Document:

EXHIBIT 10.4

 

 

Restricted Stock Award

Granted by

BCB BANCORP, INC.

under the

BCB BANCORP, INC.

2018 EQUITY INCENTIVE PLAN

This restricted stock agreement ("Restricted Stock Award" or "Agreement") is and will be subject in every respect to the provisions of the 2018 Equity Incentive Plan (the "Plan") of BCB Bancorp, Inc. (the "Company") which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement.  A copy of the Plan has been provided or made available to each person granted a Restricted Stock Award pursuant to the Plan.  The holder of this Restricted Stock Award (the "Participant") hereby accepts this Restricted Stock Award, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the Compensation Committee of the Board of Directors of the Company ("Committee") will be final, binding and conclusive upon the Participant and the Participant's heirs, legal representatives, successors and permitted assigns.  Except where the context otherwise requires, the term "Company" will include the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the "Code").  Capitalized terms used herein but not defined will have the same meaning as in the Plan.

Name of Participant.______________________________________________________

Date of Grant. _________, 20__.

Total number of shares of Company common stock, $0.01 par value per share, covered by the Restricted Stock Award. 

 (subject to adjustment pursuant to Section 9 hereof).

Vesting Schedule.  Except as otherwise provided in this Agreement, this Restricted Stock Award first becomes earned in accordance with the vesting schedule specified herein.

The Restricted Stock granted under this Agreement shall vest in ___ (__) equal annual installments, with the first installment becoming exercisable on the first anniversary of the date of grant, or _______, 20__, and succeeding installments on each anniversary thereafter, through ________, 20__.  To the extent the Restricted Stock Awards awarded to me are not equally divisible by "__," any excess Restricted Stock Awards shall vest on ________, 20__.

Unless otherwise provided by action of the Committee in accordance with the Plan, the Restricted Stock Award will vest pursuant to Section 2.9 of the Plan in the event of death, Disability and pursuant to Section 4.1 of the Plan in the event of Involuntary Termination following a Change in Control.

5.   Grant of Restricted Stock Award.

The Restricted Stock Award will be in the form of issued and outstanding shares of Stock that will be either registered in the name of the Participant and held by the Company, together with a stock power executed by the Participant in favor of the Company, pending the vesting or forfeiture of the Restricted Stock, or registered in the name of, and delivered to, the Participant.  Notwithstanding the foregoing, the Company may in its sole discretion, issue Restricted Stock in any other format (e.g., electronically) in order to facilitate the paperless transfer of such Awards.

If certificated, the certificates evidencing the Restricted Stock Award will bear a legend restricting the transferability of the Restricted Stock.  The Restricted Stock awarded to the Participant will not be sold, encumbered hypothecated or otherwise transferred except in accordance with the terms of the Plan and this Agreement.

	6.	
Terms and Conditions.

		6.1	
The Participant will have the right to vote the shares of Restricted Stock awarded hereunder on matters which require stockholder vote.

		6.2	
Any cash dividends or distributions declared with respect to shares of Stock subject to the Restricted Stock Award will be distributed to the Participant to the Participant within thirty (30) days following the vesting date.

		7.	
Delivery of Shares.

Delivery of shares of Stock under this Restricted Stock Award will comply with all applicable laws (including, the requirements of the Securities Act), and the applicable requirements of any securities exchange or similar entity.

8.   Change in Control.

		8.1	
In the event of the Participant's Involuntary Termination following a Change in Control, all Restricted Stock Awards held by the Participant will become fully vested.

		8.2	
A "Change in Control" will be deemed to have occurred as provided in Section 4.2 of the Plan.

9.   Adjustment Provisions.

This Restricted Stock Award, including the number of shares subject to the Restricted Stock Award, will be adjusted upon the occurrence of the events specified in, and in accordance with the provisions of, Section 3.4 of the Plan.

2

10. Effect of Termination of Service on Restricted Stock Award.

10.1 This Restricted Stock Award will vest as follows:

Death.    In the event of the Participant's Termination of Service by reason of the Participant's death, vesting of unvested shares of Restricted Stock shall be prorated, based on the period of the Participant's active employment or active service as a director during the vesting period at the date of Participant's Termination of Service by reason of death.

Disability.  In the event of the Participant's Termination of Service by reason of Disability, vesting of unvested shares of Restricted Stock shall be prorated, based on the period of the Participant's active employment or active service as a director during the vesting period at the date of Participant's Termination of Service by reason of Disability.

