Document:

Exhibit 10.5

 

INDEMNITY AGREEMENT

 

THIS INDEMNITY AGREEMENT (this
“Agreement”) is made as of January 4, 2021, by and between BM Technologies, Inc., a Delaware corporation
(the “Company”), and [•] (“Indemnitee”).

 

RECITALS

 

WHEREAS, highly competent persons
have become more reluctant to serve publicly-held corporations as directors, officers or in other capacities unless they are provided
with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them
arising out of their service to and activities on behalf of such corporations;

 

WHEREAS, the Board of Directors of
the Company (the “Board”) has determined that, in order to attract and retain qualified individuals,
the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the
Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread
practice among United States-based corporations and other business enterprises, the Company believes that, given current market
conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At
the same time, directors, officers and other persons in service to corporations or business enterprises are being increasingly
subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been
brought only against the Company or business enterprise itself.  The Amended and Restated Certificate of Incorporation (the
“Charter”) and the Bylaws (the “Bylaws”) of the Company require indemnification
of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to applicable provisions
of the Delaware General Corporation Law (“DGCL”). The Charter, Bylaws and the DGCL expressly provide
that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered
into between the Company and members of the Board, officers and other persons with respect to indemnification, hold harmless, exoneration,
advancement and reimbursement rights;

 

WHEREAS, the uncertainties relating
to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

 

WHEREAS, the Board has determined
that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company’s
stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in
the future;

 

WHEREAS, it is reasonable, prudent
and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate and to advance expenses on
behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company
free from undue concern that they will not be so protected against liabilities;

 

WHEREAS, this Agreement is a supplement
to and in furtherance of the Charter and Bylaws and any resolutions adopted pursuant thereto, and shall not be deemed a substitute
therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

 

WHEREAS, Indemnitee may not
be willing to serve as an officer or director, advisor or in another capacity without adequate protection, and the Company desires
Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or
on behalf of the Company on the condition that Indemnitee be so indemnified; and

 

NOW, THEREFORE, in consideration
of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

     

     

    

 

TERMS AND CONDITIONS

 

1. SERVICES TO THE COMPANY Indemnitee
will serve or continue to serve as an officer, director, advisor, key employee or any other capacity of the Company, as applicable,
for so long as Indemnitee is duly elected or appointed or retained or until Indemnitee tenders Indemnitee’s resignation or
until Indemnitee is removed. The foregoing notwithstanding, this Agreement shall continue in full force and effect after Indemnitee
has ceased to serve as a director, officer, advisor, key employee or in any other capacity of the Company, as provided in Section 17.
This Agreement, however, shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to
the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.

 

2. DEFINITIONS. As used in this
Agreement:

 

(a)  References to “agent”
shall mean any person who is or was a director, officer or employee of the Company or a subsidiary of the Company or other person
authorized by the Company to act for the Company, to include such person serving in such capacity as a director, officer, employee,
fiduciary or other official of another corporation, partnership, limited liability company, joint venture, trust or other enterprise
at the request of, for the convenience of, or to represent the interests of the Company or a subsidiary of the Company.

 

(b)  The terms “Beneficial
Owner” and “Beneficial Ownership” shall have the meanings set forth in Rule 13d-3
promulgated under the Exchange Act (as defined below) as in effect on the date hereof.

 

(c)  A “Change in Control”
shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events:

 

(i) Acquisition of Stock by Third
Party. Any Person (as defined below) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company
representing fifteen percent (15%) or more of the combined voting power of the Company’s then outstanding securities entitled
to vote generally in the election of directors, unless (1) the change in the relative Beneficial Ownership of the Company’s
securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to
vote generally in the election of directors, or (2) such acquisition was approved in advance by the Continuing Directors (as
defined below) and such acquisition would not constitute a Change in Control under part (iii) of this definition;

 

(ii) Change in Board of Directors.
Individuals who, as of the date hereof, constitute the Board, and any new director whose election by the Board or nomination for
election by the Company’s stockholders was approved by a vote of at least two thirds of the directors then still in office
who were directors on the date hereof or whose election for nomination for election was previously so approved (collectively, the
“Continuing Directors”), cease for any reason to constitute at least a majority of the members of the
Board;

 

(iii) Corporate Transactions.
The effective date of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination,
involving the Company and one or more businesses (a “Business Combination”), in each case, unless, following
such Business Combination: (1) all or substantially all of the individuals and entities who were the Beneficial Owners of
securities entitled to vote generally in the election of directors immediately prior to such Business Combination beneficially
own, directly or indirectly, more than 51% of the combined voting power of the then outstanding securities of the Company entitled
to vote generally in the election of directors resulting from such Business Combination (including, without limitation, a corporation
which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly
or through one or more Subsidiaries (as defined below)) in substantially the same proportions as their ownership immediately prior
to such Business Combination, of the securities entitled to vote generally in the election of directors; (2) no Person (excluding
any corporation resulting from such Business Combination) is the Beneficial Owner, directly or indirectly, of 15% or more of the
combined voting power of the then outstanding securities entitled to vote generally in the election of directors of the surviving
corporation except to the extent that such ownership existed prior to the Business Combination; and (3) at least a majority
of the Board of Directors of the corporation resulting from such Business Combination were Continuing Directors at the time of
the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination;

 

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(iv) Liquidation. The approval
by the stockholders of the Company of a complete liquidation of the Company or an agreement or series of agreements for the sale
or disposition by the Company of all or substantially all of the Company’s assets, other than factoring the Company’s
current receivables or escrows due (or, if such stockholder approval is not required, the decision by the Board to proceed with
such a liquidation, sale, or disposition in one transaction or a series of related transactions); or

 

(v) Other Events. There occurs
any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A
(or any successor rule) (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act
(as defined below), whether or not the Company is then subject to such reporting requirement.

 

(d)  “Corporate Status”
describes the status of a person who is or was a director, officer, trustee, general partner, manager, managing member, fiduciary,
employee or agent of the Company or of any other Enterprise (as defined below) which such person is or was serving at the request
of the Company.

 

(e)  “Delaware Court”
shall mean the Court of Chancery of the State of Delaware.

 

(f)  “Disinterested Director”
shall mean a director of the Company who is not and was not a party to the Proceeding (as defined below) in respect of which indemnification
is sought by Indemnitee.

 

(g)  “Enterprise”
shall mean the Company and any other corporation, constituent corporation (including any constituent of a constituent) absorbed
in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is a party, limited liability company,
partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request
of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent.

 

(h)  “Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended.

 

(i)  “Expenses”
shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation,
all reasonable attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges,
postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses
in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness
in, settlement or appeal of, or otherwise participating in, a Proceeding (as defined below), including reasonable compensation
for time spent by Indemnitee for which he or she is not otherwise compensated by the Company or any third party. Expenses also
shall include Expenses incurred in connection with any appeal resulting from any Proceeding (as defined below), including without
limitation the principal, premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond
or its equivalent. “Expenses,” however, shall not include amounts paid in settlement by Indemnitee or the amount of
judgments or fines against Indemnitee.

 

(j)  References to “fines”
shall include any excise tax assessed on Indemnitee with respect to any employee benefit plan; references to “serving
at the request of the Company” shall include any service as a director, officer, employee, agent or fiduciary of the
Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect to
an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably
believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be
deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.

 

(k)  “Independent Counsel”
shall mean a law firm or a member of a law firm with significant experience in matters of corporation law and that neither presently
is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either
such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar
indemnification agreements); or (ii) any other party to the Proceeding (as defined below) giving rise to a claim for indemnification
hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the
applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company
or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

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(l)  The term “Person”
shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as in effect on the date hereof;
provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries (as defined below)
of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of
any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their
ownership of stock of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit plan
of the Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly or indirectly by the stockholders
of the Company in substantially the same proportions as their ownership of stock of the Company.

 

(m)  The term “Proceeding”
shall include any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism,
investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the
right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative
or investigative or related nature, in which Indemnitee was, is, will or might be involved as a party or otherwise by reason of
the fact that Indemnitee is or was a director or officer of the Company, by reason of any action (or failure to act) taken by Indemnitee
or of any action (or failure to act) on Indemnitee’s part while acting as a director or officer of the Company, or by reason
of the fact that Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner, managing
member, fiduciary, employee or agent of any other Enterprise, in each case whether or not serving in such capacity at the time
any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses can be provided under
this Agreement.

 

(n)  The term “Subsidiary,”
with respect to any Person, shall mean any corporation, limited liability company, partnership, joint venture, trust or other entity
of which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by
that Person.

 

3. INDEMNITY IN THIRD-PARTY PROCEEDINGS.
To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance
with the provisions of this Section 3 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as
a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment
in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 3, Indemnitee shall be indemnified,
held harmless and exonerated against all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including
all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, liabilities,
fines, penalties and amounts paid in settlement) actually, and reasonably incurred by Indemnitee or on Indemnitee’s behalf
in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he
or she reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding,
had no reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

4. INDEMNITY IN PROCEEDINGS BY OR
IN THE RIGHT OF THE COMPANY. To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless
and exonerate Indemnitee in accordance with the provisions of this Section 4 if Indemnitee was, is, or is threatened to be
made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding by or in the right of the Company to
procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 4, Indemnitee
shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner
Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. No indemnification, hold harmless
or exoneration for Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee
shall have been finally adjudged by a court to be liable to the Company, unless and only to the extent that any court in which
the Proceeding was brought or the Delaware Court shall determine upon application that, despite the adjudication of liability but
in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held
harmless or to exoneration.

 

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5. INDEMNIFICATION FOR EXPENSES
OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provisions of this Agreement except for Section 27,
to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and
is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in
part, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against
all Expenses actually and reasonably incurred by Indemnitee in connection therewith. If Indemnitee is not wholly successful in
such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in
such Proceeding, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee
against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully
resolved claim, issue or matter. If Indemnitee is not wholly successful in such Proceeding, the Company also shall, to the fullest
extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred
in connection with a claim, issue or matter related to any claim, issue, or matter on which Indemnitee was successful. For purposes
of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with
or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

6. INDEMNIFICATION FOR EXPENSES
OF A WITNESS. Notwithstanding any other provision of this Agreement except for Section 27, to the extent that Indemnitee
is, by reason of Indemnitee’s Corporate Status, a witness or deponent in any Proceeding to which Indemnitee was or is not
a party or threatened to be made a party, Indemnitee shall, to the fullest extent permitted by applicable law, be indemnified,
held harmless and exonerated against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf
in connection therewith.

 

7. ADDITIONAL INDEMNIFICATION, HOLD
HARMLESS AND EXONERATION RIGHTS. Notwithstanding any limitation in Sections 3, 4, or 5 and except for Section 27, the
Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee
is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure
a judgment in its favor) against all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including
all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, liabilities,
fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding.
No indemnification, hold harmless or exoneration rights shall be available under this Section 7 on account of Indemnitee’s
conduct which constitutes a breach of Indemnitee’s duty of loyalty to the Company or its stockholders or is an act or omission
not in good faith or which involves intentional misconduct or a knowing violation of the law.

