Exhibit 10.4


 


PRIVATE PLACEMENT UNITS PURCHASE AGREEMENT


 


This PRIVATE PLACEMENT
UNITS PURCHASE AGREEMENT (this “Agreement”) is made as of the 30th day of July 2019, by and between Netfin Acquisition
Corp., a Cayman Islands exempted company (the “Company”), and MVR Netfin LLC, a Nevada limited liability company
(the “Subscriber”), each with a principal place of business at 445 Park Avenue, 9th Floor, New York, New York
10022.


 


WHEREAS, the Company
desires to sell to Subscriber on a private placement basis (the “Offering”) an aggregate of 615,000 units (the
“Initial Units”) of the Company and up to an additional 66,000 units (the “Additional Units”
and, together with the Initial Units the “Units”) of the Company in the event that the underwriters’ over-allotment
option (the “Over-Allotment Option”) in connection with the IPO (as defined below) is exercised in full or in
part, each Unit comprised of one Class A ordinary share of the Company, par value $0.0001 per share (the “Class A Ordinary
Shares”), and one warrant (“Warrant”), for a purchase price of $6,150,000 (or $6,810,000 if the over-allotment
option is exercised in full), or $10.00 per Unit. The Class A Ordinary Shares underlying the Warrants are hereinafter referred
to as the “Warrant Shares.” The Class A Ordinary Shares underlying the Units (excluding the Warrant Shares)
are hereinafter referred to as the “Placement Shares.” The Warrants underlying the Units are hereinafter referred
to as the “Placement Warrants.” The Units, Placement Shares, Placement Warrants and Warrant Shares, collectively,
are hereinafter referred to as the “Securities.” Each Placement Warrant is exercisable to purchase one Class
A Ordinary Share at an exercise price of $11.50 per share during the period commencing on the later of (i) twelve (12) months from
the date of the closing of the Company’s initial public offering of units (the “IPO”) and (ii) 30 days
following the consummation of the Company’s initial business combination (the “Business Combination”),
as such term is defined in the registration statement in connection with the IPO, as amended at the time it becomes effective (the
“Registration Statement”), and expiring on the fifth anniversary of the consummation of the Business Combination;
and


 


WHEREAS, Subscriber
wishes to purchase 615,000 Units (or 681,000 Units if the over-allotment option is exercised in full) for a purchase price of $6,150,000
(or $6,810,000 if the over-allotment option is exercised in full) and the Company wishes to accept such subscription from Subscriber.


 


NOW, THEREFORE, in
consideration of the premises and the mutual covenants hereinafter set forth and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and Subscriber hereby agree as follows:


 


1. Agreement to
Subscribe


 


1.1. Purchase and
Issuance of the Units. Upon the terms and subject to the conditions of this Agreement, Subscriber hereby agrees to purchase
from the Company, and the Company hereby agrees to sell to Subscriber, on the Closing Date (as defined below) the Initial Units
in consideration of the payment of the Initial Purchase Price (as defined below). On the Closing Date, the Company shall deliver
(via book entry) to Subscriber the Securities purchased. Subscriber hereby agrees to purchase up to an additional 66,000 Additional
Units at $10.00 per Additional Unit for a purchase price of up to $660,000. The purchase and issuance of the Additional Units shall
occur only in the event that the over-allotment option is exercised in full or in part. The total number of Additional Units to
be purchased hereunder shall be in the same proportion as the proportion of the over-allotment option that is exercised. Each purchase
of Additional Units shall occur simultaneously with the consummation of any portion of the over-allotment option.


 


1.2. Purchase Price.
As payment in full for the Initial Units being purchased under this Agreement, Subscriber shall pay an aggregate of $6,150,000
(the “Initial Purchase Price”) by wire transfer of immediately available funds or by such other method as may
be reasonably acceptable to the Company, to the trust account (the “Trust Account”) at a financial institution
to be chosen by the Company, maintained by Continental Stock Transfer & Trust Company, acting as trustee (“Continental”),
no later than one (1) business day prior to the date of effectiveness of the Registration Statement. As payment in full for the
Additional Units being purchased under this Agreement, Subscriber shall pay $10.00 per Additional Unit being purchased by wire
transfer of immediately available funds or by such other method as may be reasonably acceptable to the Company, to the Trust Account
at a financial institution to be chosen by the Company, maintained by Continental, one (1) business day prior to the Closing Date
of the over-allotment option.