Retirement.  In the event of the Participant's Termination of Service by reason of the Participant's Retirement, vesting of unvested shares of Restricted Stock shall be prorated, based on the period of the Participant's active employment or active service as a director during the vesting period at the date of Participant's Termination of Service by reason of Retirement, provided, however, that such vesting shall comply with Section 2.6 of the Plan.  "Retirement" shall have the meaning set forth in Section 8.1(cc) of the Plan.

Termination for Cause.  If the Participant's Service has been terminated for Cause, all Restricted Stock granted to a Participant that has not vested will expire and be forfeited.

Other Termination.  If a Participant terminates Service for any reason other than due to death, Disability, Retirement, Involuntary Termination following a Change in Control or for Cause, all shares of  Restricted Stock awarded to the Participant which have not vested as of the date of Termination of Service will expire and be forfeited.

11. Miscellaneous.

		11.1	
No Restricted Stock Award will confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights.

		11.2	
This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

		11.3	
Restricted Stock Awards are not transferable prior to the time such Awards vest in the Participant.

		11.4	
This Restricted Stock Award will be governed by and construed in accordance with the laws of the State of New Jersey.

		11.5	
This Restricted Stock Award is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions hereof, the Company will not be obligated to issue any shares of stock hereunder if the issuance of such shares would constitute a violation of any such law, regulation or order or any provision thereof.

[Signature Page Follows]

3

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of the date of grant of this Restricted Stock Award set forth above.

BCB BANCORP, INC.

By:____________________________ 

Its:____________________________

PARTICIPANT'S ACCEPTANCE

The undersigned hereby accepts the foregoing Restricted Stock Award and agrees to the terms and conditions hereof, including the terms and provisions of the 2018 Equity Incentive Plan.  The undersigned hereby acknowledges receipt of a copy of the Company's 2018 Equity Incentive Plan.

PARTICIPANT

 

_______________________________Exhibit 10.3

 

January __, 2018

 

FlexShopper, LLC

2700 N. Military Trail, Suite 200

Boca Raton, Florida 33431

 

Ladies and Gentlemen:

The purpose of this letter is to advise
FlexShopper, LLC, a North Carolina limited liability company (“Borrower”), that Lender hereby commits to provide
to Borrower $_________ of subordinated debt financing on the terms set forth in the form of promissory note attached hereto as
Exhibit A (the “Subordinated Promissory Note”) and on the terms set forth herein. Capitalized terms used
but not defined herein shall have the meanings ascribed to them in the Subordinated Promissory Note.

Commitment. Lender’s
commitment is subject only to the following conditions:

(1)             
On or before _________ ___, 2018, Borrower shall have paid to Lender a one-time commitment fee in an aggregate amount equal to
$_______ (representing 1% of Lender’s aggregate commitment);

(2)             
Lender’s commitment shall be available during the period commencing on the date hereof and ending on July 31, 2018 (the “Commitment
Period”);

(3)             
Lender’s commitment may be drawn by Borrower in one or more advances (each, a “Subordinated Loan Advance”)
by delivery of not less than two (2) days’ prior notice to Lender, which notice shall specify the amount of the Subordinated
Loan Advance being requested and the proposed date therefor;

(4)             
On or prior to the initial Subordinated Loan Advance, Borrower shall have duly executed delivered to Lender a Subordinated Promissory
Note;

(5)             
Each Subordinated Loan Advance shall be in a minimum amount of $500,000 (or, if less, the entire remaining available commitment);
and

(6)             
Borrower shall provide to Lender copies of the monthly covenant reporting package delivered to, and notices of default received
from, the lender under Senior Credit Agreement. 

Notwithstanding anything to the contrary
contained in any Subordinated Promissory Note, (a) Lender shall be obligated to make Subordinated Loan Advances to Borrower in
an aggregate amount equal to $_________ (which shall represent the Maximum Amount under (and as defined in) the Subordinated Promissory
Note) subject only to satisfaction of the conditions set forth in this letter agreement and (b) repayment of Subordinated Loan
Advances shall not be demanded by Lender during the Commitment Period; provided, however, interest at the default rate set forth
in the Subordinated Promissory Note shall accrue on all Subordinated Loan Advances at such times as interest at the Default Interest
Rate (as defined in the Senior Credit Agreement) is accruing on the Senior Debt, it being agreed and understood that if interest
at the default rate is accruing on Subordinated Loan Advances pursuant to this proviso, no additional default interest shall accrue
pursuant to Section 8 of the Subordinated Promissory Note.

