Document:

Exhibit

Exhibit 10.22

First AMENDMENT TO Schedule #1
 
This First Amendment (“Amendment”) to that certain Schedule #1 dated May 4, 2018 (“Schedule”), is made effective on October 23, 2018 (the “Amendment Effective Date”) between JPMORGAN CHASE BANK, NATIONAL ASSOCIATION (“JPMC”) and CARDLYTICS, INC. (“Supplier”).

NOW, THEREFORE, in consideration of the good and valuable consideration, mutual promises, covenants, representations and warranties, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties agree as follows:
1.[***].  As of the Amendment Effective Date, the following text shall be added as Section 3 (b)(xii) of the Schedule:
 
“(xii) To the extent the [***], or in connection with efforts by Supplier to [***], to create [***] to provide to such [***] or [***] where the [***]. For the avoidance of doubt, Supplier’s [***] will not [***].” 

2.[***].  As of the Amendment Effective Date, the following text shall be added as Section 3 (b)(xiii) of the Schedule:
 
“(xiii) To demonstrate the [***], including the [***], where the [***] and the like included in such [***].  For the avoidance of doubt, Supplier’s [***] will not [***].” 

3.[***].  As of the Amendment Effective Date, the following text shall be added as Section 3 (b)(xiv) of the Schedule:
 
“(xiv) To create [***] of Supplier in order to create [***], with a focus on [***], where the [***] and the like included in such [***] have [***].  For the avoidance of doubt, Supplier’s [***] will not [***].” 

4.[***]Prohibitions.  As of the Amendment Effective Date, the following text shall be added as Section 3 (q) of the Schedule:
 
“(q) [***] Prohibitions. Notwithstanding anything to the contrary, in no event may [***] be used in [***] without JPMC’s written consent other than those permitted by [***]. Such consent must include a specific reference to [***].  Further, in no event may [***] be used to [***].” 

5.Participating Advertiser Agreements.  As of the Amendment Effective Date, the following text shall be added as Section 3 (r) of the Schedule:
 
“(r) [***] Agreements. “Supplier will obtain an [***].” 

6.[***] Program.  As of the Amendment Effective Date, the following text shall be added as Section 3 (r) of the Schedule:
 
“(s) [***] Program. To the extent JPMC participates in any [***] program where [***], any [***] provided by JPMC [***] will be [***] and Supplier will not [***] in violation of this Schedule or the Agreement.” 

7.Quality Credits (For Select Accounts).  As of the Amendment Effective Date, Section E of Attachment 4 of the Schedule shall be deleted in its entirety and replaced with the following: 
 
“E. Quality Credits (for Select accounts).
		
	1.
	Generally. 

Certain information has been excluded from this agreement (indicated by “[***]”) because such information (i) is not material and (ii) would be competitively harmful if publicly disclosed.

Exhibit 10.22

		
	a.
	Supplier’s failure to meet certain Offer requirements outlined below will result in “Quality Credits” equal to the Vertical Diversity Credit (if any) plus the [***] Credit (if any) plus the [***] Credit (if any) plus the [***] Credit (if any). Supplier may elect to fund Offers to satisfy the requirements of any Quality Credits; provided that the amount of funding for such Offer(s) must equal at least [***] percent ([***]%) of JPMC Billings.   

		
	2.
	Category Diversity. 

		
	a.
	If in any calendar quarter Supplier fails to include [***] Offer providing Customers Reasonable Value from merchants representing [***] ([***]%) of the Qualifying Verticals, JPMC will receive a “Vertical Diversity Credit” equal to [***] ([***]%) of JPMC Billings for the next calendar quarter.   

		
	b.
	The “Merchant Category Chart” means the list of at least [***] merchants attached as Annex C which includes an indication of the merchant’s Vertical. The Merchant Category Chart may be amended by JPMC once [***] upon [***], provided that no more than [***] ([***]%) of the merchants are changed in connection with each amendment; provided, however, that if any merchant on Merchant Category Chart files for Bankruptcy, JPMC will change that merchant pursuant to this Section without having such change count against the above-stated merchant or time limitations.

		
	c.
	A merchant’s “Vertical” means the advertising cohorts designated by JPMC on the Merchant Category Chart in JPMC’s sole discretion after consultation with Supplier.  

		
	d.
	A “Qualifying Vertical” means at Launch the following Verticals: (i) [***]; (ii) [***]; (iii) [***]; (iv) [***]; and (v) [***]. The foregoing list may be amended by JPMC once [***] upon [***], provided that no more than one of the Verticals is changed during each amendment.

