Document:

EX-10.2

 Exhibit 10.2 

EMPLOYEE STOCKHOLDER LOCK-UP 

AND PROTECTIVE COVENANT AGREEMENT 

September 9, 2022 
 Fintech Ecosystem
Development Corp. 
 100 Springhouse Drive, Suite 204 

Collegeville, PA 19426 
 Attention: Saiful Khandaker 

Ladies and Gentlemen: 
 The undersigned signatory (the
“Employee Stockholder”) of this lock-up and protective covenant agreement (this “Letter Agreement”) understands that Fintech Ecosystem Development Corp., a
Delaware corporation (“FEDC”), is entering into the Business Combination Agreement (as the same may be amended from time to time, the “BCA”), dated as of the date hereof, with Fama Financial Services,
Inc., a Georgia corporation and a wholly-owned subsidiary of FEDC (“Merger Sub”), and Rana Financial Inc., a Georgia corporation (the “Company”), pursuant to which, among other things, Merger Sub will
merge with and into the Company, with the Company continuing as the surviving entity (the “Merger”) and as a wholly-owned subsidiary of FEDC, upon the terms and subject to the conditions set forth in the BCA and in accordance
with applicable law (the “Effective Time”). 
 The Employee Stockholder acknowledges and agrees that the Employee Stockholder is a
key employee of the Company. The Employee Stockholder further acknowledges and agrees that the Employee Stockholder has access to valuable confidential and proprietary information of the Company and its affiliates, as well as goodwill and other
legitimate business interests of the Company and its affiliates, and the Employee Stockholder will receive substantial benefits from FEDC’s and Merger Sub’s acquisition of the Company and the Employee Stockholder’ continued employment
with the FEDC and its subsidiaries following FEDC’s acquisition of the Company. The Employee Stockholder also acknowledges and agrees that the Employee Stockholder’s execution of this Letter Agreement is a material inducement for FEDC and
Merger Sub to enter into the BCA and to support, vote in favor of and consummate the Merger and the other transactions contemplated by the BCA and is necessary to assure that FEDC and Merger Sub receive and retain the full value of the business
interests acquired pursuant to the BCA. Therefore, and for other good and valuable consideration, the Employee Stockholder agrees as follows: 
  

	1.	 Definitions 

  

	 	(a)	 “Cause” shall mean (i) the Employee Stockholder’s plea of nolo contendere to,
conviction of or indictment for, any crime (x) constituting a felony or (y) that has, or could reasonably be expected to result in, an adverse impact on the performance of the Employee Stockholder’s duties to FEDC and its
subsidiaries, or otherwise has, or could reasonably be expected to result in, an adverse impact on the business or reputation of FEDC and its subsidiaries, (ii) conduct of the Employee Stockholder that has resulted, or could reasonably be
expected to result, in injury to the business or reputation of FEDC and its subsidiaries, (iii) any material violation of the policies of the FEDC and its subsidiaries, including, but not limited to, those relating to sexual harassment or the
disclosure or misuse of confidential information; (iv) the Employee Stockholder’s act(s) of negligence or willful misconduct in the course of the Employee Stockholder’s employment or service with FEDC and its subsidiaries;
(v) misappropriation by the Employee Stockholder of any assets or business opportunities of FEDC and its subsidiaries; 

	 	
(vi) embezzlement or fraud committed by the Employee Stockholder, at the Employee Stockholder’s direction, or with the Employee Stockholder’s prior actual knowledge; or
(vii) willful neglect in the performance of the Employee Stockholder’s duties for FEDC and its subsidiaries or willful or repeated failure or refusal to perform such duties, which continues for thirty (30) days following prior written
notice of such terminable conduct from the Company to the Employee Stockholder. 

  

	 	(b)	 “Competing Business” shall mean any business that operates in the digital banking and
payment systems business anywhere in North America. 

  

	 	(c)	 “FEDC Common Stock” shall mean any shares of new FEDC class A common stock as in effect
upon the consummation of the Merger. 

  

	 	(d)	 “Lock-up Period” shall mean the period
commencing upon the Effective Time and ending one (1) year after the Effective Time, provided, however, that the Lock-up Period shall expire if the reported last sale price of FEDC Common
Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any twenty (20) trading days within any 30-trading day period
commencing at least 150 days after the Effective Time. 

  

	 	(e)	 “Restricted Period” shall mean the period commencing on the Effective Time and ending
on the later to occur of (i) the fifth anniversary of the Effective Time and (ii) the second anniversary of the date on which the Employee Stockholder’s employment with FEDC and its subsidiaries terminates for any reason.

  

	 	(f)	 “Shares” shall mean the shares of (i) FEDC Common Stock owned of record or
beneficially by the Employee Stockholder as of the Effective Time, including FEDC Common Stock issued to the Employee Stockholder pursuant to the BCA, plus (ii) FEDC Common Stock which may be issued upon exercise of a stock option or warrant or
upon settlement of any restricted stock units or other convertible or exercisable security owned of record or beneficially by the Employee Stockholder as of the Effective Time, plus (iii) FEDC Common Stock granted or issued by FEDC to the
Employee Stockholder following the Effective Time, plus (iv) FEDC Common Stock which may be issued upon exercise of a stock option or warrant or upon settlement of any restricted stock units or other convertible or exercisable security granted
or issued by FEDC to the Employee Stockholder following the Effective Time. For the avoidance of doubt, “Shares” shall not include FEDC Common Stock acquired on the open market. 