 

8. CONTRIBUTION IN THE EVENT OF
JOINT LIABILITY.

 

(a)  To the fullest extent permissible
under applicable law, if the indemnification, hold harmless and/or exoneration rights provided for in this Agreement are unavailable
to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying, holding harmless or exonerating
Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments, liabilities, fines,
penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without requiring Indemnitee
to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time
against Indemnitee.

 

(b)  The Company shall not enter into
any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding)
unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

 

(c)  The Company hereby agrees to fully
indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be brought by officers, directors
or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee.

 

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9. EXCLUSIONS. Notwithstanding
any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification, advance expenses,
hold harmless or exoneration payment in connection with any claim made against Indemnitee:

 

(a)  for which payment has actually been
received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement provision, except with respect
to any excess beyond the amount actually received under any insurance policy, contract, agreement, other indemnity or advancement
provision or otherwise;

 

(b)  for an accounting of profits made
from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of
the Exchange Act (or any successor rule) or similar provisions of state statutory law or common law; or

 

(c)  except as otherwise provided in
Sections 14(f)-(g) hereof, prior to a Change in Control, in connection with any Proceeding (or any part of any Proceeding)
initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company
or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of
any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, hold harmless or exoneration payment,
in its sole discretion, pursuant to the powers vested in the Company under applicable law. Indemnitee shall seek payments or advances
from the Company only to the extent that such payments or advances are unavailable from any insurance policy of the Company covering
Indemnitee.

 

10. ADVANCES OF EXPENSES; DEFENSE
OF CLAIM.

 

(a)  Notwithstanding any provision of
this Agreement to the contrary, except for Section 27, and to the fullest extent not prohibited by applicable law, the Company
shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee within three months)
in connection with any Proceeding within ten (10) days after the receipt by the Company of a statement or statements requesting
such advances from time to time, prior to the final disposition of any Proceeding. Advances shall, to the fullest extent permitted
by law, be unsecured and interest free. Advances shall, to the fullest extent permitted by law, be made without regard to Indemnitee’s
ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to be indemnified, held harmless or
exonerated under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing
a Proceeding to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company
to support the advances claimed. To the fullest extent required by applicable law, such payments of Expenses in advance of the
final disposition of the Proceeding shall be made only upon the Company’s receipt of an undertaking, by or on behalf of Indemnitee,
to repay the advanced amounts to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified,
held harmless or exonerated by the Company under the provisions of this Agreement, the Charter, the Bylaws, applicable law or otherwise.
This Section 10(a) shall not apply to any claim made by Indemnitee for which an indemnification, hold harmless or exoneration
payment is excluded pursuant to Section 9.

 

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(b)  The Company will be entitled to
participate in the Proceeding at its own expense.

 

(c)  The Company shall not settle any
action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, liability, fine, penalty or limitation
on Indemnitee without Indemnitee’s prior written consent.

 

11. PROCEDURE FOR NOTIFICATION AND
APPLICATION FOR INDEMNIFICATION.

 

(a)  Indemnitee agrees to notify promptly
the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document
relating to any Proceeding, claim, issue or matter therein which may be subject to indemnification, hold harmless or exoneration
rights, or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the
Company of any obligation which it may have to Indemnitee under this Agreement, or otherwise.

 

(b)  Indemnitee may deliver to the Company
a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with this Agreement. Such application(s) may
be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or her sole discretion. Following
such a written application for indemnification by Indemnitee, Indemnitee’s entitlement to indemnification shall be determined
according to Section 12(a) of this Agreement.

 

12. PROCEDURE UPON APPLICATION FOR
INDEMNIFICATION.

 

(a)  A determination, if required by
applicable law, with respect to Indemnitee’s entitlement to indemnification shall be made in the specific case by one of
the following methods, which shall be at the election of Indemnitee: (i) by a majority vote of the Disinterested Directors,
even though less than a quorum of the Board, (ii) by a committee of such directors designated by majority vote of such directors,
(iii) if there are no Disinterested Directors or if such directors so direct, by Independent Counsel in a written opinion
to the Board, a copy of which shall be delivered to Indemnitee, or (iv) by vote of the stockholders. The Company promptly
will advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including
a description of any reason or basis for which indemnification has been denied. If it is so determined that Indemnitee is entitled
to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall
reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement
to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or
information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and
reasonably necessary to such determination. Any costs or Expenses incurred by Indemnitee in so cooperating with the person, persons
or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement
to indemnification) and the Company hereby agrees to indemnify and to hold Indemnitee harmless therefrom.

 

(b)  In the event the determination of
entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a) hereof, the Independent
Counsel shall be selected as provided in this Section 12(b). The Independent Counsel shall be selected by Indemnitee (unless
Indemnitee shall request that such selection be made by the Board), and Indemnitee shall give written notice to the Company advising
it of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements
of “Independent Counsel” as defined in Section 2 of this Agreement. If the Independent Counsel is selected by
the Board, the Company shall give written notice to Indemnitee advising Indemnitee of the identity of the Independent Counsel so
selected and certifying that the Independent Counsel so selected meets the requirements of “Independent Counsel” as
defined in Section 2 of this Agreement. In either event, Indemnitee or the Company, as the case may be, may, within ten
(10) days after such written notice of selection shall have been received, deliver to the Company or to Indemnitee, as the
case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that
the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2
of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and
timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated,
the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court
of competent jurisdiction has determined that such objection is without merit. If, within twenty (20) days after submission by
Indemnitee of a written request for indemnification pursuant to Section 11(b) hereof, no Independent Counsel shall have
been selected and not objected to, either the Company or Indemnitee may petition the Delaware Court for resolution of any objection
which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment
as Independent Counsel of a person selected by the Delaware Court, and the person with respect to whom all objections are so resolved
or the person so appointed shall act as Independent Counsel under Section 12(a) hereof. Upon the due commencement of
any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel shall be
discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct
then prevailing).

 

(c)  The Company agrees to pay the reasonable
fees and expenses of Independent Counsel and to fully indemnify and hold harmless such Independent Counsel against any and all
Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

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13. PRESUMPTIONS AND EFFECT OF CERTAIN
PROCEEDINGS.

 

(a)  In making a determination with respect
to entitlement to indemnification hereunder, the person, persons or entity making such determination shall presume that Indemnitee
is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with
Section 11(b) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection
with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the
Company (including by the Disinterested Directors or Independent Counsel) to have made a determination prior to the commencement
of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable
standard of conduct, nor an actual determination by the Company (including by the Disinterested Directors or Independent Counsel)
that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that
Indemnitee has not met the applicable standard of conduct.

 

(b)  If the person, persons or entity
empowered or selected under Section 12 of this Agreement to determine whether Indemnitee is entitled to indemnification shall
not have made a determination within thirty (30) days after receipt by the Company of the request therefor, the requisite determination
of entitlement to indemnification shall, to the fullest extent permitted by law, be deemed to have been made and Indemnitee shall
be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material
fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification,
or (ii) a final judicial determination that any or all such indemnification is expressly prohibited under applicable law;
provided, however, that such 30-day period may be extended for a reasonable time, not to exceed an additional fifteen (15) days,
if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires
such additional time for the obtaining or evaluating of documentation and/or information relating thereto.

 

(c)  The termination of any Proceeding
or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its
equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee
to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably
believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee
had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

(d)  For purposes of any determination
of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records
or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the directors,
manager, or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise, its
Board, any committee of the Board or any director, trustee, general partner, manager or managing member, or on information or records
given or reports made to the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager
or managing member, by an independent certified public accountant or by an appraiser or other expert selected by the Enterprise,
its Board, any committee of the Board or any director, trustee, general partner, manager or managing member. The provisions of
this Section 13(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee
may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.

 

(e)  The knowledge and/or actions, or
failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary, agent or employee of the
Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

    8

     

    

 

14. REMEDIES OF INDEMNITEE.

 

(a)  In the event that (i) a determination
is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement,
(ii) advancement of Expenses, to the fullest extent permitted by applicable law, is not timely made pursuant to Section 10
of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 12(a) of
this Agreement within thirty (30) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification
is not made pursuant to Section 5, 6, 7 or the last sentence of Section 12(a) of this Agreement within ten (10) days
after receipt by the Company of a written request therefor, (v) a contribution payment is not made in a timely manner pursuant
to Section 8 of this Agreement, (vi) payment of indemnification pursuant to Section 3 or 4 of this Agreement is
not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vii) payment
to Indemnitee pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not made in accordance with
this Agreement, Indemnitee shall be entitled to an adjudication by the Delaware Court to such indemnification, hold harmless,
exoneration, contribution or advancement rights. Alternatively, Indemnitee, at Indemnitee’s option, may seek an award
in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration
Association. Except as set forth herein, the provisions of Delaware law (without regard to its conflict of laws rules) shall apply
to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

(b)  In the event that a determination
shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is not entitled to indemnification,
any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all respects as a de novo
trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.

 

(c)  In any judicial proceeding or arbitration
commenced pursuant to this Section 14, Indemnitee shall be presumed to be entitled to be indemnified, held harmless,
and exonerated and to receive advancement of Expenses under this Agreement and the Company shall have the burden of proving Indemnitee
is not entitled to be indemnified, held harmless, and exonerated and to receive advancement of Expenses, as the case may be, and
the Company may not refer to or introduce into evidence any determination pursuant to Section 12(a) of this Agreement
adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 14, Indemnitee
shall not be required to reimburse the Company for any advances pursuant to Section 10 until a final determination is made
with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

 

(d)  If a determination shall have been
made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be
bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent (i) a
misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

 

(e)  The Company shall be precluded from
asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14 that the procedures and presumptions
of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that
the Company is bound by all the provisions of this Agreement.

 

(f)  The Company shall indemnify and
hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested by Indemnitee, shall (within
ten (10) days after the Company’s receipt of such written request) pay to Indemnitee, to the fullest extent permitted
by applicable law, such Expenses which are incurred by Indemnitee in connection with any judicial proceeding or arbitration brought
by Indemnitee: (i) to enforce his or her rights under, or to recover damages for breach of, this Agreement or any other indemnification,
hold harmless, exoneration, advancement or contribution agreement or provision of the Charter, or the Bylaws now or hereafter in
effect; or (ii) for recovery or advances under any insurance policy maintained by any person for the benefit of Indemnitee,
regardless of the outcome and whether Indemnitee ultimately is determined to be entitled to such indemnification, hold harmless
or exoneration right, advancement, contribution or insurance recovery, as the case may be (unless such judicial proceeding or arbitration
was not brought by Indemnitee in good faith).

 

(g)  Interest shall be paid by the Company
to Indemnitee at the legal rate under Delaware law for amounts which the Company indemnifies, holds harmless or exonerates, or
advances, or is obliged to indemnify, hold harmless or exonerate or advance for the period commencing with the date on which Indemnitee
requests indemnification, to be held harmless, exonerated, contribution, reimbursement or advancement of any Expenses and ending
with the date on which such payment is made to Indemnitee by the Company.

