Document:

Exhibit 10.1

 

PRIVATE INSTRUMENT OF ASSIGNMENT OF OWNERSHIP AND EXPLOITATION

OF TRADEMARKS AND DOMAINS

 

By this private instrument and in the best
form of law, on the one part,

 

PICPAY SERVIÇOS S/A, a legal
entity governed by private law, enrolled with the National Corporate Taxpayers’ Registry of the Ministry of Economy (CNPJ/ME)
under No. 22.896.431/0001-10, with its principal place of business at Avenida Manuel Bandeira, No. 291, offices 43 and 44, Block
B, Atlas Office Park Condominium, Vila Leopoldina, Postal Code 05317-020, São Paulo, SP, herein represented in the form
of its By-Laws (hereinafter referred to as “ASSIGNOR”); and, on the other part,

 

J&F PARTICIPAÇÕES
S.A., a closely-held corporation, enrolled with the CNPJ/MF under No. 07.570.673/0001-26, with its principal place of business
at Rua General Furtado do Nascimento, No. 66, Lot I, suite 07, Postal Code 05465-070, São Paulo/SP, herein represented in
the form of its By-Laws (hereinafter referred to as “ASSIGNEE”); and

 

As INTERVENING CONSENTING PARTIES:

 

DÁRCIO SCHWAB STEHLING, Brazilian,
married, businessman, resident and domiciled in the City of Vitória, State of Espírito Santo, at Rua Aylton Ladislau,
No. 6, District Fradinhos, Postal Code 29.042-380, holder of Identity Card No. 1.241.647, issued by the Security Department of
the State of Espírito Santo (SSP/ES), enrolled with the CPF/MF under No. 084.861.367-84; and

 

DIOGO BRUMAS CARVALHO ROBERTE, Brazilian,
married, businessman, resident and domiciled in the City of Serra, State of Espírito Santo, at Avenida Norte Sul, No. 149,
House 74, Condominium Igarapé, Colina de Laranjeiras, Postal Code 29.167-111, holder of Identity Card No. 1.753.053, issued
by the SSP/ES, enrolled with the CPF/MF under No. 087.588.797-06 (jointly with Dárcio Schwab Stehling, hereinafter referred
to as “INTERVENING CONSENTING PARTIES”);

 

WHEREAS:

 

I. ASSIGNOR is the lawful owner of the
“PICPAY” trademark and service and/or combined trademark applications, according to the trademarks listed in Exhibit
I (“TRADEMARKS”), with indication of the status of the respective applications and registrations with the National
Industrial Property Institute – INPI, in Brazil, and with the United States Patent and Trademark Office, in the United States;

 

II. ASSIGNOR is the owner of the domain
registrations having the name Picpay (hereinafter referred to as “DOMAINS”), as described in Exhibit II;

 

III. ASSIGNOR wishes to assign all rights
it holds with respect to the TRADEMARKS and the DOMAINS, especially with respect to their creation, anteriority; registration and
ownership applications, to ASSIGNEE, which wishes to acquire them on an as-is basis, with the risks inherent therein, including
in those cases where the registration proceeding with the INPI in Brazil has not been completed to date;

 

     

     

    

 

NOW, THEREFORE, the Parties execute
this Private Instrument of Assignment of Ownership and Exploitation of Trademarks and Domains (“AGREEMENT”),
which shall be governed by the clauses and conditions below:

 

I. ASSIGNMENTS OF THE TRADEMARKS AND
DOMAINS

 

1.1. ASSIGNOR irrevocably and irreversibly
assigns and transfers to ASSIGNEE all rights, ownerships and interests it holds with respect to the TRADEMARKS, including the rights
resulting from the creation, anteriority, registration application and ownership thereof with the INPI, in Brazil, and the United
States Patent and Trademark Office, in the United States.

 

1.2. ASSIGNEE acknowledges that it has
conducted prior studies with respect to the rights of ASSIGNOR relating to the TRADEMARKS, acquiring them in their current status
and with the risks inherent therein, pursuant to Exhibit I.

 

1.3. The Parties hereby execute this AGREEMENT,
and ASSIGNEE is required to provide in the INPI, in Brazil, the annotations of transfer of the rights to itself.

 

1.3.1. ASSIGNOR hereby authorizes ASSIGNEE
to take all required measures before the INPI, in Brazil, and the United States Patent and Trademark Office, in the United States,
for the annotation of the assignments of the TRADEMARKS, and it agrees to deliver to the ASSIGNEE any and all documents required
for this purpose, at the request of ASSIGNEE.

 

1.3.2. All costs involved in the annotations,
with the registration bodies, of the assignments of the TRADEMARKS and/or of the ownership of the TRADEMARK registration applications
shall be exclusively incurred by ASSIGNEE.

 

1.3.3. No failure to obtain the annotations
of the assignments of ownership of the TRADEMARK registration application in the INPI in Brazil adversely affects the assignment
of the TRADEMARKS stipulated herein.

 

1.4. ASSIGNOR irrevocably and irreversibly
assigns and transfers to ASSIGNEE all rights, title and interests held by it with respect to the registration of DOMAIN names it
has on the Internet and which are identified in Exhibit II.

 

1.4.1. ASSIGNEE agrees to take all measures
required before the registries for annotation of the assignment of the ownership of the DOMAINS hereby established. ASSIGNOR and
the INTERVENING CONSENTING PARTIES hereby agree to deliver to ASSIGNEE any and all documents required for this purpose, at the
request of ASSIGNEE.

 

1.5. The trade name of ASSIGNOR may be
maintained for a term of at least four (4) years, renewable for another four (4) years, by mutual agreement between the Parties,
it being understood that no additional amount or obligation shall be due as a result of such factor.

 

1.5.1. Upon lapse of the term above, ASSIGNEE
may require that ASSIGNOR changes its trade name. In this case, ASSIGNOR shall have a term of up to six (6) months to file with
the competent bodies, especially the trade registration bodies and the Central Bank of Brazil, the requests for change in tis trade
name, as from the date of receipt of a notice from ASSIGNEE in this regard.

 

1.5.2. Considering that ASSIGNEE is, on
the date hereof, one of the shareholders of ASSIGNOR, in case ASSIGNEE ceases from being its shareholder, it may require ASSIGNOR
to change its trade name within the same term of the item above (six months).

 

II. EXPLOITATION OF THE TRADEMARKS AND
DOMAINS

 

2.1. As a condition for this legal transaction
and considering the price established between the Parties for assignment of the TRADEMARKS and of the DOMAINS, ASSIGNOR may continue
to exploit the TRADEMARKS and DOMAINS free of charge, until the INPI grans the annotations of the transfers of the TRADEMARKS to
ASSIGNEE.

 

2.1.1. During this period, ASSIGNOR may
use and exploit the TRADEMARKS and DOMAINS, irrespective of any type of payment or remuneration to ASSIGNEE, adopting all measures
required to prevent the devaluation thereof or any act that denigrates its reputation, acknowledgment and value.

 

2.1.2. During this period, ASSIGNEE may
neither license nor authorize, even if on a precarious basis, the use of the TRADEMARKS and DOMAINS to third parties, without the
prior and express consent of ASSIGNOR.

 

    2 

     

    

 

2.2. Upon actual registration of the transfer
of the TRADEMARKS to ASSIGNEE by the INPI, ASSIGNOR shall make the monthly payment of royalties of one percent (1%) of the amount
equivalent to the net revenue of ASSIGNOR. For purposes of this item, the net revenue of ASSIGNOR shall be understood as the sum
of the Revenue of MDR, Revenue of Services, Revenue of management, Monthly Payment by Storeowners and Bank Commission, less the
taxes levied on the prevision of these services, in accordance with the definitions contained in Exhibit III.

 

2.2.1 The payment of royalties shall be
due as from May 1st, 2021 and provided the transfer of the TRADEMARKS to ASSIGNEE has been implemented by the bodies in charge.

 

III. PRICE

 

3.1. In consideration for the assignment
of the TRADEMARKS and DOMAINS, ASSIGNEE shall pay to ASSIGNOR the amount of eight million, four hundred and twenty-three thousand
Reais (R$8,423,000.00), to be paid in four (4) installments in the amount of two million, one hundred and five thousand,
seven hundred and fifty Reais (R$2,105,750.00), to be paid every month, every 25th day of each month, plus the positive
variation of the CDI from that date to the date of actual payment.

 

3.2. Failure to timely pay the installments
of the price shall result in application of a fine equivalent to two percent (2%) of the amount of the overdue installment, late
payment interest at the rate of one percent (1%) per month on a pro rata die basis and adjustment for inflation by the General
Market Price Index (IGPM), from the due date to the date of actual payment.

 

IV. ADDITIONAL OBLIGATIONS OF THE PARTIES

 

4.1. In addition to the obligations stipulated
in this AGREEMENT and inherent in the AGREEMENT, ASSIGNOR agrees to ASSIGNEE:

 

i. not to apply for registration or register
as trademark in Brazil or abroad, in any class, the term “PICPAY” or any other terms that may be mistaken for or which
are similar to it, except with the prior and express consent of ASSIGNEE;

 

ii. neither to challenge nor to perform,
in any way, any act that could adversely affect the TRADEMARK registration application in Brazil; and

 

iii. to grant ASSIGNEE preference in the
acquisition of any new trademarks it may create and file for registration in the INPI or in any foreign entity responsible for
the trademark registration.

 

4.2. In addition to the obligations stipulated
in this Agreement and inherent in the Agreement, ASSIGNEE agrees to ASSIGNOR:

 

i. to keep in order all necessary registrations
for the TRADEMARKS to be used pursuant to the provisions of this AGREEMENT; and

 

ii. not to impair, directly or indirectly,
the use of the TRADEMARKS by ASSIGNOR.

 

V. CONFIDENTIALITY

 

5.1. The Parties agree to grant confidential
treatment to all information exchanged for implementation of this transaction that is not public knowledge (“Confidential
Information”), for a term of three (3) years as from the date hereof.

 

5.1.1 An exception to the confidentiality
obligation of the Parties is the explanatory note to be indicated in the financial statements of the fiscal year of ASSIGNOR, whenever
required by the applicable law.

 

5.2. The parties agree to immediately inform
the other party of any breach of the confidentiality rules by any person, whether related to the party or not, including unintentional
or faulty breach of the Confidential Information.

 

5.3. In case a party is required to disclose
any Confidential Information due to an administrative or court order, it shall inform the other party within twenty-four (24) hours,
so that it can take the legal measures it may deem necessary.

 

    3 

     

    

 

5.4. ASSIGNEE represents that it has neither
returned nor excluded all Confidential Information used for execution of this Agreement, and it acknowledges that ASSIGNEE may
not remain with copies of any Confidential Information.

 

5.5. Failure to comply with any of the
obligations above shall result in the imposition of a specific fine in the amount of twenty percent (20%) of the price of this
AGREEMENT, as adjusted in accordance with the IGPM, irrespective of the possibility of collecting supplementary indemnification,
upon proof of excess loss and damages.

 

5.6. In case any of the parties discloses
any Confidential Information without the prior and express authorization of the other party, the disclosing party may, without
prejudice to the liability set forth above, be held criminally and administratively liable by the regulatory bodies and other authorities
(Central Bank of Brazil, Securities Commission etc.).