 

	 	(g)	 “Transfer” shall mean the (i) sale, transfer, hypothecation, pledge, grant of any
option to purchase or other disposition of, offer to sell, contract or agreement to sell, transfer, hypothecate, pledge, grant of any option to purchase or otherwise dispose of, directly or indirectly, or establishment or increase of a put
equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder with respect to, any of the Shares, (ii) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any of the Shares, whether any such transaction is to
be settled by delivery of such securities, in cash or otherwise, or (iii) public announcement of any intention to effect any transaction specified in clause (i) or (ii). 

  
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	2.	 Lock-up Restrictions. Subject to the exceptions set forth in
this Letter Agreement, without the approval of the board of directors of FEDC (the “Board”), Transfers of Shares by the Employee Stockholder shall be restricted as follows: 

 

	 	(a)	 The Employee Stockholder shall not Transfer any Shares during the
Lock-up Period. 

  

	 	(b)	 The Employee Stockholder shall not Transfer more than 200,000 Shares during any three (3) month period
until the three (3) year anniversary of the Effective Date and shall not Transfer more than 1,000,000 Shares during any three (3) month period thereafter, in each case subject to termination of such restrictions pursuant to clause
(c) below. 

  

	 	(c)	 Notwithstanding the foregoing, all Transfer restrictions under this Section 2 shall automatically
terminate upon the earliest of: (i) the four (4) year anniversary of the Effective Time; or (ii) such date on which FEDC completes a liquidation, merger, stock exchange or other similar transaction that results in all of FEDC’s
stockholders having the right to exchange their shares of FEDC Common Stock for cash, securities or other property pursuant to the terms applicable to such transaction. 

 

	3.	 Permitted Transfers. Notwithstanding the restrictions set forth above, Transfers of Shares shall be
permitted (a) by gift to a member of the Employee Stockholder’s immediate family or to a trust, the beneficiary of which is a member of the Employee Stockholder’s immediate family, an affiliate of such individual or to a charitable
organization; (b) by virtue of laws of descent and distribution upon death of the Employee Stockholder; (c) pursuant to a qualified domestic relations order; (d) to satisfy tax withholding obligations in connection with the exercise
of options to purchase shares of FEDC Common Stock or the vesting of stock-based awards (provided such newly acquired shares are substituted for such Shares); or (e) in payment on a “net exercise” or “cashless” basis of the
exercise or purchase price with respect to the exercise of options to purchase shares of FEDC Common Stock (provided such newly acquired shares are substituted for such Shares); provided, however, that in the case of clauses
(a) through (c), the relevant permitted transferee(s) must enter into a written agreement with FEDC (in form and substance acceptable to FEDC) agreeing to be bound by the transfer restrictions herein (including for the avoidance of doubt this
Section 3). 

  

	4.	 Protective Covenants. 

 

	 	(a)	 The Employee Stockholder agrees that, to the extent permitted by law, the Employee Stockholder shall hold in
confidence any and all information, whether written or oral, concerning the business of FEDC and its subsidiaries, except to the extent that the Employee Stockholder can show that such information (a) is generally available to and known by the
public through no fault of the Employee Stockholder; or (b) is lawfully acquired by the Employee Stockholder from and after the date hereof from sources which are not prohibited from disclosing such information by a legal, contractual or
fiduciary obligation. If the Employee Stockholder is compelled to disclose any information by judicial or administrative process or by other requirements of law, the Employee Stockholder shall promptly notify FEDC in writing and shall disclose only
that portion of such information which the Employee Stockholder is advised by the Employee Stockholder’s counsel should be disclosed. Notwithstanding the foregoing, pursuant to the Defend Trade Secrets Act of 2016, the Employee Stockholder will
not have criminal or civil liability under any Federal or State trade secret law for the disclosure of a trade secret that: (i) is made (A) in confidence to a Federal, State, or local government official, either directly or indirectly, or
to an attorney, and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In
addition, if the Employee Stockholder files a lawsuit for retaliation by FEDC or any 

  
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of its affiliates for reporting a suspected violation of law, the Employee Stockholder may disclose the trade secret to the Employee Stockholder’s attorney and may use the trade secret
information in the court proceeding provided that the Employee Stockholder files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. 

 

	 	(b)	 The Employee Stockholder agrees that, during the Employee Stockholder’s employment with FEDC and its
subsidiaries, the Employee Stockholder will at all times faithfully, industriously, and to the best of the Employee Stockholder’s skills, ability, experience, and talents perform all of the duties required of the Employee Stockholder’s
position. In carrying out these duties and responsibilities, the Employee Stockholder shall comply with all FEDC’s and its subsidiaries’ policies, procedures, rules, and regulations, both written and oral, as are announced by FEDC and its
subsidiaries from time to time. As part of the Employee Stockholder’s duties, the Employee Stockholder acknowledges and agrees that (i) the Employee Stockholder will devote the Employee Stockholder’s utmost knowledge and best skill to
the performance of the Employee Stockholder’s duties, (ii) the Employee Stockholder will devote the Employee Stockholder’s full business time and efforts to the rendition of such services and (iii) the Employee Stockholder shall
not engage in any other occupation or activity that creates or could create an actual or potential conflict of interest or in any way interferes with the conduct of the Employee Stockholder’s services as required hereunder or otherwise. The
Employee Stockholder acknowledges and agrees that the Employee Stockholder shall be an employee at will and that both the Employee Stockholder and FEDC and its affiliates shall have the right to terminate the employment relationship at any time for
any lawful reason or no reason. The Employee Stockholder acknowledges and agrees that no representative of FEDC or any of its affiliates may verbally change the at will employment relationship. 

