares (the “Pricing Supplement”), and (iii) the Final Offering Memorandum, in each case, relating to the offer and sale of the Securities (the “Offering”).  All references in this Agreement to the Preliminary Offering Memorandum, the Time of Sale Document (as defined herein) or the Final Offering Memorandum include, unless
        expressly stated otherwise, (i) all amendments or supplements thereto, (ii) all documents, financial statements and schedules and other information contained, incorporated by reference or deemed incorporated by reference therein (and references in
        this Agreement to such information being “contained,” “included” or “stated” (and other references of like import) in the Preliminary Offering Memorandum, the Time of Sale Document or the Final Offering Memorandum shall be deemed to mean all such
        information contained, incorporated by reference or deemed incorporated by reference therein) and (iii) any offering memorandum “wrapper” to be used in connection with offers to sell, solicitations of offers to buy or sales of the Securities in
        non-U.S. jurisdictions.  The Preliminary Offering Memorandum and the Pricing Supplement are collectively referred to herein as the “Time of Sale Document.”

    

    

    
      
        

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    2.            Terms of Offering.  The Initial Purchaser has advised the Company,
        and the Company understands, that the Initial Purchaser will make offers to sell (the “Exempt Resales”) some or all of the Securities purchased by the
        Initial Purchaser hereunder on the terms set forth in the Time of Sale Document to persons (the “Subsequent Purchasers”) whom the Initial Purchaser
        reasonably believes are “qualified institutional buyers” (“QIBs”) (as defined in Rule 144A under the Securities Act).  As used herein, “Time of Sale” means
        5:05 p.m. (New York City time) on the date of this Agreement.

    

    

    This Agreement, the Indenture and the Securities are collectively referred to herein as the “Documents”, and the transactions contemplated hereby and thereby are collectively referred to herein as the “Transactions.”

    

    

    3.            Purchase, Sale and Delivery.

    

    

    (a)            On the basis of the representations, warranties, agreements and covenants herein contained and subject to the terms and conditions herein set forth, the Company agrees to issue
        and sell to the Initial Purchaser, and the Initial Purchaser agrees to purchase from the Company, the aggregate principal amount of Initial Securities at a purchase price of 95% of the aggregate principal amount thereof.

    

    

    (b)            The Company hereby grants to the Initial Purchaser an option to purchase up to $10,000,000 in aggregate principal amount of Option Securities at the same purchase price as set
        forth above in Section 3(a) for the Initial Securities.  The option will expire 30 days after the date of the Final Offering Memorandum and may be exercised in whole or in part from time to time by written notice being given to the Company by the
        Initial Purchaser; provided that such option may be exercised only once and provided further that such option cannot be exercised unless the Option Securities will be fungible with the Initial Securities for purposes of U.S. federal income tax
        laws.  Such notice shall set forth the aggregate principal amount of Option Securities as to which the option is being exercised, the names in which the principal amount of Option Securities are to be registered, the denominations in which the
        Option Securities are to be issued and the date and time, as determined by the Initial Purchaser, when the Option Securities are to be delivered; provided, however, that this date and time shall not be earlier than the Initial Closing Date, and if
        later than the Initial Closing Date, shall not be earlier than the second business day after the date on which the option shall have been exercised nor later than the fifth business day after the date on which the option shall have been exercised.

    

    

    (c)            Delivery to the Initial Purchaser of and payment for the Initial Securities shall be made at a closing (the “Initial Closing”) to be held at 10:00 a.m., New York City time, on April 15, 2019 (the “Initial Closing Date”) and delivery to the
        Initial Purchaser of and payment for the Option Securities shall be made at a closing (the “Option Closing” and, together with the Initial Closing, a “Closing”) to be held at a date and time specified by the Initial Purchaser in the written notice of the Initial Purchaser’s election to purchase the Option
        Securities (the “Option Closing Date” and, together with the Initial Closing Date, a “Closing Date”), in each case, at the New York City offices of White & Case LLP (or such other place as shall be reasonably acceptable to the Initial Purchaser).

    

    

    (d)            The Company shall deliver to the Initial Purchaser one or more certificates representing the Initial Securities and the Option Securities, as the case may be, in definitive
        form, registered in such names and denominations as the Initial Purchaser may request, against payment by the Initial Purchaser of the purchase price therefor by immediately available federal funds bank wire transfer to such bank account or
        accounts as the Company shall designate to the Initial Purchaser at least two business days prior to the Closing.  The certificates representing the Initial Securities and the Option Securities, as the case may be, in definitive form shall be made
        available to the Initial Purchaser for inspection at the New York City offices of White & Case LLP (or such other place as shall be reasonably acceptable to the Initial Purchaser) not later than 10:00 a.m. New York City time one business day
        immediately preceding the applicable Closing Date.  Securities to be represented by one or more definitive global securities in book-entry form will be deposited on the Closing Date, by or on behalf of the Company, with The Depository Trust Company
        (“DTC”) or its designated custodian, and registered in the name of Cede & Co.

    

    

    (e)            The Company shall deliver to the Initial Purchaser, on the date of this Agreement, a properly completed and executed Certification Regarding Beneficial Owners of Legal Entity
        Customers, together with copies of additional documentation necessary to comply with 31 CFR § 1010.230, and the Company undertakes to provide such additional supporting documentation as the Initial Purchaser may reasonably request in connection
        with the verification of the foregoing certification.

    

    

    
      
        

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    4.            Representations and Warranties of the Company.  The Company hereby
        represents and warrants to, and agrees with, the Initial Purchaser that, as of the date hereof and as of the applicable Closing Date:

    

    

    (a)            Limitation on Offering Materials.  The Company has not prepared, made,
        used, authorized, approved or distributed and will not, and will not cause or allow its agents or representatives to, prepare, make, use, authorize, approve or distribute any written communication that constitutes an offer to sell or a solicitation
        of an offer to buy the Securities, or otherwise is prepared to market the Securities, other than (i) the Time of Sale Document, (ii) the Final Offering Memorandum and (iii) any marketing materials (including any roadshow or investor presentation
        materials) or other written communications, in each case used in accordance with Section 5(c) hereof (each such communication by the Company or its agents or representatives described in this clause (iii), a “Company Additional Written Communication”).

    

    

    (b)            No Material Misstatement or Omission.  (i) The Time of Sale Document, as
        of the Time of Sale, did not include any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, (ii) the Final
        Offering Memorandum, as of the date thereof, did not, and, at the Closing Date, will not include any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances
        under which they were made, not misleading and (iii) each such Company Additional Written Communication does not conflict with the information contained in the Time of Sale Document or the Final Offering Memorandum, and when taken together with the
        Time of Sale Document, did not, and, at the Closing Date, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were
        made, not misleading, except in each case that the representations and warranties set forth in this paragraph do not apply to statements or omissions made in reliance upon and in conformity with information relating to the Initial Purchaser and
        furnished to the Company in writing by the Initial Purchaser expressly for use in the Time of Sale Document or the Final Offering Memorandum as set forth in Section 12.  No

          injunction or order has been issued that either (i) asserts that any of the Transactions is subject to the registration requirements of the Securities Act or (ii) would prevent or suspend the issuance or sale of any of the Securities or the use of the Time of Sale Document or the Final Offering Memorandum in any jurisdiction, and no proceeding for either such purpose has commenced or is pending or, to the
          knowledge of the Company, is contemplated.

    

    

    (c)            Documents Incorporated by Reference.  The documents incorporated or
        deemed to be incorporated by reference in the Time of Sale Document or the Final Offering Memorandum, at the time they were filed with the SEC, complied and will comply, in all material respects with the requirements of the Securities Exchange Act
        of 1934, as amended, and the rules and regulations of the SEC thereunder (collectively, the “Exchange Act”) and did not or will not contain an untrue
        statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.

    

    

    (d)            Reporting Compliance.  The Company is subject to, and is in compliance
        in all material respects with, the reporting requirements of Section 13 and Section 15(d), as applicable, of the Exchange Act.

    

    

    (e)            Preparation of the Financial Statements.  The audited consolidated
        financial statements and related notes of the Company and the Subsidiaries contained or incorporated by reference in the Time of Sale Document and the Final Offering Memorandum (the “Financial Statements”) present fairly in all material respects the financial position, results of operations and cash flows of the Company and its consolidated Subsidiaries, as of the respective dates and for the
        respective periods to which they apply and have been prepared in accordance with GAAP applied on a consistent basis throughout the periods involved (except as such inconsistency may be expressly stated in the related notes thereto) and the
        requirements of Regulation S-X.  All financial, statistical and market and industry data and forward-looking statements (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in or incorporated by
        reference into the Time of Sale Document and the Final Offering Memorandum are fairly and accurately presented in all material respects, are based on or derived from sources that the Company believes to be reliable and accurate and are presented on
        a reasonable basis.  No other financial statements and no supporting financial statement schedules are required to be included in the Time of Sale Document or the Final Offering Memorandum.

    

    

    
      
        

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    (f)            Disclosure Controls and Procedures. The Company maintains an effective
        system of “disclosure controls and procedures” (as defined in Rule 13a-15(e) of the Exchange Act) that is designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is
        recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, including controls and procedures designed to ensure that such information is accumulated and communicated to the Company’s management as
        appropriate to allow timely decisions regarding required disclosure.  The Company has carried out evaluations of the effectiveness of its disclosure controls and procedures as required by Rule 13a-15 of the Exchange Act.  The statements relating to
        disclosure controls and procedures made by the principal executive officers (or their equivalents) and principal financial officers (or their equivalents) of the Company in the certifications required by the Sarbanes-Oxley Act of 2002 and the rules
        and regulations promulgated in connection therewith are complete and correct.

    

    

    (g)            Independent Accountants.  BDO USA, LLP, who have certified and expressed
        their opinion with respect to the financial statements including the related notes thereto contained in the Time of Sale Document and the Final Offering Memorandum, are (i) an independent registered public accounting firm with respect to the
        Company and the Subsidiaries within the applicable rules and regulations adopted by the SEC and as required by the Securities Act, (ii) to the knowledge of the Company, in compliance with the applicable requirements relating to the qualification of
        accountants Regulation S-X and (iii) a registered public accounting firm as defined by the Public Company Accounting Oversight Board (United States) whose registration has not been suspended or revoked and who has not requested such registration to
        be withdrawn.

    

    

    (h)            No Material Adverse Change.  Subsequent to the respective dates as of
        which information is contained in the Time of Sale Document and the Final Offering Memorandum, except as disclosed in the Time of Sale Document and the Final Offering Memorandum, (i) neither the Company nor any of the Subsidiaries has incurred any
        liabilities, direct or contingent, including without limitation any losses or interference with its business from fire, explosion, flood, earthquakes, accident or other calamity, whether or not covered by insurance, or from any strike, labor
        dispute or court or governmental action, order or decree, that are material, individually or in the aggregate, to the Company and the Subsidiaries, taken as a whole, or has entered into any transactions that are material, individually or in the
        aggregate, to the Company and the Subsidiaries, taken as a whole, not in the ordinary course of business, (ii) there has not been any material decrease in the capital stock or any material increase in any short-term or long-term indebtedness of the
        Company or the Subsidiaries, or any payment of or declaration to pay any dividends or any other distribution with respect to the Company, and (iii) there has not been any material adverse change, or any development that could reasonably be expected
        to result in a material adverse change, in the properties, business, prospects, operations, earnings, assets, liabilities or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole (each of clauses (i), (ii) and
        (iii), a “Material Adverse Change”).

    

    

    (i)            Rating Agencies.  No “nationally recognized statistical rating
        organization” (as that term is used in Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act) (i) has imposed (or has informed the Company that it is considering imposing) any condition (financial or otherwise) to retain any rating assigned to the
        Company or to any securities of  the Company or (ii) has indicated to the Company that it is considering (A) the downgrading, suspension, or withdrawal of, or any review (or of any potential or intended review) for a possible change in, any rating
        so assigned (including, without limitation, the placing of any of the foregoing ratings on credit watch with negative or developing implications or under review with an uncertain direction) or (B) any change in the outlook for any rating of the
        Company or any securities of the Company.

    

    

    (j)            Subsidiaries.  Each corporation, partnership or other entity in which the
        Company, directly or indirectly through any of the Subsidiaries, owns more than fifty percent (50%) of any class of equity securities or interests is listed on Schedule

            II attached hereto (the “Subsidiaries”).

    

    

    (k)            Incorporation and Good Standing of the Company and the Subsidiaries.  The
        Company and each of the Subsidiaries (i) has been duly organized or formed, as the case may be, is validly existing and is in good standing under the laws of its jurisdiction of organization, (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 Time of Sale Document and in the Final Offering Memorandum and (iii) is duly qualified or licensed to do business and is in good standing as a foreign
        corporation, partnership or other entity as the case may be, 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, in each case,
        where the failure to be so qualified would not, individually or in the aggregate, have a material adverse effect on (A) the properties, business, prospects, operations, earnings, assets, liabilities or condition (financial or otherwise) of the
        Company and the Subsidiaries, taken as a whole, (B) the ability of the Company to perform its obligations in all material respects under any Document, (C) the validity or enforceability of any of the Documents, or (D) the consummation of any of the
        Transactions (each, a “Material Adverse Effect”).

