Document:

EX-10.10

 Exhibit 10.10 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into by and between Angelic Gibson
(“Executive”) and AvidXchange, Inc. (the “Company”) as of August 26, 2021. Executive and the Company are collectively referred to as the “Parties” or individually as a
“Party”. 
 1. Employment and Position. Subject to the terms and conditions set forth in this
Agreement, the Company agrees to employ Executive and Executive hereby accepts such employment. Executive’s initial position under this Agreement shall be as the Company’s Chief Information Officer and Senior Vice President reporting to
Michael Praeger, the Company’s Chief Executive Officer. Executive understands and acknowledges that his or her position and/or reporting relationship may be changed during Executive’s employment, subject to the terms and conditions
contained herein. Executive’s position shall be based in the Company’s offices located in Charlotte, North Carolina. In addition, Executive understands and acknowledges that his position will require business travel as needed from time to
time. 
 2. Duties. During the Executive’s employment with the Company, Executive shall: (a) diligently, faithfully
and competently perform, on a full time basis, the services and duties customary and commensurate with Executive’s position(s) with the Company or as may be assigned to Executive from time to time by the Executive’s supervisor at the
Company, if any, or the CEO or Board of Directors (the “Board”); (b) subject to Section 7 of this Agreement, devote Executive’s full professional time, attention and best efforts to the business
of the Company and the performance of Executive’s duties and responsibilities; (c) comply with all Company policies and all requests, instructions and directions from the Board or Executive’s supervisor at the Company, if any, or the
CEO; and (d) adhere faithfully to all applicable laws and regulations and professional ethics related to the Company’s business, including any applicable Company policies. 

3. Employment At-Will. Notwithstanding any provision of this Agreement, offer letters, or
other pre-employment documents, the Company and Executive agree that Executive’s employment with the Company is “at will” and may be terminated at any time with or without cause without any
liability or obligation of the Company except as expressly set forth herein. Executive shall give Company at least four (4) weeks prior written notice of resignation for any reason. The Company is entitled upon receiving such notice to accept
the resignation as effective on the resignation date proposed by Executive or an earlier date during the notice period as designated by the Company, in its sole discretion, and in such case the Executive’s employment and all related Company
obligations shall cease as of such date. Upon giving notice of a resignation and until the resignation becomes effective, Executive shall diligently perform Executive’s duties during the notice period and shall help transition Executive’s
job responsibilities to others at the Company, all to the extent requested by the Company. The Company may terminate Executive’s employment at any time without advanced notice, written or otherwise. 

  
 1 

 4. Compensation and Benefits. 

(a) Base Salary. As compensation for Executive’s services, the Company will pay Executive a base salary (as potentially
adjusted by the Company from time to time in its sole discretion, the “Base Salary”). Executive’s Base Salary under this Agreement initially shall be at an annualized periodic gross rate equivalent to $345,000.00;
provided, however, the Base Salary shall be subject to review and adjustment by the Board’s Compensation Committee in accordance with the Compensation Committee’s standard practices for executive compensation. The Base Salary shall, in all
cases, be subject to applicable deductions and withholdings required by law. The Company will pay the Base Salary to Executive in accordance with the Company’s standard payroll practices for its employees which Executive acknowledges may be
changed by the Company from time to time in its sole discretion. 
 (b) Annual Bonus. For each fiscal year during
Executive’s employment with the Company, Executive shall be eligible to earn a “Targeted Annual Management Bonus” as set forth on Exhibit A to this Agreement and as amended from time to time, as determined in the sole
discretion of the Compensation Committee. 
 (c) Benefits/ PTO. During the Executive’s employment with the Company, the
Executive will be eligible to participate in the employee benefit programs and PTO generally in effect for the Company’s employees at Executive’s level in the same geographic location, subject to and in accordance with the terms and
conditions for such programs as they may be instituted, modified, or terminated from time to time by the Company in its sole discretion. 

(d) Equity Awards. Executive will be eligible to participate in the Company’s annual equity grant program based on
performance metrics, which may include both Company and personal performance metrics, commencing with the 2021 performance year (with such grants to be issued in 2022). All equity grants are subject to the approval of the Board’s Compensation
Committee. 
 (e) Tax/Financial Planning Reimbursement. The Company will reimburse Executive up to $5,000.00 annually
for financial and tax planning services expenses incurred by Executive, subject to documentation provided in accordance with Company expense reimbursement policies in effect from time to time. 

5. Withholdings; Taxes; Indemnification. All payments to Executive under this Agreement shall be reduced by (a) any tax or
other amounts required to be withheld under applicable law, and (b) other amounts authorized by Executive. Executive is advised to consult with Executive’s own tax professional regarding all tax matters related to compensation and benefits
from the Company including the tax treatment of any option grants and the exercise of such options. The Executive shall be responsible for all federal, state and local taxes, penalties, interest, or fines that are imposed on Executive under
applicable law as a result of this Agreement, including Executive’s personal taxes on payments received by Executive under this Agreement, and the Company and its employees, accountants, attorneys, and affiliates shall have no obligation or
liability to Executive related to any such taxes, penalties, interest, or fines. Executive represents and acknowledges that in signing this Agreement, Executive does not rely, and has not relied, upon any representation or statement made by the
Company or by any of the Company’s employees, officers, agents, managers, directors or attorneys with regard to the subject matter, basis or effect of this Agreement or otherwise including regarding the tax consequences to Executive resulting
from the payments, benefits, or other consideration provided under the Agreement. 

  
 2 

 6. Reimbursement of Expenses. The Company agrees to pay or to reimburse the
Executive for all reasonable, ordinary, necessary, and properly documented business-related travel, cell phone expenses, for Company business, entertainment, and other expenses, incurred by the Executive in the performance of the Executive’s
services hereunder, subject to and in accordance with Company policies in effect at the time the expense was incurred. The Executive shall promptly submit vouchers and itemized receipts for all expenses for which reimbursement is sought. 

7. Conflicts of Interest. During the Executive’s employment with the Company, Executive is expected to devote all of
Executive’s business time and efforts to Executive’s services to the Company. Consistent with that, Executive shall not: (a) engage, directly or indirectly, in any business transaction with the Company or any of its affiliates without
the prior written approval of the Board, or (b) knowingly engage in any conduct intended to or reasonably expected to harm the interests of the Company or its affiliates. Notwithstanding the foregoing, Executive may engage in personal
investment and estate planning activities, charitable work and community affairs, including service on non-profit boards of directors, and service on for profit boards of directors with the pre-approval of the General Counsel, that do not materially interfere with Executive’s duties for the Company, so long as such activities do not conflict with, or interfere with the performance of,
Executive’s duties or obligations to the Company, as determined in the sole judgment of the CEO or Board, and in each case subject to the terms and conditions of Confidentiality Agreement (as defined below). 

8. Protection of Confidential Information. As a condition to employment with the Company, Executive shall execute a Confidential
Information, Inventions, Non-Competition and Non-Solicitation Agreement in the form attached as Exhibit B, if Executive has not already signed such agreement
(such agreement, as executed by Executive, the “Confidentiality Agreement”). Executive acknowledges and agrees that the Confidentiality Agreement is supported by good and valuable consideration, including but not limited to,
Executive’s continued employment with the Company. 
 9. Reasonableness of Restrictions. Executive has carefully read and
considered the provisions of this Agreement and the Confidentiality Agreement and, having done so, agrees that the restrictions set forth herein are fair, reasonable, and necessary to protect the Company’s legitimate business interests,
including goodwill with its customers and employees and its confidential and trade secret information. In addition, Executive acknowledges and agrees that the restrictions of this Agreement and the Confidentiality Agreement do not unreasonably
restrict Executive from earning a living should Executive’s employment with the Company end. Thus, Executive agrees not to contest the general validity or enforceability of this Agreement or the Confidentiality Agreement in any forum. The
Confidentiality Agreement shall survive the end of the Executive’s employment and shall be in addition to any restrictions imposed upon Executive by statute, at common law, or other agreements. The Confidentiality Agreement shall continue to

  
 3 

 
be enforceable regardless of whether there is any dispute between the Parties concerning any alleged breach of this Agreement. As a result of Executive’s educational background, prior work
experience, and Executive’s employment and position with the Company, Executive possesses general skills and knowledge enabling Executive, if need be, to pursue profitable work in businesses not competitive with the Company’s business.

 10. Suspensions. If Executive is temporarily prohibited from participating in any of the affairs of the Company by a
regulatory, governmental, court or administrative notice, order, or similar action under federal or state law, then the CEO or Board may unilaterally suspend all of the Company’s obligations under this Agreement during the pendency of such
prohibition. Also, if the Company or the Board is investigating any potential Termination For Cause or other potential serious misconduct by Executive, the Company or the Board may place Executive on temporary leave with pay and benefits,
temporarily exclude Executive from any premises of the Company or its affiliates, and/or temporarily reassign Executive’s duties during the pendency of such investigation, and such actions shall not be deemed a constructive or actual
termination of Executive’s employment and shall not give rise to Executive to assert a Termination for Good Reason. 
 11. Final
Compensation Regardless of Reason for End of Employment. Following the termination of Executive’s employment for any reason, Executive or, in the event of Executive’s death, Executive’s estate, shall be entitled to:
(a) any earned but unpaid Base Salary earned and payable during the Executive’s employment with the Company through the last date of employment; (b) any vested 401(k) and any other vested benefits with the Company, if any, subject to
the terms and conditions of the applicable 401(k) plan; (c) reimbursement of reasonable business expenses incurred by Executive during Executive’s employment with the Company that are due to Executive in accordance with this Agreement and
Company’s written expense reimbursement policy; (d) earned but unpaid bonuses set forth in this Agreement subject to the written terms and conditions applicable to such bonuses; and (e) any other amounts required to be paid to
Executive or Executive’s estate under applicable law (collectively, the “Accrued Amounts”). Otherwise, except as set forth in this Agreement, Executive and/or Executive’s estate, as applicable, shall not be entitled
to receive under this Agreement any additional compensation, payments, bonuses, severance pay, equity interests, stock, consideration or benefits of any kind from the Company or any affiliate of the Company upon or following Executive’s last
day of employment with the Company. 
 12. Severance. 

(a) Eligibility. Subject to the terms in this Section and provided: (i) Executive’s employment with the Company ends
due to “Termination Without Cause” (as defined below), “Termination for Good Reason” (as defined below) or due to Executive’s death or Disability (as defined below) (a “Qualifying Termination”); (ii)
Executive continues to abide by the Confidentiality Agreement and the post-employment provisions of this Agreement; and (iii) Executive (or Executive’s estate, in the case of Executive’s death) timely executes and delivers (and
does not revoke) a full and general release (the “Release”) of any and all claims that Executive has or may have against the Company or its affiliates and such entities’ past and then current officers, directors, owners,
managers, members, agents and employees relating to all 

  
 4 

 
matters, in form and substance satisfactory to the Company in its sole discretion such that the Release becomes fully and irrevocably effective within sixty (60) days following the date of
the Qualifying Termination (such 60-day period, the “Release Period”), then the Company will provide Executive with certain additional benefits as set forth in Section 12(b)(i)
(“Severance”). The Company agrees to provide a form of the Release to the Executive (or Executive’s estate, in the case of Executive’s death) promptly following the date of the Qualifying Termination, and an in any
event within seven (7) days thereafter. For the avoidance of doubt, if the Release is not timely executed and returned to the Company, or if the Release is subsequently revoked by Executive, such that the Release does not become fully and
irrevocably effective within sixty (60) days following the date of the Qualifying Termination, Executive will not be entitled to any Severance. 