 

	 	(c)	 The Employee Stockholder acknowledges the competitive nature of FEDC’s and its subsidiaries’ business
and accordingly agrees that, during the Restricted Period, the Employee Stockholder shall not, directly or indirectly: 

  

	 	(i)	 engage or participate in, or render services to (whether as owner, operator, member, stockholder, manager,
consultant, strategic partner, employee or otherwise) any Competing Business; provided, however, that for the purposes of the foregoing, the Employee Stockholder will not be in breach of this Section 4(c)(i)
solely by reason of such Employee Stockholder’s ownership, together with that of such Employee Stockholder’s affiliates, of two percent or less of a Competing Business’ voting capital stock if (x) such Competing Business is
publicly-traded and (y) the Employee Stockholder and such Employee Stockholder’s affiliates do not directly or indirectly control the operation or management of such Competing Business; 

 

	 	(ii)	 solicit for employment, or recruit, engage or hire, as employee, consultant or independent contractor, any
employee, consultant or independent contractor of FEDC or any of its subsidiaries, who is or was an employee, consultant or independent contractor of FEDC or any of its affiliates, including the Company, at any time during the Restricted Period;

  

	 	(iii)	 solicit or induce any customer of, or supplier to, the FEDC or any of its subsidiaries, anywhere in the world,
in each case, to cease or refrain from doing business with FEDC or its subsidiaries, as applicable; or 

  

	 	(iv)	 interfere or attempt to interfere with any transaction, agreement, prospective agreement, business opportunity
or business relationship in which FEDC or any of its 

  
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subsidiaries is involved at any time during the Restricted Period with the intent to adversely impact such transaction, agreement, prospective agreement, business opportunity, or business
relationship. 

  

	 	(d)	 The Employee Stockholder acknowledges and agrees that the restrictions contained in
Section 4 are a reasonable and necessary protection of the immediate interests of FEDC and its subsidiaries, and any violation of these restrictions would cause substantial injury to FEDC and its subsidiaries and that FEDC
and Merger Sub would not have entered into the BCA or this Agreement without receiving the protective covenants contained in Section 4. In the event of a breach or a threatened breach by the Employee Stockholder, or any of
the Employee Stockholder’s affiliates or representatives, as applicable, of these restrictions, FEDC will be entitled to seek an injunction restraining the Employee Stockholder or such Employee Stockholder’s affiliate or representative, as
applicable, from such breach or threatened breach (without the necessity of proving the inadequacy as a remedy of money damages or the posting of a bond); provided, however, that the right to injunctive relief will not be construed as
prohibiting FEDC from pursuing any other available remedies, whether at law or in equity, for such breach or threatened breach. 

  

	5.	 General. 

  

	 	(a)	 The Employee Stockholder hereby represents and warrants that the Employee Stockholder has full right and power,
without violating any agreement to which it is bound, to enter into this Letter Agreement. 

  

	 	(b)	 Nothing in this Letter this Agreement shall confer upon the Employee Stockholder any right to be retained in
the employment of FEDC or any of its subsidiaries. Further, nothing in this Letter Agreement shall be construed to limit the discretion of FEDC or any of its subsidiaries to terminate the Employee Stockholder’s employment at any time, with or
without Cause. 

  

	 	(c)	 If any Transfer prohibited hereunder is made or attempted contrary to the provisions of this Letter Agreement,
such purported Transfer shall be null and void ab initio, and FEDC shall refuse to recognize any such purported transferee of the Shares as one of its equity holders for any purpose. In order to enforce this provision, FEDC may impose stop-transfer
instructions with respect to the Shares (and permitted transferees under Section 3 and assigns thereof) until the restrictions set forth in Section 2 terminate in accordance with the terms hereof.

  

	 	(d)	 Any certificates which evidence the Shares shall bear the following legend (and such other restrictive legends
as are required or deemed advisable under the provisions of any applicable law): 

 “THE SHARES OF COMMON STOCK
EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN TRANSFER RESTRICTIONS AS SET FORTH IN THAT CERTAIN LOCK-UP AND PROTECTIVE COVENANT AGREEMENT BETWEEN THE COMPANY AND THE HOLDER, A COPY OF WHICH IS ON FILE
WITH THE SECRETARY OF THE COMPANY. ANY ATTEMPTED TRANSFER OF SHARES OF COMMON STOCK EVIDENCED BY THIS CERTIFICATE IN VIOLATION OF SUCH AGREEMENT SHALL BE NULL AND VOID AND WITHOUT EFFECT.” 

 

	 	(e)	 The Employee Stockholder acknowledges that the Employee Stockholder’s obligations under this Letter
Agreement are unique, recognizes and affirms that in the event of a breach of this Letter Agreement by the Employee Stockholder, money damages will be inadequate and FEDC will have no adequate remedy at law, and agrees that irreparable damage would
occur in the 

  
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event that any of the provisions of this Letter Agreement were not performed by the Employee Stockholder in accordance with their specific terms or were otherwise breached. Accordingly, FEDC
shall be entitled to an injunction or restraining order to prevent breaches of this Letter Agreement by the Employee Stockholder and to enforce specifically the terms and provisions hereof, without the requirement to post any bond or other security
or to prove that money damages would be inadequate, this being in addition to any other right or remedy to which such party may be entitled under this Letter Agreement, at law or in equity. 

 

	 	(f)	 This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of
the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated
hereby. This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by all parties hereto. Notwithstanding the foregoing,
the Board may waive the restrictions contained in this Letter Agreement in its sole discretion; provided, however, that any waiver must apply to all Employee Stockholders with Letter Agreements. 