    

    

    
      
        

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    (l)            Capitalization and Other Capital Stock Matters.  All of the issued and
        outstanding shares of capital stock or other equity interests of the Company and each of the Subsidiaries have been duly authorized and validly issued, are fully paid and nonassessable and were not issued in violation of, and are not subject to,
        any preemptive or similar rights.  The Securities, the
          Conversion Shares and all other outstanding shares of capital stock or other equity interests of the Company conform in all material respects to the descriptions thereof set forth in the Time of Sale Document and the Final Offering Memorandum.  The Conversion
          Shares have been duly authorized and reserved for issuance upon such conversion by all necessary corporate action and such shares, when issued upon such conversion in accordance with the terms of the Securities, will be validly issued, fully paid and non-assessable; no holder
          of the Conversion Shares will be subject to personal liability by reason of being such a holder; and the issuance of the Conversion Shares upon such conversion will not be subject to the preemptive or other similar rights of any securityholder of
          the Company.  None of the outstanding shares of Common Stock was issued in violation of any preemptive rights or other similar rights granted by the Company to any securityholder of the Company.  All of the outstanding shares of capital
        stock or other equity interests of each of the Subsidiaries are owned, directly or indirectly, by the Company, free and clear of all liens, security interests, mortgages, pledges, charges, equities, claims or restrictions on transferability or
        encumbrances of any kind (collectively, “Liens), other than any existing Liens in favor of Citizens Bank N.A. (“Citizens”) to secure obligations under that certain Credit Agreement, dated as of June 5, 2018, among the Company, as Borrower, the Loan Parties from time to time party thereto and Citizens, as
        amended on March 4, 2019 (the “2018 Credit Facility”) and any Permitted Liens (as defined in the 2018 Credit Facility) in existence on the date hereof
        (collectively, the “Existing Permitted Liens”), and those imposed by the Securities Act and the securities or “Blue Sky” laws of certain U.S. state or
        non-U.S. jurisdictions. Except as disclosed in the Time of Sale Document and the Final Offering Memorandum, there are no outstanding (A) options, warrants, preemptive rights, rights of first refusal or other rights to purchase from the Company or
        any of the Subsidiaries, (B) agreements, contracts, arrangements or other obligations of the Company or any of the Subsidiaries to issue or (C) other rights to convert any obligation into or exchange any securities for, in the case of each of
        clauses (A) through (C), shares of capital stock of or other ownership or equity interests in the Company or any of the Subsidiaries.

    

    

    (m)            Legal Power and Authority.  The Company has all necessary power and
        authority to execute, deliver and perform its obligations under the Documents and to consummate the Transactions.

    

    

    (n)            This Agreement and the Indenture.  This Agreement has been duly and
        validly authorized, executed and delivered by the Company.  The Indenture has been duly and validly authorized by the Company and, at the Initial Closing Date, will have been duly executed and delivered by the Company and will constitute a legal,
        valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except that the enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization, receivership, moratorium, fraudulent
        conveyance, fraudulent transfer or other similar laws now or hereafter in effect relating to creditors’ rights generally and (ii) general principles of equity (whether applied by a court of law or equity) and the discretion of the court before
        which any proceeding therefor may be brought.  When executed and delivered, this Agreement and the Indenture will conform in all material respects to the descriptions thereof in the Time of Sale Document and the Final Offering Memorandum set out
        under the caption “Description of Notes.”

    

    

    (o)            The Securities.  The Securities have been duly and validly authorized by
        the Company and, when issued and delivered to and paid for by the Initial Purchaser in accordance with the terms of this Agreement and the Indenture, will have been duly executed, authenticated, issued and delivered and will constitute legal, valid
        and binding obligations of the Company, entitled to the benefit of the Indenture, and enforceable against the Company in accordance with its terms, except that the enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization,
        receivership, moratorium, fraudulent conveyance, fraudulent transfer or other similar laws now or hereafter in effect relating to creditors’ rights generally and (ii) general principles of equity (whether applied by a court of law or equity) and
        the discretion of the court before which any proceeding therefor may be brought.  When executed and delivered, the Securities will conform in all material respects to the descriptions thereof in the Time of Sale Document and the Final Offering
        Memorandum set out under the caption “Description of Notes”  and will be in the form contemplated by the Indenture.

    

    

    
      
        

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    (p)            Compliance with Existing Instruments.  Neither the Company nor any of the
        Subsidiaries is (i) in violation of its certificate of incorporation, by-laws or other organizational documents (the “Charter Documents”); (ii) in violation
        of any U.S. or non-U.S. federal, state or local statute, law or ordinance, or any judgment, decree, rule, regulation, order or injunction (collectively, “Applicable Law”)

        of any U.S. or non-U.S. federal, state, local or other governmental or regulatory authority, governmental or regulatory agency or body, court, arbitrator or self-regulatory organization (each, a “Governmental Authority”), applicable to any of them or any of their respective properties; or (iii) in breach of or default under any bond, debenture, note, loan or other evidence of indebtedness,
        indenture, mortgage, deed of trust, lease or any other agreement or instrument to which any of them is a party or by which any of them or their respective property is bound (collectively, the “Applicable Agreements”), except, in the case of clauses (ii) and (iii) for such violations, breaches or defaults that would not, individually or in the aggregate, reasonably be expected to have a Material
        Adverse Effect, and other, in the case of clause (ii), than as disclosed in the Time of Sale Document and the Final Offering Memorandum.  All Applicable Agreements that are material to the Company and the Subsidiaries taken as a whole, are in full
        force and effect and are legal, valid and binding obligations, other than as disclosed in the Time of Sale Document and the Final Offering Memorandum.  There exists no condition that, with the passage of time or otherwise, would constitute (a) a
        violation of such Charter Documents or Applicable Laws or (b) a breach of or default or a “Debt Repayment Triggering Event” (as defined below) under any Applicable Agreement, except that a portion of the proceeds from the Offering will be required
        to repay indebtedness outstanding under the 2018 Credit Facility. As used herein, a “Debt Repayment Triggering Event” means any event or condition that
        gives, or with the giving of notice or lapse of time would give, the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all
        or a portion of such indebtedness by the Company or any of the Subsidiaries or any of their respective properties.

    

    

    (q)            No Conflicts.  Neither the execution, delivery or performance of the
        Documents nor the consummation of any of the Transactions (including the use of proceeds from the sale of the Securities as described in the Time of Sale Document and the Final Offering Memorandum under the caption “Use of Proceeds”) will conflict
        with, violate, constitute a breach of or a default (with the passage of time or otherwise) or a Debt Repayment Triggering Event under, or result in the imposition of a Lien on any assets of the Company or any of the Subsidiaries,  the imposition of
        any penalty or a Debt Repayment Triggering Event under or pursuant to (i) the Charter Documents, (ii) any Applicable Agreement, (iii) any Applicable Law or (iv) any order, writ, judgment, injunction, decree, determination or award binding upon or
        affecting the Company, except in the case of clauses (ii) and (iii) for such conflicts, violations, breaches, defaults or events that would not, individually or in the aggregate, reasonably be expected to have a Material
        Adverse Effect.

    

    

    (r)            No Consents.  Assuming (i) that the purchasers in any Exempt Resales are
        QIBs and (ii) the accuracy of the Initial Purchaser’s representations and warranties in Section 6 herein, no consent, approval, authorization, order, filing or registration of or with any Governmental Authority or third party is required for
        execution, delivery or performance of the Documents or the consummation of the Transactions, except such (i) that have been made and are in full force and effect and (ii) as may be required under the securities or “Blue Sky” laws of U.S. state or
        non-U.S. jurisdictions or other non-U.S. laws applicable to the purchase of the Securities outside the U.S. in connection with the Transactions.

    

    

    (s)            No Material Proceedings.  (i) No stop order suspending the qualification
        or exemption from qualification of any of the Securities in any jurisdiction shall have been issued and no proceeding for that purpose shall have been commenced or, to the Company’s knowledge, be pending or contemplated as of the applicable Closing
        Date and (ii) there is no action, claim, suit, demand, hearing, notice of violation or deficiency, or proceeding pending or, to the knowledge of the Company or any of the Subsidiaries, threatened or contemplated by Governmental Authorities or
        threatened by others (collectively, “Proceedings”) that, with respect to clauses (i) and (ii) of this paragraph (A) would restrain, enjoin, prevent or
        interfere with the consummation of the Offering or any of the Transactions or (B) would, individually or in the aggregate, have a Material Adverse Effect.

    

    

    
      
        

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    (t)            All Necessary Permits.  Each of the Company and the Subsidiaries possess
        all licenses, permits, certificates, consents, orders, approvals and other authorizations from, and has made all declarations and filings with, all Governmental Authorities, presently required or necessary to own or lease, as the case may be, and
        to operate its properties and to carry on its businesses as now or proposed to be conducted as described in the Time of Sale Document and the Final Offering Memorandum (“Permits”),

        except where the failure to possess such Permits would not, individually or in the aggregate, have a Material Adverse Effect; each of the Company and the Subsidiaries has fulfilled and performed all of its obligations with respect to such Permit
        except where the failure to perform such obligations would not, individually or in the aggregate, have a Material Adverse Effect; no event has occurred which allows, or after notice or lapse of time would allow, revocation or termination of any
        such Permit or has resulted, or after notice or lapse of time would result, in any other material impairment of the rights of the holder of any such Permit; and none of the Company or the Subsidiaries has received or has any reason to believe it
        will receive any notice of any proceeding relating to revocation or modification of any such Permit, except as described in the Time of Sale Document and the Final Offering Memorandum or except where such revocation or modification would not,
        individually or in the aggregate, have a Material Adverse Effect.

    

    

    (u)            Title to Properties.  Each of the Company and the Subsidiaries has good,
        marketable and valid title to all material real property owned by it and good title to all material personal property owned by it and good and valid title to all material leasehold estates in real and personal property being leased by it and, as of
        the applicable Closing Date, will be free and clear of all Liens other than (i) Existing Permitted Liens and (ii) those that do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries.
        All Applicable Agreements to which the Company or any of the Subsidiaries is a party or by which any of them is bound are valid and enforceable against each of the Company or such Subsidiary, as applicable, and are valid and enforceable against the
        other party or parties thereto and are in full force and effect with only such exceptions as would not, individually or in the aggregate, have a Material Adverse Effect.

    

    

    (v)            Tax Law Compliance.  All material Tax (as hereinafter defined) returns
        required to be filed by the Company and each of the Subsidiaries have been filed and all such returns are true, complete and correct in all material respects.  All material Taxes that are due from the Company and the Subsidiaries have been paid
        other than those (i) currently payable without penalty or interest or (ii) being contested in good faith and by appropriate proceedings and for which adequate accruals have been established in accordance with generally accepted accounting
        principles of the United States, applied on a consistent basis throughout the periods involved (“GAAP”). To the knowledge of the Company, there are no actual
        or proposed Tax assessments against the Company or any of the Subsidiaries that would, individually or in the aggregate, have a Material Adverse Effect. The accruals on the books and records of the Company and the Subsidiaries in respect of any
        material Tax liability for any period not finally determined are adequate to meet any assessments of Tax for any such period. For purposes of this Agreement, the term “Tax” and “Taxes” shall mean all U.S. and non-U.S. federal, state, and local
        taxes, and other assessments of a similar nature (whether imposed directly or through withholding), including any interest, additions to tax or penalties applicable thereto.

    

    

    (w)            Intellectual Property Rights.  Each of the Company and the Subsidiaries
        owns, or is licensed under, and has the right to use, all patents, patent rights, licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or
        procedures), trademarks, service marks, domain names and trade names (collectively, “Intellectual Property”) necessary for the conduct of its businesses and,
        as of the applicable Closing Date, the Intellectual Property will be free and clear of all Liens, other than (i) Existing Permitted Liens and (ii) those that do not materially interfere with the use made and proposed to be made of such property by
        the Company and the Subsidiaries.  The Company is not a party to, or bound by, any options, licenses or agreements with respect to the intellectual property rights of any other person or entity that are necessary to be described in the Time of Sale
        Document or the Final Offering Memorandum to avoid a material misstatement or omission and are not described therein.  No claims or notices of any potential claim have been asserted by any person challenging the use of any such Intellectual
        Property by the Company or any of the Subsidiaries or questioning the validity or effectiveness of any Intellectual Property or any license or agreement related thereto, other than any claims that, if successful, would not, individually or in the
        aggregate, have a Material Adverse Effect.  None of the intellectual property used by the Company or any of the Subsidiaries has been obtained or is hereby used by the Company or any of the Subsidiaries in violation of any contractual obligation
        binding on the Company or any of the Subsidiaries or, to the Company or any of the Subsidiaries’ knowledge, its officers, directors or employees or otherwise in violation of the rights of any person, except as would not, individually or in the
        aggregate, have a Material Adverse Effect.