(b) Severance. 

(i) If Executive meets eligibility requirements set forth in this Agreement, Executive shall be paid or provided Severance as follows: 

(1) continued payment of Executive’s Base Salary (at the rate in effect at the end of the Executive’s employment with the Company)
for six (6) months, or if such Qualifying Termination occurs during the Change in Control Protection Period (defined below) (such a Qualifying Termination during the Change in Control Protection Period, a “Transaction Qualifying
Termination”), then for twelve (12) months (the “Severance Pay”); provided, however, that (i) amounts shall accrue with accrued amounts paid on the first regularly scheduled payroll date after the
Release becomes irrevocably effective; and (ii) notwithstanding clause (i) to the contrary, if the Release Period spans two calendar years amounts will accrue until the later of (and then be paid on) (x) the first regularly scheduled
payroll date in the second calendar year, and (y) the first regularly scheduled payroll date after the Release becomes irrevocably effective; 

(2) if the Qualifying Termination is a Transaction Qualifying Termination, then Executive’s
pro-rated Targeted Annual Management Bonus assuming achievement of 100% of Target, paid when Targeted Annual Management Bonuses are paid to other officers for the fiscal year in which the Transaction
Qualifying Termination occurs, but in no event prior to January 1 of the calendar year after the calendar year in which the Transaction Qualifying Termination occurs or prior to December of the calendar year after the calendar year in which the
Transaction Qualifying Termination occurs; 
 (3) subject to Executive electing to continue medical benefits for Executive and his or her
eligible dependents under applicable law (i.e., COBRA benefits), reimbursement for the premiums Executive pays to continue such benefits for the duration of the Severance Pay or, if earlier, for the duration of Executive’s COBRA coverage;
provided, however, if such reimbursement would result in fines or penalties to the Company (as reasonably determined by the Board), then no amounts will be paid or reimbursed under this clause (3); and 

  
 5 

 (4) notwithstanding the terms and conditions of the applicable equity plan and the
applicable equity plan award agreement, and subject to applicable law, (A) with respect to any issued and outstanding option awards that were issued to Executive prior to the date hereof, in the event of Qualifying Termination, then any such
option awards that vest subject solely to continued service will vest as to all of the covered shares of Company common stock, (B) with respect to any other equity awards (other than the options in the foregoing clause (A) that vest as to
all of the covered shares), (I) in the event of Qualifying Termination (other than Transaction Qualifying Termination), then the Executive’s issued and outstanding option awards and restricted stock unit awards or any other equity awards that,
in each case, vest subject solely to continued service, will vest with respect to the covered shares (or units) otherwise scheduled to vest in the subsequent twelve (12) months following the date of the Qualifying Termination, and (II) if
the Qualifying Termination is a Transaction Qualifying Termination, then the Executive’s issued and outstanding option awards and restricted stock unit awards and any other equity awards that, in each case, vest subject solely to continued
service, will vest as to all of the covered shares of Company common stock. The Executive’s stock option and restricted stock unit and any other equity awards shall otherwise remain subject to the terms and condition as reflected in the
applicable award agreement. 
 (ii) The Severance specified in the foregoing clause (i) shall be in lieu of and replace
Executive’s right to severance under any other Company agreement, plan, or program. 
 (c) Definitions. For purposes of
this Agreement, the following terms shall have the meaning set forth below. 
 (i) Change in Control. “Change in
Control” shall mean a Transfer of Control as defined in the Company’s Equity Incentive Plan; provided, however, for the avoidance of doubt, the closing of the Company’s initial public offering shall not be a Change in Control.

 (ii) Change in Control Protection Period. “Change in Control Protection Period” shall mean
that period beginning three (3) months prior to a Change in Control and ending eighteen (18) months after the Change in Control. 

(iii) Disability. “Disability” means a disability that entitles Executive to benefits under the Company
long-term disability plan applicable to Executive or, in the absence of such a plan, a disability that would reasonably be expected to result in Executive’s inability to perform the essential elements of his or her duties for a period of at
least six (6) months even with reasonable accommodations, as reasonably determined by the Board. 

  
 6 

 (iv) Termination For Cause. “Termination For Cause”
or “Cause” means the Company’s termination of Executive’s employment with the Company as the result of any one or more of the following: 
  

	 	(1)	 Executive’s theft, fraud, embezzlement, dishonesty, or misappropriation of Company property, funds,
information or other assets; 

  

	 	(2)	 Executive’s breach of fiduciary duty or breach of duty of loyalty to the Company; 

 

	 	(3)	 Executive’s conviction in respect of, or plea of nolo contendere to, any crime involving fraud,
dishonesty, or moral turpitude or any felony (or the equivalent thereof in any jurisdiction in which Executive is providing services); 

  

	 	(4)	 Executive’s violation of the Company’s lawful policies, rules or regulations; 

 

	 	(5)	 Executive’s refusal to perform Executive’s duties hereunder or to carry out or follow lawful
instructions or assignments commensurate with Executive’s position(s) with the Company given by the Company or the Board; 

  

	 	(6)	 Executive’s material breach of any agreement between Executive and the Company or any Company affiliate;
or 

  

	 	(7)	 Executive’s willful misconduct or gross negligence in connection with providing services to the Company.

 Employee expressly acknowledges and agrees that the determination of whether Employee’s termination is “Termination for
Cause” will be made by the Company in its sole discretion. “Termination For Cause” shall not include or be predicated upon any act or omission by the Executive which is taken or made either (a) at the direction of the CEO or the
Board; (b) pursuant to the advice of the Company’s counsel; or (c) to comply with a lawful court order, directive from a federal state or local government agency or industry regulatory authority. 

(v) Termination Without Cause. “Termination Without Cause” or “Without
Cause” means the Company’s termination of Executive’s employment with the Company for any reason other than Executive’s death, Executive’s Disability, Termination For Cause or Executive’s resignation (for
any reason). 
 (vi) Termination for Good Reason. “Termination for Good Reason” means any of the
following actions by the Company, if occurring on or after a Change in Control without Executive’s express written consent: (i) a material reduction in Executive’s annual base salary as in effect on the date of this Agreement (or as
the same may be increased from time to time) except to the extent that such reduction is proportionally consistent to a base salary reduction for substantially all other officers; or (ii) requiring Executive to be based anywhere located more
than 50 miles from Executive’s current primary office location, except for required travel on the Company’s business and except to the extent the parties have specifically contemplated an alternative arrangement in writing (e.g., travel to
the Company’s headquarters for specified periods or time) or a relocation (whether now or in the immediate future); provided, 

  
 7 

 
however, that a requirement that Executive return to the office following a period pursuant to which Executive was permitted to “work from home” shall not be treated as a change in
Executive’s current primary office location so long as Executive’s primary office location in connection with a requirement to “return to the office” is either (x) within 50 miles of the location prior to Executive being
permitted to work from home, or (y) is within 50 miles of Executive’s primary residence; or (iii) the failure by a successor to the Company to assume this Agreement. Notwithstanding the foregoing, the events described in clauses
(i) through (iii) above shall not constitute a Termination for Good Reason unless (A) Executive has delivered a written notice of Termination for Good Reason to the Company within 60 days of the occurrence of the event, which notice sets
forth in reasonable detail the basis for Executive’s claim that Good Reason exists and (B) the Company fails to cure such event or circumstance within the 30 day period following receipt of such notice of Termination for Good Reason
whereupon Executive’s employment shall be terminated. 
 13. Tax Provisions. 

(a) Section 409A Compliance. 

(i) It is intended that any amounts payable under this Agreement shall either be exempt from or comply with Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”) (including the Treasury regulations and other published guidance relating thereto) (“Code Section 409A”) so as not to
subject the Executive to payment of any interest or additional tax imposed under Code Section 409A. To the extent that any amount payable under this Agreement would trigger the additional tax, penalty or interest imposed by Code
Section 409A, this Agreement shall be modified to avoid such additional tax, penalty or interest yet preserve (to the nearest extent reasonably possible) the intended benefit payable to the Executive. In no event shall the Company, any member
of the Board, or any employee, agent or other service provider have any liability to the Executive for any tax, fine or penalty associated with any failure to comply with the requirements of Code Section 409A. Nothing in this Agreement shall be
construed as a guarantee of any particular tax treatment to the Executive. Executive shall be solely responsible for the tax consequences with respect to all amounts payable under this Agreement, and in no event shall the Company have any
responsibility or liability if this Agreement does not meet any applicable requirements of Code Section 409A. The provisions of this Section 13 shall apply to all payments under this Agreement, notwithstanding any contrary provision
herein. 
 (ii) To the extent a payment or benefit is nonqualified deferred compensation subject to Code Section 409A, a termination of
employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts upon or following a termination of employment unless such termination is also a “separation from
service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from
service.” For purposes of Code Section 409A, the Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment
under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall 

  
 8 

 
be made within thirty (30) days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the Company. If
Executive is deemed on the date of a “separation from service” (within the meaning of Code Section 409A) to be a “specified employee” (within the meaning of that term under Section 409A(a)(2)(B) of the Code and
determined using any identification methodology and procedure selected by the Company from time to time, or, if none, the default methodology and procedure specified under Code Section 409A), then with regard to any payment or the provision of
any benefit that is “nonqualified deferred compensation” within the meaning of Code Section 409A and which is paid as a result of Executive’s “separation from service,” such payment or benefit shall not be made or
provided prior to the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such “separation from service” of the Executive, and (B) the date of the Executive’s death (the
“Delay Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this clause (whether they would have otherwise been payable in a single sum or in installments in the absence of such
delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. If any payment or
benefit subject to Section 409A is contingent on the delivery of a release by the Executive and could occur in either of two calendar years, the payment will occur in the later year. 

(iii) With regard to any provision herein that provides for reimbursement of costs and expenses or
in-kind benefits, except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange
for another benefit; (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided, that the foregoing clause (ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b)
of the Internal Revenue Code solely because such expenses are subject to a limit related to the period the arrangement is in effect; and (iii) such payments shall be made on or before the last day of the Executive’s taxable year following
the taxable year in which the expense was incurred. 
 (b) Section 280G. If any payment or benefit Executive
would receive pursuant to this Agreement or otherwise, including accelerated vesting of any equity compensation (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of
the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be reduced to the Reduced Amount. The “Reduced
Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever
amount, after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute
payments” is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the following order: (A) cash payments shall be reduced first and in reverse 

  
 9 

 
chronological order such that the cash payment owed on the latest date following the occurrence of the event triggering such excise tax will be the first cash payment to be reduced; and
(B) accelerated vesting of stock awards shall be cancelled/reduced next and in the reverse order of the date of grant for such stock awards (i.e., the vesting of the most recently granted stock awards will be reduced first), with full-value
awards reversed before any stock option or stock appreciation rights are reduced; and (C) employee benefits shall be reduced last and in reverse chronological order such that the benefit owed on the latest date following the occurrence of the
event triggering such excise tax will be the first benefit to be reduced. In no event will Executive have any discretion with respect to the ordering of Payment reductions. The Company shall appoint a nationally recognized accounting firm to make
the determinations required hereunder and perform the foregoing calculations. The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. Any good faith determinations of the
accounting firm made hereunder shall be final, binding and conclusive upon the Company and Executive. 
 14. Certain Consequences of
Breach by Executive. 
 (a) Executive acknowledges and agrees that Executive’s breach of the Confidentiality Agreement would
result in irreparable damage and continuing injury to the Company. Therefore, in the event of any breach or threatened breach of the Confidentiality Agreement, the Company shall be entitled to seek an injunction from a court of competent
jurisdiction enjoining Executive from committing any violation or threatened violation of the Confidentiality Agreement without posting of bond. All remedies available to the Company by reason of a breach by Executive of the provisions of this
Agreement are cumulative, none is exclusive, and all remedies may be exercised concurrently or consecutively at the Company’s option. 

