Document:

Exhibit 10.4

 

AMENDMENT NO. 7 TO CREDIT AGREEMENT

 

This AMENDMENT NO.
7 TO CREDIT AGREEMENT (this “Agreement”) is made and entered into as of July 31, 2018 between FLEXSHOPPER
2, LLC (the “Company”) and WE 2014-1, LLC (the “Administrative Agent” and “Lender”).

 

BACKGROUND

 

WHEREAS, the
Company, the Administrative Agent, Wells Fargo Bank, National Association, as paying agent (the “Paying Agent”)
and various lenders from time to time party thereto (the “Lenders”) are party to a certain Credit Agreement,
dated March 6, 2015 (as amended, supplemented and otherwise modified as of the date hereof, the “Credit Agreement”);

 

WHEREAS, the
parties to the Credit Agreement desire to amend the Credit Agreement desire to amend the Servicing Agreement;

 

NOW, THEREFORE,
in consideration of the premises and the mutual agreements herein contained, the parties hereto agree as follows:

 

SECTION 1. Defined
Terms. Capitalized definitional terms used in this Agreement and not otherwise defined herein shall have the meanings assigned
to them in the Credit Agreement.

 

SECTION 2. Amendments
to the Credit Agreement. Effective as of the date first written above, upon the satisfaction of the conditions set forth in
Section 3 below, the Credit Agreement is hereby amended as follows:

 

(a) The definition
of “Backup Servicer” is amended to read as follows:

 

“Backup
Servicer” means (a) prior to August 14, 2018, First Associates, LLC, and (b) on and after August 14, 2018, Systems &
Services Technologies, Inc. (“SST”) or any replacement thereof appointed by the Requisite Lenders in accordance
with Section 6.12, who will perform backup servicing and backup verification functions with respect to the Eligible Leases.

 

(b) The definition
of “Scheduled Commitment Termination Date” is amended to read as follows:

 

“Scheduled
Commitment Termination Date” means (a) if the Equity Raise has occurred on or prior to August 31, 2018, February 28,
2021, or (b) if the Equity Raise has not been consummated on or prior to August 31, 2018, a date to be determined by the Administrative
Agent in its sole discretion but not earlier than August 31, 2018 or later than February 28, 2021.

 

(c) Section 5.1(q)
is amended to change “May 31, 2018” therein to “August 14, 2018.”

 

     

     

    

 

(d) Section 5.1(r)
is amended to read as follows:

 

(r) Backup
Servicer Payment: The Company shall (i) promptly and, in any event, within ten (10) Business Days of the Company’s receipt
of itemized invoice(s) (or such shorter period as is reasonably required by the Backup Servicer), pay the Backup Servicer for its
reasonable actual out of pocket costs and expenses related to the establishment of such transition plan; and (ii) (A) promptly
and, in any event, within ten (10) Business Days of the Company’s receipt of itemized invoice(s) (or such shorter period
as is reasonably required by SST), pay the SST its fee for accepting its role as successor Backup Servicer and for its reasonable
actual out of pocket costs and expenses related to its succession and (B) not later than August 14, 2018 (as may be extended for
each day of delay caused by SST), enter into a replacement Backup Servicing Agreement with SST as the successor Backup Servicer
and such other amendments to the Credit Documents as are reasonably necessary in order to effect its succession.

 

(e) Section 6.12
is amended to add the following paragraph (b) at the end thereof:

 

(b) Company
shall cause SST to replace First Associates, LLC as Backup Servicer on or before August 14, 2018 (as may be extended for each day
of delay caused by SST).

 

(f) Article VI
is amended to add the following new Section 6.21 at the end thereof:

 

6.21 Financial
Forecast. Not later than August 14, 2018, Company shall deliver to Administrative Agent a model in form and level of detail
satisfactory to the Administrative Agent showing the Company’s financial forecast, as determined by the Company, in form
and substance satisfactory to the Administrative Agent.

 

(g) Section 7.1(o)
is amended to read as follows:

 

(o) Backup
Servicer Default. SST or any replacement thereof shall resign or be terminated as a result of any action or inaction of the
Company or the Servicer; or

 

SECTION 3. Effectiveness.
This Agreement shall become effective as of the date first written above upon (a) delivery to the Administrative Agent of counterparts
of this Agreement duly executed by each of the parties hereto and (b) payment of the legal fees of counsel to the Administrative
Agent accrued on or prior to the date of this Agreement in connection with the preparation, negotiation and execution of this
Agreement and all other instruments, documents and agreements executed and delivered in connection with this Agreement.

 

SECTION 4. Binding
Effect; Ratification.

 

(a) The Credit
Agreement, as amended hereby, remains in full force and effect. Any reference to the Credit Agreement from and after the date hereof
shall be deemed to refer to the Credit Agreement as amended hereby, unless otherwise expressly stated.

 

(b) Except as
expressly amended hereby, the Credit Agreement and the Servicing Agreement shall remain in full force and effect and each is hereby
ratified and confirmed by the parties hereto.

