Document:

Exhibit 10.2

 

REVOLVING CREDIT NOTE

 

	$1,000,000	May 6, 2015

 

FOR VALUE RECEIVED and
intending to be legally bound, the undersigned, A.D. Computer Corporation, a Pennsylvania corporation (“ADC”),
Payroll Tax Filing Services, Inc., a Pennsylvania corporation (“Payroll” and together with ADC and each other
Person joined as a borrower under the Loan Agreement, each a “Borrower” and collectively “Borrowers”),
jointly and severally promise to pay, in lawful money of the United States of America, to the order of Metro
Bank (“Lender”), at the address set forth in Section 9.8 of the Loan Agreement, the maximum aggregate principal
sum of One Million Dollars ($1,000,000) or such lesser sum which represents the principal outstanding under the Revolving Credit
established pursuant to the provisions of that certain Loan and Security Agreement, dated as of December 28, 2012, by and among
Borrowers, Universal Business Payment Solutions Acquisition Corporation and Lender (as it may be supplemented, restated, superseded,
amended or replaced from time to time, the “Loan Agreement”). All capitalized terms used herein without further definition
shall have the respective meanings ascribed thereto in the Loan Agreement. The outstanding principal balance hereunder shall be
payable in accordance with the terms of the Loan Agreement. The actual amount due and owing from time to time hereunder shall be
evidenced by Lender's records of receipts and disbursements with respect to the Revolving Credit, which shall, in the absence of
manifest error, be conclusive evidence of the amount.

 

Each Borrower further agrees
to pay interest on the outstanding principal balance of the Revolving Credit from time to time at the per annum rates set forth
in the Loan Agreement. Interest shall be calculated on the basis of a year of 360 days but charged for the actual number of days
elapsed, and shall be due and payable as set forth in the Loan Agreement.

 

This Revolving Credit Note
is that certain Revolving Credit Note referred to in the Loan Agreement.

 

If an Event of Default
occurs and is continuing under the Loan Agreement, the unpaid principal balance of this Revolving Credit Note along with all accrued
and unpaid interest and unpaid Expenses shall become, or may be declared, immediately due and payable as provided in the Loan Agreement.
The obligations evidenced by this Revolving Credit Note are secured by the Collateral.

 

This Revolving Credit Note
may be prepaid only in accordance with the terms and conditions of the Loan Agreement.

 

Each Borrower hereby waives
protest, demand, notice of nonpayment and all other notices in connection with the delivery, acceptance, performance or enforcement
of this Revolving Credit Note.

 

    	 

    	 

    

 

This Revolving Credit Note
shall be governed by and construed in accordance with the substantive laws of the Commonwealth of Pennsylvania. The provisions
of this Revolving Credit Note are to be deemed severable and the invalidity or unenforceability of any provision shall not affect
or impair the remaining provisions of this Revolving Credit Note which shall continue in full force and effect. No modification
hereof shall be binding or enforceable against Lender unless approved in writing by Lender.

 

EACH BORROWER (AND LENDER
BY ITS ACCEPTANCE HEREOF) HEREBY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION, PROCEEDING
OR COUNTERCLAIM ARISING WITH RESPECT TO RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO OR UNDER THE LOAN DOCUMENTS OR WITH RESPECT
TO ANY CLAIMS ARISING OUT OF ANY DISCUSSIONS, NEGOTIATIONS OR COMMUNICATIONS INVOLVING OR RELATED TO ANY PROPOSED RENEWAL, EXTENSION,
AMENDMENT, MODIFICATION, RESTRUCTURE, FORBEARANCE, WORKOUT, OR ENFORCEMENT OF THE TRANSACTIONS CONTEMPLATED HEREUNDER OR UNDER
THE LOAN DOCUMENTS.

 

THE FOLLOWING SETS FORTH
A WARRANT OF AUTHORITY FOR ANY ATTORNEY TO CONFESS JUDGMENT AGAINST ANY BORROWER. IN GRANTING THIS WARRANT OF ATTORNEY TO CONFESS
JUDGMENT AGAINST ANY BORROWER, EACH BORROWER, FOLLOWING CONSULTATION WITH (OR DECISION NOT TO CONSULT WITH) SEPARATE COUNSEL FOR
BORROWERS, AND WITH KNOWLEDGE OF THE LEGAL EFFECT HEREOF, HEREBY WAIVES ANY AND ALL RIGHTS SUCH BORROWER HAS, OR MAY HAVE, TO PRIOR
NOTICE AND AN OPPORTUNITY FOR HEARING BEFORE ENTRY OF JUDGMENT UNDER THE CONSTITUTIONS AND LAWS OF THE UNITED STATES AND THE COMMONWEALTH
OF PENNSYLVANIA. EACH BORROWER ACKNOWLEDGES THAT PURSUANT TO THIS WARRANT OF ATTORNEY, LENDER IS AUTHORIZED TO ENTER A JUDGMENT
AGAINST SUCH BORROWER WHICH WILL GIVE LENDER A LIEN AGAINST REAL PROPERTY AND WHICH MAY PERMIT LENDER TO, UTILIZING THE POWER OF
STATE GOVERNMENT, SEIZE PERSONAL PROPERTY INCLUDING SUCH BORROWER'S DEPOSIT ACCOUNTS. EACH BORROWER SPECIFICALLY ACKNOWLEDGES THAT
LENDER HAS RELIED ON THIS WARRANT OF ATTORNEY IN GRANTING THE FINANCIAL ACCOMMODATIONS DESCRIBED HEREIN.