(b) If Executive is found in a final judgment by a court of competent jurisdiction to have breached the Confidentiality Agreement in an
intentional and material respect, Executive shall immediately refund to the Company, upon the Company’s demand, any Severance Pay already paid to Executive pursuant to this Agreement beyond the first $5,000 (gross) in Severance Pay (the
“Release Consideration”), and Executive shall forfeit at the time of such breach the right to any Severance Pay pursuant to this Agreement beyond the Release Consideration. Executive agrees that if Executive executed a
Release pursuant to this Agreement, such Release shall remain in full force and effect notwithstanding any repayment/forfeiture of Severance Pay under this subsection and that the Release Consideration is good and sufficient consideration for the
Release. 
 15. Executive’s Representations. Executive hereby represents and warrants to the Company that: (i) the
execution, delivery and performance of this Agreement by Executive do not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Executive is a party or by which
Executive is bound; (ii) Executive is not a party to or bound by any employment agreement, noncompetition or nonsolicitation agreement or confidentiality agreement with any other person or entity besides the Company and (iii) upon the
execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of Executive, enforceable in accordance with its terms. EXECUTIVE HEREBY ACKNOWLEDGES AND REPRESENTS THAT EXECUTIVE HAS CONSULTED WITH
INDEPENDENT LEGAL COUNSEL REGARDING EXECUTIVE’S RIGHTS AND OBLIGATIONS UNDER THIS AGREEMENT, TO THE EXTENT DETERMINED NECESSARY OR APPROPRIATE BY EXECUTIVE, AND THAT EXECUTIVE FULLY UNDERSTANDS THE TERMS AND CONDITIONS CONTAINED HEREIN. 

  
 10 

 16. Assignment. This Agreement may not be assigned or delegated by Executive.
The Company shall have the right to assign or transfer this Agreement to any affiliated entity or any successor to all or part of the business and/or assets of the Company, and Executive irrevocably consents to any such assignment or transfer. As
used in this Agreement, the “Company” shall mean the Company as defined above, but if this Agreement is assigned or transferred to any affiliated entity or to successor as allowed by this Section then the
“Company” shall mean the entity to which this Agreement is so assigned or transferred. 
 17. Applicable Law,
Exclusive Venue, Consent to Jurisdiction, Mandatory Mediation. This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina without regard to any conflict-of-law principles. Moreover, any litigation under this Agreement shall be brought by either party exclusively in federal or state courts in Mecklenburg County, North Carolina. As such, the Parties
irrevocably consent to the jurisdiction of the courts in Mecklenburg County, North Carolina (whether federal or state) for all disputes related to this Agreement and irrevocably consent to service via nationally recognized overnight carrier, without
limiting other service methods allowed by applicable law. Except with regard to an action to enforce the restrictive covenants or confidentiality provisions set out in the Confidentiality Agreement, prior to submitting any controversy, claim or
dispute to any court or administrative agency, the Parties agree to seek to resolve their dispute through non-binding mediation; which mediation shall be conducted on or before a date 90 days from the date one
party provides the other with written notice of the existence of a dispute. The mediation shall be conducted in accordance with the rules governing mediations in the Superior Court of the General Court of Justice of the State of North Carolina with
the parties to bear their respective costs and to split the cost of the mediator unless otherwise agreed in the mediation. The mediation shall be held in Charlotte, North Carolina. 

18. Severability. The terms of this Agreement, including paragraph subparts, are severable, and if any part or subpart is found
to be unenforceable, the other terms shall remain in full force and effect and are valid and enforceable. 
 19. Cooperation.
During and after Executive’s employment, Executive shall cooperate fully with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company that
relate to events or occurrences that transpired while Executive was employed by the Company. Executive’s full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel for
the Company to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after Executive’s employment, Executive also shall cooperate fully with the Company in connection with any
investigation or review conducted by any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while Executive was employed by the Company. The Company shall reimburse
Executive for any reasonable out-of-pocket expenses lost in connection with his performance of obligations under this Agreement following the termination of his
employment with the Company. 

  
 11 

 20. Modification; Waiver; Construction; Counterparts. No modification,
termination, or attempted waiver of any of the provisions of this Agreement shall be binding upon either party unless reduced to writing and signed for by both Parties (for the Company, by a duly authorized Company officer). This Agreement shall be
construed according to a plain reading of its terms and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision in this Agreement. Any reference in this Agreement to any Section
refers to the corresponding Section of this Agreement. The word “including” in this Agreement means “including without limitation”. Any number of counterparts of this Agreement may be signed and delivered, each of which shall be
considered an original and all of which, together, shall constitute one and the same instrument. 
 21. Right of Setoff;
Recoupment. Executive agrees and acknowledges that the Company shall have the right to offset any amounts due from the Executive against any amounts owed under this Agreement, subject to any applicable notice requirements. Compensation
payable to Executive shall be subject to applicable securities rules and Company policies regarding recapture or claw back, and Executive shall reimburse the Company any amount previously paid that is subject to such recapture or claw back
provision. 
 22. Entire Agreement. This Agreement (including the recitals, Exhibit A, Exhibit B and any other exhibits and any
applicable bonus plans and equity plans and grant agreements which are hereby incorporated by reference) constitute the entire agreement among the Parties pertaining to the subject matter contained herein and supersedes any and all prior and
contemporaneous agreements, representations and understandings of the Parties related to the subject matter contained herein, including any previous offer letters or employment agreements. Any such prior and contemporaneous agreements,
representations, and understandings, including offer letters or other agreements, are void. 
 [SIGNATURE PAGE FOLLOWS] 

  
 12 

 IN WITNESS WHEREOF, the undersigned hereto set their hands and seals as of the dates set forth below.

  

							
		 		 		 	AVIDXCHANGE, INC
				
	Date: 8/26/2021	 		 		 	 /s/ Ryan Stahl

		 		 		 	Name: Ryan Stahl
				
		 		 		 	EXECUTIVE
				
	Date: 8/26/2021	 		 		 	 /s/ Angelic Gibson

		 		 		 	Name: Angelic Gibson

  
 13 

 EXHIBIT A 

Annual Bonus: 
 The Targeted Annual
Management Bonus (the “Annual Bonus”) is targeted towards achieving the Company’s revenue targets, strategic initiative objectives, gross margin targets, and certain management objectives (MBO) for the applicable calendar year,
all as set and determined by the Company and the Board/Compensation Committee (each a “Target” and collectively the “Targets”). 

If 100% of all Targets are reached, the Annual Bonus shall be in an amount equal to fifty percent (50%) of Executive’s Base Salary for
the applicable calendar year, less deductions and withholdings required by law. A portion of the Annual Bonus, such portion determined in the Company and the Board/Compensation Committee’s discretion, can be earned if 80% of each of the Targets
is reached. The Company’s Annual Bonus plan typically contains a maximum opportunity of 200% of the Annual Bonus can be earned based on the attainment of stretch objectives set by the Company in its sole discretion. The Targeted Annual
Management Bonus will be paid following the end of each fiscal year subject to Executive’s continued employment through payment and is not earned and is forfeited if Executive is not employed with the Company on the applicable payment date.

 These payout percentages are subject to annual Board or Compensation Committee review and approval. The terms of the Annual Bonus program
are subject to modification from time to time in the Company’s reasonable discretion. The Executive’s plan objectives and Executive’s achievement of those objectives shall be determined in the sole discretion of the Company and the
Board of Directors or Compensation Committee. Any future “additional” bonuses shall be in the sole discretion and approval of the Company and the Board/Compensation Committee as may be determined from time to time. 

  
 14 

 EXHIBIT B 

Confidentiality Information, Inventions, Non-Competition and
Non-Solicitation Agreement 
 See attached. 

  
 15EX-10.11

 Exhibit 10.11 

SECOND AMENDMENT OF AVIDXCHANGE, INC. 

2010 STOCK OPTION PLAN 

WHEREAS, the Board of Directors of AvidXchange, Inc. (the “Company”) has previously adopted, and the stockholders of the Company
have previously approved, the AvidXchange, Inc. 2010 Stock Option Plan, dated March 23, 2010, as previously amended by First Amendment dated as of April 26, 2012 (collectively, the “Plan”); and 

WHEREAS, the Board of Directors deems it to be advisable to increase the number of shares of Common Stock authorized for grant and issuance as
options thereunder from 1,047,404 shares to 1,547,404, and the stockholders of the Company have approved such increase. 
 NOW, THEREFORE,
the Plan shall be amended as follows: 
 1. The first sentence of Section 4 of the Plan shall be deleted in its entirety and the
following substituted in lieu thereof: 
 “Subject to adjustment as provided in Paragraph 9 below, the maximum number of shares of Stock
which may be issued pursuant to Options granted under the Plan shall be One Million Five Hundred Forty-Seven Thousand Four Hundred Four (1,547,404) shares.” 

2. Except as herein amended, the terms and provisions of the Plan shall remain in full force and effect as originally adopted and approved.

 IN WITNESS WHEREOF, the undersigned hereby certifies that this Second Amendment was duly adopted by the Board of Directors of the Company
and approved by the stockholders of the Company effective as September 4, 2014. 
  

			
	AVIDXCHANGE, INC.
		
	By:	 	 /s/ Michael Praeger

		 	Michael Praeger, Chief Executive Officer

 FIRST AMENDMENT OF AVIDXCHANGE, INC. 

2010 STOCK OPTION PLAN 

WHEREAS, the Board of Directors of AvidXchange, Inc. (the “Company”) has previously adopted, and the stockholders of the Company
have previously approved, the AvidXchange, Inc. 2010 Stock Option Plan, dated March 23, 2010 (the “Plan”); and 
 WHEREAS,
the Board of Directors deems it to be advisable to increase the number of shares of Common Stock authorized for grant and issuance as options thereunder from 500,000 shares to 1,047,404, and the stockholders of the Company have approved such
increase. 
 NOW, THEREFORE, the Plan shall be amended as follows: 

1. The first sentence of Section 4 of the Plan shall be deleted in its entirety and the following substituted in lieu thereof: 

“Subject to adjustment as provided in Paragraph 9 below, the maximum number of shares of Stock which may be issued pursuant to Options
granted under the Plan shall be One Million Forty-Seven Thousand Four Hundred Four (1,047,404) shares.” 
 2. Except as herein amended,
the terms and provisions of the Plan shall remain in full force and effect as originally adopted and approved. 
 IN WITNESS WHEREOF, the
undersigned hereby certifies that this First Amendment was duly adopted by the Board of Directors of the Company and approved by the stockholders of the Company effective as April 26, 2012. 

 

			
	AVIDXCHANGE, INC.
		
