Exhibit 1.1
VERITIV CORPORATION
(a Delaware corporation)
1,400,000 Shares of Common Stock
UNDERWRITING AGREEMENT
Dated: November 16, 2020
VERITIV CORPORATION
(a Delaware corporation)
1,400,000 Shares of Common Stock
UNDERWRITING AGREEMENT
November 16, 2020
Xxxxxx Xxxxxxx & Co. LLC
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Ladies and Gentlemen:
UWW Holdings, LLC,
a Delaware corporation (the “Selling Shareholder”), confirms its respective agreements with Xxxxxx Xxxxxxx &
Co. LLC (“Xxxxxx Xxxxxxx”) and each of the other Underwriters, if any, named in Schedule A hereto (collectively, the
“Underwriters,” which term shall also include any underwriter substituted as hereinafter provided in Section 10
hereof), for whom Xxxxxx Xxxxxxx is acting as representative (in such capacity, the “Representative”), with respect
to the sale by the Selling Shareholder, and the purchase by the Underwriters, acting severally and not jointly, of 1,400,000 shares
of common stock, par value $0.01 per share (the “Common Stock”), of Veritiv Corporation, a Delaware corporation (the
“Company”), set forth in Schedule A hereto under the column “Number of Securities” (the “Securities”).
To the extent that you are the only Underwriter, all references to “each Underwriter,” “the Underwriters”
or “Representative” shall refer to just you.
The Selling Shareholder
understands that the Underwriters propose to make a public offering of the Securities as soon as the Representative deems advisable
after this Agreement has been executed and delivered.
The Company has
filed with the Securities and Exchange Commission (the “Commission”) a registration statement on Form S-3
(File No. 333-207286) on October 5, 2015, Amendment No. 1 on Form S-3 on October 21, 2015, which was
declared effective by the Commission on October 23, 2015, Post-Effective Amendment No. 1 on Form S-1 on
May 16, 2016 (converting the registration statement on Form S-3 to Form S-1), which was declared effective by
the Commission on May 17, 2016, Post-Effective Amendment No. 2 on Form S-1 (“Post-Effective Amendment
No. 2”) on November 15, 2016, which became effective upon filing, and Post-Effective Amendment No. 3 on
Form S-3 (“Post-Effective Amendment No. 3”) on February 3, 2017, which was declared effective by
the Commission on February 15, 2017, covering the registration of the sale of the Securities under the Securities Act of
1933, as amended (the “1933 Act”), and the rules and regulations of the Commission under the 1933 Act (the
“1933 Act Regulations”). Such registration statement, including the amendments thereto, the exhibits thereto and
any schedules thereto, and the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the
1933 Act, at the time Post-Effective Amendment No. 3 was declared effective, and including the information contained in
a prospectus filed by the Company relating to the Securities in accordance with the provisions of
Rule 424(b) (“Rule 424(b)”) of the 1933 Act Regulations that is deemed to be part of such
registration statement on the date it is first used after effectiveness pursuant to Rule 430A, Rule 430B or
Rule 430C of the 1933 Act Regulations, as applicable (the “Rule 430 Information”), is herein called the
“Registration Statement.” The base prospectus included in the Registration Statement at the Applicable Time (as
defined below) is herein called the “base prospectus.” Each preliminary prospectus supplement used in connection
with the offering of the Securities prior to the Applicable Time, including the documents incorporated by reference therein
pursuant to Item 12 of Form S-3 under the 1933 Act and the Rule 430 Information, together with the base prospectus,
are collectively referred to herein as a “preliminary prospectus.” Promptly after execution and delivery of this
Agreement, the Company will prepare and file a final prospectus supplement relating to the Securities in accordance with the
provisions of Rule 424(b). Any registration statement filed pursuant to Rule 462(b) of the 1933 Act
Regulations is herein called the “Rule 462(b) Registration Statement” and, after such filing, the term
“Registration Statement” shall include the Rule 462(b) Registration Statement. The final prospectus
supplement, in the form first furnished to the Underwriters for use in connection with the offering of the Securities,
including the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the 1933 Act and the
Rule 430 Information, together with the base prospectus, are collectively referred to herein as the
“Prospectus.” For purposes of this Agreement, all references to the Registration Statement, any preliminary
prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed
with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval system or any successor system
(“XXXXX”).
As used in this Agreement:
“Applicable
Time” means 4:01 P.M., New York City time, on November 16, 2020, or such other time as agreed by the Company and Xxxxxx
Xxxxxxx.
“General
Disclosure Package” means any Issuer General Use Free Writing Prospectuses issued at or prior to the Applicable Time, the
most recent preliminary prospectus (including any documents incorporated therein by reference) that is distributed to investors
prior to the Applicable Time and the information included on Schedule B-1 hereto, all considered together.
“Issuer
Free Writing Prospectus” means any “issuer free writing prospectus,” as defined in Rule 433 of the 1933
Act Regulations (“Rule 433”), including without limitation any “free writing prospectus” (as defined
in Rule 405 of the 1933 Act Regulations (“Rule 405”)) relating to the Securities that is (i) required
to be filed with the Commission by the Company, (ii) a “road show that is a written communication” within the
meaning of Rule 433(d)(8)(i), whether or not required to be filed with the Commission, or (iii) exempt from filing with
the Commission pursuant to Rule 433(d)(5)(i) because it contains a description of the Securities or of the offering that
does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required
to be filed, in the form retained in the Company’s records pursuant to Rule 433(g).
“Issuer
General Use Free Writing Prospectus” means any Issuer Free Writing Prospectus that is intended for general distribution to
prospective investors (other than a “bona fide electronic road show,” as defined in Rule 433), as evidenced
by its being specified in Schedule B-2 hereto.
“Issuer
Limited Use Free Writing Prospectus” means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing
Prospectus.
All references in this
Agreement to financial statements and schedules and other information which is “contained,” “included,”
“stated,” “referred to” or “set forth” in the Registration Statement, any preliminary prospectus
or the Prospectus (or other references of like import) shall include all such financial statements and schedules and other information
which is incorporated by reference in or otherwise deemed by 1933 Act Regulations to be a part of or included in the Registration
Statement, any preliminary prospectus or the Prospectus, as the case may be, prior to the execution and delivery of this Agreement;
and all references in this Agreement to amendments or supplements to the Registration Statement, any preliminary prospectus or
the Prospectus shall include the filing of any document under the Securities Exchange Act of 1934, as amended (the “1934
Act”), which is incorporated by reference in or otherwise deemed by 1933 Act Regulations to be a part of or included in the
Registration Statement, such preliminary prospectus or the Prospectus, as the case may be, at or after the execution and delivery
of this Agreement.
SECTION 1. Representations
and Warranties.
(a) Representations
and Warranties by the Company. The Company represents and warrants to each Underwriter as of the date hereof, the
Applicable Time, the Closing Time (as defined below), provided, however, that any representations and warranties that
expressly speak as of a specific date shall only be considered to be made as of such date, and agrees with each Underwriter,
as follows:
(i) Registration
Statement and Prospectuses. Each of the Registration Statement and any amendment thereto has been declared or has become effective
under the 1933 Act. No stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto
has been issued under the 1933 Act, no order preventing or suspending the use of any preliminary prospectus or the Prospectus has
been issued and no proceedings for any of those purposes have been instituted or are pending or, to the Company’s knowledge,
contemplated. The Company has complied with each request (if any) from the Commission for additional information.
Each of the
Registration Statement and any post-effective amendment thereto, at the time it was declared or became effective, complied in all
material respects with the requirements of the 1933 Act and the 1933 Act Regulations. Each preliminary prospectus, the Prospectus
and any amendment or supplement thereto, at the time each was filed with the Commission, complied in all material respects with
the requirements of the 1933 Act and the 1933 Act Regulations. Each preliminary prospectus delivered to the Underwriters for use
in connection with this offering and the Prospectus was or will be identical to the electronically transmitted copies thereof filed
with the Commission pursuant to XXXXX, except to the extent permitted by Regulation S-T.
The documents
incorporated or deemed to be incorporated by reference in the Registration Statement, any preliminary prospectus and the Prospectus,
at the time they were or thereafter are filed with the Commission, complied and will comply in all material respects with the requirements
of the 1934 Act, and the rules and regulations of the Commission under the 1934 Act (the “1934 Act Regulations”).
(ii) Accurate
Disclosure. Neither the Registration Statement nor any amendment thereto, when considered together at its effective time or
at the Closing Time, contained, contains or will contain an untrue statement of a material fact or omitted, omits or will omit
to state a material fact required to be stated therein or necessary to make the statements therein not misleading. As of the Applicable
Time, neither (A) the General Disclosure Package nor (B) any individual Issuer Limited Use Free Writing Prospectus, when
considered together with the General Disclosure Package, included, includes or will include an untrue statement of a material fact
or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading. Neither the Prospectus nor any amendment or supplement thereto, as of
its issue date, at the time of any filing with the Commission pursuant to Rule 424(b) or at the Closing Time, included,
includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The documents
incorporated or deemed to be incorporated by reference in the Registration Statement, the General Disclosure Package and the Prospectus,
at the time the Registration Statement became effective or when such documents incorporated by reference were filed with the Commission,
as the case may be, when read together with the other information in the Registration Statement, the General Disclosure Package
or the Prospectus, as the case may be, did not and will not include 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.
The
representations and warranties in this subsection shall not apply to statements in or omissions from the Registration
Statement (or any amendment thereto), the General Disclosure Package or the Prospectus (or any amendment or supplement
thereto) made in reliance upon and in conformity with (i) written information furnished to the Company by any
Underwriter expressly for use therein or (ii) written information furnished to the Company by the Selling Shareholder
expressly for use therein. For purposes of this Agreement, the only information furnished pursuant to the foregoing clause
(i) shall be the information in the fifth paragraph under the heading “Underwriting,” the information
in the second, third and fourth paragraphs under the heading “Underwriting–Price Stabilization, Short
Positions” and the information under the heading “Underwriting–Electronic Distribution” in each case
contained in the Prospectus (collectively, the “Underwriter Information”), and the only information furnished
pursuant to the foregoing clause (ii) shall be the information relating to the Selling Shareholder furnished in writing
in preparation of the answers to Item 7 of Form S-3 (the “Selling Shareholder Information”).
