Document:

Exhibit 10.1

 

EXCHANGE
AGREEMENT

 

EXCHANGE
AGREEMENT (this “Agreement”), dated as of [●], 2019, among Repay Holdings Corporation, a Delaware
corporation, Hawk Parent Holdings, LLC, a Delaware limited liability company, and the holders, other than the Corporation, of
LLC Units (as defined herein) from time to time party hereto.

 

WHEREAS,
the parties hereto desire to provide for the exchange of LLC Units for shares of Class A Common Stock (as defined herein), on
the terms and subject to the conditions set forth herein.

 

NOW,
THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE
I

 

SECTION
1.1.   Definitions

 

The
following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used
in this Agreement.

 

“Cash
Amount” means the amount of cash equal to the Cash Amount Per Share multiplied by the number of LLC Units transferred
in connection with the applicable Exchange multiplied by the Exchange Rate.

 

“Cash
Amount Per Share” means the amount of cash per share of Class A Common Stock equal to the Value of such share of Class
A Common Stock.

 

“Class
A Common Stock” means the Class A common stock, par value $0.01 per share, of the Corporation.

 

“Class
V Common Stock” means the Class V common stock, par value $0.01 per share, of the Corporation.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Corporation”
means Repay Holdings Corporation, a Delaware Corporation, and any successor thereto.

 

“Exchange”
has the meaning set forth in Section 2.1(a) of this Agreement.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Exchange
Rate” means, at any time, the number of shares of Class A Common Stock for which an LLC Unit is entitled to be exchanged
at such time. On the date of this Agreement, the Exchange Rate shall be 1 for 1, subject to adjustment pursuant to Section 2.2
hereof.

 

     

     

    

 

“Hawk
Parent Holdings LLC” means Hawk Parent Holdings LLC, a Delaware limited liability company, and any successor thereto.

 

“Hawk
Parent Holdings LLC Agreement” means the Second Amended and Restated Limited Liability Company Agreement of Hawk Parent
Holdings LLC, dated on or about the date hereof, as such agreement may be amended from time to time.

 

“LLC
Unit” means (i) each Class A Unit (as such term is defined in the Hawk Parent Holdings LLC Agreement) issued as of the
date hereof and (ii) each Class A Unit or other interest in Hawk Parent Holdings LLC that may be issued by Hawk Parent Holdings
LLC in the future that is designated by the Corporation as an “LLC Unit”.

 

“LLC
Unitholder” means each holder of one or more LLC Units that may from time to time be a party to this Agreement.

 

“Permitted
Transferee” has the meaning given to such term in Section 3.1 of this Agreement.

 

“Publicly
Traded” means listed or admitted to trading on the New York Stock Exchange or another national securities exchange or
designated for quotation on the NASDAQ National Market, or any successor to any of the foregoing.

 

“Unvested
Units” has the meaning given to such term in the Hawk Parent Holdings LLC Agreement.

 

“Value”
means, with respect to any outstanding share of Class A Common Stock that is Publicly Traded, the volume weighted average price
per share on the date of receipt of the applicable written election of Exchange. If the shares of Class A Common Stock are not
Publicly Traded, the Value of a share of Class A Common Stock means the amount that a holder of a share of Class A Common Stock
would receive if each of the assets of the Corporation were to be sold for its fair market value on the date of delivery of the
applicable written election of Exchange, the Corporation were to pay all of its outstanding liabilities, and the remaining proceeds
were to be distributed to the holders of the Corporation’s equity. Such Value shall be determined by the Corporation, acting
in good faith and based upon a commercially reasonable estimate of the amount that would be realized by the Corporation if each
asset of the Corporation (and each asset of each partnership, limited liability company, trust, joint venture or other entity
in which the Corporation owns a direct or indirect interest) were sold to an unrelated purchaser in an arms’ length transaction
where neither the purchaser nor the seller were under economic compulsion to enter into the transaction (without regard to any
discount in value as a result of the Corporation’s minority interest in any property or any illiquidity of the Corporation’s
interest in any property).

 

    	 	2	 

     

    

 

ARTICLE
II 

 

SECTION
2.1.   Exchange of LLC Units for Class A Common Stock.

 

(a) 
From and after the six-month anniversary of the date of the consummation of the transactions described in the Corporation’s
Registration Statement on Form S-4 (File No. [●]), each LLC Unitholder shall be entitled at any time and from time to time,
upon the terms and subject to the conditions hereof, to surrender LLC Units (other than Unvested Units) to Hawk Parent Holdings
LLC in exchange for the delivery to the exchanging LLC Unitholder of, in the sole and absolute discretion of the Corporation,
either (i) a number of shares of Class A Common Stock that is equal to the product of the number of LLC Units surrendered multiplied
by the Exchange Rate or (ii) pursuant to Section 2.4, the Cash Amount (such exchange, an “Exchange”); provided,
that any such Exchange is for a minimum of the lesser of 5,000 LLC Units (which minimum shall be equitably adjusted in accordance
with any adjustments to the Exchange Rate) or all of the LLC Units (other than Unvested Units) held by such LLC Unitholder.

 

(b) 
An LLC Unitholder shall exercise its right to make an Exchange as set forth in Section 2.1(a) above by delivering to the Corporation
and to Hawk Parent Holdings LLC a written election of exchange in respect of the LLC Units to be exchanged substantially in the
form of Exhibit A hereto and any certificates, if any, representing LLC Units, duly executed by such holder or such holder’s
duly authorized attorney, in each case delivered during normal business hours at the principal executive offices of the Corporation
and of Hawk Parent Holdings LLC. As promptly as practicable following the delivery of such a written election of exchange (and
the concurrent consummation of the transfer of LLC Units from such LLC Unitholder to the Corporation, for the account of Hawk
Parent Holdings LLC, in connection therewith), Hawk Parent Holdings LLC shall deliver or cause to be delivered at the offices
of the then-acting registrar and transfer agent of the Class A Common Stock or, if there is no then-acting registrar and transfer
agent of the Class A Common Stock, at the principal executive offices of the Corporation, the number of shares of Class A Common
Stock deliverable upon such Exchange, registered in the name of the relevant exchanging LLC Unitholder or its designee, or the
Cash Amount, as applicable. Notwithstanding the foregoing, if the Class A Common Stock is settled through the facilities of The
Depository Trust Company, and the exchanging LLC Unitholder is permitted to hold shares of Class A Common Stock through The Depository
Trust Company, Hawk Parent Holdings LLC will, subject to Section 2.1(c) hereof, upon the written instruction of an exchanging
LLC Unitholder, use its reasonable best efforts to deliver or cause to be delivered the shares of Class A Common Stock deliverable
to such exchanging LLC Unitholder, through the facilities of The Depository Trust Company, to the account of the participant of
The Depository Trust Company designated by such exchanging LLC Unitholder. The Corporation, including in its capacity as the Managing
Member of Hawk Parent Holdings LLC, shall take such actions as may be required to ensure the performance by Hawk Parent Holdings
LLC of its obligations under this Section 2(b) and the foregoing Section 2(a), including the issuance and sale of shares of Class
A Common Stock to or for the account of Hawk Parent Holdings LLC in exchange for the delivery to the Corporation of a number of
LLC Units that is equal to the number of LLC Units surrendered by an exchanging LLC Unitholder. Any LLC Unitholder that surrenders
all of the LLC Units held by such LLC Unitholder to the Corporation, for the account of Hawk Parent Holdings LLC, pursuant to
this Section 2.1(b) shall concurrently surrender all shares of Class V Common Stock held by such LLC Unitholder (including any
fractions thereof) to the Corporation for no consideration.

 

    	 	3	 

     

    

 

(c) 
Hawk Parent Holdings LLC and each exchanging LLC Unitholder shall bear its own expenses in connection with the consummation of
any Exchange, whether or not any such Exchange is ultimately consummated, except that Hawk Parent Holdings LLC shall bear any
transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any Exchange; provided,
however, that if any shares of Class A Common Stock are to be delivered in a name other than that of the LLC Unitholder
that requested the Exchange, then such LLC Unitholder and/or the person in whose name such shares are to be delivered shall pay
to Hawk Parent Holdings LLC the amount of any transfer taxes, stamp taxes or duties, or other similar taxes in connection with,
or arising by reason of, such Exchange or shall establish to the reasonable satisfaction of Hawk Parent Holdings LLC that such
tax has been paid or is not payable.

 

(d) 
Notwithstanding anything to the contrary herein, to the extent the Corporation or Hawk Parent Holdings LLC shall determine that
LLC Units do not meet the requirements of Treasury Regulation section 1.7704-1(h), the Corporation or Hawk Parent Holdings LLC
may impose such restrictions on Exchange as the Corporation or Hawk Parent Holdings LLC may determine to be necessary or advisable
so that Hawk Parent Holdings LLC is not treated as a “publicly traded partnership” under Section 7704 of the Code;
provided, that each LLC Unitholder shall be entitled at any time to exchange LLC Units for Class A Common Stock, provided
that the aggregate number of LLC Units surrendered by such LLC Unitholder in any such Exchange is greater than 2% of the then-outstanding
LLC Units (provided that such Exchange constitutes part of a “block transfer” within the meaning of Treasury Regulation
Section 1.7704-1(e)(2)). Notwithstanding anything to the contrary herein, no Exchange shall be permitted (and, if attempted, shall
be void ab initio) if, in the good faith determination of the Corporation or of Hawk Parent Holdings LLC, such an Exchange
would pose a material risk that Hawk Parent Holdings LLC would be a “publicly traded partnership” under Section 7704
of the Code.

 

(e) 
For the avoidance of doubt, and notwithstanding anything to the contrary herein, an LLC Unitholder shall not be entitled to effect
an Exchange to the extent the Corporation determines that such Exchange (i) would be prohibited by law or regulation (including,
without limitation, the unavailability of any requisite registration statement filed under the U.S. Securities Act of 1933, as
amended (the “Securities Act”), or any exemption from the registration requirements thereunder) or (ii) would
not be permitted under any other agreements with the Corporation or its subsidiaries to which such LLC Unitholder may be party
(including, without limitation, the Hawk Parent Holdings LLC Agreement) or any written policies of the Corporation related to
unlawful or inappropriate trading applicable to its directors, officers or other personnel.

 

(f)  
The Corporation may adopt reasonable procedures for the implementation of the exchange provisions set forth in this Article
II, including, without limitation, procedures for the giving of notice of an election of exchange.

 

    	 	4	 

     

    

 

SECTION
2.2.   Adjustment. The Exchange Rate shall be adjusted accordingly if there is: (a) any subdivision (by any unit
split, unit distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse unit split,
reclassification, reorganization, recapitalization or otherwise) of the LLC Units that is not accompanied by an identical subdivision
or combination of the Class A Common Stock or (b) any subdivision (by any stock split, stock dividend or distribution,
reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock split, reclassification, reorganization,
recapitalization or otherwise) of the Class A Common Stock that is not accompanied by an identical subdivision or combination
of the LLC Units. If there is any reclassification, reorganization, recapitalization or other similar transaction in which the
Class A Common Stock are converted or changed into another security, securities or other property, then upon any subsequent
Exchange, an exchanging LLC Unitholder shall be entitled to receive the amount of such security, securities or other property
that such exchanging LLC Unitholder would have received if such Exchange had occurred immediately prior to the effective time
of such reclassification, reorganization, recapitalization or other similar transaction, taking into account any adjustment as
a result of any subdivision (by any split, distribution or dividend, reclassification, reorganization, recapitalization or otherwise)
or combination (by reverse split, reclassification, recapitalization or otherwise) of such security, securities or other property
that occurs after the effective time of such reclassification, reorganization, recapitalization or other similar transaction.
Except as may be required in the immediately preceding sentence, no adjustments in respect of distributions shall be made upon
the exchange of any LLC Unit.

 

SECTION
2.3.   Class A Common Stock to be Issued.

