Document:

Exhibit 10.7

 

AMENDMENT TO AND RESTATEMENT OF

 

THE PAYMENT ARRANGEMENT PARTICIPATION
AGREEMENT

 

BANCO ORIGINAL S.A., with its principal
place of business in São Paulo, SP, at R. Porto União, 295 – Brooklin, São Paulo - SP, 04568-020, enrolled
with the National Corporate Taxpayers’ Register (CNPJ) under No. 92.894.922/0001-08, herein represented in accordance with
its By-Laws, by its undersigned officers (“Original”); and

 

PICPAY SERVIÇOS S.A., with
its principal place of business at Avenida Manuel Bandeira, 291, Atlas Office Park Condominium, Block A, 1st floor –
offices 22 and 23, 2nd floor and 3rd floor, and Block B, 3rd floor – offices 43 and 44,
Vila Leopoldina, in the City of São Paulo, State of São Paulo, Postal Code 05317-020, enrolled with the CNPJ/MF under
No. 22.896.431/0001-10, herein represented pursuant to its By-Laws, by its undersigned officers, hereinafter referred to as “Picpay”
and, jointly with Original, “Parties”;

 

WHEREAS:

 

		i.	On November 27, 2018, the Parties entered into the Payment
Arrangement Participation Agreement (“Agreement”);

 

		ii.	On August 13, 2020, the Parties executed the 1st
Amendment to the Agreement, amending contractual provisions; and

 

		iii.	The Parties wish to restate the amendments into a single
instrument.

 

NOW, THEREFORE, the Parties, by mutual
and common agreement, sign this Amendment to and Restatement of the Agreement (“Restated Agreement”), which shall be
governed by the following clauses and conditions.

 

		1.	Subject Matter. The subject matter of this
agreement is the establishment of general conditions for Original’s participation in the payment arrangement instituted
by PicPay.

 

		2.	Characteristics of the Arrangement. The purpose
of the Arrangement is to permit that its end users make payments or transfers. The Users may only be holders of Virtual Credit
Cards to be issued by Original for use exclusively in the Brazilian territory.

 

		3.	Original’s Role. Original shall participate
in the Arrangement in the capacity as issuer of the post-paid payment instrument (Virtual Credit Card), permitting payment transactions
and transfers by means of the Application.

 

		4.	PicPay’s Role. PicPay shall act in the
capacity as institution and accreditor of the Arrangement, to qualify receivers for acceptance of the payment instrument issued
by Original and participate in the process of settlement of the payment transactions as Original’s creditor.

 

		5.	Application. The Application for mobile devices
developed and maintained by PicPay is the only means for use of the Virtual Card. The Application may offer other functionalities
not related to Original, other functionalities of interest to PicPay and/or serve as Payment Institution for other arrangements
instituted by PicPay.

 

		6.	PicPay Mastercard Credit Card. The Credit Card
is designed exclusively for individuals registered in the PicPay Application (“Application)”, for use in Brazil and
abroad, issued in the hybrid modality (linked to PicPay Payment Arrangements and to the Mastercard Brand) and multiple modality
(with debit and credit functions), being a payment instrument for the acquisition of goods and services, withdrawals in cash,
payment of bills, and other payment services, including between individuals.

 

     

     

    

 

		8.	Brand. The Credit Card shall be issued with
the PicPay and Mastercard Brands, it being understood that the latter is the company that owns the trademark licensed to Original
and defines the rules of operation of its Payment Arrangement.

 

		9.	Types of payment transaction provided. In addition
to the payment transaction set forth in item 10 of the Agreement, the User may also use the PicPay Mastercard card to purchase
goods and services in the debit and credit functions, in Brazil and abroad, in establishments accredited to the Mastercard brand,
withdrawals in cash, payment of bills and other payment services available in the product.

 

		10.	Payment of the operational costs. Original
shall pay the standard costs inherent in the card issuance business, as described below:

 

		a.	Costs to process the debit and credit transactions;

 

		b.	Costs to process and use the trademark of the Mastercard
brand;

 

		c.	Costs incurred with fraud prevention and transactional
Backoffice of credit transactions.

 

		10.1	Supplementary outsourced services. Since these
costs are not contemplated in the services agreement between Original and the outsourced service provider, the costs for the issue
of SMS, Web Services and Login Deductible, if consumed by PicPay and charged by the processor, shall be assumed and paid by PicPay.

 

		10.2	Manufacturing, customization and preparation for
delivery of the plastics. The Parties shall equally incur the standard costs of manufacturing and customization of the plastics,
which consider the following characteristics:

 

		a.	Plastic (White PVC and Embossing) - Not contemplating
instrument-print

 

		b.	Standard chip (dual interface)

 

		c.	Handling of Customization of Logos.

 

		d.	Handling of the kit + envelope + card holder (z folding
model)

 

		e.	Envelope Void.

 

		f.	Data Preparation.

 

		10.2.1	Customization of the Manufacture. In case the cost
of the material and/or of the process exceeds the standard cost of plastic assumed by Original in view of the accessory aspects,
PicPay shall assume the additional cost in full. The supplier shall be directly paid by Original, which, in turn, shall be reimbursed
by PicPay.

 

		10.2.2	Manufacture of PicPay Debit Card. In those cases
in which PicPay institutes an action to issue and deliver PicPay Mastercard cards only for operation of the PicPay prepaid payment
account (“PicPay Debit Card”), without the corresponding accession to the credit card, the costs of plastics shall
be fully assumed by PicPay and reimbursed to Original.

 

		10.2.2.1	If, after issue of the PicPay Debit Card, the user activates
the credit function in the same plastic, Original shall reimburse PicPay for the cost of issue of the Card pursuant to the provisions
of item 10.2. Original shall not reimburse any costs spent by way of customization, pursuant to the provisions of section 10.2.1.

 

		10.3	Delivery of the cards to the users. Original shall
fully assume the costs to deliver the cards at the value of Original’s standard modality of delivery, i.e.: Simple FAC modality
of the Brazilian Mail – without trackability of delivery.

 

    2

     

    

 

		10.3.1.	Customization of the Delivery. In case the delivery
modality defined by PicPay differs from Original’s standard modality and the cost thereof is higher than the standard cost,
PicPay shall fully assume the additional cost. The supplier shall be directly paid by Original, which, in turn, shall be reimbursed
by PicPay.

 

		10.3.2	Delivery of PicPay Debit Card. In those cases in
which PicPay institutes an action to issue and deliver PicPay Mastercard cards for operation of the PicPay prepaid payment account
(“PicPay Debit Card”), without the corresponding accession to the credit card, the costs to delivery the cards shall
be fully assumed by PicPay and reimbursed to Original.

 

		10.3.2.1	If, after delivery of the PicPay Debit Card, the user activates
the credit function in the same plastic, Original shall reimburse PicPay for the cost of delivery of the Card pursuant to the
provisions of item 10.3. Original shall not reimburse any costs spent by way of customization, pursuant to the provisions of section
10.3.1.

 

		10.4.	Leaflets. PicPay shall create and reproduce advertising
material for publicity of the Credit Card, incurring the payment and assuming all necessary costs for this operation.

 

		10.5.	Customization of the processing system. The costs
resulting from the customization of systems of the company contracted for the processing and authorization activities shall be
incurred by the Party that requests such customization.

 

		10.6.	Additional services. Any other service that is specifically
provided to PicPay, at its request, and the cost of which exceeds the standard cost of standard service contracted by Original,
o PicPay shall reimburse Original for the additional cost.

 

		11.	Challenge of transactions. Without prejudice to
item 32, which shall be valid for payment transactions within PicPay Payment Arrangement, Original is responsible for managing
the process of challenge of payment transactions within the Mastercard Payment Arrangement and the resulting debit of accepted
challenges (chargeback) is a burden of Original.

 

		12.	Frauds. PicPay shall be liable for frauds committed
with the PicPay card in the debit function, it being understood that:

 

		a.	PicPay shall not be held liable for frauds committed
in credit payment transactions in the Mastercard Payment Arrangement, except in those situations where the fraud has occurred
due to failures in the card sale/original process or failures in the PicPay system.

 

		b.	PicPay shall be liable for frauds committed in credit
payment transactions in the PicPay Payment Arrangement, except in those situations where the fraud has occurred due to failures
in the systems of Original.

 

		13.	User Assistance and Backoffice. Without prejudice
to the provisions of item 35, PicPay shall provide the initial assistance to all Users of the PicPay Card.

 

		13.1	In cases involving issues on the debit function of
the Card and on the payment transactions in the PicPay Payment Arrangement, the assistance shall follow a flow defined and operated
exclusively by PicPay.

 

		13.2.	In cases involving the payment transactions of the
Mastercard Payment Arrangement, first there will be attempts at resolving the doubts of the User by means of the online assistance
provided by PicPay. If the resolution and closing of the assistance is not possible, PicPay shall reinforce Original’s contact
telephone numbers, directing the user to human assistance. In this case, the assistance shall follow a flow defined and operationalized
by Original and/or its service providers.

 

		13.3	Each Party shall be liable for the respective costs
resulting from maintenance of the assistance with the users.

 

    3

     

    

 

		14.	Collection and Recovery of Credits. In the
event of default or existence of evidence of aggravation of risks in the Credit Card Holder, PicPay shall assist Banco Original
in the process of item 14. Collection and Recovery of Credits, providing information and contacting the Holder for the purpose
of making the due collection. These contacts may be made by e-mail, SMS, push or other means understood as the most effective,
upon adjustment of the messages to the communication standards agreed between the Parties. In addition, PicPay may develop functionalities
to enter into settlements and generate payment slips and other means of collection of funds subject to collection through its
APP, upon alignment with the area in charge at Banco Original.

 

		15.	Information to regulators. Whenever necessary
and provided it is not directly requested to PicPay, Original shall provide all information relating to the card issue business
that may be requested by regulatory bodies, with the collaboration of PicPay.

 

		16.	Virtual Credit Card. It shall be identified
by a Virtual Card number defined by Original and linked to the paying User, and it is designed for payment transactions and transfers
that are not conditional upon the prior contribution of funds.

 

		17.	Contracting of Virtual Credit Card. The contracting
of Virtual Credit Card with Original is conditional upon the grant of credit and upon the validation of the User’s data.
The grant of credit is an exclusive prerogative of Original. The identity and other data of the Users shall be validated by PicPay
in accordance with a procedure approved by Original. PicPay shall strictly comply with the validation procedure and inform to
Original the Users whose record has been approved in accordance with such procedure.

 

		18.	Criteria and conditions to provide limits.
It is exclusively incumbent upon original to determine and be liable for the maximum credit limit to be granted to the User. Any
default of the Users is an exclusive burden of Original.

 

		19.	Virtual Card Cancellation/Blocking. PicPay
may unilaterally block the use of the Virtual Card in the events set forth in the Terms of Use of the Application, but it shall,
however, immediately inform Original, and Original may unilaterally cancel or block the Virtual Card in the events set forth in
the Virtual Credit Card Accession Agreement.

