Exhibit 10.1


 


 


SUBSCRIPTION AGREEMENT


 


Silver Spike Acquisition Corp.





660 Madison Ave, Suite 1600





New York, NY 10065


 


Ladies and Gentlemen:


 


In connection with
the proposed business combination (the “Transaction”) between Silver
Spike Acquisition Corp., a Cayman Islands exempted company (including any successor thereto pursuant to the terms of the Transaction
Agreement, “Silver Spike”), and WM Holding Company LLC, a Delaware
limited liability company (“WM”), pursuant to the Agreement and Plan of Merger (the “Transaction
Agreement”) to be entered into among Silver Spike, WM and Silver Spike Merger Sub LLC, a Delaware limited liability
company and wholly owned subsidiary of Silver Spike, Silver Spike is seeking commitments from interested investors to purchase
Class A ordinary shares, par value $0.0001 per share of Silver Spike or shares of common stock of Silver Spike into which such
Class A ordinary shares are converted in connection with the domestication of Silver Spike to Delaware (the “Shares”),
for a purchase price of $10.00 per share. The aggregate purchase price to be paid by the undersigned (the “Investor”)
for the subscribed Shares (as set forth on the signature page hereto) is referred to herein as the “Subscription Amount.”
On or about the date of this Subscription Agreement, Silver Spike is entering into subscription agreements (the “Other
Subscription Agreements” and together with this Subscription Agreement, the “Subscription Agreements”)
with certain other investors (the “Other Investors” and together the Investor, the “Investors”),
pursuant to which such Investors have agreed to purchase on the closing date of the Transaction, inclusive of the Shares subscribed
for herein, an aggregate amount of not less than  32,500,000 Shares, at a price of $10.00 per Share.


 


In connection therewith,
and in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions,
set forth herein, and intending to be legally bound hereby, the Investor and Silver Spike agree as follows:


 


1.                  
Subscription. The Investor hereby irrevocably subscribes for and agrees to purchase from Silver Spike such number
of Shares as is set forth on the signature page of this Subscription Agreement on the terms and conditions provided for herein.
Notwithstanding the foregoing or anything to the contrary in Section 9 below, in the event that the Transaction Agreement is validly
terminated in accordance with its terms, this Subscription Agreement shall be void and of no further effect and any monies paid
by the Investor to Silver Spike in connection herewith shall immediately be returned to the Investor.


 


2.                  
Closing. The closing of the sale of the Shares contemplated hereby (the “Closing”)
is contingent upon the substantially concurrent consummation of the Transaction. The Closing shall occur on the date of, and immediately
prior to the consummation of, the Transaction (it being understood that such sale of the Shares shall occur immediately after
the domestication of Silver Spike to Delaware). Upon delivery of written notice from (or on behalf of) Silver Spike to the Investor
(the “Closing Notice”), that Silver Spike reasonably expects the closing
of the Transaction to occur on a specified date that is not less than four (4) business days after the date on which the Closing
Notice is delivered to the Investor (the “Closing Date”), the Investor shall
deliver to Silver Spike, not less than two (2) business days prior to the Closing Date, the Subscription Amount by wire transfer
of United States dollars in immediately available funds to the account(s) specified by Silver Spike in the Closing Notice, to
be held in escrow until the Closing. On the Closing Date, Silver Spike shall (i) issue the Shares to the Investor and subsequently
cause the Shares to be registered in book entry form in the name of the Investor on Silver Spike’s share register at Continental
Stock Transfer & Trust Company, Silver Spike’s transfer agent, free and clear of any liens or other restrictions (other
than those arising under this Subscription Agreement or applicable securities laws), at which point the Subscription Amount shall
be released from escrow automatically and without further action by Silver Spike or the Investor and (ii) on such Closing Date
or as soon as reasonably practicable thereafter, deliver customary evidence to Investor of a record of Silver Spike’s transfer
agent showing Investor (or such nominee or custodian) as the owner of the Shares on and as of the Closing Date specified in the
Closing Notice. In the event that the consummation of the Transaction does not occur within five (5) business days after the anticipated
Closing Date specified in the Closing Notice, unless otherwise agreed to in writing by Silver Spike and the Investor, Silver Spike
shall promptly (but in no event later than six (6) business days after the anticipated Closing Date specified in the Closing Notice)
return the funds so delivered by Investor to Silver Spike by wire transfer in immediately available funds to the account specified
by Investor, and


 




     


     


    

any book entries shall be deemed cancelled. Notwithstanding
such return or cancellation (x) a failure to close on the anticipated Closing Date shall not, by itself, be deemed to be a failure
of any of the conditions to Closing set forth in Section 3 to be satisfied or waived on or prior to the Closing Date, and
(y) unless and until this Subscription Agreement is terminated in accordance with Section 9 herein, Investor shall remain
obligated (A) to redeliver funds to Silver Spike in escrow following Silver Spike’s delivery to Investor of a new Closing
Notice and (B) to consummate the Closing upon satisfaction of the conditions set forth in Section 3. For purposes of this
Subscription Agreement, “business day” shall mean any day other than (a) any Saturday or Sunday or (b) any other day
on which banks located in New York, New York are required or authorized by applicable law to be closed for business.


 


3.                  
Closing Conditions.


 


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


 


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


 


(ii)               
all conditions precedent to the closing of the Transaction in Article 10 of the Transaction Agreement (other than
those conditions which, by their nature, are to be satisfied at the closing of the Transaction) shall have been satisfied (as determined
by the parties to the Transaction Agreement) or waived, and the Transaction will be consummated on the Closing Date substantially
concurrently with the closing of the purchase and sale of the Shares.