 

(a) 
The Corporation shall at all times reserve and keep available out of its authorized but unissued Class A Common Stock, solely
for the purpose of issuance upon an Exchange, such number of shares of Class A Common Stock as may be deliverable upon any such
Exchange; provided, that nothing contained herein shall be construed to preclude Hawk Parent Holdings LLC from satisfying
its obligations in respect of the Exchange of the LLC Units by delivery of shares of Class A Common Stock which are held in the
treasury of the Corporation or are held by Hawk Parent Holdings LLC or any of their subsidiaries or by delivery of purchased shares
of Class A Common Stock (which may or may not be held in the treasury of the Corporation or held by any subsidiary thereof),
or by delivery of the Cash Amount. The Corporation and Hawk Parent Holdings LLC covenant that all Class A Common Stock issued
upon an Exchange will, upon issuance, be validly issued, fully paid and non-assessable.

 

(b) 
The Corporation and Hawk Parent Holdings LLC shall at all times ensure that the execution and delivery of this Agreement by each
of the Corporation and Hawk Parent Holdings LLC and the consummation by each of the Corporation and Hawk Parent Holdings LLC of
the transactions contemplated hereby (including without limitation, the issuance of the Class A Common Stock) have been duly authorized
by all necessary corporate or limited liability company action, as the case may be, on the part of the Corporation and Hawk Parent
Holdings LLC, including, but not limited to, all actions necessary to ensure that the acquisition of shares of Class A Common
Stock pursuant to the transactions contemplated hereby, to the fullest extent of the Corporation’s board of directors’
power and authority and to the extent permitted by law, shall not be subject to any “moratorium,” “control share
acquisition,” “business combination,” “fair price” or other form of anti-takeover laws and regulations
of any jurisdiction that may purport to be applicable to this Agreement or the transactions contemplated hereby.

 

(c) 
The Corporation and Hawk Parent Holdings LLC covenant and agree that, to the extent that a registration statement under the Securities
Act is effective and available for shares of Class A Common Stock to be delivered with respect to any Exchange, shares that have
been registered under the Securities Act shall be delivered in respect of such Exchange. In the event that any Exchange in accordance
with this Agreement is to be effected at a time when any required registration has not become effective or otherwise is unavailable,
upon the request and with the reasonable cooperation of the LLC Unitholder requesting such Exchange, the Corporation and Hawk
Parent Holdings LLC shall use commercially reasonable efforts to promptly facilitate such Exchange pursuant to any reasonably
available exemption from such registration requirements. The Corporation and Hawk Parent Holdings LLC shall use commercially reasonable
efforts to list the Class A Common Stock required to be delivered upon exchange prior to such delivery upon each national securities
exchange or inter-dealer quotation system upon which the outstanding Class A Common Stock may be listed or traded at the time
of such delivery.

 

    	 	5	 

     

    

 

SECTION
2.4.   Exchange for Cash Amount. Notwithstanding anything to the contrary in this Article II, by delivery of
an written election of Exchange pursuant to Section 2.1(a), the applicable holder shall be deemed to have offered to sell its
shares of Class A Common Stock described in the written election of Exchange to the Corporation, and the Corporation may, in its
sole and absolute discretion, by means of delivery of a notice to such effect on the day immediately following the delivery of
such written election of Exchange, elect to purchase directly and acquire such shares of Class A Common Stock by paying to such
holder the Cash Amount, whereupon the Corporation shall acquire the shares of Class A Common Stock offered for Exchange by such
holder. As promptly as practicable following the delivery of notice, the Corporation shall deposit or cause to be deposited the
Cash Amount in the account of such exchanging holder specified in its written election of Exchange. In the event that the Corporation
does not deliver such notice of such election to pay the Cash Amount on the day immediately following the delivery of such written
election of Exchange, it shall be deemed to have elected to settle the Exchange with shares of Class A Common Stock.

 

ARTICLE
III 

 

SECTION
3.1.   Additional LLC Unitholders. To the extent an LLC Unitholder validly transfers any or all of such holder’s
LLC Units to another person in a transaction in accordance with, and not in contravention of, the Hawk Parent Holdings LLC Agreement
or any other agreement or agreements with the Corporation or any of its subsidiaries to which a transferring LLC Unitholder may
be party, then such transferee (each, a “Permitted Transferee”) shall have the right to execute and deliver
a joinder to this Agreement, substantially in the form of Exhibit B hereto, whereupon such Permitted Transferee shall become
an LLC Unitholder hereunder. To the extent Hawk Parent Holdings LLC issues LLC Units in the future, Hawk Parent Holdings LLC shall
be entitled, in its sole discretion, to make any holder of such LLC Units an LLC Unitholder hereunder through such holder’s
execution and delivery of a joinder to this Agreement, substantially in the form of Exhibit B hereto.

 

SECTION
3.2.   Addresses and Notices. All notices, requests, claims, demands and other communications hereunder shall
be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier
service, by fax, by electronic mail (delivery receipt requested) or by registered or certified mail (postage prepaid, return receipt
requested) to the respective parties at the following addresses (or at such other address for a party as shall be as specified
in a notice given in accordance with this Section 3.2):

 

(a)
If to the Corporation, to:

 

Repay
Holdings Corporation

c/o
Repay Holdings, LLC

3
West Paces Ferry Road, Suite 200

Atlanta,
Georgia 30305

Attention:
John A. Morris, CEO

Phone:
(404) 504-7474

Email:
jmorris@repayonline.com

 

    	 	6	 

     

    

 

(b)
If to Hawk Parent Holdings LLC, to:

 

c/o
Repay Holdings, LLC

3
West Paces Ferry Road, Suite 200

Atlanta,
Georgia 30305

Attention:
John A. Morris, CEO

Phone:
(404) 504-7474

Email:
jmorris@repayonline.com

 

(c)
If to any LLC Unitholder, to the address and other contact information set forth in the records of Hawk Parent Holdings LLC from
time to time.

 

SECTION
3.3.   Further Action. The parties shall execute and deliver all documents, provide all information and take
or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement.

 

SECTION
3.4.   Binding Effect. This Agreement shall be binding upon and inure to the benefit of all of the parties and,
to the extent permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns.

 

SECTION
3.5.   Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable
of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless
remain in full force and effect so long as the economic or legal substance of the transactions is not affected in any manner materially
adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as
closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the fullest extent possible.

 

SECTION
3.6.   Amendment. The provisions of this Agreement may be amended only by the affirmative vote or written consent
of each of (i) the Corporation, (ii) Hawk Parent Holdings LLC and (iii) LLC Unitholders holding at least a majority of the then
outstanding LLC Units (excluding LLC Units held by the Corporation); provided that no amendment may materially, disproportionately
and adversely affect the rights of an LLC Unitholder (other than the Corporation and its subsidiaries) without the consent of
such LLC Unitholder (or, if there is more than one such LLC Unitholder that is so affected, without the consent of a majority
in interest of such affected LLC Unitholders (other than the Corporation and its subsidiaries) in accordance with their holdings
of LLC Units).

 

SECTION
3.7.   Waiver. No failure by any party to insist upon the strict performance of any covenant, duty, agreement
or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of
any such breach of any other covenant, duty, agreement or condition.

 

    	 	7	 

     

    

 

SECTION
3.8.   Submission to Jurisdiction; Waiver of Jury Trial.

 

(a) 
Any and all disputes which cannot be settled amicably with respect to this Agreement, including any action (at law or in equity),
claim, litigation, suit, arbitration, hearing, audit, review, inquiry, proceeding, investigation or ancillary claims of any party,
arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance
of this Agreement or any matter arising out of or in connection with this Agreement and the rights and obligations arising hereunder
or thereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations
arising hereunder or thereunder brought by a party hereto or its successors or assigns, shall be brought and determined exclusively
in the Delaware Chancery Court, or if such court shall not have jurisdiction, any federal court located in the State of Delaware,
or, if neither of such courts shall have jurisdiction, any other Delaware state court. Each of the parties hereby irrevocably
submits with regard to any such dispute for itself and in respect of its property, generally and unconditionally, to the sole
and exclusive personal jurisdiction of the aforesaid courts and agrees that it will not bring any dispute relating to this Agreement
or any of the transactions contemplated by this Agreement in any court other than the aforesaid courts. Each party irrevocably
consents to service of process in any dispute in any of the aforesaid courts by the mailing of copies thereof by registered or
certified mail, postage prepaid, or by recognized overnight delivery service, to such party at such party’s address referred
to in Section 3.2. Each party hereby irrevocably and unconditionally waives, and agrees not to assert as a defense, counterclaim
or otherwise, in any action brought by any party with respect to this Agreement (i) any claim that it is not personally subject
to the jurisdiction of the aforesaid courts for any reason other than the failure to serve process in accordance with this Section
3.8; (ii) any claim that it or its property is exempt or immune from the jurisdiction of any such court or from any legal process
commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment,
execution of judgment or otherwise); or (iii) any objection which such party may now or hereafter have (A) to the laying of venue
of any of the aforesaid actions arising out of or in connection with this Agreement brought in the courts referred to above; (B)
that such action brought in any such court has been brought in an inconvenient forum and (C) that this Agreement, or the subject
matter hereof or thereof, may not be enforced in or by such courts.

 

(b) 
To the extent that any party has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process
(whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with
respect to itself, or to such party’s property, each such party hereby irrevocably waives such immunity in respect of such
party’s obligations with respect to this Agreement.

 

(c)
Each party acknowledges that it is knowingly and voluntarily agreeing to the choice of Delaware law to govern this agreement
and to the jurisdiction of Delaware courts in connection with proceedings brought hereunder. The parties intend this to be an
effective choice of Delaware law and an effective consent to jurisdiction and service of process under 6 del. C. §
2708.

 

    	 	8	 

     

    

 

(d)
Each party, for itself and its affiliates, hereby irrevocably and unconditionally waives to the fullest extent permitted by
applicable law all right to trial by jury in any action or counterclaim (whether based on contract, tort or otherwise)
arising out of or relating to the actions of the parties or their respective affiliates pursuant to this Agreement or the
other transaction documents in the negotiation, administration, performance or enforcement hereof or thereof.

 

(i)  
The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have
to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred
to in this Section 3.8(c) and such parties agree not to plead or claim the same.

 

SECTION
3.9.   Counterparts. This Agreement may be executed and delivered (including by facsimile transmission or by
e-mail delivery of a “.pdf” format data file) in one or more counterparts, and by the different parties hereto in
separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together
shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, by e-mail delivery of a
“.pdf” format data file or other electronic transmission service shall be considered original executed counterparts
for purposes of this Section 3.9.

 

SECTION
3.10.  Tax Treatment. This Agreement shall be treated as part of the partnership agreement of Hawk Parent Holdings
LLC as described in Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations
promulgated thereunder. As required by the Code and the Treasury Regulations, the parties shall report any Exchange consummated
hereunder as a taxable sale of the LLC Units by an LLC Unitholder to the Corporation, and no party shall take a contrary position
on any income tax return, amendment thereof or communication with a taxing authority unless an alternate position is permitted
under the Code and Treasury Regulations and the Corporation consents in writing, such consent not to be unreasonably withheld,
conditioned, or delayed. Further, in connection with any Exchange consummated hereunder, Hawk Parent Holdings LLC and/or the Corporation
shall provide the exchanging LLC Unitholder with all reasonably necessary information to enable the exchanging LLC Unitholder
to file its income Tax returns for the taxable year that includes the Exchange, including information with respect to Code Section
751 assets (including relevant information regarding “unrealized receivables” or “inventory items”) and
Section 743(b) basis adjustments as soon as practicable and in all events within 60 days following the close of such taxable year
(and use commercially reasonable efforts to provide estimates of such information within 90 days of the applicable Exchanges).