 

    9

     

    

 

15. SECURITY. Notwithstanding
anything herein to the contrary, except for Section 27, to the extent requested by Indemnitee and approved by the Board, the
Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through
an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be
revoked or released without the prior written consent of Indemnitee.

 

16.  NON-EXCLUSIVITY; SURVIVAL OF
RIGHTS; INSURANCE; SUBROGATION.

 

(a)  The rights of Indemnitee as provided
by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable
law, the Charter, the Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration
or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in
respect of any Proceeding (regardless of when such Proceeding is first threatened, commenced or completed) or claim, issue or matter
therein arising out of, or related to, any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior
to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision,
permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would be afforded currently
under the Charter, the Bylaws or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement
the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right
or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 

(b)  The DGCL, the Charter and the Bylaws
permit the Company to purchase and maintain insurance or furnish similar protection or make other arrangements including, but not
limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification Arrangements”)
on behalf of Indemnitee against any liability asserted against Indemnitee or incurred by or on behalf of Indemnitee or in such
capacity as a director, officer, employee or agent of the Company, or arising out of Indemnitee’s status as such, whether
or not the Company would have the power to indemnify Indemnitee against such liability under the provisions of this Agreement or
under the DGCL, as it may then be in effect. The purchase, establishment, and maintenance of any such Indemnification Arrangement
shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as
expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way
limit or affect the rights and obligations of the Company or the other party or parties thereto under any such Indemnification
Arrangement.

 

(c)  To the extent that the Company maintains
an insurance policy or policies providing liability insurance for directors, officers, trustees, partners, managers, managing members,
fiduciaries, employees, or agents of the Company or of any other Enterprise which such person serves at the request of the Company, Indemnitee
shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available
for any such director, officer, trustee, partner, managers, managing member, fiduciary, employee or agent under such policy or
policies. If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee is a party or a participant
(as a witness, deponent or otherwise), the Company has director and officer liability insurance in effect, the Company shall give
prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company
shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable
as a result of such Proceeding in accordance with the terms of such policies.

 

(d)  In the event of any payment under
this Agreement, the Company, to the fullest extent permitted by law, shall be subrogated to the extent of such payment to all of
the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights,
including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

    10

     

    

 

(e)  The Company’s obligation to
indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company
as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other Enterprise shall
be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration payments or advancement
of expenses from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary except for Section 27,
(i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold harmless,
exoneration, advancement, contribution or insurance coverage among multiple parties possessing such duties to Indemnitee prior
to the Company’s satisfaction and performance of all its obligations under this Agreement, and (ii) the Company shall
perform fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification,
advancement, hold harmless, exoneration, contribution or insurance coverage rights against any person or entity other than the
Company.

 

17. DURATION OF AGREEMENT. All
agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director or
officer of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any
other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves at the
request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding (including
any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement) by
reason of Indemnitee’s Corporate Status, whether or not Indemnitee is acting in any such capacity at the time any liability
or expense is incurred for which indemnification or advancement can be provided under this Agreement.

 

18. SEVERABILITY. If any provision
or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity,
legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section,
paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not
itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to
the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to
conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent
possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of
this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal
or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

 

19. ENFORCEMENT AND BINDING EFFECT.

 

(a)  The Company expressly confirms and
agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to
serve as a director, officer or key employee of the Company, and the Company acknowledges that Indemnitee is relying upon this
Agreement in serving as a director, officer or key employee of the Company.

 

(b)  Without limiting any of the rights
of Indemnitee under the Charter or Bylaws as they may be amended from time to time, this Agreement constitutes the entire agreement
between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral,
written and implied, between the parties hereto with respect to the subject matter hereof.

 

(c)  The indemnification, hold harmless,
exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement shall be binding upon and be enforceable
by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger,
consolidation or otherwise to all or substantially all of the business and/or assets of the Company), shall continue as to an Indemnitee
who has ceased to be a director, officer, employee or agent of the Company or a director, officer, trustee, general partner, manager,
managing member, fiduciary, employee or agent of any other Enterprise at the Company’s request, and shall inure to the benefit
of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

 

(d)  The Company shall require and cause
any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial
part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly
to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform
if no such succession had taken place.

 

    11

     

    

 

(e)  The Company and Indemnitee agree
herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult
of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that
Indemnitee may, to the fullest extent permitted by law, enforce this Agreement by seeking, among other things, injunctive relief
and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive
relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which
Indemnitee may be entitled. The Company and Indemnitee further agree that Indemnitee shall, to the fullest extent permitted by
law, be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions
and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith. The Company acknowledges
that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court of competent jurisdiction. The
Company hereby waives any such requirement of such a bond or undertaking to the fullest extent permitted by law.

 

20.   MODIFICATION AND WAIVER.
No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the Company and Indemnitee.
No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this
Agreement nor shall any waiver constitute a continuing waiver.

 

21. NOTICES. All notices, requests,
demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given (i) if
delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed
by certified or registered mail with postage prepaid, on the third (3rd) business day after the date on which it is so mailed:

 

(a)  If to Indemnitee, at the address
indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide in writing to the Company.

 

(b)  If to the Company, to:

 

BM Technologies, Inc.

201 King of Prussia Road, Suite 240

Radnor, PA 19087

Attention:  Bob Ramsey, CFO

Email: rramsey@bankmobile.com

 

 

With a copy, which shall not constitute notice, to

 

Nelson Mullins Riley & Scarborough, LLP

101 Constitution Ave, NW, Suite 900

New York, New York 10105

Washington DC 20001

Attention: Jonathan Talcott

Email: jon.talcott@nelsonmullins.com

 

or to any other address as may have been
furnished to Indemnitee in writing by the Company.

 

22. APPLICABLE LAW AND CONSENT TO
JURISDICTION. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in
accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration
commenced by Indemnitee pursuant to Section 14(a) of this Agreement, to the fullest extent permitted by law, the Company
and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection
with this Agreement shall be brought only in the Delaware Court and not in any other state or federal court in the United States
of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Delaware Court for
purposes of any action or proceeding arising out of or in connection with this Agreement; (c) waive any objection to the laying
of venue of any such action or proceeding in the Delaware Court; and (d) waive, and agree not to plead or to make, any claim
that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum, or is subject
(in whole or in part) to a jury trial. To the fullest extent permitted by law, the parties hereby agree that the mailing of process
and other papers in connection with any such action or proceeding in the manner provided by Section 21 or in such other manner
as may be permitted by law, shall be valid and sufficient service thereof.

 

    12

     

    

 

23. IDENTICAL COUNTERPARTS.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but
all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability
is sought needs to be produced to evidence the existence of this Agreement.

 

24. MISCELLANEOUS. Use of the
masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs of
this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the
construction thereof.

 

25. PERIOD OF LIMITATIONS. No
legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s
spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such
cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the
timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations is otherwise
applicable to any such cause of action such shorter period shall govern.

 

26. ADDITIONAL ACTS. If for
the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required to the fullest
extent permitted by law, the Company undertakes to cause such act, resolution, approval or other procedure to be affected
or adopted in a manner that will enable the Company to fulfill its obligations under this Agreement.

 

27. WAIVER OF CLAIMS TO TRUST ACCOUNT.
Indemnitee hereby agrees that it does not have any right, title, interest or claim of any kind (each, a “Claim”)
in or to any monies in the trust account established in connection with the Company’s initial public offering for the benefit
of the Company and holders of shares issued in such offering, and hereby waives any Claim it may have in the future as a result
of, or arising out of, any services provided to the Company and will not seek recourse against such trust account for any reason
whatsoever.

 

28. MAINTENANCE OF INSURANCE.
The Company shall use commercially reasonable efforts to obtain and maintain in effect during the entire period for which the Company
is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable insurance companies
to provide the officers/directors of the Company with coverage for losses from wrongful acts and omissions and to ensure the Company’s
performance of its indemnification obligations under this Agreement.  The Indemnitee shall be covered by such policy or policies
in accordance with its or their terms to the maximum extent of the coverage available for any such director or officer under such
policy or policies.  In all such insurance policies, the Indemnitee shall be named as an insured in such a manner as to provide
the Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors
and officers.

 

[Signature Page Follows]

 

    13

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Indemnity Agreement to be signed as of the day and year first above written.

 

	 	BM Technologies, Inc.
	 	 	 
	 	By:	 
	 	 	Name:  	                
	 	 	Title:   	 
	 	 	 
	 	INDEMNITEE
	 	 	 
	 	By:	 
	 	 	Name: 	 
	 	 	Address:	 
	 	 	 

 

[Signature page to Indemnity Agreement]

 

 

14Exhibit 10.6

 

 

 

LOAN AGREEMENT

 

by and among

 

BM TECHNOLOGIES, INC. AND BMTX, INC.

as Borrowers

 

and

 

CUSTOMERS BANK

as Lender

 

Dated January 4, 2021

 

 

 

Walter Weir, Jr., Esquire

Weir & Partners LLP

1339 Chestnut Street, Suite 500

Philadelphia, PA 19107

wweir@weirpartners.com

Phone: (215) 665-8181 Fax: (215) 665-8191

 

     

    

    

 

TABLE OF CONTENTS

 

	SECTION	 	 
	 	 	 
	1.	Definitions	1
	 	 	 
	2.	Loan	5
	 	 	 
	3.	Permanent Principal Reductions	6
	 	 	 
	4.	Note	6
	 	 	 
	5.	Interest/Late Charge	6
	 	 	 
	6.	Payment of Principal and Interest	7
	 	 	 
	7.	Prepayment	8
	 	 	 
	8.	Advances Requests	8
	 	 	 
	9.	Security Agreement	8
	 	 	 
	10.	Loan Account	8
	 	 	 
	11.	Application of Funds	8
	 	 	 
	12.	Restricted Account	9
	 	 	 
	13.	Closing	9
	 	 	 
	14.	Conditions Precedent to Closing	9
	 	 	 
	15.	Representations and Warranties	10
	 	 	 
	16.	Affirmative Covenants	13
	 	 	 
	17.	Negative Covenants	15
	 	 	 
	18.	Events of Default	15
	 	 	 
	19.	Remedies	16
	 	 	 
	20.	Right of Set-Off	17
	 	 	 
	21.	Cross-Default/Cross-Collateralization	17
	 	 	 
	22.	Miscellaneous	17

 

    i

    

    

 

EXHIBITS

 

	Form of Borrowing Base Certificate	EXHIBIT A
	 	 
	Note	EXHIBIT B
	 	 
	Security Agreement	EXHIBIT C
	 	 
	Perfection Certificate	EXHIBIT D
	 	 
	Deposit Processing Services Agreement	EXHIBIT E
	 	 
	Loan Advance Request	EXHIBIT F

 

    ii

    

    

 

LOAN AGREEMENT

 

THIS LOAN AGREEMENT
is made this 4th day of January, 2021, by and among:

 

●
BM TECHNOLOGIES, INC. (formerly known as Megalith Financial Acquisition Corp.), a Delaware corporation with a place of
business located at 201 King of Prussia Road, Suite 240, Radnor, PA 19087 ;

 

●
BMTX, Inc., a Pennsylvania business corporation and wholly owned
subsidiary of BM Technologies, Inc., with a place of business located at 201 King of Prussia Road, Suite 240, Radnor, PA 19087
(BM Technologies, Inc. and BMTX, Inc. are referred to herein as the “Borrowers”); and 

 

●
CUSTOMERS BANK, a Pennsylvania state chartered bank with a place of business located at 99 Bridge Street, Phoenixville, PA 19460
(“Lender”).