(iii) Issuer
Free Writing Prospectuses. No Issuer Free Writing Prospectus conflicts or will conflict with the information contained in the
Registration Statement or the Prospectus, including any document incorporated by reference therein, and any preliminary or other
prospectus deemed to be a part thereof that has not been superseded or modified.
(iv) Company
Not Ineligible Issuer. At the time of filing the Registration Statement and any post-effective amendment thereto, at the earliest
time thereafter that the Company or another offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) of
the 1933 Act Regulations) of the Securities and at the date hereof, the Company was not and is not an “ineligible issuer,”
as defined in Rule 405, without taking account of any determination by the Commission pursuant to Rule 405 that it is
not necessary that the Company be considered an ineligible issuer.
(v) The
Company’s Independent Accountants. Deloitte & Touche LLP are independent public accountants with respect to
the Company as required by the 1933 Act, the 1933 Act Regulations and the Public Accounting Oversight Board.
(vi) Financial
Statements. The financial statements of the Company included or incorporated by reference in the Registration Statement, the
General Disclosure Package and the Prospectus, together with the related notes, present fairly in all material respects the financial
position of the Company and its consolidated subsidiaries at the dates indicated and the statements of income and cash flows of
the Company and its consolidated subsidiaries for the periods specified; said financial statements have been prepared in conformity
with U.S. generally accepted accounting principles (“GAAP”) applied on a consistent basis throughout the periods involved.
The selected financial data and the summary financial information included in the Registration Statement, the General Disclosure
Package and the Prospectus present fairly in all material respects the information shown therein and have been compiled, where
applicable, on a basis consistent with that of the audited financial statements included therein The interactive data in eXtensible
Business Reporting Language included or incorporated by reference in the Registration Statement fairly presents the information
called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable
thereto.
(vii) No
Material Adverse Change in Business. Except as otherwise stated therein, since the respective dates as of which information
is given in the Registration Statement, the General Disclosure Package or the Prospectus, (A) there has been no material adverse
change in the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Company and
its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business (a “Material Adverse
Effect”), (B) there have been no transactions entered into by the Company or any of its subsidiaries, other than those
in the ordinary course of business, which are material with respect to the Company and its subsidiaries considered as one enterprise,
and (C) there has been no dividend or distribution of any kind declared, paid or made by the Company on any class of its capital
stock.
(viii) Good
Standing of the Company. The Company has been duly organized and is validly existing as a corporation in good standing under
the laws of the State of Delaware and has corporate power and authority to own, lease and operate its properties and to conduct
its business as described in the Registration Statement, the General Disclosure Package and the Prospectus and to enter into and
perform its obligations under this Agreement; and the Company is duly qualified as a foreign corporation to transact business and
is in good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing
of property or the conduct of business, except where the failure so to qualify or to be in good standing would not reasonably be
expected to result in a Material Adverse Effect.
(ix) Good
Standing of Subsidiaries. Each “significant subsidiary” of the Company (as such term is defined in
Rule 1-02 of Regulation S-X) (each, a “Subsidiary” and, collectively, the “Subsidiaries”) has
been duly organized and is validly existing in good standing under the laws of the jurisdiction of its incorporation or
organization, has corporate or similar power and authority to own, lease and operate its properties and to conduct its
business as described in the Registration Statement, the General Disclosure Package and the Prospectus and is duly qualified
to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason
of the ownership or leasing of property or the conduct of business, except where the failure to so qualify or to be in good
standing would not reasonably be expected to result in a Material Adverse Effect. Except as otherwise disclosed in the
Registration Statement, the General Disclosure Package and the Prospectus, all of the issued and outstanding capital stock of
each Subsidiary has been duly authorized and validly issued, is fully paid and non-assessable and is owned by the
Company, directly or through subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance,
claim or equity. None of the outstanding shares of capital stock of any Subsidiary were issued in violation of the preemptive
or similar rights of any securityholder of such Subsidiary. The subsidiaries listed on Exhibit 21 to the Company’s
Annual Report on Form 10-K for the year ended December 31, 2019 were the only subsidiaries of the Company as of the
date set forth therein.
(x) Capitalization.
The outstanding shares of capital stock of the Company, including the Securities, have been duly authorized and validly issued
and are fully paid and non-assessable. None of the outstanding shares of capital stock of the Company, including the Securities,
were issued in violation of the preemptive or other similar rights of any securityholder of the Company.
(xi) Due
Authorization. The Company has the full right, power and authority to execute and deliver
this Agreement and to perform its obligations hereunder; and all action required to be taken for the due and proper authorization,
execution and delivery by it of this Agreement and the consummation by it of the transactions contemplated herein has been duly
and validly taken.
(xii) Authorization
of Agreement. This Agreement has been duly authorized, executed and delivered by the Company.
(xiii) Authorization
and Description of Securities. The Common Stock conforms in all material respects to the description thereof contained in the
Registration Statement, the General Disclosure Package and the Prospectus under the caption “Description of Our Common Stock.”
No holder of Securities will be subject to personal liability by reason of being such a holder.
(xiv) Registration
Rights. There are no persons with registration rights or other similar rights to have any securities registered for sale pursuant
to the Registration Statement or otherwise registered for sale or sold by the Company under the 1933 Act pursuant to this Agreement,
other than those rights that have been disclosed in the Registration Statement, the General Disclosure Package and the Prospectus
and have been waived or otherwise complied with.
(xv) Absence
of Violations, Defaults and Conflicts. Neither the Company nor any of its subsidiaries is (A) in violation of its
charter, by-laws or similar organizational document, (B) in default in the performance or observance of any obligation,
agreement, covenant or condition contained in any contract, indenture, mortgage, deed of trust, loan or credit agreement,
note, lease or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which it or any
of them may be bound or to which any of the properties or assets of the Company or any subsidiary is subject (collectively,
“Agreements and Instruments”), except for such defaults that would not, singly or in the aggregate, reasonably be
expected to result in a Material Adverse Effect, or (C) in violation of any law, statute, rule, regulation, judgment,
order, writ or decree of any arbitrator, court, governmental body, regulatory body, administrative agency or other authority,
body or agency having jurisdiction over the Company or any of its subsidiaries or any of their respective properties, assets
or operations (each, a “Governmental Entity”), except for such violations that would not, singly or in the
aggregate, reasonably be expected to result in a Material Adverse Effect. The execution, delivery and performance by the
Company of this Agreement and the consummation by the Company of the transactions contemplated herein and in the Registration
Statement, the General Disclosure Package and the Prospectus and compliance by the Company with its obligations hereunder
have been duly authorized by all necessary corporate action and do not and will not, whether with or without the giving of
notice or passage of time or both (i) conflict with or constitute a breach of, or default or Repayment Event (as defined
below) under, or result in the creation or imposition of any lien, charge or encumbrance upon any properties or assets of the
Company or any subsidiary pursuant to, the Agreements and Instruments (except for such conflicts, breaches, defaults or
Repayment Events or liens, charges or encumbrances that would not, singly or in the aggregate, reasonably be expected to
result in a Material Adverse Effect), (ii) result in any violation of the provisions of the charter, by-laws or similar
organizational document of the Company or any of its subsidiaries or (iii) violate any law, statute, rule, regulation,
judgment, order, writ or decree of any Governmental Entity, except, in the case of clause (i) or clause (iii), for such
conflicts, breaches, violations or defaults as would not impair in any material respect the consummation of the
Company’s obligations hereunder and thereunder. As used herein, a “Repayment Event” means any event or
condition which gives 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 its subsidiaries.
(xvi) Absence
of Labor Dispute. No labor dispute with the employees of the Company or any of its subsidiaries exists or, to the knowledge
of the Company, is imminent, which would reasonably be expected to result in a Material Adverse Effect.
(xvii) Absence
of Proceedings. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, there
is no action, suit, proceeding, inquiry or investigation before or brought by any Governmental Entity now pending or, to the knowledge
of the Company, threatened, against or affecting the Company or any of its subsidiaries, which would reasonably be expected to
result in a Material Adverse Effect, or which would reasonably be expected to materially and adversely affect their respective
properties or assets or the consummation of the transactions contemplated in this Agreement or the performance by the Company of
its obligations hereunder.
(xviii) Accuracy
of Exhibits. There are no contracts or documents which are required to be described in the Registration Statement, the General
Disclosure Package or the Prospectus or to be filed as exhibits to the Registration Statement which have not been so described
and filed as required.
(xix) Absence
of Further Requirements. No filing with, or authorization, approval, consent, license, order, registration, qualification or
decree of, any Governmental Entity is necessary or required for the performance by the Company of its obligations hereunder, in
connection with the offering or sale of the Securities hereunder or the consummation of the transactions contemplated by this Agreement,
except (i) such as have been already obtained or will be obtained prior to the Closing Time or as may be required under the
1933 Act, the 1933 Act Regulations, the rules of the New York Stock Exchange, state securities laws or the rules of the
Financial Industry Regulatory Authority (“FINRA”) or (ii) such filings, authorizations, approvals, consents, licenses,
orders, registrations, qualifications or decrees as would not impair in any material respect the consummation of the Company’s
obligations hereunder.
(xx) Possession
of Licenses and Permits. The Company and its subsidiaries possess such permits, licenses, approvals, consents and other authorizations
(collectively, “Governmental Licenses”) issued by the appropriate Governmental Entities necessary to conduct the business
now operated by them, except where the failure so to possess would not, singly or in the aggregate, reasonably be expected to result
in a Material Adverse Effect. The Company and its subsidiaries are in compliance with the terms and conditions of all Governmental
Licenses, except where the failure so to comply would not, singly or in the aggregate, reasonably be expected to result in a Material
Adverse Effect. All of the Governmental Licenses are valid and in full force and effect, except when the invalidity of such Governmental
Licenses or the failure of such Governmental Licenses to be in full force and effect would not, singly or in the aggregate, reasonably
be expected to result in a Material Adverse Effect. Neither the Company nor any of its subsidiaries has received any notice of
proceedings relating to the revocation or modification of any Governmental Licenses which, singly or in the aggregate, if the subject
of an unfavorable decision, ruling or finding, would reasonably be expected to result in a Material Adverse Effect.