 

VI. ASPECT RELATING TO THE ANTICORRUPTION
LAW

 

6.1. The Parties mutually, irrevocably
and irreversibly represent that their directors, managers, employees, service providers, including their subcontractors and agents,
fully understand and comply with the provisions of the Brazilian and international laws, regulations and normative provisions to
which they are subject, the purpose of which is the fight against corruption, bribery and the practice of acts harmful to the Government.

 

6.2 For performance of this Agreement,
neither Party may offer, give or undertake to give to anyone, or accept or commit to accept from anyone, either on their own account
or by means of others, any payment, donation, compensation, financial or non-financial advantages or benefits of any kind that
constitute illegal practice and/or corruption, whether directly or indirectly as to the subject matter of this Agreement, they
and shall also ensure that their directors, managers, employees, service providers, including their subcontractors and agents,
act in the same way.

 

6.3 The Parties shall maintain their books
and/or Digital Accounting Bookkeeping (ECD), records and accounting documents with details and precision sufficiently adequate
to reflect the transactions clearly and unambiguously and funds related to this Agreement.

 

6.4 The Parties mutually ensure each other
that they adopt anticorruption policies, processes and procedures in order to guarantee due compliance with the Brazilian and international
laws, regulations and normative provisions to which they are subject, with the purpose of combating corruption, bribery and the
practice of acts harmful to the Government.

 

6.5 In the event that on the Parties becomes
involved in inquiries or administrative or judicial proceedings due to the practice of corruption, bribery and/or the practice
of acts detrimental to the Government during or in relation to performance of this Agreement, the Party that causes said situation
shall assume the respective burden, and shall also present the documents that may assist the other Party in its defense.

 

6.6 For purposes of this section, there
will be not contractual breach when the involvement of any of the Parties in a situation related to the practice of corruption,
bribery and/or the practice of acts harmful to the Government is notorious and of public knowledge at the time of execution of
this Agreement.

 

VII. SOCIAL AND ENVIRONMENTAL ASPECT

 

7.1 Each Party represents to the other
Party that: (a) it is vested with all powers and authority to assume and fulfill the obligations set forth herein and to consummate
the transactions contemplated herein; and (b) the formalization and performance of this Agreement does not imply a breach of any
applicable third-party right, law or regulation, or also a violation, breach or default of any contract, instrument or document
to which it is a party or by which it any of its assets is linked and/or affected, nor does it depend on obtaining any authorization
under any agreement, instrument or document to which it is a party or by which any or any of its assets is linked and/or affected.

 

7.2 The Parties represent and warrant to
each other that they:

 

a. exercise their activities in accordance
with the legislation in force applicable to them, and that they hold the necessary approvals for execution of this Agreement and
compliance with the obligations provided for therein;

 

b. do not use illegal labor and will not
use forced or child labor, either directly or indirectly, through their respective suppliers of products and services;

 

    4 

     

    

 

c. do not employ children under eighteen
(18) years of age, including minor apprentices, in places that are harmful to their education, to their physical, psychological,
moral and social development, as well as in dangerous or unhealthy places and services, at times that do not allow them to attend
school, and, also, in night shifts, understood as the period between 10 p.m. and 5 a.m.;

 

d. do not adopt practices related to activities
that imply criminal profit from prostitution or sexual exploitation of vulnerable people;

 

e. do not engage in negative discrimination
practices and limit access to the employment relationship or maintenance thereof, such as, for example, those motivated by: gender,
origin, race, skin color, physical condition, religion, marital status, age, family situation or pregnancy; and

 

f. agree to protect and preserve the environment,
as well as to prevent and eradicate practices that are harmful to the environment, carrying out their activities in compliance
with the applicable law with respect to the National Policy on the Environment and Environmental Crimes, as well as with the legal,
normative and administrative acts related to the environmental and related areas issued on the Federal, State and Municipal levels.

 

VIII. ARBITRATION

 

8.1. The Parties agree that any dispute,
litigation or conflict resulting from the construal of or compliance with this Agreement shall be resolved by arbitration, and
this Section shall serve as an arbitration clause for the effects of the provisions of article 4, paragraph 1 of Law 9.307/96.

 

8.2. The Parties elect the Brazil-Canada
Chamber of Commerce - CCBC, with its head office in São Paulo / SP, for the administration, processing and trial of the
arbitration proceedings, in accordance with the arbitration rules of this Chamber.

 

8.3. The arbitration shall be processed
and tried by an arbitral tribunal composed of 3 arbitrators who are CCBC arbitrators, it being understood that each party shall
appoint one arbitrator and the arbitrators so appointed shall appoint a third arbitrator to be the chairman of the arbitral tribunal.
In case any of the Parties fails to designate its respective arbitrator and/or in case the designated arbitrators fail to reach
a consensus with respect to the appointment of the third arbitrator, the President of the CCBC shall do it.

 

8.4. The arbitration instituted pursuant
to the provisions of this arbitration clause shall be exclusively analyzed and decided based on the laws of the Federative Republic
of Brazil, it being understood that the arbitration proceedings shall be conducted in Portuguese, in the city of São Paulo,
State of São Paulo.

 

8.5. The expenses relating to any dispute
submitted to arbitration, including costs, expenses and arbitrators’ fees, shall be shared during the proceedings in equal
parts by the Parties and, in the end, fully paid by the losing Party, which shall reimburse the winning party, except as otherwise
decided by the arbitral tribunal.

 

8.6. The arbitration award shall be final,
and it shall be a binding instrument enforceable in court between the Parties and their successors, which agree to comply with
the provisions of the arbitral tribunal, irrespective, but without prejudice to, execution proceedings.

 

8.7. For those disputes that cannot be
resolved by arbitration proceedings, due to the fact that they do not involve waivable property rights and/or for the obtainment
of urgent measures before institution of the arbitration, the parties elect the courts of the Judicial District of the Capital
City of the State of São Paulo, it being understood that the Parties expressly waive any other court, no matter how privileged
it may be. The court hereby elected shall also have jurisdiction for the processing and enforcement of the arbitration award, if
necessary.

 

    5 

     

    

 

IX. GENERAL PROVISIONS

 

9.1. This Agreement does not create any
other right and obligation other than those expressly set forth herein, and any ostensive or remote relationship of company, joint-venture
or association between the parties is hereby expressly denied, it being understood that none of the parties is authorized to assume
any obligation or commitment in the name of the other party.

 

9.2. Any tolerance by any of the parties
with respect to any violation of the terms and conditions of this Agreement shall be deemed a mere liberality, and it shall not
be construed as novation, invocable precedent, waiver of rights, tacit amendment to contractual provisions, vested right or contractual
amendment.

 

9.3. The nullity or invalidity of any of
the provisions of this Agreement shall not imply the nullity or invalidity of the others, it being understood that the provisions
held to be null or invalid shall be rewritten, so as to reflect the initial intention of the parties in accordance with the applicable
law.

 

9.4. This Agreement replaces any prior
covenant or Agreement, whether written or oral, previously entered into by the Parties in relation to matters contemplated herein.

 

IN WITNESS WHEREOF, the parties execute
this instrument in four (4) counterparts of equal content and form, with the two (2) witnesses below.

 

São Paulo, May 2, 2019.

 

	/s/ illegible	 	/s/ illegible
	PICPAY SERVIÇOS S.A.
	ASSIGNOR
	 
	/s/ illegible	 	/s/ illegible
	J&F PARTICIPAÇÕES
	ASSIGNEE

 

/s/ Dárcio Schwab Stehling

 

DÁRCIO SCHWAB STEHLING

 

INTERVENING CONSENTING PARTY

 

/s/ Diogo Brumas Carvalho Roberte

 

DIOGO BRUMAS CARVALHO ROBERTE

 

INTERVENING CONSENTING PARTY

 

Witnesses:

 

	/a/ Maíra Mendes Morais	 	/s/ Gabriela Kinikel de Andrade Bim
	Name: Maíra Mendes Morais	 	Name: Gabriela Kinikel de Andrade Bim
	Identity Card (RG): 43881235-9 (SSP/SP)	 	Identity Card (RG): 50.281.896-7

 

    6 

     

    

 

 

EXHIBIT I

 

List of trademarks and Status of the respective
registrations with the National Institute of Industrial Property - INPI, in Brazil, and the United States Patent and Trademark
Office, in the United States.

 

	Trademark	 	Proceeding	 	Class	 	Specification	 	Presentation	 	Filing date	 	Current Status	 	Decision forecast*	 	Effectiveness
	Picpay	 	905190521	 	9	 	Computer programs	 	Combined	 	01/18/2016	 	Registration in effect	 	-	 	09/29/2025
	Picpay	 	905190572	 	9	 	Computer programs 	 	Word	 	01/18/2016 	 	Registration in effect 	 	-	 	09/29/2025
	P	 	905401980	 	9	 	Computer programs	 	Device	 	01/18/2016	 	Registration in effect	 	 	 	10/06/2025
	P	 	913552429	 	9	 	Computer programs	 	Device	 	09/28/2017	 	Registration in effect	 	-	 	01/08/2029
	PagPay	 	914894269	 	9	 	Trademark registration per strategy	 	Word	 	06/20/2018	 	Awaiting analysis on the merits	 	Jun/19	 	-
	Picpay	 	905190696	 	35	 	Advertisement and business management	 	Combined	 	01/18/2016	 	Registration in effect	 	-	 	09/29/2025
	PicPay	 	905190793	 	35	 	Advertisement and business management	 	Word	 	01/18/2016	 	Registration in effect	 	-	 	09/29/2025
	P	 	905401921	 	35	 	Advertisement and business management	 	Device	 	01/18/2016	 	Registration in effect	 	-	 	10/06/2025
	P	 	913552569	 	35	 	Advertisement and business management	 	Device	 	09/28/2017	 	Registration in effect	 	-	 	01/08/2029
	PagPay	 	914894501	 	35	 	Trademark registration per strategy	 	Word	 	06/20/2018	 	Awaiting analysis on the merits	 	Jun/19	 	-
	Picpay	 	905190874	 	36	 	Financial Services	 	Combined	 	01/18/2016	 	Registration application finally denied	 	-	 	-
	PicPay	 	905190947	 	36	 	Financial Services	 	Word	 	01/18/2016	 	Registration application finally denied	 	 	 	-
	PicPay	 	912456388	 	36	 	Financial Business	 	Combined	 	03/21/2017	 	Awaiting analysis of the appeal against denial	 	48 months as from the filing	 	-
	PicPay	 	912456876	 	36	 	Financial Business	 	Word	 	03/21/2017	 	Awaiting analysis of the appeal against denial	 	48 months as from the filing	 	-
	P	 	905401875	 	36	 	Financial Business	 	Device	 	01/18/2016	 	Registration in effect	 	-	 	10/06/2025
	P	 	913552577	 	36	 	Financial Business	 	Device	 	09/28/2017	 	Registration in effect	 	-	 	01/08/2029
	PagPay	 	914894617	 	36	 	Trademark registration per strategy	 	Word	 	06/20/2018	 	Awaiting analysis on the merits	 	Jun/19	 	-
	Picpay	 	905191056	 	38	 	Telecommunications, transmission of files and transmission of electronic transaction	 	Combined	 	01/18/2016	 	Registration in effect	 	-	 	09/29/2025

