Document:

EX-10.5

 Exhibit 10.5 

CONFIDENTIAL TREATMENT REQUESTED 

INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN 

REQUESTED IS OMITTED AND NOTED WITH “*****”. 

AN UNREDACTED VERSION OF THIS DOCUMENT HAS ALSO BEEN PROVIDED 

TO THE SECURITIES AND EXCHANGE COMMISSION. 

AMENDED AND RESTATED 

MERCHANT FINANCIAL SERVICES AGREEMENT 

BY AND BETWEEN 
 WELLS
FARGO BANK, N.A., 
 and 

Mercury Payment Systems, LLC 

Effective as of September 13, 2011 

 AMENDED AND RESTATED 

MERCHANT FINANCIAL SERVICES AGREEMENT 

This Amended and Restated Merchant Financial Services Agreement, made and entered into on this 14th day of February 2014 and made effective as
of September 13, 2011 (this “Agreement”), is by and between WELLS FARGO BANK, N.A., a national banking association (“WFB” or “Wells Fargo”), and Mercury Payment Systems, LLC (“Company”), and amends
and restates in its entirety the Merchant Financial Services Agreement, dated September 13, 2011, by and between WFB and Company. 

ARTICLE 1 

DEFINITIONS 
 The following terms shall
have the meanings specified below when used in this Agreement. Certain other capitalized terms are defined elsewhere in this Agreement in the context of the provisions in which they are used. 

 

	1.1	“BIN” means the Bank Identification Number issued by Visa, and the Acquirer ID (as defined in the Discover Operating Regulations for Acquirers) issued by Discover, to WFB and dedicated to Company for
its exclusive use. 

  

	1.2	“Business Day” shall mean a calendar day on which Wells Fargo is open for business. 

  

	1.3	“Card” shall mean a credit or debit card issued by MasterCard, Visa, or Discover Network. 

  

	1.4	“Chargeback Reserve” shall have the meaning ascribed at Section 5.11. 

  

	1.5	“Contracted Parties” means Persons (1) with whom the Company elects to do business in connection with providing Transaction Card Services pursuant this Agreement, (2) that are required to be
registered with Visa USA and/or MasterCard in any capacity, and (3) whom Wells Fargo approves, which approval shall not be unreasonably delayed or withheld. Contracted Parties, in the case of Company, shall include, without limitation, any
independent sales organizations (ISOs) or member service providers (MSP) with whom Company contracts relative to the Transaction Card Services being provided pursuant to this Agreement. Company acknowledges that it is responsible for all actions of
such Persons in relation to the provision of Transaction Card Services and their compliance with this Agreement. Notwithstanding any other agreement to the contrary, Company hereby agrees that it shall at all times be responsible for any actions and
omissions of such Contracted Parties in connection with the Transaction Card Services and shall indemnify WFB pursuant to Article 9 for any liability created by such Contracted Parties in connection with the Transaction Card Services.

  

	1.6	“Credit Policy” means the policy agreed upon between the parties pursuant to Section 5.3. 

  
 2 

	1.7	“Effective Date” shall mean the date of this Agreement. 

  

	1.8	“Fraud Prevention Program” shall mean the program required under Section 5.4. 

  

	1.9	“ICA” means the Interbank Card Association number issued by MasterCard to WFB and dedicated to Company for its exclusive use. 

 

	1.10	“Interchange” means the contracts, agreements, rules, regulations and procedures governing the relationships between, or the actions in accordance with the contracts, agreements, rules, regulations or
procedures by, any two or more Persons in connection with the Interchange Settlement. 

  

	1.11	“ISO” means an independent sales organization, which is any MSP that provides services in respect of a merchant acquiring program, other than transaction processing, to a Payment Company Customer in
furtherance of the Payment Company Customer’s merchant acquiring program that is required to be registered with MasterCard or Visa. By way of example and not limitation, such services include merchant solicitation of and customer service.

  

	1.12	“Losses” has the meaning ascribed thereto in Section 9.1 (Indemnification). 

  

	1.13	“Merchant” shall mean a merchant (as defined and used in the Payment Company Rules) who receives Transaction Card Services from Company pursuant to a Merchant Agreement and whose Card transactions will
be processed via the ICAs and/or BINs. 

  

	1.14	“Merchant Agreement” shall mean the contract between WFB, Company and a Merchant for the provision of the Transaction Card Services. 

 

	1.15	“MSP” means: (i) a member service provider that is not a Payment Company Customer and that provides ISO or Third Party Processor services, or both, to a Payment Company Customer (MasterCard and
Visa Bylaws and Rules manual) and that is registered with MasterCard as an MSP to provide such services; and (ii) any entity (including a Payment Company Customer) that is required by MasterCard or Visa, at MasterCard’s or Visa’s sole
discretion, to register as an MSP with MasterCard or Visa, and that is so registered. 

  

	1.16	“Operating Account” has the meaning ascribed thereto in Section 5.7. 

  

	1.17	“Payment Company” shall mean MasterCard, Visa, Discover and, upon mutual agreement of the parties, such other agreed upon associations having proprietary rights to and clearing and oversight
responsibilities with respect to any credit card used to effect transactions processed hereunder (including both “Card Not Present” and “Card Present” transactions). 

 

	1.18	“Payment Company Customer” shall mean an entity that: (a) is authorized to participate in Visa USA, Mastercard, Discover and such other Payment Companies as may be mutually agreed upon by the
parties; (b) whose authority to participate in Visa USA, Mastercard, Discover and any other Payment Company is not dependent on sponsorship by or from another entity; and (c) is authorized to sponsor other entities to participate in Visa
USA, Mastercard, Discover and such other Payment Companies as may be mutually agreed upon by the parties. 

  
 3 

	1.19	“Payment Company Rules” shall mean the bylaws, operating rules, regulations, orders and interpretations issued by the respective Payment Company applicable to the performance of Transaction Card
Services and related matters, as amended from time to time by the respective Payment Company. 