    	 

    	 

    

 

Representations. Lender hereby represents
and warrants that the following are true and correct: (a) Lender is not acquiring the Subordinated Promissory Note (or making any
Subordinated Loan Advance) with a view to or for sale in connection with any distribution thereof within the meaning of the Securities
Act of 1933, as amended, and (b) Lender (i) is an “accredited investor” as defined in Rule 501 promulgated under the
Securities Exchange Act of 1934, as amended, and (ii) has such knowledge and experience in financial and business matters that
it is capable of evaluating the merits and risks of the prospective investment in the Subordinated Promissory Note. Further, Lender
is familiar with the business and affairs of Borrower and its subsidiaries and has conducted such due diligence as it has deemed
necessary and desirable in making its investment decision.

 

Miscellaneous.

Each party shall be responsible for
its own fees and expenses, including, without limitation, legal fees, incurred by it in connection with the Subordinated Promissory
Note and the Subordinated Loan Advances.

This letter agreement shall not be assignable
by any party hereto without the prior written consent of the other party hereto (and any purported assignment without such consent
shall be null and void), and is solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or
create any rights in favor of, any person other than the parties hereto. This letter agreement may not be amended or waived except
in a written instrument signed by Borrower and Lender. The provisions of this letter agreement shall remain in full force and effect
following the making of all Subordinated Loan Advances. In the event of any conflict between the terms and provisions of this letter
agreement and the terms and provisions of the Subordinated Promissory Note, the terms and provisions of this letter agreement shall
govern and control.

This letter agreement may be executed
in counterparts, each of which shall be deemed an original and all of which counterparts shall constitute one and the same document.
Delivery of an executed signature page of this letter agreement by facsimile or electronic (including “PDF”) transmission
shall be effective as delivery of a manually executed counterpart hereof.

    	 

    	 

    

 

This letter agreement, and all matters
relating hereto or thereto or arising therefrom (whether sounding in contract law, tort law or otherwise), shall be governed by,
and shall be construed and enforced in accordance with, the laws of the State of North Carolina, without regard to conflicts of
laws principles.

Lender shall hold all non-public information
regarding Borrower, its affiliates and their businesses obtained by Lender confidential and shall not disclose such information;
provided, however, the foregoing shall not be construed to prohibit the disclosure of any information that is or becomes publicly
known or information obtained by Lender from sources other than Borrower other than as a result of a disclosure by the Lender known
(or that should have reasonably been known) to be in violation of this provision.

We are pleased to have been given the
opportunity to assist you.

 

	 	
        Sincerely,

        _______________________________

        By:____________________________

        Name:__________________________

        Title:___________________________

         

	
        Acknowledged and Agreed:

         

        FLEXSHOPPER, LLC

         

        By:___________________________

        Name:_________________________

        Title:__________________________

         
	 

 

 

 

 

 

 

 

    	 

    	 

    

 

 

EXHIBIT A

 

FORM OF SUBORDINATED PROMISSORY NOTE

	$___________	_______ __, ____

 

FOR VALUE RECEIVED,
FlexShopper, LLC, a North Carolina limited liability company (“Borrower”), hereby promises to pay to ______________,
a _________________ (“Lender”), on demand, the principal sum of up to _______________ Dollars ($_________)
(the “Maximum Amount”), or such lesser amount as shall have been advanced and remain outstanding hereunder,
together with interest thereon, subject to the terms and conditions set forth in this Subordinated Promissory Note (this “Note”).

1.   
Payment of Principal and Interest.

(a)         
Payments of principal and accrued interest on this Note shall be due and payable upon thirty (30) days prior written
notice by Lender to Borrower.

(b)         
The unpaid principal balance of this Note shall bear interest at a rate equal to three percent (3.00%) per annum
in excess of the non-default rate of interest from time to time in effect under that certain Credit Agreement dated as of March
6, 2015 among FlexShopper 2, LLC, as borrower, Wells Fargo Bank, National Association, as paying agent, WE 2014-1, LLC, as administrative
agent (the “Administrative Agent”), and the lenders party thereto (as amended, restated, supplemented or otherwise
modified from time to time, the “Senior Credit Agreement”) computed on the basis of a 360 day year.

