Document:

Exhibit 10.4

 

TWO-YEAR CHANGE IN CONTROL AGREEMENT

 

This Change in Control
Agreement (the “Agreement”) is made effective as of the 17th day of July 2019 (the “Effective Date”),
by and between Pioneer Bank, a New York-chartered stock savings bank (the “Bank”) and Patrick J. Hughes (“Executive”).
Any reference to the “Company” shall mean Pioneer Bancorp, Inc., the newly-formed the stock holding company
of the Bank, or any successor thereto.

 

RECITALS

 

WHEREAS, Executive
is currently employed as an executive officer of the Bank;

 

WHEREAS, the
Bank desires to assure itself of the Executive’s continued active participation in the business of the Bank; and

 

WHEREAS, in
order to induce Executive to remain in the employ of the Bank and in consideration of Executive’s agreeing to remain in the
employ of the Bank, the parties desire to specify the severance benefits which shall be due Executive in the event that his employment
with the Bank is terminated under specified circumstances.

 

NOW THEREFORE,
in consideration of the mutual agreements herein contained, and upon the other terms and conditions hereinafter provided, the parties
hereby agree as follows:

 

		1.	TERM OF AGREEMENT.

 

(a)             Two
Year Contract; Annual Renewal. The term of this Agreement will begin as of the Effective Date and will continue through
December 31, 2020 (the “Term”). Commencing on January 1, 2020 and continuing on each January 1st
thereafter (the “Renewal Date”), the Term will extend automatically for one additional year, so that the Term
will be two (2) years from such Renewal Date, unless either the Bank or Executive by written notice to the other given at least
60 days prior to such Renewal Date notifies the other of its intent not to extend the same. In the event that notice not to extend
is given by either the Bank or the Executive, this Agreement will terminate as of the last day of the then current Term. For avoidance
of doubt, any extension to the Term will become the “Term” for purposes of this Agreement.

 

At least 30 days prior
to the Renewal Date, the disinterested members of the Board of Directors of the Bank (the “Board”) will conduct
a comprehensive performance evaluation and review of Executive for purposes of determining whether to take action regarding non-renewal
of the Agreement, and the results thereof will be included in the minutes of the Board’s meeting.

 

(b)          Change
in Control. Notwithstanding the foregoing, in the event the Bank or the Company has entered into an agreement to effect
a transaction that would be considered a Change in Control as defined under Section 2(b) hereof, the Term of this Agreement will
be extended automatically so that it is scheduled to expire no less than two (2) years beyond the effective date of the Change
in Control, subject to extensions as set forth above.

 

    	 		 

     

    

 

		2.	DEFINITIONS.

 

(a)          Base
Salary. Executive’s “Base Salary” for purposes of this Agreement shall mean the annual rate of base
salary paid to Executive by the Bank.

 

(b)          Change
in Control. For purposes of this Agreement, the term “Change in Control” means: (i) a change in the ownership
of the Corporation; (ii) a change in the effective control of the Corporation; or (iii) a change in the ownership of a substantial
portion of the assets of the Corporation as defined in accordance with Code Section 409A. For purposes of this Section 2(b), the
term “Corporation” is defined to include the Bank, the Company or any of their successors, as applicable.

 

		(i)	A change in the ownership of a Corporation occurs on the date that any one person, or more than
one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(v)(B)), acquires ownership of stock of the Corporation
that, together with stock held by such person or group, constitutes more than 50 percent of the total fair market value or total
voting power of the stock of such Corporation.

 

		(ii)	A change in the effective control of the Corporation occurs on the date that either (A) any one
person, or more than one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(vi)(D)) acquires (or has acquired
during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the
Corporation possessing 30 percent or more of the total voting power of the stock of the Corporation, or (B) a majority of the members
of the Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of
the members of the Board prior to the date of the appointment or election, provided that this subsection “(B)” is inapplicable
where a majority stockholder of the Corporation is another corporation.

