Document:

Exhibit 10.1

 

DEED OF AMENDMENT

Dated: 24 December 2019

By and Among:

 

(1)        Citibank
Europe plc (the “Bank”);

 

(2)        AXIS
Specialty Limited (“ASL”);

 

(3)        AXIS
Re SE (formerly, AXIS Re Limited);

 

(4)        AXIS
Specialty Europe SE (formerly, AXIS Specialty Europe Limited);

 

(5)        AXIS
Insurance Company;

 

(6)        AXIS
Surplus Insurance Company; and

 

(7)        AXIS
Reinsurance Company

 

(parties (2), (3), (4), (5), (6) and (7)
together known as the “Companies”).

 

Re:      Committed Letter of Credit
Facility

 

1. Background

 

1.1        On
18 December 2015 a Committed Letter of Credit Facility was signed between the Bank and the Companies (the “Committed Facility
Letter”).

 

1.2        The
Parties have agreed to certain further amendments to the Committed Facility Letter as detailed in this Deed.

 

1.3        The
terms and expressions defined in the Committed Facility Letter shall have the same meanings when used in this Deed unless otherwise
indicated.

 

1.4        The
parties to this Deed hereby agree that from the Effective Date (as defined below) the rights and obligations of the parties under
the Committed Facility Letter and the terms of the Committed Facility Letter shall be amended as set out below.

 

2. Effective Date

 

The following amendments shall take effect
on and from 31 December 2019 (“Effective Date”).

 

3. Amendments

 

With effect from the Effective Date, the
following amendment shall be made to the Committed Facility Letter:

 

		·	Paragraph 5.2(b) of the Committed Facility
Letter shall be deleted in its entirety and replaced with the following:

 

		“(b)	The
tenor of the Credit issued under either Tranche I or under Tranche II extends beyond 31st December 2024 or the tenor
of a Credit issued under Tranche III extends beyond 31st December 2025”

 

     

     

    

 

		·	Paragraph 5.3 of the Committed Facility
Letter shall be deleted in its entirety and replaced with the following:

 

“Subject to Section 5.4
and Section 5.5, Tranche I shall be fully utilised prior to a Company being able to utilise Tranche II so that all utilisations
of a Credit with a maturity date of, on or prior to 31 December 2024 shall first be automatically allocated against Tranche I.
Once the Tranche Sub-Limit for Tranche I is fully utilised, all utilisations of a Credit with a maturity date of, on or prior to
31 December 2024 shall be automatically allocated against Tranche II. All utilisations of a Credit with a maturity date between
1 January 2025 and 31 December 2025 shall be automatically allocated against Tranche III.”

 

		·	Paragraph 5.4 of the Committed Facility
Letter shall be deleted in its entirety and replaced with the following:

 

“A Credit with a maturity
date of on or prior to 31 December 2024 (and no later) may only be issued under Tranches I and II and a Credit denominated in Australian
dollars or New Zealand dollars may only be issued under Tranche III.”

 

		·	Paragraph 14 of the Committed Facility
Letter shall be deleted in its entirety and replaced with the following:

 

“14. Governing Law

 

		14.1	This Letter shall be governed by English law and for the benefit of the Bank, the Companies irrevocably
submit to the jurisdiction of the English Courts in respect of any dispute which may arise from or in connection with this Letter
or any Credit.

 

		14.2	A person who is not a party to this Letter has no rights under the Contracts (Rights of Third Parties)
Act 1999 to enforce any terms of this Letter.

 

		14.3	Each Company designates the address below as its address for service of all claim forms, application
notices, judgments, orders or other notices of English legal process relating to this Letter and any other Facility Document governed
by English law.

 

c/o AXIS Specialty London

4th Floor, Plantation
Place south

60 Great Tower Street

London EC3R 5AZ

Unitied Kingdom

 

Items served at this address
must be marked for the attention of the relevant Company.

 

		14.4	All Companies must have the same address for service and it must be an address in London, United
Kingdom. If the Companies wish to change their address for service, ASL may do so by giving the Bank at least 10 Business Days’
written notice of the new address for service.”