(xxi) Title
to Property. The Company and its subsidiaries have good and marketable title to all real property owned by them and good title
to all other properties owned by them, in each case, free and clear of all mortgages, pledges, liens, security interests, claims,
restrictions or encumbrances of any kind except such as (A) are described in the Registration Statement, the General Disclosure
Package and the Prospectus or (B) do not, singly or in the aggregate, materially affect the value of such property and do
not materially interfere with the use made and proposed to be made of such property by the Company or any of its subsidiaries;
and all of the leases and subleases material to the business of the Company and its subsidiaries, considered as one enterprise,
and under which the Company or any of its subsidiaries holds properties described in the Registration Statement, the General Disclosure
Package or the Prospectus, are in full force and effect with such exceptions as do not materially interfere with the use made or
proposed to be made of such property by the Company or any of its subsidiaries, and neither the Company nor any such subsidiary
has any notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Company or any subsidiary
under any of the leases or subleases mentioned above, or affecting or questioning the rights of the Company or such subsidiary
to the continued possession of the leased or subleased premises under any such lease or sublease.
(xxii) Possession
of Intellectual Property. (A) The Company and its subsidiaries own or are authorized to use all patents, patent rights,
licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable confidential information,
systems or procedures), trademarks, service marks, trade names or other intellectual property (collectively, “Intellectual
Property”) used by the Company and its subsidiaries in the operation of the business now operated by them, (B) neither
the Company nor any of its subsidiaries has received any written notice of any infringement of or conflict with asserted rights
of others with respect to any Intellectual Property and (C) there are no threatened actions or proceedings which would render
any Intellectual Property invalid or inadequate to protect the interest of the Company or any of its subsidiaries therein, and
which infringement or conflict (if the subject of any unfavorable decision) or invalidity, singly or in the aggregate, would reasonably
be expected to result in a Material Adverse Effect.
(xxiii) Environmental
Laws. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus or would not, singly
or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (A) neither the Company nor any of its
subsidiaries is in violation of, or has incurred or is incurring or, to the knowledge of the Company, expects to incur any costs
or liabilities under or relating to, any applicable federal, state, local or foreign statute, law, rule, regulation, ordinance,
code or any binding judicial or administrative interpretation thereof or any rule of common law, including any judicial or
administrative order, consent, decree or judgment issued to any of them, relating to pollution or protection of human health (in
respect of exposure to hazardous materials), or the environment (including, without limitation, ambient air, surface water, groundwater,
land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or
threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum
products, asbestos-containing materials or mold (collectively, “Hazardous Materials”) or to the manufacture, processing,
distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively, “Environmental
Laws”), (B) the Company and its subsidiaries have all permits, authorizations and approvals required under any applicable
Environmental Laws for their respective operations and are each in compliance with their requirements, (C) there are no pending
or, to the knowledge of the Company, threatened administrative, regulatory or judicial actions, law suits, demands, demand letters,
claims, liens, notices of noncompliance or violation, investigation or proceedings in each case arising under or relating to any
Environmental Law and (D) to the knowledge of the Company, there are no events or circumstances that would reasonably be expected
to form the basis of an order for clean-up or remediation, or an action, suit or proceeding by any private party or Governmental
Entity, against or affecting the Company or any of its subsidiaries relating to Hazardous Materials or any Environmental Laws.
(xxiv) Accounting
Controls and Disclosure Controls. The Company maintains effective internal control over financial reporting (as defined
under Rule 13a-15 and Rule 15d-15 under the 1934 Act Regulations) and a system of internal accounting
controls sufficient to provide reasonable assurances that (A) transactions are executed in accordance with
management’s general or specific authorization; (B) transactions are recorded as necessary to permit preparation
of financial statements in conformity with GAAP and to maintain accountability for assets; (C) access to assets is
permitted only in accordance with management’s general or specific authorization; and (D) the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with
respect to any differences. Except as described in the Registration Statement, the General Disclosure Package and the
Prospectus, since the end of the Company’s most recent audited fiscal year, there has been (1) no material
weakness in the Company’s internal control over financial reporting (whether or not remediated) and (2) no change
in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to
materially affect, the Company’s internal control over financial reporting. The Company maintains an effective system
of disclosure controls and procedures (as defined in Rule 13a-15 and Rule 15d-15 under the 1934 Act
Regulations) that are designed to ensure that information required to be disclosed by the Company in the reports that it
files or submits under the 1934 Act is recorded, processed, summarized and reported, within the time periods specified in the
Commission’s rules and forms, and is accumulated and communicated to the Company’s management, including its
principal executive officer or officers and principal financial officer or officers, as appropriate, to allow timely
decisions regarding required disclosure.
(xxv) Compliance
with the Xxxxxxxx-Xxxxx Act. There is and has been no failure on the part of the Company or any of the Company’s directors
or officers, in their capacities as such, to comply in all material respects with any provision of the Xxxxxxxx-Xxxxx Act of 2002
and the rules and regulations promulgated in connection therewith (the “Xxxxxxxx-Xxxxx Act”), including Section 402
related to loans and Sections 302 and 906 related to certifications.
(xxvi) Payment
of Taxes. All United States federal income tax returns of the Company and its subsidiaries required by law to be filed have
been filed and all taxes shown by such returns or otherwise assessed, which are due and payable, have been paid, except assessments
against which appeals have been or will be promptly taken and as to which adequate reserves have been provided. The United States
federal income tax returns of the Company through the fiscal year ended December 31, 2014 have been settled or the period
for assessment of associated taxes has expired and no assessment in connection therewith has been made against the Company, although
available net operating losses could be affected by adjustments to years going back to 2004. The Company and its subsidiaries have
filed all other tax returns that are required to have been filed by them pursuant to applicable foreign, state, local or other
law except insofar as the failure to file such returns would not reasonably be expected to result in a Material Adverse Effect,
and has paid all taxes due pursuant to such returns or pursuant to any assessment received by the Company and its subsidiaries,
except for such taxes, if any, as are being contested in good faith and as to which adequate reserves have been established by
the Company. The charges, accruals and reserves on the books of the Company in respect of any income and corporation tax liability
for any years not finally determined are adequate to meet any assessments or re-assessments for additional income tax for any years
not finally determined, except to the extent of any inadequacy that would not reasonably be expected to result in a Material Adverse
Effect.
(xxvii) Insurance.
The Company and its subsidiaries carry or are entitled to the benefits of insurance, with financially sound and reputable insurers,
in such amounts and covering such risks as is generally maintained by companies of established repute engaged in the same or similar
business, and all such insurance is in full force and effect. The Company has no reason to believe that it or any of its subsidiaries
will not be able (A) to renew its existing insurance coverage as and when such policies expire or (B) to obtain comparable
coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that
would not reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any of its subsidiaries has been
denied any insurance coverage which it has sought or for which it has applied.
(xxviii) Investment
Company Act. The Company is not required, and upon the sale of the Securities has herein contemplated will not be required,
to register as an “investment company” under the Investment Company Act of 1940, as amended.
(xxix) Absence
of Manipulation. Neither the Company nor any controlled affiliate of the Company has taken, nor will the Company or any controlled
affiliate take, directly or indirectly, any action which is designed, or would reasonably be expected, to cause or result in, or
which constitutes, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale
of the Securities or to result in a violation of Regulation M under the 1934 Act. For purposes of Section 1(a) hereof,
a “controlled affiliate” means any person, corporation, limited liability company, partnership, joint venture, trust
or other entity that directly or indirectly is controlled by the Company within the meaning of Rule 405 under the 1933 Act.
(xxx) Foreign
Corrupt Practices Act. None of the Company, any of its subsidiaries or, to the knowledge of the Company, any director, officer,
employee or controlled affiliate of the Company or any of its subsidiaries has violated, is in violation of, or has taken any action,
directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended,
and the rules and regulations thereunder (the “FCPA”), including, without limitation, making use of the mails
or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization
of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any
“foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any
candidate for foreign political office, in contravention of the FCPA and has not violated, is in violation of, or has taken any
action, directly or indirectly, that would result in a violation of any applicable law or regulation implementing the OECD Convention
on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under the Xxxxxxx
Xxx 0000 of the United Kingdom or any other applicable anti-bribery or anti-corruption law and the Company and, to the knowledge
of the Company, its controlled affiliates have conducted their businesses in compliance with the FCPA and all applicable anti-bribery
and anti-corruption laws and have instituted and maintain policies and procedures designed to provide reasonable assurance of,
and which are reasonably expected to continue to provide reasonable assurance of, continued compliance therewith.
(xxxi) Money
Laundering Laws. The operations of the Company and its subsidiaries are and have been conducted at all times in compliance
in all material respects 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 jurisdictions, the rules and regulations thereunder
and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity (collectively,
the “Money Laundering Laws”); and no action, suit or proceeding by or before any Governmental Entity involving the
Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company,
threatened.
(xxxii) OFAC.
None of the Company, any of its subsidiaries or, to the knowledge of the Company, any director, officer, employee or controlled
affiliate of the Company or any of its subsidiaries is an individual or entity currently the subject of any sanctions administered
or enforced by the United States Government, including, without limitation, the U.S. Department of the Treasury’s Office
of Foreign Assets Control (“OFAC”), the United Nations Security Council, the European Union, Her Majesty’s Treasury,
or other relevant sanctions authority (collectively, “Sanctions”), nor is the Company located, organized or resident
in a country or territory that is the subject of Sanctions.
(xxxiii) Approval
of Listing. The Securities have been approved for listing on the New York Stock Exchange.
(xxxiv) Cybersecurity.