 

		(iii)	A change in a substantial portion of the Corporation’s assets occurs on the date that any
one person or more than one person acting as a group (as defined in Treasury Regulation 1.409A-3(i)(5)(vii)(C)) acquires (or has
acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the
Corporation that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of
(A) all of the assets of the Corporation, or (B) the value of the assets being disposed of, either of which is determined without
regard to any liabilities associated with such assets. For all purposes hereunder, the definition of Change in Control shall be
construed to be consistent with the requirements of Treasury Regulation 1.409A-3(i)(5), except to the extent that such regulations
are superseded by subsequent guidance.

 

Notwithstanding anything
herein to the contrary, a Change in Control will not be deemed to have occurred for purposes of this Agreement in connection with
the Bank’s mutual holding company reorganization and/or minority stock offering of the Company. Similarly, a Change in Control
for purposes of this Agreement will not be deemed to have occurred in the event of a second-step conversion of the Bank’s
mutual holding company from mutual-to-stock form and/or contemporaneous stock offering of a newly-formed stock holding company.

 

    	 	2	 

     

    

 

(c)          Code.
 “Code” shall mean the Internal Revenue Code of 1986, as amended.

 

(d)          Good
Reason. “Good Reason” shall mean a termination by Executive following a Change in Control if, without Executive’s
express written consent, any of the following occurs:

 

		(i)	a material reduction in Executive’s Base Salary;

 

		(ii)	a material reduction in Executive’s authority, duties or responsibilities from the position
and attributes associated with Executive’s executive position with the Bank in effect as of the Effective Date or any successor
executive position, as mutually agreed to by the Bank and Executive;

 

		(iii)	the Bank requiring Executive to be based at any office or location resulting in an increase in
Executive’s commute of 35 miles or more; or

 

		(iv)	a material breach of this Agreement by the Bank;

 

provided, however, that prior to any termination
of employment for Good Reason, Executive must first provide written notice to the Bank (or its successor) within 90) days following
the initial existence of the condition, describing the existence of such condition, and the Bank shall thereafter have the right
to remedy the condition within 30 days of the date the Bank received the written notice from Executive. If the Bank remedies the
condition within such 30 day cure period, then no Good Reason shall be deemed to exist with respect to such condition. If the Bank
does not remedy the condition within such 30-day cure period, then Executive may deliver a Notice of Termination for Good Reason
at any time within 60 days following the expiration of such cure period.

 

(e)          Termination
for Cause shall mean termination because of, in the good faith determination of the Board, Executive’s:

 

(i)          material
act of dishonesty or fraud in performing Executive’s duties on behalf of the Bank;

 

(ii)         willful
misconduct that in the judgment of the Board will likely cause economic damage to the Bank or injury to the business reputation
of the Bank;

 

(iii)        breach
of fiduciary duty involving personal profit;

 

(iv)        intentional
failure to perform stated duties under this Agreement after written notice thereof from the Board;

 

(v)         willful
violation of any law, rule or regulation (other than traffic violations or similar offenses which results only in a fine or other
non-custodial penalty) that reflect adversely on the reputation of the Bank, any felony conviction, any violation of law involving
moral turpitude, or any violation of a final cease-and-desist order; or any violation of the policies and procedures of the Bank
as outlined in the Bank’s employee handbook, which would result in termination of the Bank employees, as from time to time
amended and incorporated herein by reference; or

 

    	 	3	 

     

    

 

(vi)        material
breach by Executive of any provision of this Agreement.

 

		3.	BENEFITS UPON TERMINATION.

 

Upon the termination
of Executive’s employment by the Bank (or any successor) without Cause or by Executive with Good Reason during the Term on
or after the effective time of a Change in Control, the Bank (or any successor) will pay or provide Executive, or Executive’s
estate in the event of Executive’s subsequent death, with the following:

 

(i)          a
cash lump sum payment equal to two (2) times the sum of Executive’s: (A) Base Salary (or Executive’s Base Salary in
effect immediately prior to the Change in Control, if higher); and (B) the highest annual cash bonus earned by Executive for the
three (3) most recently completed annual performance periods prior to the Change in Control, payable within 30 days following Executive’s
Date of Termination; and