 

SECTION
3.11. Withholding. The Corporation and Hawk Parent Holdings LLC shall be entitled to deduct and withhold from any payment
made to a LLC Unitholder pursuant to any Exchange consummated under this Agreement all Taxes that each of the Corporation and
Hawk Parent Holdings LLC is required to deduct and withhold with respect to such payment under the Code (or any other provision
of applicable law), including, without limitation, Section 1446(f) of the Code. Hawk Parent Holdings LLC may at its sole discretion
reduce the Class A Common Stock issued to a LLC Unitholder in an Exchange in an amount that corresponds to the amount of the required
withholding described in the immediately preceding sentence and all such amounts shall be treated as having been paid to such
LLC Unitholder.

 

    	 	9	 

     

    

 

SECTION
3.11.   Specific Performance. The parties hereto agree that irreparable damage would occur in the event that
any of the provisions of this 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 specific performance of the terms and provisions hereof, in addition
to any other remedy to which they are entitled at law or in equity.

 

SECTION
3.12.   Independent Nature of LLC Unitholders’ Rights and Obligations. The obligations of each LLC Unitholder
hereunder are several and not joint with the obligations of any other LLC Unitholder, and no LLC Unitholder shall be responsible
in any way for the performance of the obligations of any other LLC Unitholder hereunder. The decision of each LLC Unitholder to
enter into to this Agreement has been made by such LLC Unitholder independently of any other LLC Unitholder. Nothing contained
herein, and no action taken by any LLC Unitholder pursuant hereto, shall be deemed to constitute the LLC Unitholders as a partnership,
an association, a joint venture or any other kind of entity, or create a presumption that the LLC Unitholders are in any way acting
in concert or as a group with respect to such obligations or the transactions contemplated hereby. The Corporation acknowledges
that the LLC Unitholders are not acting in concert or as a group, and the Corporation will not assert any such claim, with respect
to such obligations or the transactions contemplated hereby.

 

SECTION
3.13.   Applicable Law. This Agreement shall be governed by, and construed in accordance with, the law of the
State of Delaware, without regards to its principles of conflicts of laws.

 

 

[Remainder
of Page Intentionally Left Blank]

 

    	 	10	 

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered, all as of the date first set forth
above.

 

	 	REPAY HOLDINGS CORPORATION
	 	 	 
	 	By:	              
	 	Name:	[●]
	 	Title:	[●]
	 	 	 
	 	HAWK PARENT HOLDINGS LLC
	 	 	 
	 	By:	
	 	Name:	[●]
	 	Title:	[●]
	 	 	 
	 	LLC UNITHOLDERS
	 	 	 
	 	By:	
	 	Name: 	[●]
	 	Title:	[●]

 

[Signature Page – Exchange Agreement]

 

     

     

    

 

EXHIBIT
A

 

FORM
OF

ELECTION OF EXCHANGE

 

Repay
Holdings Corporation

c/o
Repay Holdings, LLC

3
West Paces Ferry Road, Suite 200

Atlanta,
Georgia 30305

Attention:
John A. Morris, CEO

 

Hawk
Parent Holdings LLC

c/o
Repay Holdings, LLC

3
West Paces Ferry Road, Suite 200

Atlanta,
Georgia 30305

Attention:
John A. Morris, CEO

 

Reference
is hereby made to the Exchange Agreement, dated as of  [●], 2019 (the “Exchange Agreement”), among
Repay Holdings Corporation, a Delaware corporation, Hawk Parent Holdings LLC, a Delaware limited liability company, and the holders
of LLC Units (as defined herein) from time to time party thereto. Capitalized terms used but not defined herein shall have the
meanings given to them in the Exchange Agreement.

 

The
undersigned LLC Unitholder hereby transfers to the Corporation, for the account of Hawk Parent Holdings LLC, the number of LLC
Units set forth below in exchange for shares of Class A Common Stock to be issued in its name as set forth below, as set forth
in the Exchange Agreement.

 

Legal
Name of LLC Unitholder: _______________________________________________

 

Address:
______________________________________________________________________

 

Number
of LLC Units to be exchanged: _______________________

 

Account
information for deposit of Cash Amount, if applicable:

 

Bank
Name: ___________________________________________

 

ABA
No.: _____________________________________________

 

Account
No.: __________________________________________

 

Account
Name: ________________________________________

 

     

     

    

 

The
undersigned hereby represents and warrants that (i) the undersigned has full legal capacity to execute and deliver this Election
of Exchange and to perform the undersigned’s obligations hereunder; (ii) this Election of Exchange has been duly executed
and delivered by the undersigned and is the legal, valid and binding obligation of the undersigned enforceable against it in accordance
with the terms hereof, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally
and the availability of equitable remedies; (iii) the LLC Units subject to this Election of Exchange are being transferred to
the Corporation free and clear of any pledge, lien, security interest, encumbrance, equities or claim; and (iv) no consent, approval,
authorization, order, registration or qualification of any third party or with any court or governmental agency or body having
jurisdiction over the undersigned or the LLC Units subject to this Election of Exchange is required to be obtained by the undersigned
for the transfer of such LLC Units to the Corporation.

 

The
undersigned hereby irrevocably constitutes and appoints any officer of the Corporation or of Hawk Parent Holdings LLC as the attorney
of the undersigned, with full power of substitution and resubstitution in the premises, to do any and all things and to take any
and all actions that may be necessary to transfer to the Corporation, for the account of Hawk Parent Holdings LLC, the LLC Units
subject to this Election of Exchange and to deliver to the undersigned the shares of Class A Common Stock to be delivered in exchange
therefor.

 

IN
WITNESS WHEREOF the undersigned, by authority duly given, has caused this Election of Exchange to be executed and delivered by
the undersigned or by its duly authorized attorney.

 

	 	Name: 	 
	 	 	 
	 	Dated:	 

 

     

     

    

 

EXHIBIT
B

 

FORM
OF

JOINDER AGREEMENT

 

This
Joinder Agreement (“Joinder Agreement”) is a joinder to the Exchange Agreement, dated as of [●], 2019
(the “Exchange Agreement”), among Repay Holdings Corporation, a Delaware corporation (the “Corporation”),
Hawk Parent Holdings LLC, a Delaware limited liability company, and each of the LLC Unitholders from time to time party thereto.
Capitalized terms used but not defined in this Joinder Agreement shall have their meanings given to them in the Exchange Agreement.
This Joinder Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware. In the event
of any conflict between this Joinder Agreement and the Exchange Agreement, the terms of this Joinder Agreement shall control.

 

The
undersigned hereby joins and enters into the Exchange Agreement having acquired LLC Units in Hawk Parent Holdings LLC. By signing
and returning this Joinder Agreement to the Corporation, the undersigned accepts and agrees to be bound by and subject to all
of the terms and conditions of and agreements of an LLC Unitholder contained in the Exchange Agreement, with all attendant rights,
duties and obligations of an LLC Unitholder thereunder. The parties to the Exchange Agreement shall treat the execution and delivery
hereof by the undersigned as the execution and delivery of the Exchange Agreement by the undersigned and, upon receipt of this
Joinder Agreement by the Corporation and by Hawk Parent Holdings LLC, the signature of the undersigned set forth below shall constitute
a counterpart signature to the signature page of the Exchange Agreement.

 

 

	 	Name:	 	 	 
	 	 	 	 
	 	Address for Notices:	 	With copies to:
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	Attention:Exhibit 10.2

 

 

 

 

 

 

TAX
RECEIVABLE AGREEMENT

 

among

 

REPAY
HOLDINGS CORPORATION

 

and

 

THE
PERSONS NAMED HEREIN

 

Dated
as of ___, 2019

 

 

 

 

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	Page
	Article I
    DEFINITIONS	2
	 	 
	Section 1.1    Definitions	2
	 	 
	Article II
    DETERMINATION OF CERTAIN REALIZED TAX BENEFIT	9
	 	 
	Section 2.1    Basis
    Adjustment	9
	Section 2.2    Tax
    Benefit Schedule	9
	Section 2.3    Procedures,
    Amendments	10
	 	 
	Article III
    TAX BENEFIT PAYMENTS	11
	 	 
	Section 3.1    Payments	11
	Section 3.2    No
    Duplicative Payments	12
	Section 3.3    Pro
    Rata Payments; Coordination of Benefits With Other Tax Receivable Agreements	12
	 	 
	Article IV
    TERMINATION	13
	 	 
	Section 4.1    Early
    Termination and Breach of Agreement	13
	Section 4.2    Early
    Termination Notice	14
	Section 4.3    Payment
    upon Early Termination	14
	Section 4.4    Scheduled
    Termination	15
	 	 
	Article V
    SUBORDINATION AND LATE PAYMENTS	15
	 	 
	Section 5.1    Subordination	15
	Section 5.2    Late
    Payments by the Corporate Taxpayer	15
	 	 
	Article VI
    NO DISPUTES; CONSISTENCY; COOPERATION	15
	 	 
	Section 6.1    Participation
    in the Corporate Taxpayer’s and OpCo’s Tax Matters	15
	Section 6.2    Consistency	16
	Section 6.3    Cooperation	16
	 	 
	Article VII
    MISCELLANEOUS	16
	 	 
	Section 7.1    Notices	16
	Section 7.2    Counterparts	17
	Section 7.3    Entire
    Agreement; No Third Party Beneficiaries	17
	Section 7.4    Governing
    Law	17
	Section 7.5    Severability	17
	Section 7.6    Successors;
    Assignment; Amendments; Waivers	18
	Section 7.7    Titles
    and Subtitles	18
	Section 7.8    Resolution
    of Disputes	19
	Section 7.9    Reconciliation	20
	Section 7.10  Withholding	20
	Section 7.11  Admission
    of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets	20
	Section 7.12  Confidentiality	21
	Section 7.13  Change
    in Law	22
	Section 7.14  LLC
    Agreement	22
	Section 7.15  Independent
    Nature of TRA Parties’ Rights and Obligations	22
	Section 7.16  TRA
    Party Representative	23

 

    i

     

    

 

TAX
RECEIVABLE AGREEMENT

 

This
TAX RECEIVABLE AGREEMENT (this “Agreement”), dated as of ____,
2019, is hereby entered into by and among Repay Holdings Corporation, a Delaware corporation (the “Corporate Taxpayer”),
and each of the other persons from time to time party hereto (the “TRA Parties”).

 

RECITALS

 

WHEREAS,
the TRA Parties directly or indirectly hold limited liability company units (the “Units”) in Hawk Parent Holdings
LLC, a Delaware limited liability company (“OpCo”), which is classified as a partnership for United States
federal income tax purposes;

 

WHEREAS,
the Corporate Taxpayer is the managing member of OpCo, and holds and will hold, directly and/or indirectly, Units;

 

WHEREAS,
the Units held by the TRA Parties may be exchanged for Class A common stock (the “Class A Shares”) of the
Corporate Taxpayer, subject to the provisions of the LLC Agreement (as defined below) and the Exchange Agreement, dated as of
_____, 2019, among the Corporate Taxpayer and the holders of Units from time to time party thereto, as amended from time to
time;

 

WHEREAS,
OpCo and each of its direct and indirect subsidiaries treated as a partnership for United States federal income tax purposes currently
have and will have in effect an election under Section 754 of the United States Internal Revenue Code of 1986, as amended (the
“Code”), for each Taxable Year (as defined below) in which a taxable acquisition (including a deemed taxable
acquisition under Section 707(a) of the Code) of Units by the Corporate Taxpayer from the TRA Parties for Class A Shares or other
consideration (an “Exchange”) occurs;

 

WHEREAS,
the income, gain, loss, expense and other Tax (as defined below) items of the Corporate Taxpayer may be affected by the Basis
Adjustments (as defined below) and the Imputed Interest (as defined below);

 

WHEREAS,
the parties to this Agreement desire to make certain arrangements with respect to the effect of the Basis Adjustments and Imputed
Interest on the liability for Taxes of the Corporate Taxpayer;

 

WHEREAS,
Exchanges by the TRA Parties and payments in respect of Tax savings related to such Exchanges will result in Tax savings for the
Corporate Taxpayer;

 

     

     

    

 

NOW,
THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be
legally bound hereby, the parties hereto agree as follows:

 

Article I

 

DEFINITIONS

 

Section 1.1 
Definitions. As used in this Agreement,
the terms set forth in this Article I shall have the following meanings (such meanings to be equally applicable to both the singular
and plural forms of the terms defined).