 

	 	(g)	 This Letter Agreement shall be binding on the Employee Stockholder and its successors, heirs and assigns and
permitted transferees. Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto any right, remedy or claim under or by reason of this Letter Agreement. All agreements
contained in this Letter Agreement shall be for the sole benefit of the parties hereto and their successors and assigns. 

  

	 	(h)	 This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or
provision hereof shall not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there
shall be added as a part of this Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

 

	 	(i)	 This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State
of Delaware, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out
of, or relating in any way to, this Letter Agreement shall be brought and enforced in any Delaware Chancery Court, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any
objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum. 

  

	 	(j)	 Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter
Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or facsimile transmission. 

 

	 	(k)	 From time to time, at FEDC’s request and without further consideration (but at the FEDC’s reasonable
cost and expense), the Employee Stockholder shall execute and deliver such additional documents and take all such further action as may be reasonably necessary to consummate the transactions contemplated by this Letter Agreement.

  
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	 	(l)	 In addition, this Letter Agreement shall automatically terminate and be of no further force and effect on the
date, if any, the BCA is terminated for any reason prior to the closing of the Merger. 

[Signature Page Follows] 

  
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	Sincerely,
	
	
                     
                    

  
 [Signature Page to
Lock-Up Agreement] 

			
	 Acknowledged and Agreed:
  

Fintech Ecosystem Development Corp.

		
	By:	 	
                     
                    

		 	Name:
		 	Title:EX-10.3

 Exhibit 10.3 

EMPLOYEE OPTIONHOLDER LOCK-UP, UNVESTED STOCK 

AND PROTECTIVE COVENANT AGREEMENT 

September     , 2022 
 Fintech
Ecosystem Development Corp. 
 100 Springhouse Drive, Suite 204 

Collegeville, PA 19426 
 Attention: Saiful Khandaker 

Ladies and Gentlemen: 
 The undersigned signatory (the
“Employee Optionholder”) of this lock-up, unvested stock and protective covenant agreement (this “Letter Agreement”) understands that Fintech Ecosystem
Development Corp., a Delaware corporation (“FEDC”), is entering into the Business Combination Agreement (as the same may be amended from time to time, the “BCA”), dated as of the date hereof, with
Monisha Sahni, Rachna Suneja and Ritscapital LLC, a limited liability company organized in the United Arab Emirates, pursuant to which, among other things, FEDC will purchase Mobitech International LLC, a limited liability company organized in the
United Arab Emirates (the “Company”), with the Company continuing as a wholly-owned subsidiary of FEDC, upon the terms and subject to the conditions set forth in the BCA and in accordance with applicable law (the
“Effective Time”). 
 The Employee Optionholder acknowledges and agrees that the Employee Optionholder is a key employee of [the
Company][DS Finworld Private Limited, which is an Indian wholly owned subsidiary of the Company (“Indian WOS”)], and thus shall indirectly be a wholly owned subsidiary of FEDC after FEDC’s acquisition of the Company. The
Employee Optionholder further acknowledges and agrees that the Employee Optionholder has access to valuable confidential and proprietary information of the Company and its affiliates, as well as goodwill and other legitimate business interests of
the Company and its affiliates, and the Employee Optionholder will receive substantial benefits from FEDC’s acquisition of the Company and the Employee Optionholder’ continued employment with the FEDC and its subsidiaries (including Indian
WOS) following FEDC’s acquisition of the Company. The Employee Optionholder also acknowledges and agrees that the Employee Optionholder’s execution of this Letter Agreement is a material inducement for FEDC to enter into the BCA and to
support, vote in favor of and consummate the transactions contemplated by the BCA and is necessary to assure that FEDC receive and retain the full value of the business interests acquired pursuant to the BCA. Therefore, and for other good and
valuable consideration, the Employee Optionholder agrees as follows: 
  

	1.	 Definitions 

  

	 	(a)	 “Cause” shall mean (i) the Employee Optionholder’s plea of nolo contendere
to, conviction of or indictment for, any crime (x) constituting a felony or (y) that has, or could reasonably be expected to result in, an adverse impact on the performance of the Employee Optionholder’s duties to FEDC and its
subsidiaries, or otherwise has, or could reasonably be expected to result in, an adverse impact on the business or reputation of FEDC and its subsidiaries (including Indian WOS), (ii) conduct of the Employee Optionholder that has resulted, or could
reasonably be expected to result, in injury to the business or reputation of FEDC and its subsidiaries, (iii) any material violation of the policies of the FEDC and its subsidiaries, including, but not limited to, those relating to sexual
harassment or the disclosure or misuse of confidential information; (iv) the Employee Optionholder’s act(s) of negligence or willful misconduct in 

	 	
the course of the Employee Optionholder’s employment or service with FEDC and its subsidiaries; (v) misappropriation by the Employee Optionholder of any assets or business opportunities
of FEDC and its subsidiaries; (vi) embezzlement or fraud committed by the Employee Optionholder, at the Employee Optionholder’s direction, or with the Employee Optionholder’s prior actual knowledge; or (vii) willful neglect in
the performance of the Employee Optionholder’s duties for FEDC and its subsidiaries or willful or repeated failure or refusal to perform such duties. If, subsequent to the termination of the Employee Optionholder’s employment for any
reason other than for Cause, it is discovered that the Employee Optionholder’s employment or service could have been terminated for Cause, the Employee Optionholder’s employment shall, at the discretion of FEDC, be deemed to have been
terminated for Cause for all purposes under this Letter Agreement. 

  

	 	(b)	 “Competing Business” shall mean any business that operates in the digital banking and
payment systems business anywhere in South Asia or the Arabian Peninsula. 