 

		·	A new Clause 15 (Data Protection) shall
be inserted in the Committed Facility Letter as follows:

 

    

     

    

 

“15. Data Protection

 

		15.1	Compliance with law. Each party will comply with applicable data protection and privacy
laws in processing personal data in connection with its activities under this Committed Facility Letter. Without limiting the foregoing,
the Companies warrant that: (i) any personal data that it provides to the Bank has been processed fairly and lawfully, is accurate
and is relevant for the purposes for which it is provided to the Bank; (ii) if any such personal data is provided to the Bank,
it shall provide notice to, and shall seek consent from (and promptly upon the Bank’s request shall provide evidence to the
Bank of having provided such notices and/or obtained such consents), data subjects regarding the Bank’s processing of their
personal data in accordance with any instructions of the Bank from time to time; and (iii) pursuant to clause (ii) it will provide
any such data subjects with a copy of the relevant TTS EEA Privacy Statement accessible at https://www.citibank.com/tts/sa/tts-privacy-statements/index.html
(or such other URL or statement as the Bank may notify to the Companies from time to time).

 

		15.2	Mutual cooperation. Each party will promptly notify, and reasonably cooperate with and provide
information to, the other party in respect of any data subject requests, communications from supervisory authorities, or material
security incidents relating to the processing of personal data under this Committed Facility Letter, in each case to the extent
reasonably necessary to enable the other party to meet its obligations to data subjects and/or supervisory authorities.

 

		15.3	Definitions. The terms ‘personal data’, ‘processing’,
‘data subject’ and ‘supervisory authority’ shall have the respective meanings set forth in
the General Data Protection Regulation (EU) 2016/679, as amended or superseded from time-to-time.”

 

4. Costs and expenses

 

Each party to this Deed shall bear its
own costs and expenses in relation to the amendments agreed pursuant to the terms of this Deed.

 

5. Affirmation and acceptance

 

5.1       With
effect from the Effective Date, the terms and conditions of the Committed Facility Letter shall be read and construed by reference
to this Deed and all references to the Committed Facility Letter shall be deemed to incorporate the relevant amendments contained
within this Deed and all references in the Committed Facility Letter to “this Committed Facility Letter” shall with
effect from the Effective Date be references to the Committed Facility Letter as amended by this Deed.

 

5.2        In
the event of any conflict between the terms of this Deed and the Committed Facility Letter, the terms of this Deed shall prevail.

 

5.3        For
the avoidance of doubt, except as amended by the terms of this Deed, all of the terms and conditions of the Committed Facility
Letter shall continue to apply and remain in full force and effect.

 

5.4        The
Companies shall, at the request of Bank, do all such acts necessary or desirable to give effect to the amendments effected or to
be effected pursuant to the terms of this Deed.

 

6. Continuation of Security

 

The parties agree that, on and after the
Effective Date:

 

    

     

    

 

		(i)	The Pledge Agreement dated 14 May 2010, as amended from time to time, most recently on 27 March
2017 between ASL and the Bank and any security granted under it shall continue in full force and effect;

 

		(ii)	The Collateral Account Control Agreement dated 19 May 2015 between ASL and Bank shall continue
in full force and effect;

 

and that such Pledge Agreement and any
security pledged thereunder extend to the Committed Facility Letter, as amended pursuant to this Deed.

 

7. Counterparts

 

This Deed may be executed in counterparts,
each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same agreement.
This amendment shall take effect as a Deed notwithstanding it is signed under hand by Bank.

 

8. Third party rights

 

No person shall have any right to enforce
any provision of this Deed under the Contracts (Rights of Third Parties) Act 1999.

 

9. Governing law

 

This Deed (and any non-contractual obligation,
dispute, controversy, proceedings or claim of whatever nature arising out of it or in any way relating to this Deed or its formation)
shall be governed by and construed in accordance with English law.