	By:	 	 /s/ Michael Praeger

		 	Michael Praeger, Chief Executive Officer

 AVIDXCHANGE, INC. 2010 

STOCK OPTION PLAN 
  

	1.	 Purpose. The AvidXchange, Inc. 2010 Stock Option Plan Stock Option Plan (the “Plan”) is
established to create an additional incentive to promote the financial success and progress of AvidXchange, Inc. and any successor corporations or any present or future parent and/or subsidiary corporations of such corporation (collectively, the
“Company”). For purposes of the Plan, a parent corporation and a subsidiary corporation shall be as defined in Sections 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended (the “Code”).

  

	2.	 Administration. The Plan shall be administered by the Board of Directors of the Company (the
“Board”) and/or by a duly appointed committee of the Board having such powers as shall be specified by the Board. Any subsequent references herein or in any option agreement under the Plan to the Board shall also mean the committee
if such committee has been appointed and, unless the powers of the committee have been specifically limited, the committee shall have all of the powers of the Board granted herein, other than power to terminate or amend the Plan as provided in
Paragraph 11 hereof, subject to the terms of the Plan and any applicable limitations imposed by law. All questions of interpretation of the Plan or of any award granted under the Plan shall be determined by the Board, and such determinations shall
be final and binding upon all persons having an interest in the Plan and/or any Option (as defined below). To the extent permitted by applicable law, the Board may delegate to one or more executive officers of the Company the power to grant Options
to employees and to exercise such other powers under the Plan as the Board may determine; provided that the Board shall fix the terms of the Options to be granted by such executive officers (including the exercise price of such Options, which may
include a formula by which the exercise price will be determined) and the maximum number of shares subject to Options that the executive officers may grant; provided further, however, that no executive officer shall be authorized to grant awards to
any “executive officer” of the Company (as defined by Rule 3b-7 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). 

 

	3.	 Eligibility. The Board may grant options (each an “Option”) to purchase shares of the
authorized but unissued common stock of the Company (the “Stock”), which Options may be either incentive stock options as defined in Section 422 of the Code (an “Incentive Stock Option”) or nonqualified stock
options. The Board, in its sole discretion, shall determine to whom Options are granted (each an “Optionee”). An Option that the Board intends to be an Incentive Stock Option shall only be granted to an employee of the Company and
shall be subject to and shall be construed consistently with the requirements of Section 422 of the Code. The Company shall have no liability to an Optionee if an Option (or any part thereof) which is intended to be an Incentive Stock Option
does not qualify as an Incentive Stock Option. 

	4.	 Shares Subject to Option. Subject to adjustment as provided in Paragraph 9 below, the maximum number of
shares of Stock which may be issued pursuant to Options granted under the Plan shall be Five Hundred Thousand (500,000) shares. If any outstanding Option for any reason expires or is terminated or cancelled, the shares of Stock allocable to the
unexercised portion of such Option may again be subject to an Option. It is intended that the Plan shall constitute a written compensatory benefit plan within the meaning of Rule 701 promulgated under the Securities Act of 1933, as amended
(“Rule 701”), to the extent applicable, and that the Plan shall otherwise be administered in compliance with the requirements of Rule 701. To ensure such compliance, the Company shall maintain a record of shares subject to
outstanding Options under the Plan and the exercise price of the Options, plus a record of all shares of Stock issued upon the exercise of the Options and the exercise price of the Options. 

 

	5.	 Time for Granting Options. All Options shall be granted, if at all, within ten (10) years from the
earlier of (i) the date the Plan is adopted by the Board or (ii) the date the Plan is duly approved by the stockholders of the Company. 

  

	6.	 Terms, Conditions and Form of Options. Subject to the provisions of the Plan, the Board shall determine
for each Option the number of shares of Stock into which the Option is exercisable, whether the Option is to be treated as an Incentive Stock Option or as a nonqualified stock option and all other terms and conditions of the Option. Each Option
granted pursuant to the Plan shall comply with and be subject to the following terms and conditions: 

  

	 	(a)	 Exercise Price. The exercise price for each Option shall be established in the sole discretion of the
Board; provided, however, that (i) the exercise price per share for an Incentive Stock Option shall be not less than the fair market value of a share of Stock on the date of grant and (ii) the exercise price per share of an Incentive Stock
Option granted to an Optionee who on the date of the grant owns stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company within the meaning of Section 422(b)(6) of the Code (a
“Ten Percent Owner Optionee”) shall be not less than one hundred ten percent (110%) of the fair market value of a share of Stock on the date of grant. For purposes of this Plan, “fair market value” means the value assigned
to the Stock by the Board for any date of grant, as determined pursuant to a reasonable method established by the Board that is consistent with the requirements of Sections 422 and 424 of the Code and the regulations thereunder (which method may be
changed from time to time). Notwithstanding the foregoing, an Option (whether an Incentive Stock Option or a nonqualified stock option) may be granted by the Board in its discretion with an exercise price lower than the minimum exercise price set
forth above if, in the case of an Incentive Stock Option, such Option is granted pursuant to an assumption or substitution for another option in accordance with the provisions of Section 424(a) of the Code. The foregoing shall not require that
any such assumption or modification will result in the Option having the same characteristics, attributes or tax treatment as the Option for which it is substituted. 

  
 2 

	 	(b)	 Exercise Period of Options. The Board shall have the power to set the times on or within which an Option
shall be exercisable or the events upon which an Option shall be exercisable and the term of an Option; provided, however, that (i) no Incentive Stock Option shall be exercisable after the expiration of ten (10) years after the date of
grant, (ii) no Incentive Stock Option granted to a Ten Percent Owner Optionee shall be exercisable after the expiration of five (5) years after the date of grant, (iii) no Option shall be exercisable after the date the Optionee’s
employment with the Company is terminated for cause (as determined in the sole discretion of the Board, unless cause is defined in an employment agreement between the Optionee and the Company in which case such definition shall be used), and
(iv) each Incentive Stock Option shall terminate and cease to be exercisable no later than three (3) months after the date on which the Optionee terminates employment with the Company, unless the Optionee’s employment with the Company
was terminated as a result of the Optionee’s death or disability (within the meaning of Section 22(e)(3) of the Code), in which event the Incentive Stock Option shall terminate and cease to be exercisable no later than twelve
(12) months from the date on which the Optionee’s employment terminated. For this purpose, an Optionee’s employment shall be deemed to have terminated as a result of death if the Optionee dies within three (3) months following
the Optionee’s termination of employment. Notwithstanding anything to the contrary in this Plan, in the event that an Optionee has entered into a confidentiality, nondisclosure, invention and/or
non-competition agreement with the Company and the Optionee is determined, in the reasonable judgment of the Board, to have materially breached such agreement, the Optionee shall forfeit any shares acquired
pursuant to the Option and 100% of the Option granted pursuant to such Optionee’s option agreement with the Company, whether or not exercisable. 

  

	 	(c)	 Payment of Exercise Price. Payment of the exercise price for the number of shares of Stock being
purchased pursuant to any Option shall be made in cash, by check, cash equivalent or in any other manner as may be permitted by the Board in its sole discretion. 

 

	 	(d)	 $100,000 Limitation. The aggregate fair market value, determined as of the date of grant of the shares
of the Stock, with respect to which an Incentive Stock Option (determined without regard to this subparagraph) is first exercisable during any calendar year (under this Plan or under any other plan of the Company) by any Optionee shall not exceed
$100,000. If such limitation would be exceeded with respect to an Optionee for a calendar year, the Incentive Stock Option shall be deemed a nonqualified stock option to the extent of such excess. 

 

	7.	 Forms of Stock Option Agreements. All Options shall be evidenced by a written agreement substantially in
the form of the incentive stock option agreement attached hereto as Exhibit A or the nonqualified stock option agreement attached hereto as Exhibit B, as applicable, both of which are incorporated herein by reference (the “Form
Option Agreements”) or such other form or forms as may be approved by the Board consistent with the terms of this Plan. The Board shall have the authority from time to 

  
 3 

	 	
time to vary the terms of the Form Option Agreements either in connection with the grant of an Option or in connection with the authorization of a new standard form or forms; provided, however,
that the terms and conditions of such revised or amended standard form or forms of stock option agreement shall be in accordance with the terms of the Plan. 

  

	8.	 Transfer of Control Upon a merger, consolidation, corporate reorganization, or any transaction in which
all or substantially all of the assets or stock of the Company are sold, leased, transferred or otherwise disposed of (other than a mere reincorporation transaction or one in which the holders of voting capital stock of the Company immediately prior
to such merger or consolidation continue to hold at least a majority of the voting power of the surviving corporation based upon their voting capital stock in the Company prior to such merger or consideration) (a “Transfer of Control”),
then, except as otherwise provided in a particular stock option agreement granted pursuant to the Plan, any unexercisable portion of an outstanding Option that would otherwise become exercisable within twelve (12) months following the
effective time of the Transfer of Control shall become immediately exercisable as of a date prior to the Transfer of Control, which date shall be determined by the Board. Upon the occurrence of a Transfer of Control, each outstanding Option, to the
extent not exercised prior to or concurrently with the Transfer of Control, shall terminate as of the effective time of the Transfer of Control, unless such Option is assumed by the successor corporation (or parent thereof) or replaced with a
comparable option to purchase shares of the capital stock of the successor corporation (or parent thereof). Unless the Board expressly provides otherwise, the exercise of any Option that was permissible solely by reason of this paragraph shall be
conditioned upon the consummation of the Transfer of Control. 

  

	9.	 Effect of Change in Stock Subject to Plan. The Board shall make appropriate adjustments in the number
and class of shares of the Stock subject to the Plan and to any outstanding Options and in the option price of any outstanding Options in the event of a stock dividend, stock split, reverse stock split, combination, reclassification or similar
change in the capital structure of the Company. 

  

	10.	 Options Non-Transferable. Except as otherwise provided in a
stock option agreement, no Option shall be assignable or transferable by the Optionee, except by will or by the laws of descent and distribution. During the lifetime of an Optionee, an Option shall be exercisable only by such Optionee.

  

	11.	 Termination or Amendment. The Board may amend, suspend or terminate the Plan or any portion thereof at
any time. The Board may amend, modify or terminate any outstanding Option; provided, however, that no amendment authorized hereby may materially adversely affect the rights of any Optionee under any then outstanding Option, as determined in the
discretion of the Board, without the consent of the Optionee, unless such amendment is required to enable an Option designated as an Incentive Stock Option to qualify as an Incentive Stock Option. The Board shall be entitled to create, amend or
delete appendices to this Plan as specified herein. 

  
 4 

	12.	 Withholding. Each Optionee shall pay to the Company, or make provision satisfactory to the Board for
payment of, any taxes required by law to be withheld in connection with Options granted to such Optionee no later than the date of the event creating the tax liability. Except as the Board may otherwise provide in an award, when the Stock is
registered under the Exchange Act, Optionees may satisfy such tax obligations in whole or in part by delivery of shares of Stock, including shares acquired pursuant to the exercise of the Option creating the tax obligation, valued at their fair
market value as determined by, or in a manner approved by, the Board in good faith; provided, however, that the total tax withholding where stock is being used to satisfy such tax obligations cannot exceed the Company’s minimum statutory
withholding obligations (based on minimum statutory withholding rates for federal and state tax purposes, including payroll taxes, that are applicable to such supplemental taxable income). The Company may, to the extent permitted by law, deduct any
such tax obligations from any payment of any kind otherwise due to an Optionee. 