  

	 	(c)	 “FEDC Common Stock” shall mean any shares of new FEDC class A common stock as in effect
upon the consummation of the merger of Fama Financial Services, Inc., a Georgia corporation (“Fama”) and Rana Financial Inc., a Georgia corporation (“Rana”) pursuant to that certain Business
Combination Agreement being entered into on the date hereof among FEDC, Fama, Rana and David Kretzmer. 

  

	 	(d)	 “Initial Lock-up Period” shall mean the
period commencing upon the Effective Time and ending one (1) year after the Effective Time, provided, however, that the Initial Lock-up Period shall expire if the reported last sale price of
FEDC Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any twenty (20) trading days within any 30-trading
day period commencing at least 150 days after the Effective Time. 

  

	 	(e)	 “Restricted Period” shall mean the period commencing on the Effective Time and ending
on the later to occur of (i) the fifth anniversary of the Effective Time and (ii) the third anniversary of the date on which the Employee Optionholder’s employment with FEDC and its subsidiaries (including Indian WOS) terminates for
any reason. 

  

	 	(f)	 “Shares” shall mean the shares of (i) FEDC Common Stock owned of record or
beneficially by the Employee Optionholder as of the Effective Time, including FEDC Common Stock issued to the Employee Optionholder pursuant to the BCA, plus (ii) FEDC Common Stock which may be issued upon exercise of a stock option or warrant
or upon settlement of any restricted stock units or other convertible or exercisable security owned of record or beneficially by the Employee Optionholder as of the Effective Time, plus (iii) FEDC Common Stock granted or issued by FEDC to the
Employee Optionholder following the Effective Time, plus (iv) FEDC Common Stock which may be issued upon exercise of a stock option or warrant or upon settlement of any restricted stock units or other convertible or exercisable security granted
or issued by FEDC to the Employee Optionholder following the Effective Time. For the avoidance of doubt, “Shares” shall not include FEDC Common Stock acquired on the open market. 

 

	 	(g)	 “Transfer” shall mean the (i) sale, transfer, hypothecation, pledge, grant of any
option to purchase or other disposition of, offer to sell, contract or agreement to sell, transfer, hypothecate, pledge, grant of any option to purchase or otherwise dispose of, directly or indirectly, or establishment or increase of a put
equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission

  
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promulgated thereunder with respect to, any of the Shares, (ii) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of any of the Shares, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) public announcement of any intention to effect any transaction specified in clause (i) or (ii).

  

	 	(h)	 “Unvested Stock” shall mean 100% (hundred percent) of the FEDC Common Stock issued to
the Employee Optionholder pursuant to the BCA. 

  

	 	(i)	 “Vesting Period” shall mean the period from the Effective Time and through the third
(3rd) anniversary of the Effective Time during which Unvested Stock is subject to forfeiture as provided in this Letter Agreement. 

  

	 	(j)	 “Vested Stock” shall mean the shares of Unvested Stock that have become vested as
provided in this Letter Agreement and, except in the event of the Employee Optionholder’s termination of employment for Cause, are no longer subject to forfeiture. Unvested Stock shall become vested and no longer subject to forfeiture in
accordance with the following schedule, provided that the Employee Optionholder remains continuously employed by the FEDC and its subsidiaries (including Indian WOS) from the Effective Time through and including the applicable vesting date:

  

			
	 Vesting Date
	  	
Percentage of Unvested Stock that becomes Vested Stock

	 12 months from Effective Date
	  	25%
	 24 months from Effective Date
	  	25%
	 30 months from Effective Date
	  	25%
	 36 months from Effective Date
	  	25%

  

	2.	 Treatment of Options. The Employee Optionsholder acknowledges and agrees that (i) the Company
adopted the Mobitech Employee Stock Option Plan 2022 (“ESOP Plan”) on or about 7 February 2022; (ii) on      February 2022 the Company addressed a grant letter to the Employee Optionholder
(“Grant Letter”), pursuant to which the Employee Optionholder was granted                 options at an exercise price of 1000 AED
(“Granted Options”) under the ESOP Plan; (iii) the Grant Letter sets out the details of the Granted Options; (iv) other than the Granted Options, the Employee Optionholder does not hold any subscriptions, options,
warrants or other equity appreciation, phantom equity, profit participation or similar rights or securities (including debt securities) convertible into or exchangeable or exercisable for equity securities or other interests in the Company or its
subsidiaries, or any other commitments, calls, conversion rights, rights of exchange or privilege (whether pre-emptive, contractual or by matter of law), plans or other agreements of any character providing
for the issuance to the Employee Optionholder of additional equity interests, the sale of treasury interests or other equity interests, or for the repurchase or redemption of equity securities or other interests of the Company or its subsidiaries
held by the Employee Optionholder and (v) notwithstanding the arrangements contemplated under the Grant Letter to the contrary, at the Effective Time, subject to the Employee Optionholder’s continued employment through the Effective Time,
the Granted Options, whether vested or unvested, shall, automatically and without any required action on the part of the Employee Optionholder, be cancelled in consideration for the right of the Employee Optionholder to receive (i) the Employee
Optionholder’s “Pro Rata Share” (as defined in the BCA) of the “Closing Payment” (as defined in the BCA) (in excess of 4.166% of the exercise price of the Granted Option) by wire transfer of immediately available funds in
accordance with written instructions that the Member Representative (as defined in the BCA) shall have provided to FEDC, and (ii) the Employee Optionholder’s “Pro Rata Share” of the “Equity Consideration” (as defined in
the BCA) (with a fair market value in excess of 95.834% of the exercise 