 

    

     

    

 

Signatories to the Deed of Amendment

 

	EXECUTED AS A DEED BY AXIS Specialty	Signed:	/s/
    Peter Vogt
	Limited (“ASL”)	Name:	Peter
    Vogt
	Acting by a director	Title:	Director
	In the presence of	Signature
    of Witness:	/s/
    Denise King
	 	Name
    of Witness:	Denise
    King
	 	Address:	11680
    Great Oaks Way
	 	 	Alpharetta,
    GA 30022
	 	 	 
	 	 	 
	EXECUTED AS A DEED BY AXIS Re SE (formerly	Signed: 	/s/
    Tim Hennessy
	AXIS Re Limited)	Name:	Tim
    Hennessy
	Acting by a director	Title:	Director
	In the presence of	Signature
    of Witness:	/s/
    Emmet Hiney
	 	Name
    of Witness:	Emmet
    Hiney
	 	Address:	34
    Upper Mount St.
	 	 	Dublin
    Ireland
	 
	EXECUTED AS A DEED BY AXIS Specialty	Signed:	/s/
    Tim Hennessy
	Europe SE (formerly, AXIS Specialty Europe Limited)	Name:	Tim
    Hennessy
	Acting by a director	Title	Director
	In the presence of	Signature
    of Witness:	/s/
    Emmet Hiney
	 	Name
    of Witness:	Emmet
    Hiney
	 	Address:	34
    Upper Mount St.
	 	 	Dublin
    Ireland
	 	 	 
	EXECUTED AS A DEED BY AXIS Insurance	Signed:	/s/
    Andrew Weissert
	Company	Name:	Andrew
    Weissert
	Acting by a director	Title:	Director
	In the presence of	Signature
    of Witness:	/s/
    Brenda Reese
	 	Name
    of Witness:	Brenda
    Reese
	 	Address:	11680
    Great Oaks Way
	 	 	Alpharetta,
    GA 30022
	 	 	 
	EXECUTED AS A DEED BY AXIS Surplus	Signed:	/s/
    Andrew Weissert
	Insurance Company	Name:	Andrew
    Weissert
	Acting by a director	Title:	Director
	In the presence of	Signature
    of Witness:	/s/
    Brenda Reese
	 	Name
    of Witness:	Brenda
    Reese
	 	Address:	11680
    Great Oaks Way
	 	 	Alpharetta,
    GA 30022
	 	 	 
	EXECUTED AS A DEED BY AXIS Reinsurance	Signed:	/s/
    Andrew Weissert
	Company	Name:	Andrew
    Weissert
	Acting by a director	Title:	Director
	In the presence of	Signature
    of Witness:	/s/
    Brenda Reese
	 	Name
    of Witness:	Brenda
    Reese
	 	Address:	11680
    Great Oaks Way
	 	 	Alpharetta,
    GA 30022

 

    

     

    

 

WE HEREBY CONFIRM OUR ACCEPTANCE ON BEHALF OF BANK:

 

 

	By:	/s/ Niall Tuckey	 
	Name:	Niall Tuckey	 
	Title:	DirectorExhibit 4.1

 

AMENDMENT NO. 1 TO WARRANT AGENT AGREEMENT

 

THIS AMENDMENT
(this “Amendment”) is made as of December 30, 2019, by and between FlexShopper, Inc., a Delaware corporation
(the “Company”), and Continental Stock Transfer & Trust Company, as warrant agent for the Company
(the “Warrant Agent”), and constitutes an amendment to that certain Warrant Agent Agreement, dated as of September
25, 2018 (the “Warrant Agreement”), between the Company and the Warrant Agent. Capitalized terms used but not
otherwise defined in this Amendment shall have the meanings given to such terms in the Warrant Agreement.

 

WHEREAS, Section
8.12(c) of the Warrant Agreement provides that the Company and the Warrant Agent may amend, subject to certain conditions provided
therein, the Warrant Agreement with the vote or written consent of the registered holders of at least 50.1% of the then outstanding
Warrants;

 

WHEREAS, the
Company desires to amend the Warrant Agreement to provide the Company with the right to require the holders of the Warrants to
exchange all of the outstanding Warrants for shares of Common Stock of the Company, on the terms and subject to the conditions
set forth herein; and

 

WHEREAS, in
the Warrant Amendment and Exchange Agreement between the Company and a number of registered holders of the Warrants, such registered
holders of more than 50.1% of the then outstanding Warrants consented to and approved this Amendment;

 

NOW, THEREFORE,
in consideration of the mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree to amend the Warrant Agreement
as set forth herein.