 

    7 

     

    

 

	PicPay	905191218	38	Telecommunications, transmission of files and transmission of electronic transaction	Word	01/18/2016	Registration in effect	-	09/29/2025
	P	905401778	38	Telecommunications, transmission of files and transmission of electronic transaction	Device	01/18/2016	Registration in effect	-	10/06/2025
	P	913552593	38	Telecommunications, transmission of files and transmission of electronic transaction	Device	09/28/2017	Registration in effect	-	01/08/2029
	PagPay	914894668	38	Trademark registration per strategy	Word	06/20/2018	Awaiting analysis on the merits	Jun/19	-
	PicPay	905191293	42	Technological services, conception, design and development of computer hardware and software	Combined	10/05/2016	Awaiting decision on appeal against shelving at the initiative of the authorities	48 months as from the filing	-
	PicPay	905191404	42	Technological services, conception, design and development of computer hardware and software	Word	10/05/2016	Awaiting decision on appeal against shelving at the initiative of the authorities	48 months as from the filing	-
	P	905401654	42	Technological services, conception, design and development of computer hardware and software	Device	01/18/2016	Registration in effect	-	10/06/2025
	P	913552615	42	Technological services, conception, design and development of computer hardware and software	Device	09/28/2017	Registration in effect	-	01/08/2029
	PagPay	914894749	42	Trademark registration per strategy	Word	06/20/2018	Awaiting analysis on the merits	Jun/19	-
	PicPay	905191498	45	Licensing or assignment of right of use of computer programs	Combined	10/05/2015	Awaiting decision on appeal against shelving at the initiative of the authorities	48 months as from the filing	-
	PicPay	905191552	45	Licensing or assignment of right of use of computer programs	Word	10/05/2016	Awaiting decision on appeal against shelving at the initiative of the authorities	48 months as from the filing	-
	P	905401514	45	Licensing or assignment of right of use of computer programs	Device	01/18/2015	Registration in effect	-	10/06/2025
	P	913552623	45	Licensing or assignment of right of use of computer programs	Device	09/28/2017	Registration in effect	-	01/08/2029
	PagPay	914894773	45	Trademark registration per strategy	Word	06/20/2018	Awaiting analysis on the merits	Jun/19	-

 

Registration applications in the United
States Patent and Trademark Office

 

(follows text written in English)

 

    8 

     

    

 

EXHIBIT II

 

List of Domains

 

	Domains - Websites
	 
	Domain	 	Holder	 	Effectiveness of the domain	 	Registrar
	picpay.com.br	 	Diogo Brumas Carvalho Roberte	 	06/05/2012 to 06/05/2021	 	Registro.br
	picpay.com	 	Darcio Stehling	 	10/10/2001 to 10/10/2022	 	GoDaddy.com, LLC Godaddy.com
	picpay.me	 	Darcio Stehling	 	06/11/2012 to 06/11/2019	 	GoDaddy.com, LLC Godaddy.com
	picpay.it	 	Darcio Stehling	 	06/21/2012 to 06/21/2019	 	Marcaria.com EU Limited Marcaria.com
	picpay.biz	 	Darcio Stehling	 	11/24/2010 to 11/23/2019	 	GoDaddy.com, LLC Godaddy.com
	picpay.co	 	Darcio Stehling	 	06/26/2014 to 06/25/2019	 	GoDaddy.com, LLC Godaddy.com
	picpay.info	 	Darcio Stehling	 	08/12/2017 to 08/12/2019	 	GoDaddy.com, LLC Godaddy.com
	picpay.io	 	Darcio Stehling	 	08/12/2017 to 08/12/2017	 	GoDaddy.com, LLC Godaddy.com
	picpay.net	 	Darcio Stehling	 	11/24/2010 to 11/24/2019	 	GoDaddy.com, LLC Godaddy.com
	picpay.org	 	Darcio Stehling	 	11/24/2010 to 11/24/2019	 	GoDaddy.com, LLC Godaddy.com
	picpayempresas.com	 	Darcio Stehling	 	03/02/2017 to 03/02/2021	 	GoDaddy.com, LLC Godaddy.com
	ppay.me	 	Darcio Stehling	 	06/11/2012 to 06/11/2019	 	GoDaddy.com, LLC Godaddy.com

 

    9 

     

    

 

EXHIBIT III

 

DEFINITIONS

 

Revenue of MDR: amounts charged
by PicPay from the user whenever it transacts for commercial purposes to another user, individual or storeowner.

 

Revenue of Services: amounts received
by PicPay in intermediation transactions from user for the PicPay “Store” products.

 

Revenue of Management: includes
the revenues of installments of the business lines Cell phone recharge, Payment of bills and DG, representing the amounts PicPay
receives from interest of installment programs of the users.

 

Monthly Payment Storeowners: payment
services charged from storeowners for the use of Picpay as means of payment.

 

Bank Commission: amounts received
from partner banks in which the accounts and payment slips of the PicPay users are settled.

 

PicPay

 

LEGAL MATTERS

 

    10 

     

    

 

FIRST AMENDMENT TO THE
PRIVATE INSTRUMENT OF ASSIGNMENT OF OWNERSHIP AND EXPLORATION OF TRADEMARKS AND DOMAINS SIGNED ON 05/02/2019

 

By this private instrument and in the best
form of law, on the one part,

 

PICPAY SERVIÇOS S/A, a legal
entity governed by private law, enrolled with the National Corporate Taxpayers’ Registry of the Ministry of Economy (CNPJ/ME)
under No. 22.896.431/0001-10, with its principal place of business at Avenida Manuel Bandeira, No. 291, offices 43 and 44, Block
B, Atlas Office Park Condominium, Vila Leopoldina, Postal Code 05317-020, São Paulo, SP, herein represented in the form
of its By-Laws (hereinafter referred to as “ASSIGNOR”); and, on the other part,

 

ORIGINAL INVESTIMENTOS S.A.,
new name of J&F PARTICIPAÇÕES S.A., a closely-held corporation, enrolled with the CNPJ/MF under No.
07.570.673/0001-26, with its principal place of business at Rua General Furtado do Nascimento, No. 66, Lot I, suite 07, Postal
Code 05465-070, São Paulo/SP, herein represented in the form of its By-Laws (hereinafter referred to as “ASSIGNEES”);

 

WHEREAS:

 

I. The Parties formalized, on
May 2, 2019, the Private Instrument of Assignment of Ownership and Exploitation of Trademarks and Domains (“AGREEMENT”);

 

II. The Parties, by common agreement
decide to anticipate the payment of the PRICE.

 

NOW, THEREFORE, the Parties execute
this First Instrument to the Private Instrument of Assignment of Ownership and Exploitation of Trademarks and Domains (“1st
AMENDMENT”), which shall be governed by the clauses and conditions below:

 

I. PARTIAL ANTICIPATION OF
THE SECOND INSTALLMENT OF THE PRICE

 

1.1 The Parties, by common agreement wish
to advance the payment of the second installment of the PRICE provided for in section three of the AGREEMENT, paying, on 05/30/2019
and in a single installment, the total amount of one million, five hundred Brazilian Reais (R$1,500.000,00).

 

II. GENERAL PROVISIONS

 

2.1. All other clauses and conditions
of the AGREEMENT are that have not been expressly modified by this 1st AMENDMENT are hereby ratified.

 

    11 

     

    

 

IN WITNESS WHEREOF, the parties execute
this instrument in two (2) counterparts of equal content and form, with the two (2) witnesses below.

 

São Paulo, May 30th, 2019.

 

	/s/ Anderson Andrade Chamon do Carmo	 	/s/ Valério Zarro
	PICPAY SERVIÇOS S.A.	 	PICPAY SERVIÇOS S.A.
	Anderson Andrade Chamon do Carmo	 	Valério Zarro

 

/s/ José Batista Sobrinho

J&F PARTICIPAÇÕES
S.A.

 

José Batista Sobrinho

 

Witnesses:

 

	/s/ Maira Mendes Morais	 	/s/ Gabriela Kinikel de Andrade Bim
	Name: Maira Mendes Morais	 	Name: Gabriela Kinikel de Andrade Bim
	ID:43881235-9	 	ID: 50.281.896-7

 

(First Amendment to the Private Instrument
of Assignment of Ownership and Exploitation of Trademarks and Domains, executed on May 2, 2019 by and between PicPay Serviços
S.A. and Original Investimentos S.A)

 

    12 

     

    

 

 

SECOND AMENDMENT TO THE PRIVATE INSTRUMENT
OF ASSIGNMENT OF OWNERSHIP AND EXPLOITATION OF TRADEMARKS AND DOMAINS EXECUTED ON MAY 2, 2019

 

By this private instrument and in the best
form of law, on the one part,

 

PICPAY SERVIÇOS S/A, a legal
entity governed by private law, enrolled with the National Corporate Taxpayers’ Registry of the Ministry of Economy (CNPJ/ME)
under No. 22.896.431/0001-10, with its principal place of business at Avenida Manuel Bandeira, No. 291, offices 43 and 44, Block
B, Atlas Office Park Condominium, Vila Leopoldina, Postal Code 05317-020, São Paulo, SP, herein represented in the form
of its By-Laws (hereinafter referred to as “ASSIGNOR”); and, on the other part,

 

ORIGINAL INVESTIMENTOS S.A., new
name of J&F PARTICIPAÇÕES S.A., a closely-held corporation, enrolled with the CNPJ/MF under No. 07.570.673/0001-26,
with its principal place of business at Rua General Furtado do Nascimento, No. 66, Lot I, suite 07, Postal Code 05465-070, São
Paulo/SP, herein represented in the form of its By-Laws (hereinafter referred to as “ASSIGNEES”); and

 

WHEREAS:

 

I. The Parties
formalized, on May 2, 2019, the Private Instrument of Assignment of Ownership and Exploitation of Trademarks and Domains (“AGREEMENT”);

 

II. The
Parties formalized, on May 30, 2019, the First Amendment to the Private Instrument of Assignment of Ownership and Exploitation
of Trademarks and Domains (“1st AMENDMENT”); and

 

III. The Parties, by common agreement decide
to anticipate the payment of the PRICE.

 

NOW, THEREFORE, the Parties execute
this Second Instrument to the Private Instrument of Assignment of Ownership and Exploitation of Trademarks and Domains (“2nd
AMENDMENT”), which shall be governed by the clauses and conditions below:

 

I. PRICE ADVANCE

 

1.1. The Parties, by mutual agreement,
wish to advance the payment of the PRICE provided for in section three of the AGREEMENT, paying, on this date and in a single installment,
the total amount of four million, eight hundred and twenty-two thousand, four hundred and thirty-six Reais and ninety-two
cents (R$4,822,436.91) (sic), corresponding to the partial payment (i) of the second installment, in the amount of R$605,750.00;
(ii) full payment of the third installment, in the amount of R$2,108,343.46; and (iii) full payment of the fourth installment,
in the amount of R$2,108,343.46.

 

II. GENERAL PROVISIONS

 

2.1. After the payment of the amount mentioned
in item 1.1 above, the ASSIGNOR shall grant the ASSIGNEE a full, wide, general and irrevocable discharge in relation to the AGREEMENT
PRICE.