(i)(x) Except as described in the Registration Statement, the General Disclosure Package or the Prospectus, the Company
is not aware of any security breach or other compromise of or relating to any of the Company’s or any of its subsidiaries’
information technology and computer systems, networks, hardware, software, data (including the data of their respective customers,
employees, suppliers, vendors and any third party data maintained by or on behalf of them), equipment or technology (collectively,
“IT Systems and Data”), except as would not, in the case of this clause (i), individually or in the aggregate, have
a Material Adverse Effect and (y) the Company and its subsidiaries have not been notified of, and have no knowledge of any
event or condition that would reasonably be expected to result in, any security breach or other compromise to their IT Systems
and Data; (ii) the Company and its subsidiaries are presently in compliance with all applicable laws or statutes and all judgments,
orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual
obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from
unauthorized use, access, misappropriation or modification, except as would not, in the case of this clause (ii), individually
or in the aggregate, have a Material Adverse Effect; and (iii) the Company and its subsidiaries have implemented backup and
disaster recovery technology consistent with industry standards and practices.
(xxxv) Statistical
and Market-Related Data. Any statistical and market-related data included in the Registration Statement, the General Disclosure
Package or the Prospectus are based on or derived from sources that the Company believes, after reasonable inquiry, to be reliable
and accurate and, to the extent required, the Company has obtained the written consent to the use of such data from such source.
(b) Representations
and Warranties by the Selling Shareholder. The Selling Shareholder represents and warrants to the Underwriter as of the date
hereof, as of the Applicable Time, as of the Closing Time, provided, however, that any representations and warranties that expressly
speak as of a specific date shall only be considered to be made as of such date, and agrees with each Underwriter, as follows:
(i) Accurate
Disclosure. Neither the General Disclosure Package nor the Prospectus or any amendments or supplements thereto, includes any
untrue statement of a material fact or omits to state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading, provided that such representations and warranties set forth
in this subsection (b)(i) apply only to statements or omissions made in reliance upon and in conformity with the Selling Shareholder
Information.
(ii) Authorization
of this Agreement. This Agreement has been duly authorized, executed and delivered by or on behalf of the Selling Shareholder.
(iii) Noncontravention.
The execution and delivery of this Agreement and the sale and delivery of the Securities to be sold by the Selling Shareholder
and the consummation of the transactions contemplated herein and compliance by the Selling Shareholder with its obligations hereunder
do not and will not (i) conflict with or constitute a breach of, or default under, or result in the creation or imposition
of any tax, lien, charge or encumbrance upon the Securities to be sold by the Selling Shareholder or any property or assets of
the Selling Shareholder pursuant to any contract, indenture, mortgage, deed of trust, loan or credit agreement, note, license,
lease or other agreement or instrument to which the Selling Shareholder is a party or by which the Selling Shareholder may be bound,
or to which any of the property or assets of the Selling Shareholder is subject, (ii) result in any violation of the provisions
of the charter or by-laws or other organizational instrument of the Selling Shareholder pursuant to which the Selling Shareholder
was organized, or (iii) violate any applicable treaty, law, statute, rule, regulation, judgment, order, writ or decree of
any government, government instrumentality or court, domestic or foreign, having jurisdiction over the Selling Shareholder or any
of its properties, except in the case of clause (i) or clause (iii), for such conflicts, breaches, violations or defaults
as would not impair in any material respect the consummation of the Selling Shareholder’s obligations hereunder and thereunder.
(iv) Valid
Title. The Selling Shareholder has, and at the Closing Time will have, valid title to the Securities to be sold by the Selling
Shareholder free and clear of all security interests, claims, liens, equities or other encumbrances and the legal right and power,
and all authorization and approval required by law, to enter into this Agreement and to sell, transfer and deliver the Securities
to be sold by the Selling Shareholder.
(v) Delivery
of Securities. Upon payment of the purchase price for the Securities to be sold by the Selling Shareholder pursuant to this
Agreement, delivery of such Securities, as directed by the Underwriters, to Cede & Co. (“Cede”) or such other
nominee as may be designated by The Depository Trust Company (“DTC”), registration of such Securities in the name of
Cede or such other nominee (unless registration of such Securities is unnecessary because the Securities are already registered
in the name of Cede or such nominees), and the crediting of such Securities on the books of DTC to securities accounts (within
the meaning of Section 8-501(a) of the UCC) of the Underwriters (assuming that neither DTC nor any such Underwriter has
notice of any “adverse claim,” within the meaning of Section 8-105 of the Uniform Commercial Code then in effect
in the State of New York (“UCC”), to such Securities), (A) under Section 8-501 of the UCC, the Underwriters
will acquire a valid “security entitlement” in respect of such Securities and (B) no action (whether framed in
conversion, replevin, constructive trust, equitable lien, or other theory) based on any “adverse claim,” within the
meaning of Section 8-102 of the UCC, to such Securities may be asserted against the Underwriters with respect to such security
entitlement; for purposes of this representation, the Selling Shareholder may assume that when such payment, delivery and crediting
occur, (I) such Securities will have been registered in the name of Cede or another nominee designated by DTC, in each case
on the Company’s share registry in accordance with its certificate of incorporation, bylaws and applicable law, (II) DTC
will be registered as a “clearing corporation,” within the meaning of Section 8-102 of the UCC, (III) appropriate
entries to the accounts of the several Underwriters on the records of DTC will have been made pursuant to the UCC, (IV) to
the extent DTC, or any other securities intermediary which acts as “clearing corporation” with respect to the Securities,
maintains any “financial asset” (as defined in Section 8-102(a)(9) of the UCC in a clearing corporation pursuant
to Section 8-111 of the UCC, the rules of such clearing corporation may affect the rights of DTC or such securities intermediaries
and the ownership interest of the Underwriters, (V) claims of creditors of DTC or any other securities intermediary or clearing
corporation may be given priority to the extent set forth in Section 8-511(b) and 8-511(c) of the UCC and (VI) if
at any time DTC or other securities intermediary does not have sufficient Securities to satisfy claims of all of its entitlement
holders with respect thereto then all holders will share pro rata in the Securities then held by DTC or such securities intermediary.
(vi) Absence
of Manipulation. The Selling Shareholder has not taken, and will not take, directly or indirectly, any action which is designed
to or which constituted or would reasonably be expected to cause or result in stabilization or manipulation of the price of any
security of the Company to facilitate the sale or resale of the Securities.
(vii) Absence
of Further Requirements. No filing with, or consent, approval, authorization, order, registration, qualification or decree
of any arbitrator, court, governmental body, regulatory body, administrative agency or other authority, body or agency, domestic
or foreign, is necessary or required for the performance by the Selling Shareholder of its obligations hereunder, or in connection
with the sale and delivery of the Securities hereunder or the consummation of the transactions contemplated by this Agreement,
except (i) such as have been already obtained or will be obtained prior to the Closing Time or as may be required under the
1933 Act, the 1933 Act Regulations, the rules of the New York Stock Exchange, state securities laws or the rules of
FINRA or (ii) such consents, approvals, authorizations, orders, registrations, qualifications or decrees as would not impair
in any material respect the consummation of the Selling Shareholder’s obligations hereunder.
(viii) No
Registration or Other Similar Rights. The Selling Shareholder does not have any registration or other similar rights to
have any equity or debt securities registered for sale by the Company under the Registration Statement or included in the
offering contemplated by this Agreement, other than those rights that have been disclosed in the Registration Statement, the
General Disclosure Package and the Prospectus and have been waived or otherwise complied with.
(c) Officer’s
Certificates. Any certificate signed by any officer of the Company or any of its subsidiaries delivered to the Representative
or to counsel for the Underwriters shall be deemed a representation and warranty by the Company to each Underwriter as to the matters
covered thereby; and any certificate signed by or on behalf of the Selling Shareholder as such and delivered to the Representative
or to counsel for the Underwriters pursuant to the terms of this Agreement shall be deemed a representation and warranty by the
Selling Shareholder to the Underwriters as to the matters covered thereby.
SECTION 2. Sale
and Delivery to Underwriters; Closing.
(a) Securities.
On the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth, the
Selling Shareholder agrees to sell to each Underwriter and each Underwriter, severally and not jointly, agrees to purchase from
the Selling Shareholder, at the price per share set forth in Schedule A, that number of Securities set forth in Schedule A opposite
the name of such Underwriter, subject, to such adjustments among the Underwriters as Xxxxxx Xxxxxxx in its sole discretion shall
make to eliminate any sales or purchases of fractional shares.
(b) Payment.
Payment of the purchase price for, and delivery of (via transfer in book-entry form), the Securities shall be made at the offices
of Xxxxx Xxxx & Xxxxxxxx LLP, 000 Xxxxxxxxx Xxxxxx, Xxx Xxxx, XX 00000, or at such other place as shall be agreed upon
by the Representative, the Selling Shareholder and the Company, at 9:00 A.M. (New York City time) on the second (third,
if the pricing occurs after 4:30 P.M. (New York City time) on any given day) business day after the date hereof (unless postponed
in accordance with the provisions of Section 10), or such other time not later than ten business days after such date as shall
be agreed upon by the Representative, the Selling Shareholder and the Company (such time and date of payment and delivery being
herein called “Closing Time”).
Payment shall be made to the Selling Shareholder
by wire transfer of immediately available funds to bank accounts designated by the Selling Shareholder against delivery to the
Representative for the respective accounts of the Underwriters of the Securities to be purchased by them. It is understood that
each Underwriter has authorized the Representative, for its account, to accept delivery of, receipt for, and make payment of the
purchase price for, the Securities which it has agreed to purchase. Xxxxxx Xxxxxxx, individually and not as representative of the
Underwriters, may (but shall not be obligated to) make payment of the purchase price for the Securities to be purchased by any
Underwriter whose funds have not been received by the Closing Time, as the case may be, but such payment shall not relieve such
Underwriter from its obligations hereunder.