 


1.3. Closing.
The closing of the purchase and sale of the Initial Units shall take place simultaneously with the closing of the IPO and the closing
of the purchase and sale of Additional Units shall take place simultaneously with the closing of the over-allotment option (each,
a “Closing Date”). The closing of the purchase and sale of the Units shall take place at the offices of Winston
& Strawn LLP, 200 Park Avenue, New York, New York, 10166, or such other place as may be agreed upon by the parties hereto.


 


1.4 Termination.
This Agreement and each of the obligations of the undersigned shall be null and void and without effect if the IPO does not close
prior to December 31, 2019.


 






     


     


    

 


2. Representations
and Warranties of Subscriber


 


Subscriber represents
and warrants to the Company that:


 


2.1. No Government
Recommendation or Approval. Subscriber understands that no federal or state agency has passed upon or made any recommendation
or endorsement of the Company or the Offering of the Securities.


 


2.2. Accredited
Investor. Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation
D under the Securities Act of 1933, as amended (the “Securities Act”), and acknowledges that the sale contemplated
hereby is being made in reliance, among other things, on a private placement exemption to “accredited investors” under
the Securities Act and similar exemptions under state law.


 


2.3. Intent.
Subscriber is purchasing the Securities solely for investment purposes, for Subscriber’s own account (and/or for the account
or benefit of its members or affiliates, as permitted, pursuant to the terms of an agreement (the “Insider Letter”)
to be entered into with respect to the Securities between, among others, Subscriber and the Company, as described in the Registration
Statement), and not with a view to the distribution thereof and Subscriber has no present arrangement to sell the Securities to
or through any person or entity except as may be permitted under the Insider Letter. Subscriber shall not engage in hedging transactions
with regard to the Securities unless in compliance with the Securities Act.


 


2.4. Restrictions
on Transfer. Subscriber acknowledges and understands the Units are being offered in a transaction not involving a public offering
in the United States within the meaning of the Securities Act. The Securities have not been registered under the Securities Act
and, if in the future Subscriber decides to offer, resell, pledge or otherwise transfer the Securities, such Securities may be
offered, resold, pledged or otherwise transferred only (A) pursuant to an effective registration statement filed under the Securities
Act, (B) pursuant to an exemption from registration under Rule 144 promulgated under the Securities Act, if available, or (C) pursuant
to any other available exemption from the registration requirements of the Securities Act, and in each case in accordance with
any applicable securities laws of any state or any other jurisdiction. Notwithstanding the foregoing, Subscriber acknowledges and
understands the Securities are subject to transfer restrictions as described in Section 8 hereof. Subscriber agrees that if any
transfer of its Securities or any interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber
may be required to deliver to the Company an opinion of counsel satisfactory to the Company with respect to such transfer. Absent
registration or another available exemption from registration, Subscriber agrees it will not resell the Securities (unless otherwise
permitted pursuant to the Insider Letter, as described in the Registration Statement). Subscriber further acknowledges that because
the Company is a shell company, Rule 144 may not be available to Subscriber for the resale of the Securities until the one-year
anniversary following consummation of the Business Combination of the Company, despite technical compliance with the requirements
of Rule 144 and the release or waiver of any contractual transfer restrictions.


 


2.5. Sophisticated
Investor.


 


(i) Subscriber is
sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Securities.


 


(ii) Subscriber is
aware that an investment in the Securities is highly speculative and subject to substantial risks because, among other things,
the Securities are subject to transfer restrictions and have not been registered under the Securities Act and therefore cannot
be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber
is able to bear the economic risk of its investment in the Securities for an indefinite period of time.