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls,
is Controlled by, or is under common Control with, such first Person.

 

“Agreed
Rate” means LIBOR plus 100 basis points.

 

“Basis
Adjustment” means the adjustment to the tax basis of a Reference Asset under Sections 732, 734(b) and 1012 of the Code
(in situations where, as a result of one or more Exchanges, OpCo becomes an entity that is disregarded as separate from its owner
for United States federal income tax purposes) or under Sections 734(b), 743(b) and 754 of the Code (in situations where, following
an Exchange, OpCo remains in existence as an entity treated as a partnership for United States federal income tax purposes) and,
in each case, comparable sections of state and local tax laws, as a result of an Exchange and the payments made pursuant to this
Agreement. For the avoidance of doubt, the amount of any Basis Adjustment resulting from an Exchange of one or more Units shall
be determined without regard to any Pre-Exchange Transfer of such Units and as if any such Pre-Exchange Transfer had not occurred.

 

A
“Beneficial Owner” of a security is a Person who directly or indirectly, through any contract, arrangement,
understanding, relationship or otherwise, has or shares: (i) voting power, which includes the power to vote, or to direct the
voting of, such security and/or (ii) investment power, which includes the power to dispose of, or to direct the disposition of,
such security. The terms “Beneficially Own” and “Beneficial Ownership” shall have correlative
meanings.

 

“Board”
means the Board of Directors of the Corporate Taxpayer.

 

“Business
Day” means Monday through Friday of each week, except that a legal holiday recognized as such by the government of the
United States of America or the State of New York shall not be regarded as a Business Day.

 

    2

     

    

 

“Change
of Control” means the occurrence of any of the following events:

 

		(i)	any
                                         Person or any group of Persons acting together which would constitute a “group”
                                         for purposes of Section 13(d) of the Exchange Act or any successor provisions thereto
                                         (excluding (a) a corporation or other entity owned, directly or indirectly, by the stockholders
                                         of the Corporate Taxpayer in substantially the same proportions as their ownership of
                                         stock of the Corporate Taxpayer or (b) a group of Persons in which one or more of the
                                         Permitted Investors or Affiliates of Permitted Investors directly or indirectly hold
                                         Beneficial Ownership of securities representing more than 50% of the total voting power
                                         held by such group) is or becomes the Beneficial Owner, directly or indirectly, of securities
                                         of the Corporate Taxpayer representing more than 50% of the combined voting power of
                                         the Corporate Taxpayer’s then outstanding voting securities; or

 

		(ii)	the
                                         following individuals cease for any reason to constitute a majority of the number of
                                         directors of the Corporate Taxpayer then serving: individuals who, on the Closing Date,
                                         constitute the Board and any new director whose appointment or election by the Board
                                         or nomination for election by the Corporate Taxpayer’s shareholders was approved
                                         or recommended by a vote of at least two-thirds of the directors then still in office
                                         who either were directors on the Closing Date or whose appointment, election or nomination
                                         for election was previously so approved or recommended by the directors referred to in
                                         this clause (ii); or

 

		(iii)	there
                                         is consummated a merger or consolidation of the Corporate Taxpayer with any other corporation
                                         or other entity, and, immediately after the consummation of such merger or consolidation,
                                         either (x) the board of directors immediately prior to the merger or consolidation does
                                         not constitute at least a majority of the board of directors of the company surviving
                                         the merger or, if the surviving company is a Subsidiary, the ultimate parent thereof,
                                         or (y) the voting securities of the Corporate Taxpayer immediately prior to such merger
                                         or consolidation do not continue to represent or are not converted into more than 50%
                                         of the combined voting power of the then outstanding voting securities of the Person
                                         resulting from such merger or consolidation or, if the surviving company is a Subsidiary,
                                         the ultimate parent thereof; or

 

		(iv)	the
                                         shareholders of the Corporate Taxpayer approve a plan of complete liquidation or dissolution
                                         of the Corporate Taxpayer or there is consummated an agreement or series of related agreements
                                         for the sale, lease or other disposition, directly or indirectly, by the Corporate Taxpayer
                                         of all or substantially all of the assets of the Corporate Taxpayer and its Subsidiaries,
                                         taken as a whole, other than such sale or other disposition by the Corporate Taxpayer
                                         of all or substantially all of the assets of the Corporate Taxpayer and its Subsidiaries,
                                         taken as a whole, to an entity at least 50% of the combined voting power of the voting
                                         securities of which are owned by shareholders of the Corporate Taxpayer in substantially
                                         the same proportions as their ownership of the Corporate Taxpayer immediately prior to
                                         such sale.

 

Notwithstanding
the foregoing, except with respect to clause (ii) and clause (iii)(x) above, a “Change of Control” shall not be deemed
to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which
the record holders of the shares of the Corporate Taxpayer immediately prior to such transaction or series of transactions continue
to have substantially the same proportionate ownership in, and own substantially all of the shares of, an entity which owns all
or substantially all of the assets of the Corporate Taxpayer immediately following such transaction or series of transactions.

 

    3

     

    

 

“Closing
Date” means the date of the consummation of the transactions contemplated by the Merger Agreement.

 

“Control”
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person,
whether through ownership of voting securities, by contract or otherwise.

 

“Corporate
Taxpayer Return” means the federal and/or state and/or local Tax Return, as applicable, of the Corporate Taxpayer filed
with respect to Taxes of any Taxable Year.

 

“Cumulative
Net Realized Tax Benefit” for a Taxable Year means the cumulative amount of Realized Tax Benefits for all Taxable Years
of the Corporate Taxpayer, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for
the same period. The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year shall be determined based on the most
recent Tax Benefit Schedules or Amended Schedules, if any, in existence at the time of such determination.

 

“Default
Rate” means the LIBOR plus 500 basis points.

 

“Determination”
shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of state, foreign or local tax
law, as applicable, or any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes
the amount of any liability for Tax.

 

“Early
Termination Date” means the date of an Early Termination Notice for purposes of determining the Early Termination Payment.

 

“Early
Termination Rate” means the LIBOR plus 100 basis points.

 

“Exchange”
is defined in the Recitals of this Agreement. For the avoidance of doubt, distribution of cash to the members of OpCo on or around
the Closing Date (including the delivery of the Cash Consideration (as defined in the Merger Agreement) to the members of OpCo
on the Closing Date), which will be treated for U.S. federal income tax purposes, in whole or in part, as a deemed sale of partnership
interests in OpCo to the Corporate Taxpayer pursuant to Section 707(a) of the Code shall be treated as Exchanges.

 

“Exchange
Date” means the date of any Exchange.

 

“Exchange
Notice” shall have the meaning set forth in the LLC Agreement.

 

“Hypothetical
Tax Liability” means, with respect to any Taxable Year, the liability for Taxes of (i) the Corporate Taxpayer and (ii)
without duplication, OpCo, but only with respect to Taxes imposed on OpCo and allocable to the Corporate Taxpayer or to the other
members of the consolidated group of which the Corporate Taxpayer is the parent, in each case using the same methods, elections,
conventions and similar practices used on the relevant Corporate Taxpayer Return, but (a) using the Non-Stepped Up Tax Basis as
reflected on the Exchange Basis Schedule including amendments thereto for the Taxable Year and (b) excluding any deduction attributable
to Imputed Interest for the Taxable Year. For the avoidance of doubt, Hypothetical Tax Liability shall be determined without taking
into account the carryover or carryback of any Tax item (or portions thereof) that is attributable to the Basis Adjustment or
Imputed Interest, as applicable.

 

    4

     

    

 

“Imputed
Interest” in respect of a TRA Party shall mean any interest imputed under Section 1272, 1274 or 483 or other provision
of the Code and any similar provision of state and local tax law with respect to the Corporate Taxpayer’s payment obligations
in respect of such TRA Party under this Agreement.

 

“IRS”
means the United States Internal Revenue Service.

 

“LIBOR”
means during any period, an interest rate per annum equal to the one-year LIBOR reported, on the date two calendar days prior
to the first day of such period, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported
on Reuters Screen page “LIBOR01” or by any other publicly available source of such market rate) for London interbank
offered rates for United States dollar deposits for such period. Notwithstanding the foregoing sentence: (i) if the Corporate
Taxpayer reasonably determines, in good faith consultation with the TRA Party Representative, on or prior to the relevant date
of determination that the relevant London interbank offered rate for U.S. dollar deposits has been discontinued or such rate has
ceased to be published permanently or indefinitely, then “LIBOR” for the relevant interest period shall be deemed
to refer to a substitute or successor rate that the Corporate Taxpayer reasonably determines, in good faith consultation with
the TRA Party Representative, after consulting an investment bank of national standing in the United States and other reasonable
sources, to be (a) the industry-accepted successor rate to the relevant London interbank offered rate for U.S. dollar deposits
or (b) if no such industry-accepted successor rate exists, the most comparable substitute or successor rate to the relevant London
interbank offered rate for U.S. dollar deposits; and (ii) if the Corporate Taxpayer has determined a substitute or successor rate
in accordance with the foregoing, the Corporate Taxpayer may reasonably determine, in good faith consultation with the TRA Party
Representative, after consulting an investment bank of national standing in the United States and other reasonable sources, any
relevant methodology for calculating such substitute or successor rate, including any adjustment factor it reasonably determines,
in good faith consultation with the TRA Party, is needed to make such substitute or successor rate comparable to the relevant
London interbank offered rate for U.S. dollar deposits, in a manner that is consistent with industry-accepted practices for such
substitute or successor rate. In the event that the TRA Party Representative disagrees with any determination by the Corporate
Taxpayer set forth in this paragraph, and such disagreement is not resolved within thirty (30) days of submission by the TRA Party
Representative of notice of such disagreement to the Corporate Taxpayer, such disagreement shall be deemed a “Reconciliation
Dispute,” and shall be subject to the Reconciliation Procedures set forth in Section 7.9 hereof.

 

“LLC
Agreement” means, with respect to OpCo, the Second Amended and Restated Limited Liability Company Agreement of OpCo,
dated on or about the date hereof, as amended from time to time.

 

    5

     

    

 

“Market
Value” shall mean the closing price of the Class A Shares on the applicable Exchange Date on the national securities
exchange or interdealer quotation system on which such Class A Shares are then traded or listed, as reported by the Wall Street
Journal; provided, that if the closing price is not reported by the Wall Street Journal for the applicable Exchange
Date, then the Market Value shall mean the closing price of the Class A Shares on the Business Day immediately preceding such
Exchange Date on the national securities exchange or interdealer quotation system on which such Class A Shares are then traded
or listed, as reported by the Wall Street Journal; provided, further, that if the Class A Shares are not
then listed on a national securities exchange or interdealer quotation system, “Market Value” shall mean the cash
consideration paid for Class A Shares, or the fair market value of the other property delivered for Class A Shares, as determined
by the Board in good faith.

 

“Non-Stepped
Up Tax Basis” means, with respect to any Reference Asset at any time, the Tax basis that such asset would have had at
such time if no Basis Adjustments had been made.

 

“Merger
Agreement” means that certain Agreement and Plan of Merger, dated as of January 21, 2019, by and among the Corporate
Taxpayer (formerly known as Thunder Bridge Acquisition, Ltd.), TB Acquisition Merger Sub LLC, Hawk Parent Holdings LLC and, solely
in its capacity as the Company Securityholder Representative, CC Payment Holdings, L.L.C.

 

“Payment
Date” means any date on which a payment is required to be made pursuant to this Agreement.

 

“Permitted
Investors” means investment funds managed by Corsair Capital LLC or any Affiliate thereof.

 

“Person”
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association,
organization, governmental entity or other entity.