  

	1.20	“Person” shall mean an association, a corporation, an individual, a partnership, a trust or any other entity or organization. 

 

	1.21	“Service Provider” shall mean any Person that provides services to Company in connection with the Transaction Card Services or Merchant accounts. 

 

	1.22	“Settlement” means the process of exchanging financial data and value resulting from sales transactions, cash disbursements, pre-funded card transactions, or merchandise credits associated with amounts
owed to Merchants for their Transactions less applicable merchant discounts, chargebacks or fees on a monthly or daily basis. 

  

	1.23	“Third Party Processor” means an MSP that provides services in respect of a merchant acquiring program, including transaction processing, to a Payment Company Customer in furtherance of the Payment
Company Customer’s merchant acquiring program. By way of example and not limitation, such services include merchant solicitation of, and customer service for such merchant acquiring program. 

 

	1.24	“Transaction” means the purchase by a cardholder of goods or services from a Merchant or a refund from a Merchant to a cardholder by use of a Card. 

 

	1.25	“Transaction Card Services” shall mean those services described in Section 5.1 (Transaction Card Services). 

ARTICLE 2 

REPRESENTATIONS AND WARRANTIES 
 WFB and
Company each hereby represents and warrants as follows, as pertains to itself: 
 2.1 Corporate Organization, Good Standing. WFB is a national
banking association duly organized, validly existing and in good standing under the laws of the US. WFB has the requisite corporate power and authority to own all of its properties and assets and to carry on its business as it is now being
conducted. Company is a limited liability company validly existing and in good standing under the laws of the State of Delaware and has the corporate power and authority to own all of its properties and assets and to carry on its business as it is
now being conducted. 

  
 4 

 2.2 Payment Companies. WFB is and, during the term of this Agreement will, remain a Payment Company
Customer in good standing of MasterCard, Visa, Discover and any other applicable Payment Companies. 
 2.3 Authorization. The execution and delivery
by each party of this Agreement and the consummation and performance by such party of the transactions contemplated hereby have been duly authorized by all necessary corporate action in compliance with applicable law. 

2.4 Non-Contravention. The execution and delivery of this Agreement by such party does not and the consummation and performance by both WFB and Company
of the transactions contemplated hereby will not: 
  

	 	2.4.1	violate any provision of the charter documents or bylaws of such party; 

  

	 	2.4.2	violate or conflict with any other restriction of any kind or character to which such party is subject or by which any of its assets may be bound; 

 

	 	2.4.3	require the consent of or notice to any non-governmental party. 

 2.5 Governmental Consents, Etc. Except
for the sponsorship of Company pursuant to Section 6.1, no consent, authorization, order or approval of, or filing or registration with, any governmental commission, board, Payment Company or other regulatory body is required for or in
connection with the execution and delivery of this Agreement by such party and the consummation by such party of the transactions contemplated hereby. 
 2.6
Litigation. There is no claim, action, suit or proceeding pending, or to the knowledge of the applicable party, contemplated or threatened, against such party or any of its properties which relates to or affects the transactions contemplated
by this Agreement in a material adverse manner; nor is there any judgment, decree, injunction, ruling or order of any court, government or any other Person outstanding against such party which relates to or affects the Transaction Card Services, or
would result in a material adverse change for such party; and such party is not a party to or bound by any judgment, decree, injunction, ruling or order of any court, governmental department, agency or any other Person outstanding against such party
having any such effect. 
 ARTICLE 3 

CONFIDENTIALITY 
 3.1. Definition of
Confidential Information. “Confidential Information” will mean and include “Customer/Consumer Information” (as defined below) and “Proprietary and Other Confidential Information” (as defined below): 

3.1.1 Customer/Consumer Information. Any and all information or data, provided by, through, or on behalf of any party or any of its
affiliates (“Disclosing Party”) to another party (“Receiving Party”) and any of its officers, employees, agents, representatives, sub-contractors or any other individual doing work for such party (collectively “Receiving

  
 5 

 
Party Personnel”), about or relating to any customer or prospective or former customer of Disclosing Party (including but not limited to whether an individual, business entity, governmental
unit, or otherwise), or any consumer of Disclosing Party, including (without limitation) any and all nonpublic personal information of Disclosing Party made available to Receiving Party Personnel (a) on Disclosing Party’s consumers or
customers (within the meaning of Title V of the Gramm-Leach-Bliley Act and its implementing regulations) and (b) with respect to any information subject to Section 628 of the Fair Credit Reporting Act and any regulations or guidelines
adopted thereunder. 
 3.1.2 Proprietary and Other Confidential Information. Proprietary and Other Confidential Information shall
include any and all confidential business, technical or data processing information, trade secret or other proprietary information acquired by Receiving Party Personnel in the course of carrying out the tasks hereunder or as a result of access to
the premises of Disclosing Party, whether or not conceived of or prepared by Receiving Party whether or not reduced to writing, and whether or not in human readable or machine readable form (including, without limitation, any information concerning
the Disclosing Party’s data processing concepts, techniques, or procedures, software in various stages of development, discoveries, ideas, inventions, operations, data, designs, drawings, diagrams, specifications, documentation, research,
know-how, compilations of information, records, costs, purchasing data, financial data, accounting, marketing and development plans, proposals, market research, marketing techniques and plans or requests for proposals for future Services, sales,
pricing, profits, business plans or procedures, Disclosing Party’s Merchants, sales representatives, or independent sales organizations, which the parties acknowledge belongs to Company, data, employee information and other information not
generally known to non-Disclosing Party personnel). Proprietary and Other Confidential Information also includes any and all information described above which Disclosing Party obtains from another party and treats as proprietary or designates as
Confidential Information, whether or not owned or developed by Disclosing Party. 
 3.1.3 Exclusions. Proprietary and Other
Confidential Information (but not Customer/Consumer Information) will not include information that is: (1) already known by the Receiving Party without an obligation of confidentiality other than under this Agreement; (2) publicly known or
becomes publicly known through no unauthorized act of the Receiving Party; (3) independently developed by the Receiving Party without use of the Disclosing Party’s confidential information; or (4) approved by the Disclosing Party for
disclosure. In any Dispute with respect to these exclusions, the burden of proof will be on the Receiving Party to show that the exclusion applies. 
  