 


2.6. Independent
Investigation. Subscriber, in making the decision to purchase the Units, has relied upon an independent investigation of the
Company and has not relied upon any information or representations made by any third parties or upon any oral or written representations
or assurances from the Company, its officers, directors or employees or any other representatives or agents of the Company, other
than as set forth in this Agreement. Subscriber is familiar with the business, operations and financial condition of the Company
and has had an opportunity to ask questions of, and receive answers from the Company’s officers and directors concerning
the Company and the terms and conditions of the offering of the Units and has had full access to such other information concerning
the Company as Subscriber has requested. Subscriber confirms that all documents that it has requested have been made available
and that Subscriber has been supplied with all of the additional information concerning this investment which Subscriber has requested.


 


2.7 Organization
and Authority. Subscriber is duly organized, validly existing and in good standing under the laws of the State of Nevada and
it possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.


 


2.8. Authority.
This Agreement has been validly authorized, executed and delivered by Subscriber and is a valid and binding agreement enforceable
in accordance with its terms, subject to the general principles of equity and to bankruptcy or other laws affecting the enforcement
of creditors’ rights generally.


 


2.9. No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by Subscriber of the transactions contemplated hereby
do not violate, conflict with or constitute a default under (i) Subscriber's charter documents, (ii) any agreement or instrument
to which Subscriber is a party or (iii) any law, statute, rule or regulation to which Subscriber is subject, or any agreement,
order, judgment or decree to which Subscriber is subject.


 






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2.10. No Legal Advice
from Company. Subscriber acknowledges it has had the opportunity to review this Agreement and the transactions contemplated
by this Agreement and the other agreements entered into between the parties hereto with Subscriber’s own legal counsel and
investment and tax advisors. Except for any statements or representations of the Company made in this Agreement and the other agreements
entered into between the parties hereto, Subscriber is relying solely on such counsel and advisors and not on any statements or
representations of the Company or any of its representatives or agents for legal, tax or investment advice with respect to this
investment, the transactions contemplated by this Agreement or the securities laws of any jurisdiction.


 


2.11. Reliance on
Representations and Warranties. Subscriber understands the Units are being offered and sold to Subscriber in reliance on exemptions
from the registration requirements under the Securities Act, and analogous provisions in the laws and regulations of various states,
and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and
understandings of Subscriber set forth in this Agreement in order to determine the applicability of such provisions.


 


2.12. No General
Solicitation. Subscriber is not subscribing for the Units as a result of or subsequent to any general solicitation or general
advertising, including but not limited to any advertisement, article, notice or other communication published in any newspaper,
magazine, or similar media or broadcast over television or radio, or presented at any seminar or meeting or in a registration statement
with respect to the IPO filed with the Securities and Exchange Commission (the “SEC”).


 


2.13. Legend.
Subscriber acknowledges and agrees the certificates evidencing each of the Securities shall bear a restrictive legend (the “Legend”),
in form and substance substantially as set forth in Section 4 hereof.


 


3. Representations,
Warranties and Covenants of the Company


 


The Company represents
and warrants to, and agrees with, Subscriber that:


 


3.1. Valid Issuance
of Share Capital. The total number of all classes of share capital which the Company has authority to issue is 221,000,000
ordinary shares, including 200,000,000 Class A Ordinary Shares and 20,000,000 Class B Ordinary Shares, $0.0001 par value per share
(“Class B Ordinary Shares”), and 1,000,000 preferred shares, $0.0001 par value per share (“Preferred
Shares”). As of the date hereof, the Company has issued and outstanding 6,325,000 Class B Ordinary Shares (of which up
to 825,000 shares are subject to forfeiture as described in the Registration Statement), no Class A Ordinary Shares and no Preferred
Shares. All of the issued share capital of the Company have been duly authorized, validly issued, and are fully paid and non-assessable.


