Document:

Exhibit 10.11

 

Final Form

 

 

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	12
	 	 	 
	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	16
	 	 	 
	Section 6.1	Participation in the Corporate Taxpayer’s and OpCo’s Tax Matters	16
	 	 	 
	Section 6.2	Consistency	16
	 	 	 
	Section 6.3	Cooperation	16

 

 

    	i

     

    

  

	Article VII MISCELLANEOUS	17
	 	 	 
	Section 7.1	Notices	17
	 	 	 
	Section 7.2	Counterparts	17
	 	 	 
	Section 7.3	Entire Agreement; No Third Party Beneficiaries	17
	 	 	 
	Section 7.4	Governing Law	18
	 	 	 
	Section 7.5	Severability	18
	 	 	 
	Section 7.6	Successors; Assignment; Amendments; Waivers	18
	 	 	 
	Section 7.7	Titles and Subtitles	19
	 	 	 
	Section 7.8	Resolution of Disputes	19
	 	 	 
	Section 7.9	Reconciliation	20
	 	 	 
	Section 7.10	Withholding	21
	 	 	 
	Section 7.11	Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets	21
	 	 	 
	Section 7.12	Confidentiality	22
	 	 	 
	Section 7.13	Change in Law	22
	 	 	 
	Section 7.14	LLC Agreement	23
	 	 	 
	Section 7.15	Independent Nature of TRA Parties’ Rights and Obligations	23
	 	 	 
	Section 7.16	TRA Party Representative	23

 

    	ii

     

    

  

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.

 

“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

 

    	2

     

    

 

		(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.

 

“Company
Financial Advisor” means, collectively, Financial Technology Partners LP and FTP Securities LLC.

 

“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.

 

“Engagement
Letter” means that certain engagement letter, dated as of the date hereof, entered into among the TRA Parties and the
Company Financial Advisor.

 

“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.

 

    	4

     

    

 

“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.

 

“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.

 

    	5

     

    

 

“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.

 

“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 effective 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., as amended from time to
time.

 

“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.

 

    	6

     

    

 

“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.

 

“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
	Joinder Requirement 	 	Section 7.6(a)
	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).
Ninety-five percent (95%) of 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. Pursuant to the Engagement Letter and in fulfillment of its obligations thereunder, each TRA Party hereby irrevocably
directs the Corporate Taxpayer to, and the Corporate Taxpayer shall, pay on behalf of such TRA Party the remaining five percent
(5%) of each such Tax Benefit Payment by wire transfer of immediately available funds to the bank account previously designated
by the Company Financial Advisor to the Corporate Taxpayer or as otherwise agreed by the Corporate Taxpayer and the Company Financial
Advisor. 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.”

 

    	11

     

    

 

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.

 

    	12

     

    

 

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. Ninety-five percent (95%) of 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. Pursuant to the Engagement Letter and in fulfillment of its obligations thereunder,
each TRA Party hereby irrevocably directs the Corporate Taxpayer to, and the Corporate Taxpayer shall, pay on behalf of such TRA
Party the remaining five percent (5%) of such payment by wire transfer of immediately available funds to the bank account previously
designated by the Company Financial Advisor to the Corporate Taxpayer or as otherwise agreed by the Corporate Taxpayer and the
Company Financial Advisor.

 

    	14

     

    

 

(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.

 

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.

 

    	15

     

    

 

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.

 

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.

 

    	16

     

    

 

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

 

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; 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; provided, however, that the Corporate Taxpayer and the TRA
Parties hereby agree that the Company Financial Advisor is an express third-party beneficiary of the third sentence of Section
3.1(a) and the third sentence of Section 4.3(a).

 

    	17

     

    

 

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.

 

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 (the “Joinder Requirement”), agreeing to become a TRA Party for all purposes of this
Agreement, including with respect to the obligations to the Company Financial Advisor under Sections 3.1(a) and 4.3(a) hereof pursuant
to the Engagement Letter; provided, however, that to the extent any TRA Party sells, exchanges, distributes, or otherwise
transfers Units to any Person (other than the Corporate Taxpayer or the OpCo) in accordance with the terms of the Exchange Agreement
and/or LLC Agreement, such TRA Party shall have the option to assign to the transferee of such Units its rights under this Agreement
with respect to such transferred Units; provided, further, that such transferee has satisfied the Joinder Requirement.
For the avoidance of doubt, if a TRA Party transfers Units in accordance with the terms of the Exchange Agreement and/or LLC Agreement
but does not assign to the transferee of such Units its rights under this Agreement with respect to such transferred Units, such
TRA Party shall continue to be entitled to receive the Tax Benefit Payments arising in respect of a subsequent Exchange of such
Units (subject to the payments required to be made to the Company Financial Advisor under Sections 3.1(a) and 4.3(a) hereof pursuant
to the Engagement Letter) and such transferee may not enforce the provisions of this Agreement. Notwithstanding any other provision
of this Agreement, an assignee of only rights to receive a Tax Benefit Payment in connection with an Exchange has no rights under
this Agreement other than to enforce its right to receive a Tax Benefit Payment pursuant to this Agreement.

 

(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).

 

    	18

     

    

 

(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.

 

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.

 

    	19

     

    

 

(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.

 

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.

 

    	20

     

    

 

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.

 

(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

 

    	21

     

    

 

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.

 

(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.

 

    	22

     

    

 

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.

 

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).

 

    	23

     

    

 

(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]

 

    	24

     

    

 

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]Exhibit 10.22

 

Final Form

 

Second
AMENDED AND RESTATED

 

LIMITED LIABILITY COMPANY AGREEMENT

 

OF

 

HAWK PARENT HOLDINGS LLC

 

Dated as of [●], 2019

 

 

 

THE LIMITED LIABILITY COMPANY UNITS OF
Hawk Parent Holdings LLC HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OR ANY OTHER APPLICABLE SECURITIES LAWS AND ARE BEING SOLD
IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. SUCH UNITS MUST BE ACQUIRED
FOR INVESTMENT ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN
COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND ANY OTHER APPLICABLE
SECURITIES LAWS; (II) THE TERMS AND CONDITIONS OF THIS Second AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT; AND (III) ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BETWEEN THE MANAGING MEMBER
AND THE APPLICABLE MEMBER. THE UNITS MAY NOT BE TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE WITH SUCH LAWS, THIS LIMITED LIABILITY
COMPANY AGREEMENT, AND ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BY THE MANAGING MEMBER AND THE APPLICABLE MEMBER. THEREFORE,
PURCHASERS AND OTHER TRANSFEREES OF SUCH UNITS WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT OR ACQUISITION FOR AN INDEFINITE
PERIOD OF TIME.

  

     

     

    

 

Table of Contents

 

	Article I DEFINITIONS	2
	 	 	 
	Section 1.01.	Definitions	2
	 	 	 
	Article II FORMATION, TERM, PURPOSE AND POWERS	10
	 	 	 
	Section 2.01.	Formation	10
	 	 	 
	Section 2.02.	Name	10
	 	 	 
	Section 2.03.	Term	11
	 	 	 
	Section 2.04.	Offices	11
	 	 	 
	Section 2.05.	Agent for Service of Process; Existence and Good Standing; Foreign Qualification	11
	 	 	 
	Section 2.06.	Business Purpose	11
	 	 	 
	Section 2.07.	Powers of the Company	11
	 	 	 
	Section 2.08.	Members; Reclassification; Admission of New Members	12
	 	 	 
	Section 2.09.	Resignation	12
	 	 	 
	Section 2.10.	Investment Representations of Members	12
	 	 	 
	Article III MANAGEMENT	12
	 	 	 
	Section 3.01.	Managing Member	12
	 	 	 
	Section 3.02.	Compensation	13
	 	 	 
	Section 3.03.	Expenses	13
	 	 	 
	Section 3.04.	Officers	14
	 	 	 
	Section 3.05.	Authority of Members	14
	 	 	 
	Section 3.06.	Action by Written Consent or Ratification	14
	 	 	 
	Section 3.07.	Restrictions on Termination Transactions	15
	 	 	 
	Article IV DISTRIBUTIONS	16
	 	 	 
	Section 4.01.	Distributions	16
	 	 	 
	Section 4.02.	Liquidation Distribution	16
	 	 	 
	Section 4.03.	Limitations on Distribution	16

 

    i

     

    

 

	Article V CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS;  TAX ALLOCATIONS; TAX MATTERS	17
	 	 	 
	Section 5.01.	Initial Capital Contributions	17
	 	 	 
	Section 5.02.	No Additional Capital Contributions	17
	 	 	 
	Section 5.03.	Capital Accounts	17
	 	 	 
	Section 5.04.	Allocations of Profits and Losses	17
	 	 	 
	Section 5.05.	Special Allocations	17
	 	 	 
	Section 5.06.	Tax Allocations	18
	 	 	 
	Section 5.07.	Tax Advances	19
	 	 	 
	Section 5.08.	Tax Matters	19
	 	 	 
	Section 5.09.	Other Allocation Provisions	20
	 	 	 
	Article VI BOOKS AND RECORDS; REPORTS	20
	 	 	 
	Section 6.01.	Books and Records	20
	 	 	 
	Article VII COMPANY UNITS	21
	 	 	 
	Section 7.01.	Units	21
	 	 	 
	Section 7.02.	Register	23
	 	 	 
	Section 7.03.	Registered Members	23
	 	 	 
	Article VIII TRANSFER RESTRICTIONS	23
	 	 	 
	Section 8.01.	Member Transfers	23
	 	 	 
	Section 8.02.	Mandatory Exchanges	24
	 	 	 
	Section 8.03.	Encumbrances	25
	 	 	 
	Section 8.04.	Further Restrictions	25
	 	 	 
	Section 8.05.	Rights of Assignees	26
	 	 	 
	Section 8.06.	Admissions, Resignations and Removals	26
	 	 	 
	Section 8.07.	Admission of Assignees as Substitute Members	27
	 	 	 
	Section 8.08.	Resignation and Removal of Members	27

 

    ii

     

    

 

	Article IX DISSOLUTION, LIQUIDATION AND TERMINATION	28
	 	 	 
	Section 9.01.	No Dissolution	28
	 	 	 
	Section 9.02.	Events Causing Dissolution	28
	 	 	 
	Section 9.03.	Distribution upon Dissolution	29
	 	 	 
	Section 9.04.	Time for Liquidation	29
	 	 	 
	Section 9.05.	Termination	29
	 	 	 
	Section 9.06.	Claims of the Members	29
	 	 	 
	Section 9.07.	Survival of Certain Provisions	30
	 	 	 
	Article X LIABILITY AND INDEMNIFICATION	30
	 	 	 
	Section 10.01.	Liability of Members	30
	 	 	 
	Section 10.02.	Indemnification	33
	 	 	 
	Article XI MISCELLANEOUS	33
	 	 	 
	Section 11.01.	Severability	33
	 	 	 
	Section 11.02.	Notices	34
	 	 	 
	Section 11.03.	Cumulative Remedies	34
	 	 	 
	Section 11.04.	Binding Effect	34
	 	 	 
	Section 11.05.	Interpretation	35
	 	 	 
	Section 11.06.	Counterparts	35
	 	 	 
	Section 11.07.	Further Assurances	35
	 	 	 
	Section 11.08.	Entire Agreement	35
	 	 	 
	Section 11.09.	Governing Law	35
	 	 	 
	Section 11.10.	Submission to Jurisdiction; Waiver of Jury Trial	36
	 	 	 
	Section 11.11.	Expenses	36
	 	 	 
	Section 11.12.	Amendments and Waivers	37
	 	 	 
	Section 11.13.	No Third Party Beneficiaries	38
	 	 	 
	Section 11.14.	Headings	38
	 	 	 
	Section 11.15.	Power of Attorney	38
	 	 	 
	Section 11.16.	Separate Agreements; Schedules	39
	 	 	 
	Section 11.17.	Partnership Status	39
	 	 	 
	Section 11.18.	Delivery by Facsimile or Email	39

  

    iv

     

    

 

Second
AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT OF

Hawk Parent Holdings LLC

 

This Second
AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of Hawk Parent Holdings LLC (the
“Company”), is made as of [●], 2019 (the “Effective Date”) by and among Repay Holdings
Corporation, a Delaware corporation, as the Managing Member, and the Members whose names are set forth in the books and records
of the Company.

 

R-E-C-I-T-A-L-S

 

WHEREAS, the Company was formed as a limited
liability company pursuant to the Act upon the filing of the Certificate in the office of the Secretary of State of the State of
Delaware on July 13, 2016;

 

Whereas,
in connection with the formation of the Company, CC Payment Holdings, L.L.C. adopted that certain Limited Liability Company Agreement
dated as of July 13, 2016 (the “Initial LLC Agreement”), which Initial LLC Agreement was amended and restated
on September 1, 2016 (as amended and restated, the “Existing Agreement”);

 

WHEREAS, substantially concurrently with
the effectiveness of this Agreement, in accordance with the Agreement and Plan of Merger, dated effective as of January 21, 2019
(as amended from time to time, the “Merger Agreement”), by and among Thunder Bridge Acquisition Ltd. (“Parent”),
TB Acquisition Merger Sub LLC (“Merger Sub”), the Company and CC Payment Holdings, L.L.C., Merger Sub has merged
with and into the Company (the “Merger”), with the Company being the entity surviving the Merger;

 

WHEREAS, in connection with the Merger,
the limited liability company interests in the Company that were outstanding immediately prior thereto were reclassified into a
total number of Class A Units as set forth in the books and records of the Company; and

 

WHEREAS, pursuant to the Merger Agreement,
(i) the Members have agreed to amend and restate the Existing Agreement in its entirety as set forth herein and (ii) Repay Holdings
Corporation, by its execution and delivery of this Agreement, is hereby admitted to the Company as a Member and is hereby substituted
as Managing Member, and in such capacity shall have the rights and obligations as provided in this Agreement.