	3.2	General Obligations Regarding Confidential Information. 

 3.2.1 Receiving Party
acknowledges that, in the course of its relationship with Disclosing Party, Receiving Party Personnel will acquire or have access to Confidential Information of various kinds respecting Disclosing Party, its business and its customers as well as the
businesses and customers. Receiving Party acknowledges that all information disclosed by Disclosing Party to Receiving Party Personnel for the purposes 

  
 6 

 
of performing services hereunder, or which comes to the attention of Receiving Party Personnel during the course of such performance of services, is confidential in nature, constitutes a valuable
asset of Disclosing Party, is proprietary to Disclosing Party, and is properly the subject of protection. Receiving Party warrants that it will take all steps necessary (including without limitation, at minimum, such measures as Receiving Party
takes to safeguard its own confidential information) to ensure the security and confidentiality of all Confidential Information, to protect against anticipated threats or hazards to the security or integrity of such Confidential Information and to
protect against unauthorized access to or use of such Confidential Information, including but not limited to the proper disposal of such information. 

3.2.2 Receiving Party also acknowledges that Disclosing Party may have a responsibility to its customers and the customers of its affiliates to
keep Customer/Consumer Information strictly confidential and proprietary. Receiving Party further acknowledges that Disclosing Party may have proprietary or Confidential Information of third parties that they may rightfully use in the course of
their businesses. Receiving Party further agrees that Receiving Party will disclose Confidential Information to only those Receiving Party Personnel that need to know such Confidential Information solely for the purpose of carrying out the
performance of specific terms of this Agreement, and, in such case, if the Receiving Party Personnel is an agent or contractor such Receiving Party Personnel must be bound by similar obligations of confidentiality as those set forth in this
Confidential Information provision. 
 3.2.3 Receiving Party agrees that neither it nor any Receiving Party Personnel will, during the term
of this Agreement or thereafter, without the prior written consent of Disclosing Party, use, disclose or otherwise make available to any person or entity (except as required in performing Receiving Party’s services or other obligations under
this Agreement) any Confidential Information of Disclosing Party. Receiving Party further agrees that it will instruct Receiving Party Personnel not to, sell, lease, assign, transfer, copy or reveal any Confidential Information obtained while
performing services for Disclosing Party or any products or services that embody, in whole or in part, any of such Confidential Information without the prior written consent of Disclosing Party. Further, Receiving Party agrees that it and any
receiving Party Personnel will not use any such Customer/Consumer Information other than to carry out the purposes for which it was disclosed by the Disclosing Party’s customer (or customer’s affiliate) unless such other use is
(a) expressly permitted by a written agreement executed by customer or its affiliate, or (b) required by law or legal process; and except as may be reasonably necessary in the ordinary course of business to carry out the activities to be
performed by Receiving Party under this Agreement or as may be required by law or legal process, it will not disclose any such Customer/Consumer Information to any third party other than affiliates of Receiving Party or the Disclosing Party’s
customer. 
 3.3 Injunctive Relief. It is agreed that the unauthorized disclosure or use of any Confidential Information may cause immediate or
irreparable injury to the Disclosing Party or its customers, and that the Disclosing Party or its customers may not be adequately compensated for such injury in monetary damages. The Receiving Party therefore acknowledges and agrees that, in

  
 7 

 
such event, the Disclosing Party or its customers shall be entitled to any temporary or permanent injunctive relief necessary to prevent such unauthorized disclosure or use, or threat of
disclosure or use, without the obligation to post any bond or other security measure to secure such relief. This provision with respect to injunctive relief will not, however, diminish the Disclosing Party’s right to claim and recover damages.

 3.4 Legal Proceedings. In the event that a subpoena or other legal process, in any way concerning information disclosed by the Disclosing Party to
the Receiving Party, is served upon the Receiving Party, the Receiving Party agrees, to the extent permissible by law, that it will notify the Disclosing Party immediately upon receipt of such subpoena or other legal process and will cooperate with
the Disclosing Party, at the Disclosing Party’s expense, in any lawful effort by the Disclosing Party to contest the legal validity of such subpoena or other legal process. 

3.5 Security Breach. In the event of any actual or suspected security breach (including but not limited to, for example, physical trespass on a secure
facility, computing systems intrusion/hacking, loss/theft of a PC (laptop or desktop), loss/theft of printed materials, etc.) either party suffers or learns of with regard to Merchant or any other third party provider, that either compromises or
could compromise Merchant Data, Transaction data, or the other party’s data or Confidential Information, including without limitation, customer or consumer data (collectively, a “Security Breach”), the breached party will immediately
notify the other party and will immediately coordinate with the other party’s security personnel to investigate and remedy the Security Breach. Notice to WFB shall be made by calling 800-947-4915. Except as may be strictly required by
applicable law, each party agrees to use commercially reasonable efforts to notify the other party prior to or contemporaneous with informing any third party of a Security Breach. WFB and Company agree to make reasonable efforts to consult with the
other party regarding the content of notifications and disclosure to third parties of a Security Breach so as to minimize any potential adverse impact upon Company, WFB and their respective customers. In the event of a Security Breach of the
processing platform or other systems operated by Company that contain or transmit data or information related to the Transaction Card Services (“Company’s System”), WFB shall have the right to immediately suspend accepting all
Transactions and data from Company’s System to the extent necessary to investigate the severity of the problem, devise a remedy or otherwise secure the data; provided, that (i) such Security Breach presents an actual or probable
ongoing compromise to the Transactions, and (ii) WFB shall use commercially reasonable best efforts to limit such suspension in a manner that minimizes the impact to Company while still accomplishing the goal of mitigating risk associated with
such Security Breach, and shall re-institute accepting Transactions and data at the earliest possible time. Each party shall indemnify and hold harmless the other party from any and all third party claims, of whatever type and nature, that arise to
the extent of the breached party’s failure to comply with the provisions of this Section 3.5. 
 ARTICLE 4 