 


3.2 Title to Securities.
Upon issuance in accordance with, and payment pursuant to, the terms hereof and that certain warrant agreement to be entered into
between the Company and Continental, as warrant agent (the “Warrant Agreement”), each of the Units, Placement
Shares, Placement Warrants and Warrant Shares will be duly and validly issued, fully paid and non-assessable. On the date of issuance
of the Units, the Warrant Shares shall have been reserved for issuance. Upon issuance in accordance with, and payment pursuant
to, the terms hereof and the Warrant Agreement, Subscriber will have or receive good title to the Units, Placement Shares and Placement
Warrants, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and
pursuant to the Insider Letter and (ii) transfer restrictions under federal and state securities laws.


 


3.3. Organization
and Qualification. The Company has been duly incorporated and is validly existing as a Cayman Islands exempted company and
has the requisite corporate power to own its properties and assets and to carry on its business as now being conducted.


 


3.4. Authorization;
Enforcement. (i) The Company has the requisite corporate power and authority to enter into and perform its obligations under
this Agreement and to issue the Securities in accordance with the terms hereof, (ii) the execution, delivery and performance of
this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all
necessary corporate action, and no further consent or authorization of the Company or its Board of Directors or shareholders is
required, (iii) this Agreement constitutes valid and binding obligations of the Company enforceable against the Company in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium,
reorganization, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or
by equitable principles of general application and except as enforcement of rights to indemnity and contribution may be limited
by federal and state securities laws or principles of public policy, (iv) the Units, when issued and delivered in the manner set
forth herein, will constitute valid and binding obligations of the Company enforceable against the Company in accordance with their
terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization,
or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by equitable principles
of general application and except as enforcement of rights to indemnity and contribution may be limited by federal and state securities
laws or principles of public policy and (v) the Placement Warrants, when issued and delivered in the manner set forth herein, will
constitute valid and binding obligations of the Company enforceable against the Company in accordance with their terms, except
as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization,
or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by equitable principles
of general application and except as enforcement of rights to indemnity and contribution may be limited by federal and state securities
laws or principles of public policy.


 






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3.5. No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated
hereby do not (i) result in a violation of the Company’s amended and restated memorandum and articles of association, (ii)
conflict with, or constitute a default under any agreement or instrument to which the Company is a party or (iii) any law statute,
rule or regulation to which the Company is subject or any agreement, order, judgment or decree to which the Company is subject.
Other than any SEC or state securities filings which may be required to be made by the Company subsequent to the closing of the
IPO, and any registration statement which may be filed pursuant thereto, the Company is not required under federal, state or local
law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court or
governmental agency or self-regulatory entity in order for it to perform any of its obligations under this Agreement or issue the
Units, Placement Shares, Placement Warrants or the Warrant Shares in accordance with the terms hereof.


 


4. Legends


 


4.1. Legend.
The Company will issue the Units, Placement Shares and Placement Warrants, and when issued, the Warrant Shares, purchased by Subscriber
in the name of Subscriber. The Securities will bear the following Legend and appropriate “stop transfer” instructions:


 


“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR
OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.”


 


“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PURSUANT TO AN INSIDER LETTER BETWEEN, AMONG OTHERS, NETFIN ACQUISITION
CORP. AND MVR NETFIN LLC AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP
PURSUANT TO THE TERMS SET FORTH IN THE INSIDER LETTER.”


 


4.2. Subscriber’s
Compliance. Nothing in this Section 4 shall affect in any way Subscriber’s obligations and agreements to comply with
all applicable securities laws upon resale of the Securities.


 


4.3. Company’s
Refusal to Register Transfer of the Securities. The Company shall refuse to register any transfer of the Securities, if in
the sole judgment of the Company such purported transfer would not be made (i) pursuant to an effective registration statement
filed under the Securities Act, or pursuant to an available exemption from the registration requirements of the Securities Act
and (ii) in compliance herewith and with the Insider Letter.


 


4.4 Registration
Rights. Subscriber will be entitled to certain registration rights which will be governed by a registration rights agreement
(“Registration Rights Agreement”) to be entered into between, among others, Subscriber and the Company, on or
prior to the effective date of the Registration Statement.