    

    

    
      
        

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    (x)            Data Privacy. The Company has implemented, and requires that its third
        party vendors implement, commercially reasonable policies and commercially reasonable security (a) regarding the collection, use, disclosure, retention, processing, transfer, confidentiality, integrity, and availability of personal data, and
        business proprietary or sensitive information, in its possession, custody, or control, or held or processed on its behalf, and (b) regarding the integrity and availability of the information technology and software applications the Company owns,
        operates, or outsources; the Company has not experienced any information security incident that has compromised the integrity or availability of the information technology and software applications the Company owns, operates, or outsources, that
        would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and the Subsidiaries have complied in all material respects with their respective privacy policies and other legal obligations regarding
        the collection, use, transfer, storage, protection, disposal and disclosure by the Company and the Subsidiaries of personal and user information gathered or accessed in the course of their respective operations, and, to the knowledge of the
        Company, there has been no unauthorized access to or other misuse of such information that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

    

    

    (y)            ERISA Matters.  Each of the Company, the Subsidiaries and each ERISA
        Affiliate (as hereinafter defined) has fulfilled its obligations, if any, under the minimum funding standards of Section 302 of the United States Employee Retirement Income Security Act of 1974, as amended (“ERISA”) with respect to each “pension plan” (as defined in Section 3(2) of ERISA), subject to Section 302 of ERISA, which the Company, the Subsidiaries or any ERISA Affiliate sponsors
        or maintains, or with respect to which it has (or within the last three years had) any obligation to make contributions, and each such plan is in compliance in all material respects with the presently applicable provisions of ERISA and the Internal
        Revenue Code of 1986, as amended (the “Code”).  None of the Company, the Subsidiaries or any ERISA Affiliate has incurred any unpaid liability to the Pension
        Benefit Guaranty Corporation (other than for the payment of premiums in the ordinary course) or to any such plan under Title IV of ERISA.  “ERISA Affiliate”
        means a corporation, trade or business that is, along with the Company or any subsidiary, a member of a controlled group of corporations or a controlled group of trades or businesses, as described in Section 414 of the Code or Section 4001 of
        ERISA.

    

    

    (z)            Labor Matters.  Except as disclosed in the Time of Sale Document and the
        Final Offering Memorandum with respect to subclauses (i) and (ii), (i) the Company is not party to or bound by any collective bargaining agreement with any labor organization; (ii) there is no union representation question existing with respect to
        the employees of the Company, and, to the knowledge of the Company, no union organizing activities are taking place that, could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (iii) to the knowledge of
        the Company, no new union organizing or decertification efforts are underway or threatened against the Company; (iv) no labor strike, work stoppage, slowdown or other material labor dispute is pending against the Company, or, to the Company’s
        knowledge, threatened against the Company; (iv) there is no worker’s compensation liability, experience or matter that could be reasonably expected to have a Material Adverse Effect; (v) to the knowledge of the Company, there is no threatened or
        pending liability against the Company pursuant to the Worker Adjustment Retraining and Notification Act of 1988, as amended (“WARN”), or any similar state or
        local law; (vi) there is no employment-related charge, complaint, grievance, investigation, unfair labor practice claim or inquiry of any kind, pending against the Company that could, individually or in the aggregate, reasonably be expected to have
        a Material Adverse Effect; (vii) to the knowledge of the Company, no employee or agent of the Company has committed any act or omission giving rise to liability for any violation identified in subsection (v) and (vi) above, other than such acts or
        omissions that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (viii) no term or condition of employment exists through arbitration awards, settlement agreements or side agreement that is
        contrary to the express terms of any applicable collective bargaining agreement.

    

    

    (aa)            Compliance with Environmental Laws.  Each of the Company and the
        Subsidiaries is (i) in compliance with any and all applicable U.S. or non-U.S. federal, state and local laws and regulations relating to health and safety, or the pollution or the protection of the environment or hazardous or toxic substances of
        wastes, pollutants or contaminants (“Environmental Laws”), (ii) has received and is in compliance with all permits, licenses or other approvals required of
        them under applicable Environmental Laws to conduct its respective businesses and (iii) has not received notice of, and is not aware of, any actual or potential liability for damages to natural resources or the investigation or remediation of any
        disposal, release or existence of hazardous or toxic substances or wastes, pollutants or contaminants, in each case except where such non-compliance with Environmental Laws, failure to receive and comply with required permits, licenses or other
        approvals, or liability would not, individually or in the aggregate, have a Material Adverse Effect.  Neither the Company nor any of the Subsidiaries has been named as a “potentially responsible party” under the Comprehensive Environmental
        Response, Compensation, and Liability Act of 1980, as amended, or any similar U.S. or non-U.S. state or local Environmental Laws or regulation requiring the Company or any of the Subsidiaries to investigate or remediate any pollutants or
        contaminants, except where such requirements would not, individually or in the aggregate, have a Material Adverse Effect, whether or not arising from transactions in the ordinary course of business.

    

    

    
      
        

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    (bb)            Use of Proceeds; Solvency; Going Concern.  On the applicable Closing
        Date, after giving pro forma effect to the Offering and the use of proceeds therefrom described under the caption “Use of Proceeds” in the Time of Sale Document and Final Offering Memorandum, the Company (i) will be Solvent (as hereinafter
        defined), (ii) will have sufficient capital for carrying on its business and (iii) will be able to pay its debts as they mature.  As used in this paragraph, the term “Solvent”
        means, with respect to a particular date, that on such date (i) the present fair market value (or present fair saleable value) of the assets of the Company is not less than the total amount required to pay the liabilities of the Company on its
        total existing debts and liabilities (including contingent liabilities) as they become absolute and matured; (ii) the Company is able to pay its debts and other liabilities, contingent obligations and commitments as they mature and become due in
        the normal course of business; (iii) assuming consummation of the issuance of the Securities as contemplated by this Agreement and the Time of Sale Document and Final Offering Memorandum, the Company is not incurring debts or liabilities beyond its
        ability to pay as such debts and liabilities mature; (iv) the Company is not engaged in any business or transaction, and is not about to engage in any business or transaction, for which its property would constitute unreasonably small capital after
        giving due consideration to the prevailing practice in the industry in which the Company is engaged; and (v)  the Company is not otherwise insolvent under the standards set forth in Applicable Laws.

    

    

    (cc)            Insurance.  The Company and its  Subsidiaries are insured by insurers of
        recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged.  All material policies of insurance insuring the Company or any of the Subsidiaries or
        their respective businesses, assets, employees, officers and directors are in full force and effect.  The Company and the Subsidiaries are in compliance with the terms of such policies and instruments in all material respects, and there are no
        claims by the Company or any of the Subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause which denial would reasonably be expected to have a
        Material Adverse Effect.  Neither the Company nor any such Subsidiary has been refused any insurance coverage sought or applied for, and neither the Company nor any such Subsidiary has any reason to believe that it will not be able to renew its
        existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not, individually or in the aggregate, have a Material Adverse
        Effect.

    

    

    (dd)            Accounting System.  The Company and its Subsidiaries make and keep
        accurate books and records and maintain a system of internal accounting controls and procedures sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorization, (ii)
        transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP, and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific
        authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any material differences. The Company’s independent auditors and board of
        directors have been advised of: (i) all “material weaknesses” and “significant deficiencies” (each, as defined in Rule 12b-2 of the Exchange Act), if any, in the design or operation of internal controls which could adversely affect the Company’s
        ability to record, process, summarize and report financial data and (ii) all fraud, if any, whether or not material, that involves management or other employees who have a role in the Company’s internal controls (whether or not remediated); any
        such existing material weaknesses, if any, have been disclosed in the Time of Sale Document and the Final Offering Memorandum in all material respects; and since the date of the most recent evaluation of such disclosure controls and procedures and
        internal controls, there have been no significant changes in internal controls or in other factors that could significantly affect internal controls, including any corrective actions with regard to significant deficiencies and material weaknesses.

    

    

    (ee)            No Price Stabilization or Manipulation.  Neither the Company nor any of
        its Affiliates has and, to the Company’s knowledge, no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in, or that has constituted or which might reasonably be expected to constitute, the
        stabilization or manipulation of the price of any security of the Company, whether to facilitate the sale or resale of any of the Securities or otherwise, (ii) sold, bid for, purchased, or paid anyone any compensation for soliciting purchases of,
        any of the Securities, or (iii) except as disclosed in the Time of Sale Document and the Final Offering Memorandum, paid or agreed to pay to any person any compensation for soliciting another to purchase any other securities of the Company.

    

    

    
      
        

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    (ff)            No Registration Required Under the Securities Act or Qualification Under the TIA. 

        Without limiting any provision herein, no registration under the Securities Act and no qualification of the Indenture under the Trust Indenture Act of 1939, as amended (the “TIA”), is required for the offer or sale of the Securities to the Initial Purchaser as contemplated hereby or for the Exempt Resales, assuming (i) that the purchasers in the Exempt Resales are QIBs
        and (ii) the accuracy of the Initial Purchaser’s representations and warranties in Section 6 herein.

    

    

    (gg)            Rule 144A; No Integration or General Solicitation.  The Securities will
        be, upon issuance, eligible for resale pursuant to Rule 144A under the Securities Act and no other securities of the Company are of the same class (within the meaning of Rule 144A under the Securities Act) as the Securities and listed on a national
        securities exchange registered under Section 6 of the Exchange Act, or quoted in a U.S. automated inter-dealer quotation system.  No securities of the Company have been offered, issued or sold by the Company or any of its Affiliates within the
        six-month period immediately prior to the date hereof that would be integrated with the offering of the Securities contemplated by this Agreement; and the Company does not have any intention of making, and will not make, an offer or sale of such
        securities of the Company, for a period of six months after the date of this Agreement.  As used in this paragraph, the terms “offer” and “sale” have the meanings specified in Section 2(a)(3) of the Securities Act.  None of the Company, any of its
        Affiliates or other person acting on behalf of the Company has engaged or will engage, in connection with the offering of the Securities, in any form of general solicitation or general advertising within the meaning of Rule 502 under the Securities
        Act (each, a “General Solicitation”), other than any General Solicitation with the consent of the Initial Purchaser and set forth on Schedule III.

    

    

    (hh)            No Applicable Registration or Other Similar Rights.  There are no
        persons with registration or other similar rights to have any equity or debt securities of the Company or any “Affiliate” registered for sale under a registration statement in connection with the Offering.

    

    

    (ii)            Margin Requirements.  None of the Transactions or the application of the
        proceeds of the Securities will violate or result in a violation of Section 7 of the Exchange Act (including, without limitation, Regulation T (12 C.F.R. Part 220), Regulation U (12 C.F.R. Part 221) or Regulation X (12 C.F.R. Part 224) of the Board
        of Governors of the Federal Reserve System).

    

    

    (jj)            Investment Company Act.  As of the date hereof and, after giving effect
        to the Offering and the use of proceeds of the Offering, the Company is not and will not be, individually or on a consolidated basis, an “investment company” that is required to be registered under the Investment Company Act; and following the
        Closing, the Company and the Subsidiaries intend to conduct their businesses in a manner so as not to be required to register under the Investment Company Act.

    

    

    (kk)            No Brokers.  Neither the Company nor any of its Affiliates has engaged
        any broker, finder, commission agent or other person (other than the Initial Purchaser) in connection with the Offering or any of the Transactions, and neither the Company nor any of its Affiliates is under any obligation to pay any broker’s fee or
        commission in connection with such Transactions (other than commissions or fees to the Initial Purchaser).

    

    

    (ll)            No Restrictions on Payments of Dividends.  Except as otherwise disclosed
        in the Time of Sale Document and the Final Offering Memorandum, there is no encumbrance or restriction on the ability of any subsidiary of the Company (x) to pay dividends or make other distributions on such subsidiary’s capital stock or to pay any
        indebtedness to the Company or any other subsidiary of the Company, (y) to make loans or advances or pay any indebtedness to, or investments in, the Company or any other subsidiary or (z) to transfer any of its property or assets to the Company or
        any other subsidiary of the Company, except any encumbrances or restrictions that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

    

    

    (mm)            Sarbanes-Oxley.  Except as otherwise disclosed in the Time of Sale
        Document and the Final Offering Memorandum, there is and has been no failure on the part of the Company and the Subsidiaries or any of the officers and directors of the Company or any of the Subsidiaries, in their capacities as such, to comply with
        the applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

    

    

    
      
        

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    (nn)            Foreign Corrupt Practices Act.  Except as otherwise disclosed in the Time
        of Sale Document and the Final Offering Memorandum, none of the Company or any Subsidiary or, to the knowledge of the Company, any director, officer, employee or any agent or other person acting on behalf of the Company or any subsidiary has, in
        the course of its actions for, or on behalf of, the Company or any subsidiary (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity; (ii) made any direct or
        indirect unlawful payment to any domestic government official, “foreign official” (as defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the “FCPA”) or employee from corporate funds; (iii) violated or is in violation of any provision of the FCPA or any applicable non-U.S. anti-bribery statute or regulation; or (iv) made any
        unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any domestic government official, such foreign official or employee; and the Company and the Subsidiaries, and, to the knowledge of the Company and the
        Subsidiaries, except as otherwise disclosed in the Time of Sale Document and the Final Offering Memorandum, its and their other affiliates have conducted their businesses in compliance with the FCPA and have instituted and maintain policies and
        procedures designed to ensure, and which are reasonably expected to ensure, continued compliance therewith.