 

EACH BORROWER HEREBY EMPOWERS
ANY CLERK, OR ATTORNEY OF ANY COURT OF RECORD TO APPEAR FOR SUCH BORROWER AFTER ANY EVENT OF DEFAULT IN ANY AND ALL ACTIONS WHICH
MAY BE BROUGHT HEREUNDER IN THE COMMONWEALTH OF PENNSYLVANIA OR ELSEWHERE AND CONFESS JUDGMENT AGAINST SUCH BORROWER FOR ALL, OR
ANY PART OF, THE UNPAID PRINCIPAL BALANCE HEREUNDER AND ACCRUED INTEREST, TOGETHER WITH OTHER EXPENSES INCURRED IN CONNECTION THEREWITH
AND ATTORNEYS’ FEES OF FIFTEEN PERCENT (15%) OF THE AMOUNT DUE ON THIS REVOLVING CREDIT NOTE, BUT IN NO EVENT LESS THAN THREE
THOUSAND DOLLARS ($3,000), AND FOR SUCH PURPOSE THE ORIGINAL OR ANY PHOTOCOPY OF THIS REVOLVING CREDIT NOTE AND AN AFFIDAVIT OF
LENDER OR LENDER'S COUNSEL AVERRING TO THE EVENT OF DEFAULT SHALL BE A GOOD AND SUFFICIENT WARRANT OF ATTORNEY. SUCH AUTHORIZATION
SHALL NOT BE EXHAUSTED BY ONE EXERCISE THEREOF, BUT JUDGMENT MAY BE CONFESSED AS AFORESAID FROM TIME TO TIME. EACH BORROWER HEREBY
WAIVES ALL ERRORS AND RIGHTS OF APPEAL, AS WELL AS RIGHTS TO STAY OF EXECUTION AND EXEMPTION OF PROPERTY, IN ANY ACTION TO ENFORCE
ITS LIABILITY HEREON.

 

    	 

    	 

    

 

EACH BORROWER HEREBY ACKNOWLEDGES AND AGREES THAT SUCH BORROWER’S
REASONABLE EXPECTATION WITH RESPECT TO THE AUTHORIZATION GRANTED PURSUANT TO ANY WARRANT OF ATTORNEY OR POWER OF ATTORNEY
HEREUNDER, IS THAT LENDER OR ITS ATTORNEY MAY CONFESS JUDGMENT AS SET FORTH HEREIN, SEEK TO FORECLOSE ON COLLATERAL AND TAKE ALL
OTHER ACTIONS WITH RESPECT TO THE EXERCISE OF LENDER'S RIGHTS HEREUNDER.  EACH BORROWER HEREBY WAIVES ALL OTHER DUTIES OF
LENDER THAT MAY ARISE UNDER 20 PA. C.S.A. §5601.3(b). EACH BORROWER HEREBY REMISES, RELEASES, AND FOREVER DISCHARGES, AND
WAIVES ALL CLAIMS, CAUSES OF ACTION AND ANY OTHER RIGHTS AGAINST, METRO BANK AND ITS PREDECESSORS, LEGAL REPRESENTATIVES, PAST
AND PRESENT PARENT COMPANIES, SUBSIDIARIES, AGENTS, EMPLOYEES, SERVANTS, INSURERS, ATTORNEYS, OFFICERS, DIRECTORS, STOCKHOLDERS,
AFFILIATES, AFFILIATE COUNTERPARTIES, SUCCESSORS IN INTEREST, AND ASSIGNS  OF AND FROM ANY AND ALL CLAIMS, DEMANDS, DAMAGES,
FEES, AND COSTS, SUMS OF MONEY, RIGHTS, CAUSES OF ACTIONS, OBLIGATIONS AND LIABILITIES OF ANY KIND OR NATURE WHATSOEVER INCLUDING
ATTORNEYS’ FEES, ARISING UNDER OR RELATING TO ANY DUTIES OF AN AGENT UNDER 20 PA. C.S.A. §5601.3 OR OTHERWISE.

 

[signature page follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, and
intending to be legally bound hereby, each Borrower has executed these presents the day and year first above written.

 

	 	A. D. COMPUTER CORPORATION
	 	 	 
	 	By:	/s/ Gregory M. Krzemien
	 	Name: 	Gregory M. Krzemien
	 	Title:	Treasurer
	 	 	 
	 	PAYROLL TAX FILING SERVICES, INC.
	 	 	 