  
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price of the Granted Option). The Granted Options shall be forfeited in the event the Employee Optionholder’s employment terminates prior to the Effective Time. In consideration for
completing the foregoing transactions, the Employee Optionholder irrevocably and unconditionally releases and discharges the Company, FEDC and all of their affiliates from all obligations, covenants and undertakings arising under or in connection
with the Granted Options, the Grant Letter and any other ancillary documents, letters or agreements thereto, and waives any and all rights or claims the Employee Optionholder has or may have under or in connection with the Granted Options, the Grant
Letter and any other ancillary documents, letters or agreements thereto, whether such obligations, covenants, undertakings, rights or claims arise, accrue and/or are in respect of events occurring, before, upon or after termination. The Employee
Optionholder agrees that the Employee Optionholder shall not bring, commence, voluntarily aid in any way, prosecute or cause to be commenced or prosecuted any claim, action, suit or other proceedings against the Company, FEDC or any of their
affiliates relating to the Granted Options whether under the Grant Letter or otherwise, in any jurisdiction, other than with respect to the Employee Optionholder’s right to receive the Pro Rata Share of Closing Payment and Equity Consideration
as described above. 

  

	3.	 Lock-up Restrictions. Subject to the exceptions set forth in
this Letter Agreement, without the approval of the board of directors of FEDC (the “Board”), Transfers of Shares by the Employee Optionholder shall be restricted as follows: 

 

	 	(a)	 The Employee Optionholder shall not Transfer any Shares during the Initial
Lock-up Period. 

  

	 	(b)	 The Employee Optionholder shall not Transfer any Unvested Stock during the Vesting Period.

  

	 	(c)	 The Employee Optionholder shall not Transfer more than 200,000 Shares during any three (3) month period
until the three (3) year anniversary of the Effective Date and shall not Transfer more than 1,000,000 Shares during any three (3) month period thereafter, in each case subject to termination of such restrictions pursuant to clause
(d) below. 

  

	 	(d)	 Notwithstanding the foregoing, all Transfer restrictions under this Section 3 shall
automatically terminate upon the earliest of: (i) the five (5) year anniversary of the Effective Time; or (ii) such date on which FEDC completes a liquidation, merger, stock exchange or other similar transaction that results in all of
FEDC’s stockholders having the right to exchange their shares of FEDC Common Stock for cash, securities or other property pursuant to the terms applicable to such transaction. 

 

	4.	 Forfeiture Provisions. If the Employee Optionholder terminates the Employee Optionholder’s
employment with FEDC and its subsidiaries (including Indian WOS), at any time before the Unvested Stock has vested on the applicable vesting date set forth above and become Vested Stock, the Employee Optionholder’s Unvested Stock outstanding on
the date of termination of employment shall be automatically forfeited upon such termination of employment. If the Employee Optionholder’s employment with FEDC and its subsidiaries (including Indian WOS) is terminated by FEDC or any of its
subsidiaries for Cause at any time before all of the Unvested Stock has vested and become Vested Stock, all of the Employee Optionholder’s Unvested Stock and Vested Stock shall be automatically forfeited upon such termination of employment. The
foregoing forfeiture provisions shall automatically terminate upon such date on which FEDC completes a liquidation, merger, stock exchange or other similar transaction that results in all of FEDC’s stockholders having the right to exchange
their shares of FEDC Common Stock for cash, securities or other property pursuant to the terms applicable to such transaction. FEDC may issue stock certificates or evidence the Employee Optionholder’s Unvested Stock and Vested Stock by using a
restricted book entry account with FEDC’s transfer agent. Physical possession or custody of any stock certificates that are issued shall be retained by FEDC until such time as the forfeiture provisions in this
Section 4 cease to apply. On even date herewith, the Employee Optionholder has delivered to FEDC the stock power and assignment, in the form of Exhibit A attached to this Letter Agreement, endorsed in blank, relating
to the Unvested Stock. 

  
 4 

	5.	 Permitted Transfers. Notwithstanding the restrictions set forth above, Transfers of Shares shall be
permitted (a) by gift to a member of the Employee Optionholder’s immediate family or to a trust, the beneficiary of which is a member of the Employee Optionholder’s immediate family, an affiliate of such individual or to a charitable
organization; (b) by virtue of laws of descent and distribution upon death of the Employee Optionholder; (c) pursuant to a qualified domestic relations order; (d) to satisfy tax withholding obligations in connection with the exercise
of options to purchase shares of FEDC Common Stock or the vesting of stock-based awards; or (e) in payment on a “net exercise” or “cashless” basis of the exercise or purchase price with respect to the exercise of options to
purchase shares of FEDC Common Stock; provided, however, that in the case of clauses (a) through (c), the relevant permitted transferee(s) must enter into a written agreement with FEDC (in form and substance acceptable to FEDC)
agreeing to be bound by the transfer restrictions herein (including for the avoidance of doubt this Section 4). 