    

    

    (oo)            Money Laundering.  The operations of the Company and the Subsidiaries
        are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable
        jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or the Subsidiaries with respect to the Money
        Laundering Laws is pending or, to the Company’s knowledge, threatened.

    

    

    (pp)            OFAC.  For the past five years, the Company and the Subsidiaries have
        not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any individual or entity, or in any country or territory, that at the time of the dealing or transaction is or was the subject of
        any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”); neither the Company nor the
        Subsidiaries nor, to the Company’s knowledge, any director, officer, agent, employee or Affiliate of the Company or any of the Subsidiaries or other person acting on their behalf is currently subject to any Sanctions; and the Company will not
        directly or indirectly use the proceeds of the Offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of or business
        with any person, or in any country or territory, that currently is the subject to any U.S. sanctions administered by OFAC or in any other manner that will result in a violation by any person (including any person participating in the transaction
        whether as initial purchaser, advisor, investor or otherwise) of U.S. sanctions administered by OFAC.

    

    

    (qq)            Related Party Transactions.  No relationship, direct or indirect, exists
        between or among any of the Company or any affiliate of the Company, on the one hand, and any director, officer, member, stockholder, customer or supplier of the Company or any affiliate of the Company, on the other hand, which is required by the
        Exchange Act to be disclosed in  reports filed by the Company with the SEC and incorporated by reference pursuant thereto, which is not so disclosed in or incorporated into the Time of Sale Document and the Final Offering Memorandum as required. 
        Except as otherwise disclosed in the Time of Sale Document and the Final Offering Memorandum, there are no outstanding loans, advances (except advances for business expenses in the ordinary course of business) or guarantees of indebtedness by the
        Company or any affiliate of the Company to or for the benefit of any of the officers or directors of the Company or any affiliate of the Company or any of their respective family members.

    

    

    (rr)            Stamp Taxes. There are no stamp or other issuance or transfer taxes or
        duties or other similar fees or charges required to be paid in connection with the execution and delivery of this Agreement, the issuance or sale of the Securities to the Initial Purchaser or the initial sale and delivery by the Initial Purchaser
        of the Securities to the Subsequent Purchasers thereof.

    

    

    
      
        

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    (ss)            Recognition of the U.S. Special Resolution Regimes.

    

    

    (i)            In the event that any Initial Purchaser that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Initial Purchaser
        of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation,
        were governed by the laws of the United States or a state of the United States.

    

    

    (ii)            In the event that any Initial Purchaser that is a Covered Entity or a BHC Act Affiliate of such Initial Purchaser becomes subject to a proceeding under a U.S. Special Resolution
        Regime, Default Rights under this Agreement that may be exercised against such Initial Purchaser are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this
        Agreement were governed by the laws of the United States or a state of the United States.

    

    

    For purposes of this Agreement, (A) “BHC Act
            Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k); (B) “Covered Entity”
        means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or
        (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b); (C) “Default Right” has the meaning assigned to
        that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable; and (D) “U.S. Special Resolution Regime” means
        each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

    

    

    (tt)            Listing.  The shares of Common Stock are registered pursuant to Section 12b of the Exchange Act and are listed on the New York Stock Exchange (“NYSE”), and the Company has taken no action designed to, or likely to have the effect of,
          terminating the registration of the shares of Common Stock under the Exchange Act or delisting the shares of Common Stock from NYSE.  Except as described in the
          Company’s periodic filings under the Exchange Act incorporated by reference in the Time of Sale Document or Final Offering Memorandum, the Company has not received any notification that the SEC or NYSE is contemplating terminating such
          registration or listing.

    

    

    (uu)            Lock-Ups.  Each of the Company’s directors, executive officers and the shareholders listed in Exhibit C has executed and delivered to the Initial Purchaser a lock-up agreement in the form of Exhibit A hereto (a “Lock-up Agreement”).  All directors, executive officers and shareholders who are required pursuant to this Agreement to execute and deliver a Lock-up Agreement are collectively hereinafter referred to as the “Locked-up Persons.”

    

    

    (vv)            Certificates.  Each certificate signed by any officer of the Company,
        delivered to the Initial Purchaser shall be deemed a representation and warranty by the Company (and not individually by such officer) to the Initial Purchaser with respect to the matters covered thereby.

    

    

    
      
        

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    5.            Covenants of the Company.  The Company agrees:

    

    

    (a)            Securities Law Compliance.  To (i) advise the Initial Purchaser promptly
        after obtaining knowledge (and, if requested by the Initial Purchaser, confirm such advice in writing) of (A) the issuance by any U.S. or non-U.S. federal or state securities commission of any stop order suspending the qualification or exemption
        from qualification of any of the Securities for offer or sale in any jurisdiction, or the initiation of any proceeding for such purpose by any U.S. or non-U.S. federal or state securities commission or other regulatory authority, or (B) the
        happening of any event that makes any statement of a material fact made in the Time of Sale Document, any Company Additional Written Communication or the Final Offering Memorandum, untrue or that requires the making of any additions to or changes
        in the Time of Sale Document, any Company Additional Written Communication, or the Final Offering Memorandum, to make the statements therein, in the light of the circumstances under which they were made, not misleading, (ii) use its reasonable best
        efforts to prevent the issuance of any stop order or order suspending the qualification or exemption from qualification of any of the Securities under any securities or “Blue Sky” laws of U.S. state or non-U.S. jurisdictions and (iii) if, at any
        time, any U.S. or non-U.S. federal or state securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of any of the Securities under any such laws, use its reasonable best
        efforts to obtain the withdrawal or lifting of such order at the earliest possible time.

    

    

    (b)            Offering Documents.  To (i) furnish the Initial Purchaser, without
        charge, as many copies of the Time of Sale Document and the Final Offering Memorandum, and any amendments or supplements thereto, as the Initial Purchaser may reasonably request, and (ii) promptly prepare, upon the Initial Purchaser’s reasonable
        request, any amendment or supplement to the Time of Sale Document or Final Offering Memorandum that the Initial Purchaser, upon advice of legal counsel, determines may be necessary in connection with Exempt Resales (and the Company hereby consents
        to the use of the Time of Sale Document and the Final Offering Memorandum, and any amendments and supplements thereto, by the Initial Purchaser in connection with Exempt Resales).

    

    

    (c)            Consent to Amendments and Supplements.  Not to amend or supplement the
        Time of Sale Document or the Final Offering Memorandum prior to the applicable Closing Date, or at any later time prior to the completion of the resale by the Initial Purchaser of all the Securities purchased by the Initial Purchaser, unless the
        Initial Purchaser (to the extent the Initial Purchaser advises the Company in writing of such later occurrence, which advice may be transmitted by email) shall previously have been advised thereof and shall have provided its
        written consent thereto (which written consent shall not be required for ordinary course filings under the Exchange Act that are incorporated into the Time of Sale Document or the Final Offering Memorandum) and which are
        provided to the Initial Purchaser in advance for reasonable comment. Prior to applicable Closing Date, or at any later time prior to the completion of the resale by the Initial Purchaser of all the Securities purchased by the Initial Purchaser,
        before using, authorizing, approving or referring to any Company Additional Written Communications, the Company will furnish to the Initial Purchaser and counsel for the Initial Purchaser a copy of such written communication for review and will not
        make, prepare, use, authorize, approve or refer to any such written communication to which the Initial Purchaser reasonably objects.  The Company consents to the use by the Initial Purchaser of a Company Additional Written Communication that
        contains (i) information describing the preliminary terms of the Securities or their offering or (ii) information that describes the final terms of the Securities or their offering and that is included in or is subsequently included in the Final
        Offering Memorandum, including by means of the Pricing Supplement.  The Company will give the Initial Purchaser notice of its intention to make any such communication from and after the date hereof through the Closing Date (or, if later, through
        the completion of the distribution of the Securities by the Initial Purchaser to Subsequent Purchasers (to the extent the Initial Purchaser advises the Company in writing of such later occurrence, which advice may be transmitted by email)) and will furnish the Initial Purchaser with copies of any such documents a reasonable amount of time prior to such proposed filing, as the case may be, and will not file or use any such document to which the Initial
        Purchaser or its counsel reasonably shall object.

    

    

    
      
        

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    (d)            Preparation of Amendments and Supplements to Offering Documents.  So long
        as the Initial Purchaser shall hold any of the Securities (to the extent the Initial Purchaser advises the Company in writing of such later occurrence, which advice may be transmitted by email), (i) if any event shall occur as a result of which, in
        the reasonable judgment of the Company or the Initial Purchaser (or counsel for the Initial Purchaser), it becomes necessary or advisable to amend or supplement the Time of Sale Document or the Final Offering Memorandum to correct any untrue
        statement of a material fact or omission to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if it is necessary to amend or supplement the Time of
        Sale Document or the Final Offering Memorandum to comply with any Applicable Law, to prepare, at the expense of the Company, an appropriate amendment or supplement to the Time of Sale Document and the Final Offering Memorandum (in form and
        substance reasonably satisfactory to the Initial Purchaser) so that (A) as so amended or supplemented, the Time of Sale Document and the Final Offering Memorandum will not include an untrue statement of material fact or omit to state a material
        fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and (B) the Time of Sale Document and the Final Offering Memorandum will comply with Applicable Law and (ii) if in the
        reasonable judgment of the Company it becomes necessary or advisable to amend or supplement the Time of Sale Document or the Final Offering Memorandum so that the Time of Sale Document and the Final Offering Memorandum will contain all of the
        information specified in, and meet the requirements of, Rule 144A(d)(4) of the Securities Act, to prepare an appropriate amendment or supplement to the Time of Sale Document or the Final Offering Memorandum (in form and substance reasonably
        satisfactory to the Initial Purchaser) so that the Time of Sale Document or the Final Offering Memorandum, as so amended or supplemented, will contain the information specified in, and meet the requirements of, such Rule.

    

    

    (e)            “Blue Sky” Law Compliance.  To cooperate with the Initial Purchaser and
        the Initial Purchaser’s counsel in connection with the qualification of the Securities under the securities or “Blue Sky” laws of U.S. state or non-U.S. jurisdictions as the Initial Purchaser may reasonably request and continue such qualification
        in effect so long as reasonably required for Exempt Resales; provided that in connection therewith the Company shall not be required to (i) qualify as a foreign corporation in any jurisdiction in which it would not otherwise be required to so
        qualify, (ii) file a general consent to service of process in any such jurisdiction, or (iii) subject itself to taxation in any jurisdiction in which it would not otherwise be subject.  The Company will advise the Initial Purchaser promptly of the
        suspension of any such exemption relating to the Securities for offering, sale or trading in any jurisdiction or any initiation or threat of any proceeding for any such purpose, and in the event of the issuance of any order suspending such
        exemption, the Company shall use its best efforts to obtain the withdrawal thereof at the earliest possible moment.

    

    

    (f)            Payment of Expenses.  Whether or not any of the Offering or the
        Transactions are consummated or this Agreement is terminated, to pay (i) all costs, expenses, fees and transfer taxes incident to and in connection with: (A) the preparation, printing and distribution of the Time of Sale Document and the Final
        Offering Memorandum and any Canadian “wrapper” and all amendments and supplements thereto (including, without limitation, financial statements and exhibits), and all other agreements, memoranda, correspondence and other documents prepared and
        delivered in connection herewith, (B) the negotiation, printing, processing and distribution (including, without limitation, word processing and duplication costs) and delivery of, each of the Documents, (C) the preparation, issuance and delivery
        of the Securities, (D) the qualification of the Securities for offer and sale under the securities or “Blue Sky” laws of U.S. state or non-U.S. jurisdictions (including, without limitation, the fees and disbursements of the Initial Purchaser’s
        counsel relating to such registration or qualification; provided such fees and disbursements shall not exceed $15,000), (E) the listing of the Conversion Shares on the NYSE and/or any other exchange and (F) furnishing such copies of the Time of
        Sale Document and the Final Offering Memorandum, and all amendments and supplements thereto, as may reasonably be requested for use by the Initial Purchaser, (ii) all fees and expenses of the counsel, accountants and any other experts or advisors
        retained by the Company, (iii) all fees and expenses (including fees and expenses of counsel) of the Company in connection with approval of the Securities by DTC for “book-entry” transfer, (iv) all fees charged by rating agencies in connection with
        the rating of the Securities, and (v) all fees and expenses (including fees and expenses of counsel) of the Trustee and the Company’s transfer agent.

    

    

    (g)            Use of Proceeds.  To use the proceeds of the Offering in the manner
        described in the Time of Sale Document and the Final Offering Memorandum under the caption “Use of Proceeds.”

    

    

    (h)            Transaction Documents.  To do and perform all things required to be done
        and performed under the Documents prior to and after the applicable Closing Date, and to satisfy all conditions precedent to the Initial Purchaser’s obligations hereunder to purchase the Securities.

    

    

    (i)            Integration.  Not to, and to ensure that no Affiliate of the Company
        will, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any “security” (as defined in the Securities Act) that would be integrated with the sale of the Securities in a manner that would require the registration
        under the Securities Act of the sale to the Initial Purchaser or to the Subsequent Purchasers of the Securities.