 


b.                  
The obligation of Silver Spike to consummate the purchase and sale of the Shares at the Closing pursuant to this
Subscription Agreement shall be subject to the satisfaction or valid waiver by Silver Spike of the additional conditions that:


 


(i)                 
all representations and warranties of the Investor contained in this Subscription Agreement are true and correct
in all material respects at and as of the Closing Date (except to the extent that any such representation and warranty expressly
speaks as of an earlier date, in which case such representation and warranty shall be true and correct in all material respects
as of such earlier date), and consummation of the Closing shall constitute a reaffirmation by the Investor of each of the representations,
warranties, covenants and agreements of the Investor contained in this Subscription Agreement as of the Closing Date, or as of
such earlier date, as applicable; and


 


(ii)               
the Investor shall have performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the Closing.


 


c.                   
The obligation of the Investor to consummate the purchase and sale of the Shares at the Closing pursuant to this
Subscription Agreement shall be subject to the satisfaction or valid waiver by the Investor of the additional conditions that:


 


(i)                 
all representations and warranties of Silver Spike contained in this Subscription Agreement shall be true and correct
in all material respects (other than representations and warranties that are qualified as to materiality or Material Adverse Effect
(as defined below), which representations and warranties shall be true and correct in all respects) at and as of the Closing Date
(except to the extent that any such representation and warranty expressly speaks as of an earlier date, in which case such representation
and warranty shall be true and correct in all material respects (other than representations and warranties that are qualified as
to materiality or Material Adverse Effect, which representations and warranties shall be true and correct in all respects) as of
such earlier date), and consummation of the Closing shall constitute a reaffirmation by Silver Spike of


 




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each of the
representations, warranties, covenants and agreements of Silver Spike contained in this Subscription Agreement as of the Closing
Date or as of such earlier date, as applicable;


 


(ii)               
Silver Spike shall have performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the Closing;
and


 


(iii)             
no amendment or modification of the Transaction Agreement (as the same exists on the date hereof as provided to the
Subscriber) shall have occurred that would reasonably be expected to materially and adversely affect the economic benefits that
the Investor would reasonably expect to receive under this Subscription Agreement, without the prior written consent of Investor.


 


4.                  
Further Assurances. At the Closing, Silver Spike and the Investor shall execute and deliver such additional documents
and take such additional actions as the parties reasonably may deem to be practical and necessary in order to consummate the subscription
as contemplated by this Subscription Agreement.


 


5.                  
Silver Spike Representations and Warranties. Silver Spike represents and warrants to the Investor that:


 


a.                   
Silver Spike has been duly organized as an exempted company with limited liability and is in good standing with the
Registrar of Companies under the laws of the Cayman Islands and, at the time of the Closing, shall be duly organized as a Delaware
corporation and be in good standing under the laws of the state of Delaware, in each case with organizational power and authority
to own, lease and operate its properties and conduct its business as presently conducted and to enter into, deliver and perform
its obligations under this Subscription Agreement.


 


b.                  
As of the Closing Date, the Shares will be duly authorized and, when issued and delivered to the Investor against
full payment therefor in accordance with the terms of this Subscription Agreement, the Shares will be validly issued, fully paid
and non-assessable and will not have been issued in violation of or subject to any preemptive or similar rights created under Silver
Spike’s certificate of incorporation or bylaws (as in effect as of the Closing).


 


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


 


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


 


e.                   
Silver Spike is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make
any filing or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization
(including Nasdaq) or other person in connection with the execution, delivery


 




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and
performance of this Subscription Agreement (including, without limitation, the issuance of the Shares), other than (i) filings
required by applicable state securities laws, (ii) the filing of the Registration Statement (as defined below) pursuant to Section
7 below, (iii) the filing of a Notice of Exempt Offering of Securities on Form D with the Securities and Exchange Commission (the
“SEC”) under Regulation D of the Securities Act of 1933, as amended (the “Securities Act”), (iv)
those required by Nasdaq, including with respect to obtaining shareholder approval, (v) those required to consummate the Transaction
as provided under the Transaction Agreement, and (vi) those the failure of which to obtain would not be reasonably likely to have
a Material Adverse Effect.


 


f.                   
As of their respective dates, all reports required to be filed by Silver Spike with the SEC (the “SEC Reports”)
complied in all material respects with the requirements of the Securities Act and the Securities Exchange Act, and the rules and
regulations of the SEC promulgated thereunder, and none of the SEC Reports, when filed, contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading; provided that Silver Spike makes no such representation
or warranty with respect to the registration statement on Form S-4 to be filed by WM with respect to the Transactions or any other
information relating to WM or any of its affiliates included in any SEC Report or filed as an exhibit thereto. The financial statements
of Silver Spike included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules
and regulations of the SEC with respect thereto as in effect at the time of filing and fairly present in all material respects
the financial position of Silver Spike as of and for the dates thereof and the results of operations and cash flows for the periods
then ended, subject, in the case of unaudited statements, to normal, year-end audit adjustments. A copy of each SEC Report is available
to each Investor via the SEC’s EDGAR system. Silver Spike has timely filed each report, statement, schedule, prospectus,
and registration statement that Silver Spike was required to file with the SEC since its initial registration of the ordinary shares
with the SEC. To the knowledge of Silver Spike, there are no material outstanding or unresolved comments in comment letters from
the staff of the Division of Corporation Finance of the SEC with respect to any of the SEC Reports.


 


g.                  
As of the date hereof, the share capital of Silver Spike consists of 200,000,000 authorized and 1,259,819 issued
and outstanding (excluding 23,668,455 shares subject to possible redemption) Class A ordinary shares, par value $0.0001 per share,
20,000,000 authorized and 6,250,000 issued and outstanding Class B ordinary shares, par value $0.0001 per share, and 1,000,000
authorized and no issued and outstanding undesignated preferred shares, par value $0.0001 per share. All (i) issued and outstanding
Class A ordinary shares have been duly authorized and validly issued, are fully paid and non-assessable and are not subject to
preemptive rights and (ii) all outstanding warrants of Silver Spike have been duly authorized and validly issued, are fully paid
and are not subject to preemptive rights. As of the date hereof, except as set forth above and pursuant to (i) the Other Subscription
Agreements or (ii) the Transaction Agreement, there are no outstanding options, warrants or other rights to subscribe for, purchase
or acquire from Silver Spike any Class A ordinary shares, Class B ordinary shares or other equity interests in Silver Spike (collectively,
“Equity Interests”) or securities convertible into or exchangeable or exercisable for Equity Interests. As of the date
hereof, Silver Spike has no subsidiaries and does not own, directly or indirectly, interests or investments (whether equity or
debt) in any person, whether incorporated or unincorporated. There are no stockholder agreements, voting trusts or other agreements
or understandings to which Silver Spike is a party or by which it is bound relating to the voting of any Equity Interests, other
than as contemplated by the Transaction Agreement.