 

“Pre-Exchange
Transfer” means any transfer (including upon the death of a Member) or distribution in respect of one or more Units
(a) that occurs prior to an Exchange of such Units, and (b) to which Section 743(b) or 734(b) of the Code applies.

 

“Realized
Tax Benefit” means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the actual liability
for Taxes of (a) the Corporate Taxpayer and (b) without duplication, OpCo, but only with respect to Taxes imposed on OpCo and
allocable to the Corporate Taxpayer or to the other members of the consolidated group of which the Corporate Taxpayer is the parent
for such Taxable Year. If all or a portion of the actual liability for such Taxes for the Taxable Year arises as a result of an
audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit
unless and until there has been a Determination.

 

“Realized
Tax Detriment” means, for a Taxable Year, the excess, if any, of the actual liability over the Hypothetical Tax Liability
for Taxes of (a) the Corporate Taxpayer and (b) without duplication, OpCo, but only with respect to Taxes imposed on OpCo and
allocable to the Corporate Taxpayer or to the other members of the consolidated group of which the Corporate Taxpayer is the parent
for such Taxable Year. If all or a portion of the actual liability for such Taxes for the Taxable Year arises as a result of an
audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment
unless and until there has been a Determination.

 

    6

     

    

 

“Reference
Asset” means an asset that is held by OpCo, or by any of its direct or indirect Subsidiaries treated as a partnership
or disregarded entity (but only if such indirect Subsidiaries are held only through Subsidiaries treated as partnerships or disregarded
entities) for purposes of the applicable Tax, at the time of an Exchange. A Reference Asset also includes any asset that is “substituted
basis property” under Section 7701(a)(42) of the Code with respect to a Reference Asset.

 

“Schedule”
means any of the following: (a) an Exchange Basis Schedule, (b) a Tax Benefit Schedule, or (c) the Early Termination Schedule.

 

“Subsidiaries”
means, with respect to any Person, as of any date of determination, any other Person as to which such Person, owns, directly or
indirectly, or otherwise controls more than 50% of the voting power or other similar interests or the sole general partner interest
or managing member or similar interest of such Person.

 

“Subsidiary
Stock” means any stock or other equity interest in any subsidiary entity of OpCo that is treated as a corporation for
United States federal income tax purposes.

 

“Tax
Return” means any return, declaration, report or similar statement required to be filed with respect to Taxes (including
any attached schedules), including any information return, claim for refund, amended return and declaration of estimated Tax.

 

“Taxable
Year” means a taxable year of the Corporate Taxpayer as defined in Section 441(b) of the Code or comparable section
of state or local tax law, as applicable (and, therefore, for the avoidance of doubt, may include a period of less than 12 months
for which a Tax Return is made), ending on or after the Closing Date.

 

“Taxes”
means any and all United States federal, state, local and foreign taxes, assessments or similar charges that are based on or measured
with respect to net income or profits, and any interest related to such Tax.

 

“Taxing
Authority” shall mean any domestic, federal, national, state, county or municipal or other local government, any subdivision,
agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority
exercising Tax regulatory authority.

 

“TRA
Party Representative” means, initially, CC Payment Holdings, L.L.C., or, if CC Payment Holdings, L.L.C. becomes unable
to perform the TRA Party Representative’s responsibilities hereunder or resigns from such position, either (x) a replacement
TRA Party Representative selected by CC Payment Holdings, L.L.C., or (y) if CC Payment Holdings, L.L.C. has not selected a substitute
TRA Party Representative at or prior to the time of such inability or resignation, that TRA Party or committee of TRA Parties
determined by a plurality vote of the TRA Parties ratably in accordance with their right to receive Early Termination Payments
hereunder if all TRA Parties had fully Exchanged their Units for Class A Shares or other consideration and the Corporate Taxpayer
had exercised its right of early termination on the date of the most recent Exchange.

 

    7

     

    

 

“Treasury
Regulations” means the final, temporary and proposed regulations under the Code promulgated from time to time (including
corresponding provisions and succeeding provisions) as in effect for the relevant taxable period.

 

“Valuation
Assumptions” shall mean, as of an Early Termination Date, the assumptions that in each Taxable Year ending on or after
such Early Termination Date, (a) the Corporate Taxpayer will have taxable income sufficient to fully utilize (i) the deductions
arising from the Basis Adjustments and the Imputed Interest during such Taxable Year or future Taxable Years (including, for the
avoidance of doubt, Basis Adjustments and Imputed Interest that would result from future Tax Benefit Payments that would be paid
in accordance with the Valuation Assumptions) in which such deductions would become available and (ii) any loss carryovers generated
by deductions arising from Basis Adjustments or Imputed Interest that are available as of the date of such Early Termination Date,
(b) the United States federal, state and local income tax rates that will be in effect for each such Taxable Year will be those
specified for each such Taxable Year by the Code and other law as in effect on the Early Termination Date, except to the extent
any change to such tax rates for such Taxable Year has already been enacted into law, (c) any non-amortizable assets (other than
any Subsidiary Stock) will be disposed of on the fifteenth anniversary of the applicable Basis Adjustment and any short-term investments
will be disposed of 12 months following the Early Termination Date; provided that, in the event of a Change of Control,
such non-amortizable assets shall be deemed disposed of at the time of sale of the relevant asset (if earlier than such fifteenth
anniversary), (d) any Subsidiary Stock will never be disposed of and (e) if, at the Early Termination Date, there are Units that
have not been Exchanged, then each such Unit is Exchanged for the Market Value of the Class A Shares and the amount of cash that
would be transferred if the Exchange occurred on the Early Termination Date.

 

	Term	 	Section
	Agreement	 	Recitals
	Amended
    Schedule	 	Section
    2.3
	Class
    A Shares	 	Recitals
	Code	 	Recitals
	Corporate
    Taxpayer	 	Recitals
	Dispute	 	Section
    7.8(a)
	Early
    Termination Effective Date	 	Section
    4.2
	Early
    Termination Notice	 	Section
    4.2
	Early
    Termination Schedule	 	Section
    4.2
	Early
    Termination Payment	 	Section
    4.3(b)
	Exchange
    Basis Schedule	 	Section
    2.1
	Expert	 	Section
    7.9
	Material
    Objection Notice	 	Section
    4.2
	Objection
    Notice	 	Section
    2.3(a)
	Reconciliation
    Dispute	 	Section
    7.9
	Reconciliation
    Procedures	 	Section
    2.3(a)
	Senior
    Obligations	 	Section
    5.1
	Tax
    Benefit Payment	 	Section
    3.1(b)
	Tax
    Benefit Schedule	 	Section
    2.2
	TRA
    Party	 	Recitals
	Units	 	Recitals

 

    8

     

    

 

Article II

 

DETERMINATION OF CERTAIN REALIZED TAX BENEFIT

 

Section 2.1 
Basis Adjustment. Within ninety (90) calendar
days after the filing of the United States federal income tax return of the Corporate Taxpayer for each Taxable Year in which
an Exchange has been effected by any TRA Party, the Corporate Taxpayer shall deliver to each such TRA Party a schedule (the “Exchange
Basis Schedule”) that shows, in reasonable detail necessary to perform the calculations required by this Agreement,
(a) the Non-Stepped Up Tax Basis of the Reference Assets in respect of such TRA Party as of each applicable Exchange Date, (b)
the Basis Adjustment with respect to the Reference Assets in respect of such TRA Party as a result of the Exchanges effected in
such Taxable Year by such TRA Party, calculated in the aggregate, (c) the period (or periods) over which the Reference Assets
in respect of such TRA Party are amortizable and/or depreciable and (d) the period (or periods) over which each Basis Adjustment
in respect of such TRA Party is amortizable and/or depreciable.

 

Section 2.2 
Tax Benefit Schedule.

 

(a) 
Tax Benefit Schedule. Within ninety (90)
calendar days after the filing of the United States federal income tax return of the Corporate Taxpayer for each Taxable Year
in which there is a Realized Tax Benefit or Realized Tax Detriment in respect of any TRA Party, the Corporate Taxpayer shall provide
to each such TRA Party a schedule showing, in reasonable detail, the calculation of the Tax Benefit Payment in respect of such
TRA Party for such Taxable Year (a “Tax Benefit Schedule”). Each Tax Benefit Schedule will become final as
provided in Section 2.3(a) and may be amended as provided in Section 2.3(b) (subject to the procedures set forth in Section 2.3(b)).

 

(b) 
Applicable Principles. Subject to Section
3.3(a), the Realized Tax Benefit or Realized Tax Detriment for each Taxable Year is intended to measure the decrease or increase
in the actual liability for Taxes of the Corporate Taxpayer for such Taxable Year attributable to the Basis Adjustments and Imputed
Interest, determined using a “with and without” methodology. For the avoidance of doubt, the actual liability for
Taxes will take into account the deduction of the portion of the Tax Benefit Payment that must be accounted for as interest under
the Code based upon the characterization of Tax Benefit Payments as additional consideration payable by the Corporate Taxpayer
for the Units acquired in an Exchange. Carryovers or carrybacks of any Tax item attributable to the Basis Adjustments and Imputed
Interest shall be considered to be subject to the rules of the Code and the Treasury Regulations or the appropriate provisions
of U.S. state and local income and franchise tax law, as applicable, governing the use, limitation and expiration of carryovers
or carrybacks of the relevant type. If a carryover or carryback of any Tax item includes a portion that is attributable to the
Basis Adjustment or Imputed Interest and another portion that is not, such portions shall be considered to be used in accordance
with the “with and without” methodology. The parties agree that (i) all Tax Benefit Payments attributable to the Basis
Adjustments (other than amounts accounted for as interest under the Code) will be treated as subsequent upward purchase price
adjustments that have the effect of creating additional Basis Adjustments to Reference Assets for the Corporate Taxpayer in the
year of payment, and (ii) as a result, such additional Basis Adjustments will be incorporated into the current year calculation
and into future year calculations, as appropriate.

 

    9

     

    

 

Section 2.3 
Procedures, Amendments.

 

(a) 
Procedure. Every time the Corporate Taxpayer
delivers to a TRA Party an applicable Schedule under this Agreement, including any Amended Schedule delivered pursuant to Section
2.3(b), and any Early Termination Schedule or amended Early Termination Schedule, the Corporate Taxpayer shall also (x) deliver
to such TRA Party supporting schedules, valuation reports, if any, and work papers, as determined by the Corporate Taxpayer or
requested by such TRA Party, providing reasonable detail regarding the preparation of the Schedule and (y) allow such TRA Party
reasonable access at no cost to the appropriate representatives at the Corporate Taxpayer, as determined by the Corporate Taxpayer
or requested by such TRA Party, in connection with the review of such Schedule. Without limiting the generality of the preceding
sentence, the Corporate Taxpayer shall ensure that each Tax Benefit Schedule delivered to a TRA Party, together with any supporting
schedules and work papers, provides a reasonably detailed presentation of the calculation of the actual liability of the Corporate
Taxpayer for Taxes, the Hypothetical Tax Liability in respect of such TRA Party, and identifies any material assumptions or operating
procedures or principles that were used for purposes of such calculations. An applicable Schedule or amendment thereto shall become
final and binding on all parties thirty (30) calendar days from the date on which all relevant TRA Parties are treated as having
received the applicable Schedule or amendment thereto under Section 7.1 unless the TRA Party Representative (i) within thirty
(30) calendar days from such date provides the Corporate Taxpayer with notice of an objection to such Schedule (“Objection
Notice”) or (ii) provides a written waiver of such right of any Objection Notice within the period described in clause
(i) above, in which case such Schedule or amendment thereto shall become binding on the date such waiver is received by the Corporate
Taxpayer. If the Corporate Taxpayer and the TRA Party Representative, for any reason, are unable to successfully resolve the issues
raised in the Objection Notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of an Objection Notice,
the Corporate Taxpayer and the TRA Party Representative shall employ the reconciliation procedures as described in Section 7.9
of this Agreement (the “Reconciliation Procedures”).