  

	6.	 Protective Covenants. 

 

	 	(a)	 The Employee Optionholder agrees that, to the extent permitted by law, the Employee Optionholder shall hold in
confidence any and all information, whether written or oral, concerning the business of FEDC and its subsidiaries, except to the extent that the Employee Optionholder can show that such information (i) is generally available to and known by the
public through no fault of the Employee Optionholder; or (ii) is lawfully acquired by the Employee Optionholder from and after the date hereof from sources which are not prohibited from disclosing such information by a legal, contractual or
fiduciary obligation. If the Employee Optionholder is compelled to disclose any information by judicial or administrative process or by other requirements of law, the Employee Optionholder shall promptly notify FEDC in writing and shall disclose
only that portion of such information which the Employee Optionholder is advised by the Employee Optionholder’s counsel should be disclosed. Notwithstanding the foregoing, pursuant to the U.S. Defend Trade Secrets Act of 2016, the Employee
Optionholder will not have criminal or civil liability under any U.S. Federal or State trade secret law for the disclosure of a trade secret that: (i) is made (A) in confidence to a Federal, State, or local government official, either
directly or indirectly, or to an attorney, and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing
is made under seal. In addition, if the Employee Optionholder files a lawsuit for retaliation by FEDC or any of its affiliates for reporting a suspected violation of law, the Employee Optionholder may disclose the trade secret to the Employee
Optionholder’s attorney and may use the trade secret information in the court proceeding provided that the Employee Optionholder files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant
to court order. 

  

	 	(b)	 The Employee Optionholder agrees that, during the Employee Optionholder’s employment with FEDC and its
subsidiaries (including Indian WOS), the Employee Optionholder will at all times faithfully, industriously, and to the best of the Employee Optionholder’s skills, ability, experience, and talents perform all of the duties required of the
Employee Optionholder’s position. In carrying out these duties and responsibilities, the Employee Optionholder shall comply with all FEDC’s and its subsidiaries’ policies, procedures, rules, and regulations, both written and oral, as
are announced by FEDC and its subsidiaries from time to time. As part of the Employee Optionholder’s duties, the Employee Optionholder acknowledges and agrees that (i) the Employee Optionholder will devote the Employee Optionholder’s
utmost knowledge 

  
 5 

	 	
and best skill to the performance of the Employee Optionholder’s duties, (ii) the Employee Optionholder will devote the Employee Optionholder’s full business time and efforts to
the rendition of such services and (iii) the Employee Optionholder shall not engage in any other occupation or activity that creates or could create an actual or potential conflict of interest or in any way interferes with the conduct of the
Employee Optionholder’s services as required hereunder or otherwise. The Employee Optionholder acknowledges and agrees that both the Employee Optionholder and FEDC and its subsidiaries (including Indian WOS) shall have the right to terminate
the employment relationship at any time for any lawful reason or no reason. The Employee Optionholder acknowledges and agrees that no representative of FEDC or any of its affiliates may verbally change the at will employment relationship.

  

	 	(c)	 The Employee Optionholder acknowledges the competitive nature of FEDC’s and its subsidiaries’
business and accordingly agrees that, during the Restricted Period, the Employee Optionholder shall not, directly or indirectly: 

  

	 	(i)	 engage or participate in, or render services to (whether as owner, operator, member, stockholder, manager,
consultant, strategic partner, employee or otherwise) any Competing Business; provided, however, that for the purposes of the foregoing, the Employee Optionholder will not be in breach of this Section 6(c)(i)
solely by reason of such Employee Optionholder’s ownership, together with that of such Employee Optionholder’s affiliates, of two percent or less of a Competing Business’ voting capital stock if (x) such Competing Business is
publicly-traded and (y) the Employee Optionholder and such Employee Optionholder’s affiliates do not directly or indirectly control the operation or management of such Competing Business; 

 

	 	(ii)	 solicit for employment, or recruit, engage or hire, as employee, consultant or independent contractor, any
employee, consultant or independent contractor of FEDC or any of its subsidiaries, who is or was an employee, consultant or independent contractor of FEDC or any of its affiliates, including the Company, at any time during the Restricted Period;

  

	 	(iii)	 solicit or induce any customer of, or supplier to, the FEDC or any of its subsidiaries, anywhere in the world,
in each case, to cease or refrain from doing business with FEDC or its subsidiaries, as applicable; or 

  

	 	(iv)	 interfere or attempt to interfere with any transaction, agreement, prospective agreement, business opportunity
or business relationship in which FEDC or any of its subsidiaries is involved at any time during the Restricted Period with the intent to adversely impact such transaction, agreement, prospective agreement, business opportunity, or business
relationship. 

  

	 	(d)	 The Employee Optionholder acknowledges and agrees that the restrictions contained in
Section 6 are a reasonable and necessary protection of the immediate interests of FEDC and its subsidiaries, and any violation of these restrictions would cause substantial injury to FEDC and its subsidiaries and that FEDC
would not have entered into the BCA or this Agreement without receiving the protective covenants contained in Section 6. In the event of a breach or a threatened breach by the Employee Optionholder, or any of the Employee
Optionholder’s affiliates or representatives, as applicable, of these restrictions, FEDC will be entitled to seek an injunction restraining the Employee Optionholder or such Employee Optionholder’s affiliate or representative, as
applicable, from such breach or threatened breach (without the necessity of proving the inadequacy as a remedy of money damages or the posting of a bond); provided, however, that the right to injunctive relief will not be construed as
prohibiting FEDC from pursuing any other available remedies, whether at law or in equity, for such breach or threatened breach. 

  
 6 

	7.	 General. 

  

	 	(a)	 The Employee Optionholder hereby represents and warrants that the Employee Optionholder has full right and
power, without violating any agreement to which it is bound, to enter into this Letter Agreement. 

  

	 	(b)	 Nothing in this Letter this Agreement shall confer upon the Employee Optionholder any right to be retained in
the employment of FEDC or any of its subsidiaries (including Indian WOS). Further, nothing in this Letter Agreement shall be construed to limit the discretion of FEDC or any of its subsidiaries to terminate the Employee Optionholder’s
employment at any time, with or without Cause. 