(c)         
The full remaining portion of all interest accruing on the unpaid principal balance of this Note but not paid in
cash pursuant to Section 1(b) shall continue to accrue until the principal hereof and interest hereon shall have been paid
in full.

(d)         
Borrower may prepay this Note in whole or in part at any time, without premium or penalty.

(e)         
All payments of principal and interest shall be made in lawful money of the United States of America and shall be
made to Lender at Lender’s address set forth in Section 13 or at such other place as Lender may designate to Borrower
in writing.

(f)          
Upon Borrower’s request, Lender may from time to time after the date hereof advance additional amounts to Borrower
up to the Maximum Amount and subject to the other terms set forth herein. Lender shall make a notation on Schedule A hereto
of each advance made by Lender and of each prepayment or repayment made by Borrower, which schedule shall be conclusive evidence
of the principal amount then outstanding hereunder, absent manifest error, subject to the next sentence. In the event that the
Lender fails to make a notation on Schedule A, then the amount showing as owing from Borrower to Lender on the books and
records of the Lender shall be conclusive evidence of the principal amount then outstanding hereunder, absent manifest error.

    	 

    	 

    

 

The principal amount of this Note at
any time shall be equal to the aggregate amount of all such loans and advances made to Borrower through such time (including advances
to pay interest hereon), less the aggregate amount of all repayments of principal of this Note made by Borrower through such time.

2.           
Security. As collateral security for the payment and satisfaction of the unpaid principal balance of this
Note and all interest accrued thereon, and subject to the rights of the Senior Creditors as described in Section 12, Borrower hereby
grants to Lender a continuing, first-priority security interest in and to all of the Collateral. The Collateral means each and
all of the following:

 

A.           
the Accounts;

B.           
the Equipment;

C.          
the Inventory;

D.          
the General Intangibles;

E.           
the Negotiable Collateral;

F.           
any money, deposit accounts or other assets of Borrower in which Lender receives a security interest or which hereafter
come into the possess ion, custody or control of Lender;

G.          
all Supporting Obligations;

H.          
all Investment Property;

I.             
all Letter of Credit Rights; and

J.           
the proceeds of any of the foregoing, including, but not limited to, proceeds of insurance covering the Collateral,
or any portion thereof, and any and all Accounts, Equipment, Inventory, General Intangibles, Negotiable Collateral, the Investment
Property, the Letter of Credit Rights, the Supporting Obligations, money, deposit accounts or other tangible and intangible property
resulting from the sale or other disposition of the Collateral, or any portion thereof or interest therein, and the proceeds thereof.

The capitalized
terms used in the definition of the Collateral shall have the meanings ascribed to them under the Uniform Commercial Code as adopted
in the State of North Carolina (the “UCC”).

    	 

    	 

    

 

3.           
Representations and Warranties. Borrower hereby represents and warrants to Lender that:

(a)         
Borrower (i) is a limited liability company duly organized, validly existing and in good standing under the laws
of the State of North Carolina, (ii) has all requisite limited liability company power and authority to own and operate its property,
to lease the property it operates as lessee and to conduct the business in which it is currently, or is currently proposed to be,
engaged, (iii) is duly qualified as a foreign entity, licensed and in good standing under the laws of each jurisdiction where its
ownership, lease or operation of property or the conduct of its business requires such qualification, except to the extent that
the failure to so qualify would not have a material adverse effect on Borrower, and (iv) has the limited liability company power
and authority to execute, deliver and perform its obligations under this Note and to borrow hereunder;

(b)         
The execution, delivery and performance by Borrower of this Note (i) has been duly authorized by all necessary action,
(ii) do not and will not contravene or violate the terms of its corporate constitutional documents or any amendment thereto or
any law applicable to Borrower or its assets, business or properties, (iii) do not and will not (1) conflict with, contravene,
result in any violation or breach of or default under any material contractual obligation of Borrower (with or without the giving
of notice or the lapse of time or both), (2) create in any other person a right or claim of termination or amendment of any material
contractual obligation of Borrower, or (3) require modification, acceleration or cancellation of any material contractual obligation
of Borrower, and (iv) do not and will not result in the creation of any lien (or obligation to create a lien) against any property,
asset or business of Borrower; and

(c)         
Borrower has duly executed and delivered this Note and this Note constitutes the legal, valid and binding obligations
Borrower, enforceable against Borrower in accordance with the terms hereof, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’
rights and by general principles of equity.