 

(b) 
Amended Schedule. The applicable Schedule
for any Taxable Year may be amended from time to time by the Corporate Taxpayer (i) in connection with a Determination affecting
such Schedule, (ii) to correct inaccuracies in the Schedule identified as a result of the receipt of additional factual information
relating to a Taxable Year after the date the Schedule was provided to a TRA Party, (iii) to comply with the Expert’s determination
under the Reconciliation Procedures, (iv) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable
Year attributable to a carryback or carryforward of a loss or other Tax item to such Taxable Year, (v) to reflect a change in
the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to an amended Tax Return filed for such
Taxable Year, or (vi) to adjust an applicable Exchange Basis Schedule to take into account payments made pursuant to this Agreement
(any such Schedule, an “Amended Schedule”). The Corporate Taxpayer shall provide an Amended Schedule to each
TRA Party within thirty (30) calendar days of the occurrence of an event referenced in clauses (i) through (vi) of the preceding
sentence.

 

    10

     

    

 

Article III

 

TAX
BENEFIT PAYMENTS

 

Section 3.1 
Payments.

 

(a) 
Payments. Within five (5) calendar days
after a Tax Benefit Schedule delivered to a TRA Party becomes final in accordance with Section 2.3(a), the Corporate Taxpayer
shall pay such TRA Party for such Taxable Year the Tax Benefit Payment determined pursuant to Section 3.1(b). Each such Tax Benefit
Payment shall be made by wire transfer of immediately available funds to the bank account previously designated by such TRA Party
to the Corporate Taxpayer or as otherwise agreed by the Corporate Taxpayer and such TRA Party. For the avoidance of doubt, no
Tax Benefit Payment shall be made in respect of estimated tax payments, including federal estimated income tax payments. Notwithstanding
anything herein to the contrary, at the election of a TRA Party specified in the Exchange Notice for the applicable Exchange,
the aggregate Tax Benefit Payments in respect of such Exchange (other than amounts accounted for as interest under the Code) shall
not exceed, as specified by a TRA Party, 50% of the fair market value of the Class A Shares received on such Exchange.

 

(b) 
A “Tax Benefit Payment” in
respect of a TRA Party for a Taxable Year means an amount, not less than zero, equal to the sum of the portion of the Net Tax
Benefit that is allocable to such TRA Party and the Interest Amount with respect thereto. For the avoidance of doubt, for Tax
purposes, the Interest Amount shall not be treated as interest but instead shall be treated as additional consideration for the
acquisition of Units in Exchanges, unless otherwise required by law. Subject to Section 3.3(a), the “Net Tax Benefit”
for a Taxable Year shall be an amount equal to the excess, if any, of the Cumulative Net Realized Tax Benefit as of the end of
such Taxable Year, over the total amount of payments previously made under this Section 3.1 (excluding payments attributable to
Interest Amounts); provided that, for the avoidance of doubt, no such recipient shall be required to return any portion
of any previously made Tax Benefit Payment. The “Interest Amount” shall equal the interest on the Net Tax Benefit
calculated at the Agreed Rate from the due date (without extensions) for filing the Corporate Taxpayer Return with respect to
Taxes for such Taxable Year until the payment date under Section 3.1(a). The Net Tax Benefit and the Interest Amount shall be
determined separately with respect to each Exchange, on a Unit by Unit basis by reference to the resulting Basis Adjustment to
the Corporate Taxpayer. Notwithstanding the foregoing, for each Taxable Year ending on or after the date of a Change of Control
that occurs after the Closing Date, all Tax Benefit Payments, whether paid with respect to the Units that were Exchanged (i) prior
to the date of such Change of Control or (ii) on or after the date of such Change of Control, shall be calculated by utilizing
Valuation Assumptions (a), (c) and (d), substituting in each case the terms “the closing date of a Change of Control”
for an “Early Termination Date.”

 

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Section 3.2 
No Duplicative Payments. It is intended
that the provisions of this Agreement will not result in duplicative payment of any amount (including interest) required under
this Agreement. The provisions of this Agreement shall be construed in the appropriate manner to ensure such intentions are realized.

 

Section 3.3 
Pro Rata Payments; Coordination of Benefits
With Other Tax Receivable Agreements.

 

(a) 
Notwithstanding anything in Section 3.1 to the
contrary, to the extent that the aggregate Tax benefit of the Corporate Taxpayer with respect to the Basis Adjustments or Imputed
Interest, as such terms are defined in this Agreement, is limited in a particular Taxable Year because the Corporate Taxpayer
does not have sufficient taxable income, the Net Tax Benefit for the Corporate Taxpayer shall be allocated among all TRA Parties
eligible for payments under this Agreement in proportion to the respective amounts of Net Tax Benefit that would have been allocated
to each such TRA Party if the Corporate Taxpayer had sufficient taxable income so that there were no such limitation.

 

(b) 
If for any reason (including as contemplated
by Section 3.3(a)) the Corporate Taxpayer does not fully satisfy its payment obligations to make all Tax Benefit Payments due
under this Agreement in respect of a particular Taxable Year, then the Corporate Taxpayer and the TRA Parties agree that no Tax
Benefit Payment shall be made in respect of any subsequent Taxable Year until all Tax Benefit Payments in respect of prior Taxable
Years have been made in full.

 

(c) 
Any Tax Benefit Payment or Early Termination
Payment required to be made by the Corporate Taxpayer to the TRA Parties under this Agreement shall rank senior in right of payment
to any principal, interest or other amounts due and payable in respect of any similar agreement (“Other Tax Receivable
Obligations”). The effect of any other similar agreement shall not be taken into account in respect of any calculations
made hereunder.

 

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Article IV

 

TERMINATION

 

Section 4.1 
Early Termination and Breach of Agreement.

 

(a) 
The Corporate Taxpayer may terminate this Agreement
with respect to all amounts payable to the TRA Parties and with respect to all of the Units held by the TRA Parties at any time
by paying to each TRA Party the Early Termination Payment in respect of such TRA Party; provided, however, that
this Agreement shall only terminate upon the receipt of the Early Termination Payment by all TRA Parties; provided further
that the Corporate Taxpayer may withdraw any notice to execute its termination rights under this Section 4.1(a) prior to the
time at which any Early Termination Payment has been paid. Upon payment of the Early Termination Payment by the Corporate Taxpayer,
none of the TRA Parties or the Corporate Taxpayer shall have any further payment obligations under this Agreement, other than
for any (i) Tax Benefit Payment due and payable that remains outstanding as of the date the Early Termination Notice is delivered
and (ii) Tax Benefit Payment due for the Taxable Year ending with or including the date of the Early Termination Notice (except
to the extent that the amount described in clause (ii) is included in the Early Termination Payment). If an Exchange occurs after
the Corporate Taxpayer makes all of the required Early Termination Payments, the Corporate Taxpayer shall have no obligations
under this Agreement with respect to such Exchange.

 

(b) 
In the event that the Corporate Taxpayer (1)
breaches any of its material obligations under this Agreement, whether as a result of failure to make any payment when due, failure
to honor any other material obligation required hereunder or (2)(A) the Corporate Taxpayer commences any case, proceeding or other
action (i) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization
or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or
insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief
with respect to it or its debts or (ii) seeking an appointment of a receiver, trustee, custodian, conservator or other similar
official for it or for all or any substantial part of its assets, or it shall make a general assignment for the benefit of creditors
or (B) there shall be commenced against the Corporate Taxpayer any case, proceeding or other action of the nature referred to
in clause (A) above that remains undismissed or undischarged for a period of sixty (60) days, all obligations hereunder shall
be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such
breach and shall include, but not be limited to, (i) the Early Termination Payments calculated as if an Early Termination Notice
had been delivered on the date of a breach, (ii) any Tax Benefit Payment in respect of a TRA Party agreed to by the Corporate
Taxpayer and such TRA Party as due and payable but unpaid as of the date of a breach, and (iii) any Tax Benefit Payment in respect
of any TRA Party due for the Taxable Year ending with or including the date of a breach; provided, that procedures similar
to the procedures of Section 4.2 shall apply with respect to the determination of the amount payable by the Corporate Taxpayer
pursuant to this sentence. Notwithstanding the foregoing, in the event that the Corporate Taxpayer breaches this Agreement, each
TRA Party shall be entitled to elect to receive the amounts set forth in clauses (i), (ii) and (iii) above or to seek specific
performance of the terms hereof. The parties agree that the failure to make any payment due pursuant to this Agreement within
three months of the date such payment is due shall be deemed to be a breach of a material obligation under this Agreement for
all purposes of this Agreement, and that it will not be considered to be a breach of a material obligation under this Agreement
to make a payment due pursuant to this Agreement within three months of the date such payment is due. Notwithstanding anything
in this Agreement to the contrary, it shall not be a breach of this Agreement if the Corporate Taxpayer fails to make any Tax
Benefit Payment when due to the extent that the Corporate Taxpayer has insufficient funds to make such payment in the Corporate
Taxpayer’s sole judgment exercised in good faith; provided that the interest provisions of Section 5.2 shall apply
to such late payment.

 

    13

     

    

 

(c) 
In the event of a Change of Control, then all
obligations hereunder with respect to any Exchanges occurring prior to such Change of Control shall be accelerated and such obligations
shall be calculated as if an Early Termination Notice had been delivered on the date of such Change of Control and shall include
(1) the Early Termination Payments calculated with respect to such prior Exchanges as if the Early Termination Date is the date
of such Change of Control, (2) any Tax Benefit Payment due and payable and that remains unpaid as of the date of such Change of
Control, and (3) any Tax Benefit Payment in respect of any TRA Party due for the Taxable Year ending with or including the date
of such Change of Control. In the event of a Change of Control, any Early Termination Payment described in the preceding sentence
shall be calculated utilizing Valuation Assumptions (1), (2), (3) and (4), substituting in each case the terms “date of
a Change of Control” for an “Early Termination Date.” Any Exchanges with respect to which a payment has been
made under this Section 4.1(c) shall be excluded in calculating any future Tax Benefit Payments, or Early Termination Payments,
and this Agreement shall have no further application to such Exchanges.

 

Section 4.2 
Early Termination Notice. If the Corporate Taxpayer chooses to exercise its right of early termination under Section 4.1
above, the Corporate Taxpayer shall deliver to each TRA Party a notice (“Early Termination Notice”) and a schedule
(the “Early Termination Schedule”) specifying the Corporate Taxpayer’s intention to exercise such right
and showing in reasonable detail the calculation of the Early Termination Payment(s) due for each TRA Party. Each Early Termination
Schedule shall become final and binding on all parties thirty (30) calendar days from the first date on which all TRA Parties
are treated as having received such Schedule or amendment thereto under Section 7.1 unless, prior to such thirtieth calendar day,
the TRA Party Representative (a) provides the Corporate Taxpayer with notice of a material objection to such Schedule made in
good faith (“Material Objection Notice”) or (b) provides a written waiver of such right of a Material Objection
Notice, in which case such Schedule will become binding on the date the waiver is received by the Corporate Taxpayer (the “Early
Termination Effective Date”). If the Corporate Taxpayer and the TRA Party Representative, for any reason, are unable
to successfully resolve the issues raised in such notice within thirty (30) calendar days after receipt by the Corporate Taxpayer
of the Material Objection Notice, the Corporate Taxpayer and the TRA Party Representative shall employ the Reconciliation Procedures
in which case such Schedule shall become binding ten (10) calendar days after the conclusion of the Reconciliation Procedures.

 

Section 4.3 
Payment upon Early Termination.

 

(a) 
Within three (3) calendar days after the Early
Termination Effective Date, the Corporate Taxpayer shall pay to each TRA Party an amount equal to the Early Termination Payment
in respect of such TRA Party. Such payment shall be made by wire transfer of immediately available funds to a bank account or
accounts designated by each TRA Party or as otherwise agreed by the Corporate Taxpayer and such TRA Party.