 

B A C K G R O U N D:

 

Borrowers have applied
to Lender for a Ten Million Dollar ($10,000,000.00) revolving line of credit to finance the MFAC Transaction and working capital
needs. Lender is willing to make the Loan available to Borrowers under and subject to the terms and conditions set forth in this
Agreement.

 

NOW, THEREFORE, the
Borrowers and Lender, intending to be legally bound, hereby agree:

 

1. Definitions.
As used in this Agreement, the following terms shall have the indicated meanings:

 

“Agreement”
means this Loan Agreement, as the same may be amended, modified, renewed, substituted and/or extended from time to time.

 

“Anti-Terrorism
Laws” means any laws relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money laundering
or bribery and corruption (including the FCPA and the Patriot Act), and any regulation, order, or directive promulgated, issued
or enforced pursuant to such Laws, all as amended, supplemented or replaced from time to time.

 

“Authorized
Officer” means any of the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, or Secretary of
either Borrower, acting singly.

 

“Base Rate”
means the variable per annum rate of interest so designated from time to time by the Lender as its prime rate (which rate is a
reference rate and does not necessarily represent the lowest or best rate being charged to any customer) plus 150 basis points.

 

“Borrowing
Base” means at any time 80% of Borrowers’ Qualified Accounts plus 100% of the collected amounts on deposit
to the Restricted Account, but not to exceed $10,000,000 minus any permanent reduction to the Loan required under paragraph 3 of
this Agreement.

 

“Borrowing Base
Certificate” means each Borrowing Base Certificate to be delivered by the Borrowers to the Bank pursuant to this
Agreement in substantially the form attached as Exhibit “A” executed by Borrowers’ Chief Financial Officers,
with blanks appropriately completed as amended, supplemented or otherwise modified from time to time.

 

    1

    

    

 

 “Business
Day” means any day of the week other than Saturday, Sunday, or a day the Federal Reserve Bank of Philadelphia recognizes
as a holiday.

 

 “Closing
Date” means the date on which all of the Loan Documents are executed and delivered
to Lender, which is contemplated to occur on or about January 4, 2021.

 

“Code”
means the Internal Revenue Code of 1986, as amended, or its predecessor or successor, as applicable, and any Treasury regulations,
revenue rulings or technical information releases issued thereunder.

 

“Collateral”
means all property, rights and interests in property now owned or hereafter acquired by each Borrower in or upon which a Lien is
at any time granted to Lender as security for the Obligations.

 

“Default Rate”
shall have the meaning given to that term in paragraph 5 of this Agreement.

 

“Deposit Processing
Services Agreement” means that certain Deposit Processing Services Agreement dated of even date herewith between Lender
and BMTX, Inc., a copy of which is attached to this Agreement as Exhibit “E”.

 

“Employee Benefit
Plan” means any “employee benefit plan” within the meaning of Section 3(3) of ERISA to which any Borrower,
or a subsidiary thereof, has an obligation to make a contribution, including as the result of being an ERISA Affiliate, other than
a Plan, Multiemployer Plan.

 

“Event(s) of
Default” shall have the meaning assigned to that term in paragraph 18 of this Agreement.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and any regulations issued thereunder by the Department
of Labor or PBGC.

 

“ERISA Affiliate”
means (a) any corporation included with any Borrower in a controlled group of corporations within the meaning of Section 414(b)
of the Code, (b) any trade or business (whether or not incorporated) which is under common control with any Borrower within the
meaning of Section 414(c) of the Code, (c) any member of an affiliated service group of which any Borrower is a member within the
meaning of Section 414(m) of the Code, and (d) any other group including any Borrower that is treated as a single employer within
the meaning of Section 414(o) of the Code.

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations promulgated thereunder.

 

    2

    

    

 

“Financing Statements”
means any UCC-1 financing statements evidencing a first priority security interest in the Accounts, Accounts Receivable, Furniture,
Fixtures, Equipment and other Collateral, as more particularly stated in this Agreement and the Security Agreement, and such other
documents that Lender may reasonably request to perfect and maintain its security interests in the Collateral and to secure the
Loan.

 

“GAAP”
means Generally Accepted Accounting Principles in effect from time to time.

 

“Governmental
Authority” means the government of the United States and any agency thereof, any state, province or political subdivision
thereof, and includes any international, foreign, federal or state regulator or agency having jurisdiction over Lender or Borrowers.

 

“Interest Rate”
shall have the meaning given to that term in paragraph 5 of this Agreement.

 

“LIBOR”
means the One Month London Inter-Bank Offered Rate as published in the Money Section of the Wall Street Journal on the last U.S.
business day of the month, but in no event shall LIBOR be less than 50 basis points.

 

“Lien”
means any mortgage, deed of trust, pledge, security interest, hypothecation, assignment, deposit arrangement, encumbrance, lien
(statutory, judicial or other), or preference, priority, or other security agreement or preferential arrangement, charge, or encumbrance
of any kind or nature whatsoever (including, without limitation, any conditional sale or other title retention agreement, any financing
lease having substantially the same economic effect as any of the foregoing, and the filing of any Financing Statement under the
Uniform Commercial Code or comparable law of any jurisdiction to evidence any of the foregoing).

 

“Loan”
means the Ten Million Dollar ($10,000,000.00) revolving line of credit made by Lender to Borrowers under this Agreement subject
to any principal reduction thereof required under paragraph 3 of this Agreement.

 

“Loan Advance
Request” means a request for an advance on the Loan made in accordance with paragraph 8 of this Agreement using the form
of that attached hereto as Exhibit “F”.

 

“Loan Documents”
means this Agreement, the Note, the Security Agreement and all of the other instruments, agreements and documents issued or to
be issued in connection with any of the foregoing, as the same may be amended, modified, renewed, extended, substituted and/or
extended from time to time.

 

“Margin”
means 375 basis points.

 

“Margin Stock”
shall have the meaning assigned to such term in Regulation U of the Board of Governors of the Federal Reserve System, as amended
from time to time.

 

“Material Adverse
Effect” means any circumstance or event that, individually or collectively with other circumstances or events, may reasonably
be expected to have a material adverse effect on (i) the financial condition or business of the Borrowers, as now conducted or
as proposed to be conducted, or (ii) the ability of Borrowers to repay in a timely manner the Obligations or otherwise perform
their obligations under the Loan Documents.

 

    3

    

    

 

“Maturity Date”
means January 4, 2022, being the date that all sums evidenced by the Note and all of the other Obligations shall be due and owing
to Lender.

 

“MFAC Transaction”
means the transaction reflected by the “Agreement and Plan of Merger” dated August 6, 2020, by and among Megalith Financial
Acquisition Corp, MFAC Merger Sub, Inc., Customers Bank, and BankMobile Technologies, Inc., as amended.

 

“MFAC Trust
Account” mean the Trust Account referred to in the Agreement and Plan of Merger dated August 6, 2020, by and among Megalith
Financial Acquisition Corp, MFAC Merger Sub, Inc., Customers Bank, and BankMobile Technologies, Inc., as amended.

 

“Multiemployer
Plan” means any employee benefit plan or arrangement described in Section 4001(a)(3) of ERISA that is maintained or contributed
to by any Borrower or subsidiary of a Borrower for which any Borrower or subsidiary may have liability (including by being an ERISA
Affiliate).

 

“Note”
means the promissory note issued by Borrowers to Lender to evidence the Loan in the form of Exhibit “B” to this Agreement.

 

“Obligations”
means all indebtedness, obligations and liabilities of Borrowers to Lender under the Loan Documents of every kind and description,
direct or indirect, secured or unsecured, joint or several, absolute or contingent, due or to become due, including any overdrafts,
whether for payment or performance, now existing or hereafter arising, whether presently contemplated or not, regardless of how
the same arise, or by what instrument, agreement or book account they may be evidenced, or whether evidenced by any instrument,
agreement or book account including, but not limited to, all loans (including any loan by modification, renewal or extension),
all indebtedness, all undertakings to take or refrain from taking any action, all indebtedness, liabilities or obligations owing
from Borrowers, and to others which Lender may have obtained by purchase, negotiations, discount, assignment or otherwise, and
all interest, taxes, fees, charges, expenses and reasonable attorney’s fees chargeable to Borrowers or incurred by Lender
under any of the Loan Documents.

 

“Patriot Act”
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001 (Public Law 107-56) The USA PATRIOT Act) and the rules and regulations promulgated thereunder.

 

“PBGC”
means the Pension Benefit Guaranty Corporation, or any governmental agency or instrumentality succeeding to the functions thereof.

 

“Perfection Certificate”
means the form of Perfection Certificate dated of even date herewith executed by Borrowers and delivered to Lender attached hereto
as Exhibit “D”.

 

“Person”
means an individual, a partnership, a corporation, a limited liability company, a trust, an unincorporated association, a joint
venture or any other entity or a Governmental Authority.

 

    4

    

    

 

“Plan”
means an employee pension benefit plan, other than a Multiemployer Plan, that is covered by Title IV of ERISA or subject to the
minimum funding standards under Section 412 of the Code and that is either (a) maintained by a Borrower for employees or for which
any Borrower may have a liability to make a contribution, including as the result of being an ERISA Affiliate, or (b) maintained
pursuant to a collective bargaining agreement, or other arrangement under which more than one employer makes contributions and
to which a Borrower is making or accruing an obligation to make contributions or has within the preceding five years made or accrued
such contributions.

 

“Potential Event
of Default” means any event or condition, which with the giving of notice or the passage of time or both, would constitute
an Event of Default.

 

“Qualified Accounts”
means (a) accounts receivable owing from T-Mobile and any college or university that are under 120 days from date of invoice, (b)
all other accounts receivable due from any other vendor that do not exceed 90 days from date of invoice or are aged less than 60
days from due date for invoice payment terms that are less than or equal to 30 days, (c) are not subject to dispute, counterclaim
and/or setoff (contra-accounts), (d) are due from unrelated third party customers of the Borrowers; (e) are not subject to offset/lien
of a bonding company, (f) are not part of a contractual progress billing, (g) are not deemed retainage, (h) are not payable by
a foreign entity unless supported by credit insurance acceptable to Lender, (i) are not a bill & hold, (j) are not a finance
charge, and (k) are not from a party related to the Borrowers (i.e. affiliate, subsidiary, employee, principal, etc.).