 

2.2. All other clauses and conditions of
the AGREEMENT that have not been expressly modified by this 2nd AMENDMENT are hereby ratified.

 

    13 

     

    

 

IN WITNESS WHEREOF, the parties execute
this instrument in two (2) counterparts of equal content and form, with the two (2) witnesses below.

 

São Paulo, June 07, 2019.

 

	/s/ Anderson Chamon	 	/s/ Valério Zarro
	Anderson Chamon	 	Valério Zarro
	Officer	 	Officer

 

PICPAY SERVIÇOS S.A.

 

ASSIGNOR

 

/s/ José Batista Sobrinho

 

J&F PARTICIPAÇÕES S.A.

 

ASSIGNEE

 

José Batista Sobrinho

 

RG. 172 026 SSP/DF

 

CPF 052 970 871 04

 

Witnesses:

 

	/s/ Gabriela Kinikel de Andrade Bim	 	/s/
    Maira Mendes Morais
	Name: Gabriela Kinikel de Andrade Bim	 	Name: Maira Mendes Morais
	ID: 50.281.896-7	 	ID: 43881235-9 (SSP/SP)

 

(Second Amendment to the Private
Instrument of Assignment of Ownership and Exploitation of Trademarks and Domains, executed on May 2, 2019 by and between PicPay
Serviços S.A. and Original Investimentos S.A)

 

 

14Exhibit 10.2

 

OPERATIONAL AGREEMENT FOR MANAGEMENT OF
THE “PICPAY” BRAND

 

By this private instrument and in the best
form of law, on the one part,

 

PICPAY SERVIÇOS S/A, a legal
entity governed by private law, enrolled with the National Corporate Taxpayers’ Registry of the Ministry of Economy (CNPJ/ME)
under No. 22.896.431/0001-10, with its principal place of business at Avenida Manuel Bandeira, No. 291, offices 43 and 44, Block
B, Atlas Office Park Condominium, Vila Leopoldina, Postal Code 05317-020, São Paulo, SP, herein represented in the form
of its By-Laws (hereinafter referred to as “PICPAY”); and, on the other part,

 

J&F PARTICIPAÇÕES
S.A., a closely-held corporation, enrolled with the CNPJ/MF under No. 07.570.673/0001-26, with its principal place of business
at Rua General Furtado do Nascimento, No. 66, Lot I, suite 07, Postal Code 05465-070, São Paulo/SP, herein represented in
the form of its By-Laws (hereinafter referred to as “J&F”).

 

Whereas:

 

I. J&F is the owner of the “PICPAY”
brand and all its variations;

 

II. PICPAY wishes J&F to manage the
agreements and matters relating to exposure of the “PICPAY” brand, for the promotion and advertisement of PICPAY’s
activities, aiming at its consolidation and expansion of said brand among consumers;

 

III. to expand its presence in the industry
in which it operates, PICPAY needs to incur substantial investments in the market intelligence and marketing areas;

 

IV. PICPAY currently does not have sufficient
funds to incur the investments resulting from such activities and which are essential for its expansion and survival.;

 

V. J&F has plans to invest, over the
next four (4) years, in the acquisition of bank brands, in the retail segment, and in marketing actions aimed at the respective
valuation; and

 

VI. the Parties wish that, through management
and investments, J&F receives certain amounts as a result of this Agreement and based on the return that PICPAY obtains due
to the investments in marketing and intelligence.

 

NOW, THEREFORE, the Parties execute
this Operational Agreement for Management of the “PICPAY” Brand (“AGREEMENT”), which shall
be governed by the clauses and conditions below:

 

1. SUBJECT MATTER OF THE AGREEMENT

 

1.1. The subject matter of this AGREEMENT
is the management, by J&F to PICPAY, of intelligence and marketing advisory services, specifically to consolidate the expansion
of the activities carried out by PICPAY for the consumers.

 

1.1.1. To achieve this subject matter,
J&F will contract, on its account, at its costs and order, with third parties for them to provide services linked to the “PICPAY”
brand, and it agrees to manage the actions of these third parties, in accordance with the description contained in Exhibit I.

 

1.1.2. In case there is inconsistency between
any Exhibit and the clauses and conditions that are an integral part of this AGREEMENT, the provisions of the AGREEMENT shall prevail
over the provisions of the Exhibits, for all effects de facto and de jure.

 

1.2. During performance of the services
to be managed by J&F, it agrees:

 

i. to observe the performance term of the
management and contracting with third parties for the provision of services linked to the “PICPAY” brand, according
to the time schedules to be established by the parties;

 

ii. to provide the necessary clarifications
to PICPAY, as well as the information relating to the nature and progress of the services performed or being performed by third
parties, observing the scope of this AGREEMENT;

 

    

     

    

 

iii. to immediately accept PICPAY’s
request for any change;

 

iv. to be liable for the good performance,
accuracy, reliability and perfection of the management, as well as for adequacy thereof to the purposes for which it is designed;
and

 

v. not to violate any rights relating to
trademarks, patents, industrial secret or, furthermore, right of property, representation or copyright, being liable to PICPAY
or any third parties for the obligations assumed under this sub-item.

 

1.3. In case PICPAY does not accept the
management of the services provided by J&F in view of noncompliance with the agreed specifications, J&F agrees to provide
the necessary adjustments.

 

1.3.1. The services shall only be accepted
if J&F complies with all contractual obligations and requirements made upon the contracting, and PICPAY may suspend the payment
of the price until the services are satisfactorily provided.

 

1.4. J&F shall estimate, in the management
it makes, the amount it will invest in said marketing actions and, even if approved by PICPAY, it does not warrant any type of
return on the investment to be made, it being understood that J&F represents that it understands the right inherent in this
AGREEMENT.

 

1.5. It is an essential condition of this
business and J&F acknowledges that in no event will PICPAY be required to reimburse or indemnify J&F for the investments
made in the marketing actions, it being understood that the only form of J&F recovering such investments is upon receipt of
the amounts, as set forth in this AGREEMENT.

 

1.6. PICPAY grants J&F exclusivity
in the contracting of the management that is the subject matter of this AGREEMENT.

 

1.7. J&F, in turn, agrees not to manage
the provision of services that are similar to those set forth herein to PICPAY’s competitors, but it is free to provide them
to other companies, even if it uses the same professionals.

 

1.7.1. For purposes of this section, PICPAY’s
competitors shall be understood as financial institutions or payment institutions that act in the Brazilian territory, as well
as their related companies, in Brazil and abroad.

 

2. AMOUNTS

 

2.1. In consideration for the management
performed, J&F shall receive the amount assessed in accordance with the remuneration rules set forth in Exhibit II to this
AGREEMENT.

 

2.1.1. This amount encompasses any and
all expenses of J&F directly and indirectly related to the management of the services, including, without limitation, the remuneration
of its own team or of a team of third parties contracted to develop the marketing campaigns, the advertising costs, the production
of advertising materials in general, the offer of credit in the form of cashback to PICPAY users, as well as all applicable taxes,
tariffs and contributions.

 

2.2. PICPAY shall monthly pay the amount,
by the last business day of the subsequent month, it being understood that the proof of payment of bank deposit shall serve as
receipt of release. J&F, in turn, shall deliver to PICPAY a receipt of the amounts received.

 

3. ADDITIONAL OBLIGATIONS OF THE PARTIES

 

3.1. The following are obligations of J&F,
without prejudice to other obligations set forth in this AGREEMENT or inherent in the provision of the services:

 

i. to manage the intelligence and marketing
advisory services, using professionals and/or companies with technical qualification and abilities that are appropriate for the
services to be rendered;

 

    2

     

    

 

ii. to observe the laws, regulations and
rules governing the activities it agrees to perform under this AGREEMENT, pursuant to the applicable law;

 

iii. to obtain, at its sole expenses, the
licenses, permits, permissions and/or authorizations that may be necessary for full performance of the subject matter of this AGREEMENT;

 

iv. to cause the professionals and/or company
contracted by it to fully comply with the agreed service levels, including with respect to the terms and conditions set forth in
this AGREEMENT and in Exhibit I; and

 

v. to cause its employees and/or agents
and/or professionals contracted to engage in their activities in compliance with PICPAY’s internal rules.

 

3.2. The following are obligations of PICPAY,
without prejudice to others set forth in this AGREEMENT or inherent in the management:

 

i. to provide J&F, its personnel and
the third parties contracted by it with the guidelines for the works and all information and documents required for performance
of the services;

 

ii. to grant J&F’s personnel
and the personal of third parties contracted by it to its facilities for provision of the services, as previously agreed between
the Parties and in accordance with the rules set forth in its internal regulations; and

 

iii. to timely comply with the terms and
conditions for payment of the amounts.

 

3.3. Without prejudice to the penalties
set forth in this AGREEMENT, J&F shall be liable for all losses it may cause as a result of the management of the third-party
services, to PICPAY and/or aggrieved third parties.

 

3.4. The services shall be managed with
full technical and operational independence, without economic dependence between the Parties or any type of subordination and/or
personality between PICPAY and the J&F’s employees, professionals and/or subcontractors.

 

3.5. J&F agrees to duly comply with
the labor, social-security, civil and tax laws, as well as with the rules relating to occupational safety and medicine, in relation
to its employees and/or agents, exempting PICPAY from any liabilities and exclusively assuming all consequences for any noncompliance
with said statutory provisions.

 

4. LABOR ASPECT

 

4.1. In no event shall this AGREEMENT establish
an employment relationship between J&F’s employees and PICPAY or vice-versa, each of which shall be liable for any labor
claims brought by tis employees, agents, subcontractors and other collaborators.

 

4.1.1. J&F shall be solely and fully
liable for the recruitment, admission, management and inspection of the professionals designated or subcontracted by it for performance
of the services, as well as for compliance with the corresponding labor, tax and social-security obligations.

 

4.1.2. J&F shall formally designate
a duly qualified manager to coordinate the execution of each project linked to this AGREEMENT, who shall be responsible for managing
the services provided and for all professionals involved in the project, as well as for providing PICPAY with all necessary information
on the works and on the team subject to his or her management. The communication relating to the demands and services between the
Parties shall be solely and exclusively made between the project manager designated by J&F and the project manager designated
by PICPAY.

 

4.1.3. J&F represents to be solely
liable for any kind of payment of indemnification claimed by its subcontractors and employees/agents, especially with respect to
labor claims and occupational accidents.

 

4.1.4. J&F’s liability mentioned
in the preceding sub-items shall remain even in the event of acknowledgement of employment relationship between any of its professionals
and PICPAY, for any reason.

 

    3

     

    

 

4.2. J&F agrees to submit to PICPAY,
at any time, within twenty-four (24) hours as from the respective request, the proofs of payment of social-security contributions
and deposits with the Unemployment Compensation Fund - FGTS, or other documents required by law, with respect to the employees
of J&F or subcontracted companies who have been designated to provide the Services, in addition to data and information that
clearly identify these professionals, the place and period of work, as well as any other documents that, at the reasonable discretion
of PICPAY, prove the legal qualification, the financial health and the regular tax standing of J&F.