 

(c) The Company
represents and warrants to each Lender that each and every of its representations and warranties contained in Section 4 of the
Credit Agreement, as amended hereby, are true and correct as of the date hereof.

 

    	 	2	 

     

    

 

(d) Notwithstanding
anything to the contrary herein or in the Credit Document, by signing this Agreement, neither the Lender nor the Administrative
Agent is waiving or consenting, nor has either of them agreed to waive or consent to in the future, the breach of (or any rights
and remedies related to the breach of) any provisions of any of the Credit Documents.

 

(e) The Company
agrees to promptly reimburse the Administrative Agent for all of the reasonable out-of-pocket expenses, including, without limitation,
reasonable legal fees, it has heretofore or hereafter incurred or incurs in connection with the preparation, negotiation and execution
of this Agreement and all other instruments, documents and agreements executed and delivered in connection with this Agreement.

 

SECTION 5. Miscellaneous.

 

(a) THIS Agreement
SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE
CONFLICT OF LAW PRINCIPLES THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF NEW YORK GENERAL OBLIGATIONS LAW).

 

(b) The captions
and headings used herein are for convenience of reference only and shall not affect the interpretation hereof.

 

(c) This Agreement
may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement.

 

(d) Executed
counterparts of this Agreement may be delivered electronically.

 

[SIGNATURES FOLLOW]

 

    	 	3	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed by their respective officers as of the day and year first above
written.

 

	 	ADMINISTRATIVE AGENT and LENDER:
	 	 
	 	WE 2014-1, LLC
	 	 
	 	 	 
	 	By:	/s/ Thomas Buttacavoli
	 	Name:	Thomas Buttacavoli
	 	Title:	Authorized Person
	 	 
	 	COMPANY:
	 	 
	 	FlexShopper 2, LLC
	 	 
	 	By:	/s/ Brad Bernstein
	 	Name:	Brad Bernstein
	 	Title:	Chief Executive Officer

 

 

    Flexshopper No. 7 AmendmentEX-10.1

 Exhibit 10.1 

 
 

 
  

 PRIVATE AND CONFIDENTIAL 

Luca Zaramella 
 June 21, 2018 

INTERNATIONAL PERMANENT TRANSFER LETTER 
 Dear Luca, 

We are pleased to confirm the terms of your international transfer with Mondelez Global LLC (“The Company”). Your new position details are as
follows: 
  

			
	New Position:	  	Chief Financial Officer
	New Location:	  	Deerfield, IL, United States
	Salary Band/Grade:	  	B
	Anticipated Assignment Start Date:	  	August 1, 2018

 This assignment is subject to your acceptance of the terms outlined in this letter. 

As of your transfer date, your existing terms and conditions of employment with Mondelez EU GmbH. will cease and you will be hired as a local United States
employee, compensated within the United States salary structure and eligible for the United States benefits and incentive programs. Your position as a United States employee will require compliance with relevant tax laws and maintenance of legal
employment authorization under the United States law. 
 Compensation Details 

Listed below are details of your compensation. 
  

					
	 Annual Base Pay
	  	USD	700,000	 
	 Target Annual Incentive 100%
	  	USD	700,000	 
	 Total Annual Target Cash Compensation
	  	USD	  1,400,000	 

 With your transfer, your base salary and target incentive will be quoted in the United States currency and will be reviewed in
line with the United States compensation practices. 
  

  

					
	Luca Zaramella	  	Page 1 of 4	  	

 

 
  

 Relocation Support 

You will be entitled to home search and home purchase assistance in the United States per the United States domestic relocation policy. 

If you relocate to a new accommodation, the Company will provide for the move of your household goods from your rental property to your new home and provide a
relocation allowance. This allowance is equal to one-half of one month of host gross base salary capped at the mid-point of Band G and subject to tax deduction of the
United States taxes. 
 The relocation assistance above will be available for up to 12 months following your localization date and it is conditional upon
your agreement and signature on the attached Relocation Repayment Agreement. 
 Security Deposit 

The security deposit on your current lease of USD 9,000 must be returned to the company within 60 days on your localization. 

Tax Services 
 As a local United States employee,
you will be responsible for payment of actual United States income and social taxes, as required by law. You will be provided with a home country tax departure meeting and assistance with tax filings in the United States in your year of transfer and
the following year, using the Company selected tax service provider. After this time, all further filings are your responsibility. 
 Benefits

 As a local United States employee, you will be eligible to participate in the benefits programs available to the United States employees. Details
of the benefits plans will be provided separately. 
 As of your effective date, you will follow the United States vacation accrual schedule based on your
total length of service with Mondelēz and prorated for your start date on the United States payroll. 
 Employment Status 

Mondelēz will apply for permanent residency status on your behalf. Our commitment includes the use of Mondelēz-selected immigration attorneys and
payment of legal and filling fees. Costs for required medical exams are not covered. Should you leave the Company’s employment for any reason during the processing of the application, or for a two-year
period following the approval of the application (date the permanent residency stamp is entered into your passport), you will be required to reimburse the Company for all application costs incurred by the Company within 30 days after termination.