 

“Restricted
Account” means a demand deposit account maintained at Lender for Borrowers as a restricted account.

 

“Security Agreement”
means the form of Security Agreement issued by Borrowers to Lender in the form of Exhibit “C” to this Agreement.

 

“Term”
means the period from the date of this Agreement until the Maturity Date and, if applicable, to any date to which the Maturity
Date may be extended.

 

Unless the context
otherwise requires, capitalized terms not otherwise defined in this Agreement shall have the meanings given to those term in the
Security Agreement

 

2. Loan.
Subject to the terms and conditions of this Agreement:

 

(a) Loan.
Lender hereby establishes for Borrowers a revolving line of credit in the principal amount of Ten Million Dollars ($10,000,000.00),
less any principal reduction required under paragraph 3 of this Agreement.

(b) Use
of Proceeds . The proceeds of the Loan may be used to fund in part a closing of the MFAC Transaction and for general working
capital purposes, with advances to be made at Borrowers’ request subject to the provisions of paragraph 8 of this Agreement.

 

(c) Revolving
Credit. Borrowers may borrow, repay and re-borrow on the Loan during the Term up to but not exceeding the Borrowing Base.

 

    5

    

    

 

(d) Borrowers'
Account. All advances made on the Loan shall be deemed to be made for the account of both Borrowers irrespective of the use
made by any Borrower of the funds so advanced.

 

(e) No
Set Off. All amounts owing to Lender shall be paid in U.S. dollar funds without set-off, counterclaim or other deduction of
any nature.

 

3. Permanent
Principal Reductions. Upon closing of the Merger Transaction, fifty percent (50%) of the cash remaining in the MFAC Trust Account
in excess of $10,000,000 shall constitute a permanent reduction of the maximum principal amount of the Loan. In addition, fifty
(50%) of any new capital raised by either Borrower shall be applied as a permanent reduction of the principal of the Loan.

 

4. Note.
The obligation of Borrowers to repay the Loan shall be evidenced by this Agreement, the Note and the other Loan Documents. Simultaneously
with the execution and delivery of this Agreement, Borrowers shall execute and deliver the Note to Lender.

 

5. Interest/Late
Charge.

 

(a) Interest
Rate. Interest on the unpaid principal balance of the Note shall accrue at an adjustable rate equal to 30 Day LIBOR plus the
Margin, per annum (the “Interest Rate”). The Interest Rate is subject to adjustment from time to time based on changes
in LIBOR. Adjustments, if any, shall become effective on the 1st day of every month, beginning February 1, 2021.

 

(b) LIBOR
Replacement. If the Lender determines in good faith (which determination shall be conclusive, absent manifest error) that:
(1) by reason of circumstances affecting the London Interbank Eurodollar market, adequate and fair means do not exist for ascertaining
LIBOR; (2) LIBOR does not accurately reflect the cost to the Lender of the Loan; or (c) a Regulatory Change (as hereinafter defined)
shall, in the reasonable determination of the Lender, make it unlawful or commercially unreasonable for the Lender to use LIBOR
as the index for purposes of determining the Interest Rate, then: (i) LIBOR shall be replaced with an alternative or successor
rate or index chosen by the Lender in its reasonable discretion; and (ii) the Margin may also be adjusted by Lender in its reasonable
discretion, giving due consideration to market convention for determining rates of interest on comparable loans. “Regulatory
Change” shall mean a change in any applicable law, treaty, rule, regulation or guideline, or the interpretation or administration
thereof, by the administrator of the relevant benchmark or its regulatory supervisor, any governmental authority, central bank
or other fiscal, monetary or other authority having jurisdiction over Lender or its lending office.

(c) Conversion.
Upon fifteen (15) Business Days prior written notice to Lender, Borrowers may elect to convert the Interest Rate from LIBOR plus
the Margin to the Base Rate with any such change to become effective on the first day of the month following Borrowers’ notice
to Lender of its election to effect a conversion.

 

(d) Interest
Calculation. Interest shall be computed on a 365/360 basis by applying the ratio of the Interest Rate over a year of 360 days
multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding.
All interest payable under this Note is computed using this method.

 

    6

    

    

 

(e) Late
Charge. In the event any payment of interest and/or principal owing on the Loan is not made within ten (10) days of its due
date, Borrowers will pay to Lender a late charge in an amount equal to five (5%) percent of any such past due amount.

 

(f) Default
Rate. Upon the occurrence and during the continuance of any Event of Default under the Loan Documents, or non-payment upon
demand after an Event of Default, the rate of interest on the unpaid principal balance shall, at the option of Lender, be five
percent (5%) in excess of the rate of interest provided above (the “Default Rate”). Borrower acknowledges that:
(1) the Default Rate is a material inducement to Lender to make the Loan; (2) Lender would not have made the Loan in the absence
of the agreement of Borrower to pay the Default Rate; (3) the Default Rate represents compensation for the increased risk to Lender
that the Loan might not be repaid in full; and (4) the Default Rate is not a penalty and represents a reasonable estimate of (i)
the cost to Lender in allocating its resources (both personnel and financial) to the on-going review, monitoring, administration
and collection of the Loan, and (ii) compensation to Lender for losses that are difficult to ascertain.

 

(g) Interest
Accrual. Interest shall continue to accrue on the principal of the Loan at the rates specified above notwithstanding any demand
for payment, acceleration and/or the entry of judgment against Borrowers until all Obligations have been irrevocably paid in full.

 

(h) Maximum
Rate. In no event shall interest, charges or other amounts that are contracted for, charged or received by Lender pursuant
to any Loan Documents and that are deemed interest under applicable law (“interest”) exceed the highest rate permissible
under applicable law (“maximum rate”). If, in any month, any interest rate, absent the foregoing limitation, would
have exceeded the maximum rate, then the interest rate for that month shall be the maximum rate and, if in a future month, that
interest rate would otherwise be less than the maximum rate, then the rate shall remain at the maximum rate until the amount of
interest actually paid equals the amount of interest which would have accrued if it had not been limited by the maximum rate. If,
upon payment in full of the Obligations, the total amount of interest actually paid under the Loan Documents is less than the total
amount of interest that would, but for this paragraph, have accrued under the Loan Documents, then Borrowers shall, to the extent
permitted by applicable law, pay to Lender, (1) the lesser of (i) the amount of interest that would have been charged if the maximum
rate had been in effect at all times, or (ii) the amount of interest that would have accrued had the interest rate otherwise set
forth in the Loan Documents been in effect, minus the amount of interest actually paid under the Loan Documents. If a court of
competent jurisdiction determines that Lender has received interest in excess of the maximum amount allowed under applicable law,
such excess shall be deemed received on account of, and shall automatically be applied to reduce, Obligations other than interest
(regardless of any erroneous application thereof by Lender), and upon payment in full of the Obligations, any balance shall be
refunded to Borrowers.

 

6. Payment
of Principal and Interest.

 

(a) Interest.
Interest shall be paid monthly in arrears on the first day of each month during the Term commencing on February 1, 2021.

 

    7

    

    

 

(b) Principal.
The principal of the Loan shall be repaid in full on the Maturity Date.

 

(c) Auto
Debit. Each Borrower irrevocably authorizes Lender to auto-debit Borrowers’ deposit accounts at Lender for the monthly
payment of interest due on the Loan.

 

7. Prepayment.
Borrowers may prepay the Loan, in whole or in part, without premium or penalty.

 

8. Advances
Requests.

 

(a) Advance
Requests. Requests for advances on the Loan (an “Advance Request”) shall be made by the submission by Borrowers
to Lender of a Loan Advance Request which shall be accompanied by a current Borrowing Base Certificate.

 

(b) Limitation
on Advances. Notwithstanding any provision to the contrary in this Agreement or in any of the other Loan Documents,
at no time shall the aggregate principal amount of indebtedness outstanding at any one time under the Loan exceed the Borrowing
Base. If at any time the aggregate principal amount of indebtedness outstanding under the Loan exceeds the Borrowing Base for any
reason, Borrowers shall immediately repay the amount of such excess to Lender in immediately available funds.

 

(c) Advance
Representations. Each Loan Advance Request shall constitute a representation by each Borrower that there are no Events of Default
or Potential Events of Default that exist as of the submission of a Loan Advance Request, and that each of the representations
and warranties set forth in this Agreement are accurate, true, and correct in all material respects as of the date of each Loan
Advance Request.

 

9. Security
Agreement. Simultaneously with the execution and delivery of this Agreement, Borrowers shall execute and deliver to Lender
the Security Agreement.

 

10. Loan
Account. Lender shall open and maintain on its books a loan account (the “Loan Account”) with respect to
the Loan, advances made, repayments, the computation and payment of interest and fees, if any, and the computation and final payment
of all other amounts due and sums paid to Lender hereunder. Except in the case of error in entry or computation, and as long as
advances and repayments are made in accordance with the terms of this Agreement, the Loan Account shall be conclusive and binding
as to the amount at any time due to Lender from Borrowers under this Agreement.

 

11. Application
of Funds. All sums realized by Lender on account of the Obligations, from whatever source received, shall be applied first,
to any reasonable fees and expenses (including reasonable attorneys’ fees) incurred by Lender, second, to accrued and unpaid
interest and late charges, and then to principal. Borrowers waive and release any right to require Lender to collect any of the
Obligations from any collateral under any theory of marshalling of assets or otherwise. Borrowers authorize Lender to apply the
proceeds of any collateral in which each Borrower has/have any right, title or interest against any of the Obligations in any manner
or order that Lender may determine.

 

    8

    

    

 

12. Restricted
Account. Lender shall establish on its books a demand deposit account for Borrowers into which Borrowers may deposit funds.
Withdrawals from the Restricted Account may only be made on five (5) Business Days' prior written notice to Lender, and will be
permitted only to the extent that any such withdrawal, in whole or in part, will not cause the principal amount of the Loan to
exceed the Borrowing Base. Lender shall, at all times, retain its right of setoff against the Restricted Account.

 

13. Closing.
Closing hereunder will take place on the Closing Date at the offices of Weir & Partners LLP, Fifth Floor, The Widener Building,
One South Penn Square, Philadelphia, PA 19107, or at such other location as the parties may agree.

 

14. Conditions
Precedent to Closing. Lender’s obligation to make any advance of funds on the Loan on or after the Closing Date is subject
to satisfaction of the following conditions precedent:

 

(a) Loan
Documents. The Loan Documents, satisfactory in form, terms and substance to Lender, shall have been executed and delivered
to Lender on the Closing Date, and shall be in full force and effect, and Borrowers shall have delivered such other instruments,
documents and certificates as Lender or its counsel shall reasonably require.

 

(b) Entity
Documents. Lender shall have received, on or prior to the Closing Date, such organizational documents, resolutions, incumbency
certificates, subsistence certificates and any other documents and certificates as are required by Lender with respect to each
Borrower. Such organization documents include, but are not limited to, a copy of each Borrower’s certificate of incorporation
and by-laws, certified as of the Closing Date by an authorized officer of each Borrower in a manner designated by Lender.