  

    1

     

    

 

NOW, THEREFORE, in consideration of the
premises and agreements of the parties set forth herein, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Members and the Managing Member hereby agree to amend and restate the Existing Agreement
to read in its entirety as follows:

 

Article
I

DEFINITIONS

 

Section 1.01.Definitions. Capitalized
terms used herein without definition have the following meanings (such meanings being equally applicable to both the singular
and plural form of the terms defined):

 

“Act” means,
the Delaware Limited Liability Company Act, 6 Del. C. Section 18-101, et seq., as it may be amended from time to time.

 

“Additional Credit Amount”
has the meaning set forth in Section 4.01(b)(ii).

 

“Adjusted Capital Account
Balance” means, with respect to each Member, the balance in such Member’s Capital Account adjusted (i) by taking
into account the adjustments, allocations and distributions described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4),
(5) and (6); and (ii) by adding to such balance such Member’s share of Company Minimum Gain and Member Nonrecourse Debt Minimum
Gain, determined pursuant to Treasury Regulations Sections 1.704-2(g) and 1.704-2(i)(5), any amounts such Member is obligated to
restore pursuant to any provision of this Agreement or by applicable Law. The foregoing definition of Adjusted Capital Account
Balance is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted
consistently therewith.

 

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

 

“Agreement”
has the meaning set forth in the preamble of this Agreement.

 

“Amended Tax Amount”
has the meaning set forth in Section 4.01(b)(ii).

 

“Assignee”
has the meaning set forth in Section 8.05.

 

“Assumed Tax Rate”
means the highest effective marginal combined U.S. federal, state and local income tax rate (including, without limitation, the
“medicare” tax imposed under Section 1411 of the Code) for a Fiscal Year prescribed for an individual or corporate
resident in New York, New York (taking into account (a) the limitations imposed on the deductibility of expenses and other items
and (b) the character (e.g., long-term or short-term capital gain or ordinary or exempt income) of the applicable income, but not
taking into account the deductibility of state and local income taxes for U.S. federal income tax purposes, if applicable). For
the avoidance of doubt, the Assumed Tax Rate shall be the same for all Members.

 

“Available Cash”
means, as of a particular date, the amount of cash on hand which the Managing Member, in its reasonable discretion, deems available
for distribution to the Members, taking into account all debts, liabilities and obligations of the Company then due and amounts
that the Managing Member, in its reasonable discretion, deems necessary to expend or retain for working capital or to place into
reserves for customary and usual claims with respect to the Company’s operations.

 

    2

     

    

 

“Capital Account”
means the separate capital account maintained for each Member in accordance with Section 5.03 hereof.

 

“Capital Contribution”
means, with respect to any Member, the aggregate amount of money contributed to the Company and the Carrying Value of any property
(other than money), net of any liabilities assumed by the Company upon contribution or to which such property is subject, contributed
to the Company pursuant to Article V.

 

“Carrying Value”
means, with respect to any Company asset, the asset’s adjusted basis for U.S. federal income tax purposes, except that the
initial carrying value of assets contributed to the Company shall be their respective gross fair market values on the date of contribution
as determined by the Managing Member in its sole discretion, and the Carrying Values of all Company assets shall be adjusted to
equal their respective fair market values, in accordance with the rules set forth in Treasury Regulation Section 1.704-1(b)(2)(iv)(f),
except as otherwise provided herein, as of: (a) the date of the acquisition of any additional limited liability company interest
in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution; (b) the date of the distribution
of more than a de minimis amount of Company assets to a Member; (c) the date a limited liability company interest in the Company
is relinquished to the Company; or (d) any other date specified in the Treasury Regulations; provided, however, that
adjustments pursuant to clauses (a), (b) (c) and (d) above shall be made only if such adjustments are deemed necessary or appropriate
by the Managing Member in its sole discretion to reflect the relative economic interests of the Members. The Carrying Value of
any Company asset distributed to any Member shall be adjusted immediately before such distribution to equal its fair market value.
In the case of any asset that has a Carrying Value that differs from its adjusted tax basis, Carrying Value shall be adjusted by
the amount of depreciation calculated for purposes of the definition of “Profits” and “Losses” rather than
the amount of depreciation determined for U.S. federal income tax purposes, and depreciation shall be calculated by reference to
Carrying Value rather than tax basis once Carrying Value differs from tax basis.

 

“Certificate”
means the Certificate of Formation of the Company as filed in the office of the Secretary of State of the State of Delaware on
July 13, 2016, as amended.

 

“Class” means
the classes of Units into which the limited liability company interests in the Company may be classified or divided from time to
time by the Managing Member pursuant to the provisions of this Agreement. As of the date of this Agreement the only Class is the
Class A Units. Subclasses within a Class shall not be separate Classes for purposes of this Agreement. For all purposes hereunder
and under the Act, only such Classes expressly established under this Agreement, including by the Managing Member in accordance
with this Agreement, shall be deemed to be a class of limited liability company interests in the Company. For the avoidance of
doubt, to the extent that the Managing Member holds limited liability company interests of any Class, the Managing Member shall
not be deemed to hold a separate Class of such interests from any other Member because it is the Managing Member.

 

    3

     

    

 

“Class A Units”
means the Units of limited liability company interest in the Company designated as the “Class A Units” herein and having
the rights pertaining thereto as are set forth in this Agreement.

 

“Class V Common Stock”
has the meaning set forth in the Managing Member Charter.

 

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

 

“Company” has
the meaning set forth in the preamble of this Agreement.

 

“Company Financial Advisor”
means, collectively, Financial Technology Partners LP and FTP Securities LLC.

 

“Company Minimum Gain”
has the meaning ascribed to the term “partnership minimum gain” set forth in Treasury Regulations Sections 1.704-2(b)(2)
and 1.704-2(d).

 

“Contingencies”
has the meaning set forth in Section 9.03(a).

 

“Control” (including
the terms “Controlled by” and “under common Control with”) means the possession, directly
or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership
of voting securities, as trustee or executor, by contract or otherwise, including, without limitation, the ownership, directly
or indirectly, of securities having the power to elect a majority of the board of directors or similar body governing the affairs
of such Person.

 

“Credit Amount”
has the meaning set forth in Section 4.01(b)(ii).

 

“Disabling Event”
means the Managing Member ceasing to be the Managing Member of the Company.

 

“Dissolution Event”
has the meaning set forth in Section 9.02.

 

“Effective Date”
has the meaning set forth in the preamble of this Agreement.

 

“Encumbrance”
means any mortgage, hypothecation, claim, lien, encumbrance, conditional sales or other title retention agreement, right of first
refusal, preemptive right, pledge, option, charge, security interest or other similar interest, easement, judgment or imperfection
of title of any nature whatsoever.

 

“Engagement Letter”
means, with respect to any Member, that certain letter agreement entered into by and among Financial Technology Partners LP, FTP
Securities LLC and the Members, dated as of the Closing Date under the Merger Agreement.

 

    4

     

    

 

“Equity Interests”
means (a) capital stock, membership interests, partnership interests, other equity interests, rights to profits or revenue and
any other similar interest in any corporation, partnership, limited liability company or other business entity, (b) any security
or other interest convertible into or exchangeable or exercisable for any of the foregoing, whether at the time of issuance or
upon the passage of time or the occurrence of some future event and (c) any warrant, option or other right (contingent or otherwise)
to acquire any of the foregoing.

 

“ERISA” means
The Employee Retirement Income Security Act of 1974, as amended.

 

“Exchange Act”
means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exchange Agreement”
means the exchange agreement dated as of or about the date hereof among the Company, Managing Member, the other Members of the
Company from time to time party thereto, and the other parties thereto, as amended from time to time.

 

“Exchange Transaction”
means an exchange of Class A Units for shares of Class A common stock of the Managing Member pursuant to, and in accordance with,
the Exchange Agreement or, if the Managing Member and the exchanging Member shall mutually agree, a Transfer of Class A Units to
the Managing Member, the Company or any of their subsidiaries for shares of Class A common stock of the Managing Member or other
consideration otherwise than pursuant to, and in accordance with, the Exchange Agreement.

 

“Existing Agreement”
has the meaning set forth in the recitals of this Agreement.

 

“Family Group”
means, with respect to a Person who is an individual, (a) such Person’s spouse and direct descendants (whether natural or
adopted) (collectively, for purposes of this definition, “relatives”), and (b) any trust, the trustee of which
is such Person and which at all times is and remains solely for the benefit of such Person and/or such Person’s relatives.

 

“Final Tax Amount”
has the meaning set forth in Section 4.01(b)(ii).

 

“Fiscal Year”
means, unless otherwise determined by the Managing Member in its sole discretion in accordance with Section 11.12, any twelve-month
period commencing on January 1 and ending on December 31.

 

“GAAP” means
accounting principles generally accepted in the United States of America as in effect from time to time.

 

“Incapacity”
means, with respect to any Person, the bankruptcy, dissolution, termination of such Person.

 

    5

     

    

 

“Indemnitee”
means (a) the Managing Member, (b) any additional or substitute Managing Member, (c) any Person who is or was a Partnership Representative,
officer or director of the Managing Member or any additional or substitute Managing Member, (d) any Person that is required to
be indemnified by the Managing Member as an “indemnitee” in accordance with the certificate of incorporation and/or
bylaws of the Managing Member as in effect from time to time, (e) any officer or director of the Managing Member or any additional
or substitute Managing Member who is or was serving at the request of the Managing Member or any additional or substitute Managing
Member as an officer, director, employee, member, Member, Partnership Representative, agent, fiduciary or trustee of another Person;
provided, that a Person shall not be an Indemnitee by reason of providing, on a fee-for-services basis, trustee, fiduciary
or custodial services, (f) any Officer, (g) any other Person the Managing Member in its sole discretion designates as an “Indemnitee”
for purposes of this Agreement and (h) any heir, executor or administrator with respect to Persons named in clauses (a) through
(g).

 

“Initial LLC Agreement”
has the meaning set forth in the recitals of this Agreement.

 

“Law” means
any statute, law, ordinance, regulation, rule, code, executive order, injunction, judgment, decree or other order issued or promulgated
by any national, supranational, state, federal, provincial, local or municipal government or any administrative or regulatory body
with authority therefrom with jurisdiction over the Company or any Member, as the case may be.

 

“Liquidation Agent”
has the meaning set forth in Section 9.03.

 

“Managing Member”
means Repay Holdings Corporation, a corporation incorporated under the laws of the State of Delaware, or any successor Managing
Member admitted to the Company in accordance with the terms of this Agreement, in its capacity as the managing member of the Company.

 

“Managing Member Charter”
means the certificate of incorporation (or equivalent organizational document) as filed with the secretary of state (or equivalent
governmental body or department) of the state in which the Managing Member is incorporated or formed, as applicable, as in effect
and amended from time to time.

 

“Managing Member Equity
Issuance” means any issuance of Upstream Securities.

 

“Managing Member Incentive
Plan” means the 2019 Omnibus Equity Incentive Plan adopted in connection with the Merger and any successor or replacement
equity incentive plan of the Managing Member.

 

“Member” means
each of the Persons from time to time listed as a Member in the books and records of the Company.

 

“Members” means,
at any time, each person listed as a Member (including the Managing Member) on the books and records of the Company, in each case
for so long as he, she or it remains a Member of the Company as provided hereunder.

 

“Member Nonrecourse Debt
Minimum Gain” means an amount with respect to each partner nonrecourse debt (as defined in Treasury Regulations Section
1.704-2(b)(4)) equal to the Company Minimum Gain that would result if such partner nonrecourse debt were treated as a nonrecourse
liability (as defined in Treasury Regulations Section 1.752-1(a)(2)) determined in accordance with Treasury Regulations Section
1.704-2(i)(3).

 

    6

     

    

 

“Member Nonrecourse Deductions”
has the meaning ascribed to the term “partner nonrecourse deductions” set forth in Treasury Regulations Section 1.704-2(i)(2).

 

“Merger” has
the meaning set forth in the recitals of this Agreement.

 

“Merger Agreement”
has the meaning set forth in the recitals of this Agreement.

 

“Net Taxable Income”
has the meaning set forth in Section 4.01(b)(i).

 

“Nonrecourse Deductions”
has the meaning set forth in Treasury Regulations Section 1.704-2(b)(1). The amount of Nonrecourse Deductions of the Company for
a Fiscal Year equals the net increase, if any, in the amount of Company Minimum Gain of the Company during that fiscal year, determined
according to the provisions of Treasury Regulations Section 1.704-2(c).

 

“Officer” means
each Person designated as an officer of the Company by the Managing Member pursuant to and in accordance with the provisions of
Section 3.04, subject to any resolutions of the Managing Member appointing such Person as an officer of the Company or relating
to such appointment.

 

“Organization Agreement”
means that certain Organization Agreement dated as of or about the date hereof by and between the Managing Member and the Company.

 

“Partnership Representative”
has the meaning set forth in Section 5.08.

 

“Person” means
any individual, estate, corporation, partnership, limited partnership, limited liability company, limited company, joint venture,
trust, unincorporated or governmental organization or any agency or political subdivision thereof.

 

“Primary Indemnification”
has the meaning set forth in Section 10.02(a).

 

“Proceeding”
has the meaning set forth in Section 10.02(a).