ADDITIONAL COVENANTS AND AGREEMENTS 
 4.1
Publicity. Except as otherwise provided in this Agreement, all proposed advertising, sale promotion, and other publicity material, including client lists, advertisements and press releases or news or other releases, in which the name,
likeness, or logo of the other party or the name, 

  
 8 

 
likeness, or logo of any affiliate of the other party is mentioned or language is used from which the other party’s name or affiliate’s name may be inferred or implied
(“Identity”) shall not be published or used by the other party without the prior written approval of an Executive Vice President or higher officer of the other party. In addition, prior written approval for any news releases including the
Identity of a party shall also be obtained from the other party’s Corporate Communications Department. All advertising, sale promotion and other publicity material, including press releases shall be submitted via the internet in electronic
form, each party shall review said materials and approve or deny approval of the same within ten (10) Business Days via email. 
 4.2 Financial
Information to be Furnished to WFB. Company shall supply to WFB financial or other information regarding the Transaction Card Services which is needed, in the reasonable judgment of WFB, to permit the compliance with any regulator, taxing
authority or tax reporting requirements, or Payment Company requirements. 
 4.3 Registration. Neither party shall be bound by this Agreement unless
and until Company is registered under Payment Company Rules and regulations as provided in Section 6.1; provided however that if Company fails to become so registered due in no part to any action or omission by WFB, Company shall owe to WFB ,
as liquidated damages (and not as a penalty), the Set-up Fee identified on Schedule 7.1, which the parties recognize is a reasonable estimation of the damages attributable to such failure. 

4.4 Audit & Inspections. Company shall permit WFB, MasterCard, Visa, or any regulatory authority having jurisdiction over WFB, or the
authorized representatives of such parties, to: (i) perform a financial, procedural, compliance, security or operational audit required by applicable Payment Company Rules or such authority or by WFB requirements including those listed in the
Audit and Inspection plan which has been provided by WFB to Company (an “Audit”) of the electronic data processing environment, records or documents maintained by Company or its service providers to provide the Transaction Card
Services (including Merchant Agreements and files); and (ii) inspect any business location of Company in order to ensure full compliance with provisions of this Agreement, all applicable Payment Company regulations, regulatory requirements and
WFB requirements. In connection with any Audit and inspection: (a) Company may reasonably require that the party performing the Audit (other than WFB) execute a confidentiality agreement with respect to any confidential or proprietary
information which may be provided; (b) except with respect to an Audit that is required solely by WFB, Company shall reimburse WFB all reasonable WFB expenses incurred and time dedicated in connection with an Audit, as further described in
Section 7.1: and (c) Company shall reimburse WFB for any amounts WFB is required to pay the Payment Company or the regulatory authority in connection with an inspection relating to this Agreement. Company shall allow any such auditors
reasonable access during normal business hours to the records, procedures and facilities of Company, and/or its Merchants, suppliers, or Service Providers related to this Agreement. Company shall reasonably cooperate with any such auditors or
representatives in the conduct of any Audits, including giving them access to officers and independent auditors of Company for discussion of any Audit. 

  
 9 

 ARTICLE 5 

COMPANY RESPONSIBILITIES 
 5.1
Transaction Card Services. The Company will arrange for the funding of receivables of Merchant and will provide the following merchant services (collectively, the “Transaction Card Services”): 

 

	 	5.1.1	Enter into Merchant Agreements (in accordance with Section 5.2 below) on behalf of WFB and Company, and obtain from each Merchant such documentation as is required by the applicable Merchant Agreement, evaluate
such prospective new Merchants as to the level of risk they might pose, negotiate the Merchant Agreement, and process Merchant’s Transactions; 

  

	 	5.1.2	Provide all services necessary to authorize, data capture, process, settle and reconcile transactions effected by Merchants with holders of applicable Payment Company-branded credit and debit cards; 

 

	 	5.1.3	Set up new Merchants and provide ongoing maintenance of Merchant accounts; 

  

	 	5.1.4	Monitor daily loss prevention of the serviced accounts, according to a Fraud Prevention Program; 

  

	 	5.1.5	Provide all communication to and from Merchants in furtherance of the services contemplated in this Agreement; 

  

	 	5.1.6	Report all Merchant account activity contemplated under this Agreement pursuant to a mutually agreed upon Monthly Scorecard (including, but not limited to processing, chargebacks, and credits on an individual Merchant
and aggregate basis); 

  

	 	5.1.7	Provide detailed reporting, the form and substance of which shall be subject to WFB’s approval, which approval shall not be unreasonably withheld, that allows WFB to ensure accurate and timely reconciliation
according to WFB’s financial monitoring and controls policies. 

  

	 	5.1.8	Provide any other mutually agreed upon reporting; and 

  

	 	5.1.9	Underwrite Merchants pursuant to the agreed upon Credit Policy as described in Section 5.3. 

  

	5.2	Negotiation of Contract Terms; Decisions To Establish, Modify or Terminate Relationships. 

  

	 	5.2.1	 As between WFB and Company, Company shall have the authority to negotiate with each Merchant to establish or renew any Merchant Agreement, provided
(i) that the acceptance or continuation of such Merchant (and the terms of the Merchant Agreement) are consistent with the standards in the Credit Policy and 

  
 10 

	 	
(ii) that WFB has approved the base standard form Merchant Agreement presented to the Merchants or any changes thereto. WFB’s approval of proposed changes to the form of Merchant Agreement
shall be communicated in a timely manner and shall not be unreasonably withheld. Without limiting the foregoing, Company agrees that Merchant Agreements shall include the WFB disclosure page, which is attached as Schedule 5.2.1 hereto. WFB will
advise Company as to any changes to the form of Merchant Agreement required by a Payment Company, and Company shall timely effect all such changes. 