  

	13.	 Conditions on Delivery of Stock. The Company will not be obligated to deliver any shares of Stock
pursuant to the Plan or to remove restrictions from shares previously delivered under the Plan until (i) all conditions of the Option have been met or removed to the satisfaction of the Company, (ii) in the opinion of the Company’s
counsel, all other legal matters in connection with the issuance and delivery of such shares have been satisfied, including any applicable securities laws and any applicable stock exchange or stock market rules and regulations, and (iii) the
Optionee has executed and delivered to the Company such representations or agreements as the Company may consider appropriate to satisfy the requirements of any applicable laws, rules or regulations. 

 

	14.	 Right of First Refusal. 

 

	 	(a)	 Right of First Refusal. If any Optionee proposes to sell, pledge or otherwise transfer any shares of
Stock acquired upon exercise of an Option (the “Exercise Shares”), the Company shall have the right to repurchase the Exercise Shares under the terms and subject to the conditions set forth in this Paragraph 14 (the “Right
of First Refusal”). 

  

	 	(b)	 Notice of Proposed Transfer. Prior to any proposed transfer of the Exercise Shares, the Optionee shall
give a written notice (the “Transfer Notice”) to the Company describing fully the proposed transfer, including the number of Exercise Shares, the name and address of the proposed transferee (the “Proposed Transferee”),
the proposed transfer price and all other material terms and conditions of the proposed transfer. 

  

	 	(c)	 Exercise of the Right of First Refusal. The Company shall have the right to purchase all, but not less
than all, of the Exercise Shares at the purchase price and on the terms set forth in the Transfer Notice by delivery to the Optionee of a notice of exercise of the Right of First Refusal within thirty (30) days after the date the Transfer
Notice is delivered to the Company. The Company’s exercise or failure to exercise the Right of First Refusal with respect to any proposed transfer 

  
 5 

	 	
described in a Transfer Notice shall not affect the Company’s ability to exercise the Right of First Refusal with respect to any proposed transfer described in any other Transfer Notice,
whether or not such other Transfer Notice is issued by the Optionee or issued by any other person with respect to a proposed transfer to the same Proposed Transferee. If the Company exercises the Right of First Refusal, the Company and the Optionee
shall thereupon consummate the sale of the Exercise Shares to the Company on the terms set forth in the Transfer Notice; provided however, that if the Transfer Notice provides for the payment for the Exercise Shares other than in cash, the Company
shall have the option of paying for the Exercise Shares by the discounted cash equivalent of the consideration described in the Transfer Notice as reasonably determined by the Board. For purposes of the foregoing, cancellation of any indebtedness of
the Optionee to the Company shall be treated as payment to the Optionee in cash to the extent of the unpaid principal and any accrued interest cancelled. 

  

	 	(d)	 Failure to Exercise the Right of First Refusal. If the Company fails to exercise the Right of First
Refusal within the period specified in Paragraph 14(c) above, the Optionee may conclude a transfer to the Proposed Transferee of the Exercise Shares on the terms and conditions described in the Transfer Notice, provided such transfer occurs not
later than one hundred twenty (120) days following delivery to the Company of the Transfer Notice. Any proposed transfer on terms and conditions different from those described in the Transfer Notice, as well as any subsequent proposed transfer
by the Optionee, also shall be subject to the Right of First Refusal and shall require compliance by the Optionee with the procedure described in this Paragraph 14. 

 

	 	(e)	 Transferees of the Transfer Shares. All transferees of the Exercise Shares or any interest therein,
other than the Company, shall be required as a condition of such transfer to agree in writing (in a form satisfactory to the Company) that such transferee shall receive and hold such Exercise Shares or interests subject to the provisions of this
Paragraph 14 providing for the Right of First Refusal with respect to any subsequent transfer. 

  

	 	(f)	 Transfers Not Subject to the Right of First Refusal. The Right of First Refusal shall not apply to any
transfer or exchange of the Exercise Shares if: (i) such transfer is in connection with a Transfer of Control; (ii) such transfer is to one or more members of the Optionee’s immediate family (or a trust for their benefit) provided all
such transferees agree in writing to the restrictions of Paragraph 14(e); or (iii) such transfer has been approved by the Board, which approval may be granted or withheld in its sole discretion. 

 

	 	(g)	 Assignment of the Right of First Refusal. The Company shall have the right to assign the Right of First
Refusal at any time. 

  
 6 

	 	(h)	 Stock Dividends Subject to First Refusal Right. If, from time to time, there is any stock dividend,
stock split, recapitalization, reclassification or other change in the character or amount of any of the outstanding stock of the Company, the stock of which is subject to the provisions of an option agreement issued pursuant to the Plan, then, in
such event, any and all new substituted or additional securities to which the Optionee is entitled by reason of the Optionee’s ownership of the Exercise Shares shall be immediately subject to the Right of First Refusal with the same force and
effect as the shares subject to the Right of First Refusal immediately before such event. 

  

	 	(i)	 Early Termination of the Right of First Refusal. The other provisions of this Paragraph 14
notwithstanding, the Right of First Refusal shall terminate, and be of no further force and effect, upon the earlier of (i) the occurrence of a Transfer of Control, unless the surviving, continuing, successor, or purchasing corporation, as the
case may be, assumes the Company’s rights and obligations under the Plan or (ii) the existence of a public market for the class of shares subject to the Right of First Refusal. A “public market” shall be deemed to exist if
(x) such stock is listed on a national securities exchange (as that term is used in the Exchange Act) or (y) such stock is traded on the over-the-counter
market and prices therefor are published daily on business days in a recognized financial journal. 

  

	 	(j)	 Escrow. To ensure shares of Stock subject to Right of First Refusal will be available for repurchase,
the Company may require an Optionee to deposit certificates evidencing the Exercise Shares in escrow with the Company or an agent of the Company. 

  

	15.	 Legends. The Company may at any time place legends referencing any applicable federal or state
securities law restriction on all certificates representing shares of stock subject to the provisions of the Plan. Optionees shall, at the request of the Company, promptly present to the Company any and all certificates representing shares acquired
pursuant to Options granted under the Plan in the possession of such Optionees in order to effectuate the provisions of this Paragraph. Unless otherwise specified by the Company, legends placed on such certificates may include, as applicable, the
following: 

  

	 	(a)	 THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH STATE SECURITIES LAWS COVERING SUCH SHARES, THE SALE IS MADE IN
ACCORDANCE WITH RULE 144 OR RULE 701 UNDER THE ACT, OR THE CORPORATION RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THESE SHARES REASONABLY SATISFACTORY TO THE CORPORATION, STATING THAT SUCH SALE, TRANSFER ASSIGNMENT OR HYPOTHECATION IS EXEMPT
FROM SUCH REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS. 

  
 7 

	 	(b)	 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A RIGHT OF FIRST REFUSAL OPTION IN FAVOR OF THE
CORPORATION OR ITS ASSIGNEE SET FORTH IN THE CORPORATION’S STOCK OPTION PLAN A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THIS CORPORATION. 

  

	 	(c)	 THE SHARES REPRESENTED BY THIS CERTIFICATE WERE ISSUED BY THE CORPORATION TO THE REGISTERED HOLDER UPON
EXERCISE OF AN INCENTIVE STOCK OPTION AS DEFINED IN SECTION 422 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. THE TRANSFER AGENT FOR THE SHARES EVIDENCED HEREBY SHALL NOTIFY THE CORPORATION IMMEDIATELY OF ANY TRANSFER OF THE SHARES BY THE
REGISTERED HOLDER HEREOF MADE ON OR BEFORE THE REGISTERED HOLDER SHALL HAVE HELD ALL SHARES PURCHASED UNDER THE OPTION IN THE REGISTERED HOLDER’S NAME (AND NOT IN THE NAME OF ANY NOMINEE) FOR A PERIOD OF ONE YEAR FROM THE DATE OF EXERCISE OF
THE OPTION OR TWO YEARS FROM THE DATE OF GRANT OF THE OPTION. 

  

	16.	 Initial Public Offering. In the event of an initial public offering of capital stock made by the Company
under the Securities Act of 1933, as amended, Optionee shall not offer, sell, contract to sell, pledge, hypothecate, grant any option to purchase or make any short sale of, or otherwise dispose of any shares of capital stock of the Company or any
rights to acquire capital stock of the Company for such period of time as may be established by the underwriter for such initial public offering; provided, however, that such period of time shall not exceed one hundred eighty (180) days from
the effective date of the registration statement to be filed in connection with such initial public offering (or such longer period as the underwriters or the Company shall request in order to facilitate compliance with NASD Rule 2711).

  

	17.	 Miscellaneous 

 

	 	(a)	 Nothing in this Plan or any Option granted hereunder shall confer upon any Optionee any right to continue in
the employ of the Company, or to serve as a director, consultant or advisor thereof, or interfere in any way with the right of the Company to terminate such Optionee’s employment or engagement at any time. Unless specifically provided
otherwise, no grant of an Option shall be deemed salary or compensation for the purpose of computing benefits under any employee benefit plan or other arrangement of the Company for the benefit of its employees unless the Company shall determine
otherwise. No Optionee shall have any claim to an Option until it is actually granted under the Plan. To the extent that any person acquires a right to receive payments from the Company under the Plan, such right shall, except as otherwise provided
by the Board, be no greater than the right of an unsecured general creditor of the Company. 

  
 8 

	 	(b)	 The Plan and the grant of Options hereunder shall be subject to all applicable federal and state laws, rules,
and regulations and to such approvals by any United States government or regulatory agency as may be required. 

  

	 	(c)	 The terms of the Plan shall be binding upon the Company, and its successors and assigns. 

 

	 	(d)	 This Plan and all Options granted hereunder shall be governed by the laws of the State of North Carolina,
without regard to the conflicts of laws provisions of North Carolina. 

  

	 	(e)	 If any provision of this Plan or an option agreement granted pursuant to the Plan is or becomes or is deemed
invalid, illegal or unenforceable in any jurisdiction, or would disqualify the Plan or any option agreement under any law deemed applicable by the Board, such provision shall, subject to the withholding provisions set forth herein, be construed or
deemed amended to conform to such applicable laws or if it cannot be construed or deemed amended without, in the determination of the Board, materially altering the intent of the Plan or such option agreement, it shall be stricken and the remainder
of the Plan or the option agreement shall remain in full force and effect. 

  

	 	(f)	 The Board may incorporate additional or alternative provisions for this Plan with respect to residents of one
or more individual states to the extent necessary or desirable under applicable state securities laws. Such provisions shall be set out in one or more appendices hereto which may be amended or deleted by the Board from time to time. Effective
immediately prior to the grant of an Option to a resident of the State of California or to the exercise of an outstanding Option by a resident of the State of California, Appendix A shall be deemed adopted and incorporated as a part of this Plan.

  

	 	(g)	 The Company may require, as a condition to the exercise of any Option, that the Optionee become bound by the
terms of a stockholders agreement, investor rights agreement or similar agreement among the Company and holders of capital stock of the Company. Furthermore, the Company reserves the right to make the provisions of any such agreement apply to any
holder of Stock issued upon the exercise of an Option by providing written notice to the registered holder of such stock accompanied by a copy of the applicable agreement or agreements. 