 

“Profits” and
“Losses” means, for each Fiscal Year or other period, the taxable income or loss of the Company, or particular
items thereof, determined in accordance with the accounting method used by the Company for U.S. federal income tax purposes with
the following adjustments: (a) all items of income, gain, loss or deduction allocated pursuant to Section 5.05 shall not
be taken into account in computing such taxable income or loss; (b) any income of the Company that is exempt from U.S. federal
income taxation and not otherwise taken into account in computing Profits and Losses shall be added to such taxable income or loss;
(c) if the Carrying Value of any asset differs from its adjusted tax basis for U.S. federal income tax purposes, any gain or loss
resulting from a disposition of such asset shall be calculated with reference to such Carrying Value; (d) upon an adjustment to
the Carrying Value (other than an adjustment in respect of depreciation) of any asset, pursuant to the definition of Carrying Value,
the amount of the adjustment shall be included as gain or loss in computing such taxable income or loss; (e) if the Carrying Value
of any asset differs from its adjusted tax basis for U.S. federal income tax purposes, the amount of depreciation, amortization
or cost recovery deductions with respect to such asset for purposes of determining Profits and Losses, if any, shall be an amount
which bears the same ratio to such Carrying Value as the U.S. federal income tax depreciation, amortization or other cost recovery
deductions bears to such adjusted tax basis (provided that if the U.S. federal income tax depreciation, amortization or
other cost recovery deduction is zero, the Managing Member may use any reasonable method for purposes of determining depreciation,
amortization or other cost recovery deductions in calculating Profits and Losses); and (f) except for items in (a) above, any expenditures
of the Company not deductible in computing taxable income or loss, not properly capitalizable and not otherwise taken into account
in computing Profits and Losses pursuant to this definition shall be treated as deductible items.

 

    7

     

    

 

“Registration Rights
Agreement” means the registration rights agreement dated as of or about the date hereof among the Managing Member and
the other Members from time to time party thereto, and the other parties thereto, as amended from time to time.

 

“Required Interest”
means one or more Members holding Units having among them more than 90% of the Total Percentage Interest.

 

“Revised Partnership
Audit Provisions” means Title XI, Section 1101, of the Bipartisan Budget Act of 2015, P.L. 114-74 (together with any
subsequent amendments thereto, Treasury Regulations promulgated thereunder, and published administrative interpretations thereof,
and any comparable provisions of state or local tax law).

 

“Section 6226 Election”
has the meaning set forth in Section 5.08.

 

“Securities Act”
means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Service Provider”
means any Member (in his, her or its individual capacity) or other Person, who at the time in question, is employed by or providing
services to the Managing Member, the Company or any of their respective Subsidiaries.

 

“Similar Law”
means any law or regulation that could cause the underlying assets of the Company to be treated as assets of the Member by virtue
of its limited liability company interest in the Company and thereby subject the Company and the Managing Member (or other persons
responsible for the investment and operation of the Company’s assets) to laws or regulations that are similar to the fiduciary
responsibility or prohibited transaction provisions contained in Title I of ERISA or Section 4975 of the Code.

 

“Stockholder Party”
means a “Stockholder” under the Stockholders Agreements.

 

“Stockholders Agreements”
means, other than the Parent Sponsor Stockholders Agreement, the stockholders agreements dated as of or about the date hereof among
the Managing Member and the stockholders from time to time party thereto, and the other parties thereto, as amended from time to
time.

 

    8

     

    

 

“Tax” means
any federal, state, local or foreign income, sales and use, excise, franchise, real and personal property, gross receipt, capital
stock, production, business and occupation, premium, disability, employment, payroll, severance, or withholding tax or other tax,
duty, fee, assessment or charge of any kind whatsoever in the nature of a tax imposed by any taxing authority, whether computed
on a separate or consolidated, unitary or combined basis or in any other manner, whether disputed or not, and any interest or penalties
related to the foregoing.

 

“Tax Advances”
has the meaning set forth in Section 5.07.

 

“Tax Amount”
has the meaning set forth in Section 4.01(b)(i).

 

“Tax Distributions”
has the meaning set forth in Section 4.01(b)(i).

 

“Tax Receivable Agreement”
means the Tax Receivable Agreement dated as of or about the date hereof among the Company, Managing Member and the other parties
from time to time party thereto, as amended from time to time.

 

“Termination Transaction”
means any direct or indirect Transfer of all or any portion of the Managing Member’s interest in the Company in connection
with, or the other occurrence of, (a) a merger, consolidation or other combination involving the Managing Member, on the one hand,
and any other Person, on the other, (b) a sale, lease, exchange or other transfer of all or substantially all of the assets of
the Managing Member not in the ordinary course of its business, whether in a single transaction or a series of related transactions,
(c) a reclassification, recapitalization or change of the outstanding shares of Class A common stock of the Managing Member (other
than a change in par value, or from par value to no par value, or as a result of a stock split, stock dividend or similar subdivision),
(d) the adoption of any plan of liquidation or dissolution of the Managing Member, or (e) a direct or indirect Transfer of all
or any portion of the Managing Member’s interest in the Company, other than a Transfer effected in accordance with Section
3.07(a) or Section 3.07(b).

 

“Total Percentage Interest”
means, with respect to any Member, the quotient obtained by dividing the number of Units (vested and unvested) then owned by such
Member by the number of Units (vested and unvested) then owned by all Members.

 

“Transfer”
means, in respect of any Unit, property or other asset, any sale, assignment, transfer, distribution, exchange, mortgage, pledge,
hypothecation or other disposition thereof, whether voluntarily or by operation of Law, directly or indirectly, in whole or in
part, including, without limitation, the exchange of any Unit for any other security. The term “Transferred” shall
have a meaning correlative to the foregoing.

 

“Transferee”
means any Person that is a permitted transferee of a Member’s interest in the Company, or part thereof.

 

“Treasury Regulations”
means the income tax regulations, including temporary and proposed regulations, promulgated under the Code, as such regulations
may be amended from time to time (including corresponding provisions of succeeding regulations).

 

    9

     

    

 

“Units” means
the Class A Units and any other Class of Units that is established in accordance with this Agreement, which shall constitute limited
liability company interests in the Company as provided in this Agreement and under the Act, entitling the holders thereof to the
relative rights, title and interests in the profits, losses, deductions and credits of the Company at any particular time as set
forth in this Agreement, and any and all other benefits to which a holder thereof may be entitled as a Member as provided in this
Agreement, together with the obligations of such Member to comply with all terms and provisions of this Agreement.

 

“Unvested Units”
means those Units from time to time listed as unvested Units in the books and records of the Company.

 

“Upstream Securities”
means Equity Interests of any type issued by the Managing Member, including shares of common and preferred stock whether vested
or unvested.

 

“Vested Units”
means those Units listed as vested Units in the books and records of the Company, as the same may be amended from time to time
in accordance with this Agreement.

 

Article
II

FORMATION, TERM, PURPOSE AND POWERS

 

Section 2.01.Formation. The Company
was formed as a limited liability company under the provisions of the Act by the filing of the Certificate on July 13, 2016. If
requested by the Managing Member, the Members shall promptly execute all certificates and other documents consistent with the
terms of this Agreement necessary for the Managing Member to accomplish all filing, recording, publishing and other acts as may
be appropriate to comply with all requirements for (a) the formation and operation of a limited liability company under the laws
of the State of Delaware, (b) if the Managing Member in its sole discretion deems it advisable, the operation of the Company as
a limited liability company, or entity in which the Members have limited liability, in all jurisdictions where the Company proposes
to operate and (c) all other filings required to be made by the Company. The rights, powers, duties, obligations and liabilities
of the Members shall be determined pursuant to the Act and this Agreement. To the extent that the rights, powers, duties, obligations
and liabilities of any Member are different by reason of any provision of this Agreement than they would be in the absence of
such provision, this Agreement shall, to the extent permitted by the Act, control. The execution, delivery and filing of the Certificate
and each amendment thereto is hereby ratified, approved and confirmed by the Members.

 

Section 2.02.Name. The name of
the Company shall be, and the business of the Company shall be conducted under the name of “Hawk Parent Holdings LLC,”
and all Company business shall be conducted in that name or in such other names that comply with applicable law as the Managing
Member in its sole discretion may select from time to time. Subject to the Act, the Managing Member in its sole discretion may
change the name of the Company (and amend this Agreement to reflect such change) at any time and from time to time without the
consent of any other Person. Prompt notification of any such change shall be given to all Members.

 

    10

     

    

 

Section 2.03.Term. The term of
the Company commenced on the date of the filing of the Certificate, and the term shall continue until the dissolution of the Company
in accordance with Article IX. The existence of the Company shall continue until cancellation of the Certificate in the
manner required by the Act.

 

Section 2.04.Offices. The Company
may have offices at such places either within or outside the State of Delaware as the Managing Member from time to time may select
in its sole discretion. As of the date hereof, the principal place of business and office of the Company is located at 3 West
Paces Ferry Road, Ste. 200, Atlanta, Georgia 30305.

 

Section 2.05.Agent for Service of
Process; Existence and Good Standing; Foreign Qualification.

 

(a) The
registered office of the Company in the State of Delaware shall be located at c/o The Corporation Trust Company, 1209 Orange Street,
Wilmington, County of New Castle, Delaware 19801. The name of the registered agent of the Company for service of process on the
Company in the State of Delaware at such address shall be The Corporation Trust Company.

 

(b) The
Managing Member in its sole discretion may take all action which may be necessary or appropriate (i) for the continuation of the
Company’s valid existence as a limited liability company under the laws of the State of Delaware (and of each other jurisdiction
in which such existence is necessary to enable the Company to conduct the business in which it is engaged) and (ii) for the maintenance,
preservation and operation of the business of the Company in accordance with the provisions of this Agreement and applicable laws
and regulations. The Managing Member in its sole discretion may file or cause to be filed for recordation in the proper office
or offices in each other jurisdiction in which the Company is formed or qualified, such certificates (including certificates of
formation and fictitious name certificates) and other documents as are required by the applicable statutes, rules or regulations
of any such jurisdiction or as are required to reflect the identity of the Members. The Managing Member in its sole discretion
may cause the Company to comply, to the extent procedures are available and those matters are reasonably within the control of
the Officers, with all requirements necessary to qualify the Company to do business in any jurisdiction other than the State of
Delaware.

 

Section 2.06.Business Purpose.
The Company was formed for the object and purpose of, and the nature and character of the business to be conducted by the Company
is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act.

 

Section 2.07.Powers of the Company.
Subject to the limitations set forth in this Agreement, the Company will possess and may exercise all of the powers and privileges
granted to it by the Act including, without limitation, the ownership and operation of the assets and other property contributed
to the Company by the Members, by any other Law or this Agreement, together with all powers incidental thereto, so far as such
powers are necessary or convenient to the conduct, promotion or attainment of the purpose of the Company set forth in Section
2.06.

 

    11

     

    

 

Section 2.08.Members; Reclassification;
Admission of New Members. Each of the Persons listed in the books and records of the Company, as the same may be amended from
time to time in accordance with this Agreement, by virtue of its execution of the Initial LLC Agreement, the Existing Agreement
or this Agreement, are admitted as Members of the Company. The rights, duties and liabilities of the Members shall be as provided
in the Act, except as is otherwise expressly provided herein, and the Members consent to the variation of such rights, duties
and liabilities as provided herein. Subject to Section 8.07 with respect to substitute Members, a Person may be admitted
from time to time as a new Member with the written consent of the Managing Member in its sole discretion. Each new Member shall
execute and deliver to the Managing Member an appropriate supplement to this Agreement pursuant to which the new Member agrees
to be bound by the terms and conditions of this Agreement, as it may be amended from time to time. A new Managing Member or substitute
Managing Member may be admitted to the Company solely in accordance with Section 8.06 or Section 9.02(e) hereof.

 

Section 2.09.Resignation. No Member
shall have the right to resign as a member of the Company other than following the Transfer of all Units owned by such Member
in accordance with Article VIII.

 

Section 2.10.Investment Representations
of Members. Each Member hereby represents, warrants and acknowledges to the Company that: (a) such Member has such knowledge
and experience in financial and business matters and is capable of evaluating the merits and risks of an investment in the Company
and is making an informed investment decision with respect thereto; (b) such Member is acquiring interests in the Company for
investment only and not with a view to, or for resale in connection with, any distribution to the public or public offering thereof;
and (c) the execution, delivery and performance of this Agreement have been duly authorized by such Member.

 

Article
III

MANAGEMENT

 

Section 3.01.Managing Member 

 

(a) The
business, property and affairs of the Company shall be managed under the sole, absolute and exclusive direction of the Managing
Member, which may from time to time delegate authority to Officers or to others to act on behalf of the Company.

 

(b) Without
limiting the foregoing provisions of this Section 3.01, the Managing Member shall have the general power to manage or cause
the management of the Company (which may be delegated to Officers of the Company), including, without limitation, the following
powers:

 

(i) to
develop and prepare a business plan each year which will set forth the operating goals and plans for the Company;

 

(ii) to
execute and deliver or to authorize the execution and delivery of contracts, deeds, leases, licenses, instruments of transfer and
other documents on behalf of the Company;

 

    12

     

    

 

(iii) to
make any expenditures, to lend or borrow money, to assume or guarantee, or otherwise contract for, indebtedness and other liabilities,
to issue evidences of indebtedness and to incur any other obligations;

 

(iv) to
establish and enforce limits of authority and internal controls with respect to all personnel and functions;

 

(v) to
engage attorneys, consultants and accountants for the Company;

 

(vi) to
develop or cause to be developed accounting procedures for the maintenance of the Company’s books of account; and

 

(vii) to
do all such other acts as shall be authorized in this Agreement or by the Members in writing from time to time.

 

Section 3.02.Compensation. The
Managing Member shall not be entitled to any compensation for services rendered to the Company in its capacity as Managing Member.

 

Section 3.03.Expenses. The Company
shall pay, or cause to be paid, all costs, fees, operating expenses and other expenses of the Company (including the costs, fees
and expenses of attorneys, accountants or other professionals) incurred in pursuing and conducting, or otherwise related to, the
activities of the Company. The Company shall also, in the sole discretion of the Managing Member, bear and/or reimburse the Managing
Member for (i) any costs, fees or expenses incurred by the Managing Member in connection with serving as the Managing Member and
(ii) all other expenses allocable to the Company or otherwise incurred by the Managing Member in connection with operating the
Company’s business (including expenses allocated to the Managing Member by its Affiliates). To the extent that the Managing
Member determines in its sole discretion that such expenses are related to the business and affairs of the Managing Member that
are conducted through the Company and/or its subsidiaries (including expenses that relate to the business and affairs of the Company
and/or its subsidiaries and that also relate to other activities of the Managing Member), the Managing Member may cause the Company
to pay or bear all expenses of the Managing Member, including, without limitation, compensation and meeting costs of any board
of directors or similar body of the Managing Member, any salary, bonus, incentive compensation and other amounts paid to any Person
including Affiliates of the Managing Member to perform services for the Company, litigation costs and damages arising from litigation,
accounting and legal costs and franchise taxes, provided that the Company shall not pay or bear any income tax obligations
of the Managing Member or any obligations of the Managing Member under the Tax Receivable Agreement. Reimbursements pursuant to
this Section 3.03 shall be in addition to any reimbursement to the Managing Member as a result of indemnification pursuant
to Section 10.02.