  

	 	5.2.2	If Company wishes to enter into a Merchant Agreement and such Merchant cannot be accepted in accordance with the Credit Policy, Company may present its proposal for acceptance of such Merchant to WFB for its review and
WFB may, in its sole discretion, approve the acceptance of such Merchant. WFB agrees to make such acceptance determination within six (6) Business Days via email. 

 

	 	5.2.3	Company is prohibited from entering a Merchant Agreement with any business associated with the business types listed as Unqualified Merchants, as described in the Credit Policy, without the consent of WFB.

  

	 	5.2.4	WFB has the right to reject or terminate a Merchant Agreement at any time based on WFB’s determination of possible fraud or credit risk. Unless WFB is otherwise compelled to terminate a Merchant Agreement on
shorter notice under law, Payment Network rules or requirements, or pursuant to a regulatory directive, WFB shall provide Company with twenty-four (24) hour prior written notice of termination of any Merchant Agreement. 

 

	 	5.2.5	Agreements with Contracted Parties. Company hereby agrees that it shall include in its agreement with any Contracted Parties applicable terms, appropriate to the relationship between Company and such Contracted
Party, that are substantially similar to the terms included in Article 5.2.1, 5.2.2, 5.2.3, 5.2.4, 5.2.6, 5.2.7, 5.3, 5.4, 5.8 (i.e., that WFB is not responsible for Chargeback Losses), 5.9, and 5.10 (i.e., that Company and such Contracted Party
will maintain records in accordance with the Rules), along with all requirements set forth in the Payment Company Rules. Company further agrees that, relative to these terms, it shall ensure that the obligations of Merchants flow directly to WFB as
the acquiring bank as required by the Payment Company Rules. In situations where the obligations of the Merchants more naturally flow to Company, Company shall ensure that its obligations to WFB under this Agreement continue to be satisfied such
that the obligations flowing from the Contracted Parties to Company then flow from Company to WFB. As between WFB and Company, Company shall have the authority to negotiate with each Contracted Party to establish or renew any Contracted Party
Agreement, provided (i) that the acceptance or continuation of such Contracted Party (and the terms of the Contracted Party Agreement) is consistent with the standards in the Credit Policy and (ii) that WFB has approved the base standard
form Contracted Party Agreement presented to the Contracted Parties or any changes thereto. WFB will advise Company as to any changes to the form of Contracted Party Agreement required by WFB or a Payment Company, and Company shall timely effect all
such changes. 

  
 11 

	 	5.2.6	Contracted Parties Checklist. Prior to entering into any agreement with any Contracted Party (ISO, MSP, or otherwise) as a Contracted Party under this Agreement, Company shall complete the ISO Checklist, which
has been provided by WFB to Company, and obtain WFB’s approval thereon. WFB shall provide its approval or rationale for any non-approval within ten (10) Business Days of WFB’s receipt of a completed ISO package. 

 

	 	5.2.7	Contracted Parties Compliance. During the term of this Agreement and any renewal thereof, Company shall be responsible for ensuring that its Contracted Parties use WFB’s marks only as pre-approved by Wells
Fargo and only as necessary to disclose sponsorship of the Contracted Parties by WFB as required by the Payment Company Rules. Company also shall be responsible for ensuring that its Contracted Parties comply with the Wells Fargo Mark Usage
Guidelines, which have been provided by WFB to Company (the “Guidelines”). Failure of Company to manage its Contracted Parties (as evidenced by non-compliance with the Guidelines) shall result in the fines being assessed against
Company as described in Schedule 7.1. 

 The cure period for non-compliance violations of the Guidelines shall be as provided
in the notification of the violation provided to Company, and shall be reasonable based upon the severity of the infraction. Such non-compliance fines will be calculated on a Contracted Party by Contracted Party basis; provided,
however, that in the event the same violation occurs at more than ***** Contracted Parties in any ***** month period, the fines for such violation will thereafter be cumulative between all Contracted Parties of Company with respect to that
particular violation (thus, for example, a violation by “Contracted Party A” followed by the same violation by “Contracted Party B” will be considered a First Violation and Second Violation respectively. 

In the event that a Contracted Party experiences more than ***** violations in a ***** month period, then WFB may require Company to terminate
such Contracted Party; provided, however, that unless WFB is being compelled otherwise by law, a Payment Company or another regulatory authority, WFB shall give Company notice at least thirty (30) days in advance of the date on
which Company shall be required to terminate such Contracted Party. 
  

	5.3	Governing Credit Policy. 

  

	 	5.3.1	Adoption of Credit Policy. WFB and Company hereby agree to adopt the Credit Policy, which may be provided by WFB to Company from time to time, which governs the acceptance, continuance and termination of
Merchants, subject to WFB’s rights under Sections 5.2.2, 5.2.3 and 5.2.4. 

 ***** Information for which confidential
treatment has been requested is omitted from this page and has been provided separately to the Securities and Exchange Commission. 

  
 12 

	 	5.3.2	Revisions by WFB. At any time following adoption of the Credit Policy, WFB may advise Company as to revisions to the Credit Policy that WFB requires, and Company agrees to make such revisions. This Agreement may
be terminated in accordance with Section 8.2.4 if Company fails to amend or replace the Credit Policy to WFB’s satisfaction. 

  

	 	5.3.3	Revisions By Company. Company may advise WFB as to revisions to the Credit Policy that Company may propose, and only upon the written agreement of WFB, may the Credit Policy be amended or replaced.