 

(ii)          life
insurance coverage and non-taxable medical and dental insurance coverage substantially comparable to the coverage maintained by
the Bank for Executive immediately prior to the Date of Termination at no cost to Executive. Such continued coverage will cease
upon the earlier of: (A) the date which is 24 months following from Executive’s Date of Termination; or (B) the date on which
Executive becomes a full-time employee of another employer, provided Executive is entitled to benefits that are substantially similar
to the health and welfare benefits provided by the Bank. The period of continued health coverage required by Section 4980B(f) of
the Code shall not run concurrently with the coverage period provided herein.

 

		4.	NOTICE OF TERMINATION.

 

Any purported termination
by the Bank or by Executive in connection with or following a Change in Control shall be communicated by Notice of Termination
to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice
which shall indicate the Date of Termination and, in the event of termination by Executive, the specific termination provision
in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for
termination of Executive’s employment under the provision so indicated. “Date of Termination” shall mean
the date specified in the Notice of Termination (which, in the case of a termination for Cause, shall be immediate). In no event
shall the Date of Termination exceed 30 days from the date the Notice of Termination is given.

 

		5.	SOURCE OF PAYMENTS.

 

All payments provided
in this Agreement shall be timely paid in cash or check from the general funds of the Bank (or any successor of the Bank).

 

    	 	4	 

     

    

 

		6.	NO ATTACHMENT.

 

Except as required
by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment,
encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation
of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void, and of no effect.

 

		7.	ENTIRE AGREEMENT; MODIFICATION AND WAIVER.

 

(a)          This
Agreement contains the entire understanding between the parties hereto and supersedes any prior employment agreement between the
Bank or any predecessor of the Bank and Executive, except that this Agreement shall not affect or operate to reduce any benefit
or compensation inuring to Executive under another plan, program or agreement (other than an employment agreement) between the
Bank and Executive.

 

(b)          This
Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto.

 

(c)          No
term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement
of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written
waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the
specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other
than that specifically waived.

 

		8.	SEVERABILITY.

 

If, for any reason,
any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision
of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the
full extent consistent with law continue in full force and effect.

 

		9.	HEADINGS FOR REFERENCE ONLY.

 

The headings of sections
and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any
of the provisions of this Agreement.

 

		10.	GOVERNING LAW.

 

This Agreement shall
be governed by the laws of the State of New York but only to the extent not superseded by federal law.

 

		11.	ARBITRATION.

 

Any
dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted
within 50 miles of Albany, New York, in accordance with the Commercial Rules of the American Arbitration Association then in effect. 
Judgment may be entered on the arbitrators’ award in any court having jurisdiction.  The above notwithstanding, the
Bank may seek injunctive relief in a court of competent jurisdiction in New York to restrain any breach or threatened breach of
any provision of this Agreement, without prejudice to any other rights or remedies that may otherwise be available to the Bank.

 

    	 	5	 

     

    

 

		12.	PAYMENT OF LEGAL FEES.

 

To the extent that
such payment(s) may be made without triggering penalty under Code Section 409A, all reasonable legal fees paid or incurred by Executive
pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Bank, provided
that the dispute or interpretation has been resolved in Executive’s favor, and such reimbursement shall occur no later than
sixty (60) days after the end of the year in which the dispute is settled or resolved in Executive’s favor.

 

		13.	OBLIGATIONS OF BANK.

 

The termination of
Executive’s employment, other than following a Change in Control, shall not result in any obligation of the Bank under this
Agreement.

 

		14.	SUCCESSORS AND ASSIGNS.

 

The
Bank shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all
or substantially all the business or assets of the Bank, expressly and unconditionally to assume and agree to perform the Bank’s
obligations under this Agreement, in the same manner and to the same extent that the Bank would be required to perform if no such
succession or assignment had taken place.

 

		15.	CERTAIN APPLICABLE LAW.

 

(a)          The
Bank may terminate Executive’s employment at any time, but any termination by the Bank other than termination for Cause shall
not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall have no right to
receive compensation or other benefits under this Agreement for any period after Executive’s termination for Cause.