 

(c) Identification.
Each Authorized Officer shall provide two forms of identification acceptable to Lender.

 

(d) Borrowing
Base Certificate. Borrowers shall have delivered to Lender an initial Borrowing Base certificate.

 

(e) Insurance.
Borrowers shall have delivered to Lender, on or prior to the Closing Date, evidence, in form and substance satisfactory to Lender,
that the Borrower are adequately insured by insurance carriers and amounts acceptable to Lender.

 

(f) Financial
Statements. Each Borrower shall have delivered to Lender, on or prior to the Closing Date, the financial statements, tax filings,
and reports described herein or otherwise requested by Lender, each of which shall be in accordance with GAAP and otherwise in
form and substance satisfactory to Lender, and no Material Adverse Effect shall have occurred since the date of the most recent
financial statements so delivered to Lender.

 

(g) Perfection
Certificate. Each Borrower shall have delivered to Lender the Perfection Certificate.

 

(h) Merger.
Lender shall have received, on or before the Closing Date, evidence of the successful completion of the MFAC Transaction including,
but not limited to, an opinion of counsel that the MFAC Transaction has successfully closed in accordance with the Merger Agreement,
as amended.

 

    9

    

    

 

(i) Legal
Opinion. An opinion letter from Borrowers’ counsel, in form reasonably satisfactory to Lender, which opines, inter
alia, that: Each Borrower is legally constituted, in good standing and authorized to enter into the transactions contemplated
by this Agreement; that the execution and delivery of the Loan Documents and their terms do not violate any provisions of the governing
organizational documents of each Borrower; that all Loan Documents executed by Borrowers are valid, binding, and enforceable in
accordance with their terms (subject to customary exceptions). The opinion letter shall also address any other matters on which
Lender reasonably requires counsel to Borrowers to opine.

 

(j) Representations
and Warranties. All of the representations and warranties in paragraph 15 of this Agreement shall be true and correct in all
material respects as of the Closing Date.

 

(k) Other
Documents and Conditions. Borrowers shall have delivered to Lender such other documents, and satisfied such other conditions,
as may be reasonably required by Lender pursuant to the terms of this Agreement or any other Loan Document.

 

15. Representations
and Warranties. Borrowers represent and warrant to Lender that:

 

(a) Authority,
Execution and Binding Effect. Each Borrower is an entity duly organized, validly existing, and in good standing under the laws
of its jurisdiction; has all necessary power and authority to transact the business in which it is engaged, including to own, lease
and otherwise deal with its assets; and is duly qualified and in good standing or subsisting in each other jurisdiction in which
the conduct of such business requires such licensing or such qualification. Borrowers have all necessary capacity, power and authority
to enter this Agreement and to execute, deliver and perform this Agreement and all of the other Loan Documents and any other document
executed in connection with this Agreement, as applicable, all of which have been duly authorized by all proper and necessary action
by Borrowers. This Agreement, and all of the other Loan Documents signed by Borrowers, have been duly and validly executed and
delivered and constitute the legal, valid and binding obligations of each Borrower, enforceable against it in accordance with their
respective terms, except as their enforceability may be limited by bankruptcy, insolvency or other equitable principals of general
application relating to or affecting the enforcement of creditor rights.

 

(b) Litigation.
There are no actions, suits or proceedings pending, or to Borrower’s knowledge, threatened, against or affecting any Borrower,
at law or in equity, or before or by any governmental authority which, if adversely determined, could have a Material Adverse Effect.

 

(c) Conflict
with Other Instruments, etc. Neither the execution and delivery by Borrowers of this Agreement or any of the other Loan Documents,
or the other instruments, documents and agreements contemplated or required hereby or thereby, nor consummation of the transactions
herein or therein contemplated by Borrowers, nor compliance by each Borrower with the terms, conditions and provisions hereof or
thereof, will conflict with or result in a breach of any of the terms, conditions or provisions of any law or regulation, order,
writ, injunction or decree of any court or governmental instrumentality or any agreement or instrument to which Borrowers are a
party, or by which they or any of their properties is known by them to be bound, or to which they or any of their properties is
known by them to be subject (other than an agreement or instrument with or in favor of Lender), or constitute a default thereunder,
or result in the creation or imposition of any lien, other than liens in favor of Lender. No consent, license, approval or authorization
of, or registration, declaration or filing with, any court, governmental body or authority or other person, which has not been
obtained or made, is required in connection with the valid execution, delivery or performance of this Agreement, or any of the
other Loan Documents or any other documents required by this Agreement, or in connection with any of the transactions contemplated
thereby.

 

    10

    

    

 

(d) Title
to Properties. Each Borrower has good and marketable title to all of its assets, subject only to all those matters disclosed
in the financial statements delivered to Lender, or as otherwise permitted herein.

 

(e) First
Lien. The security interests granted under the Security Agreement shall be at all times during the Term a first priority security
interest subject to no other Liens whatsoever.

 

(f) Tax
Returns. Borrowers have (1) filed all tax returns which are required to be filed by them and have paid, or made adequate provision
for the payment of, all taxes which have or may become due pursuant to said returns or to assessments received; and (2) neither
Borrower knows of any material additional assessments for which adequate reserves have not been established.

 

(g) Financial
Statements. Borrowers have heretofore furnished to Lender certain financial statements, tax filings, and reports all of which
are true, complete and present fairly the financial condition of each Borrower in accordance with GAAP as of the date so stated
in all material respects and the results of its operations and transactions for the period covered thereby, and accurately reflect
all liabilities as of the date so stated, including contingent liabilities.

 

(h) No
Event of Default; Compliance. No event has occurred, and no condition exists, which would constitute an Event of Default or,
to the knowledge of each Borrower, a Potential Event of Default. Borrowers are not, to their knowledge, in violation of any term
of any agreement or other instrument to which they are a party or by which they are bound, which violation would have a Material
Adverse Effect. Neither Borrower is in violation of any order, writ, judgment, injunction or decree of any court of competent jurisdiction.
To each Borrower’s knowledge, neither Borrower is in violation of any statute, rule or regulation of any competent governmental
authority, the violation of which could have a Material Adverse Effect. To each Borrower’s knowledge, there exists no fact
or circumstance not disclosed in this Agreement or in the documents furnished in connection herewith (other than general economic
conditions) which does, or in the future could, have a Material Adverse Effect.

 

(i) Disclosure.
There is no fact known to Borrowers which has a Material Adverse Effect or in the future is likely to have a Material Adverse Effect,
which Borrowers have not disclosed to Lender. Borrowers have made full and true disclosure of all information, financial and otherwise,
requested by Lender, in connection with the transactions contemplated hereby known to Borrower.

 

(j) FCPA.
Each Borrower has instituted and will maintain policies and procedures designed to promote and achieve continued compliance with
the FCPA and other applicable Anti-Terrorism Laws.

 

    11

    

    

 

(k) ERISA.
Other than as previously disclosed to Lender in writing, no Borrower has any Plan or Multiemployer Plan. Each Borrower is in full
compliance with the material requirements of all applicable law, including ERISA, relating to each Plan and/or Multiemployer Plan.
No fact or situation exists that could reasonably be expected to result in a Material Adverse Effect in connection with any Employee
Benefit Plan, Plan or Multiemployer Plan. No Borrower has any termination liability or withdrawal liability in connection with
a Plan or Multiemployer Plan.

 

(l) Environmental
Matters. Other than as previously disclosed to Lender in writing, Borrowers are not in violation of the Comprehensive Environmental
Response, Compensation and Liability Act of 1980, the Superfund Amendments and Reauthorization Act of 1986, the Resource Conservation
and Recovery Act of 1976, as amended by the Hazardous and Solid Waste Amendments of 1984, the Clean Water Act, the Toxic Substances
Control Act and the Clean Air Act, or any rule or regulation promulgated pursuant to any of the foregoing statutes or amendments
to the foregoing statutes, or any other applicable environmental law, statute, rule, regulation or ordinance, which violation would
have a Material Adverse Effect.

 

(m) Federal
Reserve Regulations. Neither Borrower is engaged principally, or as one of its important activities, in the business of extending
credit for the purpose of purchasing or carrying any Margin Stock. No part of the proceeds of the Loan will be used, directly or
indirectly, for a purpose which violates any law, rule or regulation of any governmental body, including without limitation the
provisions of Regulations U or X of the Board of Governors of the Federal Reserve System, as amended. No part of the proceeds of
the Loan will be used, directly or indirectly, to purchase or carry any Margin Stock or to extend credit to others for the purpose
of purchasing or carrying any Margin Stock.

 

(n) Solvency.
Each Borrower is solvent as defined in any applicable state or federal statute, nor will either Borrower be rendered insolvent
by the execution and delivery of this Agreement and the other Loan Documents to Lender. After making the Loan, each Borrower reasonably
expects to (1) be able to pay its debts as they become due, (2) have funds and capital sufficient to carry on its business and
all businesses in which it is about to engage, and (3) own property having a value at both fair valuation and at fair salable value
in the ordinary course of each Borrower’s business greater than the amount required to pay its debts as they become due.

 

(o) Prohibited
Person Compliance. Borrowers warrant, represent and covenant that neither Borrower nor any of their respective affiliates is
or will be a person (1) that is listed in the Annex to, or is otherwise subject to the provisions of, Executive Order 13224 issued
on September 24, 2001 (“EO13224”), (2) whose name appears on the United States Treasury Department’s Office
of Foreign Assets Control most current list of “Specifically Designated National and Blocked Persons,” (3) who commits,
threatens to commit or supports “terrorism,” as defined in EO13224, or (4) who is otherwise affiliated with any entity
or person listed above (any and all parties or persons described in subparts (1) through (4) above are herein referred to as a
“Prohibited Person”). Each Borrower covenants and agrees that neither Borrower nor any of their respective affiliates
will knowingly (i) conduct any business, nor engage in any transaction or dealing, with any Prohibited Person, including, but not
limited to, the making or receiving of any contribution of funds, goods, or services to or for the benefit of a Prohibited Person,
or (ii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or
attempts to violate, any of the prohibitions set forth in EO13224. Borrowers further covenant and agree to deliver (from time to
time) to Lender any such certification or other evidence as may be requested by Lender in its sole and absolute discretion, confirming
each such representation.

 

    12

    

    

 

(p) Survival.
All of the representations and warranties of each Borrower as set forth in this Agreement shall survive the making of this Agreement
and shall be continuing until all Obligations hereunder are paid in full.

 

16. Affirmative
Covenants. Until the Obligations have been paid in full and fully performed by each Borrower under the Loan Documents:

 

(a) Borrowing
Base Certificate. Borrowers shall deliver to Lender a current Borrowing Base Certificate on and as of the Closing Date, and
on the 15th day of each succeding month thereafter.

 

(b) Financial
Statements. Borrowers shall furnish to Lender, at their sole cost and expense, in form and substance satisfactory to Lender,
such financial statements, reports and additional information as Lender may reasonably request from time to time regarding the
financial and business affairs of each Borrower. Without limiting the generality of the forgoing, Borrowers shall deliver to Lender
their audited financial statements within 120 days of each Borrowers' fiscal year end.