  

	5.4.	Fraud Prevention Program. WFB and Company hereby agree to adopt the Fraud Prevention Program, which may be provided by Company to WFB from time to time, and governs the acceptance, continuance and termination of
Merchants, subject to WFB’s rights under Sections 5.2.2, 5.2.3, 5.2.4. At any time, WFB may advise Company as to revisions to the Fraud Prevention Program that it requires. This Agreement may be terminated in accordance with Section 8.2.4
if Company fails to amend or replace the Fraud Prevention Program to WFB’s satisfaction. Company may advise WFB as to material revisions to the Fraud Prevention Program that it requires, and upon the written agreement of WFB, the Fraud
Prevention Program may be amended or replaced. The Fraud Protection Program agreed upon between the parties pursuant to this Section 5.4 will herein be called the “Fraud Protection Program”. 

 

	5.5	Performance by Company. As between WFB and Company, Company shall have full responsibility from and after the Effective Date and during the term of this Agreement for the proper performance of the Transaction
Card Services under each Merchant Agreement (whether entered into directly by Company or through a Contracted Party); for the avoidance of doubt, this provision is not intended and does not relieve WFB of its responsibilities and obligations under
this Agreement or any breach thereof. 

  

	5.6	Merchant Complaints or Inquiries, Payment Company Communications, Adjustments or Errors. 

  

	 	5.6.1	Merchant Inquiries or Complaints. WFB shall notify Company promptly of any Merchant complaints received by WFB. Company shall be responsible for responding to and resolving any and all inquiries or complaints
from Merchants, regarding deposits, sales records and electronic transmissions received by Company, debits or credits to Merchants pursuant to the Settlement process, and the Transaction Card Services provided by Company. Company also shall resolve
with Merchants any discrepancies between the deposit tickets and the sales and credit records delivered to Company in physical format. The parties shall cooperate in good faith to resolve other controversies. 

 

	 	5.6.2	 Payment Company Communications. For purposes of this Section 5.6.2 only, a “Payment Company Communication” refers to any
communication received by WFB from a Payment Company that relates solely and exclusively to Company, a Merchant or a Contracted Party. So long as any Payment Company Communication is not confidential and WFB is not precluded from sharing such

  
 13 

	 	
Payment Company Communication with Company by law, Payment Company rules or otherwise, WFB shall notify Company promptly and provide Company with a copy of all such Payment Company Communications
received by WFB regarding Company, any of Company’s Contracted Parties, or any of Company’s Merchants. WFB will cooperate with Company in communicating with a Payment Company. 

 

	 	5.6.3	Errors. In the event of any errors by Company with respect to Settlement, Company shall correct such errors promptly after discovery or notification of any such error. 

 

	5.7	Bank Accounts and Reserve Funds. Company shall be responsible to fund and maintain bank accounts and reserve funds, as described herein in order to facilitate the arrangements contemplated by this Agreement, at
all times during the term of this Agreement. 

  

	 	5.7.1	The Operating Account and Reserve Accounts (each as defined below) will each be maintained at WFB’s office located at 420 Montgomery Street, San Francisco, or such other office of WFB as Company and WFB may from
time to time agree. Each such account will be an account maintained in the name of WFB FBO Company. The Operating Account shall be a non-interest bearing account but will earn “earnings credits” as provided in Schedule 7.1. Wells
Fargo will provide Company with timely notice of any changes instituted to the formula and rate provided in this Section 5.7.1. 

  

	 	5.7.1.1	Operating Account. The Operating Account shall be the account in which settlement amounts for Transactions are received from Payment Companies. Upon request from Company, WFB may establish more than one Operating
Account in order to efficiently carry out the activities described herein (in which case the term “Operating Account” shall include all such accounts, taken together). 

 

	 	5.7.1.2	Reserve Accounts. The Reserve Accounts shall be the accounts established in accordance with Section 5.11 below. 

  

	 	5.7.1.3	[Reserved] 

  

	 	5.7.2	 Company shall additionally establish an account (the “Fee Account”) for payment of any fees due WFB as set forth in Schedule 7.1. Company
shall fund the Fee Account, at minimum, to the level of expected monthly fees due WFB for that month. The Fee Account will be maintained at WFB. Company shall provide written notice thirty (30) days in advance of any change to the institution
location of the Fee Account. Subject to Company’s fulfillment of its obligation to provide transaction level reporting under Section 5.1 of the Agreement, a fee calculation will be communicated by WFB by the 20th day of each month for the
prior month’s activity. Company shall have three (3) Business Days (“Dispute Period”) 

  
 14 

	 	
to review and dispute such fee calculation by written notice to WFB (a “Dispute Notice”), unless such fee notice is not provided until after the 20th of the month in which case Company
shall have ten (10) days to review and dispute such fee calculation after the date such fee notice is provided. In the event WFB has not received a Dispute Notice during the Dispute Period, WFB will then debit the Fee Account for all fees other
than those, if any, subject to a good faith dispute between the parties. Company shall provide to WFB all accrual data on the second to last Business Day of each month, and the exact monthly counts and volumes as specified in Section 5.1 by the 7th
Business Day of the month following said transactions. Neither Company nor WFB may dispute paid fee amounts later than 18 months after such fees were owed; provided, however, that the foregoing limitation shall not apply to any fees amounts that are
assessed by a Payment Company. 

  

	 	5.7.3	During the term of this Agreement, Company shall ensure that: (i) WFB is in receipt of appropriate letter(s) authorizing WFB to effectuate the transfers and debits from the Operating Account, Fee Account, and the
Reserve Accounts as contemplated by this Agreement; (ii) that such letter continues to be in full force and effect through this Agreement; and (iii) that WFB is in receipt of any other authorization from Company with respect to such
accounts required by any applicable law, rule or regulation, or any generally applicable corporate policies and procedures of WFB that may be communicated to Company from time to time. 