	 	By:	/s/ Gregory M. Krzemien
	 	Name: 	Gregory M. Krzemien
	 	Title:	Treasurer

 

[Signature Page to Revolver Note]Exhibit 10.3

 

PROMISSORY NOTE

Principal of $350,000

Dated May 6, 2015

 

FOR VALUE RECEIVED, JetPay Corporation, a Delaware
corporation (“Maker”), promises to pay to C. Nicholas Antich and Carol A. Antich (“Payees”), the principal
sum of Three Hundred Fifty Thousand Dollars ($350,000) in lawful money of the United States of America, on the terms and conditions
described below.

 

1.          Principal.
The principal balance of this Note shall be repayable $175,000 on May 6, 2016 and $175,000 on May 6, 2017. Payees agree that the
Maker may prepay all or any portion of the principal balance of this Promissory Note (“the Note”), without notice or
penalty.

 

2.          Interest.
Interest shall accrue at a 4% annualized rate using a 365 day year on any unpaid principal balance and be payable quarterly at
the end of each calendar quarter.

 

3.          Application
of Payments. All payments shall be applied first to payment in full of any reasonable costs incurred in the collection of any
sum due under this Note, including (without limitation) reasonable attorneys’ fees, then to the reduction of the unpaid principal
balance of this Note.

 

4.          Events
of Default. The following shall constitute Events of Default:

 

(a)          Failure
to Make Required Payments. Failure by Maker to pay the principal payments of this Note within five (5) business days following
the due dates of each principal payment.

 

(b)          Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under Title 11, United States Bankruptcy Code of 1978, as now
constituted or hereafter amended (“the Federal Bankruptcy Code”), or any other applicable federal or state bankruptcy,
insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession
by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial
part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to
pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

(c)          Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker
in an involuntary case under the Federal Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state
bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or
similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs,
and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

5.          Remedies.

 

(a)          Upon
the occurrence of an Event of Default specified in Section 4(a), Payee may, by written notice to Maker, declare this Note to be
due and payable, whereupon the principal amount of this Note, and all other amounts payable hereunder, shall become immediately
due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything
contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

    	 

    	 

    

 

(b)          Upon
the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of, and all other sums
payable with regard to, this Note shall automatically and immediately become due and payable, in all cases without any action on
the part of Payees.

 

6.          Waivers.
Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor,
protest and notice of protest with regard to the Note and Maker agrees that any real estate that may be levied upon pursuant to
a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part
in any order desired by Payees.

 

7.          Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other
party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payees, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted
by Payees with respect to the payment or other provisions of this Note, and agree that additional makers, endorsers, guarantors
or sureties may become parties hereto without notice to them or affecting their liability hereunder.

 

8.          Assignment.
Maker shall not assign its rights or delegate its obligations hereunder without the prior written consent of Payees. Payees may
freely assign its rights or delegate its obligations without any consent whatsoever of Maker.

 

9.          Notices.
Any notice, request, demand, waiver, consent, approval or other communication that is required or permitted to be given to either
party hereunder shall be in writing and shall be deemed given only if delivered to such party personally (including by recognized
overnight courier), or sent to such party by facsimile transmission (promptly followed by a hard-copy delivered in accordance with
this Section 9), or by registered or certified mail (return receipt requested), with postage and registration or certification
fees thereon prepaid, addressed to the party at its address set forth below:

 

If to Maker:

 

JetPay Corporation

1175 Lancaster Avenue, Suite 200

Berwyn, PA 19312

ATTN: Bipin Shah, Chief Executive Officer

 

If to Payees:

 

C. Nicholas Antich and Carol A. Antich

2165 Spyglass Hill

Center Valley PA 18034

 

or to such other address as either party may have specified in a
notice duly given to the other party as provided herein. Such notice, request, demand, waiver, consent, approval or other communication
will be deemed to have been given as of the date so delivered, telegraphed or mailed.

 

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10.         
Governing Law and Venue. This Note is delivered in the Commonwealth of Pennsylvania and governed by Pennsylvania law (without
giving effect to its laws of conflicts). The Maker agrees that any legal action or proceeding with respect to any of its obligations
under this Note may be brought by the Payees in any state or federal court located in the Commonwealth of Pennsylvania, as the
Payees in its sole discretion may elect. By the execution and delivery of this Note, the Maker submits to and accepts, for itself
and in respect of its property, generally and unconditionally, the non-exclusive jurisdiction of those courts. The Maker waives
any claim that the Commonwealth of Pennsylvania is not a convenient forum or the proper venue for any such suit, action or proceeding.

 

11.         Severability.
Any provision contained in this Note that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

IN WITNESS WHEREOF, Maker, intending to be legally
bound hereby, has caused this Note to be duly executed as of the day and year first above written.

 

	 	JETPAY CORPORATION
	 	 
	 	By:	/s/ Bipin C. Shah
	 	Name:	Bipin C. Shah
	 	Title:	Chief Executive Officer

 

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