 

		20.	Types of payment transaction provided. The
Users may use their Virtual Card to make transfers or payments to individuals or legal entities holding Prepaid Payment Accounts
managed by PicPay itself, including, but not limited to, companies, stores and professionals, purchase of goods or services, payment
of accounts and other payment services provided in the Application. The transactions may be carried out in cash or in installments,
both on account of the Receiver and of the Paying User. No prior contribution of funds to the Virtual Card is permitted.

 

		21.	Procedures of the payment transaction. The
payment transactions requested by the Users shall be transmitted by PicPay to Original electronically, with security requirements
and requirements of authentication of the parties. Original, in turn, will inform if it authorizes or rejects the transaction.
Even if it is authorized by Original, PicPay may reject the transaction based on its security criteria. If the transaction is
rejected by Original, PicPay shall respect the decision.

 

		22.	Challenge of transactions. PicPay is responsible
for managing the procedure of challenge of payment transactions and the debit resulting from accepted challenges (chargeback)
shall be incurred by PicPay.

 

    4

     

    

 

		23.	Settlement. Original shall settle the authorized
payment transaction and provide the respective funds for free operation in a checking account held by PicPay with Original itself.
The settlement term shall be defined in accordance with the term negotiated with the Receiver and previously informed to Original.
In the event of late settlement by Original to PicPay, the amount shall be increased by thirty-three thousandths (0.033%) per
day, not capitalized, calculated on a pro rata temporis basis and by way of interest for late payment.

 

		23.1	Transfer of amounts. Original shall provide
PicPay with the amount of each transaction, withholding, however, a specific percentage, which relates to the term negotiated
between PicPay and the Receiver, in accordance with Exhibit I to this Agreement.

 

		23.2.	The amounts may be renegotiated at any time, by mutual
agreement between the Parties, taking into account, especially, the conditions and the dynamics of the contractual relationship,
upon execution of an amendment to this Agreement.

 

		24.	Invoice to the User. PicPay is responsible
for invoicing the User. Original shall send, every cut-off date, the file of invoices to PicPay, which shall generate the layout
and transmit them to the Users by means of the Application and/or by other means.

 

		25.	Assistance to the User. PicPay is responsible for
providing assistance to the Users. PicPay shall provide the direct communication with the Users by means of its service channels
to resolve doubts and receive complaints relating to the use of the Virtual Card, transactions, interest, charges, credit limits
(contracting, renewal and cancellation) and invoices (explanations of the information presented in the invoice). Original shall
maintain a team to assist PicPay in relation to the matters that depend on information or decisions of Original.

 

		26.	Responsibilities of PicPay. PicPay shall:

 

		a)	offer the Virtual Card to the users of its platform
as strictly defined by Original;

 

		b)	after the credit request made by the User, send the
record information to Original, pursuant to the applicable legislation and whenever required by Original, and capture the images
of the Identification documents and Taxpayer Card (CPF) of the users;

 

		c)	provide the User with the Virtual Card Accession Agreement
with its conditions of use;

 

		d)	monthly present to the User the virtual card invoice,
which shall contain at least, but not limited to, the following information: payment slip with barcode, credit limits, invoice
coming due, invoiced closed; rate of conventional interest of the period, default charges, taxes, Total Effective Cost (CET) of
the period and the annual cost of the credit transactions;

 

		e)	present to the User the settlement documents and annual
statement;

 

		f)	settle the payments made by means of use of the Virtual
Card with the Receiving Users, in accordance with the agreed terms and conditions;

 

		g)	analyze the transactions or transaction amounts challenged;

 

		h)	provide the Users with a communication channel for
the receipt of renegotiation;

 

		i)	mediate disputes between Paying Users and Receivers;

 

		j)	define its rules on the prevention of fraud and comply
with those required by Original;

 

		k)	validate the Address provided by the user;

 

		l)	monitor performance of the system that authorizes the
Virtual Card, always monitoring it and taking the measures required to maintain its stability; and

 

		m)	monitor the quality of transactions and the volume
of cash subject to the Arrangement and to PicPay, in the capacity as accreditors, for purposes of compliance with the regulations
of the Brazilian Monetary Council and of the Central Bank of Brazil, and be liable for obtaining the necessary approvals to continue
the Arrangement instituted.

 

    5

     

    

 

		27.	Responsibilities of Original. Original agrees
to:

 

		a)	inform PicPay of any changes in the credit limit granted
to the Users;

 

		b)	receive the record information of PicPay and feed the
Record with them, in compliance with the applicable rules;

 

		c)	inform PicPay of the Users whose record data have been
rejected and approved;

 

		d)	prepare the Virtual Card Accession Agreement with its
conditions of use;

 

		e)	define rules on the authorization of transactions;

 

		f)	record the payment slips issued in the CIP invoices,
dealing with any rejections and payments not processed and/or rejected;

 

		g)	make the transfer of funds to PicPay in accordance
with the settlement rules;

 

		h)	to the extent that it is required to do so pursuant
to the regulation, keep the regulatory bodies informed of the provisions and progress of the transactions, especially with respect
to accounting, regulatory and tax matters;

 

		i)	be liable for the policy and process of the renegotiation
of debts originating from use of the Virtual Card; and

 

		j)	be liable for the inclusion and exclusion of the data
of the clients in the credit protection bodies.

 

		28.	Mutual obligations. The parties agree to:

 

		a)	perform its activities by using the best existing technique,
for the purpose of achieving the best possible result;

 

		b)	be solely and fully liable for performance of its activities,
providing all resources required for such purpose and managing the designated professionals;

 

		c)	request the other Party to provide all operational
information it may deem necessary, based on its technical knowledge and experience;

 

		d)	maintain and, whenever applicable, renew the records,
licenses and other legal and technical requirements for performance of its activities and of this agreement, promptly showing
to the other Party the corresponding proofs, whenever requested, throughout the term of effectiveness of this agreement;

 

		e)	immediately notify, in writing, any nonconformity,
event, impediment, error or omission that may in any way affect the performance of its activities or its time of performance,
including events relating to deviation of function, suspension, revocation or expiry of the registrations and licenses or, also,
interference by its agents in relation to the professionals designated by the other Party;

 

		f)	timely regularize the activities or procedures that
are inadequate or incompatible with the specifications defined in this agreement and in the Supplementary Procedures;

 

		g)	keep the other Party informed of the progress of the
activities and results reached, explaining any doubts that may arise and also attending meetings;

 

    6

     

    

 

		h)	allow the other Party to permanently monitor the evolution
of the activities, even conducting, at its sole discretion, on its account or on account of third parties, audits in its premises
and requesting documents and information, which shall be promptly provided;

 

		i)	cooperate with quality verification process and verification
of responsibilities;

 

		j)	care for the safekeeping and conservation of assets,
data, files and documents provided, providing the return or destruction thereof, at the request of the other Party and without
additional lien;

 

		k)	comply with the applicable law, especially the rules
governing intellectual property, consumer, security and confidentiality, environmental preservation rights, social responsibility
of the companies and anticorruption rules, being fully liable for the violations it may cause;

 

		l)	designate an authorized representative to monitor the
progress of the activities, inspect and resolve possible existing doubts;

 

		m)	allocate professionals from among their advisors, agents
and employees, who shall be able and professionally qualified to perform and carry out the subject matter of this agreement, in
a sufficient number to comply with their respective obligations;

 

		n)	assume full administrative, financial and legal liability
relating to any type of installation of software or technologies required for compliance with their obligations, which liability
shall not be in any way a joint liability;

 

		o)	provide the necessary support to achieve the subject
matter of this agreement in its full extent;

 

		p)	perform the portion hereof it is required to perform,
caring for the good quality of the actions, seeking to improve the efficiency, efficacy, effectiveness and economy in the performance
of the subject matter hereof;

 

		q)	grant the other Party access to any information that
relates to the subject matter of this agreement;

 

		r)	neither to assign nor to transfer the rights and obligations
hereunder without the prior and express authorization of the other Party;

 

		s)	assume responsibility for all acts and/or omissions
of their employees and/or agents, as well as for all damages of any kind caused to the other Party and/or to third parties as
a result of the performance of the activities carried out hereunder;

 

		t)	be liable for the civil, labor, social-security, tax,
insurance, administrative and socioenvironmental obligations, to ensure the resolution of facts for which the other Party may
be held liable, until the respective rights are barred by the statute of limitations or peremption;

 

		u)	fully incur the redress for proved losses and damages,
of any kind, caused to the other Party or to third parties as a result of the legal relationship established by means of this
Agreement, including the losses resulting from frauds and failures in the quality of the activities performed or violation of
rights of personality, intellectual property rights and confidentiality.

 

		28.1.	The amount of the award of damages, which shall include
costs and attorneys’ fees, shall be adjusted based on the variation of the IGPM (General Market Price Index) disclosed by
the FGV (Getúlio Vargas Foundation) or, in the lack thereof, on another index that may substitute or represent it, from
the date of the harmful event to the date of the reimbursement, plus, in the event of default, a ten percent- (10%)-fine and late
payment interest at the rate of one percent (1%) per month.

 

		28.2.	The
liability of the Parties, for any reason, with respect to the performance or nonperformance of their activities, resulting from
any kind of complaint or demand, shall be unlimited.

 

    7

     

    

 

		29.	Intellectual
property. The trademarks, patents, industrial designs, applications, databases, preexisting materials of Original are fully
and exclusively owned by Original or licensed thereto, it being understood that this item includes, without limitation, the methodology
for grant of the credit. Similarly, the trademarks, patents, industrial
designs, applications, databases, preexisting materials of PicPay are fully and exclusively owned by PicPay or are licensed thereto.

 

		30.	Use of the trademarks. The Parties shall not
use the trade names, trademarks, logos and other distinctive signs of each other, even if as mere reference, in any means and
on any account, without the prior, express and written authorization of the other Party.

 

		31.	No violation. The Parties warrant that the
preexisting materials owned by them neither breach nor will breach any intellectual property or personality rights, patents or
trade secrets of third parties, taking full responsibility for the losses resulting from any judicial or administrative proceedings
based on violation of rights of the kind.

 

		32.	Exclusivity. Original represents that it has
no copyright on any software, application, or technological tool developed by PicPay. PicPay is the exclusive owner of everything
that it develops and idealizes in relation to this agreement, and which it may register and exploit at its discretion, without
any participation or interference of Original, except for the methodology for the grant of credit, the intellectual property of
which is owned by Original.

 

		33.	Joint ownership. In case any specific material
is developed solely and exclusively of a product of this agreement, the Parties shall define all matters relating to intellectual
property.