 


h.                  
Except for such matters as have not had and would not be reasonably likely to have a Material Adverse Effect, as
of the date hereof, there is no (i) suit, action, proceeding or arbitration before a governmental authority or arbitrator pending,
or, to the knowledge of Silver Spike, threatened in writing against Silver Spike or (ii) judgment, decree, injunction, ruling or
order of any governmental authority or arbitrator outstanding against Silver Spike.


 


i.                    
Assuming the accuracy of Investor’s representations and warranties set forth in Section 6 of this Subscription
Agreement, no registration under the Securities Act is required for the offer and sale of the Shares by Silver Spike to Investor.


 


j.                    
Neither Silver Spike nor any person acting on its behalf has engaged in any form of general solicitation or general
advertising (within the meaning of Regulation D of the Securities Act) in connection with any offer or sale of the Shares.


 




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k.                  
The Other Subscription Agreements reflect (i) the same price per Share and (ii) other terms with respect to the purchase
of the Shares that are no more favorable in any material respect to such Other Investor thereunder than the terms of this Subscription
Agreement and they shall not be amended after the date hereof to provide for a different price per Share or other terms with respect
to the purchase of the Shares that are more favorable in any material respect to such Other Investor thereunder than the terms
of this Subscription Agreement, unless such more favorable terms are also offered to the Investor.


 


l.                    
Silver Spike is not, and immediately after receipt of payment for the Shares, will not be, an “investment company”
within the meaning of the Investment Company Act of 1940, as amended.


 


m.                
The issued and outstanding ordinary shares of Silver Spike are registered pursuant to Section 12(b) of the Exchange
Act and are listed for trading on Nasdaq under the symbol “SSPK.” There is no suit, action, proceeding or investigation
pending or, to the knowledge of Silver Spike, threatened against Silver Spike by Nasdaq or the SEC with respect to any intention
by such entity to deregister the ordinary shares or prohibit or terminate the listing of the ordinary shares on Nasdaq. Silver
Spike has taken no action that is designed to terminate the registration of the ordinary shares under the Exchange Act. Upon consummation
of the Transaction, the issued and outstanding ordinary shares (or shares of common stock of Silver Spike into which such ordinary
shares are converted in connection with the domestication of Silver Spike to Delaware) will continue to be registered pursuant
to Section 12(b) of the Exchange Act and will be listed for trading on Nasdaq.


 


6.                  
Investor Representations and Warranties. The Investor represents and warrants to Silver Spike that:


 


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


 


b.                  
The Investor understands that the Shares are being offered in a transaction not involving any public offering within
the meaning of the Securities Act and that the Shares have not been registered under the Securities Act. The Investor understands
that the Shares may not be resold, transferred, pledged or otherwise disposed of by the Investor absent an effective registration
statement under the Securities Act except (i) to Silver Spike or a subsidiary thereof, (ii)in an offshore transaction within the
meaning of Regulation S under the Securities Act or (iii) pursuant to another applicable exemption from the registration requirements
of the Securities Act, and in each of cases (i) and (iii) in accordance with any applicable securities laws of the states and other
jurisdictions of the United States, and that any certificates or book entry positions representing the Shares shall contain a restrictive
legend to such effect (provided that such legends will be eligible for removal upon compliance with the relevant resale provisions
of Rule 144 under the Securities Act); as a result the Investor may not be able to readily resell the Shares and may be required
to bear the financial risk of an investment in the Shares for an indefinite period of time. The Investor acknowledges that the
Shares will not immediately be eligible for resale pursuant to Rule 144 under the Securities Act. The Investor understands that
it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Shares.


 


c.                   
The Investor understands and agrees that the Investor is purchasing the Shares from Silver Spike. The Investor further
acknowledges that there have been no representations, warranties, covenants and agreements made to the Investor by Silver Spike,
WM or any of their respective officers or directors, expressly or by implication, other than, in the case of Silver Spike, those
representations, warranties, covenants and agreements included in the Subscription Agreement.


 


d.                  
The Investor acknowledges and agrees that the Investor has received such information as the Investor deems necessary
in order to make an investment decision with respect to the Shares, including, with respect to WM, Silver Spike, the Transaction
and the business of WM. Without limiting the generality of the foregoing,


 




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the
Investor acknowledges that it has had the opportunity to review Silver Spike’s filings with the SEC. The Investor also acknowledges
and agrees that the Investor has received information related to certain “disqualifying events” under Section 506(d)
of the Securities Act. The Investor represents and agrees that the Investor and the Investor’s professional advisor(s),
if any, have had the full opportunity to ask such questions, receive such answers and obtain such information as the Investor
and such Investor’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect to
the Shares.


 


e.                   
The Investor became aware of this offering of the Shares solely by means of direct contact between the Investor and
Silver Spike, WM or a representative of Silver Spike or WM or by means of contact from Stifel, Nicolaus & Company, Piper Sandler
& Co. or any of their affiliates (the “Placement Agents”), and
the Shares were offered to the Investor solely by direct contact between the Investor and Silver Spike, WM or a representative
of Silver Spike or WM or by contact between the Investor and the Placement Agents. The Investor did not become aware of this offering
of the Shares, nor were the Shares offered to the Investor, by any other means. The Investor acknowledges that the Shares were
not offered to the Investor by any form of advertising or general solicitation. Investor acknowledges that it is not relying upon,
and has not relied upon, any statement, representation or warranty made by any person, firm or corporation (including, without
limitation, WM, Silver Spike, the Placement Agents or their respective affiliates or any of its or their control persons, officers,
directors, employees or representatives), other than the representations and warranties of Silver Spike contained in Section
5 of this Subscription Agreement, in making its investment or decision to invest in Silver Spike. The Investor further acknowledges
that the Placement Agents have not made, do not make and shall not be deemed to make any express or implied representation or warranty
with respect to Silver Spike, WM, this offering or the Transaction.