    

    

    
      
        

      Page 15

    

    (j)            Stabilization or Manipulation.  Not to take, and to ensure that no
        Affiliate of the Company will take, directly or indirectly, any action designed to or that could be reasonably expected to cause or result in stabilization or manipulation of the price of the Securities or any other reference security, whether to
        facilitate the sale or resale of the Securities or otherwise.

    

    

    (k)            DTC.  To use its reasonable best efforts to permit the Securities to be
        eligible for clearance and settlement through DTC.

    

    

    (l)            Rule 144A Information.  For so long as any of the Securities remain
        outstanding, during any period in which the Company is not subject to Section 13 or 15(d) of the Exchange Act, to make available, upon request, to any owner of the Securities in connection with any sale thereof and any prospective Subsequent
        Purchasers of such Securities from such owner, the information required by Rule 144A(d)(4) under the Securities Act.

    

    

    (m)            Furnish Trustee and Noteholder Reports.  For so long as any of the
        Securities remain outstanding, to furnish to the Initial Purchaser copies of all reports and other communications (financial or otherwise) furnished by the Company to the Trustee or to the holders of the Securities and, as soon as available, copies
        of any reports or financial statements furnished to or filed by the Company with the SEC or any national securities exchange on which any class of securities of the Company may be listed, provided that the reports or financial statements required
        to be delivered pursuant to this clause (m) which are made available via EDGAR, or any successor system of the SEC, shall be deemed delivered to the Trustee and Initial Purchaser on the date such documents are made so available.

    

    

    (n)            No General Solicitation.  Not to, and not to authorize or permit any
        person acting on its behalf to, solicit any offer to buy or offer to sell the Securities (i) by means of any form of general solicitation or general advertising (including, without limitation, as such terms are used in Regulation D under the
        Securities Act), other than any General Solicitation with the consent of the Initial Purchaser and set forth on Schedule III or (ii in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act.  Before
        making, preparing, using, authorizing or distributing any General Solicitation, the Company will furnish to the Initial Purchaser a copy of such communication for review and will not make, prepare, use, authorize, approve or distribute any such
        communication to which the Initial Purchaser reasonably objects.

    

    

    (o)            Sale of Restricted Securities.  During the one year period after the
        applicable Closing Date (or such shorter period as may be provided for in Rule 144 under the Securities Act, as the same may be in effect from time to time), to not, and to not permit any current or future Subsidiaries of either the Company or any
        other Affiliates controlled by the Company to, resell any of the Securities which constitute “restricted securities” under Rule 144 that have been reacquired by the Company, any current or future Subsidiaries or any other Affiliates controlled by
        the Company, except pursuant to an effective registration statement under the Securities Act.

    

    

    (p)            Stamp Taxes.  To pay all stamp or other issuance or transfer taxes or
        duties other similar fees or charges which may be imposed by any governmental or regulatory authority, as applicable, in connection with the execution and delivery of this Agreement or the issuance or sale of the Securities to the Initial
        Purchaser.

    

    

    (q)            Transfer Agent.  To engage and maintain, at its expense, a registrar and transfer agent for the Common Stock, including the Conversion Shares.

    

    

    (r)            Conversion Shares.  To reserve and keep available at all times, free of pre-emptive rights, the full number of Conversion Shares issuable upon conversion of the Securities.

    

    

    
      
        

      Page 16

    

    (s)            Company Lock-Up.  During the period commencing
        on and including the date hereof and continuing through and including the 90th day following the date of the Final Offering Memorandum (such period, extended as described below, being referred to herein as the “Lock-up Period”), the Company will
        not, without the prior written consent of the Initial Purchaser (which consent may be withheld in its sole discretion), directly or indirectly:  (i) sell, offer to sell, contract to sell or lend any Common Stock or Related Securities (as defined
        below); (ii) effect any short sale, or establish or increase any “put equivalent position” (as defined in Rule 16a-1(h) under the Exchange Act) or liquidate or decrease any “call equivalent position” (as defined in Rule 16a-1(b) under the Exchange
        Act) of any Common Stock or Related Securities; (iii) pledge, hypothecate or grant any security interest in any Common Stock or Related Securities; (iv) in any other way transfer or dispose of any Common Stock or Related Securities; (v) enter into
        any swap, hedge or similar arrangement or agreement that transfers, in whole or in part, the economic risk of ownership of any Common Stock or Related Securities, regardless of whether any such transaction is to be settled in securities, in cash or
        otherwise; (vi) announce the offering of any Common Stock or Related Securities; (vii) file any registration statement under the Securities Act in respect of any Common Stock or Related Securities (other than a Registration Statement on Form S-8 or
        as otherwise contemplated by this Agreement); or (viii) publicly announce the intention to do any of the foregoing; provided, however, that the Company may (A) affect the transactions contemplated hereby, (B) issue shares of Common Stock or Related
        Securities or other equity awards in connection with entry into an employment agreement between the Company and Savneet Singh, (C) issue shares of Common Stock or Related Securities or other equity awards pursuant to any stock option, stock bonus
        or other equity plan or arrangement described in the Time of Sale Document and the Final Offering Memorandum and (D) issue shares of Common Stock in an aggregate number of up to 5% of the aggregate number of shares of Common
        Stock outstanding immediately following the Offering in connection with the acquisition by the Company or any of the Subsidiaries of the securities, business, property or other assets of another person or business entity or pursuant to any employee
        benefit plan assumed by the Company in connection with any such acquisition, provided further that in the case of any issuance under clause (B), (C) or (D) above, it shall be a condition of such issuance that any recipient of Common Stock or
        Related Securities shall agree not to transfer such Common Stock or Related Securities for the duration of the Lock-up Period.  For purposes of the foregoing, “Related Securities” shall mean any options or warrants or other rights to acquire Common
        Stock or any securities exchangeable or exercisable for or convertible into Common Stock, or to acquire other securities or rights ultimately exchangeable or exercisable for, or convertible into, Common Stock.

    

    

    6.            Representations and Warranties of the Initial Purchaser.  The Initial Purchaser represents and warrants that:

    

    

    (a)            Initial Purchaser Status, Resale Terms.  It is a QIB and it will offer
        the Securities for resale only upon the terms and conditions set forth in this Agreement and in the Time of Sale Document and the Final Offering Memorandum.

    

    

    (b)            Sale of Restricted Securities.  It will offer and sell the Securities
        only to persons reasonably believed by the Initial Purchaser to be QIBs; provided, however, that in purchasing such Securities, such persons are deemed to have represented and agreed as provided under the caption “Transfer Restrictions” contained in the Time of Sale Document and the Final Offering
        Memorandum.

    

    

    7.            Conditions.  The obligations of the Initial Purchaser hereunder are
        subject to the accuracy, when made and on and as of the Closing Date, of the representations and warranties of the Company contained herein, to the performance by the Company of its obligations hereunder, and to each of the following additional
        terms and conditions:

     

      

    
      (a)            Closing Deliverables.  The Initial Purchaser shall
        have received on the applicable Closing Date:

       

    

    

    	 	
            (i)

          	
            Officers’ Certificate.  A
                certificate dated the applicable Closing Date, signed by (1) the Chief Executive Officer and (2) the principal financial or accounting officer of the Company, on behalf of the Company, to the effect that (a) the representations and
                warranties set forth in Section 4 hereof are true and correct with the same force and effect as though expressly made at and as of the applicable Closing Date, (b) the Company has performed and complied with all agreements and satisfied all
                conditions on its part to be performed or satisfied at or prior to the applicable Closing Date, (c) at the applicable Closing Date, since the date hereof or since the date of the most recent financial statements in the Time of Sale Document
                and the Final Offering Memorandum (exclusive of any amendment or supplement thereto after the date hereof), no event or events have occurred, no information has become known nor does any condition exist that, individually or in the
                aggregate, would have a Material Adverse Effect, (d) since the date of the most recent financial statements in the Time of Sale Document and the Final Offering Memorandum (exclusive of any amendment or supplement thereto after the date
                hereof), other than as described in the Time of Sale Document and the Final Offering Memorandum or contemplated hereby, neither the Company nor any Subsidiary has incurred any liabilities or obligations, direct or contingent, not in the
                ordinary course of business, that are material to the Company and the Subsidiaries, taken as a whole, or entered into any transactions not in the ordinary course of business that are material to the business, condition (financial or
                otherwise) or results of operations or prospects of the Company and the Subsidiaries, taken as a whole, and there has not been any change in the capital stock or long-term indebtedness of the Company or any Subsidiary of the Company that is
                material to the business, condition (financial or otherwise) or results of operations or prospects of the Company and the Subsidiaries, taken as a whole, and (e) the sale of the Securities has not been enjoined (temporarily or permanently).

             

              

          
	 	
            (ii)

          	
            Secretary’s Certificate.  A
                certificate, dated the applicable Closing Date, executed by the Secretary of the Company, certifying such matters as the Initial Purchaser may reasonably request.

             

              

          

    

    

    
      
        

      Page 17

    

    	 	 (iii)

          	
            Good Standing Certificates.  A certificate evidencing qualification in good standing of the Company issued
              by the Secretary of State of Delaware as of a date within five days prior to the applicable Closing Date.

             

            

          
	 	
            (iv)

          	
            Company Counsel Opinion.  The opinion of
                Gibson, Dunn & Crutcher LLP, counsel to the Company, dated the applicable Closing Date, in the form of Exhibit B attached hereto.

             

              

          
	 	
            (v)

          	
            

            Initial Purchaser’s Counsel Opinion.  An
                opinion, dated the applicable Closing Date, of White & Case LLP, counsel to the Initial Purchaser, in form satisfactory to the Initial Purchaser covering such matters as are customarily covered in such opinions.

             

              

          
	 	 (vi)	
            
              

              Comfort Letters.  The Initial Purchaser
                shall have received from BDO USA, LLP, the registered public or certified public accountants of the Company, (A) a customary initial comfort letter delivered according to Statement of Auditing Standards No. 72 (or any successor bulletin),
                dated the date hereof, in form and substance reasonably satisfactory to the Initial Purchaser and its counsel, with respect to the financial statements and certain financial information contained in the Time of Sale Document and the Final
                Offering Memorandum, and (B) a customary “bring-down” comfort letter, dated the applicable Closing Date, in form and substance reasonably satisfactory to the Initial Purchaser and its counsel, which includes, among other things, a
                reaffirmation of the statements made in its initial letter furnished pursuant to clause (A) with respect to such financial statements and financial information contained in the Time of Sale Document and the Final Offering Memorandum.

             

              

          
	 	 (vii)	
             Chief Financial Officer’s Back-Up Certificate. 

                A Chief  Financial Officers’ Back-Up Certificate, dated as of the date hereof and as of the Closing Date, executed by the Chief Financial Officer of the Company providing back-up disclosure support as specified therein, in form and
                substance reasonably satisfactory to the Initial Purchaser and its counsel.

          

    

    

    (b)            Executed Documents.  The Initial Purchaser shall have received fully
        executed originals of each Document (each of which shall be in full force and effect on terms reasonably satisfactory to the Initial Purchaser), and each opinion, certificate, letter and other document to be delivered in connection with the
        Offering or any other Transaction.

    

    

    
      
        

      Page 18

    

    (c)            No Material Adverse Change.  Subsequent to the respective dates as of
        which information is given in the Time of Sale Document (exclusive of any amendment or supplement thereto), there shall not have been any Material Adverse Change that could, in the sole judgment of the Initial Purchaser be expected to (i) make it
        impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities on the terms and in the manner contemplated by this Agreement, the Time of Sale Document and the Final Offering Memorandum, or (ii) materially impair the
        investment quality of any of the Securities.

    

    

    (d)            No Hostilities.  No outbreak or escalation of hostilities or other
        national or international calamity or crisis, including acts of terrorism, or material adverse change or disruption in economic conditions in, or in the financial markets of, the United States (it being understood that any such change or disruption
        shall be relative to such conditions and markets as in effect on the date hereof) has occurred, if the effect of such outbreak, escalation, calamity, crisis, act or material adverse change in the economic conditions in, or in the financial markets
        of, the United States could be reasonably expected to make it, in the Initial Purchaser’s sole judgment, impracticable or inadvisable to market or proceed with the offering or delivery of the Securities on the terms and in the manner contemplated
        in the Time of Sale Document and the Final Offering Memorandum or to enforce contracts for the sale of any of the Securities.

    

    

    (e)            No Suspension in Trading; Banking Moratorium.  (i) Trading in the
        Company’s Common Stock shall not have been suspended by the SEC or NYSE, (ii) a suspension or material limitation of trading generally in securities on the New York Stock Exchange or any setting of limitations on prices for securities shall not
        have occurred on any such exchange or market, (iii) there has been no declaration of a banking moratorium by any Governmental Authority or the taking of any action by any Governmental Authority after the date hereof in respect of its monetary or
        fiscal affairs, (iv) there has been no suspension or limitation of trading in securities of the Company or (v) there has been no a material disruption in settlement or clearing services that, in the case of clause (ii) or (iii) of this paragraph,
        in the Initial Purchaser’s sole judgment could reasonably be expected to have a material adverse effect on the financial markets in the United States or elsewhere.

    

    

    (f)            Listing of Conversion Shares. At the Closing Date, the Company shall have
        submitted a supplemental listing notice to NYSE with respect to the Conversion Shares.