 

		34.	Confidentiality. Throughout the effectiveness
of this agreement and for three (3) years after termination hereof, the Parties shall grant confidential treatment to the negotiations
that preceded this agreement and all information it comes to obtain or to which it may be granted access as a result of the activities
performed under this agreement, refraining from using it for any purpose other than for normal performance of this agreement.

 

		34.1.	The confidentiality of the information protected by
bank or tax confidentiality is not subject to a term and must be permanently observed by the Parties.

 

		34.2.	Confidential Information is any information or document
of the Parties, obtained or accessed by the other Party, and covers the personal data and operations of the clients, employees,
corporate data, economic and financial information, reports and strategic, technical, legal, accounting, operational, administrative,
commercial, financial and economic analyses, as well as intellectual works and software owned by it, obtained by any means (whether
orally or in writing, expressly or tacitly), which may be included in any documents, spreadsheets, programs, systems, photographs,
reports, physical support, electronic means etc.

 

		34.3.	All Confidential Information shall be kept in a safe
place and with access restricted to the professionals of the Parties who need to access such information for performance of their
duties.

 

		34.4.	The disclosure of Confidential Information to third
parties is conditional upon prior and express consent from the legal representatives of the other Party.

 

		34.5.	The Parties shall immediately inform the other Party
of any breach of the confidentiality rules by any person, including unintentional or faulty breach of Confidential Information.

 

    8

     

    

 

		34.6.	In case any of the Parties is required to disclose
any Confidential Information due to an administrative or court order, it shall inform the other Party within twenty-four (24)
hours, so that it can take the legal measures it may deem necessary. The disclosure without prior information implies the duty
to indemnify the other Party.

 

		34.7.	At any time and without prior notice, either Party
may request the return of Confidential Information that is in the possession of the other Party, which must immediately return
it or destroy it, and it is prohibited from keeping copies of any Confidential information.

 

		34.8.	The return or destruction of the information shall
be documented in a statement signed by the Party, under the penalties of law, which shall contain all Confidential Information
actually returned/destroyed and the statement that it does not have any copy of that information.

 

		34.9.	The return or destruction of any Confidential Information
does not exempt the Party from its duty of confidentiality and other conditions set out in this Agreement, under penalty of indemnifying
the other Party.

 

		34.10.	Noncompliance, by any of the Parties or by their representatives
or agents, with any rule related to the security, use and disclosure of Confidential Information shall give rise to indemnification
in an amount to be defined in the form scheduled for the resolution of disputes.

 

		35.	Labor liability. This Agreement does not establish
a labor relationship between the employees of the Parties and the other party. Each Party is exclusively liable for all obligations
resulting from the labor law and all amounts due to its employees, including taxes and social-security contributions, even in
the event of acknowledgment of the employment relationship of any of its professionals with the other Party, for any reason.

 

		36.	Submission of proofs of payment. The Parties
shall present to the other Party, upon request, proofs of payment of salaries, bonuses, payment of social-security contributions
and deposits to the Unemployment Compensation Fund (FGTS), or other documents required by law, in relation to employees involved
in the activities of this Agreement, in addition to data and information that clearly identify these professionals, the place
and period of activity, as well as any other documents that demonstrate their legal qualification, financial health and tax compliance,
within a reasonable term compatible with the volume of information requested.

 

		37.	Reimbursement. In the event of acknowledgment
of employment relationship between an employee or a third party linked to a Party (employer) vis-à-vis the other Party
(not employer) by the Labor Court, the employing Party shall fully reimburse the expenses, costs, attorneys’ fees, fines
and court expenses incurred by the non-employing Party as a result of the lawsuits. The employing Party shall acknowledge the
debt as its own, crediting the respective amounts to the checking account indicated by the non-employing Party within five (5)
business days as from the request.

 

		37.1.	The Parties may not, now or in the future, claim in
court, to exempt themselves from their responsibilities, that the defense promoted by the other Party was imperfect or that the
case has been unsatisfactorily monitored.

 

		38.	Tax liability. Each Party shall be responsible
for paying the respective taxes of which they are taxpayers. If, due to any statutory provision, one of the Parties is responsible
for the payment of any tax the taxpayer of which is the other Party, the amount shall be reimbursed by the debtor Party to the
creditor Party within five (5) business days.

 

    9

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

		40.	Supplementary Procedures. The procedures required
for performance of all activities shall be defined in technical documents approved by both parties and shall become an integral
part of this agreement.

 

		41.	Data security. The parties agree to adopt strict
safety mechanisms for the data and electronic communications required for performance of their activities.

 

		42.	Duration of the agreement. This agreement shall
be effective for an indefinite term, as from November 27, 2018.

 

		43.	Good faith. During performance of this Agreement,
and even after termination hereof, the Parties shall observe the principles of honesty and good faith and the accessory duties
of loyalty, information, cooperation and confidentiality.

 

		44.	Place of the activities. The activities of
each Party shall be performed at their respective facilities or, according to specific needs, on sites agreed between the Parties,
which fact shall not determine any differentiation in the obligations and liabilities attributed to the Parties;

 

		45.	Additional services. Any and all services that
do not fall under this agreement and the provision of which results in additional lien to any of the Parties shall be the subject
matter of a specific agreement.

 

    10

     

    

 

		46.	COAF.
The Parties represent that they have full knowledge of the Law of the Controlling Council of Financial Activities (COAF) of
the Ministry of Finance, and they shall comply with and make all decisions within the strict limits
of the law and of their internal policies.

 

		47.	Termination
of the agreement. This agreement may be terminated:

 

		a)	at the initiative of one of the parties, in which case
the party that wishes to terminate the agreement without just cause shall inform the other party at least six (6) months in advance.
After the first year of the term of effectiveness of the agreement, the term of the prior notice of termination shall be increased
by one (1) month every year or fraction of a year, up to the limit of nine (9) months;

 

		b)	for noncompliance with contractual or statutory obligations;
in this case, the innocent Party shall notify the breaching Party in writing and with acknowledgment of receipt, and shall grant
a reasonable term, compatible with the complexity of the defaulted obligation, not shorter than thirty (30) days.

 

		c)	by government intervention, in case a liquidator, intervenor
or temporary special administrator is appointed for one Party or if a Party suffers intervention, is placed in extrajudicial liquidation
or special temporary administration system by any competent government, regulatory or judicial authority, or also if one of the
Parties receives notification from the Central Bank or competent authority with the intention of suspending or revoking its authorization
to operate;

 

		d)	if one of the parties involves in or facilities any
unlawful measure or activity, or associates to a person or entity that adversely affects or threatens to adversely affect the
reputation of the other party, except if this involvement is notorious and of public knowledge at the time of execution of this
agreement.

 

		e)	due to omission of information, in case one of the
parties provides incorrect information to the other or fails to disclose adequate information relating to the transactions, or
fails to timely provide the other party with information requested and which the party shall provide under this agreement;

 

		f)	if there is circumstantial evidence that one of the
parties is directly or is a means for or assists in the concealment of a person or entity that is involved, tries or threatens
to get involved in, or facilitates terrorist activities, narcotraffic, traffic of persons, activities relating to the dissemination
of weapons of mass destruction, activities that violate or threaten to violate human rights or principles of national sovereignty,
or money laundering to cover any of these activities; or

 

		g)	if there is proof that the acts of one party adversely
affect the good image or reputation of the other party; and

 

		h)	if one of the Parties files for court-supervised or
out-of-court reorganization or judicial or extrajudicial liquidation, dissolution or bankruptcy, or if any of the above is claimed
against it.

 

		47.1.	Procedure for termination. Except in relation
to the termination due to the parties’ will, the termination shall be declared in accordance with the procedure for resolution
of disputes.

 

		47.2.	Gradual dissolution. In any event of regular
or early termination of this agreement, the Parties shall use efforts for the activities to cease gradually, so as to avoid losses
to the Users.

 

		47.3.	Force majeure. None of the Parties shall be
deemed in default or liable to the other Party for failure in the performance of its obligations if the failure is proven to exclusively
result from an event beyond its control, act of God or force majeure or, furthermore, from an act or omission solely attributable
to the other Party. This does not prevent termination of the agreement due to involuntary default.

 

    11

     

    

 

		48.	Change in control. In the event of significant
change in the control of one of the Parties, the other Party may: i) terminate this agreement as provided in item 37 a); and/or
ii) request the return or destruction of all its information, files, and databases exclusively related to such Party, which shall
be complied with within sixty (60) days.

 

		49.	Socioenvironmental compliance. The Parties
represent and warrant to each other that they:

 

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

 

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

 

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

 

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

 

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

 

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

 

		50.	Representations
and warranties. The Parties warrant that:

 

		a)	they have all powers and authority to assume and fulfill
the obligations and to consummate the transactions contemplated herein; and

 

		b)	the formalization and performance of this agreement
do not imply a breach of any applicable third-party right, law or regulation, or also a violation, breach or default of any contract,
instrument or document to which it is a party or by which it any of its assets is linked and/or affected, nor does it depend on
obtaining any authorization under any agreement, instrument or document to which it is a party or by which any or any of its assets
is linked and/or affected.

 

		c)	the Services shall be provided by qualified technicians
and in a professional manner, and they agree to provide the Services in strict compliance with the ethical and professional precepts
applicable to the matter, agreeing to provide full satisfaction of the interests of the other party.

 

		d)	they do not have a conflict of interest between them
or with any company of their economic groups that could affect the performance of the Services;

 

		e)	they have honest, qualified professionals hired, who
are capable of performing the Services and using and implementing all technical requirements described in the documents mentioned
in the preceding letter;

 

		f)	the professionals who shall be designated to engage
in the activities have training that qualifies them to comply with the statutory and regulatory requirements in effect;

 

    12

     

    

 

		g)	their computer technology environments are equipped
with logical protection resources, and are able to ensure full and efficient protection of data and of the communications made
by electronic means;

 

		h)	they are fully compliant with the applicable laws and
regulations.

 

		51.	Notices
between the parties. The notices from one Party to the other
shall be sent to the following addressees and addresses:

 

	To PicPay:	 	To Original:
	 	 	 
	
        PICPAY SERVIÇOS S.A.

        Avenida Manuel Bandeira, 291, Condomínio
        Atlas Office Park, Bloco A, 1° andar - escritórios 22 e 23, 2° andar e 3° andar, e Bloco B, 3° andar - escritórios
        43 e 44, Vila Leopoldina, São Paulo, CEP 05317-020.

        Attn. Legal Department

        E-mail: juridico@picpay.com.br
	 	
        BANCO ORIGINAL S.A.

        R. Porto União, 295 - Brooklin,
        São Paulo - SP, 04568-020

        mailto:

        Attn. Legal Department

        E-mail: juridico@original.com.br

 

		51.1.	The notices may be delivered personally, with proof
of receipt by the other Party, or transmitted by telegram/mail, with registration of receipt, posted by mail with acknowledgment
of receipt or delivered via the Registry of Deeds and Documents.