SECTION 3. Covenants
of the Company and the Selling Shareholder. The Company and the Selling Shareholder, as applicable, covenant with each Underwriter
as follows:
(a) Compliance
with Securities Regulations and Commission Requests. The Company, subject to Section 3(b), will comply with the
requirements of Rule 430C under the 1933 Act Regulations to the extent applicable, and will notify the Representative
promptly, and confirm the notice in writing, (i) when any post-effective amendment to the Registration Statement shall
become effective or any amendment or supplement to the Prospectus shall have been filed, (ii) of the receipt of any
comments from the Commission, (iii) of any request by the Commission for any amendment to the Registration Statement or
any amendment or supplement to the Prospectus, including any document incorporated by reference therein or for additional
information, (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration
Statement or any post-effective amendment or of any order preventing or suspending the use of any preliminary prospectus or
the Prospectus, or of the suspension of the qualification of the Securities for offering or sale in any jurisdiction, or of
the initiation or threatening of any proceedings for any of such purposes or of any examination pursuant to
Section 8(d) or 8(e) of the 1933 Act concerning the Registration Statement and (v) if the Company becomes
the subject of a proceeding under Section 8A of the 1933 Act in connection with the offering of the Securities. The
Company will effect all filings required under Rule 424(b), in the manner and within the time period required by
Rule 424(b) (without reliance on Rule 424(b)(8)), and will take such steps as it deems necessary to ascertain
promptly whether the form of prospectus transmitted for filing under Rule 424(b) was received for filing by the
Commission and, in the event that it was not, it will promptly file such prospectus. The Company will make reasonable efforts
to prevent the issuance of any stop order, prevention or suspension and, if any such order is issued, to use its best efforts
to obtain the lifting thereof at the earliest possible moment.
(b) Continued
Compliance with Securities Laws. The Company will comply with the 1933 Act and the 1933 Act Regulations so as to permit the
completion of the distribution of the Securities as contemplated in this Agreement and in the Registration Statement, the General
Disclosure Package and the Prospectus. If, at any time when a prospectus relating to the Securities is (or, but for the exception
afforded by Rule 172 of the 1933 Act Regulations (“Rule 172”), would be) required by the 1933 Act to be delivered
in connection with sales of the Securities, any event shall occur or condition shall exist as a result of which it is necessary,
in the opinion of counsel for the Underwriters or for the Company, to (i) amend the Registration Statement in order that the
Registration Statement will not include 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, (ii) amend or supplement the General Disclosure
Package or the Prospectus in order that the General Disclosure Package or the Prospectus, as the case may be, will not include
any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein not
misleading in the light of the circumstances existing at the time it is delivered to a purchaser or (iii) amend the Registration
Statement or amend or supplement the General Disclosure Package or the Prospectus, as the case may be, in order to comply with
the requirements of the 1933 Act or the 1933 Act Regulations, the Company will promptly (A) give the Representative notice
of such event, (B) prepare, as applicable, any amendment or supplement as may be necessary to correct such statement or omission
or to make the Registration Statement, the General Disclosure Package or the Prospectus comply with such requirements and, a reasonable
amount of time prior to any proposed filing or use, furnish the Representative with copies of any such amendment or supplement
and (C) file with the Commission any such amendment or supplement; provided that the Company shall not file or use any such
amendment or supplement to which the Representative or counsel for the Underwriters shall reasonably object. The Company will furnish
to the Underwriters such number of copies of such amendment or supplement as the Underwriters may reasonably request. The Company
has given the Representative notice of any filings made pursuant to the 1934 Act or 1934 Act Regulations within 48 hours prior
to the Applicable Time; the Company will give the Representative notice of its intention to make any such filing from the Applicable
Time to the Closing Time and will furnish the Representative 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 Representative or counsel
for the Underwriters shall reasonably object; provided, however, that the Company shall not be prevented from filing any such document
that its counsel has concluded is required by law.
(c) Delivery
of Registration Statements. The Company will deliver to the Representative, upon request and without charge, a conformed copy
of the Registration Statement as originally filed and each amendment thereto (without exhibits) for each of the Underwriters. The
copies of the Registration Statement and each amendment thereto furnished to the Underwriters will be identical to the electronically
transmitted copies thereof filed with the Commission pursuant to XXXXX, except to the extent permitted by Regulation S-T.
(d) Delivery
of Prospectuses. The Company has delivered to each Underwriter, without charge, as many copies of each preliminary prospectus
as such Underwriter reasonably requested, and the Company hereby consents to the use of such copies for purposes permitted by the
1933 Act. The Company will furnish to each Underwriter, without charge, during the period when a prospectus relating to the Securities
is (or, but for the exception afforded by Rule 172, would be) required to be delivered under the 1933 Act, such number of
copies of the Prospectus (as amended or supplemented) as such Underwriter may reasonably request. The Prospectus and any amendments
or supplements thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with
the Commission pursuant to XXXXX, except to the extent permitted by Regulation S-T.
(e) Blue
Sky Qualifications. The Company will cooperate with the Underwriters in the qualification of the Securities for offering
and sale under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the
Representative may designate and to maintain such qualifications in effect so long as required to complete the distribution
of the Securities; provided, however, that the Company shall not be obligated to file any general consent to service of
process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so
qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so
subject.
(f) Rule 158.
The Company will timely file such reports pursuant to the 1934 Act as are necessary in order to make generally available to its
securityholders as soon as practicable an earnings statement for the purposes of, and to provide to the Underwriters the benefits
contemplated by, the last paragraph of Section 11(a) of the 1933 Act.
(g) Listing.
The Company will use its best efforts to maintain the listing of the Securities on the New York Stock Exchange.
(h) Restriction
on Sale of Securities. During a period of 30 days from the date of the Prospectus, the Company will not, without the prior
written consent of Xxxxxx Xxxxxxx, (i) directly or indirectly, offer, pledge, sell, contract to sell, sell any option or contract
to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose
of any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock or file any registration
statement under the 1933 Act with respect to any of the foregoing or (ii) enter into any swap or any other agreement or any
transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of the Common Stock,
whether any such swap or transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock
or such other securities, in cash or otherwise. The foregoing sentence shall not apply to (A) any shares of Common Stock issued
by the Company upon the exercise of an option or warrant or the conversion or vesting of a security outstanding on the date hereof,
(B) any shares of Common Stock, stock options, restricted stock units, performance condition share units or market condition
performance share units issued or granted pursuant to existing employee benefit plans of the Company referred to in the Registration
Statement, the General Disclosure Package and the Prospectus, (C) any shares of Common Stock or deferred share units issued
pursuant to any non-employee director stock plan referred to in the Registration Statement, the General Disclosure Package and
the Prospectus, or (D) the filing of one or more registration statements with the Commission on Form S-8 with respect
to shares of Common Stock issued or issuable under any equity compensation plan of the Company.
(i) Reporting
Requirements. The Company, during the period when a Prospectus relating to the Securities is (or, but for the exception afforded
by Rule 172, would be) required to be delivered under the 1933 Act, will file all documents required to be filed with the
Commission pursuant to the 1934 Act within the time periods required by the 1934 Act and 1934 Act Regulations.
(j) Issuer
Free Writing Prospectuses. Each of the Company and the Selling Shareholder agrees that, unless it obtains the prior written
consent of the Representative, it will not make any offer relating to the Securities that would constitute an Issuer Free Writing
Prospectus or that would otherwise constitute a “free writing prospectus,” or a portion thereof, required to be filed
by the Company with the Commission or retained by the Company under Rule 433; provided that the Representative will be deemed
to have consented to the Issuer Free Writing Prospectuses listed on Schedule B-2 hereto and any “road show that is a written
communication” within the meaning of Rule 433(d)(8)(i) that has been reviewed by the Representative. Each of the
Company and the Selling Shareholder represents that it has treated or agrees that it will treat each such free writing prospectus
consented to, or deemed consented to, by the Representative as an “issuer free writing prospectus,” as defined in Rule 433,
and that it has complied and will comply with the applicable requirements of Rule 433 with respect thereto, including timely
filing with the Commission where required, legending and record keeping. If at any time following issuance of an Issuer Free Writing
Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted
or would conflict with the information contained in the Registration Statement, any preliminary prospectus or the Prospectus or
included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in
order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company
will promptly notify the Representative and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus
to eliminate or correct such conflict, untrue statement or omission.
(k) Tax
Form. The Selling Shareholder will deliver to the Representative prior to or at the Closing Time a properly completed and executed
(i) certification of non-foreign status substantially in the form set forth in the Treasury Regulations Section 1.1445-2(b)(2)(iv) and
(ii) United States Treasury Department Form W-9 (or other applicable form or statement specified by Treasury Department
regulations in lieu thereof), as appropriate, together with all required attachments to such form.
SECTION 4. Payment
of Expenses.
(a) Expenses
of the Company. The Company will pay or cause to be paid all expenses incident to the performance of the Company’s obligations
under this Agreement, including (i) the preparation, printing and filing of the Registration Statement (including financial
statements and exhibits) as originally filed and each amendment thereto, (ii) the preparation, printing and delivery to the
Underwriters of copies of each preliminary prospectus, each Issuer Free Writing Prospectus and the Prospectus and any amendments
or supplements thereto and any costs associated with electronic delivery of any of the foregoing by the Underwriters to investors,
(iii) the preparation and delivery of the certificates or security entitlements for the Securities to the Underwriters, (iv) the
fees and disbursements of the Company’s counsel, accountants and other advisors, (v) the qualification of the Securities
under securities laws in accordance with the provisions of Section 3(e) hereof, including filing fees and the reasonable
fees and disbursements of counsel for the Underwriters in connection therewith and in connection with the preparation of the Blue
Sky Survey and any supplement thereto (not to exceed $5,000), (vi) the fees and expenses of any transfer agent or registrar
for the Securities, (vii) the costs and expenses of the Company relating to investor presentations on any “road show”
undertaken in connection with the marketing of the Securities, including without limitation, expenses associated with the production
of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations,
travel and lodging expenses of the representatives and officers of the Company and any such consultants, and fifty (50%) percent
of the cost of aircraft and other transportation chartered in connection with road show travel (provided that the other fifty (50%)
percent of such aircraft and other transportation chartered are borne by the Underwriters), (viii) the fees and expenses incurred
in connection with the listing of the Securities on the New York Stock Exchange, and (ix) the costs and expenses (including,
without limitation, any damages or other amounts payable in connection with legal or contractual liability) associated with the
reforming of any contracts for sale of the Securities made by the Underwriters caused by a breach of the representation contained
in the third sentence of Section 1(a)(ii).