 


f.                   
The Investor acknowledges that it is aware that there are substantial risks incident to the purchase and ownership
of the Shares, including those set forth in Silver Spike’s filings with the SEC. The Investor has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Shares, and the Investor
has sought such accounting, legal and tax advice as the Investor has considered necessary to make an informed investment decision.


 


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


 


h.                  
The Investor has not relied on any statements or other information provided by or on behalf of the Placement Agents
or any of their affiliates or any of their control persons, officers, directors, employees or representatives concerning WM, Silver
Spike, the Transaction, the Transaction Agreement, the Subscription Agreement or the transactions contemplated hereby or thereby,
the Shares or the offer and sale of the Shares.


 


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


 


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


 


k.                  
In the case of an Investor that is not a natural person, the execution, delivery and performance by the Investor
of this Subscription Agreement are within the powers of the Investor, have been duly authorized and will not constitute or result
in a breach or default under or conflict with any order, ruling or regulation of any court or other tribunal or of any governmental
commission or agency, or any agreement or other undertaking, to which the Investor is a party or by which the Investor is bound
which would reasonably be expected to have a material adverse effect on the legal authority of the Investor to enter into and perform
its obligations under this Subscription Agreement, and, if the Investor is not an individual, will not violate any provisions of
the Investor’s charter documents, including, without limitation, its incorporation or formation papers, bylaws, indenture
of trust or partnership or operating agreement, as may be applicable. The signature on this Subscription Agreement is genuine,


 




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and
the signatory, if the Investor is an individual, has legal competence and capacity to execute the same or, if the Investor is
not an individual the signatory has been duly authorized to execute the same, and this Subscription Agreement constitutes a legal,
valid and binding obligation of the Investor, enforceable against the Investor in accordance with its terms except as may be limited
or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating
to or affecting the rights of creditors generally, or (ii) principles of equity, whether considered at law or equity.


 


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


 


m.                
No disclosure or offering document has been provided to the Investor by the Placement Agents in connection with the
offer and sale of the Shares.


 


n.                  
The Investor acknowledges that the Placement Agents and each of their directors, officers, employees, representatives
and controlling persons have made no independent investigation with respect to Silver Spike or the Shares or the accuracy, completeness
or adequacy of any information supplied to the Investor by Silver Spike.


 


o.                  
In connection with the issue and purchase of the Shares, the Placement Agents have not acted as the Investor’s
financial advisor or fiduciary and the Investor has exercised independent judgment in evaluating its participation in the purchase
of the Shares.


 


p.                  
The Investor at the Closing will have sufficient funds to pay the Subscription
Amount and consummate the purchase and sale of the Shares when required pursuant to this Subscription Agreement.


 


q.                  
The Investor represents and warrants that its acquisition and holding of the Shares will not constitute or result
in a non-exempt prohibited transaction under Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or any applicable similar law.


 


r.                   
If the Investor is an employee benefit plan that is subject to Title I of ERISA, a plan, an individual retirement
account or other arrangement that is subject to section 4975 of the Code or an employee benefit plan that is a governmental plan
(as defined in section 3(32) of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in
section 4(b)(4) of ERISA) or other plan that is not subject to the foregoing but may be subject to provisions under any other federal,
state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, “Similar
Laws”), or an entity whose underlying assets are considered to include “plan assets” of any such plan, account
or arrangement (each, a “Plan”) subject to the fiduciary or prohibited transaction provisions of ERISA or section
4975 of the Code, Investor represents and warrants that neither Silver Spike, nor any of its respective affiliates (the “Investor
Parties”) has acted as the Plan’s fiduciary, or has been relied on for advice, with respect to its decision to acquire
and hold the Shares, and none of the Investor Parties shall at any time be relied upon as the Plan’s fiduciary with respect
to any decision to acquire, continue to hold or transfer the Shares.


 




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s.                   
Except (i) as expressly disclosed in a Schedule 13D or Schedule 13G (or amendments thereto) filed by such Investor
with the SEC with respect to the beneficial ownership of Silver Spike’s Shares prior to the date hereof and (ii) with respect
to any affiliates of the Investor, the Investor is not currently (and at all times through Closing will refrain from being or becoming)
a member of a “group” (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor
provision), including any group acting for the purpose of acquiring, holding or disposing of equity securities of Silver Spike
(within the meaning of Rule 13d-5(b)(1) under the Exchange Act).


 


t.                    
The Investor will not acquire a substantial interest (as defined in 31 C.F.R. Part 800.244) in Silver Spike as a
result of the purchase and sale of Shares hereunder.


 


u.                  
The Investor acknowledges its obligations under applicable securities laws with respect to the treatment of non-public
information relating to Silver Spike.