 

4.3. In case PICPAY is sued, on any account,
in the Labor Courts, in the Courts of General Jurisdiction or administratively, by personnel or company designated by J&F to
provide the services, J&F agrees, in case it is not a party to the proceedings for any reason, to appear in the case for the
purpose of claiming that it be included in the proceedings as defendant, so as to exempt PICPAY from any liability.

 

4.3.1. In the actions and proceedings set
forth in subitem 4.3, J&F agrees to provide information and subsidies and all authentic documents necessary for preparation
of PICPAY’s defense within three (3) business days as from the date of the request.

 

4.4. In the event that a judgment is rendered
against PICPAY with respect to the activity that is the subject matter of this AGREEMENT, J&F agrees to reimburse PICPAY for
the global amount it spends, within seventy-two (72) hours as from receipt of a written notice indicating the amount due, including
the principal amount, all ancillary or resulting installments, fees, fines, court costs and expenses.

 

4.5. In case the payment is not made, J&F
expressly authorizes PICPAY to deduct the amount of the possible or actual adverse judgment from the amounts due to it under this
AGREEMENT. The global amount required for compliance with the settlement or judgment or, furthermore, for payment of the appeal
bond, may be deducted from the monthly invoicing, irrespective of a new authorization from J&F or of any other formality, and
it is sufficient that it is informed of this fact by PICPAY.

 

4.6. In case the amounts paid or reimbursed
to not reach the amount of the adverse award or in case there are no more payments to be made to J&F under this AGREEMENT,
it shall provide immediate payment of the amount due, under penalty of, in case it fails to do so, granting PICPAY the power to
enforce the debt in court, based on art. 784, item III et seq. of the Brazilian Code of Civil Procedure, in which case the
proof of the amounts due shall be made by means of the proofs of payments of expenses incurred.

 

4.6.1. The amounts that may be disbursed
by PICPAY in the form of subitem 4.7 are hereby acknowledged by J&F as liquidated, certain and enforceable for all purposes
and effects of law.

 

4.7. The Parties may not claim in court,
now or in the future, to be exempted from their responsibilities, that the defense conducted by the other Party was imperfect or
that the case has been unsatisfactorily monitored.

 

5. INTELLECTUAL PROPERTY

 

5.1. The results of the management of the
services provided by third parties under this AGREEMENT, including documents, know-how, projects, schemes, among others, are understood
by the Parties to be the exclusive property and ownership of J&F, except for the documents, agreements and materials that represent
PICPAY’s products, such as, for example, credit or debit cards, banking agreements, instruments of accession, prospects of
investment funds, negotiable instruments in general, which shall be the exclusive property of PICPAY, even if their layout has
been produced by J&F.

 

5.2. J&F shall be exclusively liable
for observing the term set forth in the applicable law to claim the protection and registration of the intellectual property created,
compliance with the bureaucratic procedures, as well as all expenses relating to such requests.

 

    4

     

    

 

6. CONFIDENTIALITY

 

6.1. Throughout the term of effectiveness
of this AGREEMENT and for up to three (3) years after termination hereof, except for the events set forth in section 6.3, J&F
shall grant confidential treatment to this AGREEMENT, the negotiations that preceded it, the execution hereof and all pieces of
information it obtains or to which it is granted access as a result of the management of the services, refraining from using them
for any other purpose than the normal performance of this AGREEMENT.

 

6.1.1. “Confidential Information”
shall be understood as any information or document of PICPAY obtained or accessed by J&F, including the personal data and the
data on the transactions carried out by PICPAY’s clients, data on their employees, corporate data, economic and financial
information, strategic reports and analysis, technical, legal, accounting, operational, administrative, commercial, financial and
economic information, in addition to intellectual works and software owned by it, obtained by any means (whether orally or in writing,
expressly or tacitly), which may be included in any documents, spreadsheets, programs, systems, pictures, reports, hard copies,
electronic means etc.

 

6.1.2. The term mentioned in item 6.1 does
not apply to the information protected by bank or tax secrecy, and the confidentiality of such information must be permanently
observed by J&F.

 

6.2. All Confidential Information shall
be kept at a safe place and the access thereto shall be limited to those professionals of J&F who need to know such information
for provision of the services.

 

6.2.1. J&F may not disclose Confidential
Information to third parties, except with the prior and express consent of the legal representatives of PICPAY.

 

6.3. J&F agrees to immediately inform
PICPAY of any breach of the confidentiality rules by any person, whether related to J&F or not, including unintentional or
faulty breach of Confidential Information.

 

6.4. In case J&F is required to disclose
any Confidential Information due to an administrative or court order, it shall inform PICPAY within twenty-four (24) hours, so
that it can take the legal measures it may deem necessary, except of such information is prohibited.

 

6.4.1. In the event set forth in item 6.4
above, in case J&F discloses the Confidential Information without informing PICPAY, it shall be subject to the provisions of
subitem 6.6.

 

6.5. At any time and without prior notice,
PICPAY may request the return of Confidential Information that is in the possession of J&F, in which case J&F may immediately
return or destroy them, at the discretion of PICPAY, it being understood that J&F may not keep copies of any Confidential Information.

 

6.5.1. The return or destruction set forth
in item 6.5 above shall be documented in a statement signed by J&F, under the penalties of law, which statement shall contain
all pieces of Confidential Information actually returned / destroyed and the affirmation that it does not have any copy of such
information.

 

6.5.2. Even upon the return / destruction
of any Confidential Information, J&F shall remain required to observe the confidentiality duty and other conditions set forth
in this AGREEMENT, under penalty of application of the provisions of item 6.6, in addition to other statutory penalties.

 

6.6. Without prejudice to immediate termination
of the agreement, failure by J&F or by its representatives or agents to comply with any provision of this AGREEMENT relating
to the security, use and disclosure of Confidential Information shall result in the imposition of a specific fine in the amount
of twenty percent (20%) of all amounts transferred by PICPAY to J&F based on this instrument, as adjusted in accordance with
the IGPM, irrespective of the possibility of collecting supplementary indemnification, upon proof of excess loss and damages.

 

6.6.1. In case it discloses any Confidential
Information without the prior and express authorization of PICPAY, J&F may, without prejudice to the liability set forth in
item 6.6 above and to criminal liability, be subject to administrative sanctions imposed by the regulatory bodies (Central Bank
of Brazil, Securities Commission etc.).

 

    5

     

    

 

7. ASPECT RELATING TO THE ANTICORRUPTION
LAW

 

7.1. The Parties mutually, irrevocably
and irreversibly represent that their directors, managers, employees, service providers, including their subcontractors and agents,
fully understand and comply with the provisions of the Brazilian and international laws, regulations and normative provisions to
which they are subject, the purpose of which is the fight against corruption, bribery and the practice of acts harmful to the Government.

 

7.2 For performance of this AGREEMENT,
neither Party may offer, give or undertake to give to anyone, or accept or commit to accept from anyone, either on their own account
or by means of others, any payment, donation, compensation, financial or non-financial advantages or benefits of any kind that
constitute illegal practice and/or corruption, whether directly or indirectly as to the subject matter of this AGREEMENT, they
and shall also ensure that their directors, managers, employees, service providers, including their subcontractors and agents,
act in the same way.

 

7.3 The Parties shall maintain their books
and/or Digital Accounting Bookkeeping (ECD), records and accounting documents with details and precision sufficiently adequate
to reflect the transactions clearly and unambiguously and funds related to this AGREEMENT.

 

7.4 The Parties mutually ensure each other
that they adopt anticorruption policies, processes and procedures in order to guarantee due compliance with the Brazilian and international
laws, regulations and normative provisions to which they are subject, with the purpose of combating corruption, bribery and the
practice of acts harmful to the Government.

 

7.5 In the event that on the Parties becomes
involved in inquiries or administrative or judicial proceedings due to the practice of corruption, bribery and/or the practice
of acts detrimental to the Government during or in relation to performance of this AGREEMENT, the Party that causes said situation
shall assume the respective burden, and shall also present the documents that may assist the other Party in its defense.

 

7.6 For purposes of this section, there
will be not contractual breach when the involvement of any of the Parties in a situation related to the practice of corruption,
bribery and/or the practice of acts harmful to the Government is notorious and of public knowledge at the time of execution of
this AGREEMENT.

 

8. SOCIAL AND ENVIRONMENTAL ASPECT

 

8.1 Each Party represents to the other
Party that: (a) it is vested with all powers and authority to assume and fulfill the obligations set forth herein and to consummate
the transactions contemplated herein; and (b) the formalization and performance of this AGREEMENT does not imply a breach of any
applicable third-party right, law or regulation, or also a violation, breach or default of any contract, instrument or document
to which it is a party or by which it any of its assets is linked and/or affected, nor does it depend on obtaining any authorization
under any AGREEMENT, instrument or document to which it is a party or by which any or any of its assets is linked and/or affected.

 

8.2 The Parties represent and warrant to
each other that they:

 

i. exercise
their activities in accordance with the legislation in force applicable to them, and that they hold the necessary approvals for
execution of this AGREEMENT and compliance with the obligations provided for therein;

 

ii. do
not use illegal labor and will not use forced or child labor, either directly or indirectly, through their respective suppliers
of products and services;

 

iii. do
not employ children under eighteen (18) years of age, including minor apprentices, in places that are harmful to their education,
to their physical, psychological, moral and social development, as well as in dangerous or unhealthy places and services, at times
that do not allow them to attend school, and, also, in night shifts, understood as the period between 10 p.m. and 5 a.m.;

 

iv. do
not adopt practices related to activities that imply criminal profit from prostitution or sexual exploitation of vulnerable people;

 

    6

     

    

 

v. do
not engage in negative discrimination practices and limit access to the employment relationship or maintenance thereof, such as,
for example, those motivated by: gender, origin, race, skin color, physical condition, religion, marital status, age, family situation
or pregnancy; and

 

vi. agree
to protect and preserve the environment, as well as to prevent and eradicate practices that are harmful to the environment, carrying
out their activities in compliance with the applicable law with respect to the National Policy on the Environment and Environmental
Crimes, as well as with the legal, normative and administrative acts related to the environmental and related areas issued on the
Federal, State and Municipal levels.

 

9. EFFECTIVENESS AND TERMINATION

 

9.1. This AGREEMENT shall be effective
from May 2, 2019 to May 2, 2023, and it may be extended for another four (4) years, provided an Amendment to the Agreement is formalized.
The Parties may terminate this AGREEMENT, without any penalty, by means of a one hundred and eighty- (180)-day prior notice.

 

9.2. This AGREEMENT may be terminated,
by operation of law, irrespective of any warning or – except of other formality is agreed -, in the following events:

 

i. failure to pay the agreed amounts within
thirty (30) days as from deliver of a notice to put PICPAY in default;

 

ii. default of any clauses or conditions
set forth in this AGREEMENT that has not been cure within thirty (30) days as from the date of receipt of the respective notice;

 

iii. adjudication of bankruptcy, grant
of judicial reorganization, homologation of extrajudicial reorganization of any of the Parties;

 

iv. assignment or transfer of this AGREEMENT,
wholly or in part, to third parties by any of the Parties, without the prior written authorization of the other Party; and

 

9.3. This AGREEMENT shall be terminated
upon occurrence of an event of act of God or force majeure that prevents provision of the services, wholly or in part, for more
than one hundred and eighty (180) days.