 

    13

     

    

 

Section 3.04.Officers. Subject
to the direction and oversight of the Managing Member, the day-to-day administration of the business of the Company may be carried
out by persons who may be designated as officers by the Managing Member, with titles including but not limited to “assistant
secretary,” “assistant treasurer,” “chairman,” “chief executive officer,” “chief
financial officer,” “chief operating officer,” “director,” “general counsel,” “general
manager,” “managing director,” “president,” “principal accounting officer,” “secretary,”
“senior chairman,” “senior managing director,” “treasurer,” “vice chairman,” “executive
vice president” or “vice president,” and as and to the extent authorized by the Managing Member in its sole
discretion. The officers of the Company shall have such titles and powers and perform such duties as shall be determined from
time to time by the Managing Member and otherwise as shall customarily pertain to such offices. Any number of offices may be held
by the same person. In its sole discretion, the Managing Member may choose not to fill any office for any period as it may deem
advisable. All officers and other persons providing services to or for the benefit of the Company shall be subject to the supervision
and direction of the Managing Member and may be removed, with or without cause, from such office by the Managing Member and the
authority, duties or responsibilities of any employee, agent or officer of the Company may be suspended by the Managing Member
from time to time, in each case in the sole discretion of the Managing Member. The Managing Member shall not cease to be a Managing
Member of the Company as a result of the delegation of any duties hereunder. No officer of the Company, in its capacity as such,
shall be considered a Managing Member of the Company by agreement, as a result of the performance of its duties hereunder or otherwise.

 

Section 3.05.Authority of Members.
No Member (other than the Managing Member), in its capacity as such, shall participate in or have any control over the business
of the Company. Except as expressly provided herein, the Units do not confer any rights upon the Members to participate in the
affairs of the Company described in this Agreement. Except as expressly provided herein, no Member (other than the Managing Member)
shall have any right to vote on any matter involving the Company, including with respect to any merger, consolidation, combination
or conversion of the Company, or any other matter that a Member might otherwise have the ability to vote on or consent with respect
to under the Act, at law, in equity or otherwise. The conduct, control and management of the Company shall be vested exclusively
in the Managing Member. In all matters relating to or arising out of the conduct of the operation of the Company, the decision
of the Managing Member shall be the decision of the Company. Except as required or permitted by Law, or expressly provided in
the ultimate sentence of this Section 3.05 or by separate agreement with the Company, no Member who is not also the Managing
Member (and acting in such capacity) shall take any part in the management or control of the operation or business of the Company
in its capacity as a Member, nor shall any Member who is not also the Managing Member (and acting in such capacity) have any right,
authority or power to act for or on behalf of or bind the Company in his or its capacity as a Member in any respect or assume
any obligation or responsibility of the Company or of any other Member. Notwithstanding the foregoing, the Company may from time
to time appoint one or more Members as officers or employ one or more Members as employees, and such Members, in their capacity
as officers or employees of the Company (and not, for clarity, in their capacity as Members of the Company), may take part in
the control and management of the business of the Company to the extent such authority and power to act for or on behalf of the
Company has been delegated to them by the Managing Member.

 

Section 3.06.Action by Written Consent
or Ratification. Any action required or permitted to be taken by the Members pursuant to this Agreement shall be taken if
all Members whose consent or ratification is required consent thereto or provide a consent or ratification in writing. Any action
required, required to be approved or permitted to be taken by the Managing Member pursuant to this Agreement may be taken or approved,
as applicable, by the Managing Member acting pursuant to a writing which evidences its approval of or consent to such action.

 

    14

     

    

 

Section 3.07.Restrictions on Termination
Transactions. The Managing Member shall not engage in, or cause or permit, a Termination Transaction, unless either (x) the
Termination Transaction has been approved by Members holding a majority of the Class A Units held by all Members (excluding
any Members controlled by the Managing Member), including each Stockholder Party, or (y) the following conditions are satisfied:

 

(a) in
connection with any such Termination Transaction, (i) each holder of Class A Units (other than the Managing Member and
its wholly owned Subsidiaries) will receive, or will have the right to elect to receive, for each Class A Unit an amount of
cash, securities or other property equal to the product of (x) the number of shares of Class A common stock of the Managing
Member into which a Class A Unit is then exchangeable pursuant to the Exchange Agreement and (y) the greatest amount
of cash, securities or other property paid to a holder of one share of Class A common stock of the Managing Member in consideration
of one share of Class A common stock of the Managing Member pursuant to the terms of such Termination Transaction; provided,
that the condition set forth in this Section 3.07(a)(i) shall be deemed to have been satisfied if, in connection with such Termination
Transaction, a purchase, tender or exchange offer shall have been made to and accepted by the holders of a majority of the outstanding
shares of Class A common stock of the Managing Member, and each holder of Class A Units (other than the Managing Member
and its wholly owned subsidiaries) will receive, or will have the right to elect to receive, the greatest amount of cash, securities
or other property which such holder of Class A Units would have received had such Class A Units been exchanged for shares
of Class A common stock of the Managing Member in an Exchange Transaction immediately prior to the expiration of such purchase,
tender or exchange offer, such holder of Class A Units had thereupon accepted such purchase, tender or exchange offer and then
such Termination Transaction shall have been consummated (the fair market value, at the time of the Termination Transaction, of
the amount specified herein with respect to each Class A Unit is referred to as the “Transaction Consideration”);
and (ii) the Company receives an opinion from nationally recognized tax counsel to the effect that such Termination Transaction
will be tax-free to each holder of Class A Units (other than the Managing Member and its wholly owned Subsidiaries) for U.S.
federal income tax purposes (except to the extent of cash, marketable securities or other property received); or

 

(b) all
of the following conditions are met: (i) substantially all of the assets directly or indirectly owned by the Company prior
to the announcement of the Termination Transaction are, immediately after the Termination Transaction, owned directly or indirectly
by (x) the Company or (y) another limited liability company or limited partnership organized or existing under the laws
of the United States, any state thereof, the District of Columbia, or any territory thereof, which is the survivor of a merger,
consolidation or combination of assets with the Company (in each case, the “Surviving Company”); (ii) the
Surviving Company is classified as a partnership for U.S. Federal income tax purposes; (iii) the Members (other than entities
controlled by the Managing Member) that held Class A Units immediately prior to the consummation of such Termination Transaction
own a percentage interest of the Surviving Company based on the proportion of the relative fair market value of the net assets
of the Company to the other net assets of the Surviving Company immediately prior to the consummation of such transaction; (iv) the
rights of such Members with respect to the Surviving Company are at least as favorable as those of Members holding Class A
Units (including any rights under the Tax Receivable Agreement, unless such Termination Transaction constitutes a “Change
of Control” for purposes of the Tax Receivable Agreement or otherwise results in payments of cash to holders of Class A
Units equivalent to (and in lieu of) the payments that would be required to be made to such holders pursuant to the Tax Receivable
Agreement if such Termination Transaction did constitute a “Change of Control” for such purposes) immediately prior
to the consummation of such transaction (except to the extent that any such rights are consistent with clause (v) below) and
as those applicable to any other Members (not including the Managing Member) of the Surviving Company; and (v) such rights
include: (A) if the Managing Member or its successor has a single class of publicly traded common equity securities, the right,
to the same extent provided to holders of Class A Units pursuant to the Exchange Agreement, to exchange their interests in
the Surviving Company for: (1) a number of such publicly traded common equity securities with a fair market value, as of the
date of consummation of such Termination Transaction, equal to the Transaction Consideration, subject to antidilution adjustments
comparable to those set forth in Section 2.2 of the Exchange Agreement (the “Successor Shares Amount”);
and/or (2) cash in an amount equal to the fair market value of the Successor Shares Amount at the time of such exchange, determined
in a manner consistent with the definition of “Market Value” as set forth in the Exchange Agreement; or (B) if
the Managing Member or its successor does not have any class of publicly traded common equity securities, the right to exchange
their interests in the Surviving Partnership on a quarterly basis for cash in an amount equal to the fair market value of such
interest at the time of exchange, as determined at least once every calendar quarter by an independent appraisal firm of recognized
national standing retained by the Surviving Company.

 

    15

     

    

 

(c) In
connection with any Termination Transaction permitted by Section 3.07(b) hereof, the relative fair market values shall be reasonably
determined by the Managing Member as of the time of such transaction and, to the extent applicable, shall be no less favorable
to the Members than the relative values reflected in the terms of such transaction.

   

Article
IV

DISTRIBUTIONS

 

Section 4.01.Distributions

 

(a) The
Managing Member, in its sole discretion, may authorize distributions by the Company to the Members, which distributions shall be
made pro rata in accordance with the Members’ respective Total Percentage Interests.

 

(b)(i)In addition to the foregoing,
if the Managing Member reasonably determines that the taxable income of the Company for a Fiscal Year will give rise to taxable
income for the Members (“Net Taxable Income”), the Managing Member shall cause the Company to distribute Available Cash
in respect of income tax liabilities (the “Tax Distributions”) to the extent that other distributions made by
the Company for such year were otherwise insufficient to cover such tax liabilities. The aggregate Tax Distributions payable with
respect to any Fiscal Year shall be computed based upon the Managing Member’s estimate of the allocable Net Taxable Income
in accordance with Article V, multiplied by the Assumed Tax Rate (the “Tax Amount”) and shall be made
to Members pro rata in accordance with the Members’ respective Total Percentage Interest. For purposes of computing
the Tax Amount, the Net Taxable Income shall be determined without regard to any special adjustments of tax items required as a
result of any election under Section 754 of the Code, including adjustments required by Sections 734 and 743 of the Code.

 

(ii) Tax
Distributions shall be calculated and paid no later than one day prior to each quarterly due date for the payment by corporations
on a calendar year of estimated taxes under the Code in the following manner (A) for the first quarterly period, 25% of the Tax
Amount, (B) for the second quarterly period, 50% of the Tax Amount, less the prior Tax Distributions for the Fiscal Year, (C) for
the third quarterly period, 75% of the Tax Amount, less the prior Tax Distributions for the Fiscal Year and (D) for the fourth
quarterly period, 100% of the Tax Amount, less the prior Tax Distributions for the Fiscal Year. Following each Fiscal Year, and
no later than one day prior to the due date for the payment by corporations of income taxes for such Fiscal Year, the Managing
Member shall make an amended calculation of the Tax Amount for such Fiscal Year (the “Amended Tax Amount”),
and shall cause the Company to distribute a Tax Distribution, out of Available Cash, to the extent that the Amended Tax Amount
so calculated exceeds the cumulative Tax Distributions previously made by the Company in respect of such Fiscal Year. If the Amended
Tax Amount is less than the cumulative Tax Distributions previously made by the Company in respect of the relevant Fiscal Year,
then the difference (the “Credit Amount”) shall be applied against, and shall reduce, the amount of Tax Distributions
made for subsequent Fiscal Years. Within 30 days following the date on which the Company files a tax return on Form 1065, the Managing
Member shall make a final calculation of the Tax Amount of such Fiscal Year (the “Final Tax Amount”) and shall cause
the Company to distribute a Tax Distribution, out of Available Cash, to the extent that the Final Tax Amount so calculated
exceeds the Amended Tax Amount. If the Final Tax Amount is less than the Amended Tax Amount in respect of the relevant Fiscal Year,
then the difference (“Additional Credit Amount”) shall be applied against, and shall reduce, the amount of Tax
Distributions made for subsequent Fiscal Years. Any Credit Amount and Additional Credit Amount applied against future Tax Distributions
shall be treated as an amount actually distributed pursuant to this Section 4.01(b) for purposes of the computations herein.

 

Section 4.02.Liquidation Distribution.
Distributions made upon dissolution of the Company shall be made as provided in Section 9.03.

 

Section 4.03.Limitations on Distribution.
Notwithstanding any provision to the contrary contained in this Agreement, the Managing Member shall not make a distribution to
any Member if such distribution would violate Section 18-607 of the Act or other applicable Law.

 

    16

     

    

 

Article
V

CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS;

TAX ALLOCATIONS; TAX MATTERS

 

Section 5.01.Initial Capital Contributions.
The Members have made, on or prior to the date hereof, Capital Contributions and, in exchange, the Company has issued to the Members
the number of Class A Units as specified in the books and records of the Company.

 

Section 5.02.No Additional Capital
Contributions. No Member shall be required to make additional Capital Contributions to the Company without the consent
of such Member or permitted to make additional capital contributions to the Company without the consent of the Managing Member,
which may be granted or withheld in its sole discretion.

 

Section 5.03.Capital Accounts.
A separate capital account (a “Capital Account”) shall be established and maintained for each Member in accordance
with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv). The Capital Account of each Member shall be credited with
such Member’s Capital Contributions, if any, all Profits allocated to such Member pursuant to Section 5.04 and any
items of income or gain which are specially allocated pursuant to Section 5.05; and shall be debited with all Losses allocated
to such Member pursuant to Section 5.04, any items of loss or deduction of the Company specially allocated to such Member
pursuant to Section 5.05, and all cash and the Carrying Value of any property (net of liabilities assumed by such Member
and the liabilities to which such property is subject) distributed by the Company to such Member. Any references in any section
of this Agreement to the Capital Account of a Member shall be deemed to refer to such Capital Account as the same may be credited
or debited from time to time as set forth above. In the event of any transfer of any interest in the Company in accordance with
the terms of this Agreement, the Transferee shall succeed to the Capital Account of the transferor to the extent it relates to
the transferred interest.