 

		51.2.	Considering that, in order to comply with this Agreement,
information may be exchanged electronically, the Parties represent to acknowledge the validity of the information and data transmitted
electronically and that, according to article 225 of the Civil Code, the mechanical or electronic reproductions of facts or of
things make full proof thereof, if the party against whom they are shown does not challenge their accuracy.

 

		51.3.	The Parties may, as necessary, change their representatives
and/or addresses for the receipt of notices related to this agreement, giving the other Party notice of such change, in writing,
ten (10) days in advance.

 

		52.	Liability for lawsuits. Administrative proceedings
or lawsuits against one of the Parties the subject matter of which relates to the activities carried out hereunder shall be informed
to the other Party within three (3) days as from receipt of initial communication (service of process) and agrees to provide all
necessary information about the case to the Party that is sued within forty-eight (48) hours, even if the lawsuit in question
is filed after termination of this agreement.

 

		52.1.	Judgment against one of the parties in the event of
failure of the other Parties implies the right of recourse against the breaching Party, as well as the right to full reimbursement
for the expenses incurred with the claim, and authorizes the impleader of the breaching Party.

 

		52.2.	In
the event of lawsuits the allegation of which is the commission of fraud due to the use of data of clients, the party responsible
for incurring the amounts spent with the defense shall always be PicPay, considering that it is liable for the prospection of
clients and validation of their record data. In this case, PicPay agrees to reimburse all
amounts incurred by Original in its defense and possible adverse award, in case only the latter is a defendant in the lawsuit.

 

    13

     

    

 

		53.	Liability for regulatory and other claims.
In the event that any client/user initiates an administrative complaint relating to Virtual Card, in any assistance channel (Bacen,
Ombudsman’s Office, Media, Procon, and others), Original shall prepare the answer in accordance with the flow already adopted
internally. Thus, PicPay agrees to send to Original, within one (1) business day, any type of claim that is send to it and which
relates to the Virtual Card.

 

		53.1.	In case Original needs more data, information and/or
documents that are in the possession of PicPay, the Parties hereby agree that they shall mutually assist each other, by sending
everything that is necessary for the answer to the client to be prepared, within up to two (2) business days as from the request.

 

		53.2.	If the administrative claim is sent by the client/user
to Original, but the grounds thereof are some type of failure in the provision of services for which PicPay is liable, it shall
be responsible for the answer to the client/user, as well as, in the event of claim initiated in the Bacen, assist Original for
it to have access to all subsidies to prepare the answer to said body.

 

		54.	Entire agreement. This Agreement represents
the full and total agreement between the Parties, and it may neither be amended nor changed without the prior and express written
consent of the legal representatives of the Parties or of their respective successors, it being understood that the transfer,
subcontracting, wholly or in part, of the Services, as well as the assignment of the rights and obligations hereunder without
the written consent of the Party shall be prohibited.

 

		55.	Essential
elements. The Parties expressly acknowledge that:

 

		a)	full compliance of the obligations agreed hereunder is
of fundamental importance for the balance of this agreement, and

 

		b)	the terms and conditions provided for herein are fair
and reasonable and have been agreed in accordance with the principles of probity and good faith.

 

		56.	No relationship. This agreement does not create
any labor, corporate, tax or any other relationship between the Parties, and each Party shall remain solely responsible for its
obligations, pursuant to the provisions of the applicable law.

 

		57.	Invalidity.
The declaration of ineffectiveness, nullity or illegality
of a provision of this agreement does not imply the ineffectiveness, nullity or illegality of other provisions.

 

		58.	Inexistence of novation. Any tolerance by one
of the Parties with respect to the noncompliance or nonperformance of any clause or condition by the other party shall be a mere
liberality, and it does not imply novation or waiver of the right to require full compliance with the future obligations.

 

		59.	This Agreement shall prevail over any other documents
that may be signed between the Parties that contain the same or a similar subject matter. If there is a conflict between the provisions
of this Agreement and those set forth in any of its Supplements, Exhibits or Supplementary Procedures, the first shall prevail.

 

		59.1.1.	The modification of any clause or condition defined
in this Agreement, including the definition of limits and/or exceptions of any nature not expressly mentioned herein shall only
be valid if stipulated in a Contractual Amendment signed by the legal representatives of both Parties.

 

    14

     

    

 

RESOLUTION OF DISPUTES

 

		60.	Mediation.
In the event of existence of any dispute resulting from the construal or performance of this Agreement, the Parties shall
use their best efforts to amicably resolve said dispute. In case the dispute is not resolved, the Parties agree to
resolve it by confidential mediation, in accordance with the provisions of the Mediation Regulations of the FGV Mediation and
Arbitration Chamber of the Getúlio Vargas Foundation. The Chamber shall present to the Parties a list of its mediators
for the parties to designate the mediator who will assist them. The mediation procedure cannot exceed thirty (30) days as from
execution of the Instrument of Mediation, it being understood that any of the parties may interrupt it at any time.

 

		61.	Jurisdiction.
The Parties elect the Venue of the Judicial District of the
Capital City of the State of São Paulo to resolve any doubts originating from this Agreement.

 

IN WITNESS WHEREOF, the Parties execute
this instrument in two (2) counterparts of equal content and form, in the presence of the undersigned witnesses identified below.

 

São Paulo, March 1, 2021.

 

	DocuSigned by:	 	DocuSigned by:
	 	 	 
	/s/ Simao Luiz Kovalski	 	/s/ Edilson Pereira Jardim

 

BANCO ORIGINAL S.A.

 

	DocuSigned by:	 	DocuSigned by:
	 	 	 
	/s/ Anderson Andrade Chamon do Carmo	 	/s/ José Antonio Batista Costa

 

PICPAY SERVIÇOS S.A.

Witnesses:

 

	/s/ Maira Mendes Morais	 	/s/ Hyde de Melo Gomes Silva
	Name: Maira Mendes Morais	 	Name: Hyde de Melo Gomes Silva
	Identity Card (RG): 36845545880	 	Identity Card (RG): 389037576

 

    15

     

    

 

Exhibit I – Percentage amount withheld
upon settlement

 

	Term of the settlement – in days	 	Withheld percentage of the transaction amount
	1	 	1.820%
	2	 	1.792%
	3	 	1.763%
	4	 	1.735%
	5	 	1.707%
	6	 	1.679%
	7	 	1.650%
	8	 	1.622%
	9	 	1.594%
	10	 	1.566%
	11	 	1.537%
	12	 	1.509%
	13	 	1.481%
	14	 	1.452%
	15	 	1.424%
	16	 	1.396%
	17	 	1.368%
	18	 	1.339%
	19	 	1.311%
	20	 	1.283%
	21	 	1.254%
	22	 	1.226%
	23	 	1.198%
	24	 	1.170%
	25	 	1.141%
	26	 	1.113%
	27	 	1.085%
	28	 	1.057%
	29	 	1.028%
	30	 	1.000%
	31	 	0.983%
	32	 	0.965%
	33	 	0.948%
	34	 	0.931%
	35	 	0.913%
	36	 	0.896%
	37	 	0.879%
	38	 	0.861%

 

    16

     

    

 

	39	 	0.844%
	40	 	0.827%
	41	 	0.809%
	42	 	0.792%
	43	 	0.775%
	44	 	0.757%
	45	 	0.740%
	46	 	0.723%
	47	 	0.705%
	48	 	0.688%
	49	 	0.671%
	50	 	0.653%
	51	 	0.636%
	52	 	0.619%
	53	 	0.601%
	54	 	0.584%
	55	 	0.567%
	56	 	0.549%
	57	 	0.532%
	58	 	0.515%
	59	 	0.497%
	60	 	0.480%
	61	 	0.463%
	62	 	0.445%
	63	 	0.428%
	64	 	0.411%
	65	 	0.393%
	66	 	0.376%
	67	 	0.359%
	68	 	0.341%
	69	 	0.324%
	70	 	0.307%
	71	 	0.289%
	72	 	0.272%
	73	 	0.255%
	74	 	0.237%
	75	 	0.220%
	76	 	0.203%
	77	 	0.185%
	78	 	0.168%
	79	 	0.151%
	80	 	0.133%

 

 

17Exhibit 10.8

 

 

AMENDMENT TO AND
RESTATEMENT OF THE PARTNERSHIP AGREEMENT FOR ISSUING PAYMENT CARDS

 

BANCO ORIGINAL S.A., with principal
place of business in São Paulo, SP, at R. Porto União, 295 - Brooklin, São Paulo - SP, 04568-020, registered
with the National Corporate Taxpayers Register - CNPJ under number 92.894.922/0001-08, hereby represented in accordance with its
Bylaws, by its undersigned officers (“Original”); and

 

PICPAY SERVIÇOS S.A., with
principal place of business at Avenida Manuel Bandeira, 291, Condomínio Atlas Office Park, Building A, 1st floor - offices
22 and 23, 2nd floor and 3rd floor, and Building B, 3rd floor - offices 43 and 44, Vila Leopoldina, City of São Paulo, State
of São Paulo, Postal Code 05317-020, registered with CNPJ/MF under number 22.896.431/0001-10, hereby represented in accordance
with its Bylaws, by its undersigned officers, hereinafter referred to as “PicPay” and, together with Original, “Parties”;

 

WHEREAS:

 

i. PicPay is an electronic currency-issuing
payment institution that manages prepaid payment accounts for users of the PicPay app, which aims to transfer funds between people
among other payment services within the scope of their prepaid, domestic, transfer and purchase payment arrangements;

 

ii. PicPay is the settlor of post-paid,
domestic, transfer and purchase payment arrangements;

 

iii. Original is a financial institution
properly authorized to operate by the Central Bank and may conduct credit, finance and investment transactions, working in the
domestic financial market and in the consumer credit segment, including the activities of electronic payment (being authorized
to operate with the Brands);

 

iv. Original participates in PicPay’s
post-paid payment arrangements, as a post-paid instrument issuer;

 

v. The Parties
decided to enter into this instrument in order to foster the sale and promotion of a co-branded payment
card through the potential of PicPay’s user base;

 

vi. The Parties entered into, on September
9, 2020, the Card Issue Partnership Agreement (“Agreement”); and

 

vii. The Parties wish to amend contractual
provisions and restate them in a single instrument.

 

NOW, THEREFORE, the Parties, by
mutual agreement, enter into this Amendment to and Restatement of the Agreement (“Restated Agreement”), which shall
be governed by the following terms and conditions.