 


7.                  
Registration Rights.


 


a.                   
In the event that the Shares are not registered for resale by the Investor in connection with the consummation of
the Transaction, Silver Spike agrees that, as soon as reasonably practicable (but in any case no later than fifteen (15) business
days after the consummation of the Transaction), it will file with the SEC (at its sole cost and expense) a registration statement
registering such resale (the “Registration Statement”), and it shall use its
commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof,
but no later than the earlier of (i) the 60th calendar day (or 120th calendar day if the SEC notifies Silver Spike that it will
“review” the Registration Statement) following the Closing Date and (ii) the 5th business day after the date Silver
Spike is notified (orally or in writing, whichever is earlier) by the SEC that the Registration Statement will not be “reviewed”
or will not be subject to further review. Silver Spike agrees to cause such Registration Statement, or another shelf registration
statement that includes the Shares to be sold pursuant to this Subscription Agreement, to remain effective until the earliest of
(i) the fifth anniversary of the Closing, (ii) the date on which the Investor ceases to hold any Shares issued pursuant to this
Subscription Agreement, or (iii) on the first date on which the Investor can sell all of its Shares issued pursuant to this Subscription
Agreement (or shares received in exchange therefor) under Rule 144 of the Securities Act within 90 days without limitation as to
the manner of sale or amount of such securities that may be sold, and Silver Spike shall use its commercially reasonable efforts
to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement as soon as reasonably practicable.
In no event shall the Investor be identified as a statutory underwriter in the Registration Statement unless requested by the SEC;
provided, that if the SEC requests that the Investor be identified as a statutory underwriter in the Registration Statement, the
Investor will have an opportunity to withdraw its Shares from the Registration Statement. The Investor agrees to disclose its ownership
to Silver Spike upon reasonable request to assist it in making the determination described above. The Investor agrees that Silver
Spike may suspend the use of any such Registration Statement (a “Suspension Event”) if it determines that in order
for such Registration Statement not to contain a material misstatement or omission, an amendment thereto would be needed to include
information that would at that time not otherwise be required in a current, quarterly, or annual report under the Exchange Act;
provided, however, that Silver Spike may not suspend the use of any Registration Statement on more than two occasions or for more
than sixty (60) consecutive calendar days or more than ninety (90) total calendar days, in each case, in any 12-month period. Upon
receipt of any written notice from Silver Spike of (which notice shall not contain any material non-public information regarding
Silver Spike and which notice shall not be subject to any duty of confidentiality) the happening of any Suspension Event during
the period that the Registration Statement is effective or if as a result of a Suspension Event the Registration Statement or related
prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made (in the case of the prospectus)
not misleading, the Investor agrees that (i) it will promptly discontinue offers and sales of the Shares under the Registration
Statement until such Investor receives copies of a supplemental or amended prospectus (which Silver Spike agrees to promptly prepare)
that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become
effective or unless otherwise notified by Silver Spike that it may resume such offers and sales, and (ii) it will maintain the
confidentiality of any information included in such written notice delivered by the Company unless otherwise required by law or
subpoena. Silver Spike’s obligations to include the Shares issued pursuant to this Subscription Agreement (or shares issued
in exchange therefor) for resale in the Registration Statement are contingent upon the Investor furnishing in writing to Silver
Spike such information regarding the Investor, the securities of Silver Spike held by the Investor and


 




    8 


     


    

the
intended method of disposition of such Shares as shall be reasonably requested by Silver Spike to effect the registration of such
Shares, and shall execute such documents in connection with such registration as Silver Spike may reasonably request that are
customary of a selling stockholder in similar situations subject to the limitations set forth in Section 7(b) (provided that Investor
shall not in connection with the foregoing be required to execute any lock-up or similar agreement or otherwise be subject to
any contractual restriction on the ability to transfer the Shares). For so long as the Investor holds Shares, Silver Spike will
use commercially reasonable efforts to file all reports, and provide all customary and reasonable cooperation, necessary to enable
the Investor to resell Shares pursuant to the Registration Statement, qualify the Subscribed Shares for listing on the applicable
stock exchange on which Silver Spike’s common stock are then listed and update or amend the Registration Statement as necessary
to include Shares. In addition, for as long as the Investor holds Shares, Silver Spike will use commercially reasonable efforts
to file all reports for so long as the condition in Rule 144(c)(1) (or Rule 144(i)(2), if applicable) is required to be satisfied,
and provide all customary and reasonable cooperation, necessary to enable the Investor to resell the Shares pursuant to Rule 144.


 


b.                  
Silver Spike shall indemnify and hold harmless Investor (to the extent a seller under the Registration Statement),
the officers, directors, agents and employees of Investor, each person who controls Investor (within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, agents and employees of each such controlling
person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs
(including, without limitation, reasonable attorneys’ fees) and expenses (collectively, “Losses”) that arise
out of or are based upon any untrue or alleged untrue statement of a material fact contained in the Registration Statement, any
prospectus included in the Registration Statement or any form of prospectus or in any amendment or supplement thereto or in any
preliminary prospectus, or arising out of or relating to any omission or alleged omission to state a material fact required to
be stated therein or necessary to make the statements therein (in the case of any prospectus or form of prospectus or supplement
thereto, in light of the circumstances under which they were made) not misleading, except to the extent that such untrue statements,
alleged untrue statements, omissions or alleged omissions are based upon information regarding Investor furnished in writing to
Silver Spike by Investor expressly for use therein or that Investor has omitted a material fact from such information. Silver Spike
shall notify Investor promptly of the institution, threat or assertion of any proceeding arising from or in connection with the
transactions contemplated by this Section 7 of which Silver Spike is aware. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer of the Shares by Investor.
Notwithstanding the forgoing, Silver Spike’s indemnification obligations shall not apply to amounts paid in settlement of
any Losses or action if such settlement is effected without the prior written consent of Silver Spike (which consent shall not
be unreasonably withheld or delayed).


 


c.                   
Investor shall, severally and not jointly with any Other Investors in the offering contemplated by this Subscription
Agreement, indemnify and hold harmless Silver Spike, its directors, officers, agents and employees, each person who controls Silver
Spike (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers,
agents or employees of such controlling persons, to the fullest extent permitted by applicable law, from and against all Losses
arising out of or based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement,
any prospectus included in the Registration Statement, or any form of prospectus, or in any amendment or supplement thereto or
in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to
be stated therein or necessary to make the statements therein (in the case of any prospectus, or any form of prospectus or supplement
thereto, in light of the circumstances under which they were made) not misleading to the extent, but only to the extent, that such
untrue statements, alleged untrue statements, omissions or alleged omissions are based upon information regarding Investor furnished
in writing to Silver Spike by Investor expressly for use therein. In no event shall the liability of Investor be greater in amount
than the dollar amount of the net proceeds received by Investor upon the sale of the Shares giving rise to such indemnification
obligation. Notwithstanding the forgoing, Investor’s indemnification obligations shall not apply to amounts paid in settlement
of any Losses or action if such settlement is effected without the prior written consent of Investor (which consent shall not be
unreasonably withheld or delayed).