 

(b) 
“Early Termination Payment”
in respect of a TRA Party shall equal the present value, discounted at the Early Termination Rate as of the applicable Early Termination
Effective Date, of all Tax Benefit Payments in respect of such TRA Party that would be required to be paid by the Corporate Taxpayer
beginning from the Early Termination Date and assuming that (i) the Valuation Assumptions in respect of such TRA Party are applied
(ii) for each Taxable Year, the Tax Benefit Payment is paid ninety-five (95) calendar days after the due date, assuming an extension,
of the U.S. federal income tax return of the Corporate Taxpayer and (iii) for purposes of calculating the Early Termination Rate,
LIBOR shall be LIBOR as of the date of the Early Termination Notice.

 

    14

     

    

 

Section 4.4 
Scheduled Termination. No Tax Benefit Payment shall accrue, or shall become due or payable with respect to any Exchange,
after the 40th anniversary (the “Scheduled Termination Date”) of the effective date of such Exchange. For
avoidance of doubt, this Agreement shall continue to be in effect in periods after the Scheduled Termination Date with respect
to Tax Benefit Payments that arise on or before such date, or any adjustment thereto, and shall terminate upon such time as all
Tax Benefit Payments due and payable hereunder have been paid and the Determinations have been made with respect to all such payments.

 

Article V

 

SUBORDINATION
AND LATE PAYMENTS

 

Section 5.1 
Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or Early
Termination Payment required to be made by the Corporate Taxpayer to the TRA Parties under this Agreement shall rank subordinate
and junior in right of payment to any principal, interest or other amounts due and payable in respect of any obligations in respect
of indebtedness for borrowed money of the Corporate Taxpayer and its Subsidiaries (“Senior Obligations”), shall
rank senior in right of payment to any principal, interest or other amounts due and payable in respect of any Other Tax Receivable
Obligation, and shall rank pari passu with all current or future unsecured obligations of the Corporate Taxpayer that are
not Senior Obligations or Other Tax Receivable Obligations. To the extent that any payment under this Agreement is not permitted
to be made at the time payment is due as a result of this Section 5.1 and the terms of agreements governing Senior Obligations,
such payment obligation nevertheless shall accrue for the benefit of TRA Parties and the Corporate Taxpayer shall make such payments
at the first opportunity that such payments are permitted to be made in accordance with the terms of the Senior Obligations.

 

Section 5.2 
Late Payments by the Corporate Taxpayer. The amount of all or any portion of any Tax Benefit Payment or Early Termination
Payment not made to the TRA Parties when due under the terms of this Agreement shall be payable together with any interest thereon,
computed at the Default Rate and commencing from the date on which such Tax Benefit Payment or Early Termination Payment was due
and payable.

 

Article VI

 

NO
DISPUTES; CONSISTENCY; COOPERATION

 

Section 6.1 
Participation in the Corporate Taxpayer’s and OpCo’s Tax Matters. Except as otherwise provided herein, the
Corporate Taxpayer shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporate Taxpayer
and OpCo, including the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining
to Taxes. Notwithstanding the foregoing, the Corporate Taxpayer shall notify the TRA Party Representative of, and keep the TRA
Party Representative reasonably informed with respect to, the portion of any audit of the Corporate Taxpayer and OpCo by a Taxing
Authority the outcome of which is reasonably expected to affect the rights and obligations of a TRA Party under this Agreement,
and shall provide to the TRA Party Representative reasonable opportunity to provide information and other input to the Corporate
Taxpayer, OpCo and their respective advisors concerning the conduct of any such portion of such audit; provided, however,
that the Corporate Taxpayer and OpCo shall not be required to take any action that is inconsistent with any provision of the LLC
Agreement.

 

    15

     

    

 

Section 6.2 
Consistency. The Corporate Taxpayer and the TRA Parties agree to report and cause to be reported for all purposes, including
federal, state and local Tax purposes and financial reporting purposes, all Tax-related items (including the Basis Adjustments
and each Tax Benefit Payment) in a manner consistent with that specified by the Corporate Taxpayer in any Schedule required to
be provided by or on behalf of the Corporate Taxpayer under this Agreement unless otherwise required by law.

 

Section 6.3 
Cooperation. Each of the TRA Parties shall (a) furnish to the Corporate Taxpayer in a timely manner such information, documents
and other materials as the Corporate Taxpayer may reasonably request for purposes of making any determination or computation necessary
or appropriate under this Agreement, preparing any Tax Return or contesting or defending any audit, examination or controversy
with any Taxing Authority, (b) make itself available to the Corporate Taxpayer and its representatives to provide explanations
of documents and materials and such other information as the Corporate Taxpayer or its representatives may reasonably request
in connection with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such
matter, and the Corporate Taxpayer shall reimburse each such TRA Party for any reasonable third-party costs and expenses incurred
pursuant to this Section.

 

Article VII

 

MISCELLANEOUS

 

Section 7.1 
Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be deemed
duly given and received (a) on the date of delivery if delivered personally, or by facsimile or email with confirmation of transmission
by the transmitting equipment or (b) on the first Business Day following the date of dispatch if delivered by a recognized next-day
courier service. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be
designated in writing by the party to receive such notice:

 

If
to the Corporate Taxpayer, to:

 

Repay
Holdings Corporation

3 West Paces Ferry Road, Suite 200

Atlanta,
Georgia 30305

 

Attention:John
A. Morris, CEO

Telephone:
(404) 504-7474

Email:jmorris@repayonline.com 

 

    16

     

    

 

with
a copy (which shall not constitute notice to the Corporate Taxpayer) to:

 

Simpson
Thacher & Bartlett LLP

425
Lexington Avenue

New
York, New York 10017

 

Attention:Maripat
Alpuche

Telephone:
(212) 455-3971

Email:malpuche@stblaw.com

 

If
to the TRA Parties, to:

 

[●]

 

The
address, fax number and email address set forth in the records of OpCo.

 

Any
party may change its address, fax number or email by giving the other party written notice of its new address, fax number or email
in the manner set forth above.

 

Section 7.2 
Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the
same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered
to the other parties, it being understood that all parties need not sign the same counterpart. Delivery of an executed signature
page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.

 

Section 7.3 
Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement and supersedes all prior
agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement
shall be binding upon and inure solely to the benefit of each party hereto and their respective successors and permitted assigns,
and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or
remedy of any nature whatsoever under or by reason of this Agreement.

 

Section 7.4 
Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of New York,
without regard to the conflicts of laws principles thereof that would mandate the application of the laws of another jurisdiction.

 

Section 7.5 
Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any
law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long
as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to
any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties
hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as
possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated
to the greatest extent possible.

 

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Section 7.6 
Successors; Assignment; Amendments; Waivers.

 

(a) 
Each TRA Party may assign any of its rights under
this Agreement to any Person as long as such transferee has executed and delivered, or, in connection with such transfer, executes
and delivers, a joinder to this Agreement, in form and substance reasonably satisfactory to the Corporate Taxpayer, agreeing to
become a TRA Party for all purposes of this Agreement, except as otherwise provided in such joinder.

 

(b) 
No provision of this Agreement may be amended
unless such amendment is approved in writing by the Corporate Taxpayer and by the TRA Party Representative and no provision of
this Agreement may be waived unless such waiver is in writing and signed by the party against whom the waiver is to be effective
(or, in the case of a waiver by all TRA Parties, signed by the TRA Party Representative); provided that no such amendment
or waiver shall be effective if such amendment or waiver will have a disproportionate and adverse effect on the payments certain
TRA Parties will or may receive under this Agreement unless such amendment or waiver is consented in writing by the TRA Parties
disproportionately and adversely affected who would be entitled to receive at least majority of the total amount of the Early
Termination Payments payable to all TRA Parties disproportionately and adversely affected hereunder if the Corporate Taxpayer
had exercised its right of early termination on the date of the most recent Exchange prior to such amendment or waiver (excluding,
for purposes of this sentence, all payments made to any TRA Party pursuant to this Agreement since the date of such most recent
Exchange).

 

(c) 
All of the terms and provisions of this Agreement
shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors,
assigns, heirs, executors, administrators and legal representatives. The Corporate Taxpayer shall require and cause any direct
or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or
assets of the Corporate Taxpayer, by written agreement, expressly to assume and agree to perform this Agreement in the same manner
and to the same extent that the Corporate Taxpayer would be required to perform if no such succession had taken place.

 

Section 7.7 
Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only
and are not to be considered in construing this Agreement.

 

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Section 7.8 
Resolution of Disputes.

 

(a) 
Any and all disputes which are not governed by
Section 7.9 and cannot be settled amicably, including any ancillary claims of any party, arising out of, relating to or in connection
with the validity, negotiation, execution, interpretation, performance or nonperformance of this Agreement (including the validity,
scope and enforceability of this arbitration provision) (each a “Dispute”) shall be finally settled by arbitration
conducted by a single arbitrator in New York in accordance with the then-existing Rules of the American Arbitration Association.
If the parties to the Dispute fail to agree on the selection of an arbitrator within ten (10) calendar days of the receipt of
the request for arbitration, the American Arbitration Association shall make the appointment. The arbitrator shall be a lawyer
admitted to the practice of law in the State of New York and shall conduct the proceedings in the English language. Performance
under this Agreement shall continue if reasonably possible during any arbitration proceedings.

 

(b) 
Notwithstanding the provisions of paragraph (a)
of this Section 7.8, any party hereto may bring an action or special proceeding in any court of competent jurisdiction for the
purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or
enforcing an arbitration award and, for the purposes of this paragraph (b), each party hereto (i) expressly consents to the application
of paragraph (c) of this Section 7.8 to any such action or proceeding and (ii) agrees that proof shall not be required that monetary
damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate.

 

(c) 
(i) EACH PARTY HEREBY IRREVOCABLY SUBMITS TO
THE JURISDICTION OF COURTS LOCATED IN NEW YORK, NEW YORK FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH
THE PROVISIONS OF THIS SECTION 7.8, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING
OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any suit, action or proceeding
to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration
award. The parties acknowledge that the fora designated by this paragraph (c) have a reasonable relation to this Agreement, and
to the parties’ relationship with one another.

 

(ii)   
The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have
to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred
to in the preceding paragraph of this Section 7.8 and such parties agree not to plead or claim the same.

 

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Section 7.9 
Reconciliation. In the event that the Corporate Taxpayer and the TRA Party Representative are unable to resolve a disagreement
with respect to the matters (x) governed by Sections 2.3 and 4.2 or (y) described in the definition of “LIBOR” within
the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall
be submitted for determination to a nationally recognized expert (the “Expert”) in the particular area of disagreement
mutually acceptable to both parties. The Expert shall be a partner or principal in a nationally recognized accounting or law firm,
and unless the Corporate Taxpayer and the TRA Party Representative agree otherwise, the Expert shall not, and the firm that employs
the Expert shall not, have any material relationship with the Corporate Taxpayer or the TRA Party Representative or other actual
or potential conflict of interest. If the Corporate Taxpayer and the TRA Party Representative are unable to agree on an Expert
within fifteen (15) calendar days of receipt by the respondent(s) of written notice of a Reconciliation Dispute, the Expert shall
be appointed by the International Chamber of Commerce Centre for Expertise. The Expert shall resolve any matter relating to the
Exchange Basis Schedule or an amendment thereto or the Early Termination Schedule or an amendment thereto within thirty (30) calendar
days and shall resolve any matter relating to a Tax Benefit Schedule or an amendment thereto within fifteen (15) calendar days
or as soon thereafter as is reasonably practicable, in each case after the matter has been submitted to the Expert for resolution.
Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement
would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is due, the undisputed
amount shall be paid on the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporate Taxpayer,
subject to adjustment or amendment upon resolution. The costs and expenses relating to the engagement of such Expert or amending
any Tax Return shall be borne by the Corporate Taxpayer except as provided in the next sentence. The Corporate Taxpayer and the
TRA Party Representative shall bear their own costs and expenses of such proceeding, unless (i) the Expert adopts the TRA Party
Representative’s position, in which case the Corporate Taxpayer shall reimburse the TRA Party Representative for any reasonable
out-of-pocket costs and expenses in such proceeding, or (ii) the Expert adopts the Corporate Taxpayer’s position, in which
case the TRA Party Representative shall reimburse the Corporate Taxpayer for any reasonable out-of-pocket costs and expenses in
such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 7.9 shall
be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant
to this Section 7.9 shall be binding on the Corporate Taxpayer and each of the TRA Parties and may be entered and enforced in
any court having jurisdiction.