  
 9 

 IN WITNESS WHEREOF, the undersigned Secretary of the Company certifies that the foregoing
Plan was duly adopted by the Board of Directors of the Company on the 17th day of December, 2009 and was approved by the stockholders of the Company on the 23rd day of March, 2010. 
  

			
	AVIDXCHANGE, INC.
		
	By:	 	 /s/ Merrill M. Mason

		 	Merrill M. Mason, Secretary

  
 10 

 APPENDIX A 

AVIDXCHANGE, INC. 2010 

STOCK OPTION PLAN (the “Plan”) 

Provisions Applicable to California Residents 

Notwithstanding anything to the contrary otherwise appearing the Plan, the following provisions shall apply to any stock option or other award granted under
the Plan to a resident of the State of California and, in the event of any conflict or inconsistency between the following provisions and the provisions otherwise appearing in the Plan, the following provisions shall control, solely with respect to
options or other awards granted under the Plan to residents of the State of California: 
  

	 	•	 	 At no time shall the total number of shares of Company stock issuable upon exercise of all outstanding stock
options granted pursuant to this Plan and the total number of shares provided for under any bonus or similar plan or agreement of the Company exceed the limitations set forth in Rule 260.140.45 promulgated under the California Code, based on the
number of shares of the Company which are outstanding at the time the calculation is made. 

  

	 	•	 	 The exercise price of an option granted to a California resident may not be less than 85% of the “fair
value” (as defined by Rule 260.140.50 promulgated under the California Code) of the Company’s common stock at the time the option is granted (or 110% of the “fair value” in the case of any person who owns stock possessing more
than 10% of the total combined voting power of all classes of stock of the Company or its parent or subsidiary corporations at the time of such grant). 

  

	 	•	 	 The exercise period of a stock option granted to a California resident shall be no longer than 120 months from
the date the option is granted. 

  

	 	•	 	 An option granted to a California resident shall not be transferable, other than by will or the laws of descent
and distribution, or as permitted by Rule 701 of the Securities Act of 1933, as amended. 

  

	 	•	 	 An option granted to a California resident shall become exercisable at the rate of at least 20% per year over 5
years from the date the option is granted, subject to reasonable conditions such as continued employment. However, in the case of an option granted to a California resident who is an officer, director, or consultant of the Company or any of its
affiliates, the option may become fully exercisable, subject to reasonable conditions such as continued employment, at any time or during any period established by the Company. 

 

	 	•	 	 Unless employment is terminated for cause as defined by applicable law, the terms of the Plan or stock option
agreement or a contract of employment, the right to exercise an option granted to a California resident in the event of termination of such optionee’s employment (to the extent that such optionee is otherwise entitled to exercise on the date of
termination of employment) shall terminate as follows: 

  
 11 

	 	•	 	 At least 6 months from the date of termination if termination was caused by death or disability; or

  

	 	•	 	 At least 30 days from the date of termination if termination was caused by an event other than death or
disability. 

  

	 	•	 	 The Plan shall terminate with respect to California residents on the earlier of ten years after the date the Plan
is adopted or the date the Plan is approved by the shareholders of the Company. 

  

	 	•	 	 The Plan shall be available to California residents only if the stockholders of the Company approve the Plan
within 12 months before or after the date the Plan is adopted. Any option exercised by a California resident before such stockholder approval is obtained shall be rescinded if such stockholder approval is not subsequently obtained and such shares
shall not be counted in determining whether the required stockholder approval is obtained. 

  

	 	•	 	 Each California resident participating in the Plan will be provided with a copy of the Company’s annual
financial statements (which need not be audited). The Company shall not be required to provide such statements to key employees whose duties with the Company assure access to equivalent information. 

  
 12 

 EXHIBIT A 

THE SECURITY REPRESENTED BY THIS AGREEMENT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY
APPLICABLE STATE SECURITIES LAW AND HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED
THERETO UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 

AVIDXCHANGE, INC. 

INCENTIVE STOCK OPTION AGREEMENT 

AvidXchange, Inc., a Delaware corporation (the “Company”), hereby grants to the individual named below an option (this
“Option”) to purchase certain shares of common stock of the Company pursuant to the AvidXchange, Inc. 2010 Stock Option Plan, as such plan from time to time may be amended (the “Plan”), in the manner and subject to
the provisions of this Incentive Stock Option Agreement (this “Option Agreement”). 
  

	1.	 Definitions: 

  

	 	(a)	 “Code” shall mean the Internal Revenue Code of 1986, as amended. (All citations to Sections of
the Code are to such Sections as they from time to time may be amended or renumbered.) 

  

	 	(b)	 “Date of Option Grant” shall mean
                            . 

 

	 	(c)	 “Disability” shall mean disability within the meaning of Section 22(e)(3) of the Code, as
determined by the Board of Directors of the Company (the “Board”) in its discretion under procedures established by the Board. 

  

	 	(d)	 “Exercise Price” shall mean
$                per share as adjusted from time to time pursuant to the Plan. 

 

	 	(e)	 “Number of Option Shares” shall mean
                         shares of common stock of the Company as adjusted from time to time pursuant to the Plan.

  

	 	(f)	 “Option Term Date” shall mean the date ten (10) years after the Date of Option Grant.

  

	 	(g)	 “Optionee” shall mean
                            . 

 

	2.	 Status of this Option. This Option is intended to be an incentive stock option as described in
Section 422 of the Code, but the Company does not represent or warrant that the Option qualifies as such. To the extent that the Option fails to qualify as an incentive stock option, it shall be deemed a nonqualified stock option. The Optionee
should consult with the Optionee’s own tax advisors regarding the tax effects of this Option and the requirements necessary to obtain favorable income tax treatment under Section 422 of the Code. 

 

	3.	 Administration. All questions of interpretation concerning this Option shall be determined by the Board
and shall be final and binding upon all persons having an interest in this Option. 

	4.	 Exercise of this Option. 

 

	 	(a)	 Right to Exercise. This Option shall become exercisable as set forth below, subject to the termination
provisions of this Option Agreement and the Optionee’s acknowledgement and agreement that any shares purchased upon exercise of this Option are subject to the Company’s repurchase rights set forth in the Plan: 

 

	 	(i)	 On and after
                    , this Option may be exercised to purchase up to
            % of the Number of Option Shares. 

  

	 	(ii)	 On or after the          day of each successive month
thereafter, this Option may be exercised to purchase up to an additional             % of the Number of Option Shares. 

 

	 	(iii)	 The foregoing provisions shall be interpreted such that on or after
                    , this Option may be exercised to purchase up to 100% of the Number of Option Shares. 

The schedule set forth above is cumulative, so that shares as to which this Option has become exercisable on and after a date indicated by the
schedule may be purchased pursuant to exercise of this Option at any subsequent date prior to termination of this Option. This Option may be exercised at any time and from time to time to purchase up to the number of the Number of Option Shares as
to which it is then exercisable. 
 Notwithstanding the foregoing, if the aggregate fair market value of the stock with respect to which this
Option and any other incentive stock option held by the Optionee may be exercised (determined without regard to this provision) for the first time during any calendar year, as determined as of the Date of Option Grant and (if applicable) the dates
of grant of such other incentive stock options and otherwise in accordance with Section 422(d) of the Code, exceeds One Hundred Thousand Dollars ($100,000), this Option shall be deemed a nonqualified stock option to the extent of such excess.

  

	 	(b)	 Method of Exercise. This Option shall be exercised by written notice to the Company in the form of the
Notice of Exercise attached hereto. The written notice must be signed by the Optionee and must be delivered in person or by certified mail, return receipt requested, to the Chief Financial Officer or any other appropriate officer of the Company
accompanied by full payment of the exercise price for the number of the Number of Option Shares being purchased. 

  

	 	(c)	 Restrictions on Grant of this Option and Issuance of Shares. The grant of this Option and the issuance
of the shares upon exercise of this Option shall be subject to compliance with all applicable requirements of federal or state law with respect to such securities. This Option may not be exercised if the issuance of shares upon such exercise would
constitute a violation of any applicable federal or state securities laws or other law or regulations. In addition, no Option may be exercised unless (i) a registration statement under the Securities Act of 1933, as amended (the
“Securities Act”), and any applicable state securities laws shall at the time of exercise of this Option be in effect with respect to the shares issuable upon exercise of this Option or (ii) in the opinion of legal counsel to
the Company, the shares issuable upon exercise of this Option may be issued in accordance with the terms of an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws.

  
 2 

 THE OPTIONEE IS CAUTIONED THAT THIS OPTION MAY NOT BE EXERCISABLE UNLESS THE FOREGOING
CONDITIONS ARE SATISFIED. ACCORDINGLY, THE OPTIONEE MAY NOT BE ABLE TO EXERCISE THIS OPTION WHEN DESIRED EVEN THOUGH THIS OPTION IS EXERCISABLE PURSUANT TO THE TERMS HEREOF. 

As a condition to the exercise of this Option, the Company may require the Optionee to satisfy any qualifications that may be necessary or
appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company. 
  

	 	(d)	 Fractional Shares. The Company shall not be required to issue fractional shares upon the exercise of
this Option. 

  

	5.	 Non-Transferability of this Option. This Option may not be assigned or transferred in any
manner except by will or by the laws of descent and distribution. 

  

	6.	 Termination of this Option. This Option shall terminate upon on the first to occur of:
(a) the Option Term Date; (b) the last date for exercising this Option following termination of employment as described in this Option Agreement, or (c) upon a Transfer of Control as described in the Plan. 

 

	7.	 Termination of Employment. 

 

	 	(a)	 Termination of this Option. If the Optionee ceases to be an employee of the Company for any reason
except death or Disability, this Option, to the extent exercisable by the Optionee on the date on which the Optionee ceased to be an employee, may be exercised by the Optionee until the earlier of (i) three (3) months after the date on which
the Optionee’s employment terminates or (ii) the Option Term Date. Notwithstanding the foregoing, if the Optionee’s employment with the Company is terminated for cause (as determined in the sole discretion of the Board unless cause is
defined in an employment agreement between the Optionee and the Company in which case such definition shall be used), this Option may not be exercised after the date on which the Optionee’s employment terminates. If the Optionee’s
employment with the Company is terminated because of the death or Disability of the Optionee, this Option, to the extent exercisable by the Optionee on the date on which the Optionee ceased to be an employee, may be exercised by the Optionee (or the
Optionee’s legal representative) until the earlier of (i) the expiration of twelve (12) months from the date the Optionee’s employment terminated or (ii) the Option Term Date. The Optionee’s employment shall be deemed
to have terminated on account of death if the Optionee dies within three (3) months after the Optionee’s termination of employment. This paragraph shall be interpreted such that this Option shall not become exercisable as to any additional
number of the Number of Option Shares after the date on which the Optionee ceases to be an employee of the Company (pursuant to this paragraph) for any reason, notwithstanding any period after such cessation of employment during which this Option
may remain exercisable as provided in this paragraph. 

  
 3 

	 	(b)	 Exercise Prevented by Law. Except as provided in this paragraph, this Option shall terminate and may not
be exercised after the Optionee’s employment with the Company terminates unless the exercise of this Option in accordance with this paragraph is prevented by applicable securities laws. If the exercise of this Option is so prevented, this
Option shall remain exercisable until the earlier of (i) three (3) months after the date the Optionee is notified by the Company that this Option is exercisable or (ii) the Option Term Date. 