    

    

    (g)            Lock-Up.  The Initial Purchaser shall have received an executed Lock-Up
        Agreement from each Locked-up Person.

    

    

    (h)            Additional Documents.  On or prior to the Closing Date, the Company shall
        have furnished to the Initial Purchaser such further certificates and documents as the Initial Purchaser may reasonably request.

    

    

    All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in
        compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Initial Purchaser.

    

    

    8.            Indemnification and Contribution.

    

    

    (a)            Indemnification by the Company.  The Company agrees to indemnify and
        hold harmless the Initial Purchaser, its affiliates, directors, officers, employees and agents, and each person, if any, who controls the Initial Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act,
        against any losses, claims, damages or liabilities of any kind to which the Initial Purchaser, affiliate, director, officer, employee, agent or such controlling person may become subject under the Securities Act, the Exchange Act or other federal
        or state statutory law or regulation, or at common law or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of the Company), insofar as any such losses, claims, damages or liabilities (or
        actions in respect thereof) arise out of or are based upon:

    

    

    
      	 	
              (i)

            	
              any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Offering Memorandum, the Time of
                  Sale Document, any Company Additional Written Communication or the Final Offering Memorandum, or any amendment or supplement thereto; or

            
	 	 	 
	 	
              (ii)

            	
              the omission or alleged omission to state, in the Preliminary Offering Memorandum, the Time of Sale Document, any Company Additional
                  Written Communication or the Final Offering Memorandum, or any amendment or supplement thereto, a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;

            

    

    

    

    and, subject to the provisions hereof, will reimburse, as incurred, the Initial Purchaser and its affiliates, directors, officers, employees,
        agents and each such controlling persons for any legal or other expenses reasonably incurred by such person in connection with investigating, defending against, settling, compromising, paying or appearing as a third-party witness in connection with
        any such loss, claim, damage, liability, expense or action in respect thereof; provided, however, the Company will not be liable in any such case to the extent (but only to the extent) that a court of competent jurisdiction shall have determined by a final, unappealable judgment that such loss, claim,
        damage, liability or expense resulted solely from any untrue statement or alleged untrue statement or omission or alleged omission made in the Preliminary Offering Memorandum, the Time of Sale Document, any Company Additional Written Communication
        or the Final Offering Memorandum or any amendment or supplement thereto in reliance upon and in conformity with written information concerning the Initial Purchaser furnished to the Company by the Initial Purchaser specifically for use therein, it
        being understood and agreed that the only such information furnished by the Initial Purchaser to the Company consists of the information set forth in Section 12.  The indemnity agreement set forth in this Section shall be in addition to any
        liability that the Company may otherwise have to the indemnified parties.

    

    

    
      
        

      Page 19

    

    (b)            Indemnification by the Initial Purchaser.  The Initial Purchaser agrees
        to indemnify and hold harmless each of the Company and its directors, officers and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any losses, claims,
        damages, liabilities or expenses to which the Company or any such director, officer, employee or agent or controlling person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as a court of competent jurisdiction
        shall have determined by a final, unappealable judgment that such losses, claims, damages, liabilities or expenses (or actions in respect thereof) have resulted solely from (i) any untrue statement or alleged untrue statement of any material fact
        contained in the Preliminary Offering Memorandum, the Time of Sale Document or the Final Offering Memorandum or any amendment or supplement thereto or (ii) the omission or the alleged omission to state in the Documents a material fact necessary to
        make the statements therein, in light of the circumstances under which they were made, not misleading, and, subject to the provisions hereof, will reimburse, as incurred, the Company and its affiliates, directors, officers,
        employees, agents and each such controlling persons for any legal or other expenses reasonably incurred by such person in connection with investigating, defending against, settling, compromising, paying or appearing as a third-party witness in
        connection with any such loss, claim, damage, liability, expense or action in respect thereof; provided, however, the Initial Purchaser will not be liable in any such case

        to the extent (but only to the extent) that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information concerning the Initial Purchaser furnished to the
        Company by the Initial Purchaser specifically for use therein as set forth in Section 12; and, subject to the limitation set forth immediately preceding this clause, will reimburse, as incurred, any legal or other expenses reasonably incurred by
        the Company or any such director, officer or controlling person in connection with any such loss, claim, damage, liability, expense or action in respect thereof.  The indemnity agreement set forth in this Section shall be in addition to any
        liability that the Initial Purchaser may otherwise have to the indemnified parties.

    

    

    (c)            Notifications and Other Indemnification Procedures.  As promptly as
        reasonably practicable after receipt by an indemnified party under this Section of notice of the commencement of any action for which such indemnified party is entitled to indemnification under this Section, such indemnified party will, if a claim
        in respect thereof is to be made against the indemnifying party under this Section, notify the indemnifying party of the commencement thereof in writing; but the omission to so notify the indemnifying party (i) will not relieve such indemnifying
        party from any liability under Section 8(a) or (b) above unless and only to the extent it is materially prejudiced as a proximate result thereof and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified
        party other than the indemnification obligation provided in Section 8(a) and (b) above.  In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party
        will be entitled to participate therein and, to the extent that it may elect, jointly with any other indemnifying party similarly notified by written notice
        delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party; provided, however, that if (i) the use of counsel chosen by the indemnifying party to represent the
        indemnified party would present such counsel with a conflict of interest, (ii) the defendants in any such action include both the indemnified party and the indemnifying party, and the indemnified party shall have concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party in conducting the defense of any such action or that there may be one or more legal
        defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party, or (iii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified
        party to represent the indemnified party within a reasonable time after receipt by the indemnifying party of notice of the institution of such action, then, in each such case, the indemnifying party shall not have the right to direct the defense of
        such action on behalf of such indemnified party or parties and such indemnified party or parties shall have the right to select separate counsel to defend such action on behalf of such indemnified party or parties at the expense of the indemnifying
        party.  After notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof and approval by such indemnified party of counsel appointed to defend such action, the indemnifying party will not be liable
        to such indemnified party under this Section for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such indemnified party in connection with the defense thereof, unless (i) the indemnified party
        shall have employed separate counsel in accordance with the proviso to the immediately preceding sentence (it being understood, however, that in connection with such action the indemnifying party shall not be liable for the fees and expenses of
        more than one separate counsel (in addition to local counsel) in any one action or separate but substantially similar actions in the same jurisdiction arising out of the same general allegations or circumstances, designated by the Initial Purchaser
        in the case of Section 8(a) or the Company in the case of Section 8(b), representing the indemnified parties under such Section 8(a) or (b), as the case may be, who are parties to such action or actions), (ii) the indemnifying party has authorized
        in writing the employment of counsel for the indemnified party at the expense of the indemnifying party or (iii) the indemnifying party shall not have employed counsel
          reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of commencement of the action, in each of which cases the fees and expenses of counsel shall be at the expense of the
          indemnifying party and shall be paid as they are incurred.  After such notice from the indemnifying party to such indemnified party, the indemnifying party will not be liable for the costs and expenses of any settlement of such action
        effected by such indemnified party without the prior written consent of the indemnifying party (which consent shall not be unreasonably withheld), unless such indemnifying party waived in writing its rights under this Section, in which case the
        indemnified party may effect such a settlement without such consent.

    

    

    (d)            Settlements.  No indemnifying party shall be liable under this Section
        for any settlement of any claim or action (or threatened claim or action) effected without its written consent, which shall not be unreasonably withheld, but if a claim or action settled with its written consent, or if there be a final judgment for
        the plaintiff with respect to any such claim or action, each indemnifying party jointly and severally agrees, subject to the exceptions and limitations set forth above, to indemnify and hold harmless each indemnified party from and against any and
        all losses, claims, damages or liabilities (and legal and other expenses as set forth above) incurred by reason of such settlement or judgment.  No indemnifying party shall, without the prior written consent of the indemnified party (which consent
        shall not be unreasonably withheld), effect any settlement or compromise of any pending or threatened proceeding in respect of which the indemnified party is or could have been a party, or indemnity could have been sought hereunder by the
        indemnified party, unless such settlement (A) includes an unconditional written release of the indemnified party, in form and substance satisfactory to the indemnified party, from all liability on claims that are the subject matter of such
        proceeding and (B) does not include any statement as to an admission of fault, culpability or failure to act by or on behalf of the indemnified party.  Notwithstanding the foregoing, if at any time an indemnified party shall have requested an
        indemnifying party to reimburse the indemnified party for legal or other expenses as contemplated by Section 8(c) hereof, the indemnifying party agrees that it shall be liable for any settlement or compromise of, or consent to the entry of any
        judgment with respect to, any pending or threatened action or claim effected without its written consent if (i) such settlement is entered into more than 60 days after receipt by such indemnifying party of the aforesaid request and (ii) such
        indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement or compromise of, or consent to the entry of such judgment.

    

    

    
      
        

      Page 20

    

    (e)            Contribution.  In circumstances in which the indemnity agreements
        provided for in this Section is unavailable to, or insufficient to hold harmless, an indemnified party in respect of any losses, claims, damages, liabilities or expenses (or actions in respect thereof), each indemnifying party, in order to provide
        for just and equitable contributions, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses (or actions in respect thereof) in such proportion as is appropriate
        to reflect (i) the relative benefits received by the indemnifying party or parties, on the one hand, and the indemnified party, on the other hand, from the Offering or (ii) if the allocation provided by the foregoing clause (i) is not permitted by
        applicable law, not only such relative benefits but also the relative fault of the indemnifying party or parties, on the one hand, and the indemnified party, on the other hand, in connection with the statements or omissions or alleged statements or
        omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof).  The relative benefits received by the Company, on the one hand, and the Initial Purchaser, on the other hand, shall be deemed to be in the same
        proportion as the total proceeds from the Offering (before deducting expenses) received by the Company bear to the total discounts and commissions received by the Initial Purchaser.  The relative fault of the parties shall be determined by
        reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or the Initial
        Purchaser pursuant to Section 8(b) above, on the other hand, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission or alleged statement or omissions, and any other equitable
        considerations appropriate in the circumstances.

    

    

    (f)            Equitable Consideration.  Each of the Company and the Initial Purchaser
        agree that it would not be equitable if the amount of such contribution determined pursuant to Section 8(e) were determined by pro rata or per capita allocation or by any other method of allocation that does not take into account the equitable
        considerations referred to in Section 8(e).  Notwithstanding any other provision of this Section, the Initial Purchaser shall not be obligated to make contributions hereunder that in the aggregate exceed the total discounts, commissions and other
        compensation received by such Initial Purchaser under this Agreement, less the aggregate amount of any damages that such Initial Purchaser has otherwise been required to pay by reason of the untrue or alleged untrue statements or the omissions or
        alleged omissions to state a material fact.  No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
        misrepresentation. For purposes of Section 8(e), each director, officer, employee and affiliate of the Initial Purchaser, and each person, if any, who controls the Initial Purchaser within the meaning of Section 15 of the Securities Act or Section
        20 of the Exchange Act, shall have the same rights to contribution as the Initial Purchaser, and each director, officer, and employee of the Company and each person, if any, who controls the Company within the meaning of Section 15 of the
        Securities Act or Section 20 of the Exchange Act, shall have the same rights to contribution as the Company.

    

    

    9.            Termination.  The Initial Purchaser may terminate this Agreement
        (i) at any time prior to the applicable Closing Date by written notice to the Company if any of the events described in Sections 7(c) (No Material Adverse Change), 7(d) (No Hostilities) or 7(e) (No Suspension in Trading; Banking Moratorium) shall
        have occurred or if the Initial Purchaser shall decline to purchase the Securities for any reason permitted by this Agreement or (ii) on the applicable Closing Date if any condition described in Section 7 is not fulfilled or waived in writing by
        the Initial Purchaser on or prior to the applicable Closing Date.  Any termination pursuant to this Section shall be without liability on the part of (a) the Company to the Initial Purchaser, except that the Company shall be obligated to reimburse
        the Initial Purchaser for all documented out-of-pocket expenses reasonably incurred, unless the termination results from any of the events described in Section 7(d) or Sections 7(e)(ii), (iii) or (v), and upon demand the Company shall pay the full
        amount thereof to the Initial Purchaser, or (b) the Initial Purchaser to the Company, except, in the case of each of clauses (a) and (b), that the provisions of Sections 9 and 10 hereof shall at all times be effective and shall survive such
        termination.

    

    

    10.            Survival.  The representations and warranties, covenants, indemnities and contribution and expense reimbursement provisions and other agreements of the Company set forth in or made pursuant to this
        Agreement shall remain operative and in full force and effect, and will survive, regardless of (i) any investigation, or statement as to the results thereof, made by or on behalf of the Initial Purchaser, (ii) the acceptance of the Securities, and
        payment for them hereunder, and (iii) any termination of this Agreement.