  

  

					
	Luca Zaramella	  	Page 2 of 4	  	

 

 
  

 In the event that your employment is involuntarily terminated, without cause, prior to the receipt of your
permanent residency Mondelēz will reimburse the cost of the return flight for you and your dependents to Italy and the costs to move your household goods back to Italy. No other costs will be covered. 

Likewise, if you resign from Mondelēz prior to receipt of your permanent residency status, you will be fully responsible for all costs associated with
your required departure from the United States. 
 You will be an employee of the United States and your employment status will be governed by and shall be
construed in accordance with the laws of the United States. As such, your status will be that of an “at will” employee. This means that either you or Mondelēz is free to terminate the employment relationship at any time, for any
reason. 
 Should your employment terminate involuntarily due to circumstances that would make you eligible for severance pay under the United States
Mondelēz Severance Pay Plan, your full years of service with Mondelēz will be recognized to calculate your severance payment. 
 Any dispute in
connection with your employment shall be resolved in accord with the dispute resolution mechanism procedure that is customary in the United States. 
 Any
potential future assignments back in your home country and the associated compensation packages (expatriate vs. local) will be evaluated on a case-by-case basis. We
trust this provides clarification on your transfer details. 
  

					
	 /s/ Dave Pendleton
	 		 	August 1, 2018
	Dave Pendleton	 		 	Date
	 SVP, Rewards & HR Solutions
	 		 	

 I agree to the terms and conditions contained in this Permanent Transfer Letter. 

 

					
	 /s/ Luca Zaramella
	 		 	July 31, 2018
	Luca Zaramella	 		 	Date

  

  

					
	Luca Zaramella	  	Page 3 of 4	  	

 

 
  

 EMPLOYEE EXPENSE REPAYMENT AGREEMENT 

Mondelēz International (“Mondelēz”) and Luca Zaramella enter into this Employee Repayment Agreement (“Agreement”) as of the date
I sign the Agreement. 
 Mondelēz and I acknowledge and agree that: 
  

	 	•	 	 Mondelēz is willing to advance/reimburse my employment Relocation Expenses. 

 

	 	•	 	 “Relocation Expenses” means any and all fees, costs, expenses or losses incurred by Mondelēz
related to my relocation including those associated with (a) my new residence; (b) relocation allowance; and, (c) any tax gross-up. 

 

	 	•	 	 Mondelēz will inform me of my total Relocation Expenses upon request to my Human Resources professional.

  

	 	•	 	 I will repay Mondelēz the full amount of my Relocation Expenses upon demand or on any other terms that we
agree to in writing if my employment terminates, voluntarily or involuntarily for cause, with or without notice, within 24 months of the later of the date I sign this Agreement or my first day of active employment. 

THE FOLLOWING TERMS APPLY TO THE ABOVE STATEMENTS 
  

	 	•	 	 I will not owe any expenses incurred by Mondelēz under this Agreement if my employment terminates
involuntarily due to circumstances that would make me eligible for severance pay under the Mondelēz Severance Pay Plan applicable to my position at the time of termination. 

 

	 	•	 	 This Agreement does not mean that I will be a Mondelēz employee for any particular time or that there will
be no change in my assigned facility, job title or job responsibilities. Mondelēz or I may terminate my employment at will and at any time without affecting my obligations under this Agreement. 

 

	 	•	 	 There will be no proration of my repayment obligation for any reason. I authorize Mondelēz to recover any
portion of these expenses from any salary, bonus or other incentive pay, vacation pay or other funds owed to me. I will pay interest at the rate of 9% per year or at the highest rate allowed under Illinois law (if lower than 9%) on any amount that
remains unpaid after demand. 

  

	 	•	 	 We will resolve any disputes relating to this Agreement by arbitration governed by the Commercial Arbitration
Rules of the American Arbitration Association. The arbitration proceedings will take place in Chicago, Illinois and the sole arbitrator will apply the law applicable to contracts made and fully performed in Illinois. The prevailing party will be
awarded its attorneys’ fees and arbitration expenses. If both parties waive, and the arbitrator will have no authority to award punitive damages. Any court having jurisdiction may enter judgment on the award made by the arbitrator.

 All the terms and conditions of our understanding are in this Agreement and they can only be modified in a writing
signed by a Mondelēz Human Resources Vice President. I understand that without exception no manger, employee or other representative of Mondelez is authorized to modify or waive any of these terms in any way. I have read, understood, and had
the opportunity to discuss this Agreement with my lawyer. 
  

							
	EMPLOYEE	 		 	            MONDELEZ INTERNATIONAL
				
	 /s/ Luca Zaramella
	 		 	Representative:	 	 /s/ Dave Pendleton

	Date: 07/31/2018	 		 	HR Title: SVP Total Rewards
		 		 	Date: 8/1/2018

  

  

					
	Luca Zaramella	  	Page 4 of 4

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