 

	 	(c)	 Optionee Subject to Section 16(b). Notwithstanding the foregoing, if the exercise of
this Option within the applicable time periods set forth above would subject the Optionee to suit under Section 16(b) of the Securities Exchange Act of 1934, as amended, this Option shall remain exercisable until the earliest to occur of
(i) the tenth (10th) day following the date on which the Optionee would no longer be subject to such suit, (ii) the one hundred ninetieth (190th) day after the Optionee’s
termination of employment, or (iii) the Option Term Date. 

  

	 	(d)	 Leave of Absence. For purposes hereof, the Optionee’s employment with the Company shall not be
deemed to terminate if the Optionee takes any military leave, sick leave, or other bona fide leave of absence approved by the Company of ninety (90) days or less. In the event of a leave in excess of ninety (90) days, the Optionee’s
employment shall be deemed to terminate on the ninety-first (91st) day of the leave unless the Optionee’s right to reemployment with the Company remains guaranteed by statute or contract.

  

	 	(e)	 Directors, Consultants and Advisors. In the event an Optionee is a director or consultant or advisor but
not an employee of the Company at the time this Option is granted, termination of the Optionee’s status as a director or consultant or advisor of the Company shall be deemed to be termination of the Optionee’s employment.

  

	8.	 Transfer of Control. The provisions of the Plan applicable to a Transfer of Control (as defined
in the Plan) shall apply to this Option. 

  

	9.	 Rights as a Stockholder or Employee. The Optionee shall have no rights as a stockholder with respect to
any shares covered by this Option until the date of the issuance of a certificate or certificates for the shares for which this Option has been exercised. Nothing in this Option shall confer upon the Optionee any right to continue in the employ of
the Company or interfere in any way with any right of the Company to terminate the Optionee’s employment at any time. 

  

	10.	 Notice of Sales Upon Disqualifying Disposition. The Optionee shall dispose of the shares acquired
pursuant to this Option only in accordance with the provisions of this Option Agreement. In addition, the Optionee shall promptly notify the Chief Financial Officer or other appropriate officer of the Company if the Optionee disposes of any of the
shares acquired pursuant to this Option within one (1) year from the date the Optionee exercises all or part of this Option or within two (2) years of the Date of Option Grant. Until such time as the Optionee disposes of such shares in a
manner consistent with the provisions of this Option Agreement, the Optionee shall hold all shares acquired pursuant to this Option in the Optionee’s name (and not in the name of any nominee) for the
one-year period immediately after exercise of this Option and the two-year period immediately after the Date of Option Grant. At any time during the one-year or two-year periods set forth above, the Company may place a legend or legends on any certificate or certificates representing shares acquired pursuant to this Option
requesting the transfer agent for the Company’s stock to notify the Company of any such transfers. The obligation of the Optionee to notify the Company of any such transfer shall continue notwithstanding that a legend has been placed on the
certificate or certificates pursuant to the preceding sentence. 

  
 4 

	11.	 Right of First Refusal. This Option shall be subject to a right of
first refusal in favor of the Company, on the terms and conditions set forth in the Plan. 

  

	12.	 Binding Effect. This Option Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective heirs, executors, administrators, successors and assigns. 

  

	13.	 Termination or Amendment. The Board may terminate or amend this Option Agreement at any time;
provided, however, that no such termination or amendment may materially adversely affect this Option or any unexercised portion hereof, as determined in the discretion of the Board, without the consent of the Optionee unless such amendment is
required to enable this Option to qualify as an Incentive Stock Option. 

  

	14.	 Integrated Agreement. This Option Agreement, together with the Plan, constitute the entire understanding
and agreement of the Optionee and the Company with respect to the subject matter contained herein, and there are no other agreements, understandings, restrictions, representations, or warranties among the Optionee and the Company with respect to the
subject matter contained herein other than those as set forth or provided for herein and therein. To the extent contemplated herein, the provisions of this Option Agreement shall survive any exercise of this Option and shall remain in full force and
effect. The terms and conditions included in the Plan are incorporated by reference herein, and to the extent that any conflict may exist between any term or provision of this Option Agreement and any term or provision of the Plan, the term or
provision of the Plan shall control. 

  

	15.	 Applicable Law. This Option Agreement shall be governed by the laws of the State of North Carolina as
such laws are applied to agreements between North Carolina residents entered into and to be performed entirely within the State of North Carolina. 

  

	16.	 Effect of Certain Transactions. Notwithstanding anything to the contrary in this Option Agreement, in
the event that the Optionee has entered into a confidentiality, nondisclosure, invention and/or non-competition agreement with the Company and the Optionee is determined, in the reasonable judgment of the
Board, to have materially breached such agreement, the Optionee shall forfeit any shares acquired pursuant to this Option and 100% of this Option granted pursuant to this Option Agreement, whether or not exercisable. 

 

			
	AVIDXCHANGE, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 5 

 The Optionee represents that the Optionee is familiar with the terms and provisions of this
Option Agreement, including the right of first refusal set forth in the Plan, and hereby accepts this Option subject to all of the terms and provisions thereof. The Optionee hereby agrees to accept as binding, conclusive and final all decisions or
interpretations of the Board made in good faith upon any questions arising under this Option Agreement. 
 The undersigned hereby
acknowledges receipt of a copy of the Plan. 
 Dated:
                                        
 
  

			
	Optionee Signature:	 	  

		
	Optionee Printed Name:	 	  

  
 6 

 NOTICE OF EXERCISE 

Date:
                         
  

			
	Company::	  	AvidXchange, Inc.
		
	Attention:	  	President
		
	Address:	  	4421 Stuart Andrew Boulevard,
		  	Suite 200
		  	Charlotte, North Carolina 28217
		
	Re:	  	Exercise of Incentive Stock Option

 Dear Sir or Madam: 

Pursuant to the terms and conditions of the Incentive Stock Option Agreement dated as of
                     (the “Agreement”), by and between
                                 (“Optionee”) and AvidXchange,
Inc. (the “Company”), Optionee hereby agrees to purchase                      shares (the “Shares”) of the
Common Stock of the Company and tenders payment in full for such shares in accordance with the terms of the Agreement. 
 The Shares are
being issued to Optionee in a transaction not involving a public offering and pursuant to an exemption from registration under the Securities Act of 1933, as amended (the “1933 Act”). In connection with such purchase, Optionee represents,
warrants and agrees as follows: 
  

	 	1.	 The Shares are being purchased for the Optionee’s own account and not for the account of any other person,
with the intent of holding the Shares for investment and not with the intent of participating, directly or indirectly, in a distribution or resale of the Shares or any portion thereof. 

 

	 	2.	 The Optionee is not acquiring the Shares based upon any representation, oral or written, by any person with
respect to the future value of, or income from, the Shares, but rather upon independent examination and judgment as to the prospects of the Company. 

  

	 	3.	 The Optionee has had complete access to and the opportunity to review all material documents related to the
business of the Company, has examined all such documents as the Optionee desired, is familiar with the business and affairs of the Company and realizes that any purchase of the Shares is a speculative investment and that any possible profit
therefrom is uncertain. 

  

	 	4.	 The Optionee has had the opportunity to ask questions of and receive answers from the Company and its executive
officers and to obtain all information necessary for the Optionee to make an informed decision with respect to the investment in the Company represented by the Shares. 

 

	 	5.	 The Optionee is able to bear the economic risk of any investment in the Shares, including the risk of a
complete loss of the investment, and the Optionee acknowledges that he or she may need to continue to bear the economic risk of the investment in the Shares for an indefinite period. 

	 	6.	 The Optionee understands and agrees that the Shares are being issued and sold to the Optionee without
registration under any state or federal laws relating to the registration of securities, in reliance upon exemptions from registration under appropriate state and federal laws based in part upon the representations of the Optionee made herein.

  

	 	7.	 The Company is under no obligation to register the Shares or to comply with any exemption available for sale of
the Shares by the Optionee without registration, and the Company is under no obligation to act in any manner so as to make Rule 144 promulgated under the 1933 Act available with respect to any sale of the Shares by the Optionee.

  

	 	8.	 The Optionee has not relied upon the Company or an employee or agent of the Company with respect to any tax
consequences related to exercise of this Option or the disposition of the Shares. The Optionee assumes full responsibility for all such tax consequences and the filing of all tax returns and elections the Optionee may be required to or find
desirable to file in connection therewith. 

  

			
	Optionee Signature:	 	  

		
	Optionee Printed Name:	 	  

		
	Optionee Address:	 	  

		 	  

 EXHIBIT B 

THE SECURITY REPRESENTED BY THIS AGREEMENT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY
APPLICABLE STATE SECURITIES LAW AND HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED
THERETO UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 

AVIDXCHANGE, INC. 

NONQUALIFIED STOCK OPTION AGREEMENT 

AvidXchange, Inc., a Delaware corporation (the “Company”), hereby grants to the individual named below an option (this
“Option”) to purchase certain shares of common stock of the Company pursuant to the AvidXchange, Inc. 2010 Stock Option Plan, as such plan from time to time may be amended (the “Plan”), in the manner and subject to
the provisions of this Nonqualified Stock Option Agreement (this “Option Agreement”). 
  

	1.	 Definitions: 

  

	 	(a)	 “Code” shall mean the Internal Revenue Code of 1986, as amended. (All citations to Sections of
the Code are to such Sections as they from time to time may be amended or renumbered.) 

  

	 	(b)	 “Date of Option Grant” shall mean
                        . 

  

	 	(c)	 “Disability” shall mean disability within the meaning of Section 22(e)(3) of the Code, as
determined by the Board of Directors of the Company (the “Board”) in its discretion under procedures established by the Board. 

  

	 	(d)	 “Exercise Price” shall mean
                            
($                ) per share as adjusted from time to time pursuant to the Plan. 

 

	 	(e)	 “Number of Option Shares” shall mean
                            
(                ) shares of common stock of the Company as adjusted from time to time pursuant to the Plan. 

 

	 	(f)	 “Option Term Date” shall mean the date ten (10) years after the Date of Option Grant.

  

	 	(g)	 “Optionee” shall mean
                        . 

  

	2.	 Nonqualified Option. This Option is intended to be a nonqualified stock option. The Optionee should
consult with the Optionee’s own tax advisors regarding the tax effects of this Option. 

  

	3.	 Administration. All questions of interpretation concerning this Option shall be determined by the Board
and shall be final and binding upon all persons having an interest in this Option. 

	4.	 Exercise of this Option. 

 

	 	(a)	 Right to Exercise. This Option shall become exercisable as set forth below, subject to the termination
provisions of this Option Agreement and the Optionee’s acknowledgement and agreement that any shares purchased upon exercise of this Option are subject to the Company’s repurchase rights set forth in the Plan: 

 

	 	(i)	 On and after
                        , this Option may be exercised to purchase up to
                % of the Number of Option Shares. 

  

	 	(ii)	 On or after the
                     day of each successive month thereafter, this Option may be exercised to purchase up to an additional
            % of the Number of Option Shares. 

  

	 	(iii)	 The foregoing provisions shall be interpreted such that on or after
                            , this Option may be exercised to purchase up to 100% of the Number of
Option Shares. 

 The schedule set forth above is cumulative, so that shares as to which this Option has become exercisable
on and after a date indicated by the schedule may be purchased pursuant to exercise of this Option at any subsequent date prior to termination of this Option. This Option may be exercised at any time and from time to time to purchase up to the
number of the Number of Option Shares as to which it is then exercisable. 
  