    

    

    11.            No Fiduciary Relationship.  The Company hereby acknowledges that
        the Initial Purchaser is acting solely as initial purchaser in connection with the purchase and sale of the Securities. The Company further acknowledges that the Initial Purchaser is acting pursuant to a contractual relationship created solely by
        this Agreement entered into on an arm’s length basis, and in no event do the parties intend that the Initial Purchaser act or be responsible as a fiduciary to the Company or their management, stockholders or creditors or any other person in
        connection with any activity that the Initial Purchaser may undertake or have undertaken in furtherance of the purchase and sale of the Securities, either before or after the date hereof.  The Initial Purchaser hereby expressly disclaims any
        fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that
        effect. The Company and the Initial Purchaser agree that they are each responsible for making their own independent judgments with respect to any such transactions and that any opinions or views expressed by the Initial Purchaser to the Company
        regarding such transactions, including, but not limited to, any opinions or views with respect to the price or market for the Securities, do not constitute advice or recommendations to the Company. The Company hereby waives and releases, to the
        fullest extent permitted by law, any claims that either of the Company may have against the Initial Purchaser with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions
        contemplated by this Agreement or any matters leading up to such transactions.

    

    

    
      
        

      Page 21

    

    12.            Information Supplied by Initial Purchaser.  The Company hereby acknowledges that, for purposes of Section 4(b) and Section 8, the only information that the Initial Purchaser has furnished to the Company specifically for
          use in the Preliminary Offering Memorandum or the Final Offering Memorandum are

          the statements set forth in (a) the third paragraph and (b) the third sentence of the sixth paragraph under the caption “Plan of Distribution” in the Preliminary Offering Memorandum and the Final Offering Memorandum.

    

    

    13.            Miscellaneous.

    

    

    (a)            Notices.  Notices given pursuant to any provision of this Agreement shall
        be addressed as follows: (i) if to the Company, to: 8383 Seneca Turnpike, New Hartford, NY 13413, Attention: Bryan Menar, with a copy to: Gibson, Dunn & Crutcher LLP, 200 Park Avenue, New York, NY 10166, Attention: Glenn Pollner, and (ii) if to
        the Initial Purchaser, to: Jefferies LLC, 520 Madison Avenue, New York, NY 10022, with a copy to: White & Case LLP, 1221 Avenue of the Americas, New York, NY 10020, Attention: Colin Diamond (or in any case to such other address as the person to
        be notified may have requested in writing).

    

    

    (b)            Beneficiaries.  This Agreement has been and is made solely for the
        benefit of and shall be binding upon the Company, the Initial Purchaser and to the extent provided in Section 8 hereof, the controlling persons, affiliates, officers, directors, partners, employees, representatives and agents referred to in Section
        8 hereof and their respective heirs, executors, administrators, successors and assigns, all as and to the extent provided in this Agreement, and no other person shall acquire or have any right under or by virtue of this Agreement. The term
        “successors and assigns” shall not include a purchaser of any of the Securities from the Initial Purchaser merely because of such purchase.

    

    

    (c)            Governing Law; Jurisdiction; Waiver of Jury Trial; Venue.  This Agreement
        shall be governed by, and construed in accordance with, the laws of the State of New York.  The Initial Purchaser and the Company hereby expressly and irrevocably (i) submit to the exclusive jurisdiction of the federal and state courts sitting in
        the Borough of Manhattan in the City of New York in any suit or proceeding arising out of or relating to this Agreement or the Transactions, and (ii) waive (a) their right to a trial by jury in any legal action or proceeding relating to this
        Agreement, the Transactions or any course of conduct, course of dealing, statements (whether verbal or written) or actions of the Initial Purchaser and for any counterclaim related to any of the foregoing and (b) any obligation which they may have
        or hereafter may have to the laying of venue of any such litigation brought in any such court referred to above and any claim that any such litigation has been brought in an inconvenient forum.

    

    

    (d)            Entire Agreement; Counterparts.  Except with respect to Section 5 of that
        certain agreement dated February 14, 2019 between the Company and the Initial Purchaser, this Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written or oral and all contemporaneous oral
        agreements, understandings and negotiations with respect to the subject matter hereof.  This Agreement may be executed in two or more counterparts, each one of which shall be an original, with the same effect as if the signatures thereto and hereto
        were upon the same instrument.

    

    

    (e)            Headings.  The headings in this Agreement are for convenience of
        reference only and shall not limit or otherwise affect the meaning hereof.

    

    

    (f)            Separability.  If any term, provision, covenant or restriction of this
        Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be
        affected, impaired or invalidated, and the parties hereto shall use their reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or
        restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid,
        illegal, void or unenforceable.

    

    

    (g)            Amendment.  This Agreement may be amended, modified or supplemented, and
        waivers or consents to departures from the provisions hereof may be given, provided that the same are in writing and signed by all of the signatories
        hereto.

    

    

    (h)            USA Patriot Act.  The parties acknowledge that in accordance with the
        requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Initial Purchaser is required to obtain, verify and record information that identifies its clients, including the Company, which information
        may include the name and address of its clients, as well as other information that will allow the Initial Purchaser to properly identify their clients.

    
      
        

      

    

    

    

    Please confirm that the foregoing correctly sets forth the agreement between the Company and the Initial Purchaser.

    

    

    	 	
            Very truly yours,

          
	 	 	 	 
	 	
             PAR TECHNOLOGY CORPORATION

          
	 	 	 	 
	 	
            By:

          	
            /s/ Savneet Singh

          
	 	 	
            Name:

          	
            Savneet Singh

          
	 	 	
            Title:

          	
            Chief Executive Officer

          

    

    

    	
            Accepted and Agreed to:

          	 
	 	 	 	 
	
            JEFFERIES LLC

          	 
	 	 	 	 
	
            By:

          	
            /s/ Colyer Curtis

          	 
	 	
            Name:

          	
            Colyer Curtis

          	 
	 	
            Title:

          	
            Managing Director

          	 

    
      
        

      

    

     SCHEDULE I

    

    

    PRICING SUPPLEMENT

    

    

    Pricing Term Sheet, dated April 10, 2019

    

    

    PAR TECHNOLOGY CORPORATION

    

    

    $70,000,000 PRINCIPAL AMOUNT OF

    4.500% CONVERTIBLE SENIOR NOTES DUE 2024

    

    

    The information in this pricing term sheet supplements the preliminary offering memorandum, dated April 9, 2019, of PAR
        Technology Corporation (the “Preliminary Offering Memorandum”), and supersedes the information in the Preliminary Offering Memorandum to the extent inconsistent therewith. In all other respects, this pricing term sheet is qualified in its entirety
        by reference to the Preliminary Offering Memorandum, including all documents incorporated by reference therein. Terms used herein but not defined herein shall have the respective meanings set forth in the Preliminary Offering Memorandum. All
        references to dollar amounts are references to U.S. dollars.

    	
            Issuer:

          	
            PAR Technology Corporation, a Delaware corporation.

             

          
	
            Ticker/Exchange for Common Stock:

          	
            PAR / New York Stock Exchange.

             

          
	
            Securities Offered:

          	
            4.500% Convertible Senior Notes due 2024 (the “notes”).

             

          
	
            Aggregate Principal Amount of Notes Offered:

          	
            $70,000,000 aggregate principal amount of notes ($80,000,000 if the initial purchaser exercises its option to
                purchase additional notes in full).

             

          
	
            Maturity Date:

          	
            April 15, 2024 unless earlier converted, redeemed or purchased.

             

          
	
            Interest:

          	
            4.500% per year. Interest will accrue from April 15, 2019. Interest will be payable semiannually in arrears on
                April 15 and October 15 of each year, beginning on October 15, 2019.

             

          
	
            Regular Record Dates:

          	
            April 1 and October 1 of each year.

             

          
	
            Offering Price:

          	
            100% of principal, plus accrued interest, if any, from April 15, 2019.

             

          
	
            Last Reported Sale Price of our Common Stock on April 10, 2019:

          	
            $21.55 per share.

             

             

          
	
            Initial Conversion Rate:

          	
            35.0217 shares of our common stock per $1,000 principal amount of notes.

             

          
	
            Initial Conversion Price:

          	
            $28.55 per share of our common stock.

             

          
	
            Conversion Premium:

          	
            Approximately 32.5% above the last reported sale price of our common stock on April 10, 2019.

             

          
	
            Sole Book-Running Manager:

          	
            Jefferies LLC

             

          
	
            Pricing Date:

          	
            April 10, 2019

             

          
	
            Trade Date:

          	
            April 11, 2019

             

          
	
            Expected Settlement Date:

          	
            April 15, 2019

             

          
	
            CUSIP Number:

          	
            698884 AA1

             

          
	
            ISIN:

          	
            US698884AA18

             

          
	
            Use of Proceeds:

          	
            We intend to use the net proceeds from the offering to repay in full amounts outstanding under our Credit
                Facility, which were approximately $16.1 million as of March 31, 2019, and terminate the Credit Facility. We intend to use the remaining proceeds from the offering (including any net proceeds from the sale of any additional notes that may
                be sold should the initial purchaser exercise its option to purchase additional notes) for general corporate purposes, including funding investment in our Brink business and for other working capital needs. We may also use a portion of the
                proceeds to acquire or invest in other assets complementary to our business. See “Use of Proceeds” in the Preliminary Offering Memorandum.

             

          
	
            Adjustments to Shares Delivered upon Conversion upon a Make-Whole Fundamental Change:

          	
            The following table sets forth the number of additional shares that will be added to the conversion rate per
                $1,000 principal amount of notes for each stock price and effective date set forth below:

          

    

    

    
      
        

      

    

    

    

    STOCK PRICE

    	
            EFFECTIVE DATE / DATE OF

          	 	 	 	 	 	 
	
            NOTICE  OF REDEMPTION

          	 	
            $21.55

          	 	
            $25.00 

            

          	 	
            $28.55

          	 	
            $33.00 

            

          	 	
            $37.12

          	 	
            $45.00 

            

          	 	
            $50.00

          	 	
            $55.00

          	 	
            $60.00

          	 	
            $70.00 

            

          	 	
            $80.00

          	 	
            $100.00

          
	
            April 15, 2019

          	 	
            11.3820

          	 	
            10.0623

          	 	
            7.8259

          	 	
            5.9056

          	 	
            4.6687

          	 	
            3.1539

          	 	
            2.4943

          	 	
            2.0219

          	 	
            1.6366

          	 	
            1.1140

          	 	
            0.7695

          	 	
            0.4163

          
	
            April 15, 2020

          	 	
            11.3820

          	 	
            9.6503

          	 	
            7.3566

          	 	
            5.4328

          	 	
            4.2215

          	 	
            2.7805

          	 	
            2.1723

          	 	
            1.7438

          	 	
            1.3983

          	 	
            0.9397

          	 	
            0.6420

          	 	
            0.3673

          
	
            April 15, 2021

          	 	
            11.3820

          	 	
            9.0583

          	 	
            6.6981

          	 	
            4.7813

          	 	
            3.6153

          	 	
            2.2939

          	 	
            1.7563

          	 	
            1.3947

          	 	
            1.1033

          	 	
            0.7297

          	 	
            0.4933

          	 	
            0.2913

          
	
            April 15, 2022

          	 	
            11.3820

          	 	
            8.2183

          	 	
            5.7629

          	 	
            3.8662

          	 	
            2.7856

          	 	
            1.6561

          	 	
            1.2303

          	 	
            0.9638

          	 	
            0.7500

          	 	
            0.4926

          	 	
            0.3308

          	 	
            0.2143

          
	
            April 15, 2023

          	 	
            11.3820

          	 	
            6.9623

          	 	
            4.3268

          	 	
            2.4935

          	 	
            1.5894

          	 	
            0.8339

          	 	
            0.5943

          	 	
            0.4674

          	 	
            0.3600

          	 	
            0.2440

          	 	
            0.1670

          	 	
            0.1403

          
	
            April 15, 2024

          	 	
            11.3820

          	 	
            4.9783

          	 	
            0.0000

          	 	
            0.0000

          	 	
            0.0000

          	 	
            0.0000

          	 	
            0.0000

          	 	
            0.0000

          	 	
            0.0000

          	 	
            0.0000

          	 	
            0.0000

          	 	
            0.0000

          

    

    

    

    

    The exact stock price and effective date may not be set forth in the table above, in which case:

    

    

    	
            ●

          	
            If the stock price is between two stock prices in the table or the effective date is between two effective dates in the table, the
                number of additional shares will be determined by a straight-line interpolation between the number of additional shares set forth for the higher and lower stock prices and the earlier and the later effective dates, as applicable, based on a
                365- or 366-day year, as applicable.

             

              

          
	
            ●

          	
            If the stock price is greater than $100.00 (subject to adjustment in the same manner as the stock prices set forth in the column
                headings of the table above), no additional shares will be added to the conversion rate.

             

              

          
	
            ●

          	
            If the stock price is less than $21.55 (subject to adjustment in the same manner as the stock prices set forth in the column
                headings of the table above), no additional shares will be added to the conversion rate.

          

    

    

    Notwithstanding the foregoing, in no event will the conversion rate be increased as a result of this section to exceed 46.4037 shares of
        common stock per $1,000 principal amount of notes, subject to adjustment in the same manner, at the same time and for the same events for which we must adjust the conversion rate as set forth under “Description of Notes—Conversion Rights—Conversion
        Rate Adjustments” in the Preliminary Offering Memorandum.