 


5. Waiver of Liquidation
Distributions.


 


In connection with
the Securities purchased pursuant to this Agreement, Subscriber hereby waives any and all right, title, interest or claim of any
kind in or to any distributions of the amounts in the Trust Account with respect to the Securities, whether (i) in connection with
the exercise of redemption rights if the Company consummates the Business Combination, (ii) in connection with any tender offer
conducted by the Company prior to a Business Combination, (iii) upon the Company’s redemption of Ordinary Shares sold in
the Company’s IPO upon the Company’s failure to timely complete the Business Combination or (iv) in connection with
a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles of association (A)
to modify the substance or timing of the Company’s obligation to redeem 100% of the Company’s public shares if the
Company does not timely complete the Business Combination or (B) with respect to any other provision relating to shareholders’
rights or pre-Business Combination activity. In the event Subscriber purchases Ordinary Shares in the IPO or in the aftermarket,
any additional shares so purchased shall be eligible to receive the redemption value of such Ordinary Shares upon the same terms
offered to all other purchasers of Ordinary Shares in the IPO in the event the Company fails to consummate the Business Combination.


 






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6. Terms of Placement
Warrants.


 


6.1 Terms. Each
Placement Warrant shall have the terms set forth in the Warrant Agreement.


 


6.2. Failure to
Consummate Business Combination. The Placement Warrants shall be terminated upon the dissolution of the Company or in the event
that the Company does not consummate the Business Combination within 24 months from the consummation of the IPO, unless otherwise
extended by the Company.


 


6.3. Termination
of Rights as Holder. If the Placement Warrants are terminated in accordance with Section 6.1, then after such time Subscriber
(or its successor in interest) shall no longer have any rights as a holder of such Placement Warrants and the Company shall take
such action as is appropriate to cancel such Placement Warrants. Subscriber hereby irrevocably grants the Company a limited power
of attorney for the purpose of effectuating the foregoing and agrees to take any and all measures reasonably requested by the Company
necessary to effect the foregoing.


 


7. Rescission Right
Waiver and Indemnification.


 


7.1. Subscriber understands
and acknowledges an exemption from the registration requirements of the Securities Act requires there be no general solicitation
of purchasers of the Units. In this regard, if the IPO were deemed to be a general solicitation with respect to the Units, the
offer and sale of such Units may not be exempt from registration and, if not, Subscriber may have a right to rescind its purchase
of the Units. In order to facilitate the completion of the Offering and in order to protect the Company, its shareholders and the
amounts in the Trust Account from claims that may adversely affect the Company or the interests of its shareholders, Subscriber
hereby agrees to waive, to the maximum extent permitted by applicable law, any claims, right to sue or rights in law or arbitration,
as the case may be, to seek rescission of its purchase of the Units. Subscriber acknowledges and agrees this waiver is being made
in order to induce the Company to sell the Units to Subscriber. Subscriber agrees the foregoing waiver of rescission rights shall
apply to any and all known or unknown actions, causes of action, suits, claims or proceedings (collectively, “Claims”)
and related losses, costs, penalties, fees, liabilities and damages, whether compensatory, consequential or exemplary, and expenses
in connection therewith, including reasonable attorneys’ and expert witness fees and disbursements and all other expenses
reasonably incurred in investigating, preparing or defending against any Claims, whether pending or threatened, in connection with
any present or future actual or asserted right to rescind the purchase of the Units hereunder or relating to the purchase of the
Units and the transactions contemplated hereby.


 


7.2. Subscriber agrees
not to seek recourse against the Trust Account for any reason whatsoever in connection with its purchase of the Units or any Claim
that may arise now or in the future.


 


7.3. Subscriber acknowledges
and agrees that the shareholders of the Company are and shall be third-party beneficiaries of this Section 7.


 


7.4. Subscriber agrees
that to the extent any waiver of rights under this Section 7 is ineffective as a matter of law, Subscriber has offered such waiver
for the benefit of the Company as an equitable right that shall survive any statutory disqualification or bar that applies to a
legal right. Subscriber acknowledges the receipt and sufficiency of consideration received from the Company hereunder in this regard.