 

Section 5.04.Allocations of Profits
and Losses. Except as otherwise provided in this Agreement, Profits and Losses (and, to the extent necessary, individual items
of income, gain or loss or deduction of the Company) shall be allocated in a manner such that the Capital Account of each Member
after giving effect to the special allocations set forth in Section 5.05 is, as nearly as possible, equal (proportionately)
to (i) the distributions that would be made pursuant to Article IX if the Company were dissolved, its affairs wound up
and its assets sold for cash equal to their Carrying Value, all Company liabilities were satisfied (limited with respect to each
non-recourse liability to the Carrying Value of the assets securing such liability) and the net assets of the Company were distributed
to the Members pursuant to this Agreement, minus (ii) such Member’s share of Company Minimum Gain and Member Nonrecourse
Debt Minimum Gain, computed immediately prior to the hypothetical sale of assets. For purposes of this Article V, each
Unvested Unit shall be treated as a Vested Unit. Notwithstanding the foregoing, the Managing Member shall make such adjustments
to Capital Accounts as it determines in its sole discretion to be appropriate to ensure allocations are made in accordance with
a Member’s interest in the Company.

 

Section 5.05.Special Allocations.
Notwithstanding any other provision in this Article V:

 

(a) Minimum
Gain Chargeback. If there is a net decrease in Company Minimum Gain or Member Nonrecourse Debt Minimum Gain (determined in
accordance with the principles of Treasury Regulations Sections 1.704-2(d) and 1.704-2(i)) during any Company taxable year, the
Members shall be specially allocated items of Company income and gain for such year (and, if necessary, subsequent years) in an
amount equal to their respective shares of such net decrease during such year, determined pursuant to Treasury Regulations Sections
1.704-2(g) and 1.704-2(i)(5). The items to be so allocated shall be determined in accordance with Treasury Regulations Section 1.704-2(f).
This Section 5.05(a) is intended to comply with the minimum gain chargeback requirements in such Treasury Regulations Sections
and shall be interpreted consistently therewith; including that no chargeback shall be required to the extent of the exceptions
provided in Treasury Regulations Sections 1.704-2(f) and 1.704-2(i)(4).

 

    17

     

    

 

(b) Qualified
Income Offset. If any Member unexpectedly receives any adjustments, allocations, or distributions described in Treasury Regulations
Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Company income and gain shall be specially allocated to such Member in an
amount and manner sufficient to eliminate the deficit balance in such Member’s Adjusted Capital Account Balance created by
such adjustments, allocations or distributions as promptly as possible; provided that an allocation pursuant to this Section
5.05(b) shall be made only to the extent that a Member would have a deficit Adjusted Capital Account Balance in excess of such
sum after all other allocations provided for in this Article V have been tentatively made as if this Section 5.05(b)
were not in this Agreement. This Section 5.05(b) is intended to comply with the “qualified income offset” requirement
of the Code and shall be interpreted consistently therewith.

 

(c) Gross
Income Allocation. If any Member has a deficit Capital Account at the end of any Fiscal Year which is in excess of the sum
of (i) the amount such Member is obligated to restore, if any, pursuant to any provision of this Agreement, and (ii) the amount
such Member is deemed to be obligated to restore pursuant to the penultimate sentences of Treasury Regulations Section 1.704-2(g)(1)
and 1.704-2(i)(5), each such Member shall be specially allocated items of Company income and gain in the amount of such excess
as quickly as possible; provided that an allocation pursuant to this Section 5.05(c) shall be made only if and to
the extent that a Member would have a deficit Capital Account in excess of such sum after all other allocations provided for in
this Article V have been tentatively made as if Section 5.05(b) and this Section 5.05(c) were not in this
Agreement.

 

(d) Nonrecourse
Deductions. Nonrecourse Deductions shall be allocated to the Members in accordance with their respective Total Percentage Interests.

 

(e) Member
Nonrecourse Deductions. Member Nonrecourse Deductions for any taxable period shall be allocated to the Member who bears the
economic risk of loss with respect to the liability to which such Member Nonrecourse Deductions are attributable in accordance
with Treasury Regulations Section 1.704-2(j).

 

(f) Ameliorative
Allocations. Any special allocations of income or gain pursuant to Sections 5.05(b) or 5.05(c) hereof shall be
taken into account in computing subsequent allocations pursuant to Section 5.04 and this Section 5.05(f), so that
the net amount of any items so allocated and all other items allocated to each Member shall, to the extent possible, be equal to
the net amount that would have been allocated to each Member if such allocations pursuant to Sections 5.05(b) or 5.05(c)
had not occurred.

 

Section 5.06.Tax Allocations.
For income tax purposes, each item of income, gain, loss and deduction of the Company shall be allocated among the Members in
the same manner as the corresponding items of Profits and Losses and specially allocated items are allocated for Capital Account
purposes; provided that in the case of any asset the Carrying Value of which differs from its adjusted tax basis for U.S.
federal income tax purposes, income, gain, loss and deduction with respect to such asset shall be allocated solely for income
tax purposes in accordance with the principles of Sections 704(b) and (c) of the Code (in any manner determined by the Managing
Member and permitted by the Code and Treasury Regulations, provided that the prior written consent of CC Payment Holdings, L.L.C.
(and its successors or assigns) shall be required for use of any method other than the traditional method described in Treasury
Regulation Section 1.704-3(b)) so as to take account of the difference between Carrying Value and adjusted basis of such asset.
Notwithstanding the foregoing, the Managing Member shall make such allocations for tax purposes as it determines in its sole discretion
to be appropriate to ensure allocations are made in accordance with a Member’s interest in the Company.

 

    18

     

    

 

Section 5.07.Tax Advances. To
the extent the Managing Member reasonably believes that the Company is required by law to withhold or to make tax payments on
behalf of or with respect to any Member or the Company is subjected to tax itself by reason of the status of any Member (including
any taxes paid pursuant to Section 6225 of the Code) (“Tax Advances”), the Managing Member may cause the Company
to withhold such amounts and cause the Company to make such tax payments as so required. All Tax Advances made on behalf of a
Member shall be repaid by reducing the amount of the current or next succeeding distribution or distributions which would otherwise
have been made to such Member or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation
otherwise payable to such Member. For all purposes of this Agreement such Member shall be treated as having received the amount
of the distribution that is equal to the Tax Advance. Each Member hereby agrees to indemnify and hold harmless the Company and
the other Members from and against any liability (including, without limitation, any liability for taxes, penalties, additions
to tax or interest other than any penalties, additions to tax or interest imposed as a result of the Company’s failure to
withhold or make a tax payment on behalf of such Member which withholding or payment is required pursuant to applicable Law but
only to the extent amounts sufficient to pay such taxes were not timely distributed to the Member pursuant to Section 4.01(b))
with respect to income attributable to or distributions or other payments to such Member.

 

Section 5.08.Tax Matters. The
Managing Member shall be entitled to act as or appoint the “partnership representative” pursuant to the Revised Partnership
Audit Provisions (in either such capacity, the Person serving is hereafter referred to as the “Partnership Representative”),
and shall have the power to exercise any and all rights that it is or may be entitled to exercise in that capacity. The Partnership
Representative shall keep the other Members reasonably informed as to any material tax actions, examinations or proceedings relating
to the Company and shall submit to the other Members, for their review and comment, any material settlement or compromise offer
with respect to any disputed item of income, gain, loss, deduction or credit of the Company. The Members shall cooperate as reasonably
requested by the Partnership Representative in connection with any election or decision made by the Partnership Representative
acting in that capacity (including by filing amended tax returns and providing information requested). In the event the Company
incurs or is required to pay any liability for taxes, interest or penalties pursuant to the Revised Partnership Audit Provisions,
then, to the extent such election is in the best interests of the Company and the Members, the Partnership Representative will
cause the Company to make an election under Section 6226 of the Code (a “Section 6226 Election”) if available.
If a Section 6226 Election is made, the Partnership Representative shall provide to the Members the Members’ respective
shares of any adjustment to income, gain, loss, deduction or credit (as determined in the notice of final partnership adjustment).
If a Section 6226 Election is not available or such election is not in the best interests of the Company and the Members, then
(i) the Partnership Representative shall use reasonable efforts to reduce under Section 6225(c) of the Code any Company-level
assessment under the Revised Partnership Audit Provisions to reflect the particular tax status of any Member (or its constituent
owners); (ii) the Members (including any former Member) to whom such liability relates shall indemnify the Company and other Members
from and against such liability pursuant to Section 5.07.

 

    19

     

    

 

Section 5.09.Other Allocation Provisions.
Certain of the foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts
are intended to comply with Treasury Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner consistent
with such regulations. In addition to amendments effected in accordance with Section 11.12 or otherwise in accordance with
this Agreement, Sections 5.03, 5.04 and 5.05 may also, so long as any such amendment does not materially
change the relative economic interests of the Members, be amended at any time by the Managing Member if necessary, in the opinion
of tax counsel to the Company, to comply with such regulations or any applicable Law.

 

Article
VI

BOOKS AND RECORDS; REPORTS

 

Section 6.01.Books and Records

 

(a) At
all times during the continuance of the Company, the Company shall prepare and maintain separate books of account for the Company
in accordance with GAAP.

 

(b) Except
as limited by Section 6.01(c), each Member shall have the right to receive, for a purpose reasonably related to such Member’s
interest as a Member in the Company, upon reasonable written demand stating the purpose of such demand and at such Member’s
own expense:

 

(i) a
copy of the Certificate and this Agreement and all amendments thereto, together with a copy of the executed copies of all powers
of attorney pursuant to which the Certificate and this Agreement and all amendments thereto have been executed; and

 

(ii) promptly
after their becoming available, copies of the Company’s U.S. federal income tax returns for the three most recent years.

 

(c) The
Managing Member may keep confidential from the Members, for such period of time as the Managing Member determines in its sole discretion,
(i) any information that the Managing Member reasonably believes to be in the nature of trade secrets or (ii) other information
the disclosure of which the Managing Member believes is not in the best interests of the Company, could damage the Company or its
business or that the Company is required by law or by agreement with any third party to keep confidential, including without limitation,
information as to the Units held by any other Member. With respect to any schedules, annexes or exhibits to this Agreement, each
Member (other than the Managing Member) shall only be entitled to receive and review any such schedules, annexes and exhibits relating
to such Member and shall not be entitled to receive or review any schedules, annexes or exhibits relating to any other Member (other
than the Managing Member).

 

    20

     

    

 

(d) The
Managing Member shall cause to be prepared and filed all necessary federal and state income tax returns for the Company, including
making any tax elections. At the Company’s expense, the Managing Member, within 75 days of the close of the Fiscal Year,
shall use commercially reasonable efforts to furnish to each Member that was a Member during such Fiscal Year a Schedule K-1 and
such other tax information reasonably required for federal, state and local income tax reporting purposes. The Company shall use
commercially reasonable efforts to provide to each Person that was a Member during the Fiscal Year (a) by May 15th, August 15th
and November 15th of such Fiscal Year, with an estimate of the taxable income, gains, deductions, losses and other items for, respectively,
the first, second and third fiscal quarters that such Person will be required to include in its taxable income and (b) by February
15th of such Fiscal Year, with an estimate of the taxable income, gains, deductions, losses and other items of such Person to be
reflected on the Schedule K-1 of such Person for the prior Fiscal Year. The Company also shall provide the Members with such other
information as may be reasonably requested for purposes of allowing the Members to prepare and file their own tax returns, provided
that any costs or expenses with respect to the foregoing shall be borne by the requesting Member.

 

(e) The
Managing Member shall make the following elections on the appropriate tax returns and shall not rescind them without the prior
written consent of a Required Interest (provided that the election described in clause (ii) below cannot be rescinded without
the prior written consent of the all the Members):

 

(i) to
adopt an appropriate federal income tax method of accounting and to keep the Company’s books and records on such income-tax
method;

 

(ii) to
have in effect (and to cause each direct or indirect subsidiary that is treated as a partnership for U.S. federal income tax purposes)
an election, pursuant to Section 754 of the Code (and any similar election for state or local tax purposes), to adjust the tax
basis of Company properties, for each taxable year in which an Exchange Transaction occurs; and

 

(iii) any
other election consented to by a Required Interest.

 

No Member may make an election for the Company to be excluded
from the application of the provisions of subchapter K of chapter 1 of subtitle A of the Code or any similar provisions of applicable
state law, and no provision of this Agreement shall be construed to sanction or approve such an election.

 

Article
VII

COMPANY UNITS

 

Section 7.01.Units.

 

(a) Limited
liability company interests in the Company shall be represented by Units. At the execution of this Agreement, the Units are comprised
of one Class: “Class A Units”. Immediately after giving effect to the transactions contemplated by the Merger
Agreement, each Member holds the number of Class A Units set forth opposite such Member’s name on Exhibit A attached
hereto.

 

    21

     

    

 

(b) Except
under the circumstances contemplated by and in compliance with Section 7.01(c) through (f), the Managing Member may
not, without the prior written consent of a Required Interest, (i) create any new Class or series of Units, or other Equity Interests
of the Company, (ii) issue additional Units or other Equity Interests of the Company to any Member or Person (other than Units
issued pursuant to Section 2.2(b)(ii)(D)(x) or 2.6 of the Merger Agreement), (iii) amend the privileges, preference, duties, liabilities,
obligations and rights of any existing Units, or (iv) retire or redeem any previously issued Units or other Equity Interests of
the Company (other than in connection with an Exchange Transaction).