		
	3.
	[***]. 

		
	a.
	If in any calendar quarter Supplier fails to include [***] Offer providing Customers [***] from [***] different [***] Merchants, targeted to Customers based standard Supplier criteria, JPMC will receive a “[***] Credit” equal to [***] ([***]%) of JPMC Billings for the next calendar quarter. 

		
	b.
	In each calendar quarter, Supplier will work with a JPMC business team supporting a product type or series of payment devices designated by JPMC in its sole discretion to provide Offers targeted solely due to a Customer possessing one of a specified product types or series of payment devices.  If in any calendar quarter Supplier fails to include at least [***] so targeted providing Customers [***] from [***] of the [***] Merchants, JPMC will receive a [***] Credit equal to [***] ([***]%) of JPMC Billings for the next calendar quarter.  The designated JPMC business team may agree in writing that Offers from merchants other than [***] Merchants may satisfy the requirements of this Section. The forgoing [***] Credit will not be applicable for the first [***] after Launch. 

		
	c.
	“[***] Merchants” means those merchant listed on the chart attached as Annex D, as such chart may be amended by JPMC once [***] upon [***] notice, provided that no more than [***] percent ([***]%) of the merchants are changed during each amendment; provided, however, that if any merchant on Annex D files for Bankruptcy, JPMC will change that merchant pursuant to this Section without having such change count against the above-stated merchant or time limitations .  The Parties further agree that under no circumstances will there be less than [***] merchants on Annex D.

		
	d.
	“[***]” means: [***]

		
	4.
	[***].  

		
	a.
	If in any calendar quarter Supplier fails to include [***] Offer from [***] Merchants providing Customers [***] from [***] different [***] Merchants, JPMC will receive a “[***] Credit” equal to [***] ([***]%) of JPMC Billings for the next calendar quarter.  Notwithstanding the foregoing, JPMC shall not be entitled to a [***] Credit until [***] after JPMC includes [***] data in the Daily Feed.

		
	b.
	“[***] Merchants” means those merchants listed on the chart attached as Annex E, as such chart may be amended by JPMC once [***] upon [***] notice, provided that no more than [***] of the merchants are changed during each amendment.  The Parties further agree that under no circumstances will there be less than [***] merchants on Annex E.

		
	c.
	“[***]Value” means: [***]

		
	d.
	JPMC may designate [***] marketing campaigns for the next calendar year (each a “[***] Campaign”) and the Parties will agree on a list of at least [***] merchants which would fit the goals of each [***] Campaign (“[***] Merchants”).  [***] of the [***] Merchants for any applicable [***] Campaign will have previously provided Offers. No later than five (5) days after the execution of this Schedule, the Parties will commence discussions about upcoming [***] Campaigns. 

Certain information has been excluded from this agreement (indicated by “[***]”) because such information (i) is not material and (ii) would be competitively harmful if publicly disclosed.

Exhibit 10.22

		
	e.
	If during any [***] Campaign, Supplier fails to include [***] Offer providing Customers Reasonable Value from [***] different [***] Merchants, JPMC will receive a “[***] Credit” equal to [***] ([***]%) of JPMC Billings for [***].

		
	f.
	JPMC shall not be entitled to a [***] Credit, unless it has designated the applicable [***] Campaign and [***] Merchants at least [***] in advance. 

In the event that a merchant does not provider Offers in the applicable time period because JPMC failed to approve the Offer pursuant to Section 2(e)(ii) which complied with JPMC’s disclosure and template requirements, the Offer shall be considered to have been provided during the applicable time period for purposes of the above-stated calculations.” 

8.Defined Terms. All capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Schedule.

9.Ratification. Except to the extent expressly amended by this Amendment, all terms, provisions and conditions of the Schedule shall continue in full force and effect and the Schedule shall remain enforceable and binding in accordance with its terms, and the Parties hereby ratify and confirm the terms of the Schedule as modified by this Amendment.

10.Counterparts. This Amendment may be executed by the parties in separate counterparts, each of which shall be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.  Delivery of an executed counterpart of a signature page to this Amendment by facsimile or electronic mail (in .pdf or .tif format) shall be effective as delivery of a manually executed counterpart of this Amendment.