 

Section 7.10 
Withholding. The Corporate Taxpayer shall be entitled to deduct and withhold from any payment payable pursuant to this
Agreement such amounts as the Corporate Taxpayer is required to deduct and withhold with respect to the making of such payment
under the Code or any provision of state, local or foreign tax law. To the extent that amounts are so withheld and paid over to
the appropriate Taxing Authority by the Corporate Taxpayer, such withheld amounts shall be treated for all purposes of this Agreement
as having been paid to the Person in respect of whom such withholding was made. Each TRA Party shall promptly provide the Corporate
Taxpayer with any applicable tax forms and certifications reasonably requested by the Corporate Taxpayer in connection with determining
whether any such deductions and withholdings are required under the Code or any provision of state, local or foreign tax law.

 

Section 7.11  Admission
of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets.

 

(a) 
If the Corporate Taxpayer is or becomes a member
of an affiliated or consolidated group of corporations that files a consolidated income tax return pursuant to Sections 1501 et
seq. of the Code or any corresponding provisions of state or local law, then: (i) the provisions of this Agreement shall be applied
with respect to the group as a whole; and (ii) Tax Benefit Payments, Early Termination Payments and other applicable items hereunder
shall be computed with reference to the consolidated taxable income of the group as a whole.

 

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(b) 
If any entity that is obligated to make a Tax
Benefit Payment or Early Termination Payment hereunder transfers one or more assets to a corporation (or a Person classified as
a corporation for United States federal income tax purposes) with which such entity does not file a consolidated tax return pursuant
to Section 1501 of the Code, such entity, for purposes of calculating the amount of any Tax Benefit Payment or Early Termination
Payment (e.g., calculating the gross income of the entity and determining the Realized Tax Benefit of such entity) due hereunder,
shall be treated as having disposed of such asset in a fully taxable transaction on the date of such transfer. The consideration
deemed to be received by such entity shall be equal to the gross fair market value of the transferred asset. For purposes of this
Section 7.11(b), a transfer of a partnership interest shall be treated as a transfer of the transferring partner’s share
of each of the assets and liabilities of that partnership allocated to such partner. If any member of a group described in Section
7.11(a) that is obligated to make a Tax Benefit Payment or Early Termination Payment hereunder deconsolidates from the group (or
the Corporate Taxpayer deconsolidated from the group), then the Corporate Taxpayer shall cause such member (or the parent of the
consolidated group in a case where the Corporate Taxpayer deconsolidates from the group) to assume the obligation to make Tax
Benefit Payments in a manner consistent with the terms of its Agreement as the member actually realizes such Tax Benefits. If
a member of a group described in Section 7.11(a) assumes an obligation to make Tax Benefit Payments hereunder, then the initial
obligor is relieved of the obligation assumed

 

Section 7.12
  Confidentiality.

 

(a) 
Each TRA Party and each of their assignees acknowledges
and agrees that the information of the Corporate Taxpayer is confidential and, except in the course of performing any duties as
necessary for the Corporate Taxpayer and its Affiliates, as required by law or legal process or to enforce the terms of this Agreement,
such person shall keep and retain in confidence in accordance with this Agreement, and not disclose to any Person, any confidential
matters acquired pursuant to this Agreement of the Corporate Taxpayer and its Affiliates and successors, concerning OpCo and its
Affiliates and successors or the Members, learned by the TRA Party heretofore or hereafter. This Section 7.12 shall not apply
to (i) any information that has been made publicly available by the Corporate Taxpayer or any of its Affiliates, becomes public
knowledge (except as a result of an act of the TRA Party in violation of this Agreement) or is generally known to the business
community, (ii) the disclosure of information to the extent necessary for the TRA Party to assert its rights hereunder or defend
itself in connection with any action or proceeding arising out of, or relating to, this Agreement, (iii) any information that
was in the possession of, or becomes available to, the TRA Party from a source other than the Corporate Taxpayer, its Affiliates
or its or their respective representatives (provided that such source is not known by the TRA Party to be bound by a legal,
contractual or fiduciary confidentiality obligation not to disclose such information) and (iv) the disclosure of information to
the extent necessary for the TRA Party to prepare and file its Tax Returns, to respond to any inquiries regarding the same from
any governmental or taxing authority or to prosecute or defend any action, proceeding or audit by any governmental or taxing authority
with respect to such returns. Notwithstanding anything to the contrary herein, each TRA Party and each of their assignees (and
each employee, representative or other agent of the TRA Party or its assignees, as applicable) may disclose to any and all Persons
the tax treatment and tax structure of the Corporate Taxpayer, OpCo and their Affiliates, and any of their transactions, and all
materials of any kind (including opinions or other tax analyses) that are provided to the TRA Party relating to such tax treatment
and tax structure.

 

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(b) 
If a TRA Party or an assignee commits a breach,
or threatens to commit a breach, of any of the provisions of this Section 7.12, the Corporate Taxpayer shall have the right and
remedy to seek to have the provisions of this Section 7.12 specifically enforced by injunctive relief or otherwise by any court
of competent jurisdiction without the need to post any bond or other security. Such rights and remedies shall be in addition to,
and not in lieu of, any other rights and remedies available at law or in equity.

 

Section 7.13 
Change in Law. Notwithstanding anything herein to the contrary, if, in connection with an actual or proposed change in
law, a TRA Party reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt
of a payment under this Agreement) recognized by the TRA Party upon any Exchange by such TRA Party to be treated as ordinary income
rather than capital gain (or otherwise taxed at ordinary income rates) for United States federal income tax purposes or would
have other material adverse tax consequences to such TRA Party, then at the election of such TRA Party and to the extent specified
by such TRA Party, this Agreement (i) shall cease to have further effect with respect to such TRA Party, (ii) shall not apply
to an Exchange by such TRA Party occurring after a date specified by such TRA Party, or (iii) shall otherwise be amended in a
manner determined by such TRA Party; provided that such amendment shall not result in an increase in payments under this
Agreement at any time as compared to the amounts and times of payments that would have been due in the absence of such amendment.

 

Section 7.14 
LLC Agreement. This Agreement shall be treated as part of the partnership agreement of OpCo as described in Section 761(c)
of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations.

 

Section 7.15 
Independent Nature of TRA Parties’ Rights and Obligations. The obligations of each TRA Party hereunder are several
and not joint with the obligations of any other TRA Party, and no TRA Party shall be responsible in any way for the performance
of the obligations of any other TRA Party hereunder. The decision of each TRA Party to enter into this Agreement has been made
by such TRA Party independently of any other TRA Party. Nothing contained herein, and no action taken by any TRA Party pursuant
hereto, shall be deemed to constitute the TRA Parties as a partnership, an association, a joint venture or any other kind of entity,
or create a presumption that the TRA Parties are in any way acting in concert or as a group with respect to such obligations or
the transactions contemplated hereby and the Corporate Taxpayer acknowledges that the TRA Parties are not acting in concert or
as a group, and the Corporate Taxpayer will not assert any such claim, with respect to such obligations or the transactions contemplated
hereby.

 

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Section 7.16 
TRA Party Representative.

 

(a) 
Without further action of any of the Corporate
Taxpayer, the TRA Party Representative or any TRA Party, and as partial consideration in respect of the benefits conferred by
this Agreement, the TRA Party Representative is hereby irrevocably constituted and appointed as the TRA Party Representative,
with full power of substitution, to take any and all actions and make any decisions required or permitted to be taken by the TRA
Party Representative under this Agreement.

 

(b) 
If at any time the TRA Party Representative shall
incur out of pocket expenses in connection with the exercise of its duties hereunder, upon written notice to the Corporate Taxpayer
from the TRA Party Representative of documented costs and expenses (including fees and disbursements of counsel and accountants)
incurred by the TRA Party Representative in connection with the performance of its rights or obligations under this Agreement
and the taking of any and all actions in connection therewith, the Corporate Taxpayer shall reduce the future payments (if any)
due to the TRA Parties hereunder pro rata by the amount of such expenses which it shall instead remit directly to the TRA Party
Representative. In connection with the performance of its rights and obligations under this Agreement and the taking of any and
all actions in connection therewith, the TRA Party Representative shall not be required to expend any of its own funds (though,
for the avoidance of doubt but without limiting the provisions of this Section 7.16(b), it may do so at any time and from time
to time in its sole discretion).

 

(c) 
The TRA Party Representative shall not be liable
to any TRA Party for any act of the TRA Party Representative arising out of or in connection with the acceptance or administration
of its duties under this Agreement, except to the extent any liability, loss, damage, penalty, fine, cost or expense is actually
incurred by such TRA Party as a proximate result of the bad faith or willful misconduct of the TRA Party Representative (it being
understood that any act done or omitted pursuant to the advice of legal counsel shall be conclusive evidence of such good faith
judgment). The TRA Party Representative shall not be liable for, and shall be indemnified by the TRA Parties (on a several but
not joint basis) for, any liability, loss, damage, penalty or fine incurred by the TRA Party Representative (and any cost or expense
incurred by the TRA Party Representative in connection therewith and herewith and not previously reimbursed pursuant to subsection
(b) above) arising out of or in connection with the acceptance or administration of its duties under this Agreement, and such
liability, loss, damage, penalty, fine, cost or expense shall be treated as an expense subject to reimbursement pursuant to the
provisions of subsection (b) above, except to the extent that any such liability, loss, damage, penalty, fine, cost or expense
is the proximate result of the bad faith or willful misconduct of the TRA Party Representative (it being understood that any act
done or omitted pursuant to the advice of legal counsel shall be conclusive evidence of such good faith judgment); provided,
however, in no event shall any TRA Party be obligated to indemnify the TRA Party Representative hereunder for any liability, loss,
damage, penalty, fine, cost or expense to the extent (and only to the extent) that the aggregate amount of all liabilities, losses,
damages, penalties, fines, costs and expenses indemnified by such TRA Party hereunder is or would be in excess of the aggregate
payments under this Agreement actually remitted to such TRA Party.

 

(d) 
Subject to Section 7.6(b), a decision, act, consent
or instruction of the TRA Party Representative shall constitute a decision of all TRA Parties and shall be final, binding and
conclusive upon each TRA Party, and the Corporate Taxpayer may rely upon any decision, act, consent or instruction of the TRA
Party Representative as being the decision, act, consent or instruction of each TRA Party. The Corporate Taxpayer is hereby relieved
from any liability to any person for any acts done by the Corporate Taxpayer in accordance with any such decision, act, consent
or instruction of the TRA Party Representative.

 

[The
remainder of this page is intentionally blank]

 

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IN
WITNESS WHEREOF, the Corporate Taxpayer, the TRA Party Representative and each TRA Party have duly executed this Agreement as
of the date first written above.

 

	 	REPAY HOLDINGS CORPORATION
	 	 	 
	 	By:	                       
	 	 	Name:
	 	 	Title:
	 	 
	 	CC PAYMENT HOLDINGS, L.L.C.
	 	 	 
	 	By: 	 
	 	Name:  	          
	 	Title:	 

 

[Signature Page to Tax Receivable Agreement]

 

     

     

    

 

	 	TRA PARTIES
	 	 
	 	 
	 	Name:
	 	 
	 	 
	 	Name:
	 	 
	 	 
	 	Name:
	 	 
	 	 
	 	Name:
	 	 
	 	 
	 	Name:

 

 

 

[Signature Page to Tax Receivable Agreement]

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