 

(c) Upon
the occurrence of a Managing Member Equity Issuance, the Managing Member may, without the approval of any other Member, establish
and issue additional Units, in one or more Classes or series of Units, or other Equity Interests of the Company, at such price,
and with such designations, preferences and relative, participating, optional or other special rights, powers and duties (which
may be senior to existing Units, Classes and series of Units or other Company securities), as shall be necessary to parallel the
economic and other rights of the Upstream Securities issued in such Managing Member Equity Issuance, including (i) the right
of such Units to share in Profits and Losses or items thereof; (ii) the right of such Units to share in Company distributions;
(iii) the rights of such Units upon dissolution and liquidation of the Company; (iv) whether, and the terms and conditions
upon which, the Company may or shall be required to redeem such Units (including sinking fund provisions); (v) whether such
Units are issued with the privilege of conversion or exchange and, if so, the terms and conditions of such conversion or exchange;
(vi) the terms and conditions upon which such Units will be issued, evidenced by certificates and assigned or transferred;
(vii) the method for determining the Total Percentage Interest as to such Units; and (viii) the terms and conditions of the
issuance of such Units (including, without limitation, the amount and form of consideration, if any, to be received by the Company
in respect thereof, the Managing Member being expressly authorized, in its sole discretion, to cause the Company to issue such
Units for less than fair market value).

 

(d) If
at any time any previously issued Upstream Securities having any economic rights (but, for the avoidance of doubt, not including
any Upstream Securities which only have voting rights) are retired or redeemed by the Managing Member, the Managing Member shall
make such adjustments to the number of outstanding Units or other Equity Interests held by it as are necessary to reflect the retiring
or redemption of such Upstream Securities, including (i) canceling Units previously issued to the Managing Member, and (ii) amending
this Agreement, to the extent necessary and to reflect the retirement of any Class or series of Units, including by adjusting the
Total Percentage Interest.

 

(e) Notwithstanding
anything otherwise to the contrary herein, in connection with the grant or settlement of any award under any Managing Member Incentive
Plan, the Managing Member may, without the approval of any other Member, establish and issue additional Units, in one or more Classes
or series of Units, or other Equity Interests of the Company, with such designations, preferences and relative, participating,
optional or other special rights, powers and duties as shall be determined by the Managing Member in its sole discretion; provided,
however, that without the prior written consent of all Members who are Stockholder Parties, the Managing Member may not
issue Units under the Managing Member Incentive Plan to any Person if it would cause Units issued under the Managing Member Incentive
Plan to be issued to more than 50 Persons at the time of issuance.

 

    22

     

    

 

(f) In
accordance with Sections 7.01(c) and 7.01(e), the Managing Member in its sole discretion, without the approval of
any Member or any other Person, is authorized (i) to issue Units or other Company securities of any newly established Class or
any existing Class to Members or other Persons who may acquire an interest in the Company and (ii) to amend this Agreement to reflect
the creation of any such new Class, the issuance of Units or other Company securities of such Class, and the admission of any Person
as a Member which has received Units or other Company securities. Except as expressly provided in this Agreement to the contrary,
any reference to “Units” shall include the Class A Units and Units of any other Class or series that may be established
in accordance with this Agreement. All Units of a particular Class shall have identical rights in all respects as all other Units
of such Class, except in each case as otherwise specified in this Agreement.

 

Section 7.02.Register. The books
and records of the Company shall be the definitive record of ownership of each Unit and all relevant information with respect
to each Member. Unless the Managing Member in its sole discretion shall determine otherwise, Units shall be uncertificated and
recorded in the books and records of the Company.

 

Section 7.03.Registered Members.
The Company shall be entitled to recognize the exclusive right of a Person registered on its records as the owner of Units for
all purposes and shall not be bound to recognize any equitable or other claim to or interest in Units on the part of any other
Person, whether or not it shall have express or other notice thereof, except as otherwise provided by the Act or other applicable
Law.

 

Article
VIII

TRANSFER RESTRICTIONS

 

Section 8.01.Member Transfers

 

(a) Except
as otherwise agreed to in writing between the Managing Member and the applicable Member and reflected in the books and records
of the Company or as otherwise provided in this Article VIII, no Member or Assignee thereof may Transfer all or any portion
of its Units or other interest in the Company (or beneficial interest therein) without the prior consent of the Managing Member,
which consent may be given or withheld, or made subject to such conditions (including, without limitation, the receipt of such
legal opinions and other documents that the Managing Member may require) as are determined by the Managing Member, in each case
in the Managing Member’s sole discretion, and which consent may be in the form of a plan or program entered into or approved
by the Managing Member, in its sole discretion. Any such determination in the Managing Member’s sole discretion in respect
of Units shall be final and binding. Such determinations need not be uniform and may be made selectively among Members, whether
or not such Members are similarly situated, and shall not constitute the breach of any duty hereunder or otherwise existing at
law, in equity or otherwise. Any purported Transfer of Units that is not in accordance with, or subsequently violates, this Agreement
shall be, to the fullest extent permitted by law, null and void. If a Member transfers all or a portion of its Units or other interest
in the Company to a transferee in compliance with this Agreement, the Managing Member shall issue a share of Class V Common Stock
to such transferee upon its admittance to the Company as a Member; provided, however, that such transferee is not already admitted
to the Company as a Member and does not already hold a share of Class V Common Stock at the time of such transfer.

 

    23

     

    

 

(b) Notwithstanding
anything otherwise to the contrary in this Section 8.01, without the consent of the Managing Member or any other Person, (i) each
Member that is (A) a Stockholder Party or (B) a Member holding at least [·]%1
of the Total Percentage Interest may Transfer all or any portion of its Units in a Transfer that complies with Section 8.04,
unless the Managing Member timely and reasonably objects in accordance with Section 8.04 and (ii) each Member may transfer
Units to the Company Financial Advisor pursuant to the Engagement Letter.

 

(c) Notwithstanding
anything otherwise to the contrary in this Section 8.01, each Member may Transfer Units in Exchange Transactions pursuant
to, and in accordance with, the Exchange Agreement; provided that in the case of any Member other than (i) a Stockholder
Party or (ii) a Member holding at least [·]%2
of the Total Percentage Interest, that such Exchange Transactions shall be effected in compliance with reasonable policies that
the Managing Member may adopt or promulgate from time to time and advise the Members of in writing (including policies requiring
the use of designated administrators or brokers) in its reasonable discretion; provided, further, that if such policies
conflict with the terms of the Exchange Agreement, the provisions of the Exchange Agreement shall apply in lieu thereof to any
Exchange Transaction to the extent of such conflict.

 

(d) Notwithstanding
anything otherwise to the contrary in this Section 8.01, (i) an individual Member may Transfer all or any portion of his
or her Units without consideration to any member of his or her Family Group in a Transfer that complies with Section 8.04
and (ii) the Managing Member may implement other policies and procedures to permit the Transfer of Units by the other Members for
personal planning purposes and any such Transfer effected in compliance with such policies and procedures shall not require the
prior consent of the Managing Member.

 

Section 8.02.Mandatory Exchanges.
The Managing Member may in its sole discretion at any time and from time to time, without the consent of any Member or other Person,
cause to be Transferred in an Exchange Transaction any and all Units, except for Units held by (i) any Service Provider,
(ii) any former Service Provider holding at least [·]%3
of the Total Percentage Interest or (iii) any Stockholder Party. Any such determinations by the Managing Member need
not be uniform and may be made selectively among Members, whether or not such Members are similarly situated.

 

 

1
Note to Form: To reflect a percentage ownership that would include John Morris, Shaler Alias and Andrew Alias.

 

2
Note to Form: To reflect a percentage ownership that would include John Morris, Shaler Alias, and Andrew Alias.

 

3
Note to Form: To reflect a percentage ownership that would include John Morris, Shaler Alias, Andrew Alias
and Tim Murphy.

 

    24

     

    

 

Section 8.03.Encumbrances. No
Member or Assignee may create an Encumbrance with respect to all or any portion of its Units (or any beneficial interest therein)
other than Encumbrances that run in favor of the Member unless the Managing Member consents in writing thereto, which consent
may be given or withheld, or made subject to such conditions as are determined by the Managing Member, in the Managing Member’s
sole discretion. Consent of the Managing Member shall be withheld until the holder of the Encumbrance acknowledges the terms and
conditions of this Agreement. Any purported Encumbrance that is not in accordance with this Agreement shall be, to the fullest
extent permitted by law, null and void.

 

Section 8.04.Further Restrictions.

 

(a) Units
issued from time to time after the date of this Agreement, including Units issued under equity incentive plans of the Company or
the Managing Member (or upon settlement of awards granted under such plans), may be subject to such additional or other terms and
conditions, including with regard to vesting, forfeiture, minimum retained ownership and Transfer, as may be agreed between the
Managing Member and the applicable Member and reflected in the books and records of the Company. Such requirements, provisions
and restrictions need not be uniform and may be waived or released by the Managing Member in its sole discretion with respect to
all or a portion of the Units owned by any one or more Members at any time and from time to time, and shall not constitute the
breach of any duty hereunder or otherwise existing at law, in equity or otherwise.

 

(b) Notwithstanding
any contrary provision in this Agreement, in no event may any Transfer of a Unit be made by any Member or Assignee if the Managing
Member determines that:

 

(i) such
Transfer is made to any Person who lacks the legal right, power or capacity to own such Unit;

 

(ii) except
pursuant to an Exchange Transaction, such Transfer would require the registration of such transferred Unit or of any Class of Unit
pursuant to any applicable U.S. federal or state securities laws (including, without limitation, the Securities Act or the Exchange
Act) or other non-U.S. securities laws (including Canadian provincial or territorial securities laws) or would constitute a non-exempt
distribution pursuant to applicable provincial or state securities laws;

 

(iii) such
Transfer would cause (i) all or any portion of the assets of the Company to (A) constitute “plan assets” (under ERISA,
the Code or any applicable Similar Law) of any existing or contemplated Member, or (B) be subject to the provisions of ERISA, Section
4975 of the Code or any applicable Similar Law, or (ii) the Managing Member to become a fiduciary with respect to any existing
or contemplated Member, pursuant to ERISA, any applicable Similar Law, or otherwise;

  

    25

     

    

 

(iv) to
the extent requested by the Managing Member, the Company does not receive such legal and/or tax opinions and written instruments
(including, without limitation, copies of any instruments of Transfer and such Assignee’s consent to be bound by this Agreement
as an Assignee) that are in a form satisfactory to the Managing Member, as determined in the Managing Member’s sole discretion;
provided that no such legal and/or tax opinions shall be required for a Transfer by (a) a Stockholder Party or (b) a Member
holding at least [·]%4
of the Total Percentage Interest; or

 

(v) the
Managing Member shall reasonably determine that such Transfer would pose a material risk that the Company would be treated as a
“publicly traded partnership” within the meaning of Section 7704 of the Code and the regulations promulgated thereunder.

 

All determinations with respect to this Section 8.04
shall be made by the Managing Member in its sole discretion; provided, however, that all such determinations with
respect to (a) a Stockholder Party or (b) a Member holding at least [·]%5
of the Total Percentage Interest shall be made by the Managing Member exercising its reasonable discretion.

 

(c) In
addition, notwithstanding any contrary provision in this Agreement, to the extent the Managing Member shall reasonably determine
that interests in the Company do not meet the requirements of Treasury Regulation Section 1.7704-1(h), the Managing Member may
impose such restrictions on the Transfer of Units or other interests in the Company as the Managing Member may reasonably determine
to be necessary or advisable so that the Company is not treated as a “publicly traded partnership” within the meaning
of Section 7704 of the Code and the regulations promulgated thereunder.

 

(d) To
the fullest extent permitted by law, any Transfer in violation of this Article VIII shall be deemed null and void ab
initio and of no effect.

 

Section 8.05.Rights of Assignees.
Subject to Section 8.04(b), the Transferee of any permitted Transfer pursuant to this Article VIII will be an assignee
only (“Assignee”), and only will receive, to the extent transferred, the distributions and allocations of income,
gain, loss, deduction, credit or similar item to which the Member which transferred its Units would be entitled, and such Assignee
will not be entitled or enabled to exercise any other rights or powers of a Member, such other rights, and all obligations relating
to, or in connection with, such interest remaining with the transferring Member. The transferring Member will remain a Member
even if it has transferred all of its Units to one or more Assignees until such time as the Assignee(s) is admitted to the Company
as a Member pursuant to Section 8.07.

 

Section 8.06.Admissions, Resignations
and Removals

 

(a) No
Person may be admitted to the Company as an additional Managing Member or substitute Managing Member without the prior written
consent of each incumbent Managing Member, which consent may be given or withheld, or made subject to such conditions as are determined
by each incumbent Managing Member, in each case in the sole discretion of each incumbent Managing Member. A Managing Member will
not be entitled to resign as a Managing Member of the Company unless another Managing Member shall have been admitted hereunder
(and not have previously been removed or resigned).

 

 

4
Note to Form: To reflect a percentage ownership that would include John Morris, Shaler Alias and Andrew Alias.

 

5
Note to Form: To reflect a percentage ownership that would include John Morris, Shaler Alias and Andrew Alias.

  

    26

     

    

 

(b) No
Member will be removed or entitled to resign from being a Member of the Company except in accordance with Section 8.08 hereof.
Any additional Managing Member or substitute Managing Member admitted as a Managing Member of the Company pursuant to this Section
8.06 is hereby authorized to, and shall, continue the Company without dissolution.

 

(c) Except
as otherwise provided in Article IX or the Act, no admission, substitution, resignation or removal of a Member will cause
the dissolution of the Company. To the fullest extent permitted by law, any purported admission, resignation or removal that is
not in accordance with this Agreement shall be null and void.