IN WITNESS WHEREOF, the undersigned have executed this Amendment effective as of the Amendment Effective Date.

	
					
	CARDLYTICS, INC.
	 
	 
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	/s/ David T. Evans
	Date: October 23, 2018
	 
	/s/ Michael Nagle
	Date: October 30, 2018

	David T. Evans
	 
	 
	Michael Nagle
	 

	Chief Financial Officer and Head of Corporate Development
	 
	Managing Director, Head of Customer Marketing, Experience & Retention

Certain information has been excluded from this agreement (indicated by “[***]”) because such information (i) is not material and (ii) would be competitively harmful if publicly disclosed.Exhibit
4.8 

 

FLEXSHOPPER,
INC.

 

Description
of the Securities Registered Pursuant to

Section 12 of the Securities Exchange Act of 1934

 

The
following description is a summary of the terms of our common stock, is qualified in its entirety by reference to our Restated
Certificate of Incorporation, as amended (“Certificate of Incorporation”) and Amended and Restated Bylaws (“Bylaws”),
each of which is incorporated by reference as an exhibit to this Annual Report on Form 10-K, and certain applicable provisions
of Delaware law.

 

Authorized
Capitalization

 

We
have 40,500,000 shares of capital stock authorized under our Certificate of Incorporation, consisting of 40,000,000 shares of
common stock, par value $0.0001 per share, and 500,000 shares of preferred stock, par value $0.001 per share, of which 250,000
shares of preferred stock have been designated as Series 1 Convertible Preferred Stock and 25,000 shares of preferred stock have
been designated as Series 2 Convertible Preferred Stock.

 

As
of February 28, 2020, we had 21,351,594 shares of common stock outstanding held of record by 131 stockholders, and 171,191 shares
of Series 1 Convertible Preferred Stock outstanding (currently convertible into 218,104 shares of common stock) and 21,952 shares
of Series 2 Convertible Preferred Stock outstanding (currently convertible into 5,679,615 shares of common stock).

 

Common
Stock

 

Holders
of our common stock are entitled to such dividends as may be declared by our board of directors out of funds legally available
for such purpose. The shares of common stock are neither redeemable nor convertible. Holders of common stock have no preemptive
or subscription rights to purchase any of our securities.

 

Each
holder of our common stock is entitled to one vote for each such share outstanding in the holder’s name. No holder of common
stock is entitled to cumulate votes in voting for directors.

 

In
the event of our liquidation, dissolution or winding up, the holders of our common stock are entitled to receive pro rata our
assets, which are legally available for distribution, after payments of all debts and other liabilities. All of the outstanding
shares of our common stock are fully paid and non-assessable. The shares of common stock offered by this prospectus will also
be fully paid and non-assessable.

 

Our
shares of common stock are traded on The Nasdaq Capital Market under the symbol “FPAY.”

 

     

     

    

 

Blank
Check Preferred Stock

 

Our
board of directors has the authority, without further action by the stockholders, to issue up to 500,000 shares of preferred stock
from time to time in one or more series, including the Series 1 Convertible Preferred Stock and Series 2 Convertible Preferred
Stock described below. The board of directors also has the authority to fix the designations, voting powers, preferences, privileges
and relative rights and the limitations of any series of preferred stock, including dividend rights, conversion rights, voting
rights, terms of redemption and liquidation preferences, any or all of which may be greater than the rights of the common stock.
The board of directors, without stockholder approval, can issue preferred stock with voting, conversion or other rights that could
adversely affect the voting power and other rights of the holders of common stock. Preferred stock could thus be issued quickly
with terms that could delay or prevent a change of control of us or make removal of management more difficult. Additionally, the
issuance of preferred stock may decrease the market price of the common stock and may adversely affect the voting, economic and
other rights of the holders of common stock.

 

Anti-Takeover
Effects of Certain Provisions of Delaware Law and Our Charter Documents

 

The
following is a summary of certain provisions of Delaware law, our Certificate of Incorporation and our Bylaws. This summary does
not purport to be complete and is qualified in its entirety by reference to the corporate law of Delaware and our Certificate
of Incorporation and Bylaws.