 

9.4. Upon termination of this AGREEMENT,
in any event, J&F agrees to provide assistance to PICPAY in the transfer of the management of the services.

 

9.4.1. The provision of all information
required for the management of the services to be conducted by any third party, without any interruption, is part of the assistance
in the transfer.

 

9.5. Whenever possible and at the sole
discretion of PICPAY, in the event of partial cancellation of this AGREEMENT, J&F shall continue to provide a portion of the
management until actual transfer thereof to a third party.

 

9.5.1. In the event of partial cancellation
of this AGREEMENT, PICPAY shall pay to J&F the agreed amounts, pertinent to the time of performance of the management still
pending, until they are actually transferred to third parties.

 

9.6. In any of the events of termination
of this AGREEMENT, J&F shall immediately return to PICPAY, irrespective of request, any and all materials provided, even if
they are not marked as confidential.

 

10. RESOLUTION OF DISPUTES

 

10.1. The Parties agree that any dispute,
litigation or conflict resulting from the construal of or compliance with this AGREEMENT shall be resolved by arbitration, and
this Section shall serve as an arbitration clause for the effects of the provisions of article 4, paragraph 1 of Law 9.307/96.

 

    7

     

    

 

10.2. The Parties elect the Brazil-Canada
Chamber of Commerce - CCBC, with its head office in São Paulo / SP, for the administration, processing and trial of the
arbitration proceedings, in accordance with the arbitration rules of this Chamber.

 

10.3. The arbitration shall be processed
and tried by an arbitral tribunal composed of 3 arbitrators who are CCBC arbitrators, it being understood that each party shall
appoint one arbitrator and the arbitrators so appointed shall appoint a third arbitrator to be the chairman of the arbitral tribunal.
In case any of the Parties fails to designate its respective arbitrator and/or in case the designated arbitrators fail to reach
a consensus with respect to the appointment of the third arbitrator, the President of the CCBC shall do it.

 

10.4. The arbitration instituted pursuant
to the provisions of this arbitration clause shall be exclusively analyzed and decided based on the laws of the Federative Republic
of Brazil, it being understood that the arbitration proceedings shall be conducted in Portuguese, in the city of São Paulo,
State of São Paulo.

 

10.5. The expenses relating to any dispute
submitted to arbitration, including costs, expenses and arbitrators’ fees, shall be shared during the proceedings in equal
parts by the Parties and, in the end, fully paid by the losing Party, which shall reimburse the winning party, except as otherwise
decided by the arbitral tribunal.

 

10.6. The arbitration award shall be final,
and it shall be a binding instrument enforceable in court between the Parties and their successors, which agree to comply with
the provisions of the arbitral tribunal, irrespective, but without prejudice to, execution proceedings.

 

10.7. For those disputes that cannot be
resolved by arbitration proceedings, due to the fact that they do not involve waivable property rights and/or for the obtainment
of urgent measures before institution of the arbitration, the parties elect the courts of the Judicial District of the Capital
City of the State of São Paulo, it being understood that the Parties expressly waive any other court, no matter how privileged
it may be. The court hereby elected shall also have jurisdiction for the processing and enforcement of the arbitration award, if
necessary.

 

11. GENERAL PROVISIONS

 

11.1. This AGREEMENT does not create any
other right and obligation other than those expressly set forth herein, and any ostensive or remote relationship of company, joint-venture
or association between the parties is hereby expressly denied, it being understood that none of the parties is authorized to assume
any obligation or commitment in the name of the other party.

 

11.2. This AGREEMENT shall not permit J&F
to interfere in any way in PICPAY’s business, and it shall also not grant it the right to monitor or check the activities
performed by it, but only to manage specialized services, the consideration of which shall be the payment of the amounts set forth
herein.

 

11.3. Any tolerance by any of the parties
with respect to any violation of the terms and conditions of this AGREEMENT shall be deemed a mere liberality, and it shall not
be construed as novation, invocable precedent, waiver of rights, tacit amendment to contractual provisions, vested right or contractual
amendment.

 

11.3. The nullity or invalidity of any
of the provisions of this AGREEMENT shall not imply the nullity or invalidity of the others, it being understood that the provisions
held to be null or invalid shall be rewritten, so as to reflect the initial intention of the parties in accordance with the applicable
law.

 

11.4. This AGREEMENT replaces any prior
covenant or agreement, whether written or oral, previously entered into by the Parties in relation to matters contemplated herein.

 

11.5. This instrument substitutes possible
covenants, whether oral or written, previously entered into by the Parties in relation to the subject matter hereof, and PICPAY
grants J&F full and irrevocable release in relation to these adjustments. The effects of this AGREEMENT retroact to May 2,
2019.

 

11.5.1. Considering that the effects of
this AGREEMENT retroact to May 2, 2019, the Parties mutually agree that PICPAY shall pay to J&F, by November 14, 2019, the
total amount of one million, two hundred and fourteen thousand, forty-six Reais and fifty cents (R$1,214,046.50), relating
to the management carried out from May 2019 to September 2019. The amount relating to October 2019 shall be paid in the form of
this AGREEMENT.

 

    8

     

    

 

IN WITNESS WHEREOF, the parties execute
this instrument in three (3) counterparts of equal content and form, with the two (2) witnesses below.

 

São Paulo, November 1st,
2019.

 

	/s/ Anderson Andrade Chamon do Carmo	 	/s/ Valério Zarro
	Anderson Andrade Chamon do Carmo	 	Valério Zarro
	Taxpayer Card (CPF): 095.105.517-83	 	Taxpayer Card (CPF): 457.636.319-00

 

PICPAY SERVIÇOS S.A.

 

/s/ José Batista Sobrinho

José Batista Sobrinho

ID (RG): 172 026 SSP/DF

Taxpayer Card (CPF): 052 970 871 04

 

J&F PARTICIPAÇÕES S.A.

 

Witnesses:

 

	Name: illegible	 	Name: illegible
	Taxpayer Card (CPF): 23392694827	 	Taxpayer Card (CPF): 368455458-80

 

    9

     

    

 

EXHIBIT I

 

DESCRIPTION OF THE MANAGEMENT

 

1. For adequate management of the intelligence
and marketing advisory services, J&F agrees to:

 

i. define the annual marketing strategy
based on a planning of the marketing, consumers and competition, as well as on research and studies that guarantee the technical
grounds and possible verification;

 

ii. conduct technical studies that define,
in view of the marketing strategies, the specific actions and respective investment, such as: advertisement, digital performance,
digital branding, activations, promotion, events etc.;

 

iii. conduct the processes of choice of
the agencies, service providers and suppliers based on the criteria to be established;

 

iv. prepare studies on the possible personalities
to be linked to PICPAY; and

 

v. conduct formal meetings to monitor the
management, according to the rules defined in the Regulation of the marketing meetings (Exhibit III).

 

2. The Parties may establish service levels
(SLA) for the management carried out.

 

3. The investments to be made by J&F
include, for example, advertisement and publicity, including by influencers, offer of cashback for PICPAY users and sponsorships,
provided they have been previously defined and approved at a marketing meeting.

 

4. The operational procedures for the offer
of cashback shall be defined at a marketing meeting. These procedures must contemplate the accounting by PICPAY, to enable verification
of the funds to the users eligible to receive cashback.

 

EXHIBIT II

 

AMOUNTS

 

	Form of assessment	 	Form of payment	 	Payment Date	 	Price/Amount
	Fixed price, calculated based on the new PICPAY users	 	Monthly payments (annual adjustment by the IGPM variation)	 	By the last business day of the following month	 	Fifty cents of Real (R$0.50) per each new PICPAY user
	Variable price, based on the Net Revenue 	 	Biannual payments	 	On January 31 and July 31, in relation to the respective previous civil half-year period	 	See table below

 

	Biannual Net Revenue (in thousandths of Reais) 	 	Amounts	 
	500.000	 	 	1.000.000	 	 	0,50	%
	1.000.001	 	 	1.500.000	 	 	1,50	%
	1.500.001	 	 	3.000.000	 	 	2,50	%
	3.000.001	 	 	6.000.000	 	 	3,50	%
	6.000.001	 	 	10.000.000	 	 	4,50	%
	10.000.001	 	 	no limit	 	 	5,50	%

 

    10

     

    

 

EXHIBIT III

 

REGULATION – MARKETING MEETINGS

 

1. DEFINITION OF THE MARKETING MEETINGS

 

1.1. The purpose of the Marketing meetings
between J&F Participações S.A. (“J&F”) and PicPay Serviços S.A. (“PICPAY”)
is to discuss and approve matters relating to management of the Marketing-related services provided by third parties by J&F
a PICPAY

 

1.2. The purpose thereof is to gather the
members designated by both Companies and invited persons to discuss matters relating to the marketing area, with respect to the
advertisements, campaigns, partnerships and publicity, among others, which use the ‘PICPAY’ brand, held by J&F.
We note, among others, the following matters to be resolved upon at the meetings:

 

- Approval of suppliers;

 

- Contracting with suppliers;

 

- Approval of budget;

 

- Approval of partnerships;

 

- Planning of actions and media campaigns;

 

- Definition with respect to advertisements,
promotions and services to boost the brand; and

 

- Contracting with agencies and audit companies.

 

1.2.1. Other issues may be discussed, provided
they are deemed pertinent by the members of the meeting.

 

2. MEETINGS

 

2.1. The Marketing meetings shall be held
without defined frequency, and they shall be called by any of their members entitled to vote.

 

The minimum quorum to open the meeting
is the following:

 

(i) Members in charge designated by J&F,
each of whom entitled to one vote on the matters discussed; and

 

(ii) PICPAY members, who shall be entitled,
jointly, to a single vote on the matters discussed.

 

2.2. This Regulation shall be approved
and its rules shall be ratified at the first meeting (held on June 11, 2019), with designation of the attending representatives
of J&F and PICPAY, who shall also approve the list of the persons designated for the duties of items (i) and (ii) and their
possible deputies.

 

2.3. The approval shall persist until any
change is approved at a new market meeting.

 

2.4. The decisions made at the meeting
shall be unanimous.

 

2.5. The secretary of the meetings shall
be responsible for drawing up the minutes of the resolutions by the end of each meeting, collect the signatures of the attending
members and keep record of the resolutions.

 

2.5.1. The secretary shall be responsible
for informing the contents of the final minutes to the mandatory meeting participants. For all purposes, the circulation of the
minutes via e-mail will serve for all purposes of formalization of right of the respective minutes.

 

2.6. Persons invited by J&F or by PICPAY
may participate in the meeting, including representatives of agencies and other providers to which the marketing services have
been outsourced by J&F.

 

    11

     

    

 

3. MAIN DUTIES OF THE MARKETING MEETING
AND RESULTING RESPONSIBILITIES

 

3.1. The meeting Participants shall, upon
discussion on the issue ‘suppliers’, approve or reject: i) the hiring of new suppliers; ii) renewal of
suppliers; iii) amounts to be spent with the supplier; and iv) term of effectiveness of the agreement.

 

3.2. The resolutions shall only be passed
if the respective commercial proposals are presented, which shall be attached to the minutes of meeting.