 


8. Terms of the
Units and Placement Warrants


 


8.1 The Units and their
component parts are substantially identical to the units to be offered in the IPO except that: (i) the Units and component parts
will be subject to transfer restrictions described in the Insider Letter, (ii) the Placement Warrants will be non-redeemable so
long as they are held by Subscriber (or any of its permitted transferees), and may be exercisable on a “cashless” basis
if held by Subscriber or its permitted transferees, as further described in the Warrant Agreement, and (iii) the Units and component
parts are being purchased pursuant to an exemption from the registration requirements of the Securities Act and will become freely
tradable only after the expiration of the lockup described above in clause (i) and they are registered pursuant to the Registration
Rights Agreement to be signed on or before the date of the Prospectus or an exemption from registration is available.


 


8.2 Subscriber agrees to vote the Placement
Shares in accordance with the terms of the Insider Letter and as otherwise described in the Registration Statement.


 


9. Governing Law;
Jurisdiction; Waiver of Jury Trial


 


This Agreement shall
be governed by and construed in accordance with the laws of the State of New York for agreements made and to be wholly performed
within such state, without regards to the conflicts of laws principles thereof. Any suit brought by either party shall be brought
in the state or federal courts sitting in New York County in the State of New York. The parties hereto hereby waive any right to
a jury trial in connection with any litigation pursuant to this Agreement and the transactions contemplated hereby.


 






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10. Assignment;
Entire Agreement; Amendment


 


10.1. Assignment.
Neither this Agreement nor any rights hereunder may be assigned, in whole or in part, by any party to any other person without
the prior written consent of the other party hereto except that Subscriber may assign this Agreement, or any of its rights hereunder,
to a person agreeing to be bound by the terms hereof, including the waiver contained in Section 7 hereof.


 


10.2. Entire Agreement.
This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter thereof and merges
and supersedes all prior discussions, agreements and understandings of any and every nature among them with respect to such subject
matter.


 


10.3. Amendment.
Except as expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged or
terminated other than by a written instrument signed by the party against whom enforcement of any such amendment, waiver, discharge
or termination is sought.


 


10.4. Binding upon
Successors. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective successors
and permitted assigns.


 


11. Notices


 


Unless otherwise provided
herein, any notice or other communication to a party hereunder shall be sufficiently given if in writing and personally delivered
or sent by facsimile or other electronic transmission with copy sent in another manner herein provided or sent by courier (which
for all purposes of this Agreement shall include Federal Express or other recognized overnight courier) or mailed to said party
by certified mail, return receipt requested, at its address provided for herein or such other address as either may designate for
itself in such notice to the other. Communications shall be deemed to have been received when delivered personally, on the scheduled
arrival date when sent by next day or 2nd-day courier service, or if sent by facsimile upon receipt of confirmation of transmittal
or, if sent by mail, then three days after deposit in the mail. If given by electronic transmission, such notice shall be deemed
to be delivered when directed to an electronic mail address at which such party has consented to receive notice.


 


12. Counterparts


 


This Agreement may
be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement and shall
become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both
parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail
delivery of a “pdf” format data file, such signature shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature
page were an original thereof.


 


13. Survival; Severability


 


13.1. Survival.
The representations, warranties, covenants and agreements of the parties hereto shall survive the Closing.


 


13.2. Severability.
In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall
be effective if it materially changes the economic benefit of this Agreement to any party.


 


14. Headings.


 


The titles and subtitles
used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.


 


[Signature Page Follows]


 






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IN WITNESS WHEREOF, the parties hereto have
executed this Agreement to be effective as of the date first set forth above.


 


	 	NETFIN ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Gerry Pascale
	 	 	Name: Gerry Pascale
	 	 	Title: Chief Financial Officer, Secretary
	 	
         

        MVR NETFIN LLC

	 	 	 
	 	 	 
	 	By:	/s/ Marat Rosenberg
	 	 	Name: Marat Rosenberg
	 	 	Title: Manager


 


 


 


 


 





[Signature Page to Private Placement
Units Subscription Agreement]