  

	 	(c)	 If any Transfer prohibited hereunder is made or attempted contrary to the provisions of this Letter Agreement,
such purported Transfer shall be null and void ab initio, and FEDC shall refuse to recognize any such purported transferee of the Shares as one of its equity holders for any purpose. In order to enforce this provision, FEDC may impose stop-transfer
instructions with respect to the Shares (and permitted transferees under Section 5 and assigns thereof) until the restrictions set forth in Section 3 terminate in accordance with the terms hereof.

  

	 	(d)	 Any certificates which evidence the Shares shall bear the following legend (and such other restrictive legends
as are required or deemed advisable under the provisions of any applicable law): 

 “THE SHARES OF COMMON STOCK
EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN TRANSFER AND FORFEITURE RESTRICTIONS AS SET FORTH IN THAT CERTAIN LOCK-UP AND UNVESTED STOCK AGREEMENT BETWEEN THE COMPANY AND THE HOLDER, A COPY OF WHICH
IS ON FILE WITH THE SECRETARY OF THE COMPANY. ANY ATTEMPTED TRANSFER OF SHARES OF COMMON STOCK EVIDENCED BY THIS CERTIFICATE IN VIOLATION OF SUCH AGREEMENT SHALL BE NULL AND VOID AND WITHOUT EFFECT.” 

 

	 	(e)	 The Employee Optionholder shall be required to pay to FEDC or its subsidiaries, and FEDC and its subsidiaries
shall have the right to deduct from any compensation paid to the Employee Optionholder pursuant to this Letter Agreement, the amount of any required withholding taxes in respect of the Unvested Stock and Vested Stock and to take all such other
action as FEDC and its subsidiaries deem necessary to satisfy all obligations for the payment of such withholding taxes. The ultimate liability for all income tax, social insurance, payroll tax, or other
tax-related withholding is and remains the Employee Optionholder’s responsibility and FEDC and its subsidiaries makes no representation or undertakings regarding the treatment of any income tax, social
insurance, payroll tax, or other tax-related withholding in connection with the grant or vesting of the Unvested Stock and Vested Stock or the subsequent sale of any such shares. 

 

	 	(f)	 The Employee Optionholder acknowledges that the Employee Optionholder’s obligations under this Letter
Agreement are unique, recognizes and affirms that in the event of a breach of this Letter Agreement by the Employee Optionholder, money damages will be inadequate and FEDC will have no adequate remedy at law, and agrees that irreparable damage would
occur in the event that any of the provisions of this Letter Agreement were not performed by the Employee Optionholder in accordance with their specific terms or were otherwise breached.

  
 7 

	 	
Accordingly, FEDC shall be entitled to an injunction or restraining order to prevent breaches of this Letter Agreement by the Employee Optionholder and to enforce specifically the terms and
provisions hereof, without the requirement to post any bond or other security or to prove that money damages would be inadequate, this being in addition to any other right or remedy to which such party may be entitled under this Letter Agreement, at
law or in equity. 

  

	 	(g)	 This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of
the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated
hereby. This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by all parties hereto. Notwithstanding the foregoing,
the Board may waive the restrictions contained in this Letter Agreement in its sole discretion; provided, however, that any waiver must apply to all Employee Optionholders with Letter Agreements. 

 

	 	(h)	 This Letter Agreement shall be binding on the Employee Optionholder and its successors, heirs and assigns and
permitted transferees. Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto any right, remedy or claim under or by reason of this Letter Agreement. All agreements
contained in this Letter Agreement shall be for the sole benefit of the parties hereto and their successors and assigns. 

  

	 	(i)	 This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or
provision hereof shall not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there
shall be added as a part of this Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

 

	 	(j)	 This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State
of Delaware, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out
of, or relating in any way to, this Letter Agreement shall be brought and enforced in any Delaware Chancery Court, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any
objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum. 

  

	 	(k)	 Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter
Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or facsimile transmission. 

 

	 	(l)	 From time to time, at FEDC’s request and without further consideration (but at the FEDC’s reasonable
cost and expense), the Employee Optionholder shall execute and deliver such additional documents and take all such further action as may be reasonably necessary to consummate the transactions contemplated by this Letter Agreement.

  

	 	(m)	 In addition, this Letter Agreement shall automatically terminate and be of no further force and effect on the
date, if any, the BCA is terminated for any reason prior to the consummation thereof. 

  
 8 

 [Signature Page Follows] 

  
 9 

 
	
	Sincerely,
	
	
                     
                    

  
 [Signature Page to
Lock-Up Agreement] 

			
	 Acknowledged and Agreed:
  

Fintech Ecosystem Development Corp.

		
	By:	 	
                     
                    

		 	Name:
		 	Title:

 Exhibit A 

STOCK POWER AND ASSIGNMENT 

SEPARATE FROM CERTIFICATE 
 FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto
                    ,                    
(                ) shares of Common Stock of Fintech Ecosystem Development Corp., a Delaware corporation, standing in the undersigned’s name on the books of said
corporation represented by certificate number(s)                , and does hereby irrevocably constitute and
appoint                    as attorney-in-fact, with full power of
substitution, to transfer said stock on the books of said corporation. 
 This Stock Power and Assignment Separate from Certificate is being executed in
conjunction with the terms of an Employee Optionholder Lock-Up and Unvested Stock Agreement dated as of                 (the
“Letter Agreement”). The undersigned hereby acknowledges that the undersigned has received a copy of the Letter Agreement and agrees to be bound by its terms. 

 

	
	Dated:                     
	
	Signature:
	
	
                     

	
	Printed Name:
	
	
                     

 INSTRUCTIONS: Please do not complete any blanks other than the “Signature” and “Printed Name”
lines. Do not insert the Date on this assignment. 

  
 12

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