(b) Expenses
of the Selling Shareholder. The Selling Shareholder will pay all expenses incident to the performance of its obligations under,
and the consummation of the transactions contemplated by, this Agreement, including any stamp and other duties and stock and other
transfer taxes, if any, payable upon the sale of the Securities to the Underwriters, and will cause the fees and disbursements
of their respective counsel and other advisors to be paid (subject to Section 4(d) hereof).
(c) Termination
of Agreement. If this Agreement is terminated by the Representative in accordance with the provisions of Section 5, Section 9(a)(i) or
(iii), Section 10, or Section 11 hereof, the Company and the Selling Shareholder shall reimburse all the Underwriters
(except for any defaulting underwriter for a termination pursuant to Section 10) for all of their reasonable and documented
out-of-pocket expenses, including the reasonable fees and disbursements of counsel for the Underwriters.
(d) Allocation
of Expenses. The provisions of this Section shall not affect any agreement, including the Registration Rights Agreement,
that the Company and the Selling Shareholder may make for the sharing of such costs and expenses.
SECTION 5. Conditions
of Underwriters’ Obligations. The obligations of the several Underwriters hereunder are subject to the accuracy of the
representations and warranties of the Company and the Selling Shareholder contained herein or in certificates of any officer of
the Company or any of its subsidiaries or on behalf of the Selling Shareholder delivered pursuant to the provisions hereof, to
the performance by the Company and the Selling Shareholder of their respective covenants and other obligations hereunder, and to
the following further conditions:
(a) Effectiveness
of Registration Statement; Filing of the Prospectus. The Registration Statement, including any Rule 462(b) Registration
Statement, has become effective and, at the Closing Time, no stop order suspending the effectiveness of the Registration Statement
or any post-effective amendment thereto has been issued under the 1933 Act, no order preventing or suspending the use of any preliminary
prospectus or the Prospectus has been issued and no proceedings for any of those purposes have been instituted or are pending or,
to the Company's knowledge, contemplated; and the Company has complied with each request (if any) from the Commission for additional
information. The Prospectus shall have been filed with the Commission in the manner and within the time frame required by Rule 424(b) without
reliance on Rule 424(b)(8) or a post-effective amendment providing such information shall have been filed with, and declared
effective by, the Commission in accordance with the applicable requirements of Rule 430C under the 1933 Act Regulations.
(b) Opinion
of General Counsel of the Company. At the Closing Time, the Representative shall have received the opinion, dated the Closing
Time, of the General Counsel of the Company, in form and substance reasonably satisfactory to counsel for the Underwriters, together
with signed or reproduced copies of such letter for each of the other Underwriters substantially to the effect set forth in Exhibit A-1
hereto.
(c) Opinion
of Counsel for Company. At the Closing Time, the Representative shall have received the opinion, dated the Closing Time, of
Sidley Austin LLP, counsel for the Company, in form and substance reasonably satisfactory to counsel for the Underwriters, together
with signed or reproduced copies of such letter for each of the other Underwriters substantially to the effect set forth in Exhibit A-2
hereto.
(d) Opinion
of Counsel for the Selling Shareholder. At the Closing Time, the Representative shall have received the opinion, dated the
Closing Time, of Xxxxxxxx & Xxxxx LLP, counsel for the Selling Shareholder, in form and substance reasonably satisfactory
to counsel for the Underwriters, together with signed or reproduced copies of such letter for each of the other Underwriters.
(e) Opinion
of Counsel for Underwriters. At the Closing Time, the Representative shall have received the favorable opinion, dated the Closing
Time, of Xxxxx Xxxx & Xxxxxxxx LLP, counsel for the Underwriters, together with signed or reproduced copies of such letter
for each of the other Underwriters with respect to certain matters in form and substance satisfactory to the Representative may
require. In giving such opinion such counsel may rely, as to all matters governed by the laws of jurisdictions other than the law
of the State of New York, the General Corporation Law of the State of Delaware and the federal securities laws of the United States,
upon the opinions of counsel satisfactory to the Representative. Such counsel may also state that, insofar as such opinion involves
factual matters, they have relied, to the extent they deem proper, upon certificates of officers and other representatives of the
Company and its subsidiaries and certificates of public officials.
(f) Officers’
Certificate. At the Closing Time, there shall not have been, since the date hereof or since the respective dates as of which
information is given in the Registration Statement, the General Disclosure Package or the Prospectus, any material adverse change
in the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Company and its subsidiaries
considered as one enterprise, whether or not arising in the ordinary course of business, and the Representative shall have received
a certificate of the Chief Executive Officer or a Senior Vice President of the Company and of the Chief Financial or Chief Accounting
Officer of the Company, dated the Closing Time, to the effect that (i) there has been no such material adverse change, (ii) the
representations and warranties of the Company in this Agreement are true and correct with the same force and effect as though expressly
made at and as of the Closing Time, (iii) the Company has complied in all material respects with all agreements and satisfied
all conditions on its part to be performed or satisfied at or prior to the Closing Time, and (iv) no stop order suspending
the effectiveness of the Registration Statement under the 1933 Act has been issued, no order preventing or suspending the use of
any preliminary prospectus or the Prospectus has been issued and no proceedings for any of those purposes have been instituted
or are pending or, to their knowledge, contemplated.
(g) CFO
Certificate. On the date of this Agreement, the Company shall have furnished to the Representative a certificate, dated
the date hereof and addressed to the Representative, of its chief financial officer with respect to certain financial data,
providing “management comfort” with respect to such information, in form and substance reasonably satisfactory to
the Representative, to the effect set forth in Exhibit C hereto. At the Closing Time, the Company shall deliver to the
Representative a certificate, dated as of the Closing Time and addressed to the Representative, of its chief financial
officer re-affirming the statements in the certificate delivered pursuant to the foregoing sentence.
(h) Certificate
of Selling Shareholder. At the Closing Time, the Representative shall have received a certificate of an authorized signatory
on behalf of the Selling Shareholder, dated the Closing Time, to the effect that (i) the representations and warranties of
the Selling Shareholder in this Agreement are true and correct with the same force and effect as though expressly made at and as
of the Closing Time and (ii) the Selling Shareholder has complied in all material respects with all agreements and all conditions
on its part to be performed under this Agreement at or prior to the Closing Time.
(i) Accountant’s
Comfort Letter. At the time of the execution of this Agreement, the Representative shall have received from Deloitte &
Touche LLP a letter dated such date, in form and substance reasonably satisfactory to the Representative, together with signed
or reproduced copies of such letter for each of the other Underwriters containing statements and information of the type ordinarily
included in accountants’ “comfort letters” to underwriters with respect to the financial statements and certain
financial information contained in the Registration Statement, the General Disclosure Package and the Prospectus.
(j) Bring-down
Comfort Letter. At the Closing Time, the Representative shall have received from Deloitte & Touche LLP a letter, dated
as of the Closing Time, to the effect that they reaffirm the statements made in the letter furnished pursuant to subsection (i) of
this Section, except that the specified date referred to shall be a date not more than three business days prior to the Closing
Time.
(k) No
Objection. FINRA has confirmed that it has not raised any objection with respect to the fairness and reasonableness of the
underwriting terms and arrangements relating to the offering of the Securities.
(l) Lock-up
Agreements. At the date of this Agreement, the Representative shall have received an agreement substantially in the form of
Exhibit B hereto signed by the persons listed on Schedule C hereto.
(m) Maintenance
of Rating. Since the execution of this Agreement, there shall not have been any decrease in or withdrawal of the rating of
any securities of the Company or any of its subsidiaries by any “nationally recognized statistical rating organization”
(as defined in Section 3(a)(62) of the 0000 Xxx) or any notice given of any intended or potential decrease in or withdrawal
of any such rating or of a possible change in any such rating that does not indicate the direction of the possible change.
(n) FINCEN
Certifications. The Company and the Selling Shareholder shall have each delivered to Xxxxxx Xxxxxxx, on or prior to the date
of execution of this Agreement, a completed and executed Certification Regarding Beneficial Owners of Legal Entity Customers;
(o) Additional
Documents. At the Closing Time counsel for the Underwriters shall have been furnished with such customary closing documents
and opinions as they may reasonably require for the purpose of enabling them to pass upon the sale of the Securities as herein
contemplated, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the
conditions, herein contained.
(p) Termination
of Agreement. If any condition specified in this Section shall not have been fulfilled when and as required to be fulfilled,
this Agreement, the obligations of the several Underwriters to purchase the relevant Securities, may be terminated by the Representative
by notice to the Company and the Selling Shareholder at any time at or prior to Closing Time, and such termination shall be without
liability of any party to any other party except as provided in Section 4 and except that Sections 6, 7, 16, 17 and 18 shall
survive any such termination and remain in full force and effect.
SECTION 6. Indemnification.
(a) Indemnification
of Underwriters. The Company agrees to indemnify and hold harmless each Underwriter, its affiliates (as such term is defined
in Rule 501(b) under the 1933 Act (each, an “Affiliate”)), its selling agents and each person, if any, who
controls any Underwriter within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act as follows:
(i) against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), including the Rule 430
Information, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make
the statements therein not misleading or arising out of any untrue statement or alleged untrue statement of a material fact included
(A) in any preliminary prospectus, any Issuer Free Writing Prospectus, the General Disclosure Package or the Prospectus (or
any amendment or supplement thereto), or (B) in any materials or information provided to investors by, or with the approval
of, the Company in connection with the marketing of the offering of the Securities (“Marketing Materials”), including
any roadshow or investor presentations made to investors by the Company (whether in person or electronically), or the omission
or alleged omission in any preliminary prospectus, Issuer Free Writing Prospectus, Prospectus or in any Marketing Materials
of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading;
(ii) against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in
settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened,
or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission;
provided that (subject to Section 6(e) below) any such settlement is effected with the written consent of the Company
and the Selling Shareholder;
(iii) against
any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by Xxxxxx Xxxxxxx), reasonably
incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such
alleged untrue statement or omission, to the extent that any such expense is not paid under (i) or (ii) above;
provided, however, that this indemnity
agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or
omission or alleged untrue statement or omission made in the Registration Statement (or any amendment thereto), including the
Rule 430 Information, the General Disclosure Package or the Prospectus (or any amendment or supplement thereto) in reliance
upon and in conformity with the Underwriter Information or the Selling Shareholder Information.