 

I. DEFINITIONS

 

1.1. Rules of Interpretation. In
the interpretation of this Agreement, unless otherwise expressly established:

 

(a) headings and titles shall not limit
or affect, in any way, the interpretation of the text, being used only for convenience and reference purposes;

 

(b) the terms “including”,
“inclusive”, “includes”, “included” and their derivatives and similar terms shall be interpreted
as if they were accompanied by the phrase “among others” and, therefore, in an illustrative way, never restrictive;

 

(c) the term “or” must be interpreted
in a non-exclusive way (that is, when two items are separated by the word “or”, the existence of one item should not
be considered as excluding the existence of the other, so that the word “or” shall be considered to include the word
“and”);

 

(d) references to any documents or instruments
shall include all their respective amendments, substitutions, restatements and additions;

 

(e) references to legal and regulatory
provisions shall be interpreted as references to those provisions in force at the time of the fact to which they apply and shall
include the provisions from which they originate (with or without modifications), as well as any decisions, regulations, instruments
or other legal rules subject to such provisions;

 

     

     

    

 

(f) references to sections, paragraphs
and exhibits shall be considered references to sections, paragraphs and exhibits to this Agreement;

 

(g) references to any period shall be considered
references to the number of calendar days, and all terms or periods provided for in this Agreement shall be counted excluding the
date of the event that caused the beginning of that term or period and including the last day of the term or period in question,
as provided for in Article 132 of the Civil Code. All periods consisting of a number of months (or years) must be calculated from
the day in the month (or year) in which the triggering event occurred to the same day in the following month(s) (or year(s)). All
terms established in this Agreement that end on days other than Business Days shall be automatically extended to the next Business
Day;

 

(h) whenever in this Agreement a provision
is made for payment by one Party to the other, that payment shall be made in Reais (R$), by electronic transfer and funds
immediately available and freely transferable until the payment due date;

 

(i) the preamble (including the recitals)
and the exhibits to this Agreement are considered an integral part and incorporated into this Agreement; and

 

(j) the definitions provided for in Section
1.2 are applicable in singular and plural forms, regardless of gender.

 

1.2. Without prejudice to the other definitions
included in the text of this Agreement, the terms and expressions below, in the plural or singular, shall have the definitions
set out below:

 

“Commercial Action”
means that action by the Parties aimed at promoting the sale and increasing the use of the PicPay Card.

 

“Affiliate” means, in
relation to a Party, any company that, directly or indirectly, through one or more intermediaries, controls (even if in a shared
way) or is controlled by such Party.

 

“Third-Party Affiliate”
means, in relation to a person, any company that, directly or indirectly, through one or more intermediaries, controls, is controlled
by or is under common control with that person.

 

“Brand” means the payment
arrangement settlor that licensed the Bank to issue payment instruments under its arrangements, currently Mastercard Brasil Soluções
de Pagamento Ltda.

 

“Database” means the
information regarding PicPay Customers and Cards, which originate in the processes resulting from the attainment and/or use of
these products, obtained by each of the Parties within the scope of their respective performance under this Agreement, that is,
Customer’s name, CPF, date of birth, gender, PicPay Card variant, card account creation date, Customer’s email, Customer’s
phone, date on which the PicPay Card is canceled.

 

“PicPay Base” has the
meaning assigned to it by Section 5.1.

 

“Distribution Channel”
means the current and future electronic channels of trade or any other current or future sales channel of the Parties.

 

“PicPay
Card” means payment instruments issued by Original belonging to a Product Line in the best interests of the Partnership,
and using the brand “PicPay” on a “co-branded” card. Such cards have
all the features of a conventional credit card, in accordance with market practices, and other specific features defined in this
Agreement, such as their use for handling the PicPay Payment Account and other financial products at the discretion of the Parties.

 

“Customers” means any
individuals who happen to obtain the PicPay Card, under the terms of this Agreement.

 

“PicPay Checking Account”
means a checking account held by PicPay with Original.

 

“Product
Line” means the set of credit card variants issued by an issuer. For the purposes of this Agreement, a Product Line
may include the following variants (the names of which may vary between the Brands): (a) international; (b)
gold; (c) platinum; and (d) black.

 

    2

     

    

 

“Applicants” means any
individuals who, by any means, may express an interest in the PicPay Card.

 

“Exchange Rate” means
the selling exchange rate in Reais for each Dollar, one (1) business day immediately prior to the day on which the calculation
is necessary, as published in the Central Bank’s electronic system (PTAX).

 

II. PURPOSE AND OPERATION OF THE PARTNERSHIP

 

2.1. The purpose of this Agreement is to
govern the terms and conditions of the commercial partnership between the Parties to develop, promote, offer, explore and publicize
the PicPay Card (the “Partnership”).

 

III. PARTNERSHIP PLANNING AND STRATEGY

 

3.1 It shall be up to Original, in relation
to PicPay Cards, the preparation, pricing, maintenance and management of said products, including, but not limited to, the following:

 

(a) Preparation and use of credit and collection
policies;

 

(b) Credit portfolio management (cash,
assets, liabilities and equity);

 

(c) Capital
allocation and funding for the credit portfolio;

 

(d) Regulatory management in relation to
the entities defined by Law; and

 

(e) Customer service referring exclusively
to the PicPay credit card.

 

3.2 PicPay shall be responsible for planning
and developing a commercial strategy for the distribution of PicPay Cards, as well as meeting and creating Customer relationship
policies.

 

3.3 PicPay shall also be responsible for
promoting the PicPay Card offer in its Distribution Channels, at the discretion of PicPay, such as its inbound and outbound call
centers and/or digital platforms made available on the world wide web (internet).

 

3.4 The processing of operations performed
with the PicPay Card, credit analysis, preparation of registration, collection, among other control services, including data processing,
shall be performed by Original (or by third parties indicated by it), as applicable and within the scope of PicPay Cards.

 

IV. PICPAY CARD FEATURES

 

4.1 PicPay Cards must contain the following
characteristics:

 

(a) As to issuance and operation, they
shall be subject to the policies and regulations of Original, of the respective Brands, as well as of the Central Bank;

 

(b) Full acceptance of PicPay Cards at
all accredited merchants under the payment arrangements under which the cards are issued;

 

(c) Expiration date to be determined by
the Bank; and

 

(d) The PicPay brand, the Customer’s
name, the date of issue, expiration date, and also the security and identification features of the issuer.

 

4.2 PicPay Cards may enable Customers to
take advantage of promotions provided by the Bank and/or by PicPay, provided that said cards are included among the products included
in these promotions.

 

4.2.1. Original
is committed to ensuring PicPay Cards will have competitive commercial conditions in relation to other co-branded cards
issued in the market that compete directly with PicPay, subject to Original’s credit and risk policies.

 

4.3 For the purposes of this Agreement,
the Parties agree that strategies related to the use and/or choice of Brands in relation to PicPay Cards shall be the sole responsibility
of Original.

 

    3

     

    

 

V. CUSTOMERS AND DATABASE

 

5.1. PicPay undertakes to provide the Bank
with and to keep updated the CPF, name, date of birth, address and other basic details of its users, which are necessary for the
sole and exclusive purpose of credit pre-approval and/or marketing and/or delivering the card to PicPay Cards Applicants (“PicPay
Base”).

 

5.2. It shall be the Bank’s responsibility,
within the scope of its respective activity, to manage the registration of its respective Customers.

 

5.3. With extensive experience in granting
retail credit, the Bank shall be responsible for risk management, including credit analysis and granting, increase and reduction
of limits, purchase authorization policies and fraud prevention and acceptance of new Customers, as well as for the cancellation
of PicPay Cards in use, and PicPay shall be responsible for assisting the Bank in providing the necessary data related to the names
of its respective customers indicated for prospecting new users of PicPay Cards.

 

5.3.1 Original is committed to periodically
updating its risk and credit models, constantly pursuing models more suited to the target audiences, seeking to make use of the
PicPay Base.

 

5.4. Original and/or PicPay may, by mutual
agreement, sell financial products or services to be added to PicPay Cards or any other financial products that may be operated
by Original and/or PicPay.

 

5.5. The Parties are aware that the Database
is the exclusive property of each of the Parties in relation to the respective data obtained by each of the Parties within the
scope of its performance under this Agreement and that, in the event of expiration of the duration of this Agreement, or even by
termination and/or rescission, each of the Parties may use its respective Database in the best way that suits them, observing the
duty of confidentiality and use of the information provided for therein and provided for in this Agreement, as well as other terms
provided herein, each Party being solely and exclusively responsible for this use. The Parties shall guarantee the exercise of
the rights of data subjects contained in their databases.

 

VI. DISTRIBUTION OF PARTNERSHIP REVENUE

 

6.1. Revenues from PicPay Cards shall be
shared between Original and PicPay in accordance with the Exhibits.

 

VII. PENALTIES

 

7.1. In the event of total or partial non-compliance
with the provisions of this Agreement, except when there is a specific penalty, the Parties are subject to a non-compensatory fine
of ten percent (10%) of the last 3 amounts transferred by the Bank to PicPay, pursuant to this Agreement, to be paid within five
(5) days from the communication made by the other Party, without prejudice to other penalties provided for in this Agreement and
possible loss and damage.

 

VIII. CORRESPONDENT ACTIVITIES IN BRAZIL

 

8.1. PicPay was engaged by Original to
perform the duties of correspondent in Brazil, under the terms of Resolution No. 3.954/11, necessary for the performance of its
obligations provided for in this Agreement aiming at the provision of the following services:

 

(a) Receive and forward applications for
joining PicPay Cards through the respective Distribution Channels; and

 

(b) Carry out the commercial offer of the
Partnership Products in accordance with the applicable laws, rules and regulations.

 

IX. OBLIGATIONS OF THE PARTIES

 

9.1. In addition to the other obligations
provided for in this Agreement, the Bank shall be responsible for:

 

(a) provide PicPay with information about
PicPay Cards that may be necessary for the promotion, development and offer of PicPay Cards, in compliance with the legislation
in force, especially with regard to bank secrecy;

 

    4

     

    

 

(b) obtain and maintain in force any and
all government and/or regulatory authorizations, approvals and licenses required by federal, state and municipal authorities and
perform any and all necessary filling and registration to fulfill its obligations, as provided in this Agreement;

 

(c) comply with the requirements of the
law, including, but not limited to, the Civil Code, the Consumer Code, the Bank Secrecy and Personal Data Protection Laws and any
other applicable legislation in carrying out the obligations provided for herein, as well as providing all information and carrying
out all the records required by the Central Bank;

 

(d) develop and maintain its information
technology systems up to date and adequate for the provision of PicPay Cards;

 

(e) notify PicPay of any legal action or
administrative proceeding initiated by any third party against the Bank as long as it is directly related to the Partnership;

 

(f) be responsible for the analysis and
approval of Customers’ credit;

 

(g) define the price, term, charges, fees
and any other attributes that impact the revenue, costs and expenses of PicPay Cards, and consequently its Net Equity; and

 

(h) take any and all actions reasonably
necessary for the faithful fulfillment of its obligations under this Agreement.