 

(b)          In
no event shall the Bank (nor any affiliate) be obligated to make any payment pursuant to this Agreement that is prohibited by Section
18(k) of the Federal Deposit Insurance Act (codified at 12 U.S.C. sec. 1828(k)), 12 C.F.R. Part 359, or any other applicable law.

 

(c)          Notwithstanding
anything in this Agreement to the contrary, to the extent that a payment or benefit described in this Agreement constitutes “non-qualified
deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the
Executive’s termination of employment, then such payments or benefits will be payable only upon the Executive’s “Separation
from Service.” For purposes of this Agreement, a “Separation from Service” will have occurred if the Bank
and Executive reasonably anticipate that either no further services will be performed by Executive after the Date of Termination
(whether as an employee or as an independent contractor) or the level of further services performed is less than 50 percent of
the average level of bona fide services in the 36 months immediately preceding the termination. For all purposes hereunder, the
definition of Separation from Service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii).

 

    	 	6	 

     

    

 

(d)          If
Executive is a “Specified Employee” (i.e., a “key employee” of a publicly traded company within
the meaning of Section 409A of the Code and the final regulations issued thereunder) and any payment under this Agreement is triggered
due to Executive’s Separation from Service, then solely to the extent necessary to avoid penalties under Section 409A of
the Code, no payment shall be made during the first six (6) months following Executive’s Separation from Service. Rather,
any payment which would otherwise be paid to Executive during such period shall be accumulated and paid to Executive in a lump
sum on the first day of the seventh month following such Separation from Service. All subsequent payments shall be paid in the
manner specified in this Agreement.

 

(e)          If
the Bank cannot provide Executive or Executive’s dependents any continued health insurance or other welfare benefits as required
by this Agreement because Executive is no longer an employee, applicable rules and regulations prohibit such benefits or the payment
of such benefits in the manner contemplated, or it would subject the Bank to penalties, then the Bank will pay Executive a cash
lump sum payment reasonably estimated to be equal to the value of such benefits or the value of the remaining benefits at the time
of such determination. Such cash payment will be made in a lump sum within 30 days after the later of Executive’s Date of
Termination or the effective date of the rules or regulations prohibiting such benefits or subjecting the Bank to penalties. Notwithstanding
the foregoing, if such cash payment would violate the requirements of Treasury Regulation Section 1.409A-3(j), the Executive’s
cash payment in lieu of the continued health insurance or welfare benefits as required by this Agreement will be payable at the
same time the related premium payments would have been paid by the Bank and for the duration of the applicable coverage period.

 

		16.	TAX WITHHOLDING.

 

The Bank may withhold
from any amounts payable to Executive hereunder all federal, state, local or other taxes that the Bank may reasonably determine
are required to be withheld pursuant to any applicable law or regulation (it being understood that Executive is responsible for
payment of all taxes in respect of the payments and benefits provided herein).

 

		17.	NOTICE.

 

For the purposes of
this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to
have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed
to the respective addresses set forth below or if sent by facsimile or email, on the date it is actually received.

 

	 	To the Bank:	
        Pioneer Bank

        652 Albany-Shaker Road

        Albany, New York 12211

        Attention: Corporate Secretary

         

	 	To Executive:	Most recent address on file with the Bank

 

[Signature Page Follows]

 

    	 	7	 

     

    

 

SIGNATURES

 

IN WITNESS WHEREOF,
the Bank has caused this Agreement to be executed by its duly authorized officer, and Executive has signed this Agreement, as of
the date first written above.

 

	 	PIONEER BANK
	 	 	 
	 	By:	/s/ Thomas L. Amell
	 	Name: Thomas L. Amell
	 	Title: President and Chief Executive Officer
	 	 	 
	 	EXECUTIVE
	 	 	 
	 	/s/ Patrick J. Hughes
	 	Patrick J. Hughes

 

    	 	8Exhibit 4.5

 

Execution Version

 

AMENDMENT OF

WARRANT AGREEMENT

 

THIS AMENDMENT OF WARRANT
AGREEMENT (this “Agreement”), made as of July 11, 2019, is by and among Thunder Bridge Acquisition, Ltd., a
Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust Company, a New York
corporation, as warrant agent (the “Warrant Agent”).