 

3.3. J&F shall only signal the contracting
with the supplier after due approval at a meeting.

 

3.4. In the event that there is any type
of denial or impediment, by the supplier, with respect to the fact that the agreement is directly entered into with J&F, the
Parties shall record in the minutes of the meeting that they accept that PICPAY be the principal with respect to the services,
in accordance with the conditions that may be approved at a meeting, in which case J&F shall incur all resulting costs.

 

3.5. J&F and PICPAY mutually agree
to only make any payment upon strict proof of the provision of services and, right thereafter, they assume the commitment to submit
the accounting to the Marketing meeting.

 

    12

     

    

 

1st AMENDMENT TO THE OPERATIONAL AGREEMENT
FOR MANAGEMENT OF THE “PICPAY” BRAND

 

By this private instrument and in the best
form of law, on the one part,

 

PICPAY SERVIÇOS S.A., a legal
entity governed by private law, enrolled with CNPJ/ ME under no 22.896.431 / 0001-10, with its principal place of business
at Avenida Manuel Bandeira, No. 291, Atlas Office Park Condominium, Block A, 1st floor (offices 22 and 23), 2° and
3 floor, Block B, 3° floor (offices 43 and 44), Vila Leopoldina, São Paulo, SP, Postal Code 05317-020, hereby represented
in accordance with its Bylaws (hereinafter “PICPAY”); and on the other part,

 

J&F PARTICIPAÇÕES
S.A., a closely held corporation, registered with CNPJ / MF under number 07.570.673 / 0001-26, with its principal place of
business at Rua General Furtado do Nascimento, number 66, Lote I, sala 07, CEP 05465-070, São Paulo / SP, hereby represented
in accordance with its Bylaws, (hereinafter “J&F”).

 

Whereas:

 

I. the Parties formalized an Operational
Agreement for Management of the Brand “PICPAY” (“Agreement”) on November 1, 2019; and

 

II. the Parties wish to amend the Regulation
of Marketing Meetings (Annex III), which is set forth in the Agreement.

 

NOW, THEREFORE, the Parties execute
this 1st Amendment to the Operational Agreement for Management of the Brand “PICPAY” (“1st Amendment”),
which will be governed by the clauses and conditions below:

 

1. AMENDMENT OF THE REGULATION - ANNEX
III

 

1.1. The Parties, by mutual agreement,
agree to change the wording of Annex III to the Agreement, which will be in accordance with Annex III of this 1st Amendment, from
the date of its formalization.

 

The other provisions of the Agreement prevail
unchanged.

 

IN WITNESS WHEREOF, the parties execute
this instrument in four (4) counterparts of equal content and form, with the two (2) witnesses below.

 

São Paulo, May 15, 2020.

 

	DocuSigned by:	 	DocuSigned by:
	 	 	 
	/s/ Elvis Haroldo Tinti	 	/s/ Valério Zarro

 

PICPAY SERVIÇOS S.A

 

	DocuSigned by:
	 
	/s/ José Batista Júnior

 

J&F PARTICIPAÇÕES S.A.

 

    13

     

    

 

ANNEX III

 

REGULATION – MARKETING MEETINGS

 

1. DEFINITION OF MARKETING MEETINGS

 

1.1. The purpose of the Marketing meetings
between J&F Participações S.A. (“J&F”) and PicPay Serviços S.A. (“PICPAY”)
is to discuss and approve matters relating to management of the Marketing-related services provided by third parties by J&F
a PICPAY

 

1.2. The purpose thereof is to gather the
members designated by both Companies and invited persons to discuss matters relating to the marketing area, with respect to the
advertisements, campaigns, partnerships and publicity, among others, which use the ‘PICPAY’ brand, held by J&F.
We note, among others, the following matters to be resolved upon at the meetings:

 

- Approval of suppliers;

 

- Contracting with suppliers;

 

- Approval of budget;

 

- Approval of partnerships;

 

- Planning of actions and media campaigns;

 

- Definition of advertisements, promotions
and services to increase the brand; and

 

- Contracting with agencies and auditing
companies.

 

1.2.1. Other issues may be discussed, provided
they are deemed pertinent by the members of the meeting.

 

1.2.2 Considering that the brand owner,
J&F, is the direct Parent Company of Banco Original SA (“Bank”), the Companies agree that Bank employees who may
be appointed may participate in the marketing meetings that may be appointed and who may contribute to analysis of business proposals
that will be submitted to J&F. J&F may even designate such employees as Permanent / Substitute Members at meetings.

 

2. MEETINGS

 

2.1 As a way of ensuring the technical
and economic independence of each of the Parties and of assigning to each of the Parties the responsibilities related to the different
activities related to marketing, considering that it is up to J&F to provide the Services related to the marketing planning
and, to PicPay, the decisions resulting from the Services thus provided, as well as the implementation and execution of the marketing
actions that are decided by it, the Marketing meetings will take place without a defined periodicity, being able to be called by
any of its Permanent Members.

 

2.2 The minimum quorum for the installation
of the meeting is that the Permanent Members of each Company (J&F and PicPay), or their alternates, participate in it. On the
date of approval of these Regulations, the members of the listed companies are as follows:

 

a) J&F:

 

Permanent Member: José Antonio Batista;
Substitute: Armando Areias and Elvis Tinti.

 

b) PicPay:

 

Permanent Member: Anderson Chamon; Substitute:
Luiz Fernando Diniz Martins Júnior.

 

    14

     

    

 

2.3 The secretary of the meetings will
always be Mr. Sancler Nogueira, and will be responsible for drawing up the minutes of the deliberations at the end of each meeting.

 

2.4 The secretary will be responsible for
informing the mandatory meeting participants of the content contained in the final minutes. For all purposes, the circulation of
the minutes via e-mail will already be used for all purposes of formalizing the law of the respective minutes.

 

2.5 People invited by J&F or PicPay,
including representatives of agencies and other providers to whom marketing services have been outsourced by J&F Participações,
may participate in the meeting.

 

3. MAIN ASSIGNMENTS OF THE MARKETING
MEETING AND RESULTING RESPONSIBILITIES

 

3.1. The Participants of the meetings must,
when raising the topic ‘suppliers’, agree on: i) the hiring of new suppliers; ii) renewing the contracting of suppliers; iii) amounts
to be spent with the supplier; and iv) the contractual term.

 

3.2. The deliberations will only be carried
out if the respective commercial proposals are presented, which will be attached to the minutes of the meeting.

 

3.3. J&F will only signal the contracting
to the supplier after the due agreement between the Parties, in a meeting.

 

3.4. J&F commits itself to only make
any payment to a chosen supplier through strict proof of the provision of services and, on an ongoing basis, assumes the commitment
of submitting the rendering of accounts to the Marketing meeting.

 

3.5 The Parties agree that the contracting
of services / sponsorships to which only J&F is a party, whose total value is below one hundred thousand Brazilian reais (R$
100,000.00) will be formalized only by a Binding Commercial Proposal and above this value, in addition to the proposal, other provisions
will be established in the Contract.

 

3.6 Also agree that the contracts that
are exclusively for the purpose of the Brand (properly speaking or referring to payment services, but with the exclusive scope
of disclosure of the Brand) will contain only J&F as part, without the need to include PicPay as a contractor, since it will
not have its rights and obligations contemplated in these types of contracts.

 

3.6.1 Likewise, any contract in which there
are rights and obligations exclusively for PicPay, that is, for example, contracts in which PicPay provides payment services; partnerships
to increase the volume of users or commercial establishments; among others, only PicPay will be a Party.

 

3.6.2 The Parties will use their best efforts
so that the contracts related to the Brand and the contracts related to the services of PicPay are dealt with in separate Contracts.

 

    15

     

    

 

2nd AMENDMENT TO THE OPERATIONAL
AGREEMENT FOR MANAGEMENT OF THE “PICPAY” BRAND

 

PICPAY SERVIÇOS S.A. (“PicPay”),
a legal entity governed by private law, enrolled with the CNPJ under number 22.896.431/0001-10, with its principal place of business
at Avenida Manuel Bandeira, 291, Atlas Office Park Condominium, block B, offices 43 and 44, Vila Leopoldina, São Paulo,
SP, Postal Code 05.317-020; and

 

J&F PARTICIPAÇÕES
S.A. (“J&F”), a closely held corporation, enrolled with the CNPJ under number 07.570.673/0001-26, with its principal
place of business at Avenida Brigadeiro Faria Lima, No.2113, Jardim Paulistano, São Paulo, SP, Postal Code 01452-001.

 

WHEREAS:

 

(i) PicPay and J&F (together, “Parties”)
signed the “Private Instrument of Assignment of Ownership and Exploitation of Trademarks and Domains” on May 2, 2019
(“Agreement”), in which PicPay assigned all the rights, titles and interests of its brands to J&F.

 

(ii) The Parties also entered into the
Operational Agreement for Management of the “PICPAY” Brand on November 1, 2019 (“AGREEMENT”), effective
from May 2, 2019 until May 2, 2023, with the subject matter of the management and marketing intelligence by J&F to PICPAY,
in order to consolidate the expansion of the activities carried out by PICPAY for the consumers. For that purpose, J&F hires
third parties to provide services linked to the PicPay brand (“Brand”).

 

(iii) In view of the public calamity scenario
resulting from the SarS-CoV-2 virus pandemic, recognized by Legislative Decree No. 06 of 2020 (COVID-19), J&F, aiming at promoting
the use of the PicPay application (“Application”) and the expansion of the Brand, recommended the carrying out of several
solidarity actions, in particular, the PicPay operationalization of the receipt of Emergency Aid (“Action”), created
by Law No. 13,982 of April 2, 2020, in securitized payment accounts by users of the Application.

 

(iv) The referred Action resulted in a
significant increase in new users, in an amount of more than 12 million, exceeding the expectation of gradually reaching this user
base foreseen for the end of the year of 2021, and with the projection that by the end of the Action it will be the goal of acquiring
new users has been reached for the end of the year 2022.

 

(v) Notwithstanding, the Action generated,
for PicPay, an exponential increase in costs, due to the mandatory payment to companies accrediting the MDR fee due to transfers,
of Emergency Aid, which are usually carried out by PicPay users; and

 

(vi) The costs that are being borne by
PicPay for the launch of the Action were not measured by J&F in the management of consulting services and marketing intelligence.

 

NOW, THEREFORE, PicPay and J&F
agree to amend the Operational Agreement, under the following conditions:

 

1. J&F
undertakes that the costs arising from the Action have not been dimensioned, in view of the reach of a user base projected to be
acquired in the year of 2021 and, potentially, for the year of 2022, and agrees to reimburse PicPay of all operating costs, already
incurred or to be spent, while the Action lasts, observing the criteria established in article 3. (“Reimbursable Costs”).

 

    16

     

    

 

2. PicPay
must determine and monthly present to J&F the costs already borne with the Action, together with the report of capture of transactions
with acquires, with the demonstration of the effective financial expenditure of the operation.

 

2.1. J&F,
based on the amount of costs incurred and shown by PicPay, as a result of the Action and as established in article 2 and 2.1, shall
refund PicPay by offsetting the amounts that are due to PicPay in relation to the payment of the Variable Price based on the Net
Revenue provided for in Appendix 1 of the Operating Agreement, with the refunds hereby established.