 


d.                  
Any person or entity entitled to indemnification herein shall (A) give prompt written notice to the indemnifying
party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair
any person’s or entity’s right to indemnification hereunder to the extent such failure has not prejudiced the indemnifying
party) and (B) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and
indemnifying parties may exist with respect to such claim, permit such


 




    9 


     


    

indemnifying
party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed,
the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent
(but such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or
elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for
all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified
party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to
such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or
enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying
party pursuant to the terms of such settlement) or which settlement includes a statement or admission of fault and culpability
on the part of such indemnified party or which does not include as an unconditional term thereof the giving by the claimant or
plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.


 


e.                   
The indemnification provided for under this Subscription Agreement shall remain in full force and effect regardless
of any investigation made by or on behalf of the indemnified party or any officer, director or controlling person or entity of
such indemnified party and shall survive the transfer of securities.


 


f.                   
If the indemnification provided under this Section 7 from the indemnifying party is unavailable or insufficient to
hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then
the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified
party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations; provided,
however, the liability of the Investor shall be limited to the net proceeds received by such Investor from the sale of Shares giving
rise to such indemnification obligation. The relative fault of the indemnifying party and indemnified party shall be determined
by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material
fact or omission or alleged omission to state a material fact, was made by (or not made by, in the case of an omission), or relates
to information supplied by (or not supplied by, in the case of an omission), such indemnifying party or indemnified party, and
the indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity
to correct or prevent such action. The amount paid or payable by a party as a result of the losses or other liabilities referred
to above shall be deemed to include, subject to the limitations set forth in this Section 7, any legal or other fees, charges or
expenses reasonably incurred by such party in connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 7(f) from
any person or entity who was not guilty of such fraudulent misrepresentation.


 


8.                  
Additional Investor Agreement. The Investor hereby agrees
that, from the date of this Subscription Agreement, none of Investor, its controlled affiliates, or any person or entity acting
on behalf of Investor or any of its controlled affiliates or pursuant to any understanding with Investor or any of its controlled
affiliates will engage in any Short Sales with respect to securities of Silver Spike prior to the Closing. For purposes of this
Section 8, “Short Sales” shall include, without limitation, all “short sales” as defined in Rule
200 promulgated under Regulation SHO under the Exchange Act, and all types of direct and indirect stock pledges (other than pledges
in the ordinary course of business as part of prime brokerage arrangements), forward sale contracts, options, puts, calls, swaps
and similar arrangements (including on a total return basis), and sales and other transactions through non-U.S. broker dealers
or foreign regulated brokers. Notwithstanding the foregoing, (i) nothing herein shall prohibit other entities under common management
with the Investor that have no knowledge of this Subscription Agreement or of the Investor’s participation in the Transaction
(including the Investor’s controlled affiliates and/or affiliates) from entering into any Short Sales and (ii) in the case
of an Investor that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such
Investor’s assets and the portfolio managers have no knowledge of the investment decisions made by the portfolio managers
managing other portions of such Investor’s assets, this Section 8 shall only apply with respect to the portion of
assets managed by the portfolio manager that made the investment decision to purchase the Subscription Amount covered by this Subscription
Agreement.


 


9.                  
Termination. This Subscription Agreement shall terminate and be void and of no further force and effect, and all
rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect
thereof, upon the earlier to occur of (a) such date and time as the Transaction Agreement is


 




    10 


     


    

validly terminated in accordance with its terms, (b) upon the
mutual written agreement of each of the parties hereto to terminate this Subscription Agreement with the written consent of WM,
(c) if any of the conditions to Closing set forth in Section 3 of this Subscription Agreement are not satisfied or waived,
or are not capable of being satisfied, on or prior to the Closing and, as a result thereof, the transactions contemplated by this
Subscription Agreement will not be and are not consummated at the Closing or (d) written notice by either party to the other party
to terminate this Subscription Agreement if the transactions contemplated by this Subscription Agreement are not consummated on
or prior to July 8, 2021; provided that nothing herein will relieve any party from liability for any willful breach hereof prior
to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities
or damages arising from any such breach. Silver Spike shall notify the Investor of the termination of the Transaction Agreement
promptly after the termination of the Transaction Agreement.


 


10.               
Trust Account Waiver. The Investor acknowledges that Silver Spike is a blank check company with the powers and privileges
to effect a merger, asset acquisition, reorganization or similar business combination involving Silver Spike and one or more businesses
or assets. The Investor further acknowledges that, as described in Silver Spike’s prospectus relating to its initial public
offering dated August 7, 2019 (the “Prospectus”) available at www.sec.gov,
substantially all of Silver Spike’s assets consist of the cash proceeds of Silver Spike’s initial public offering
and private placement of its securities, and substantially all of those proceeds have been deposited in a trust account (the “Trust
Account”) for the benefit of Silver Spike, its public shareholders and the underwriter of Silver Spike’s initial
public offering. Except with respect to interest earned on the funds held in the Trust Account that may be released to Silver
Spike to pay its tax obligations, if any, the cash in the Trust Account may be disbursed only for the purposes set forth in the
Prospectus. For and in consideration of Silver Spike entering into this Subscription Agreement, the receipt and sufficiency of
which are hereby acknowledged, the Investor hereby irrevocably waives any and all right, title and interest, or any claim of any
kind it has or may have in the future, in or to any monies held in the Trust Account, and agrees not to seek recourse against
the Trust Account as a result of, or arising out of, this Subscription Agreement. For the avoidance of doubt, nothing in this
Section 10 shall be deemed to limit any Investor’s right to distributions from the Trust Account in accordance with Silver
Spike’s certificate of incorporation in respect of any redemptions by Investor in respect of Shares acquired by any means
other than pursuant to this Subscription Agreement.