 

WHEREAS, the Company
and the Warrant Agent are parties to that certain Warrant Agreement, dated as of June 18, 2018 and filed with the United States
Securities and Exchange Commission on June 22, 2018 (the “Existing Warrant Agreement”), pursuant to which the
Company has issued 25,800,000 warrants (the “Public Warrants”) in its initial public offering and 8,830,000
private placement warrants (collectively, the “Warrants”), each representing the right to purchase one Class
A ordinary share, par value $0.0001, of the Company (“Ordinary Shares”); and

 

WHEREAS, the terms
of the Warrants are governed by the Existing Warrant Agreement and capitalized terms used herein, but not otherwise defined, shall
have the meanings given to such terms in the Existing Warrant Agreement; and

 

WHEREAS, effective
as of January 21, 2019, the Company, TB Acquisition Merger Sub LLC, a Delaware limited liability company and wholly-owned subsidiary
of Thunder Bridge (“Merger Sub”), Hawk Parent Holdings, LLC, a Delaware limited liability company (“Repay”),
and CC Payment Holdings L.L.C., solely in its capacity as the securityholder representative, entered into a Second Amended and
Restated Agreement and Plan of Merger (as amended from time to time, the “Merger Agreement”); and

 

WHEREAS, the Merger
Agreement provides, among other things, (i) that the Company will domesticate from a Cayman Islands exempted company to a Delaware
corporation (the “Domestication”) and (ii) Merger Sub will merge with and into Repay with Repay continuing as
the surviving entity and a subsidiary of the Company (the “Merger” and together with the Domestication and the
other transactions contemplated by the Merger Agreement, the “Transactions”), and pursuant to which, (A) each
Ordinary Share issued and outstanding immediately prior to the Domestication shall remain outstanding and shall be automatically
converted into one validly issued, fully paid and non-assessable Surviving Pubco Class A Share (as defined in the Merger Agreement),
and (B) each Warrant that is outstanding immediately prior to the Domestication, shall represent the right to acquire Surviving
Pubco Class A Shares, on the same contractual terms and conditions as were in effect immediately prior to the Domestication, under
the terms of the Existing Warrant Agreement as amended by this Agreement;

 

WHEREAS, upon consummation
of the Domestication, as provided in Section 4.4 of the Existing Warrant Agreement, the Warrants will no longer be exercisable
for Ordinary Shares but instead will be exercisable (subject to the terms and conditions of the Existing Warrant Agreement as amended
hereby) for a number of Surviving Pubco Class A Shares equal to the number of Ordinary Shares for which the Warrants were exercisable
immediately prior to the Domestication (subject to the terms and conditions of the Existing Warrant Agreement as amended hereby);
and

 

WHEREAS, the Board
of Directors of the Company has determined that the consummation of the Transactions will constitute a Business Combination (as
defined in Section 3.2 of the Existing Warrant Agreement); and

 

WHEREAS, it is a condition
to the closing of the Transactions, among other things, the Parent Warrantholders’ Approval (as defined in the Merger Agreement)
has been obtained; and

 

WHEREAS, Section 9.8
of the Existing Warrant Agreement provides that the Existing Warrant Agreement may be amended with the vote or written consent
of the registered holders of 65% of the then outstanding Public Warrants.

 

WHEREAS, at the
Parent Warrantholder Meeting (as defined in the Merger Agreement), holders of at least 65% of the Public Warrants approved
that, immediately prior to the Domestication, each Warrant shall become exercisable for one-quarter of one Ordinary Share
with an exercise price of $2.875 per one-quarter share ($11.50 per whole share) and each holder of a Warrant shall receive a
special distribution of $1.50 per Warrant; and

 

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 as follows:

 

     

     

    

 

1. Amendment of Existing
Warrant Agreement. The Company and the Warrant Agent hereby amend the Existing Warrant Agreement as provided in this Section 1,
effective as of the Effective Time.