 

9.2. In addition to other obligations under
this Agreement, PicPay shall:

 

(a) obtain and maintain in force any and
all government authorizations, approvals and licenses required by federal, state and municipal authorities and perform any and
all necessary registration to fulfill its obligations, as provided in this Agreement;

 

(b) comply with the requirements of the
law, including, but not limited to, the Civil Code, the Consumer Code, the Bank Secrecy and Personal Data Protection Laws and any
other applicable legislation in carrying out the obligations provided for herein, as well as providing all information and carrying
out all the records required by the Central Bank;

 

(c) support the sustainable development
of the Partnership’s business and ensure the promotion, dissemination and offer of PicPay Cards in its Distribution Channels;

 

(d) ensure that the database, provided
for in Section 5.1, is updated and transferred periodically to the Bank, mainly regarding the entry of new Applicants;

 

(e) notify the Bank of any legal action
or administrative proceeding filed by any third party against PicPay as long as it is directly related to the Partnership or PicPay
Card;

 

(f) take any and all actions necessary
for the faithful fulfillment of its obligations under this Agreement.

 

X. REPRESENTATIONS AND WARRANTIES OF
THE PARTIES

 

10.1. PicPay hereby represents and warrants
to the Bank that:

 

(a) It is an existing company duly incorporated
in accordance with Brazilian law and is duly qualified and able to operate at the place of its headquarters and in the other places
where it has activities;

 

(b) It has full legal capacity and has
obtained all corporate authorizations to enter into this Agreement and to carry out the transactions contemplated herein. This
Agreement was duly and validly executed and is a valid, mandatory and enforceable agreement in relation to PicPay according to
its terms, having been approved;

 

(c) The execution of this Agreement (i)
does not violate any provision of PicPay’s bylaws or any other corporate document; (ii) does not violate, infringe in any
way, result or cause the breach of any contractual provisions, commitments or other relevant obligations to which PicPay is a party
or by which it is bound; (iii) does not violate any provision of law, decree, rule or regulation, administrative or judicial order
to which PicPay is subject; and (iv) does not require any consent, approval or authorization of, notice to, or filing or registration
with any individual or legal entity, or court, except for the authorizations and other formalities already provided for in this
Agreement and those that have already been obtained and are in force on this date;

 

    5

     

    

 

(d) There is no pending litigation or threat
of litigation to which PicPay is a party that could have a negative impact on its ability to comply with its obligations under
this Agreement;

 

(e) It does not employ and/or use, and
undertakes not to employ and/or use, during the term of the Agreement, child labor in the provision of its services, nor does it
hire and/or maintain relations with any companies that provide services to it (partners, suppliers and/or subcontractors) that
use, exploit and/or by any means or form employ child labor, under the terms provided for in Law No. 8.069/1990 and other legal
norms and/or regulations in force, except as an apprentice, from the age of fourteen (14), under the terms of article 7, XXXIII
of the Federal Constitution;

 

(f) It does not use slave or slave-like
labor;

 

(g) It is aware that the Partnership is
an extension of services provided by a financial institution, which is why it is committed to observing all the rules and laws
that govern banking activity, in particular the rules and laws that deal with banking secrecy and preventing and combating activities
related to crimes provided for in Law No. 9.613 of March 3, 1998, which provides for crimes of “laundering” or concealment
of assets, rights and valuables; and

 

(h) It is aware of the terms of Law No.
12.846, of August 1, 2013, and that it does not engage in and shall not engage in, as well as warrants that its employees and representatives
do not engage in and shall not engage in the behaviors set forth therein; it adopts the internal mechanisms and procedures for
integrity, auditing and encouraging the reporting of irregularities in the behaviors described in said statute.

 

10.2. Original represents and warrants
to PicPay that:

 

(a) It is an existing company duly incorporated
in accordance with Brazilian law and is duly qualified and able to do business at the place of its headquarters and in the other
places where it has activities;

 

(b) It has full legal capacity and has
obtained all corporate authorizations to enter into this Agreement and to carry out the transactions contemplated herein. This
Agreement was duly and validly executed and is a valid and mandatory agreement, enforceable in relation to the Bank in accordance
with its terms;

 

(c) The execution of this Agreement (i)
does not violate any provision of the Bank’s bylaws or any other corporate document; (ii) does not violate, infringe in any
way, result or cause the breach of any contractual provisions, commitments or other relevant obligations to which the Bank is a
party or by which it is bound; (iii) does not violate any provision of law, decree, rule or regulation, administrative or judicial
order to which the Bank is subject; and (iv) does not require any consent, approval or authorization of, notice to, or filing or
registration with any individual or legal entity, or court, except for the authorizations and other formalities already provided
for in this Agreement and those that have already been obtained and are in force on this date;

 

(d) There is no pending litigation or threat
of litigation to which the Bank is a party that could have a negative impact on its ability to comply with its obligations under
this Agreement;

 

(e) It does not employ and/or use, and
undertakes not to employ and/or use, during the term of the Agreement, child labor in the provision of its services, nor does it
hire and/or maintain relations with any companies that provide services to it (partners, suppliers and/or subcontractors) that
use, exploit and/or by any means or form employ child labor, under the terms provided for in Law No. 8.069/1990 and other legal
norms and/or regulations in force, except as an apprentice, from the age of fourteen (14), under the terms of article 7, XXXIII
of the Federal Constitution;

 

(f) It does not use slave or slave-like
labor;

 

    6

     

    

 

(g) It is aware of the terms of Law No.
12.846, of August 1, 2013, and that it does not engage in and shall not engage in, as well as it guarantees that its employees
and representatives do not engage in and shall not engage in the behaviors set forth therein; it adopts the internal mechanisms
and procedures for integrity, auditing and encouraging the reporting of irregularities in the behaviors described in said statute.

 

XI. INTELLECTUAL PROPERTY - PICPAY

 

11.1. PicPay hereby grants the Bank a license
to use, free of charge, during the term of this Agreement, “PicPay” product and service brands in their word and composite
forms (“PicPay Brands”) in Brazil, for the specific purpose of sale, marketing, branding, printing and advertising
of PicPay Cards. Any advertising and promotional activities involving the PicPay Brands, including materials, must be previously
and expressly approved by PicPay.

 

11.2. The right to use PicPay Brands is
exclusively authorized to make the Bank’s activities related to the issue and management of PicPay Cards viable and is subject
to the duration and conditions of this Agreement and the duration of the registration of each PicPay brand, except for the provisions
below, and under no circumstances does it entail transfer of ownership of the PicPay Brands before the Patent and Trademark Office
(INPI).

 

11.3. Unless previous, express and written
authorization is given by PicPay, the use of the PicPay Brands by the Bank is prohibited for purposes other than those provided
for in this Agreement.

 

11.4. The Bank shall use the PicPay Brands
as contained in the respective registration certificates issued by the INPI and in the registration applications filed with the
INPI, observing their respective classifications as to the classes of products and services protected by them.

 

11.5. The application of the PicPay Brands,
their word and device elements and the visual identity related to them shall be used by the Bank upon prior approval and in accordance
with technical specifications provided by PicPay, which shall include the size, orientation, appearance, placement, spacing between
PicPay Brands and visual elements, such as colors, fonts, backgrounds, textures and image quality.

 

11.6. The Bank undertakes to provide PicPay,
as the case may be, with all reasonable assistance in relation to any matter regarding protection, the requirement to comply with
the rights and obligations relating to PicPay Brands, or their violation, when said issue is related to the Bank’s use of
PicPay Brands.

 

11.7. PicPay undertakes to promptly inform
the Bank of any and all violations, imitations, counterfeits or other illegal or improper use of PicPay Brands that come to its
knowledge and which may affect the sale of PicPay Cards.

 

11.8. The Bank undertakes to promptly inform
PicPay of any and all violations, imitations, forgery or other illegal or improper use of PicPay Brands that come to its knowledge,
at which time it shall assist PicPay, to the extent applicable, in proposing appropriate measures to prevent the violation, imitation,
forgery or other illegal or improper use of PicPay Brands.

 

11.9. Notwithstanding the provisions of
this Section, the Parties agree that the protection of PicPay Brands shall be exclusively the responsibility of PicPay.

 

11.10. If PicPay is required to interrupt
or suspend the use of any of PicPay Brands, PicPay undertakes to immediately notify the Bank so that it will no longer issue PicPay
Cards with that brand. In no event shall the Bank be liable for breach of a third party’s right over PicPay Brands.

 

11.11. The Bank undertakes not to engage
in any act that discredits PicPay Brands before Customers, suppliers, authorities and the public at large, taking all measures
to safeguard its good and perfect reputation in the use of PicPay Brands.

 

    7

     

    

 

XII. DAMAGES

 

12.1. Each Party (“Indemnifying Party”)
undertakes, in an irrevocable and irreversible manner, to defend, indemnify and hold the other Party (“Indemnified Party”)
harmless from any damage and/or loss that may be caused by the Indemnifying Party, its employees, staff, service providers and/or
subcontracted third parties, as a result of the respective activities performed under this Agreement, including, but not limited
to, as a result of any operational failures as well as the services provided pursuant to this Agreement.

 

12.2. The Indemnifying Party’s obligation
to defend, indemnify and hold the Indemnified Party harmless from any and all events mentioned above shall apply to any action,
suit or claim, of any nature, filed by any third party, including, but not limited to, by the appropriate authorities, by the Brands
and/or by the consumer protection bodies against the Indemnified Party, provided that the terms and conditions of this Section
XII are observed.

 

12.3. The obligation provided for in this
Section XII shall survive even after the termination of this Agreement, whether due to lapse of time, acceleration and/or any other
reason.

 

12.4. The Parties agree that the duty to
indemnify referred to in this Section XII shall only be due after the action that determined the payment of damages by the Indemnified
Party becomes final and unappealable. Until the decision becomes final and unappealable, no amount shall be due by the Indemnifying
Party to the Indemnified Party.

 

12.4.1. Subject to the foregoing, reimbursement
by the Indemnifying Party to the Indemnified Party shall take place within thirty (30) days after notice for such purpose sent
by the Indemnified Party is received, unless there is a written statement by the Indemnifying Party.

 

12.5. If any of the Parties is served with
process or notified in the context of administrative or judicial actions and proceedings (“Notified Party”) as a result
of facts or acts, by commission or omission, attributable to the other Party (“Responsible Party”), in accordance with
the responsibilities undertaken by each of the Parties to this Agreement, the Notified Party, in an irrevocable and irreversible
manner, undertakes to conduct the claim, and the Responsible Party shall provide support for the defense, when so requested by
the Notified Party in a timely manner.

 

12.5.1 The Notified Party shall be responsible
for conducting and defending each claim, including, but not limited to: (a) respecting judicial deadlines; (b) preparing and implementing
effective and timely defense strategies and mechanisms; and (c) selecting, at their own expense, lawyers to be appointed attorneys-in-fact
of the Notified Party, with such lawyers, among other responsibilities specific to their duties as lawyers, presenting and conducting
the processing of defenses, answers, challenges, appeals, filing, claims, in addition to recommending and supporting any other
judicial measures that may be necessary to preserve the interests of the Responsible Party, within the scope of any such actions
or proceedings.