 


11.               
Miscellaneous.


 


a.                   
Neither this Subscription Agreement nor any rights that may accrue to the Investor hereunder (other than the Shares
acquired hereunder, and the rights set forth in Section 7) may be transferred or assigned. Neither this Subscription Agreement
nor any rights that may accrue to Silver Spike hereunder may be transferred or assigned (provided, that, for the avoidance of doubt,
Silver Spike may transfer the Subscription Agreement and its rights hereunder in connection with the consummation of the Transaction).
Notwithstanding the foregoing, Investor may assign its rights and obligations under this Subscription Agreement with respect to
some or all of the Shares subscribed for to one or more of its affiliates or, with Silver Spike’s and WM’s prior written
consent, to another person; provided that in the case of any such assignment, the assignee(s) shall become Investor hereunder and
have the rights and obligations and be deemed to make the representations and warranties of Investor provided for herein to the
extent of such assignment and provided further that no such assignment shall relieve the assigning Investor of its obligations
hereunder if any such assignee fails to perform such obligations.


 


b.                  
Silver Spike may request from the Investor such additional information as Silver Spike may reasonably deem necessary
to evaluate the eligibility of the Investor to acquire the Shares, and the Investor shall provide such information as may reasonably
be requested. Silver Spike shall not publicly disclose the name of Investor or any affiliate or investment adviser of Investor,
or include the name of Investor or any affiliate or investment adviser of Investor in any press release or in any filing with the
SEC or any regulatory agency or trading market, without the prior written consent (including by email) of Investor, except to the
extent such disclosure is required by any laws, rules or regulations, at the request of the staff of the SEC or any regulatory
agency or under the rules and regulations of Nasdaq, in which case Silver Spike shall provide Investor with prior written notice
(including by e-mail) of such required disclosure, and shall reasonably consult with Investor regarding such disclosure.


 


c.                   
The Investor acknowledges that Silver Spike, WM, the Placement Agents and others will rely on the acknowledgments,
understandings, agreements, representations and warranties contained in this Subscription Agreement, and WM is a third-party beneficiary
thereto. Prior to the Closing, the Investor agrees to


 




    11 


     


    

promptly
notify Silver Spike and the Placement Agents if any of the acknowledgments, understandings, agreements, representations and warranties
set forth in Section 6 above are no longer accurate in any material respect (other than those acknowledgments, understandings,
agreements, representations and warranties qualified by materiality, in which case the Investor shall notify Silver Spike and
the Placement Agents if they are no longer accurate in all respects). The Investor further acknowledges and agrees that the Placement
Agents are third-party beneficiaries of the representations and warranties of the Investor contained in Section 6 of this
Subscription Agreement. Silver Spike acknowledges that the Investor will rely on the acknowledgments, understandings, agreements,
representations and warranties contained in this Subscription Agreement. Prior to the Closing, Silver Spike agrees to promptly
notify the Investor if any of the acknowledgments, understandings, agreements, representations and warranties set forth in Section
5 above are no longer accurate in any material respect (other than those acknowledgments, understandings, agreements, representations
and warranties qualified by materiality, in which case Silver Spike shall notify the Investor if they are no longer accurate in
all respects).


 


d.                  
The Investor, WM, Silver Spike and the Placement Agents are each entitled to rely upon this Subscription Agreement
and each is irrevocably authorized to produce this Subscription Agreement or a copy hereof to any interested party in any administrative
or legal proceeding or official inquiry with respect to the matters covered hereby.


 


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


 


f.                   
This Subscription Agreement may not be modified, waived or terminated (other than pursuant to the terms of Section
9 above) except by an instrument in writing, signed by each of the parties hereto with the written consent of WM (such consent
not to be unreasonably withheld). No failure or delay of either party in exercising any right or remedy hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance
of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise
of any other right or power. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights
or remedies that they would otherwise have hereunder. Notwithstanding anything to the contrary herein, Section 6, Section
11(c), Section 11(d), this Section 11(f) and Section 12 may not be modified, waived or terminated in a
manner that is material and adverse to the Placement Agents without the written consent of the Placement Agents.


 


g.                  
This Subscription Agreement (including the schedule hereto) constitutes the entire agreement, and supersedes all
other prior agreements, understandings, representations and warranties, both written and oral, among the parties, with respect
to the subject matter hereof. Except as set forth in Section 11(c) and Section 7 with respect to the persons referenced
therein, this Subscription Agreement shall not confer any rights or remedies upon any person other than the parties hereto, and
their respective successor and assigns.


 


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


 


i.                    
If any provision of this Subscription Agreement shall be adjudicated by a court of competent jurisdiction to be invalid,
illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall
not in any way be affected or impaired thereby and shall continue in full force and effect so long as this Subscription Agreement
as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof
and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective
expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred
upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).


 




    12 


     


    

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


 


k.                  
The parties hereto agree that irreparable damage may occur in the event that any of the provisions of this Subscription
Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that
the parties shall be entitled to seek an injunction or injunctions to prevent breaches of this Subscription Agreement, without
posting a bond or undertaking and without proof of damages, to enforce specifically the terms and provisions of this Subscription
Agreement, this being in addition to any other remedy to which such party is entitled at law, in equity, in contract, in tort or
otherwise.


 


l.                    
Any notice or communication required or permitted hereunder shall be in writing and either delivered personally,
emailed or sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid,
and shall be deemed to be given and received (i) when so delivered personally, (ii) when sent, with no mail undeliverable
or other rejection notice, if sent by email, or (iii) three business days after the date of mailing to the address below or to
such other address or addresses as such person may hereafter designate by notice given hereunder:


 


(i)       if
to Investor, to such address(es) or email address(es) set forth herein;


 


(ii)     if to
Silver Spike, to:


 


Silver Spike
Acquisition Corp.