 

Section 8.07.Admission of Assignees
as Substitute Members. An Assignee will become a substitute Member only if and when each of the following conditions is satisfied:

 

(a) except
in the case of admissions as a result of Transfers not requiring consent of the Managing Member, the Managing Member consents in
writing to such admission, which consent may be given or withheld, or made subject to such conditions as are determined by the
Managing Member, in each case in the Managing Member’s sole discretion;

 

(b) if
required by the Managing Member, the Managing Member receives written instruments (including, without limitation, copies of any
instruments of Transfer and such Assignee’s consent to be bound by this Agreement as a substitute Member) that are in a form
satisfactory to the Managing Member (as determined in its sole discretion);

 

(c) if
required by the Managing Member, the Managing Member receives an opinion of counsel satisfactory to the Managing Member to the
effect that such Transfer is in compliance with this Agreement and all applicable Law; provided that no such opinion of
counsel shall be required for a Transfer by (i) a Stockholder Party or (ii) a Member holding at least [·]%6
of the Total Percentage Interest; and

 

(d) if
required by the Managing Member, the parties to the Transfer, or any one of them, pays all of the Company’s reasonable expenses
connected with such Transfer (including, but not limited to, the reasonable legal and accounting fees of the Company); provided
that no (i) Stockholder Party or (ii) Member holding at least [·]%7
of the Total Percentage Interest shall be required to pay the Company’s reasonable expenses connected with a Transfer by
such Stockholder Party or such Member.

 

Section 8.08.Resignation and Removal
of Members. Subject to Section 8.05, if a Member (other than the Managing Member) ceases to hold any Units then such
Member shall cease to be a Member and to have the power to exercise any rights or powers of a member of the Company, and shall
be deemed to have resigned from the Company.

 

 

6
Note to Form: To reflect a percentage ownership that would include John Morris, Shaler Alias and Andrew Alias.

 

7
Note to Form: To reflect a percentage ownership that would include John Morris, Shaler Alias and Andrew Alias.

 

    27

     

    

  

Article
IX

DISSOLUTION, LIQUIDATION AND TERMINATION

 

Section 9.01.No Dissolution. Except
as required by the Act, the Company shall not be dissolved by the admission of additional Members or resignation of Members in
accordance with the terms of this Agreement. The Company may be dissolved, liquidated, wound up and terminated only pursuant to
the provisions of this Article IX, and the Members hereby irrevocably waive any and all other rights they may have to cause
a dissolution of the Company or a sale or partition of any or all of the Company assets.

 

Section 9.02.Events Causing Dissolution.
The Company shall be dissolved and its affairs shall be wound up upon the occurrence of any of the following events (each, a “Dissolution
Event”):

 

(a) the
entry of a decree of judicial dissolution of the Company under Section 18-802 of the Act upon the finding by a court of competent
jurisdiction that it is not reasonably practicable to carry on the business of the Company in conformity with this Agreement;

 

(b) any
event which makes it unlawful for the business of the Company to be carried on by the Members;

 

(c) the
written consent of all Members;

 

(d) at
any time there are no Members, unless the Company is continued in accordance with the Act;

 

(e) the
Incapacity, withdrawal or resignation of the Managing Member or the occurrence of a Disabling Event with respect to the Managing
Member; provided that the Company will not be dissolved or required to be wound up in connection with any of the events
specified in this Section 9.02(e) if: (i) at the time of the occurrence of such event there is at least one other Managing
Member of the Company who is hereby authorized to, and elects to, carry on the business of the Company; or (ii) all remaining Members
consent to or ratify the continuation of the business of the Company and the appointment of another Managing Member of the Company,
effective as of the event that caused the Managing Member to cease to be a Managing Member of the Company, within 120 days following
the occurrence of any such event, which consent shall be deemed (and if requested each Member shall provide a written consent or
ratification) to have been given for all Members if the holders of more than 50% of the Vested Units then outstanding agree in
writing to so continue the business of the Company; or

 

    28

     

    

 

(f) the
determination of the Managing Member in its reasonable discretion; provided that in the event of a dissolution pursuant
to this clause (f), the relative economic rights of each Class of Units immediately prior to such dissolution shall be preserved
to the greatest extent practicable with respect to distributions made to Members pursuant to Section 9.03 below in connection
with the winding up of the Company, taking into consideration tax and other legal constraints that may adversely affect one or
more parties hereto and subject to compliance with applicable laws and regulations, unless, and to the extent that, with respect
to any Class of Units, holders of not less than 90% of the Units of such Class consent in writing to a treatment other than as
described above.

 

Section 9.03.Distribution upon Dissolution.
Upon dissolution, the Company shall not be terminated and shall continue until the winding up of the affairs of the Company is
completed. Upon the winding up of the Company, the Managing Member, or any other Person designated by the Managing Member (the
“Liquidation Agent”), shall take full account of the assets and liabilities of the Company and shall, unless
the Managing Member determines otherwise, liquidate the assets of the Company as promptly as is consistent with obtaining the
fair value thereof. The proceeds of any liquidation shall be applied and distributed in the following order:

 

(a) First,
to the satisfaction of debts and liabilities of the Company (including satisfaction of all indebtedness to Members and/or their
Affiliates to the extent otherwise permitted by law) including the expenses of liquidation, and including the establishment of
any reserve which the Liquidation Agent shall deem reasonably necessary for any contingent, conditional or unmatured contractual
liabilities or obligations of the Company (“Contingencies”). Any such reserve may be paid over by the Liquidation
Agent to any attorney-at-law, or acceptable party, as escrow agent, to be held for disbursement in payment of any Contingencies
and, at the expiration of such period as shall be deemed advisable by the Liquidation Agent for distribution of the balance in
the manner hereinafter provided in this Section 9.03; and

 

(b) The
balance, if any, to the Members, pro rata in accordance with the Members’ respective Total Percentage Interests.

 

Section 9.04.Time for Liquidation.
A reasonable amount of time shall be allowed for the orderly liquidation of the assets of the Company and the discharge of liabilities
to creditors so as to enable the Liquidation Agent to minimize the losses attendant upon such liquidation.

 

Section 9.05.Termination. The
Company shall terminate when all of the assets of the Company, after payment of or due provision for all debts, liabilities and
obligations of the Company, shall have been distributed to the holders of Units in the manner provided for in this Article
IX, and the Certificate shall have been cancelled in the manner required by the Act.

 

Section 9.06.Claims of the Members.
The Members shall look solely to the Company’s assets for the return of their Capital Contributions, and if the assets of
the Company remaining after payment of or due provision for all debts, liabilities and obligations of the Company are insufficient
to return such Capital Contributions, the Members shall have no recourse against the Company or any other Member or any other
Person. No Member with a negative balance in such Member’s Capital Account shall have any obligation to the Company or to
the other Members or to any creditor or other Person to restore such negative balance during the existence of the Company, upon
dissolution or termination of the Company or otherwise, except to the extent required by the Act.

 

    29

     

    

 

Section 9.07.Survival of Certain Provisions.
Notwithstanding anything to the contrary in this Agreement, the provisions of Sections 5.07, 10.01, 10.02,
11.09 and 11.10 shall survive the termination of the Company.

 

Article
X

LIABILITY AND INDEMNIFICATION

 

Section 10.01.Liability of Members

 

(a) No
Member and no Affiliate, manager, member, employee or agent of a Member shall be liable for any debt, obligation or liability of
the Company or of any other Member or have any obligation to restore any deficit balance in its Capital Account solely by reason
of being a Member of the Company, except to the extent required by the Act.

 

(b) This
Agreement is not intended to, and does not, create or impose any duty (including any fiduciary duty) on any of the Members (including
without limitation, the Managing Member) hereto or on their respective Affiliates. Further, notwithstanding any other provision
of this Agreement or any duty otherwise existing at law or in equity, the parties hereto agree that no Member or Managing Member
shall, to the fullest extent permitted by law, have duties (including fiduciary duties) to any other Member or to the Company,
and in doing so, recognize, acknowledge and agree that their duties and obligations to one another and to the Company are only
as expressly set forth in this Agreement; provided, however, that each Member shall have the duty to act in accordance
with the implied contractual covenant of good faith and fair dealing.

 

(c) To
the extent that, at law or in equity, any Member (including without limitation, the Managing Member) has duties (including fiduciary
duties) and liabilities relating thereto to the Company, to another Member or to another Person who is a party to or is otherwise
bound by this Agreement, the Members (including without limitation, the Managing Member) acting under this Agreement will not be
liable to the Company, to any such other Member or to any such other Person who is a party to or is otherwise bound by this Agreement,
for their good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict
or eliminate the duties and liabilities relating thereto of any Member (including without limitation, the Managing Member) otherwise
existing at law or in equity, are agreed by the Members to replace to that extent such other duties and liabilities of the Members
relating thereto (including without limitation, the Managing Member).

 

(d) The
Managing Member may consult with legal counsel, accountants and financial or other advisors selected by it, and any act or omission
taken by the Managing Member on behalf of the Company or in furtherance of the interests of the Company in good faith in reliance
upon and in accordance with the advice of such Person as to matters the Managing Member reasonably believes to be within such Person’s
professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with
such opinion or advice, and the Managing Member will be fully protected in so acting or omitting to act so long as such counsel
or accountants or financial or other advisors were selected with reasonable care.

 

    30

     

    

 

(e) Notwithstanding
any other provision of this Agreement or otherwise applicable provision of law or equity, whenever in this Agreement the Managing
Member is permitted or required to make a decision (i) in its “sole discretion” or under a grant of similar authority
or latitude, such Managing Member shall be entitled to consider only such interests and factors as it desires, including its own
interests, and shall, to the fullest extent permitted by applicable Law, have no duty or obligation to give any consideration to
any interest of or factors affecting the Company or the Members, or (ii) in its “good faith” or under another expressed
standard, such Managing Member shall act under such express standard and shall not be subject to any other or different standards.

 

Section 10.02.Indemnification.

 

(a) Exculpation
and Indemnification. Notwithstanding any other provision of this Agreement, whether express or implied, to the fullest extent
permitted by law, no Indemnitee shall be liable to the Company or any Member for any act or omission in relation to the Company
or this Agreement or any transaction contemplated hereby taken or omitted by an Indemnitee unless such Indemnitee’s conduct
constituted fraud, bad faith or willful misconduct. To the fullest extent permitted by law, as the same exists or hereafter be
amended (but in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification
rights than such law permitted the Company to provide prior to such amendment), the Company shall indemnify any Indemnitee who
was or is made or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed action,
suit or proceeding (brought in the right of the Company or otherwise), whether civil, criminal, administrative, arbitrative or
investigative, and whether formal or informal (hereinafter a “Proceeding”), including appeals, by reason of
his or her or its status as an Indemnitee or by reason of any action alleged to have been taken or omitted to be taken by Indemnitee
in such capacity, for and against all loss and liability suffered and expenses (including attorneys’ fees), judgments, fines
and amounts paid in settlement reasonably incurred by such Indemnitee in connection with such action, suit or proceeding, including
appeals; provided that such Indemnitee shall not be entitled to indemnification hereunder if, but only to the extent that,
such Indemnitee’s conduct constituted fraud, bad faith or willful misconduct. Notwithstanding the preceding sentence, except
as otherwise provided in Section 10.02(c), the Company shall be required to indemnify an Indemnitee in connection with any
action, suit or proceeding (or part thereof) (i) commenced by such Indemnitee only if the commencement of such action, suit or
proceeding (or part thereof) by such Indemnitee was authorized by the Managing Member, and (ii) by or in the right of the Company
only if the Managing Member has provided its prior written consent. The indemnification of an Indemnitee of the type identified
in clause (e) of the definition of Indemnitee shall be secondary to any and all indemnification to which such Indemnitee is entitled
from the relevant other Person (including any payment made to such Indemnitee under any insurance policy issued to or for the benefit
of such Person or Indemnitee) (the “Primary Indemnification”), and will only be paid to the extent the Primary
Indemnification is not paid and/or does not provide coverage (e.g., a self-insured retention amount under an insurance policy).
No such Person shall be entitled to contribution or indemnification from or subrogation against the Company. The indemnification
of any other Indemnitee shall, to the extent not in conflict with such policy, be secondary to any and all payment to which such
Indemnitee is entitled from any relevant insurance policy issued to or for the benefit of the Company or any Indemnitee.

 

    31

     

    

 

(b) Advancement of Expenses. To the
fullest extent permitted by law, the Company shall promptly pay reasonable expenses (including attorneys’ fees) incurred
by any Indemnitee in appearing at, participating in or defending any Proceeding in advance of the final disposition of such Proceeding,
including appeals, upon presentation of an undertaking on behalf of such Indemnitee to repay such amount if it shall ultimately
be determined that such Indemnitee is not entitled to be indemnified under this Section 10.02 or otherwise. Notwithstanding
the preceding sentence, except as otherwise provided in Section 10.02(c), the Company shall be required to pay expenses
of an Indemnitee in connection with any Proceeding (or part thereof) (i) commenced by such Indemnitee only if the commencement
of such action, suit or proceeding (or part thereof) by such Indemnitee was authorized by the Managing Member and (ii) by or in
the right of the Company only if the Managing Member has provided its prior written consent.

 

(c) Unpaid Claims. If a claim for
indemnification (following the final disposition of such Proceeding) or advancement of expenses under this Section 10.02
is not paid in full within 30 days after a written claim therefor by any Indemnitee has been received by the Company, such Indemnitee
may file proceedings to recover the unpaid amount of such claim and, if successful in whole or in part, shall be entitled to be
paid the expense of prosecuting such claim. In any such action the Company shall have the burden of proving that such Indemnitee
is not entitled to the requested indemnification or advancement of expenses under applicable Law.

 

(d) Insurance. (i) To the fullest
extent permitted by law, the Company may purchase and maintain insurance on behalf of any person described in Section 10.02(a)
against any liability asserted against such person, whether or not the Company would have the power to indemnify such person
against such liability under the provisions of this Section 10.02 or otherwise.

 

(ii) In
the event of any payment by the Company under this Section 10.02, the Company shall be subrogated to the extent of such
payment to all of the rights of recovery of the Indemnitee from any relevant other Person or under any insurance policy issued
to or for the benefit of the Company, such relevant other Person, or any Indemnitee. Each Indemnitee agrees to execute all papers
required and take all action necessary to secure such rights, including the execution of such documents as are necessary to enable
the Company to bring suit to enforce any such rights in accordance with the terms of such insurance policy or other relevant document.
The Company shall pay or reimburse all expenses actually and reasonably incurred by the Indemnitee in connection with such subrogation.