(b) Indemnification
of Underwriters and Company by Selling Shareholder. The Selling Shareholder agrees to indemnify and hold harmless each Underwriter,
its Affiliates and selling agents and each person, if any, who controls any Underwriter within the meaning of Section 15
of the 1933 Act or Section 20 of the 1934 Act, and the Company, its directors, each of its officers who signed the Registration
Statement, and each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act or Section 20
of the 1934 Act, to the extent and in the manner set forth in clauses (a)(i), (ii) and (iii) above, in each 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 any preliminary prospectus, any Issuer Free Writing Prospectus, the General Disclosure Package or the Prospectus (or any
amendment or supplement thereto) or any Marketing Materials, in reliance upon and in conformity with the Selling Shareholder Information;
provided that the Selling Shareholder shall not be liable in any case to the extent that any such loss, claim, damage or liability
arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration
Statement (or any amendment thereto), including the Rule 430 Information, the General Disclosure Package, any Issuer Free
Writing Prospectus (when taken together with the General Disclosure Package), the Prospectus (or any amendment or supplement thereto)
or the Marketing Materials in reliance upon and in conformity with the Underwriter Information. The liability of the Selling Shareholder
under this subsection (b) shall be limited to an amount equal to aggregate gross proceeds after underwriting commissions
and discounts received by the Selling Shareholder from the sale of the Securities under this Agreement.
(c) Indemnification
of Company, Directors and Officers and Selling Shareholder. Each Underwriter severally agrees to indemnify and hold harmless
the Company, its directors, each of its officers who signed the Registration Statement, and each person, if any, who controls
the Company within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, and the Selling Shareholder
and each person, if any, who controls the Selling Shareholder within the meaning of Section 15 of the 1933 Act or Section 20
of the 1934 Act against any and all loss, liability, claim, damage and expense described in the indemnity contained in subsection
(a) of this Section, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or
omissions, made in the Registration Statement (or any amendment thereto), including the Rule 430 Information, any Issuer
Free Writing Prospectus, any “road show” (as defined in Rule 433 under the 0000 Xxx) not otherwise constituting
an Issuer Free Writing Prospectus, the General Disclosure Package or the Prospectus (or any amendment or supplement thereto) in
reliance upon and in conformity with the Underwriter Information.
(d) Actions
against Parties; Notification. Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying
party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying
party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as
a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this
indemnity agreement. In the case of parties indemnified pursuant to Sections 6(a) and 6(b) above, counsel to the indemnified
parties shall be selected by Xxxxxx Xxxxxxx, and, in the case of parties indemnified pursuant to Section 6(c) above,
counsel to the indemnified parties shall be selected by the Company and the Selling Shareholder. An indemnifying party may participate
at its own expense in the defense of any such action and, to the extent that it shall wish, jointly with any other indemnifying
party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to the indemnified party (who shall
not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying
party to such indemnified party of its election to so assume the defense thereof, the indemnifying party shall not be liable to
such indemnified party under such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently
incurred by such indemnified party, in connection with the defense thereof. In no event shall the indemnifying parties be liable
for fees and expenses of more than one counsel (in addition to any one local counsel) separate from their own counsel for all
indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising
out of the same general allegations or circumstances. No indemnifying party shall, without the prior written consent of the indemnified
parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or
proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification
or contribution could be sought under this Section 6 or Section 7 hereof (whether or not the indemnified parties are
actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release
of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (ii) does
not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.
(e) Settlement
without Consent if Failure to Reimburse. If at any time an indemnified party shall have requested an indemnifying party to
reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any
settlement of the nature contemplated by Section 6(a)(ii) effected without its written consent if (i) such settlement
is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying
party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into
and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior
to the date of such settlement.
(f) Other
Agreements with Respect to Indemnification. The provisions of this Section shall not affect any agreement, including
the Registration Rights Agreement, among the Company and the Selling Shareholder with respect to indemnification.
SECTION 7. Contribution.
If the indemnification provided for in Section 6 hereof is for any reason unavailable to or insufficient to hold harmless
an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying
party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified
party, as incurred, (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and
the Selling Shareholder, on the one hand, and the Underwriters, on the other hand, from the offering of the Securities pursuant
to this Agreement or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of
the Company and the Selling Shareholder, on the one hand, and of the Underwriters, on the other hand, in connection with the statements
or omissions which resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable
considerations.
The relative benefits
received by the Company and the Selling Shareholder, on the one hand, and the Underwriters, on the other hand, in connection with
the offering of the Securities pursuant to this Agreement shall be deemed to be in the same respective proportions as the total
net proceeds from the offering of the Securities pursuant to this Agreement (before deducting expenses) received by the Selling
Shareholder on the one hand, and the total net proceeds received by the Underwriters from the sale of the Securities less the
price at which the Underwriters purchase the Securities from the Selling Shareholder, on the other hand.
The relative fault
of the Company and the Selling Shareholder, on the one hand, and the Underwriters, on the other hand, shall be determined by reference
to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission
to state a material fact relates to information supplied by the Company or the Selling Shareholder or by the Underwriters and
the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
The Company, the Selling
Shareholder and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 7
were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other
method of allocation which does not take account of the equitable considerations referred to above in this Section 7. The
aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in
this Section 7 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating,
preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced
or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission.
Notwithstanding the
provisions of this Section 7, no Underwriter shall be required to contribute any amount in excess of the underwriting commissions
received by such Underwriter in connection with the Securities underwritten by it and distributed to the public. The liability
of the Selling Shareholder under this Section 7 shall not be greater than such liability under Section 6(b) of
this Agreement had such indemnification been available under that Section and in all cases shall be limited to aggregate
gross proceeds after underwriting commissions and discounts received by the Selling Shareholder from the sale of the Securities
under this Agreement.
No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the 0000 Xxx) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation.
For purposes of this
Section 7, each person, if any, who controls an Underwriter within the meaning of Section 15 of the 1933 Act or Section 20
of the 1934 Act and each Underwriter’s Affiliates and selling agents shall have the same rights to contribution as such
Underwriter, and each director of the Company, each officer of the Company who signed the Registration Statement, and each person,
if any, who controls the Company or the Selling Shareholder within the meaning of Section 15 of the 1933 Act or Section 20
of the 1934 Act shall have the same rights to contribution as the Company or the Selling Shareholder, as the case may be. The
Underwriters’ respective obligations to contribute pursuant to this Section 7 are several in proportion to the number
of Securities set forth opposite their respective names in Schedule A hereto and not joint.
The provisions of
this Section shall not affect any agreement among the Company and the Selling Shareholder with respect to contribution.
SECTION 8. Representations,
Warranties and Agreements to Survive. All representations, warranties and agreements contained in this Agreement or in certificates
of officers of the Company or any of its subsidiaries or the Selling Shareholder submitted pursuant hereto shall remain operative
and in full force and effect regardless of (i) any investigation made by or on behalf of any Underwriter or its Affiliates
or selling agents, any person controlling any Underwriter, its officers or directors, any person controlling the Company or any
person controlling the Selling Shareholder and (ii) delivery of and payment for the Securities.
SECTION 9. Termination
of Agreement.
(a) Termination.
The Representative may terminate this Agreement, by notice to the Company and the Selling Shareholder, at any time at or prior
to the Closing Time (i) if there has been, in the judgment of the Representative, since the time of execution of this Agreement
or since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package or
the Prospectus, any material adverse change in the condition, financial or otherwise, or in the earnings, business affairs or
business prospects of the Company and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course
of business, or (ii) if there has occurred any material adverse change in the financial markets in the United States or the
international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or
development involving a prospective change in national or international political, financial or economic conditions, in each case
the effect of which is such as to make it, in the judgment of the Representative, impracticable or inadvisable to proceed with
the completion of the offering or to enforce contracts for the sale of the Securities, or (iii) if trading in any securities
of the Company has been suspended or materially limited by the Commission or the New York Stock Exchange (other than due to the
circumstances described in clause (iv) of this Section 9(a)), or (iv) if trading generally on the New York Stock
Exchange or in the Nasdaq Global Market has been suspended or materially limited, or minimum or maximum prices for trading have
been fixed, or maximum ranges for prices have been required, by any of said exchanges or by order of the Commission, FINRA or
any other governmental authority the effect of which is such as to make it, in the judgment of Xxxxxx Xxxxxxx, impracticable or
inadvisable to proceed with the completion of the offering or to enforce contracts for the sale of the Securities, or (v) a
material disruption has occurred in commercial banking or securities settlement or clearance services in the United States the
effect of which is such as to make it, in the judgment of Xxxxxx Xxxxxxx, impracticable or inadvisable to proceed with the completion
of the offering or to enforce contracts for the sale of the Securities, or (vi) if a banking moratorium has been declared
by either Federal or New York authorities.
(b) Liabilities.
If this Agreement is terminated pursuant to this Section, such termination shall be without liability of any party to any other
party except as provided in Section 4 hereof, and provided further that Sections 1, 6, 7, 8, 16, 17 and 18 shall survive
such termination and remain in full force and effect.
SECTION 10. Default
by One or More of the Underwriters. If one or more of the Underwriters shall fail at the Closing Time to purchase the Securities
which it or they are obligated to purchase under this Agreement (the “Defaulted Securities”), the Representative shall
have the right, within 24 hours thereafter, to make arrangements for one or more of the non-defaulting Underwriters,
or any other underwriters, to purchase all, but not less than all, of the Defaulted Securities in such amounts as may be agreed
upon and upon the terms herein set forth; if, however, the Representative shall not have completed such arrangements within such
24-hour period, then:
(i) if
the number of Defaulted Securities does not exceed 10% of the number of Securities to be purchased on such date, each of the non-defaulting
Underwriters shall be obligated, severally and not jointly, to purchase the full amount thereof in the proportions that their
respective underwriting obligations hereunder bear to the underwriting obligations of all non-defaulting Underwriters, or
(ii) if
the number of Defaulted Securities exceeds 10% of the number of Securities to be purchased on such date, this Agreement shall
terminate without liability on the part of any non-defaulting Underwriter.