660 Madison
Ave Suite 1600





New York,
NY 10065 


	 Attention:  	Scott Gordon
	 E-mail:	notices@silverspikecap.com
	 	 


with a required
copy to (which copy shall not constitute notice):


 


Davis Polk &
Wardwell LLP 


450 Lexington
Ave 


New York, NY
10017 


	Attention:	Derek Dostal
	 	Lee Hochbaum
	Email:	derek.dostal@davispolk.com
	 	lee.hochbaum@davispolk.com
	 	 


m.                
The Investor shall pay all of its own expenses in connection with this Subscription Agreement and the transactions
contemplated herein.


 


n.               
THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK AND THE SUPREME COURT OF THE STATE OF NEW YORK SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF
THE PROVISIONS OF THIS SUBSCRIPTION AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS SUBSCRIPTION AGREEMENT AND IN RESPECT OF THE
TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR
INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY
NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS SUBSCRIPTION AGREEMENT
OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT
TO SUCH ACTION, SUIT OR PROCEEDING


 




    13 


     


    

SHALL BE HEARD
AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER
THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION
WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN THIS SECTION 11(n) OF THIS SUBSCRIPTION AGREEMENT OR IN SUCH OTHER
MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.


 


EACH PARTY ACKNOWLEDGES
AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY
TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT
SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING
WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 11(n).


 


12.               
Non-Reliance and Exculpation. The Investor acknowledges that it is not relying upon, and has not relied upon, any
statement, representation or warranty made by any person, firm or corporation (including, without limitation, the
Placement Agents, any of their affiliates or any of its or their control persons, officers, directors and employees), other
than the statements, representations and warranties of Silver Spike expressly contained in Section 5 of this Subscription Agreement,
in making its investment or decision to invest in Silver Spike. The Investor agrees that none of (i) any other investor pursuant
to this Subscription Agreement or any other subscription agreement related to the private placement of the Shares (including the
respective controlling persons, officers, directors, partners, agents, or employees of any investor), (ii) the
Placement Agents, their affiliates or any of its or their control persons, officers, directors or employees, or (iii) any
other party to the Transaction Agreement, including any such party’s representatives, affiliates
or any of its or their control persons, officers, directors or employees, that is not a party hereto (or a successor party
hereto) shall be liable to the Investor, pursuant to this Subscription Agreement related to the private placement of the Shares
for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Shares.


 


 


[SIGNATURE PAGES FOLLOW]


 




    14 


     


    

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


 


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



 


	By:  	 	 	 
	Name:  	 	 	 
	Title:  	 	 	 



 


	Name in which Shares are to be registered (if different):	 	Date: ________________, 2020
	 	 	 
	Investor’s EIN (if applicable):	 	 
	 	 	 
	Business Address-Street:	 	Mailing Address-Street (if different):
	 	 	 
	City, State, Zip:	 	City, State, Zip:



 


	Attn: 	 	 	Attn: 	 



 


	Telephone No.:	 	Telephone No.:
	Facsimile No.:	 	Facsimile No.:
	 	 	 
	Number of Shares subscribed for:	 	 
	 	 	 
	Aggregate Subscription Amount: $	 	Price Per Share: $10.00


 


 





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


 




    15 


     


    

IN WITNESS WHEREOF,
Silver Spike Acquisition Corp. has accepted this Subscription Agreement as of the date set forth below.


 





 





	 	Silver
Spike Acquisition Corp.
	 	 
	 	 
	 	By:	 
	 	Name:
	 	Title:

        




  


Date:                         , 2020


 




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SCHEDULE A


 


ELIGIBILITY
REPRESENTATIONS OF THE INVESTOR


 


	A.	QUALIFIED INSTITUTIONAL BUYER STATUS



 

	 	(Please check the applicable subparagraphs):



 

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


 


	B.	ACCREDITED INVESTOR STATUS



 

	 	(Please check the applicable subparagraphs):



 

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


 


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


 


☐  Any
bank, registered broker or dealer, SEC- or state-registered investment adviser, exempt reporting adviser, insurance company, registered
investment company, business development company, small business investment company, or rural business investment company;


 


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


 


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


 


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


 


☐  Any
director or executive officer of Silver Spike;


 


☐  Any
natural person whose individual net worth, or joint net worth with that person’s spouse or spousal equivalent, exceeds $1,000,000.
For purposes of calculating a natural person’s net worth: (i) the person’s primary residence shall not be included
as an asset; (ii) indebtedness that is secured by the person’s primary residence, up to the estimated fair market value of
the primary residence at the time of the sale of securities, shall not be included as a liability (except that if the amount of
such indebtedness outstanding at the time of sale of securities exceeds the amount outstanding 60 days before such time, other
than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and
(iii) indebtedness that is secured by the person’s primary residence in excess of the estimated fair market value of
the primary residence at the time of the sale of securities shall be included as a liability;


 


☐  Any
natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that
person’s spouse or spousal equivalent in excess of $300,000 in each of those years and has a reasonable expectation of reaching
the same income level in the current year;


 




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


 


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


 


☐  Any
natural person holding in good standing one or more professional certifications or designations or credentials from an accredited
educational institution that the SEC has designated as qualifying an individual for accredited investor status, such as a General
Securities Representative license (Series 7), a Private Securities Offerings Representative license (Series 82) and an Investment
Adviser Representative license (Series 65);


 


☐  Any
“family office” as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 which was not formed for
the purpose of investing in the Company, has assets under management in excess of $5,000,000 and whose prospective investment is
directed by a person who has such knowledge and experience in financial and business matters that such family office is capable
of evaluating the merits and risks of the prospective investment; or


 


☐  Any
“family client,” as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940, of a family office,
whose prospective investment in the Company is directed by such family office, and such family office is one (i) with assets under
management in excess of $5,000,000, (ii) that was not formed for the specific purpose of investing in the Company, and (iii) whose
prospective investment in the Company is directed by a person who has such knowledge and experience in financial and business matters
that such family office is capable of evaluating the merits and risks of such prospective investment.


 


 


This page
should be completed by the Investor 


and constitutes
a part of the Subscription Agreement.


 






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