4.           
Events of Default. The following shall constitute “Events of Default” with respect to this
Note:

(a)         
Borrower shall fail to pay the principal of, or interest on, this Note when the same becomes due and payable in accordance
with the terms hereof;

(b)         
Any representation or warranty made by Borrower in Section 3 hereof shall fail to be true and correct in all
material respects or Borrower shall default in the performance of any of its obligations under Section 4 hereof; or

(c)         
Borrower makes a general assignment for the benefit of its creditors or applies to any tribunal for the appointment
of a trustee or receiver of a substantial part of the assets of Borrower, or commences any proceedings relating to Borrower under
any bankruptcy, reorganization, arrangement, insolvency, readjustment of debts, dissolution or other liquidation law of any jurisdiction;
or any such application is filed, or any such proceedings are commenced against Borrower and Borrower indicates its consent to
such proceedings, or an order or decree is entered by a court of competent jurisdiction appointing such trustee or receiver, or
adjudicating Borrower bankrupt or insolvent, or approving the petition in any such proceedings, and such order or decree remains
unstayed and in effect for ninety (90) days.

    	 

    	 

    

 

5.           
Consequences of Event of Default. Upon the occurrence of any such Event of Default and during the continuation
thereof, the unpaid principal balance of this Note and accrued and unpaid interest hereon shall become immediately due and payable
upon such occurrence without action by Lender and Lender shall have all other rights and remedies provided by applicable law. Lender
shall have all of the rights and remedies of a secured party under the UCC.

6.           
Remedies are Cumulative. No failure on the part of Lender to exercise, and no delay in exercising, any right,
power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by Lender or any right, power
or remedy hereunder preclude any other or further exercise thereof or the exercise of any right, power or remedy. The remedies
herein provided are cumulative and are not exclusive of any remedies provided by law, in equity, or in other loan documents.

7.           
Costs of Collection. In the event that this Note is not paid when due, Borrower shall also pay or reimburse
Lender for all reasonable costs and expenses of collection, including, without limitation, reasonable attorneys’ fees.

8.           
Default Interest Rate. Upon the occurrence of any Event of Default, any principal balance remaining unpaid
under this Note shall bear interest at a rate per annum equal to two percent (2%) above the interest rate otherwise applicable
hereto.

9.           
Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of North
Carolina without regard to the conflicts of law provisions thereof.

10.         
Waiver. Borrower waives presentment for payment, demand, protest, notice of dishonor, notice of protest, diligence
on bringing suit against any party hereto, and all defenses on the ground of any extension of the time of payment that may be given
by Lender to it. Borrower agrees not to assert against Lender as a defense (legal or equitable), as a set-off, as a counterclaim,
or otherwise, any claims Borrower may have against any other party liable to Lender for all or any part of the obligations under
this Note. All rights of Borrower hereunder, and all obligations of Borrower hereunder, shall be absolute and unconditional, not
discharged or impaired irrespective of (and regard less of whether Borrower receives any notice of): (i) any lack of validity or
enforceability of any provision of this Note; (ii) any change in the time, manner or place of payment or performance, or in any
term, of all or any of the obligations hereunder or any other amendment or waiver of or any consent to any departure from any provision
herein; or (iii) any release of or modifications to or insufficiency, unenforceability or enforcement of the obligations of any
guarantor or other obligor. To the extent permitted by law, Borrower hereby waives any rights under any valuation, stay, appraisement,
extension or redemption laws now existing or which may hereafter exist and any other circumstance which might otherwise constitute
a defense available to, or a discharge of any party with respect to the obligations of Borrower hereunder.

11.         
No Right of Set-Off. As of the date hereof, Borrower represents that it has no claims or offsets against Lender
in breach of contract, breach of warranty, express or implied, negligence or for any other type of legal action under this Note
or otherwise.

    	 

    	 

    

 

12.         
Subordination.

(a)         
Lender agrees that the obligations represented by this Note shall be in all respects subordinate in payment and junior in
priority to all indebtedness, liabilities and other obligations (collectively, the “Senior Debt” and the holders
of such Senior Debt, the “Senior Creditors”) owing under the Senior Credit Agreement and the other agreements,
instruments and documents executed and delivered in connection therewith, as amended, modified or increased (collectively, the
“Senior Debt Documents”).