 

Effect
of Delaware Anti-Takeover Statute. We are subject to Section 203 of the Delaware General Corporation Law, an anti-takeover
law. In general, Section 203 prohibits a Delaware corporation from engaging in any business combination (as defined below) with
any interested stockholder (as defined below) for a period of three years following the date that the stockholder became an interested
stockholder, unless:

 

		●	prior
                                         to that date, the board of directors of the corporation approved either the business
                                         combination or the transaction that resulted in the stockholder becoming an interested
                                         stockholder;

 

		●	upon
                                         consummation of the transaction that resulted in the stockholder becoming an interested
                                         stockholder, the interested stockholder owned at least 85% of the voting stock of the
                                         corporation outstanding at the time the transaction commenced, excluding for purposes
                                         of determining the number of shares of voting stock outstanding (but not the voting stock
                                         owned by the interested stockholder) those shares owned by persons who are directors
                                         and officers and by excluding employee stock plans in which employee participants do
                                         not have the right to determine whether shares held subject to the plan will be tendered
                                         in a tender or exchange offer; or

 

		●	on
                                         or subsequent to that date, the business combination is approved by the board of directors
                                         of the corporation and authorized at an annual or special meeting of stockholders, and
                                         not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding
                                         voting stock that is not owned by the interested stockholder.

 

    2

     

    

 

Section
203 defines “business combination” to include the following:

 

		●	any
                                         merger or consolidation involving the corporation and the interested stockholder;

 

		●	any
                                         sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation
                                         involving the interested stockholder;

 

		●	subject
                                         to certain exceptions, any transaction that results in the issuance or transfer by the
                                         corporation of any stock of the corporation to the interested stockholder;

 

		●	subject
                                         to limited exceptions, any transaction involving the corporation that has the effect
                                         of increasing the proportionate share of the stock of any class or series of the corporation
                                         beneficially owned by the interested stockholder; or

 

		●	the
                                         receipt by the interested stockholder of the benefit of any loans, advances, guarantees,
                                         pledges or other financial benefits provided by or through the corporation.

 

In
general, Section 203 defines an interested stockholder as any entity or person beneficially owning 15% or more of the outstanding
voting stock of the corporation, or who beneficially owns 15% or more of the outstanding voting stock of the corporation at any
time within a three-year period immediately prior to the date of determining whether such person is an interested stockholder,
and any entity or person affiliated with or controlling or controlled by any of these entities or persons.

 

Our
Charter Documents. Our charter documents include provisions that may have the effect of discouraging, delaying or preventing
a change in control or an unsolicited acquisition proposal that a stockholder might consider favorable, including a proposal that
might result in the payment of a premium over the market price for the shares held by our stockholders. Certain of these provisions
are summarized in the following paragraphs.

 

Effects
of Authorized but Unissued Common Stock. One of the effects of the existence of authorized but unissued common stock may be
to enable our board of directors to make more difficult or to discourage an attempt to obtain control of our company by means
of a merger, tender offer, proxy contest or otherwise, and thereby to protect the continuity of management. If, in the due exercise
of its fiduciary obligations, the board of directors were to determine that a takeover proposal was not in our best interest,
such shares could be issued by the board of directors without stockholder approval in one or more transactions that might prevent
or render more difficult or costly the completion of the takeover transaction by diluting the voting or other rights of the proposed
acquirer or insurgent stockholder group, by putting a substantial voting block in institutional or other hands that might undertake
to support the position of the incumbent board of directors, by effecting an acquisition that might complicate or preclude the
takeover, or otherwise.

 

Cumulative
Voting. Our Certificate of Incorporation does not provide for cumulative voting in the election of directors, which would
allow holders of less than a majority of the stock to elect some directors.

 

Vacancies.
Our Bylaws provide that all vacancies may be filled by the affirmative vote of a majority of directors then in office, even
if less than a quorum.

 

Special
Meeting of Stockholders. Our Bylaws provide that special meetings of our stockholders may be called by the chairman of the
board of directors, the chief executive officer, or the president (in the absence of the chief executive officer) or by resolution
of the board of directors or by the secretary at the request in writing of stockholders owning a majority of the voting power
of the outstanding voting stock.

 

Requirements
for Advance Notification of Stockholder Nominations and Proposals. Our Bylaws establish advance notice procedures with respect
to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the
direction of our board of directors or a committee thereof.

 

Amendment
of Bylaws. Our directors are expressly authorized to amend our Bylaws.

 

 

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