 

XIII. DURATION, TERMINATION AND TERMINATION
EFFECTS

 

13.1. This Agreement shall enter into force
on January 1, 2020 and shall remain in full force and effect for ten (10) years. The duration of the agreement shall be automatically
renewed for another five (5) years, unless either Party expresses otherwise, with a minimum advance of six (6) months from the
end of the original term.

 

13.2. Any Party to this Agreement may terminate
this Agreement without cause, at any time, with prior written notice to the other Parties, at least one hundred eighty (180) days
in advance, without the Party incurring, in this case, any expenses, whether by way of indemnity, fine or any other, being due
only the fulfillment by the Parties of all obligations originated up to the last day of validity of the prior notice, in particular
the continuity obligations provided for in the Section below.

 

13.3. Subject to the business continuity
rules set out in the Section below, any innocent Party may terminate this Agreement, by means of a simple notice to the other Party,
in case any of the following events takes place with one of the other Parties:

 

(a) Adjudication of bankruptcy or court-supervised
or out-of-court reorganization petition from either Party;

 

(b) Declared insolvency of either Party;

 

    8

     

    

 

(c) Revocation of any license issued by
an official body, which is mandatory for the provision or continuity of the purpose of this Agreement;

 

(d) Assignment or transfer of this Agreement
by one of the Parties without the prior consent of the other Party;

 

(e) In the event of non-compliance, by
any of the Parties, with any of the sections of this instrument, not remedied in accordance with the procedure provided for in
Section 13.3.1 below, without prejudice to the award of damages arising from the breach of contract, ascertained by means of appropriate
judicial order;

 

(f) Should any of the Parties, by itself
or by any of its agents, perform acts capable of materially compromising the public image of PicPay or the Bank or even the image
of the PicPay Card; or

 

(g) If there is a change, either directly
or indirectly, in the control of any of the Parties, to a Person who is not a member of the corporate group of the respective Party.

 

13.3.1. In the event of breach of contract
provided for in item 13.3(e) above, by any of the Parties, the innocent party shall notify the defaulting Party, alerting to the
breach of the Agreement and urging the defaulting Party to comply with its obligation within thirty (30) business days, under penalty
of unilateral termination.

 

13.3.2. If, within the period provided
for in the previous item, the defaulting Party has not remedied its contractual default, failing to fully comply with the breached
obligation, this fact shall lead to the termination of the Agreement by the innocent Party.

 

13.4. Whenever the cause for the termination
or rescission of this Agreement allows, the Parties henceforth agree to follow the continuity plan below, which should have the
guarantee of maintaining all conditions and services active in the Partnership, in order to minimize negative effects on the transaction
that is the subject matter of this Agreement:

 

(a) the Bank shall cease the use of PicPay
Brands within sixty (60) days from the date of termination or rescission, except for the use of PicPay Brands on active PicPay
Cards, in operational communications related to such cards and in communications with Customers about the end of the Partnership;

 

(b) the Parties shall reciprocally return
all Confidential Information owned by the other Parties that are in their power under this Agreement;

 

(c) the Parties agree that PicPay’s
relationship with Customers shall continue without interruption, and can only be interrupted by their decision;

 

(d) PicPay shall be entitled to offer a
new proposal for a co-branded PicPay card with any other issuer and brand;

 

(e) the Bank shall cease issuing new PicPay
Cards within sixty (60) days from the date of termination or rescission;

 

(f) the Bank shall cancel active PicPay
Cards within three hundred sixty (360) days from the date of termination or rescission, subject to the specific terms of the Customers’
adhesion contracts;

 

(g) in any case of termination or rescission
of this Agreement, the Parties shall have the right to unrestrictedly maintain and use, for commercial purposes, the database relating
to PicPay Card holders acquired during the term of this Agreement;

 

(h) the Parties shall be exempted from
all obligations undertaken under this Agreement, with the exception of the consequences of the termination or rescission of this
Agreement provided for in this Section and other cases where there is an express provision to the contrary in this Agreement.

 

    9

     

    

 

XIV. CONFIDENTIALITY

 

14.1. All information related to the purpose
of this Agreement acquired in its course, or which, although not related to said purpose, is disclosed as a result of discussions
or negotiations between the Parties regarding it and that comes from each of the Parties and is not known to the general public,
whether of technical, business or any other nature, manifested in a tangible or intangible manner, shall be considered confidential
(“Confidential Information”) and owned by the disclosing Party (“Disclosing Party”), and must be protected
by it, as provided for in this Section.

 

14.1.1. Confidential Information shall
mean, without limitation, any information of a technical, operational, commercial or legal nature, know-how, inventions, processes
and formulas, accounting methods, accumulated techniques and experiences, data and Customer information transmitted to the receiving
Party (“Receiving Party”): (i) by any means (e.g., printed documents, manuscripts, facsimile, electronic messages
(email), photographs, etc.); (ii) by any means recorded in electronic media, such as tapes, laser-discs, floppy disks (or any other
magnetic means), encrypted or not; (iii) orally; (iv) summaries, notes and any comments, oral or written; or (v) those whose content
makes their confidential nature obvious.

 

14.2. During the term of this Agreement
and for an additional period of two (2) years after the termination of this Agreement, the Receiving Party shall:

 

(a) use such information only for the purpose
of performing this Agreement;

 

(b) maintain the Confidential Information
and disclose it only to its Representatives who need to know about it for the purposes of the performance of this Agreement, and
be responsible for the fulfillment of the confidentiality obligation on the part of its representatives; and

 

(c) protect the Confidential Information
by using the same degree of care used to protect its own confidential information.

 

14.3. The Receiving Party shall request
written authorization from the Disclosing Party to disclose Confidential Information to third parties, agents or consultants, and
this third party shall enter into a confidentiality agreement in writing with the Parties, in terms compatible with the scope of
this Section.

 

14.4. All Confidential Information disclosed
under this Agreement shall remain in the possession and exclusive ownership of the Disclosing Party, and, after termination, shall
be returned to the Disclosing Party or destroyed with due proof of destruction, at its discretion, upon written request to the
Receiving Party.

 

14.5. Confidential Information shall not
be considered to be information that:

 

(a) is already in the possession of the
Receiving Party, free of restrictions, prior to its disclosure by the Disclosing Party;

 

(b) is or becomes in the public domain
during the term of this Agreement; and

 

(c) has been provenly developed by the
Receiving Party prior to the disclosure of this Confidential Information by the Disclosing Party.

 

14.6. If the Receiving Party is required
by law, regulation, court order or governmental authority with powers to do so to disclose any Confidential Information, the Receiving
Party, if such a fact does not conflict with the judicial or administrative order, shall report such fact immediately to the Disclosing
Party, in writing and prior to said disclosure, so that the Disclosing Party may seek a court order or other remedy from the appropriate
authority that would prevent disclosure. The Receiving Party undertakes to cooperate with the Disclosing Party in obtaining the
aforementioned court order or other remedy that prevents disclosure. The Receiving Party also agrees that if the Disclosing Party
is unsuccessful in trying to remove the obligation to disclose Confidential Information, it shall only disclose the part of the
Confidential Information that is being legally required and, furthermore, that it shall make its best efforts to obtain reliable
assurance that Confidential Information disclosed in this condition shall be treated confidentially.

 

    10

     

    

 

XV. ANTI-CORRUPTION AND ETHICAL AND
MORAL CONDUCT

 

15.1 The Parties undertake to:

 

(a) not engage in any irregular or illegal
conduct;

 

(b) not take any action or perform any
act that may, directly or indirectly, favor one another or any of the companies of their respective economic conglomerates, contrary
to the laws applicable in Brazil or abroad;

 

(c) keep their business books, records
and accounting and financial documents in sufficient detail and accuracy to clearly reflect the operations and the resources covered
by this Agreement.

 

15.2 The Parties undertake to provide documents
and information that may assist the other Party in its defense, should any of the Parties be involved in any situation related
to corruption or bribery, as a result of action taken by the other Party.

 

15.3 The Parties warrant, including by
their suppliers, that:

 

(a) they do not use illegal work, and undertake
not to use labor practices similar to slavery, or child labor, except for legal exceptions, either directly or indirectly, through
their respective suppliers of products and services;

 

(b) they do not employ minors up to eighteen
(18) years old, including apprentice minors, in places that are harmful to their education, physical, psychological, moral and
social development, as well as in dangerous or unhealthy places and services, at times that do not allow school attendance and
at night;

 

(c) they do not use practices of negative
discrimination, restricting access to or maintenance of employment, such as, but not limited to, for reasons of sex, origin, race,
color, physical condition, religion, marital status, age, family situation or pregnancy status;

 

(d) they undertake to protect and preserve
the environment, as well as to prevent and eradicate harmful practices to the environment, performing their services in compliance
with the legislation in force with regard to the National Policy on Environment and Environmental Crimes, as well as legal, normative
and administrative acts related to the environmental and related area, emanating from Federal, State and Municipal spheres; and

 

(e) they do not adopt practices related
to activities that entail criminal profit from prostitution or sexual exploitation of vulnerable people.

 

15.4 The duties provided for in this section
extend to shareholders, quotaholders, members, directors, officers, employees and service providers, including subcontractors and
representatives of each Party.

 

15.5 Contractual non-compliance shall be
characterized as the involvement of any of the Parties in a situation related to engagement in corruption, bribery and/or performance
of acts harmful to the government.

 

XVI. LABOR, TAX AND CIVIL RESPONSIBILITIES

 

16.1. Each Party is responsible for all
labor, social security and tax responsibilities arising from the respective employment relationships.

 

16.2. No employment relationship shall
be established between the Parties and the employees, agents and/or subcontractors used in the performance of this Agreement, and
each Party shall answer exclusively for any labor lawsuits filed and for notices of violation issued, exempting and holding the
other Party harmless, in the event that it is administratively or judicially sued, and reimbursing it for any amounts eventually
spent, including legal costs and fees, with legal interest and adjustment for inflation since the disbursement by the Party.

 

16.3. In the event of a labor action filed
by an employee, agent or subcontractor of one of the Parties, the other Party may intervene in the case by requesting the exclusion
of the responding Party in the dispute and, in the event of failure, it may assist it, under the terms of articles 119 et seq.
of the Brazilian Code of Civil Procedure, in order to claim full labor, social security and tax liability arising from the respective
employment relationship.

 

16.4. Each Party shall bear the taxes and
contributions resulting from its activities.

 

    11

     

    

 

16.5. The Parties shall inform the other
Party of the occurrence of notices, notifications or sanctions imposed by supervisory bodies, as well as of any services of process,
notices, written requests of performance or summons, all arising from this Agreement.