 

	5.8	Allocation of Risks and Responsibility; Chargebacks. Company shall be responsible as between WFB and Company for performing all obligations under, and bearing all Chargeback Losses. Company shall indemnify and
hold harmless WFB for all Chargeback Losses for which Company, its Contracted Parties or any of its Service Providers is responsible under this Agreement. Subject to the limitations set forth in this Agreement, WFB will be liable to Company for any
Losses incurred by Company arising out of WFB’s gross negligence, willful misconduct, fraud or breach of this Agreement or any Merchant Agreement. In the event that a Merchant suffers a chargeback pursuant to the processing of a
Transaction hereunder, then WFB shall notify Company, in writing, of the amount of the chargeback and any fees or penalties related thereto (collectively, “Chargeback Losses”), and Company shall deliver to WFB cash in an amount equal to
the Chargeback Losses within three (3) Business Days of written notice from WFB. If Company fails to make such payment to WFB, WFB may then deduct the Chargeback Losses (or any unpaid portion thereof) from the Reserve Accounts. The
procedure described in this Section 5.8 for Chargeback Losses shall also be followed for such credit and fraud risks as well as any Payment Company fines or penalties. 

 

	5.9	 Compliance with Laws, Rules, and Guidelines. Company, Contracted Parties and WFB will comply with all applicable laws and regulations in
connection with this Agreement, including expressly any Payment Company Rules (including but not limited to data and information security requirements) and all payment rules (including but not limited to, NACHA). Upon thirty (30) days advance
written notice, Company and Contracted Parties will also comply with all generally applicable WFB procedures, policies or 

  
 15 

	 	
guidelines, as are communicated in writing to Company by WFB from time to time. Notwithstanding, a breach by Company or any Contracted Parties of any Payment Company Rule for which WFB has failed
to notify Company of the Rule(s), as required under Section 6.5, shall not be considered an Event of Default until the passage of ten (10) days from the date Company is notified in writing of such Rule and then, only if such notified
breach has not been cured. 

  

	5.10	Record Keeping. Each party shall maintain all records, covering the services contemplated in this Agreement, in accordance with Payment Company Rules. 

 

	5.11	Reserve Accounts. Company shall establish and fund a General Reserve Account and Merchants shall fund Merchant Reserve Accounts (collectively “Reserve Accounts”) as follows. 

 

	 	5.11.1	General Reserve Account. One Business Day immediately prior to the day that Transaction Card Services are provided to Merchants hereunder, Company will establish and fund an account (the “General Reserve
Account”) at WFB in the minimum amount of ***** (subject to revision pursuant to the Credit Policy). Such obligation may also be satisfied by delivery of a certificate of deposit or letter of credit if approved by WFB. If Company funds the
General Reserve with cash held on deposit at WFB, the General Reserve Account shall be an interest-bearing account provided the account is subject to an account control agreement approved by WFB. Subject to Section 5.11.2, Company shall
maintain such amount (or other amount agreed by both parties) in the General Reserve Account at all times during the term of this Agreement and thereafter as provided in Section 5.11.3. Wells Fargo retains the right to change the amount of such
reserve during the term of this Agreement. Wells Fargo may request such reserve upon ten (10) days written notice to Company, except that if Company terminates or significantly limits its business operations, is liquidated, dissolved, enters
into receivership, makes an assignment for the benefit of creditors, is insolvent or unable to pay its debts as they mature in the ordinary course of business, or if there are any proceedings instituted by or against Company in bankruptcy or under
any insolvency laws or for reorganization, receivership or dissolution, then WFB may request the amount of the required balance immediately upon written notice to Company. Notwithstanding the foregoing, the parties agree that the level of the
General Reserve as of the Effective Date of this Agreement, which is based on Company’s current profile and WFB’s current underwriting criteria, is sufficient for purposes of WFB’s General Reserve requirement and will continue to be
sufficient as long as the business and/or risk profile of Company does not materially change (which determination shall be made by WFB, in its sole discretion, after taking into consideration factors such as type of Merchant or Merchant volume,
Company financials, and/or any material changes to policies, procedures, controls and key management personnel). If Company does not agree with the amount of any General Reserve increase requested by Wells Fargo, Company may terminate the Agreement
by funding the amount requested and giving written notice to Wells Fargo indicating Company’s intent to terminate no later than thirty (30) days after receiving notice of such request. In the event 

***** Information for which confidential treatment has been requested is omitted from this page and has been provided separately to the
Securities and Exchange Commission. 

  
 16 

	 	
Company terminates the Agreement for the reasons described in the preceding sentence, (1) Company shall not be obligated to pay any Early Termination penalties that would otherwise apply
under Section 8.4; and (2) the termination shall be effective no later than one hundred and twenty days after the date such written notice was given. Any required balance of the Company Reserve Account shall be reasonably related to the
potential outstanding maximum liability related to the Transactions, and such maximum liability may be assessed based on the relative financial stability of Company, both as determined by Wells Fargo in its sole discretion. If Company requests more
than 10 days to fund the required reserve, and if Company can show good faith in taking all necessary and appropriate steps to secure funding for the reserve, Wells Fargo will evaluate the request and consider providing additional time up to an
additional 20 calendar days. 

  

	 	5.11.2	Merchant Reserve Account. The Company will also retain the right to establish a Merchant funded account (the “Merchant Reserve Account”) at WFB for retaining collateral withheld from Merchants’ sales
transactions at all times during the terms of this Agreement and for twelve (12) months following any termination of the Agreement or for such longer period of time as is consistent with WFB’s liability for Transactions in accordance with
Payment Company Rules. The Merchant Reserve Account balance shall be determined by Company and reasonably related to the potential liability related to Transactions. 