 

1.2 Private Placement
Warrants, Working Capital Warrants and Forward Purchase Warrants. Section 2.5 of the Existing Warrant Agreement is hereby deleted
and replaced with the following:

 

“2.5
Private Placement Warrants, Working Capital Warrants and Forward Purchase Warrants. The Private Placement Warrants, the
Working Capital Warrants and the Forward Purchase Warrants shall be identical to the Public Warrants, except that so long as they
are held by the Sponsor, Cantor, Monroe or any of their Permitted Transferees (as defined below), as applicable, the Private Placement
Warrants, the Working Capital Warrants and the Forward Purchase Warrants and any Ordinary Shares held by the Sponsor, Cantor, Monroe
or any of their Permitted Transferees, as applicable, and issued upon exercise of the Private Placement Warrants, the Working Capital
Warrants and the Forward Purchase Warrants, may not be transferred, assigned or sold until thirty (30) days after the completion
by the Company of an initial Business Combination (as defined below) other than:

 

(a) to
the Company’s, Cantor’s or Monroe’s officers or directors, any affiliates or family members of any of Cantor,
Monroe or the Company’s officers or directors, any members of Cantor, Monroe or the Sponsor, or any affiliates of Cantor,
Monroe or the Sponsor;

 

(b) in
the case of an individual, by gift to a member of the individual’s immediate family or to a trust, the beneficiary of which
is a member of the individual’s immediate family or an affiliate of such person, or to a charitable organization;

 

(c) in
the case of an individual, by virtue of laws of descent and distribution upon death of the individual;

 

(d) in
the case of an individual, pursuant to a qualified domestic relations order;

 

(e) by
private sales or transfers made with any forward purchase agreement or similar arrangement or in connection with the consummation
of the Company’s Business Combination at prices no greater than the price at which the Warrants were originally purchased;

 

(f) in
the event of the Company’s, Monroe’s or Cantor’s liquidation prior to consummation of the Company’s initial
Business Combination;

 

(g) in
the event that, subsequent to the consummation of the Company’s initial Business Combination, the Company consummates a merger,
share exchange, reorganization or other similar transaction that results in all of the holders of the Company’s equity securities
issued in the Offering having the right to exchange their Ordinary Shares for cash, securities or other property; or

 

(h) by
virtue of the laws of the Cayman Islands or the Sponsor’s operating agreement upon dissolution of the Sponsor or Cantor’s
organizational documents upon dissolution of Cantor;

 

provided, however, that, in the
case of clauses (a) through (e) or (h), these transferees (the “Permitted Transferees”) must enter into a written agreement
with the Company agreeing to be bound by the transfer restrictions in this Agreement.”

 

1.2 Warrant Price.
Section 3.1 of the Existing Warrant Agreement is hereby deleted and replaced with the following:

 

“3.1
Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof, subject
to the provisions of such Warrant and of this Agreement, to purchase from the Company one-quarter of the number of Ordinary Shares
stated therein, at the price of $2.875 per one-quarter share ($11.50 per whole share), subject to the adjustments provided in Section
4 hereof and in the last sentence of this Section 3.1; provided however, that a Warrant may not be exercised for a fractional share,
so that only a multiple of four Warrants may be exercised at a given time. The term “Warrant Price” as used in this
Agreement shall mean the price per one-quarter share at which Ordinary Shares may be purchased at the time a Warrant is exercised.
The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for
a period of not less than twenty (20) Business Days, provided, that the Company shall provide at least twenty (20) days
prior written notice of such reduction to Registered Holders of the Warrants and, provided further that any such reduction shall
be identical among all of the Warrants.”