    

    

    * * *

    

    

    Before you invest, you should read the Preliminary Offering Memorandum and the documents incorporated therein that the issuer has filed with
        the SEC for more complete information about the issuer and the offering. You may get the incorporated documents the issuer has filed with the SEC for free by visiting EDGAR on the SEC website at www.sec.gov. A copy of the Company’s Preliminary
        Offering Memorandum in connection with the sale of the notes may be obtained from Jefferies LLC (Attn: Equity Syndicate Prospectus Department), 520 Madison Avenue, 2nd Floor, New York, New York 10022, Phone: 1-877-547-6340, Email:
        Prospectus_Department@Jefferies.com.

    

    

    ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS
        OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.

    
      
        

      

    

    SCHEDULE II

    

    

    LIST OF SUBSIDIARIES

    

    

    	
            Entity Name

          	
            Jurisdiction of Formation

             

                  

          
	
            Ausable Solutions, Inc.

          	
            Delaware

             

          
	
            Brink Software Inc.

          	
            California

             

          
	
            PAR Canada ULC

          	
            Alberta, Canada

             

          
	
            PAR Government Systems Corporation

          	
            New York

             

          
	
            PAR Technology Australia Pty Ltd

          	
            Australia

             

          
	
            ParTech (Shanghai) Co., Ltd.

          	
            China

             

          
	
            ParTech, Inc.

          	
            New York

             

          
	
            Rome Research Corporation

          	
            New York

             

          
	
            PAR Logistics Management Systems

          	
            New York

             

          
	
            PAR Microsystems Domestic International Sales Corporation

          	
            New York

             

          
	
            Par Microsystems, S.A. (Proprietary) Limited

          	
            South Africa

             

          
	
            PAR Siva Corporation

          	
            New York

             

          
	
            PAR Springer-Miller Systems Private Ltd

          	
            India

             

          
	
            PAR Springer-Miller Systems, Inc.

          	
            Delaware

             

          
	
            PAR U.K. Corp.

          	
            New York

             

          
	
            Springer-Miller Canada, ULC

          	
            Nova Scotia, Canada

             

          
	
            Springer-Miller International, LLC

          	
            Delaware

             

          

    

    

    
      
        

      

    

    

    

    

    

    SCHEDULE III

    

    

    Press release of the Company dated April 9, 2019 relating to the announcement of the Offering.

    

    

    Press release of the Company dated April 10, 2019, relating to the announcement of the pricing of the Offering.
    
      
        

      

    

    
    
      

    

    

    EXHIBIT A

    

    

    FORM OF LOCK-UP AGREEMENT

    

    

    April 5, 2019

    

    

    JEFFERIES LLC

    520 Madison Avenue

    New York, New York  10022

    RE:            PAR Technology Corporation (the “Company”)

    

    

    Ladies and Gentlemen:

    

    

    The undersigned is
          an owner of record or a beneficial owner of certain shares of common stock, par value $0.02 per share, of the Company (“Shares”) or securities convertible into or exchangeable or exercisable for Shares.  The Company proposes to
          carry out an offering (the “Offering”) pursuant to Rule 144A under the
          Securities Act of 1933, as amended (the “Securities Act”), of
          Convertible Senior Notes (the “Notes”) for which you will act as the
          Initial Purchaser (as defined in the Purchase Agreement (as defined below) relating to the Offering to which the Company is a party).  The undersigned recognizes that the Offering will be of benefit to the undersigned and will benefit the Company.  The undersigned acknowledges that you are relying on the representations and agreements of the undersigned contained in
          this letter agreement (the “Lock-up Agreement”) in carrying out the
          Offering and, at a subsequent date, entering into a Purchase Agreement (the “Purchase Agreement”) with the Company with respect to the Offering.

    

    

    In consideration of the foregoing, and for other good and valuable consideration, the receipt of and sufficiency of
        which are hereby acknowledged, the undersigned hereby agrees that the undersigned will not, and will cause any spouse or immediate family member (as such term is defined in Rule 16a-1(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), “Immediate Family Member”) of the spouse or the
        undersigned living in the undersigned’s household not to, without the prior written consent of Jefferies LLC (the “Initial Purchaser”) (which consent may be
        withheld in the Initial Purchaser’s sole discretion), directly or indirectly, (1) sell, offer, contract or grant any option to sell (including without limitation any short sale), pledge, assign, transfer, establish an open “put equivalent position”
        within the meaning of Rule 16a-1(h) under the Exchange Act, or otherwise dispose of any Shares, options or warrants to acquire Shares, or securities exchangeable or exercisable for or convertible into Shares currently or hereafter owned either of
        record or beneficially (as defined in Rule 13d-3 under the Exchange Act) by the undersigned, the undersigned’s spouse or the Immediate Family Members of each of the foregoing living in the undersigned’s household, (2) enter into any swap, hedge or
        similar arrangement or agreement that transfers, in whole or in part, the economic risk of ownership of all or any part of the Shares, or securities exchangeable or exercisable for or convertible into Shares currently or hereafter owned either of
        record or beneficially (as defined in Rule 13d-3 under the Exchange Act) by the undersigned regardless of whether any such transaction is to be settled in securities, in cash or otherwise, (3) make any demand for or exercise any right to cause to
        be filed a registration statement, including any amendments thereto, with respect to the registration of any Shares or securities exchangeable or exercisable for or convertible into Shares or any other securities of the Company or (4) or publicly announce an intention to do any of the foregoing, for a period commencing on the date hereof and continuing through the close of trading on the date 90 days after the date of the Purchase Agreement (the “Lock-up Period”); provided, that the foregoing restrictions shall not apply to:

    

    

    	 	
            (i)

          	
            the transfer of any or all of the Shares owned by the undersigned by gift to Immediate Family Members of the undersigned;

          
	 	 	 
	 	
            (ii)

          	
            dispositions to any trust for the direct or indirect benefit of the undersigned and/or Immediate Family Members of the undersigned;

          
	 	 	 
	 	
            (iii)

          	
            dispositions of Shares to any corporation, partnership, limited liability company or other entity all of the beneficial ownership
                interests of which are held by the undersigned and/or Immediate Family Members of the undersigned;

          
	 	 	 
	 	
            (iv)

          	
            distributions of Shares to partners, members or stockholders of the undersigned or to the undersigned’s affiliates or to any investment
                fund or other entity controlled or managed by the undersigned;

          
	 	 	 
	 	
            (v)

          	
            dispositions by will or intestate succession; provided that in the case of any transfer pursuant this clause, any filing under Section
                16(a) of the Exchange Act, reporting a reduction in beneficial ownership of Shares, shall state that such transfer is a disposition by will or intestate succession;

          
	 	 	 
	 	
            (vi)

          	
            transfers pursuant to an order of a court or regulatory agency; provided that in the case of any transfer pursuant this clause, any
                filing under Section 16(a) of the Exchange Act, reporting a reduction in beneficial ownership of Shares, shall state that such transfer is pursuant to an order of a court or regulatory agency, unless such a statement would be prohibited by
                any applicable law, regulation or order of a court or regulatory authority;

          
	 	 	 
	 	
            (vii)

          	
            to transfers to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i)
                through (vi);

          
	 	 	 
	 	
            (viii)

          	
            in the case of vesting of restricted stock or a similar security granted pursuant to the Company’s equity incentive plans or granted as
                an inducement award, the disposition of shares to the Company limited to that number of Shares as may be necessary to meet tax obligations related to such vesting (or related delivery) of such securities, provided, that any public report or
                filing under Section 16 of the Exchange Act shall state in the footnotes thereto that the filing relates to the vesting of restricted stock or similar security and a related sale to meet tax obligations;

          
	 	 	 
	 	
            (ix)

          	
            the entry into any trading plan established pursuant to Rule 10b5-1 under the Exchange Act, provided that such plan does not provide
                for any sales or other dispositions of Shares during the Lock-Up Period and no public announcement or public disclosure of entry into such plan is made or required to be made;

          
	 	 	 
	 	
            (x)

          	
            transactions relating to Shares acquired by the undersigned in open market transactions after the completion of the Offering;

          
	 	 	 
	 	
            (xi)

          	
            the repurchase of Shares by the Company in connection with termination of the undersigned’s employment with the Company;  and

          
	 	 	 
	 	
            (xii)

          	
            in response to a bona fide third-party takeover bid made to all holders of Shares or any other, merger, consolidation, stock exchange
                or other similar transaction whereby all or substantially all of the Shares are acquired by a third party;

          

    

    

    provided, however, that (A) in the case of the transactions in
          clauses (i) through (iv) above, and in the case of clause (vii) in respect of a transaction in clause (i) through (iv) above, it shall be a condition to such transfer that the transferee executes and delivers to Jefferies LLC an agreement stating
          that the transferee is receiving and holding the Shares subject to the provisions of this letter agreement, and there shall be no further transfer of such Shares, except in accordance with this letter agreement and (B) in the case of the
          transactions in clauses (i) through (iv) and (x) above, and in the case of clause (vii) in respect of a transaction in clause (i) through (iv) and (x) above, it shall be a condition to such transfer that no public disclosure and no filing by any
          party to the transfer (donor, donee, transferor or transferee) under the Exchange Act shall be required nor shall be voluntarily made reporting a reduction in beneficial ownership of the Shares in connection with such transfer or distribution
          prior to the expiration of the Lock-up Period (as the same may be extended pursuant to the terms hereof).

    

    

    
      A-1

      
        

      

    

    The undersigned also agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar against the
        transfer of Shares or securities convertible into or exchangeable or exercisable for Shares held by the undersigned except in compliance with the foregoing restrictions.

    

    

    This letter agreement is irrevocable and will be binding on the undersigned and the respective
        successors, heirs, personal representatives, and assigns of the undersigned.

    

    

    The undersigned hereby represents and warrants that the undersigned has full power, capacity and authority to enter into this letter agreement.
        All authority herein conferred or agreed to be conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs or personal representatives of the undersigned.

    

    

    If (i) the Company notifies the Initial Purchaser in writing that it does not intend to proceed with the Offering, (ii) the Purchase Agreement
        is not executed before April 30, 2019 or (iii) the Purchase Agreement (other than the provisions thereof that survive termination) terminates or is terminated prior to payment for and delivery of the Notes, then in each case, this Lock-up Agreement
        shall automatically, and without any action on the part of any other party, terminate and be of no further force and effect, and the undersigned shall automatically be released from the obligations under this Lock-up Agreement.

    

    

    This letter agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

    

    

    	 	 
	
            Printed Name of Holder

          	 
	 	 	 
	
            By:

          	 	 
	 	
            Signature

          	 
	 	 	 
	 	 
	
            Printed Name of Person Signing

          	 
	 	 
	
            (and indicate capacity of person signing if signing as custodian, trustee, or on behalf of an entity)

             

          	 

    

    

    
      A-2

      
        

      

    

    

      

    

    

    EXHIBIT C

    

    

    Dr. John W. Sammon

    

    

    Douglas G. Rauch

    

    

    Cynthia A. Russo

    

    

    Savneet Singh

    

    

    Dr. James C. Stoffel

    

    

    Bryan A. Menar

    

    

    Matthew R. Cicchinelli

    

    

    Deanna D. Sammon

    

    

    J.W. Sammon Corp.

    

    

    Sammon Family Limited Partnership

    

    

    Karen Sammon

    

    

    C-1Exhibit 10.32

 

 

 

Equity Transfer Agreement

This Agreement is entered into as of December 18, 2018 in Shanghai by and between the following two parties.

 

Transferor: Heilongjiang Xinda Enterprise Group Company Limited (hereinafter referred to as Party A)

 

Transferee: Gao Xiaohui (hereinafter referred to as Party B)

 

Heilongjiang Xinda Enterprise Group Shanghai New Materials Sales Co., Ltd. (hereinafter referred to as Target Company) has a registered capital of RMB 50 million yuan, which is subscribed by Party A, accounting for 100%; according to relevant laws and regulations, the parties to this Agreement, through friendly consultations, reach the terms as follows:

 

Article 1 Equity Transfer Object and Transfer Price

 

		1.	
Party A shall transfer 100% of the equities of the Target Company (that is, a subscribed capital contribution of RMB 50 million yuan) to Party B at a price of RMB 50 million yuan.

		2.	
Other rights attached to the equities shall be transferred along with the transfer of such equities.

 

Article 2 Commitments and Warrants

 

Party A warrants that the equities transferred to Party B as stipulated in Article 1 hereof are legally owned by Party A, and Party A has full and legitimate rights of disposal. Party A warrants that there is no pledge or other security right on the equities under transfer, and the equities are not subject to any third party’s recourse.

Article 3 Liability for Default

In case of any default, the defaulting party shall assume all legal responsibilities.

Article 4 Dispute Resolutions

This Agreement shall be governed by and construed in accordance with the relevant laws of the People’s Republic of China.

Any dispute arising out of or in connection with this Agreement shall be settled through friendly negotiations by the parties. Should the negotiations fail, such dispute may be directly rendered to the people’s court for litigation.

Article 5 Miscellaneous

		1.	
This Agreement is made in triplicate, with each party holding one copy, and the Target Company holding one copy to be used for relevant formalities.

		2.	
This Agreement shall come into effect upon the signing by each party.

	
Party A:  

Heilongjiang Xinda Enterprise Group Company Limited   

December 18, 2018   

	
 

	

Party B:

Gao Xiaohui

December 18, 2018

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