 

(iii) The
Company shall not be liable under this Section 10.02 to make any payment of amounts otherwise indemnifiable hereunder (including,
but not limited to, judgments, fines and amounts paid in settlement, and excise taxes with respect to an employee benefit plan
or penalties) if and to the extent that the applicable Indemnitee has otherwise actually received such payment under this Section
10.02 or any insurance policy, contract, agreement or otherwise.

 

    32

     

    

 

(e) Non-Exclusivity of Rights. The
provisions of this Section 10.02 shall be applicable to all actions, claims, suits or proceedings made or commenced after
the date of this Agreement, whether arising from acts or omissions to act occurring before or after its adoption. The provisions
of this Section 10.02 shall be deemed to be a contract between the Company and each person entitled to indemnification
under this Section 10.02 (or legal representative thereof) who serves in such capacity at any time while this Section
10.02 and the relevant provisions of applicable Law, if any, are in effect, and any amendment, modification or repeal hereof
shall not affect any rights or obligations then existing with respect to any state of facts or any action, suit or proceeding
then or theretofore existing, or any action, suit or proceeding thereafter brought or threatened based in whole or in part on
any such state of facts. If any provision of this Section 10.02 shall be found to be invalid or limited in application
by reason of any law or regulation, it shall not affect the validity of the remaining provisions hereof. The rights of indemnification
provided in this Section 10.02 shall neither be exclusive of, nor be deemed in limitation of, any rights to which any person
may otherwise be or become entitled or permitted by contract, this Agreement or as a matter of law, both as to actions in such
person’s official capacity and actions in any other capacity, it being the policy of the Company that indemnification of
any person whom the Company is obligated to indemnify pursuant to Section 10.02(a) shall be made to the fullest extent
permitted by law.

 

For purposes of this Section 10.02,
references to “other enterprises” shall include employee benefit plans; references to “fines” shall include
any excise taxes assessed on a person with respect to an employee benefit plan; and references to “serving at the request
of the Company” shall include any service as a director, officer, employee or agent of the Company which imposes duties on,
or involves services by, such director, officer, employee, or agent with respect to an employee benefit plan, its participants,
or beneficiaries.

 

This Section 10.02 shall not limit
the right of the Company, to the extent and in the manner permitted by law, to indemnify and to advance expenses to, and purchase
and maintain insurance on behalf of, persons other than persons described in Section 10.02(a).

 

Article
XI

MISCELLANEOUS

 

Section 11.01.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.

 

    33

     

    

 

Section 11.02.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 (delivery receipt requested), by fax, by electronic mail
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 specified in a notice given in accordance with this Section 11.02):

 

(a) If
to the Company, to:

 

Hawk Parent Holdings LLC

c/o Repay Holdings Corporation

3 West Paces Ferry Road

Ste. 200

Atlanta, Georgia 30305

Attention: Chief Financial Officer

 

With a copy to

 

Repay Holdings Corporation

3 West Paces Ferry Road

Ste. 200

Atlanta, Georgia 30305

Attention: Chief Financial Officer

 

(b) If
to any Member other than the Managing Member, to such Member at the address of such Member as set forth on Exhibit A

  

(c) If
to the Managing Member, to:

 

Repay Holdings Corporation

3 West Paces Ferry Road

Ste. 200

Atlanta, Georgia 30305

Attention: Chief Financial Officer

 

With a copy to

 

Hawk Parent Holdings LLC

c/o Repay Holdings Corporation

3 West Paces Ferry Road

Ste. 200

Atlanta, Georgia 30305

Attention: Chief Financial Officer

 

Section 11.03.Cumulative Remedies.
The rights and remedies provided by this Agreement are cumulative and the use of any one right or remedy by any party shall not
preclude or waive its right to use any or all other remedies. Said rights and remedies are given in addition to any other rights
the parties may have by Law.

 

Section 11.04.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.

 

    34

     

    

 

Section 11.05.Interpretation.
Throughout this Agreement, nouns, pronouns and verbs shall be construed as masculine, feminine, neuter, singular or plural, whichever
shall be applicable. Unless otherwise specified, all references herein to “Articles,” “Sections” and paragraphs
shall refer to corresponding provisions of this Agreement.

 

Each party hereto acknowledges and agrees
that the parties hereto have participated collectively in the negotiation and drafting of this Agreement and that he or she or
it has had the opportunity to draft, review and edit the language of this Agreement; accordingly, it is the intention of the parties
that no presumption for or against any party arising out of drafting all or any part of this Agreement will be applied in any dispute
relating to, in connection with or involving this Agreement. Accordingly, the parties hereby waive to the fullest extent permitted
by law the benefit of any rule of law or any legal decision that would require that in cases of uncertainty, the language of a
contract should be interpreted most strongly against the party who drafted such language.

 

Section 11.06.Counterparts. This
Agreement may be executed and delivered (including by email or facsimile transmission) 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
or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 11.06.

 

Section 11.07.Further Assurances.
Each Member shall perform all other acts and execute and deliver all other documents as may be necessary or appropriate to carry
out the purposes and intent of this Agreement.

 

Section 11.08.Entire Agreement.
This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes
all prior agreements and understandings, whether oral or written, pertaining thereto (including, without limitation, the Existing
Agreement).

 

Section 11.09.Governing Law. This
Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware.

 

    35

     

    

 

Section 11.10.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 or 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, 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
11.02. 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 11.10; (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.

 

(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.

 

Section 11.11.Expenses. Except
as otherwise specified in this Agreement, the Company shall be responsible for all costs and expenses, including, without limitation,
fees and disbursements of counsel, financial advisors and accountants, incurred by the Members and the Company in connection with
the preparation, negotiation, and operation of this Agreement.

 

    36

     

    

 

Section 11.12.Amendments and Waivers

 

(a) This
Agreement (including the Annexes hereto) may be amended, supplemented, waived or modified by the Managing Member in its sole discretion
without the approval of any other Member or other Person so long as such amendment is executed and delivered to the Company by
at least one Stockholder Party; provided that no amendment, including any amendment effected by way of merger, consolidation
or transfer of all or substantially all the assets of the Company, may materially and adversely affect the rights of a holder of
Units, as such, other than on a pro rata basis with other holders of Units of the same Class without the consent of such holder
(or, if there is more than one such holder that is so affected, without the consent of a majority in interest of such affected
holders in accordance with their holdings of such Class of Units); provided further, that notwithstanding the foregoing,
the Managing Member may, without the written consent of any Member or any other Person, amend, supplement, waive or modify any
provision of this Agreement and execute, swear to, acknowledge, deliver, file and record whatever documents may be required in
connection therewith, to reflect: (1) any amendment, supplement, waiver or modification that the Managing Member determines in
its reasonable discretion to be necessary or appropriate in connection with the creation, authorization or issuance of Units or
any Class or series of equity interest in the Company pursuant to Section 7.01(c) or Section 7.01(e) hereof; (2)
the admission, substitution, or withdrawal of Members in accordance with this Agreement, pursuant to Section 8.07 hereof;
(3) a change in the name of the Company, the location of the principal place of business of the Company, the registered agent of
the Company or the registered office of the Company; (4) any amendment, supplement, waiver or modification that the Managing Member
determines in its reasonable discretion to be necessary or appropriate to address changes in U.S. federal income tax regulations,
legislation or interpretation; and/or (5) a change in the Fiscal Year or taxable year of the Company and any other changes that
the Managing Member determines to be necessary or appropriate as a result of a change in the Fiscal Year or taxable year of the
Company including a change in the dates on which distributions are to be made by the Company; provided, further,
that notwithstanding the foregoing, no amendment, including any amendment effected by way of merger, consolidation or transfer
of all or substantially all the assets of the Company, may materially and adversely affect the rights of a Member that is a Stockholder
Party without the consent of such Member. If an amendment has been approved in accordance with this agreement, such amendment shall
be adopted and effective with respect to all Members. Upon obtaining such approvals as may be required by this Agreement, and without
further action or execution on the part of any other Member or other Person, any amendment to this Agreement may be implemented
and reflected in a writing executed solely by the Managing Member and the other Members shall be deemed a party to and bound by
such amendment.

 

(b) No
failure or delay by any party in exercising any right, power or privilege hereunder (other than a failure or delay beyond a period
of time specified herein) shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other
or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall
be cumulative and not exclusive of any rights or remedies provided by Law.

 

    37

     

    

 

(c) The
Managing Member may, in its sole discretion, unilaterally amend this Agreement on or before the effective date of the final regulations
to provide for (i) the election of a safe harbor under Proposed Treasury Regulation Section 1.83-3(l) (or any similar provision)
under which the fair market value of a Company interest (or interest in an entity treated as a partnership for U.S. federal income
tax purposes) that is transferred is treated as being equal to the liquidation value of that interest, (ii) an agreement by the
Company and each of its Members to comply with all of the requirements set forth in such regulations and Notice 2005-43 (and any
other guidance provided by the Internal Revenue Service with respect to such election) with respect to all Company interests (or
interest in an entity treated as a partnership for U.S. federal income tax purposes) transferred in connection with the performance
of services while the election remains effective, (iii) the allocation of items of income, gains, deductions and losses required
by the final regulations similar to Proposed Treasury Regulation Section 1.704-1(b)(4)(xii)(b) and (c), 1.704-1(b)(2)(iv)(b)(1)
and any other related amendments.

 

(d) Except
as may be otherwise required by law in connection with the winding-up, liquidation, or dissolution of the Company, each Member
hereby irrevocably waives any and all rights that it may have to maintain an action for judicial accounting or for partition of
any of the Company’s property.

 

Section 11.13.No Third Party Beneficiaries.
This Agreement shall be binding upon and inure solely to the benefit of the parties hereto and their permitted assigns and successors
and nothing herein, express or implied, is intended to or shall confer upon any other Person or entity, any legal or equitable
right, benefit or remedy of any nature whatsoever under or by reason of this Agreement (other than pursuant to Section 10.02
hereof); provided, however, that each employee, officer, director, agent or indemnitee of any Person who is
bound by this Agreement or its Affiliates is an intended third party beneficiary of Section 11.10 and shall be entitled
to enforce its rights thereunder.

 

Section 11.14.Headings. The headings
and subheadings in this Agreement are included for convenience and identification only and are in no way intended to describe,
interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof.

 

Section 11.15.Power of Attorney.
Each Member, by its execution hereof, hereby makes, constitutes and appoints the Managing Member as its true and lawful agent
and attorney in fact, with full power of substitution and full power and authority in its name, place and stead, to make, execute,
sign, acknowledge, swear to, record and file (a) this Agreement and any amendment to this Agreement that has been consented to
and adopted as herein provided; (b) all amendments to the Certificate required or permitted by law or the provisions of this Agreement;
(c) all certificates and other instruments (including consents and ratifications which the Members have agreed to provide upon
a matter receiving the agreed support of Members) deemed advisable by the Managing Member to carry out the provisions of this
Agreement and Law or to permit the Company to become or to continue as a limited liability company or entity wherein the Members
have limited liability in each jurisdiction where the Company may be doing business; (d) all instruments that the Managing Member
deems appropriate to reflect a change or modification of this Agreement or the Company in accordance with this Agreement, including,
without limitation, the admission of additional Members or substituted Members pursuant to the provisions of this Agreement; (e)
all conveyances and other instruments or papers deemed advisable by the Managing Member to effect the liquidation and termination
of the Company; and (f) all fictitious or assumed name certificates required or permitted (in light of the Company’s activities)
to be filed on behalf of the Company.

 

    38

     

    

 

Section 11.16.Separate Agreements;
Schedules. Notwithstanding any other provision of this Agreement, including Section 11.12, the Managing Member in its
sole discretion may, or may cause the Company to, without the approval of any Member or other Person, enter into separate subscription,
letter or other agreements with individual Members that have become or will become Members after the date hereof with respect
to any matter, which have the effect of establishing rights under, or altering, supplementing or amending the terms of, this Agreement.
The parties hereto agree that any terms contained in any such separate agreement shall govern with respect to such future Member(s)
party thereto notwithstanding the provisions of this Agreement. The Managing Member in its sole discretion may from time to time
execute and deliver to the Members schedules which set forth information contained in the books and records of the Company and
any other matters deemed appropriate by the Managing Member. Such schedules shall be for information purposes only and shall not
be deemed to be part of this Agreement for any purpose whatsoever. Notwithstanding anything to the contrary, solely for U.S. federal
income tax purposes, this Agreement, the Tax Receivable Agreement, the Exchange Agreement, the Organization Agreement and any
other separate agreement described in this Section 11.16 shall constitute a “partnership agreement” within
the meaning of Section 761 of the Code.

 

Section 11.17.Partnership Status.
The Members intend to treat the Company as a partnership for U.S. federal income tax purposes and notwithstanding anything to
the contrary herein, no election to the contrary shall be made.

 

Section 11.18.Delivery by Facsimile
or Email. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection
herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered
by means of a facsimile machine or email with scan or facsimile attachment, shall be treated in all manner and respects as an
original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed
version thereof delivered in person. No party hereto or to any such agreement or instrument shall raise the use of a facsimile
machine or email to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated
through the use of a facsimile machine or email as a defense to the formation or enforceability of a contract, and each such party
forever waives any such defense.

 

[Remainder of Page Intentionally Left Blank]

  

    39

     

    

 

IN WITNESS WHEREOF, the parties hereto have
entered into this Agreement or have caused this Agreement to be duly executed by their respective authorized officers, in each
case as of the date first above stated.

 

	 	MANAGING MEMBER:
	 	 
	 	Repay Holdings Corporation
	 	 	 
	 	By:	                      
	 	Name:	 
	 	Title:	 
	 	 	 
	 	OTHER MEMBERS:
	 	 	 
	 	[●]	 

   

[Signature page – Second Amended and Restated Limited
Liability Company Agreement of Hawk Parent Holdings LLC]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}]]