 

    2

     

    

 

1.3 Duration of
Warrants. Section 3.2 of the Existing Warrant Agreement is hereby deleted and replaced with the following:

 

“3.2
Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) commencing on
the later of the date that is: (i) thirty (30) days after the first date on which the Company completes a merger, share exchange,
asset acquisition, stock purchase, reorganization or similar business combination, involving the Company and one or more businesses
(a “Business Combination”), or (ii) twelve (12) months from the date of the closing of the Offering, and terminating
at 5:00 p.m., New York City time on the earlier to occur of: (x) the date that is five (5) years after the date on which the Company
completes its initial Business Combination, (y) the liquidation of the Company in accordance with the Company’s amended and
restated memorandum and articles of association, as amended from time to time, if the Company fails to complete a Business Combination,
or (z) the Redemption Date (as defined below) as provided in Section 6.2 hereof (the “Expiration Date”); provided,
however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection
3.3.2 below with respect to an effective registration statement. Except with respect to the right to receive the Redemption Price
(as defined below) in the event of a redemption (as set forth in Section 6 hereof), each outstanding Warrant not exercised on or
before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement
shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend the duration
of the Warrants by delaying the Expiration Date; provided, that the Company shall provide at least twenty (20) days prior written
notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension shall be identical
in duration among all the Warrants.”

 

1.4 Exercise of Warrants. Section 3.3.1(c)
of the Existing Warrant Agreement is hereby deleted.

 

1.5 Exclusion of
Private Placement Warrants, the Working Capital Warrants and the Forward Purchase Warrants; Mandatory Cash Distribution. Section
6.4 of the Existing Warrant Agreement is hereby deleted and replaced with the following:

 

“6.4
Mandatory Cash Distribution. Notwithstanding anything contained in this Agreement to the contrary, at the Effective Time
(as defined in the Merger Agreement), each Warrant issued and outstanding immediately prior to the Effective Time shall, automatically
and without any action by the Registered Holder thereof, be entitled to receive a cash distribution payable by or at the direction
of the Company as soon as reasonably practicable following the Effective Time, upon receipt of any documents as may reasonably
be required by the Warrant Agent, in the amount of $1.50.”

 

1.6 Form of Warrant
Certificate. The second and third paragraphs of Exhibit A to the Existing Warrant Agreement are hereby deleted and replaced
with the following:

 

“Each
Warrant is initially exercisable for one-quarter of one fully paid and non-assessable Ordinary Share. No fractional shares will
be issued upon exercise of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest
in an Ordinary Share, the Company will, upon exercise, round down to the nearest whole number. The number of Ordinary Shares issuable
upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.

 

The initial
Exercise Price per Ordinary Share for any Warrant is equal to $2.875 per one-quarter share ($11.50 per whole share); provided however,
that a Warrant may not be exercised for a fractional share, so that only a multiple of four Warrants may be exercised at a given
time. The Exercise Price is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.”

 

    3

     

    

 

2. Miscellaneous Provisions.

 

2.1 Effectiveness
of Warrant. Each of the parties hereto acknowledges and agrees that the effectiveness of this Agreement shall be expressly
subject to the occurrence of the Transactions and shall automatically be terminated and shall be null and void if the Merger Agreement
shall be terminated for any reason.

 

2.2 Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and
inure to the benefit of their respective successors and assigns.

 

2.3 Applicable Law.
The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the
laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the
substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out
of or relating in any way to this Agreement 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. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum.

 

2.4 Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts 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.

 

2.5 Effect of Headings.
The section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation
thereof.

 

2.6 Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not
affect the validity or enforceability of this Agreement 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 Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

2.7 Entire Agreement.
The Existing Warrant Agreement, as modified by this Agreement, 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.

 

[Signature page follows]

 

    4

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

	 	THUNDER BRIDGE ACQUISITION, LTD.
	 	 	 
	 	By:	/s/ Gary A. Simanson
	 	 	Name: 	Gary A. Simanson
	 	 	Title:	President and CEO

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	 	 	 	 
	 	By:	/s/ Margaret Villani
	 	 	Name: 	Margaret Villani
	 	 	Title:	Vice President

 

 

[Signature Page to Amendment of Warrant
Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}]]