 

(c) Maintenance
of Insurance. During the Term, Borrowers shall, at their sole expense, obtain and maintain throughout the Term, policies of
commercial general liability insurance which may include umbrella insurance, including contractual liability, having such terms
and such limits as are reasonably required by Lender from time to time, but in any event an aggregate limit of not less than Seven
Million Dollars ($7,000,000).

 

(d) Payment
of Taxes. Borrowers shall pay all entity taxes, federal and state income taxes, and all other taxes, fees, assessments and
governmental charges generally that are at any time levied or imposed upon their properties, assets, income or profits before the
same shall become delinquent and also all lawful claims of any nature or kind which, if unpaid, might or could become a lien or
charge upon their properties, assets, income, or profits, unless the validity thereof is being contested in good faith by Borrowers
by appropriate proceedings, diligently conducted to the reasonable satisfaction of Lender.

 

(e) Maintenance
of Properties, etc. Each Borrower shall maintain and preserve their respective assets which are necessary or useful in the
proper conduct of their businesses in good working order and condition, ordinary wear and tear excepted.

 

(f) Keeping
of Records and Books of Account. Borrowers shall keep adequate records and books of account, in which complete entries will
be made in accordance with each Borrower’s prior practice reflecting all financial transactions of each Borrower.

 

(g) Compliance
with Laws. Each Borrower shall comply in all material respects with the applicable requirements of all Governmental Authorities
known by each Borrower to be applicable to them.

 

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(h) Notices
of Events of Default and Adverse Changes. Each Borrower shall promptly give Lender notice, in writing, of: (1) any Event of
Default hereunder or under any other agreements to which Borrower is a party, which default is reasonably likely to have a Material
Adverse Effect, promptly after the same becomes known to Borrowers; (2) all litigation or proceedings before any court or governmental
authority affecting Borrowers or their assets which are reasonably likely to have a Material Adverse Effect if adversely determined;
or (3) any other event which is reasonably likely to have a Material Adverse Effect.

 

(i) Access
to Books and Inspection. Borrowers shall, upon reasonable (but not less than five (5) Business Days) written notice, give any
representative of Lender reasonable access to, and permit such representative to examine, copy or make extracts from, any and all
books, records and documents in the possession of Borrowers relating to their business, all at such times and as often as Lender
may reasonably request.

 

(j) Further
Assurances. Promptly upon request by Lender, each Borrower shall execute and deliver and file and record and refile and rerecord
such financing statements, assignments and other such documents in such manner, at such time or times and in such place or places
as may be required by law and to cause to be taken such other actions as may be required by law or as may be reasonably requested
by Lender in order to cause the liens and security interests granted under any security documents to be, at all times, valid, perfected
and enforceable against Borrowers and all third parties.

 

(k) Compliance
with Licensing Bodies; Maintenance of Standing. Borrowers shall maintain all certificates of compliance and authority and licenses
that are necessary or required by any governmental authority or licensing authority having jurisdiction over each Borrower. Borrowers
will maintain their existing entity status in good standing or subsistence, and maintain their existing rights and franchises,
in their respective jurisdiction of formation, and remain or become duly licensed or qualified and in good standing or subsisting
in each jurisdiction in which the conduct of their business requires such qualification or licensing, except where the failure
to be so licensed or qualified would not have a Material Adverse Effect.

 

(l) Deposit
Accounts. Each Borrower shall maintain its primary deposit accounts with Lender during the Term of the Loan.

 

(m) Certification.
Borrowers shall certify, from time to time, at the request of Lender, that no Event of Default or, to the best of their knowledge,
no Potential Event of Default has occurred and is continuing.

 

(n) Litigation.
Borrowers shall promptly notify Lender in writing as soon as any Borrower has actual knowledge thereof, and furnish or cause to
be furnished to Lender such information regarding the same as Lender may request of: (1) the institution or filing of any litigation,
action, suit, claim or counterclaim to which Borrower is a party, or (2) any administrative proceeding against, or investigation
of, Borrower by or before any regulatory body or governmental agency, where (A) the outcome of such litigation, action, suit, claim,
counterclaim, administrative proceeding or investigation may have a Material Adverse Effect, or (B) such litigation, action, suit,
claim, counterclaim, administrative proceeding or investigation questions the validity of this Agreement or any Loan Document,
or any action taken or to be taken pursuant to the foregoing; and furnish or cause to be furnished to Lender such information regarding
the same as Lender may reasonably request, which information Lender will hold in confidence.

 

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17. Negative
Covenants. Each Borrower covenants and agrees with Lender:

 

(a) Borrowed
Money. Without the prior written consent of Lender, Borrowers shall not create, incur, assume or suffer to exist any liability
for borrowed money other than from Lender, and trade payables incurred in the ordinary course of business.

 

(b) No
Dividends. During the Term of the Loan, neither Borrower shall issue any dividends or make any distributions to shareholders.

 

(c) Liens.
Without the prior written consent of Lender, Borrowers shall not, at any time, create, incur, assume, or suffer to exist any lien
on their assets of any character, tangible or intangible, now owned or hereafter acquired, or upon the income or profits therefrom,
or agree or become liable to do so, except liens in favor of Lender and liens with respect to taxes not delinquent or being contested
in good faith and by appropriate proceedings.

 

(d) Negative
Pledge. Borrowers shall not, without the prior written consent of Lender, create, incur, assume or suffer to exist any pledge,
lien, security interest, assignment, hypothecation, deposit assignment or other encumbrance of any nature, upon or with respect
to any assets or properties of Borrowers, and Borrowers shall not guaranty any debts of others.

 

(e) Notice
of Changes. Borrowers shall not change their respective names, principal places of business, records, office, its management,
or registered agent without notifying Lender, in writing, thirty (30) days prior to such action and executing such additional documentation
as Lender may reasonably request to maintain its security for the Loan.

 

(f) Acquisitions.
Borrowers shall not acquire all or substantially all of the property or assets of any Person during the Term.

 

18.
Events of Default. An “Event of Default” means the occurrence or existence of one or more of the following events
or conditions continuing beyond the expiration of any applicable grace or cure period (whatever the reason for such Event of Default
and whether voluntary, involuntary or effected by operation of law):

 

(a) Any
Borrower shall fail to pay any amount owing to Lender under the Note or any other Loan Document promptly when due;

 

(b) Any
representation or warranty made by or on behalf of either Borrower, or any other information furnished by either Borrower, in this
Agreement or any other Loan Document or in any certificate, financial statement or other document furnished to Lender pursuant
to the provisions hereof or of any other Loan Document, shall prove to have been false or misleading in any material respect when
made or furnished;

 

(c) Either
Borrower shall default in the performance or observance of any non-monetary covenant, condition or provision contained in this
Agreement or any other Loan Document for a period of thirty (30) days after receipt of written notice specifying such failure;
provided, however, that in the event such default cannot be cured within such thirty (30) day period and Borrowers shall have commenced
to cure such default within such thirty (30) day period, and thereafter proceeds diligently to cure the same, such thirty (30)
day period shall be extended for so long as it shall require a Borrower, in the exercise of due diligence, to cure such default;

 

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(d) Any
lien, charge or encumbrance on, or any security interest or other defect in the title to the either Borrowers’ property shall
be created, arise or otherwise come into existence, unless such lien, charge or security interest shall be discharged within thirty
(30) days after the date of filing thereof or Borrowers shall contest the same in good faith and post a bond or other security
reasonably satisfactory to Lender in an amount sufficient to prevent the enforcement of any such lien against their properties
together with any costs or penalties associated therewith;

 

(e) If
a final judgment which, with other final judgments against either Borrower would reasonably be expected to have a Material Adverse
Effect, shall have been entered against either Borrower or any of their property, and if, within thirty (30) days of the entry
thereof, such judgment shall not have been discharged or execution thereof stayed pending appeal, or if, within thirty (30) days
after the expiration of any such stay, such judgment shall not have been discharged or bonded;

 

(f) A
proceeding is instituted in a court of competent jurisdiction seeking a decree or order for relief in respect of either Borrower
in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or for the
appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of either Borrower, or
for the winding-up or liquidation of the affairs of such, and such proceeding shall remain undismissed or unstayed and in effect
for a period of ninety (90) consecutive days or such court shall enter a decree or order granting the relief sought in such proceeding;

 

(g) Either
Borrower shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect,
shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment
of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of either
Borrower’s properties, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its
debts as they become due, or shall take any action in furtherance of any of the foregoing;

 

19. Remedies.
Upon the occurrence of any Event of Default which is not cured within any applicable cure period, Lender may do any or all of the
following: (a) accelerate the maturity of the Note and all amounts payable hereunder and demand immediate payment thereof; (b)
pursuant to the Warrant of Attorney contained in the Note, CONFESS JUDGMENT against Borrower and/or commence any other legal
action on the Note and the other Loan Documents; (c) exercise its right of set-off as set forth in paragraph 20 below; (d) exercise
its rights as a secured party under the Security Agreement and the Uniform Commercial Code; and (e) begin accruing interest at
the Default Rate; provided however, no interest shall accrue in excess of the maximum amount then allowed by law.

 

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20. Right
of Set-Off. Upon the occurrence of an Event of Default, Lender shall have the right, in addition to all other rights and remedies
available to it, without notice to Borrowers, to set off against and to appropriate and apply to the unpaid balance of the Note,
and all other obligations of Borrower hereunder and under the Loan Documents, any debt owing to Borrowers, and any other funds
held in any manner for the account of Borrowers by Lender including, without limitation, all funds in all deposit accounts now
or hereafter maintained by Borrowers for their own account with Lender, and Lender is hereby granted a security interest in and
lien on all such assets (including all such deposit accounts) for such purpose. Such right shall exist whether or not Lender shall
have made any demand under this Agreement or the Note, and whether the Note is matured or unmatured. Borrower hereby confirms Lender’s
right of banker’s lien and set-off, and nothing in this Agreement shall be deemed a waiver or prohibition thereof.

 

21. Cross-Default/Cross-Collateralization.
The Loan, and all collateral described in the Loan Documents shall be cross-defaulted and cross collateralized with all terms,
conditions and provisions of all other obligations of Borrowers to Lender whether now existing or hereafter arising. A default
in the performance of any obligation of Borrowers under any other agreement with Lender shall constitute an Event of Default under
the Loan Documents. All collateral security described in the Loan Documents shall constitute collateral security for any other
obligation of Borrowers to Lender. All collateral security granted by Borrower to secure any other obligation to Lender shall
constitute collateral security for all of the Obligations.

 

 22. Miscellaneous.

 

(a) Business
Days. Except as otherwise provided herein, whenever any payment or action to be made or taken hereunder or under the Note shall
be stated to be due on a day which is not a Business Day, such payment or action shall be made or taken on the next following Business
Day and such extension of time shall be included in computing interest or fees, if any, in connection with such payment or action.