No action taken pursuant
to this Section shall relieve any defaulting Underwriter from liability in respect of its default.
In the event of any
such default which does not result in a termination of this Agreement, either the (i) Representative or (ii) the Company
and the Selling Shareholder shall have the right to postpone Closing Time, as the case may be, for a period not exceeding seven
days in order to effect any required changes in the Registration Statement, the General Disclosure Package or the Prospectus or
in any other documents or arrangements. As used herein, the term “Underwriter” includes any person substituted for
an Underwriter under this Section 10.
SECTION 11. Default
by the Selling Shareholder. If the Selling Shareholder shall fail at the Closing Time, as the case may be, to sell and deliver
the number of Securities which the Selling Shareholder is obligated to sell hereunder, then the Underwriters may, at option of
the Representative, by notice from the Representative to the Company, terminate this Agreement without any liability on the fault
of any non-defaulting party except that the provisions of Sections 1, 4, 6, 7, 8, 16, 17 and 18 shall remain in full force and
effect. No action taken pursuant to this Section 11 shall relieve the Selling Shareholder so defaulting from liability, if
any, in respect of such default.
In the event of a
default by the Selling Shareholder as referred to in this Section 11, each of the Representative and the Company shall have
the right to postpone the Closing Time, as the case may be, for a period not exceeding seven days in order to effect any required
change in the Registration Statement, the General Disclosure Package or the Prospectus or in any other documents or arrangements.
SECTION 12. Notices.
All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted
by any standard form of telecommunication. Notices to the Underwriters shall be directed to Xxxxxx Xxxxxxx at Xxxxxx Xxxxxxx &
Co. LLC, 0000 Xxxxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Equity Syndicate Desk; notices to the Company shall be directed to
it at 0000 Xxxxxxxxx Xxxx NE, Bldg. 400, Suite 1700 Xxxxxxx, Xxxxxxx 00000, attention of Xxxx X. Xxxxxx, Senior Vice President,
General Counsel and Corporate Secretary (facsimile: (000) 000-0000); and notices to the Selling Shareholder shall be directed
to UWW Holdings, LLC, c/o Bain Capital Partners, LLC, 000 Xxxxxxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxxxxx 00000, attention of Xxxx X.
Xxxx and Xxxxxx Xxxxxx (facsimile: (000) 000-0000).
SECTION 13. No
Advisory or Fiduciary Relationship. Each of the Company and the Selling Shareholder acknowledges and agrees that (a) the
purchase and sale of the Securities pursuant to this Agreement, including the determination of the initial public offering price
of the Securities and any related discounts and commissions, is an arm’s-length commercial transaction between the Company
and the Selling Shareholder, on the one hand, and the several Underwriters, on the other hand, (b) in connection with the
offering of the Securities and the process leading thereto, each Underwriter is and has been acting solely as a principal and
is not the agent or fiduciary of the Company, any of its subsidiaries or the Selling Shareholder, or its respective stockholders,
creditors, employees or any other party, (c) no Underwriter has assumed or will assume an advisory or fiduciary responsibility
in favor of the Company or the Selling Shareholder with respect to the offering of the Securities or the process leading thereto
(irrespective of whether such Underwriter has advised or is currently advising the Company, any of its subsidiaries or the Selling
Shareholder on other matters) and no Underwriter has any obligation to the Company or the Selling Shareholder with respect to
the offering of the Securities except the obligations expressly set forth in this Agreement, (d) the Underwriters and their
respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of each of
the Company and the Selling Shareholder, and (e) the Underwriters have not provided any legal, accounting, regulatory or
tax advice with respect to the offering of the Securities and the Company and the Selling Shareholder has consulted its own respective
legal, accounting, regulatory and tax advisors to the extent it deemed appropriate.
SECTION 14. Parties.
This Agreement shall each inure to the benefit of and be binding upon the Underwriters, the Company and the Selling Shareholder
and their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any
person, firm or corporation, other than the Underwriters, the Company and the Selling Shareholder and their respective successors
and the controlling persons and officers and directors referred to in Sections 6 and 7 and their heirs and legal representatives,
any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision herein contained. This Agreement
and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the Underwriters, the Company
and the Selling Shareholder and their respective successors, and said controlling persons and officers and directors and their
heirs and legal representatives, and for the benefit of no other person, firm or corporation. No purchaser of Securities from
any Underwriter shall be deemed to be a successor by reason merely of such purchase.
SECTION 15. Patriot
Act. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26,
2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including
the Company, which information may include the name and address of their respective clients, as well as other information that
will allow the underwriters to properly identify their respective clients.
SECTION 16. Trial
by Jury. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates),
the Selling Shareholder and each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable
law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby.
SECTION 17. GOVERNING
LAW. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF, THE STATE OF NEW YORK WITHOUT REGARD TO ITS CHOICE OF LAW PROVISIONS.
SECTION 18. Consent
to Jurisdiction; Waiver of Immunity. Any legal suit, action or proceeding arising out of or based upon this Agreement or the
transactions contemplated hereby shall be instituted in (i) the federal courts of the United States of America located
in the City and County of New York, Borough of Manhattan or (ii) the courts of the State of New York located in the
City and County of New York, Borough of Manhattan (collectively, the “Specified Courts”), and each party irrevocably
submits to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a judgment of any such
court, as to which such jurisdiction is non-exclusive) of such courts in any such suit, action or proceeding. Service of any process,
summons, notice or document by mail to such party’s address set forth above shall be effective service of process for any
suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to
the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive
and agree not to plead or claim in any such court that any such suit, action or other proceeding brought in any such court has
been brought in an inconvenient forum.
SECTION 19. TIME.
TIME SHALL BE OF THE ESSENCE OF THIS AGREEMENT. EXCEPT AS OTHERWISE SET FORTH HEREIN, SPECIFIED TIMES OF DAY REFER TO NEW YORK
CITY TIME.
SECTION 20. Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same Agreement. Counterparts may be delivered via facsimile, electronic mail (including
any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures
and Records Act or other applicable law, e.g., xxx.xxxxxxxx.xxx) or other transmission method and any counterpart so delivered
shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
SECTION 21. Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.
SECTION 22. Recognition
of the U.S. Special Resolution Regimes. (a) In the event that any Underwriter that is a Covered Entity becomes subject
to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter 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 State.
(b) In
the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding
under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter 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
Section 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). “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). “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. “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 Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act
and the regulations promulgated thereunder.
SECTION 23. Entire
Agreement. (a) This Agreement, together with any contemporaneous written agreements and any prior written agreements
(to the extent not superseded by this Agreement) that relate to the offering of the Securities, represents the entire agreement
between the Company and the Selling Shareholder, on the one hand, and the Underwriters, on the other, with respect to the preparation
of any preliminary prospectus, the General Disclosure Package, the Prospectus, the conduct of the offering, and the purchase and
sale of the Securities.
(b) The
Company and the Selling Shareholder acknowledge that in connection with the offering of the Securities: (i) the Underwriters
have acted at arm’s length, are not agents of, and owe no fiduciary duties to, the Company, the Selling Shareholder or any
other person, (ii) the Underwriters owe the Company and the Selling Shareholder only those duties and obligations set forth
in this Agreement, any contemporaneous written agreements and prior written agreements (to the extent not superseded by this Agreement),
if any, (iii) the Underwriters may have interests that differ from those of the Company and the Selling Shareholder, and
(iv) none of the activities of the Underwriters in connection with the transactions contemplated herein constitutes a recommendation,
investment advice, or solicitation of any action by the Underwriters with respect to any entity or natural person. The Company
and each Selling Shareholder waive to the full extent permitted by applicable law any claims it may have against the Underwriters
arising from an alleged breach of fiduciary duty in connection with the offering of the Securities.
(c)
The Selling Shareholder further acknowledges and agrees that, although the Underwriters may provide the Selling Shareholder with
certain Regulation Best Interest and Form CRS disclosures or other related documentation in connection with the offering,
the Underwriters are not making a recommendation to the Selling Shareholder to participate in the offering or sell any Securities
at the purchase price for such Securities, and nothing set forth in such disclosures or documentation is intended to suggest that
any Underwriter is making such a recommendation.
If the foregoing is
in accordance with your understanding of our agreement, please sign and return to the Company and the Selling Shareholder a counterpart
hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the Underwriters, the Company
and the Selling Shareholder in accordance with its terms.
|
By |
/s/ Xxxx X. Xxxxxx |
|
|
Name: Xxxx X. Xxxxxx |
|
|
Title: Senior Vice President, General Counsel & Corporate Secretary |
|
UWW HOLDINGS, LLC |
|
|
|
By |
/s/ Xxx Xxxxxxxx |
|
|
Name: Xxx Xxxxxxxx |
|
|
Title: Vice President & Secretary |
CONFIRMED AND ACCEPTED,
as of the date first above written:
Xxxxxx Xxxxxxx & Co. LLC
By: Xxxxxx Xxxxxxx & Co.
LLC
By |
/s/ Tegh
Kapur |
|
|
Authorized Signatory |
|
For itself and as Representative of the other Underwriters
named in Schedule A hereto.
SCHEDULE A
The purchase price per share for the Securities to be paid
by the several Underwriters shall be $18.00 (the “Underwriter Share Price”).
Name of Underwriter | |
Number of Securities | |
Xxxxxx Xxxxxxx & Co. LLC | |
| 1,400,000 | |
Total | |
| 1,400,000 | |
SCHEDULE B-1
Pricing Terms
1. The
Selling Shareholder is selling 1,400,000 shares of Common Stock.
2. The
initial public offering price per share for the Securities shall be $18.50.
SCHEDULE B-2
Free Writing Prospectuses
None.
SCHEDULE C
List of Persons and Entities Subject
to Lock-up
| 16. | Xxxxxxx X. Xxxxxxxxxxx |
Exhibit A-1
FORM OF OPINION OF COMPANY’S
GENERAL COUNSEL
TO BE DELIVERED PURSUANT TO SECTION 5(b)
Xxxxxxx X-0
FORM OF OPINION OF COMPANY’S
COUNSEL
TO BE DELIVERED PURSUANT TO SECTION 5(c)
Exhibit B
Exhibit C