 

3. Agree
that the reimbursement of costs incurred be effected during the term established in the Operational Agreement for the Management
of the “PICPAY” Brand and as part of the investments that J&F proposed to carry out under the aforementioned Operating
Agreement, as well as in reason of the volume achieved and to be achieved, foreseen for the years 2021 and 2022.

 

3.1 In
the event of a surplus balance to be reimbursed in relation to the indicated Action, J&F will effect the refund to PicPay,
definitively, on the last business day of March 2023, or, at its sole discretion, may anticipate the settlement of its obligation
to any time.

 

4. All
other clauses and conditions that have not been changed by this 2nd Amendment to the Operational Agreement for the Management of
the “PICPAY” Brand remain unchanged and in force.

 

São Paulo, August 31st, 2020.

 

	/s/ Elvis Haroldo Tinti	 	/s/ Valério Zarro
	Elvis Haroldo Tinti	 	Valério Zarro

 

PICPAY SERVIÇOS S.A

 

/s/ illegible

 

J&F PARTICIPAÇÕES S.A

 

    17

     

    

 

3rd AMENDMENT TO THE OPERATIONAL
AGREEMENT FOR MANAGEMENT OF THE “PICPAY” BRAND

 

 

 

PICPAY SERVIÇOS S.A. (“PICPAY”),
a legal entity governed by private law, enrolled with the National Corporate Taxpayers’ Registry of the Ministry of Economy
(CNPJ/ME) under No. 22.896.431/0001-10, with its principal place of business at Avenida Manuel Bandeira, No. 291, Atlas Office
Park Condominium, Block A, 1st floor (offices 22 and 23), 2° and 3 floor, Block B, 3° floor (offices 43 and
44), Vila Leopoldina, São Paulo, SP, Postal Code 05317-020; and

 

J&F PARTICIPAÇÕES
S.A. (“J&F”), a closely held corporation, enrolled with the CNPJ/MF under No. 07.570.673/0001-26, with
its principal place of business at Brigadeiro Faria Lima Av., No. 2113, Jardim Paulistano, São Paulo,SP, Postal Code 01452-001.

 

Whereas:

 

I. PICPAY brand is a domestic post-paid
payment scheme, of transfer and purchase, which has Banco Original S.A (“Original”, enrolled with the CNPJ/MF under
No 92.894.922/0001-08) as post-paid payment instrument issuer, in virtual mode (“PicPay Card”), as defined in the Payment
Arrangement Participation Agreement, signed on November 27, 2018;

 

II. J&F is a holding company which
holds 100% (one hundred percent) of Original ́s shares and 9.6% (nine point sixty-seven) of PICPAY’s shares;

 

III. PICPAY and J&F (together, “Parties”)
entered into the Private Instrument of Assignment of Ownership and Exploitation of Trademarks and Domains on May 2, 2019 (“Agreement”),
in which PICPAY assigned all rights, tittles and interests of its brands to J&F.

 

IV. The Parties also entered into the Operational
Agreement for Management of the “PICPAY” Brand on November 1, 2019 (“AGREEMENT”), effective from May 2,
2019 until May 2, 2023, with the subject matter of the management and marketing intelligence by J&F to PICPAY, in order to
consolidate the expansion of the activities carried out by PICPAY for the consumers. For that purpose, J&F hires third parties
to provide services linked to the PicPay brand (“Brand”);

 

V. In order to expand the synergy between
the entities of which it is a shareholder, consolidating the brands of its economic group as a reference in financial solutions
and payment methods, with the expansion of the provision of financial products and an increase in the capillarity of PicPay Card,
J&F recommended PICPAY and Original to structure the PicPay Card offer in physical mode (“Issuance”);

 

VI. The aforementioned Issuance resulted
in a significant increase in new users and contracted products, exceeding the expectation of gradually reaching the user base planned
for the end of the year 2021, and with the projection that the goal of acquiring new users for the end of the year 2022 is reached
before that date;

 

VII. Notwithstanding, the Issuance generated
an exponential increase in costs with third parties for PICPAY, resulting from the manufacture of plastic cards, personalization,
and preparation for sending plastics, brochures and the sending of plastics, which are currently being borne by PICPAY;

 

VIII. The costs that are being borne by
PICPAY, resulting from the Issuance, were not measured by J&F in the management of consulting services and marketing intelligence.

 

    18

     

    

 

NOW, THEREFORE,
PICPAY and J&F execute this Amendment to the AGREEMENT, which shall be governed by the clauses
and conditions below:

 

1. J&F
undertakes that the costs arising from the Issuance have not been dimensioned, considering the reach of a user base projected to
be acquired in the year of 2021 and, potentially, for the year of 2022, and agrees to reimburse PICPAY of all operating costs already
incurred or to be spent, while the Issuance lasts, highlighting the criteria established in article 3 (“Reimbursable Costs”).

 

2. PICPAY
shall calculate and present, monthly, to J&F the costs already borne with the Issuance, together with a report of costs arising
from the manufacture of plastic cards, personalization and preparation for sending the plastics, brochures and sending the plastics,
with the demonstration of the effective financial expenditure of the operation.

 

3. J&F,
based on the amount of costs incurred and demonstrated by PICPAY, due to the Issuance and as established in Article 2, shall refund
PICPAY by compensating the amounts that are due by PICPAY in relation to the payment of the Variable Price based on the Net Revenue
provided in Annex II of the AGREEMENT, with the reimbursements established herein.

 

3.1 The Parties agree that the
reimbursement of costs incurred will be carried out during the term established in the AGREEMENT and as part of the
investments that J&F has proposed to make under the AGREEMENT, as well as due to the volume reached and to be reached,
foreseen for the years 2021 and 2022.

 

3.2
In the event of a surplus balance to be reimbursed in relation to the Issuance, J&F will finally reimburse PICPAY on the last
business day of the last month of the Agreement, or, at its sole discretion, may anticipate the settlement of its obligation at
any time.

 

4. All
other clauses and conditions that have not been expressly modified by this 3rd Amendment Agreement for Management of
the “PICPAY” Brand are hereby ratified.

 

São Paulo, November 30, 2020.

 

	/s/ Anderson Andrade Chamon de Carmo	 	/s/ Elvis Haroldo Tinti
	Anderson Andrade Chamon de Carmo	 	Elvis Haroldo Tinti

 

PICPAY SERVIÇOS S.A.

 

/s/ José Batista Sobrinho

 

J&F PARTICIPAÇÕES S.A.

 

	1st Witnesses:	 	2nd Witnesses:
	 	 	 
	Name: 	 	Name: 
	Taxpayer Card (CPF): 	 	Taxpayer Card (CPF): 

 

    19

     

    

 

 

MUTUAL RESCISSION OF THE OPERATIONAL
AGREEMENT FOR MANAGEMENT OF THE “PICPAY” BRAND

 

PICPAY SERVIÇOS S.A. (“PICPAY”),
a legal entity governed by private law, enrolled with the National Corporate Taxpayers’ Registry of the Ministry of Economy
(CNPJ/ME) under No. 22.896.431/0001-10, with its principal place of business at Avenida Manuel Bandeira, No. 291, Atlas Office
Park Condominium, block A, 1st floor (offices 22 and 23), 2nd and 3rd floors, block B, 3rd
floor (offices 43 and 44), Vila Leopoldina, Postal Code 05317-020, São Paulo, State of São Paulo, herein represented
in the form of its By-Laws (hereinafter referred to as “PICPAY”);

 

and, on the other part

 

J&F PARTICIPAÇÕES
S.A. (“J&F”), a closely-held corporation, enrolled with the CNPJ/MF under No. 07.570.673/0001-26, with
its principal place of business at Avenida Brigadeiro Faria Lima, No. 2133, Jardim Paulistano, São Paulo, State of São
Paulo, Postal Code 01452-001, herein represented in the form of its By-Laws.

 

WHEREAS the Parties entered into
the Private Instrument of Assignment and Transfer of Trademarks and Domains (“Assignment”) on May 2, 2019, by means
of which PICPAY assigned all rights, title and interests of its trademarks to J&F, as well as the 1st and 2nd
Amendment to the Assignment, on May 30, 2019 and June 7, 2019, respectively;

 

WHEREAS the Parties entered into
the Operational Agreement for Management of the PicPay Brand (“Agreement”) on November 1st, 2019;

 

WHEREAS, on June 10, 2020, on August
31, 2020 and on March 11, 2021, the Parties entered into the 1st, the 2nd and the 3rd Amendments,
respectively, to the Agreement.

 

WHEREAS the Parties no longer wish
to proceed with the Agreement, pursuant to the provisions hereof.

 

NOW, THEREFORE, they mutually agree, in
the best terms of the law, to execute a MUTUAL RESCISSION, which shall be governed by the following clauses and conditions:

 

		1.	Due to the lack of interest in maintaining the management
of intelligence and marketing advisory services by J&F to PICPAY, the Parties resolved to terminate the Agreement, in accordance
with the provisions of section 2 below.

 

		2.	The MUTUAL RESCISSION hereby agreed is subject to
a condition precedent, pursuant to the provisions of article 125 of the Brazilian Civil Code, it
being understood that effectiveness thereof is subject to the initial public offering of shares (“IPO”).

 

		3.	The Parties further agree that upon occurrence of
the condition precedent above, they agree to (i) execute a specific instrument to formalize the assignment and transfer of the
trademarks and domains to PICPAY, which are assigned to J&F, to the date hereof, by means of the Assignment, therefore ceasing
the obligation of payment of royalties by PICPAY; and (ii) formalize said assignment and transfer to the value of zero.

 

		4.	In the event of occurrence of the IPO
or of any other liquidity event, understood as new subsequent offerings (“Follow-on”) at the discretion of Parties,
J&F and PICPAY shall observe the term previously established, i.e., the last business day of the month of May 2023, to settle
the existing balances between the parties.

 

		5.	The effects of this MUTUAL RESCISSION operate only
upon occurrence of the IPO, in which case the entire legal relationship provided in the Agreement is terminated and, as a consequence,
the rights and obligations mutually established between the Parties are extinguished and they grant each other full, broad, general
and irrevocable release in relation to any discussion relating to the Agreement and to the amendments thereto, having nothing
else to claim, at any time and on any account, subject to compliance with the provisions of section 4.

 

		6.	This MUTUAL RESCISSION is irrevocably and irreversibly
executed, and it shall be binding upon the Parties, their heirs and successors.

 

		7.	The Parties elect the Courts of the Judicial District
of São Paulo, State of São Paulo, to resolve any litigation originating herefrom.

 

    20

     

    

  

IN WITNESS WHEREOF, the Parties sign this
MUTUAL RESCISSION in two (2) counterparts of same contents and form, in the presence of the witnesses below.

 

São Paulo, March 18, 2021.

 

 

	/s/ Anderson Andrade Chamon de Carmo	 	/s/ José Antonio Batista Costa

 

PICPAY SERVIÇOS S.A.

 

/s/ José Batista Sobrinho

__________________________________________

J&F PARTICIPAÇÕES S.A.

 

Witnesses

 

	1. Name: Hyde de Melo Gomes Silva	 	2. Name: João Gabriel Vieira de Medeiros
	Taxpayer Card (CPF) No.: 053.092.404-89	 	Taxpayer Card (CPF) No.: 317.733.458-77

 

 

21

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