	 	(b)	 Method of Exercise. This Option shall be exercised by written notice to the Company in the form of the
Notice of Exercise attached hereto. The written notice must be signed by the Optionee and must be delivered in person or by certified mail, return receipt requested, to the Chief Financial Officer or any other appropriate officer of the Company
accompanied by full payment of the exercise price for the number of the Number of Option Shares being purchased. 

  

	 	(c)	 Restrictions on Grant of this Option and Issuance of Shares. The grant of this Option and the issuance
of the shares upon exercise of this Option shall be subject to compliance with all applicable requirements of federal or state law with respect to such securities. This Option may not be exercised if the issuance of shares upon such exercise would
constitute a violation of any applicable federal or state securities laws or other law or regulations. In addition, no Option may be exercised unless (i) a registration statement under the Securities Act of 1933, as amended (the
“Securities Act”), and any applicable state securities laws shall at the time of exercise of this Option be in effect with respect to the shares issuable upon exercise of this Option or (ii) in the opinion of legal counsel to
the Company, the shares issuable upon exercise of this Option may be issued in accordance with the terms of an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws.

 THE OPTIONEE IS CAUTIONED THAT THIS OPTION MAY NOT BE EXERCISABLE UNLESS THE FOREGOING CONDITIONS ARE SATISFIED.
ACCORDINGLY, THE OPTIONEE MAY NOT BE ABLE TO EXERCISE THIS OPTION WHEN DESIRED EVEN THOUGH THIS OPTION IS EXERCISABLE PURSUANT TO THE TERMS HEREOF. 

  
 2 

 As a condition to the exercise of this Option, the Company may require the Optionee to
satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company. 

 

	 	(d)	 Fractional Shares. The Company shall not be required to issue fractional shares upon the exercise of
this Option. 

  

	5.	 Non-Transferability of this Option. This Option may not be
assigned or transferred in any manner except by will or by the laws of descent and distribution. 

  

	6.	 Termination of this Option. This Option shall terminate upon on the first to occur of: (a) the
Option Term Date; (b) the last date for exercising this Option following termination of employment as described in this Option Agreement, or (c) upon a Transfer of Control as described in the Plan. 

 

	7.	 Termination of Employment. 

 

	 	(a)	 Termination of this Option. If the Optionee ceases to be an employee of the Company for any reason
except death or Disability, this Option, to the extent exercisable by the Optionee on the date on which the Optionee ceased to be an employee, may be exercised by the Optionee until the earlier of (i) three (3) months after the date on which
the Optionee’s employment terminates or (ii) the Option Term Date. Notwithstanding the foregoing, if the Optionee’s employment with the Company is terminated for cause (as determined in the sole discretion of the Board, unless cause
is defined in an employment agreement between the Optionee and the Company in which case such definition shall be used), this Option may not be exercised after the date on which the Optionee’s employment terminates. If the Optionee’s
employment with the Company is terminated because of the death or Disability of the Optionee, this Option, to the extent exercisable by the Optionee on the date on which the Optionee ceased to be an employee, may be exercised by the Optionee (or the
Optionee’s legal representative) until the earlier of (i) the expiration of twelve (12) months from the date the Optionee’s employment terminated or (ii) the Option Term Date. The Optionee’s employment shall be deemed
to have terminated on account of death if the Optionee dies within three (3) months after the Optionee’s termination of employment. This paragraph shall be interpreted such that this Option shall not become exercisable as to any additional
number of the Number of Option Shares after the date on which the Optionee ceases to be an employee of the Company (pursuant to this paragraph) for any reason, notwithstanding any period after such cessation of employment during which this Option
may remain exercisable as provided in this paragraph. 

  

	 	(b)	 Exercise Prevented by Law. Except as provided in this paragraph, this Option shall terminate and may not
be exercised after the Optionee’s employment with the Company terminates unless the exercise of this Option in accordance with this paragraph is prevented by applicable securities laws. If the exercise of this Option is so prevented, this
Option shall remain exercisable until the earlier of (i) three (3) months after the date the Optionee is notified by the Company that this Option is exercisable or (ii) the Option Term Date. 

  
 3 

	 	(c)	 Optionee Subject to Section 16(b). Notwithstanding the foregoing, if the exercise of this Option
within the applicable time periods set forth above would subject the Optionee to suit under Section 16(b) of the Securities Exchange Act of 1934, as amended, this Option shall remain exercisable until the earliest to occur of (i) the tenth
(10th) day following the date on which the Optionee would no longer be subject to such suit, (ii) the one hundred ninetieth (190th) day
after the Optionee’s termination of employment, or (iii) the Option Term Date. 

  

	 	(d)	 Leave of Absence. For purposes hereof, the Optionee’s employment with the Company shall not be
deemed to terminate if the Optionee takes any military leave, sick leave, or other bona fide leave of absence approved by the Company of ninety (90) days or less. In the event of a leave in excess of ninety (90) days, the Optionee’s
employment shall be deemed to terminate on the ninety-first (91st) day of the leave unless the Optionee’s right to reemployment with the Company remains guaranteed by statute or contract.

  

	 	(e)	 Directors, Consultants and Advisors. In the event an Optionee is a director or consultant or advisor but
not an employee of the Company at the time this Option is granted, termination of the Optionee’s status as a director or consultant or advisor of the Company shall be deemed to be termination of the Optionee’s employment.

  

	8.	 Transfer of Control. The provisions of the Plan applicable to a Transfer of Control (as defined in the
Plan) shall apply to this Option. 

  

	9.	 Rights as a Stockholder or Employee. The Optionee shall have no rights as a stockholder with respect to
any shares covered by this Option until the date of the issuance of a certificate or certificates for the shares for which this Option has been exercised. Nothing in this Option shall confer upon the Optionee any right to continue in the employ of
the Company or interfere in any way with any right of the Company to terminate the Optionee’s employment at any time. 

  

	10.	 Right of First Refusal. This Option shall be subject to a right of first refusal in favor of the
Company, on the terms and conditions set forth in the Plan. 

  

	11.	 Binding Effect. This Option Agreement shall inure to the benefit of and be binding upon the parties
hereto and their respective heirs, executors, administrators, successors and assigns. 

  

	12.	 Termination or Amendment. The Board may terminate or amend this Option Agreement at any time; provided,
however, that no such termination or amendment may materially adversely affect this Option or any unexercised portion hereof, as determined in the discretion of the Board, without the consent of the Optionee. 

 

	13.	 Integrated Agreement. This Option Agreement, together with the Plan, constitute the entire understanding
and agreement of the Optionee and the Company with respect to the subject matter contained herein, and there are no other agreements, understandings, restrictions, representations, or warranties among the Optionee and the Company with respect to the
subject matter contained herein other than those as set forth or provided for herein and therein. To the extent contemplated herein, the provisions of this Option Agreement shall survive any exercise of this Option and shall remain in full force and
effect. The terms and conditions included in the Plan are incorporated by reference herein, and to the extent that any conflict may exist between any term or provision of this Option Agreement and any term or provision of the Plan, the term or
provision of the Plan shall control. 

  
 4 

	14.	 Applicable Law. This Option Agreement shall be governed by the laws of the State of North Carolina as
such laws are applied to agreements between North Carolina residents entered into and to be performed entirely within the State of North Carolina. 

  

	15.	 Effect of Certain Transactions. Notwithstanding anything to the contrary in this Option Agreement, in
the event that the Optionee has entered into a confidentiality, nondisclosure, invention and/or non-competition agreement with the Company and the Optionee is determined, in the reasonable judgment of the
Board, to have materially breached such agreement, the Optionee shall forfeit any shares acquired pursuant to this Option and 100% of this Option granted pursuant to this Option Agreement, whether or not exercisable. 

 

			
	AVIDXCHANGE, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 5 

 The Optionee represents that the Optionee is familiar with the terms and provisions of this Option
Agreement, including the right of first refusal set forth in the Plan, and hereby accepts this Option subject to all of the terms and provisions thereof. The Optionee hereby agrees to accept as binding, conclusive and final all decisions or
interpretations of the Board made in good faith upon any questions arising under this Option Agreement. 
 The undersigned hereby acknowledges receipt of a
copy of the Plan. 

Dated:                         
        
  

			
	Optionee Signature:	 	  

		
	Optionee Printed Name:	 	  

  
 6 

 NOTICE OF EXERCISE 

Date:
                         
  

			
	Company::	  	AvidXchange, Inc.
		
	Attention:	  	President
		
	Address:	  	 4421 Stuart Andrew Boulevard,
 Suite 200

Charlotte, North Carolina 28217

		
	Re:	  	Exercise of Nonqualified Stock Option

 Dear Sir or Madam: 

Pursuant to the terms and conditions of the Nonqualified Stock Option Agreement dated as of
                         (the “Agreement”), by and between
                             (“Optionee”) and AvidXchange, Inc. (the
“Company”), Optionee hereby agrees to purchase                          shares (the
“Shares”) of the Common Stock of the Company and tenders payment in full for such shares in accordance with the terms of the Agreement. 

The Shares are being issued to Optionee in a transaction not involving a public offering and pursuant to an exemption from registration under
the Securities Act of 1933, as amended (the “1933 Act”). In connection with such purchase, Optionee represents, warrants and agrees as follows: 
  

	 	1.	 The Shares are being purchased for the Optionee’s own account and not for the account of any other person,
with the intent of holding the Shares for investment and not with the intent of participating, directly or indirectly, in a distribution or resale of the Shares or any portion thereof. 

 

	 	2.	 The Optionee is not acquiring the Shares based upon any representation, oral or written, by any person with
respect to the future value of, or income from, the Shares, but rather upon independent examination and judgment as to the prospects of the Company. 

  

	 	3.	 The Optionee has had complete access to and the opportunity to review all material documents related to the
business of the Company, has examined all such documents as the Optionee desired, is familiar with the business and affairs of the Company and realizes that any purchase of the Shares is a speculative investment and that any possible profit
therefrom is uncertain. 

  

	 	4.	 The Optionee has had the opportunity to ask questions of and receive answers from the Company and its executive
officers and to obtain all information necessary for the Optionee to make an informed decision with respect to the investment in the Company represented by the Shares. 

 

	 	5.	 The Optionee is able to bear the economic risk of any investment in the Shares, including the risk of a
complete loss of the investment, and the Optionee acknowledges that he or she may need to continue to bear the economic risk of the investment in the Shares for an indefinite period. 

	 	6.	 The Optionee understands and agrees that the Shares are being issued and sold to the Optionee without
registration under any state or federal laws relating to the registration of securities, in reliance upon exemptions from registration under appropriate state and federal laws based in part upon the representations of the Optionee made herein.

  

	 	7.	 The Company is under no obligation to register the Shares or to comply with any exemption available for sale of
the Shares by the Optionee without registration, and the Company is under no obligation to act in any manner so as to make Rule 144 promulgated under the 1933 Act available with respect to any sale of the Shares by the Optionee.

  

	 	8.	 The Optionee has not relied upon the Company or an employee or agent of the Company with respect to any tax
consequences related to exercise of this Option or the disposition of the Shares. The Optionee assumes full responsibility for all such tax consequences and the filing of all tax returns and elections the Optionee may be required to or find
desirable to file in connection therewith. 

  

			
	Optionee Signature:	 	  

		
	Optionee Printed Name:	 	  

		
	Optionee Address:	 	  

		
		 	  

  
 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}]]