 

16.6. The Parties shall reimburse each
other for any expenses, adverse judgments and fees that the Party may suffer as a result of legal or extrajudicial actions brought
by the Applicants or Customers, due to the breach of this Agreement, as well as in relation to cases of duly proven defects in
their products or services.

 

16.7. The Parties shall also be responsible
for their products and services to consumers, consumer protection agencies, the judiciary and anyone else involved in the consumer
relation.

 

XVII. AUDIT

 

17.1. Without prejudice to the specific
provisions provided for in this Agreement, the Parties are allowed to carry out audits, during the performance of this Agreement,
directly or by whomever they may appoint, to prove faithful observance of the provisions of this instrument, without prejudice
to the inspection already carried out by the other Party.

 

17.2. The Party that wishes to carry out
the audit shall notify the other Party about it at least fifteen (15) days in advance, regardless of whether it is carried out
on the premises or not.

 

17.3. The Party that will be audited is
responsible for cooperating with the audit, making the pertinent information, which is requested for the performance of the audit,
available within an appropriate timeframe, as well as assisting the employees and/or independent auditors appointed to do so.

 

17.4. The Party requesting the Audit shall
bear all costs and expenses arising therefrom.

 

XVIII. APPLICABLE LAW AND JURISDICTION

 

18.1. This Agreement shall be governed
by and construed in accordance with the laws of the Federative Republic of Brazil.

 

18.2. The Parties hereby elect the Jurisdiction
of the Judicial District Court of São Paulo, State of São Paulo, with express waiver of any other, however privileged
it may be, to settle any doubts and/or disputes involving the provisions of this Agreement.

 

XIV. MISCELLANEOUS

 

19.1. Each of the Parties, in the manner
represented herein, represents to be aware of the provisions of the Code of Ethical Conduct of the other Party, copies of which
are hereby handed over to it, committing to comply with them and to cause them to be complied with by their representatives, employees,
agents, contractors or subcontractors.

 

19.2. Taxes due directly or indirectly
as a result of this Agreement, or the performance thereof, are a liability of the taxpayer, as defined in the tax law.

 

19.3. This Agreement governs and contains
the final provisions of the negotiations between the Parties, replacing any other documents, contracts or understandings, whether
written or oral, previously entered into that have the same subject matter as this Agreement.

 

19.4. This Agreement may only be validly
amended provided that it is in writing, duly signed by the legal representatives of both Parties.

 

19.5. All notices, communications, notifications,
waivers or consents provided for in this Agreement shall be in writing and sent by registered letter, or by any other means that
allows proof of receipt by the Parties, including by email, provided that with virtual proof receipt. The communication address
is the one set out below; any change of address of one of the Parties shall be communicated to the other through written communication,
in accordance with the provisions of this section.

 

    12

     

    

 

Original:

 

Address: Rua Porto União, 295,
São Paulo/SP 

Email: jurídico_varejo@original.com.br 

Att.: Legal Department

 

PicPay:

 

Address: Avenida Manuel Bandeira, 291,
condomínio Atlas Office Park, bloco A, 2° Andar, Vila Leopoldina, São Paulo, SP, CEP 05.317-020 

Email: juridico@picpay.com 

Att.: Legal Department

 

19.6. Any omission or tolerance by the
Parties in demanding strict compliance with contractual obligations, or in exercising any right arising from this Agreement, shall
not constitute novation or waiver, nor shall it affect their right to exercise them at any time.

 

19.7. In the event that any section, term
or provision of this Agreement is declared void or unenforceable, such nullity or unenforceability shall not affect any other sections,
terms or provisions contained herein, which shall remain in full force and effect, unless the term or provision considered null
or unenforceable significantly affects the balance of this Agreement.

 

19.8. This Agreement is executed on an
irreversible and irrevocable manner, binding the Parties and successors in any capacity.

 

19.9. No Party may assign or transfer any
of its rights or obligations arising from this Agreement without the prior and express written consent of the other Party.

 

19.10. The Parties may not undertake any
obligation on behalf of the other or, in any form or condition, bind the other Party to third parties, unless they obtain prior
and express authorization or power of attorney from the other Party. No Party shall be responsible or held liable for the products
and services owned or provided by the other Party. Each Party shall continue to be solely responsible, to the other and third parties,
even after the termination of this Agreement, for the activities that it develops, for the risks attaching to that activity, as
well as for the products and services that it sells. Nothing in this Agreement should be construed as meaning that one Party has
undertaken, even if implicitly, the risks of the other’s activity. The Parties are and shall remain independent in any matter
and instance.

 

19.11. The Parties, as well as their respective
legal representatives, represent that they are duly authorized to sign and perform this Agreement, pursuant to their respective
corporate instruments.

 

19.12. The effects of this instrument go
back to January 1, 2020.

 

In witness whereof, the Parties sign this
Agreement in two (2) original copies of equal content, through their legal representatives, in the presence of the two (2) witnesses
identified below.

 

São Paulo, March 5, 2021.

 

	DocuSigned by:	 	DocuSigned by:
	 	 	 
	/s/ Simao Luiz Kovalski	 	/s/ Edilson Pereira Jardim

 

BANCO ORIGINAL S.A.

 

	DocuSigned by:	 	DocuSigned by:
	 	 	 
	/s/ Anderson Andrade Chamon do Carmo	 	/s/ José Antonio Batista Costa

 

PICPAY SERVIÇOS S.A.

 

	Witnesses:	 	 
	 	 	 
	/s/ Maira Mendes Morais	 	/s/ Hyde de Melo Gomes Silva
	Name: Maira Mendes Morais	 	Name: Hyde de Melo Gomes Silva
	CPF: 36845545880	 	CPF: 05309240489

 

    13

     

    

 

EXHIBITS

 

DISTRIBUTION OF PARTNERSHIP RESULTS

 

1. REVENUE SHARING. Through this
partnership, the revenues from PicPay Cards shall be shared between Original and PicPay in the following terms:

 

a) INTERCHANGE REVENUE - CREDIT: on a monthly
basis, the Bank shall transfer to PicPay ten percent (10%) of the total calculated in the Interchange Revenue account accounted
for the purchase transactions made in the PicPay Card credit function in the Mastercard Payment Arrangement.

 

b) INTERCHANGE REVENUE - DEBIT: on a monthly
basis, the Bank shall transfer to PicPay fifty percent (50%) of the total calculated in the Interchange Revenue account accounted
for the purchase transactions made in the PicPay Card debit function in the Mastercard Payment Arrangement.

 

1.1. Original shall send to PicPay, up
to the second (2nd) business day of the month following the base period for accounting appropriation of Revenues, the amount of
PicPay’s sales revenues. Payment shall be made by Original within three (3) business days after receiving the Invoice issued
by PicPay.

 

2. FINANCING MARGIN. In addition
to the Revenues described in item 1, Original shall also pass on to PicPay twenty percent (20%) of the Net Financing Margin, which
is the net income before Income Tax of the financing taken by the Customers of PicPay Cards - Revolving and Installments.

 

Net financing margin = Financing income
(-) Funding costs (-) Expenses with allowance for doubtful accounts (-) Direct taxes

 

2.1. In the event that the net financing
margin shows a negative result, it shall be fully borne by Original, considering the exclusive credit risk of this institution.

 

2.2 Original shall send to PicPay, up to
the twelfth (12th) business day of the month following the base month, the amount of PicPay’s sales revenues. Payment shall
be made by Original within three (3) business days after receiving the Invoice issued by PicPay.

 

3. LATE PAYMENT. Amounts in delay
shall be subject to interest of one percent (1%) per month (on a pro rata basis) and adjustment for inflation by the IGP-M/FGV.

 

4. REIMBURSEMENT OF OPERATING EXPENSES.
Considering PicPay’s liability expenses paid by Original, which are described in the FIRST AMENDMENT TO THE PAYMENT ARRANGEMENT
PARTICIPATION AGREEMENT, the amount to be paid by PicPay as reimbursement shall be calculated MONTHLY by Original:

 

a) manufacturing, personalization and preparation
for shipping plastics;

 

b) shipping plastics.

 

4.1. Considering the equal sharing of INTERCHANGE
REVENUE - DEBIT on debit transactions carried out in the Mastercard Payment Arrangement - set out in item 1.b, the following operating
expenses shall also be divided equally:

 

a) processing of transactions and maintenance
of debit cards;

 

b) processing and use of the Mastercard
brand by debit cards.

 

4.2. The calculated amounts shall be sent
monthly to PicPay by the second (2nd) business day of the month following the base month, together with the respective Debit Note.

 

4.3. Payment shall be made by PicPay within
three (3) business days after receiving the Debit Note issued by Original.

 

4.4. Amounts in arrears shall be subject
to interest of one percent (1%) per month (on a pro rata basis) and adjustment for inflation by the IGP-M/FGV.

 

    14

     

    

 

5. ANNUAL CALCULATION OF INCOME FROM
SERVICES. The parties agree to share equally the Net Margin of SERVICES performed with PicPay Cards. To do so, annually, the
result shall be determined by Original and presented to PicPay. In the event that the Parties have received different amounts considering
all receipts and payments made during the year, the appropriate financial adjustments shall be made.

 

5.1. Original shall send to PicPay, by
the fifteenth (15th) business day of the month following the base year, the amount of PicPay’s sales revenues or to be reimbursed
to Original. The due financial adjustment shall be made within three (3) business days after the calculated amount is sent.

 

5.2. The Net Margin of Services is formed
by components of the result of PicPay Cards that are not characterized as financing (Revolving and Installment):

 

CREDIT CARD

 

a) (+) INTERCHANGE REVENUES

 

b) (-) DIRECT TAXES

 

c) (-) CREDIT CARD OPERATING EXPENSES,
including the costs of sending the card borne by the Bank (at the price of the Post Office (FAC-Correios) - as specified in the
FIRST AMENDMENT TO THE PAYMENT ARRANGEMENT PARTICIPATION AGREEMENT - “Amendment”) and not including those for the manufacture
and customization of plastic (which has a form of distribution specified in the same Amendment, and which already considers 50%
of its cost transferred to PicPay)

 

d) (-) PICPAY REMUNERATION EXPENSES (amounts
paid on the basis of active cards)

 

e) (-) INTERCHANGE REVENUE SHARING EXPENSES

 

DEBIT CARD

 

a) (+) INTERCHANGE REVENUES

 

b) (-) DIRECT TAXES

 

c) (-) OPERATING EXPENSES, except those
for manufacturing, customization and shipping the plastic (which has the form of distribution specified in the aforementioned Amendment)

 

d) (-) INTERCHANGE REVENUE SHARING EXPENSES

 

e) (+) REIMBURSEMENT OF OPERATING EXPENSES,
except those for manufacturing, customization and shipping of plastic.

 

6. PRICING. At any time, in mutual
agreement between the Parties, the prices of remuneration and/or the sharing of revenues and/or the sharing of operating expenses
may be revised and renegotiated.

 

Legal – Original

 

 

15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}]]