 

(b)         
Until all Senior Debt shall have been paid in full in cash and all commitments to advance Senior Debt have terminated, (i)
no payment may be made on this Note, whether of principal or interest or other obligations, at any time that the “Effective
Advance Rate” (as defined in the Senior Debt Documents) exceeds 95% or an “Event of Default” (as defined in the
Senior Debt Documents) exists, (ii) the Lender shall not (A) take any action or exercise any remedy against the Borrower under
this Note (other than the imposition of the default rate of interest as set forth herein); or (B) commence, or join with any other
creditor of the Borrower in commencing any insolvency or similar proceeding against the Borrower (iii) the Lender waives all rights
of subrogation, reimbursement and any similar rights with respect to the indebtedness evidenced by this Note and (iv) any and all
liens and security interests of Lender in any collateral shall be and hereby are subordinated for all purposes and in all respects
to the liens and security interests of the Senior Creditors in such collateral, whether or not valid or perfected, regardless of
the time, manner or order of attachment, grant or perfection of any such liens and security interests and regardless of any provision
of the Uniform Commercial Code of any jurisdiction or any other law or any other circumstance.

 

(c)         
In case any funds shall be paid or delivered to the Lender in violation hereof, such funds shall be held in trust by the
Lender for, and paid and delivered to, the Senior Creditors (in the form received, together with any necessary endorsements) upon
demand.

 

(d)         
The priority of the Senior Debt (whether or not such amounts are deemed allowable or recoverable) set forth above shall
continue during any insolvency, receivership, bankruptcy, dissolution, liquidation, or reorganization proceeding, or in any other
proceeding, whether voluntary or involuntary, by or against the Borrower, under any bankruptcy or insolvency law or laws.

 

(e)         
The Lender expressly waives all notice of the acceptance by any Senior Creditor of the subordination and other provisions
of this Note.

 

Without limitation of the
foregoing, the Senior Creditors (including, without limitation, the Administrative Agent under the Senior Credit Agreement) are
express third party beneficiaries of the terms and conditions contained in this Section 12 and shall be entitled to enforce such
terms and conditions directly, as if they were parties to this Note. Furthermore, until all Senior Debt shall have been paid in
full in cash and all commitments to advance Senior Debt have terminated, this Section 12 may not be amended, restated, supplemented
or otherwise modified without the prior written consent of the Administrative Agent and the Required Lenders (as defined in the
Senior Credit Agreement).

    	 

    	 

    

 

 

13.         
Notices. Any notice pursuant to this Note must be in writing and will be deemed effectively given to another
patty on the earliest of the date (a) three (3) business days after such notice is sent by registered U.S. mail, return receipt
requested, (b) one (1) business day after receipt of confirmation if such notice is sent by facsimile, (c) one (1) business day
after delivery of such notice into the custody and control of an overnight courier service for next day delivery, (d) one (1) business
day after delivery of such notice in person and (e) such notice is received by that party; in each case to the appropriate address
below (or to such other address as a party may designate by notice to the other party):

 

If to Borrower:

 

FlexShopper, LLC

2700 N. Military Trail,
Suite 200

Boca Raton, FL 33431

Attn: Brad Bernstein

 

If to Lender:

 

___________________________

___________________________

___________________________

___________________________

14.         
Severability. Any provision of this Note that is determined by any court of competent jurisdiction to be invalid
or unenforceable will not affect the validity or enforceability of any other provision hereof or the invalid or unenforceable provision
in any other situation or in any other jurisdiction. Any provision of this Note held invalid or unenforceable only in part or degree
will remain in full force and effect to the extent not held invalid or unenforceable.

15.         
Counterparts. This Note may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Note
constitutes the entire contract among the parties relating to the subject matter hereof and supersedes any and all previous agreements
and understandings, oral or written, relating to the subject matter hereof. Delivery of an executed counterpart of a signature
page of this Note by telecopy or other electronic transmission shall be effective as delivery of a manually executed counterpart
of this Note.

    	 

    	 

    

 

IN WITNESS WHEREOF,
Borrower has caused this Note to be duly executed, and Lender has accepted this Note, as of the day and year first above written.

 

Borrower:

 

FLEXSHOPPER, LLC

 

 

By:

Name:Brad Bernstein

Title:CEO

 

 

 

ACCEPTED:

 

Lender:

 

_________________________

 

By:______________________

Name:____________________

Title:_____________________

    	 

    	 

    

 

 

Exhibit A to Subordinated Promissory
Note

Advancement/Payment Schedule

	Date	Amount Advanced	Principal Payment	Principal Balance

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