 

1. Amendment
of Warrant Agreement. The Warrant Agreement is hereby amended by adding the following new Section 6 thereto:

 

“6. Mandatory Exchange.

 

	 	6.1	Company Election to Exchange. Notwithstanding any other provision in this Agreement to the contrary, all (and not less than all) of the outstanding Warrants may be exchanged, at the option of the Company, at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice to the registered holders of the outstanding Warrants, as described in Section 6.2 below, for shares of Common Stock, at the exchange rate of 0.56 of a share of Common Stock for each Warrant held by the holder thereof (the “Consideration”) (subject to equitable adjustment by the Company in the event of any stock splits, stock dividends, recapitalizations or similar transaction with respect to the Common Stock). In lieu of issuing fractional shares, any holder of Warrants who would otherwise have been entitled to receive fractional shares as Consideration will, after aggregating all such fractional shares of such holder, be issued a whole number of shares of Common Stock, rounded up to the nearest whole number of shares a Holder would otherwise be entitled to receive.

 

	 	6.2	Date Fixed for, and Notice of, Exchange. In the event that the Company elects to exchange all of the Warrants, the Company shall fix a date for the exchange (the “Exchange Date”). Notice of exchange shall be mailed by first class mail, postage prepaid, by the Company not less than fifteen (15) days prior to the Exchange Date to the registered holders of the Warrants at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the registered holder received such notice. The Company will make a public announcement of its election following the mailing of such notice.

 

     

     

    

 

	 	6.3	Exercise after Notice of Exchange. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with Subsection 3.3.7(ii) of this Agreement) at any time after notice of exchange shall have been given by the Company pursuant to Section 6.2 hereof and prior to the Exchange Date. On and after the Exchange Date, the registered holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Consideration.”

 

	 	6.4	Inapplicability of Beneficial Owner Limitation. Section 3.3.10 (Beneficial Ownership Limitation) of the Warrant Agreement shall be deleted effective on the date hereof, and shall be inapplicable with respect to the Exchange, the mandatory exchange described in this Section 6, or otherwise. To the extent that there are any certificated Warrants, the amendments made to the Warrant Agreement pursuant to this Amendment shall be made equally to the terms of such certificated Warrants.

 

2.
Miscellaneous Provisions.

 

	 	2.1	Severability. This Amendment shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Amendment or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Amendment a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

	 	2.2	Applicable Law. The validity, interpretation and performance of this Amendment shall be governed in all respects by the laws of the State of New York, without giving effect to conflict of laws. The parties hereby agree that any action, proceeding or claim against it arising out of or relating in any way to this Amendment shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the parties hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

 

	 	2.3	Counterparts. This Amendment may be executed in any number of counterparts, and by facsimile or portable document format (pdf) transmission, and each of such counterparts shall for all purposes be deemed to be an original and all such counterparts shall together constitute but one and the same instrument.

 

	 	2.4	Effect of Headings. The Section headings herein are for convenience only and are not part of this Amendment and shall not affect the interpretation thereof.

 

	 	2.5	Entire Agreement. The Existing Warrant Agreement, as modified by this Amendment, constitutes the entire understanding of the parties and supersedes all prior agreements, understandings, arrangements, promises and commitments, whether written or oral, express or implied, relating to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments are hereby canceled and terminated.

 

    2

     

    

 

IN WITNESS WHEREOF,
each of the parties has caused this Amendment to be duly executed as of the date first above written.

 

	 	FLEXSHOPPER, INC.
	 	 
	 	By:	
        /s/ H. Russell Heiser Jr.

	 	 	Name:	H.
    Russell Heiser Jr.
	 	 	Title:	Chief
    Financial Officer
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	 	 
	 	By:	
        /s/ Henry Farrell

	 	 	Name:	Henry Farrell
	 	 	Title:	Vice President

 

 

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