 

(b) Amendments
and Waivers. This Agreement may be modified or amended only by a written agreement entered into by all of the parties to this
Agreement, including an officer of Lender, and may be waived only by a written waiver signed by the party to be charged thereby.
No waiver, modification or amendment shall extend to or affect any obligation not expressly waived, modified or amended, or impair
any right of parties related to such obligation. Any party claiming a waiver of the provisions of this subparagraph (b) shall have
the burden of proving any such waiver by clear and convincing evidence.

 

(c) No
Implied Waiver; Cumulative Remedies. No failure on the part of Lender to exercise, and no delay in exercising, any right, power
or remedy hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise
of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right. The remedies
provided herein and in any other Loan Documents shall be cumulative and not exclusive of any rights or remedies provided by law.

 

(d) Expenses.
Borrowers shall pay: (1) all reasonable, documented and out-of-pocket expenses of Lender and any other expenses incurred by Lender
in connection with the preparation, execution and delivery of any future amendments to this Agreement, the Note or any other Loan
Documents (including the reasonable, documented and out-of-pocket fees and expenses of Lender’s counsel); (2) all fees, including
the filing fees for the recording or re-recording of any future financing statements; (3) any other fees reasonably incurred by
Lender in connection with the Loan in accordance with the terms hereof for inspections/investigations performed by Lender after
the date hereof upon the occurrence of an Event of Default; and (4) reasonable, documented and out-of-pocket costs of collection
(including reasonable, documented and out-of-pocket counsel fees) if an Event of Default occurs with respect to the payment of
the Loan or any other sums payable to Lender under the Loan Documents. Borrowers’ obligations under this subparagraph (d)
shall survive the payment in full of the Note.

 

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(e) Notices.
Any notice required to be given by either party to the other party under the terms of the Loan Documents shall be in writing, and
shall be delivered personally as evidenced by receipt or given by mailing, certified mail or registered mail, return receipt requested,
postage prepaid or by Federal Express, Courier, or similar overnight courier which delivers only upon signed receipt of the addressee
and, except as may be expressly otherwise provided in the Loan Documents, any such notice or other communications shall be deemed
given upon execution of an acknowledgement of receipt by the recipient or, in any event, three (3) days after being sent properly
addressed to the addresses set forth above. In the case of Lender, notices shall be sent simultaneously to Weir & Partners,
LLP, The Widener Building, Suite 500, 1339 Chestnut Street, Philadelphia, PA 19107, to the attention of Walter Weir, Jr., Esquire.
In the case of Borrowers, notices shall be sent simultaneously to Peter Strand, Esquire, Nelson Mullins Riley & Scarborough,
101 Constitution Avenue, NW, Suite 900, Washington, D.C. 20001.

 

(f) Accounting.
Unless otherwise specified herein, all financial statements and reports furnished to Lender hereunder or under any other Loan Document
shall be prepared in accordance with each Borrower’s prior practice unless otherwise noted on the statement received by Lender.

 

(g) No
Third Party Rights. Nothing in this Agreement, whether express or implied, shall be construed to give to any person other than
the parties hereto any legal or equitable right, remedy or claim under or in respect of this Agreement, which is intended for the
sole and exclusive benefit of the parties hereto.

 

(h) Reliance
and Survival. Lender has relied upon all representations, warranties, covenants and agreements made in this Agreement and in
all the other Loan Documents in making the Loan, and all representations, warranties, covenants and agreements of Borrowers contained
in this Agreement or made in writing in connection with this Agreement shall survive the execution and delivery of this Agreement,
the making of the Loan hereunder, and the issuance of the Note, and shall continue in full force and effect until payment in full
of the Loan and until all of the Obligations have been fully satisfied.

 

(i) Severability.
Every provision of this Agreement and the other Loan Documents is intended to be severable. If any term or provision of the Loan
Documents shall be invalid, illegal or unenforceable for any reason, the validity, legality and enforceability of the remaining
provisions shall not be affected or impaired thereby. Any invalidity, illegality or unenforceability of any term or provision of
the Loan Documents in any jurisdiction shall not affect the validity, legality or enforceability of any such term or provision
in any other jurisdiction.

 

    18

    

    

 

(j) Joint
and Several Obligations. Notwithstanding anything herein to the contrary, all Obligations of each Borrower under this Agreement
and the other Loan Documents are joint and several.

 

(k) Headings.
Paragraph and subparagraph headings in this Agreement are included for convenience of reference only and shall not constitute a
part of this Agreement for any other purpose.

 

(l) Governing
Law; Jurisdiction and Waiver of Jury Trial. This Agreement will be interpreted, and the rights and liabilities of the parties
hereto determined in accordance with the laws of the Commonwealth of Pennsylvania, excluding its conflict of laws rules. Borrowers
hereby irrevocably consent to the exclusive jurisdiction of any state or federal court located in Chester County, Pennsylvania;
provided, however, that nothing contained in this Agreement will prevent Lender from bringing any action, enforcing any award or
judgment or exercising any rights against Borrowers, against any security or against any property of Borrowers within any other
county, state or other foreign or domestic jurisdiction. The parties acknowledge and agree that the venue provided above is the
most convenient forum for both Lender and Borrowers. The parties waive any objection to venue and any objection based on a more
convenient forum in any action instituted under this Agreement in Chester County, Pennsylvania. EACH BORROWER AND LENDER HEREBY
IRREVOCABLY WAIVE ANY AND ALL RIGHTS THEY MAY HAVE TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, COUNTERCLAIM OR OTHER LITIGATION
WHATSOEVER ARISING DIRECTLY OR INDIRECTLY OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT OR ANY LOAN DOCUMENTS OR THE RELATIONSHIP
CREATED THEREBY. BORROWERS AND LENDER ACKNOWLEDGE THAT THE FOREGOING WAIVER IS KNOWING AND VOLUNTARY.  

 

(m) WAIVER
OF CONSEQUENTIAL DAMAGES, ETC. To the fullest extent permitted by applicable law, Borrowers shall not assert, and hereby waive,
any claims against Lender and/or any of its directors, officers, employees and agents, on any theory of liability, for special,
indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as
a result of, this Agreement, any other Loan Documents or any agreement or instrument contemplated hereby, the transactions contemplated
hereby or thereby, or the use of the proceeds of the Loan. Neither Lender nor any of its directors, officers, employees and agents,
shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed
by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the
other Loan Documents or the transactions contemplated hereby or thereby.

 

(n) Successors
and Assigns. This Agreement and the other Loan Documents shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and permitted assigns. Borrowers shall not assign or transfer their rights hereunder or any interest
herein or delegate their duties hereunder or thereunder.

 

(o) Participation.
Lender may at any time sell, assign, transfer or grant participations in, or otherwise dispose of Lender’s right, title and
interest in, the Loan and the Loan Documents to any affiliate of Lender or to commercial banks or other institutional lenders in
the United States or their affiliates, at no expense to Borrowers.

 

    19

    

    

 

(p) Exculpation.
Borrowers hereby waive, release and discharge any and all rights, causes of action, claims or demands, liquidated or unliquidated,
known or unknown, fixed or contingent, which they now have against Lender, Lender’s subsidiaries or against any of Lender’s
directors, officers, agents, attorneys and employees relating to, or in connection with, the Loan Documents, except those relating
to or resulting from the willful misconduct of Lender or its directors, officers, agents, attorneys and employees. Borrowers intend
that this waiver, release and discharge shall apply to all such rights, causes of action, claims and demands that arise or come
into existence prior to the execution and delivery of this Agreement.

 

(q) Drafting
of Documents. Lender and Borrowers hereby acknowledge and agree that all of the terms, conditions, covenants and provisions
of this Agreement and the Loan Documents have been negotiated in good faith, and further agree that the rule of law that states
that any ambiguity or contradictions between the terms therein will be resolved against the drafter of such contract is hereby
waived and shall not apply to the interpretation of this Agreement or any of the other Loan Documents. To the extent that there
are any conflicts among the other Loan Documents, the terms of this Agreement shall prevail.

 

(r) Indemnity.
Borrowers agree, whether or not any of the transactions contemplated in the Loan Documents shall be consummated, to pay, assume
liability for, and indemnify, protect, defend, save and keep harmless Lender from and against, any and all liabilities, obligations,
losses, damages, settlements, claims, actions, suits, penalties, costs and expenses (including, but not limited to, reasonable
legal and investigative fees and expenses) of whatsoever kind and nature including, but not limited to, claims based upon negligence,
strict or absolute liability, liability in tort, latent or other defects (whether or not discoverable), and any claims for patent,
trademark or copyright infringement which may from time to time be imposed on, incurred by or asserted against Lender (whether
or not any such claim is also indemnified or insured against by any other person) in any way relating to or resulting from this
Agreement or the Loan Documents, or any of the transactions contemplated herein or therein excepting, however, any and all claims
made by Borrowers or third-parties against Lender or any of Lender’s own officers, directors, or shareholders to the extent
relating to or resulting from Lender’s (or its directors, officers, agents, attorneys and employees) willful misconduct.
The provisions of this sub-paragraph (r) shall survive the payoff, release, foreclosure or other disposition, as applicable, of
this Agreement.

 

(s) USA
Patriot Act. Borrower acknowledges that, pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107 56),
Lender is required to obtain, verify and record information that identifies Borrowers and the Authorized Officers acting on Borrowers’
behalf, which information includes the name and address of Borrowers’ Authorized Officers and other information that will
allow Lender to identify Borrowers and the Authorized Officers in accordance with the USA Patriot Act.

 

(t) Execution
in Counterparts. This Agreement may be executed in multiple counterparts, each of which shall constitute an original and shall
be binding upon the party who executed same, but all of the counterparts taken together shall constitute one and the same document.
A facsimile or a copy in portable document format (.PDF) or any other electronic means of a party’s signature on this Agreement
and the other Loan Documents shall be deemed to constitute an original signature in all respects, and shall be binding in all respects
upon the party who executed same and may be relied upon for all purposes by the other parties hereto.

 

[Balance of page intentionally left blank.]

 

    20

    

    

 

IN WITNESS WHEREOF,
Borrowers have caused this Agreement to be duly executed as of the day and year first written above.

 

	 	BORROWERS:
	 	 	                  
	 	BM TECHNOLOGIES, INC.
	 	 	 
	 	By:	/s/ Luvleen Sidhu
	 	Name: 	Luvleen Sidhu
	 	Title:	Chief Executive Officer
	 	 	 
	 	BMTX, INC.
	 	 	 
	 	By: 	/s/ Luvleen Sidhu
	 	Name:	Luvleen Sidhu
	 	Title:	Chief Executive Officer
	 	 	 
	 	LENDER:
	 	 	 
	 	CUSTOMERS BANK
	 	 	 
	 	By:	/s/ Richard Ehst
	 	Name:	Richard Ehst
	 	Title:	President and Chief Executive Officer

 

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[Schedules to this exhibit have been omitted
pursuant to Item 601(b)(2) of Registration S-K. The Registrant hereby agrees to furnish a copy of any omitted schedules to the
SEC upon request.]

 

 

22

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