 

	 	5.11.3	Upon termination of this Agreement for any reason, the funding of the General Reserve Account and the Merchant Reserve Account will be maintained or disbursed in one of the following ways: 

 

	 	5.11.3.1	If Company proposes a successor sponsoring bank which agrees, in writing in a form reasonably acceptable to WFB, to assume liability for all chargebacks, fees and other charges assessed to WFB by the Payment Companies
for transactions relating to the BINs and ICAs used by Company prior to the termination of this Agreement, such successor sponsoring bank assumes the BINs and ICAs, and there is no pending financial assessments as related to non-compliance or breach
by Company which could give rise to financial liability while WFB was the acquirer of record, then, upon negotiation of a mutually acceptable assignment and assumption agreement between WFB and such successor sponsoring bank, WFB shall release to
Company or the successor sponsoring bank, the total amounts held in the General Reserve Account and the Merchant Reserve Account. Notwithstanding the foregoing, if WFB retains the BINs and ICAs, or to the extent that there is a pending financial
assessments as related to non-compliance or breach by Company, it retains the right to collect or retain the amount of such pending obligations in the General Reserve Account if there are pending fines, fees or chargebacks associated with those BINs
and ICAs, as determined by WFB in its reasonable judgment, and shall disburse the remainder to Company immediately; or 

  
 17 

	 	5.11.3.2	If Company does not propose a successor sponsoring bank which is willing to assume such liability, then Company will analyze, and WFB will evaluate, each merchant in Company’s portfolio to determine the approximate
total liability associated with chargebacks, “tail off” fees and other charges that may be charged to the BIN/ICA after termination. WFB will review the analysis conducted by Company, but may apply its own standards and separate analytical
techniques to assess future potential liability, to arrive at WFB’s estimate of such liability. Upon termination of such review process, WFB will adjust the amount of the General Reserve and Merchant Reserve Accounts in accordance with the
estimated liability that WFB has calculated, and shall remit the balance of the General Reserve to Company immediately. At the close of each calendar month thereafter following termination of this Agreement, Company and WFB will analyze the charges
assessed to the BIN/ICA during that month, and WFB will adjust the Reserve Accounts accordingly, remitting the balance to Company. 

  

	 	5.11.4	 Company pledges the funds held in the General Reserve Account to WFB as collateral for the satisfaction of Company’s obligations under this
Agreement. To secure all of Company’s present and future obligations to WFB hereunder (collectively “Obligations”), Company hereby grants to WFB a security interest in all of Company’s rights to and interests in the, whether
presently existing or hereafter acquired, and in any interest earned thereon and proceeds thereof: (i) the General Reserve Account, and (ii) all amounts now or hereafter owing to Company under this Agreement held by WFB (the
“Collateral”). Notwithstanding anything to the contrary in this Section 5.11.4, the Company may at any time during the term of this Agreement without the consent or notice to WFB (i) sell or otherwise dispose of any of the assets
of the Company; (ii) create or grant a security interest, lien or any other encumbrance upon the assets of the Company including any amounts receivable from WFB pursuant to this Agreement; and (iii) maintain the assets of the Company in
any reasonable manner. WFB agrees to duly execute and deliver to the Company such instruments, documents and agreements as may be reasonably requested to permit Company to engage in any of the foregoing. The foregoing statement shall not impact or
obviate any of Company’s other obligations under this Agreement. In addition to any rights granted WFB under applicable law, WFB is hereby authorized (and any related notice and demand are hereby expressly waived) to set off, recoup and to
appropriate and to apply any and all such amounts owing, funds held, account balances and other Collateral against and on account of Company’s Obligations, whether such Obligations are liquidated, unliquidated, fixed, contingent matured or
unmatured. In the case of any Collateral consisting of a deposit account with WFB, Company hereby agrees that WFB shall have control thereof and the depository will (and is hereby authorized to) comply with

  
 18 

	 	
instructions originated by WFB directing disposition of funds in the deposit account without further consent by Company. Company agrees to duly execute and deliver to WFB such additional
instruments, documents and agreements as may be reasonably requested to perfect and confirm the security interests in the Collateral set forth in this Agreement. 

  

	5.12	Merchant Agreements. 

 5.12.1. Ownership. Subject to any requirements imposed upon
WFB as Acquirer of Record under the Payment Company Rules, all right, title and interest in the Merchant Agreements vests in Company. 

5.12.2 Assumption. Upon execution of this Agreement WFB will negotiate in good faith with HSBC Bank to enter into an assignment and
assumption agreement under which WFB shall assume the merchant agreements between HSBC and Company’s merchant customers that meet the Credit Policy underwriting criteria. In addition, if Company acquires any merchant agreements for which
Company desires WFB to provide services similar to those provided by WFB under this Agreement, WFB shall negotiate in good faith with the existing Payment Company Customer to enter into an assignment and assumption agreement under which WFB shall
assume the contracts between the Payment Company Customer and the merchant customers that meet the Credit Policy underwriting criteria. Upon execution of such assignment and assumption agreements, the merchant customers so assumed shall be deemed
“Merchants” for all purposes under this Agreement. For the avoidance of doubt, the parties acknowledge that Company will (a) be a party to such assignment and assumption agreement, and (b) agree to indemnify WFB in full for any
liability assumed by WFB under such assignment and assumption agreement. 
 5.12.3 Merchant Portability and Assignment. The parties
acknowledge and agree that after *****, Company is authorized to transfer all or a portion of the Merchant Agreements to a third party Payment Company Customer subject only to any conditions applicable to Company or WFB in connection with such
transfer that are set forth in the Payment Company Rules. Therefore, at any time and from time to time after *****, upon Company’s written request WFB shall negotiate in good faith to enter into an assignment and assumption agreement under
which that third party Payment Company Customer designated by Company shall assume all or a portion of the Merchant Agreements. WFB shall negotiate the terms of such assignment and assumption agreement timely, and shall not unreasonably withhold its
acceptance of the terms thereof. For the avoidance of doubt, Company acknowledges that WFB may reasonably require that WFB be fully indemnified and held harmless with respect to any and all liabilities that may be associatied with the transferred
Merchant Agreements as a condition to WFB’s acceptance to the terms of such assignment and assumption agreement. 
  

	5.13	Ownership of Data. All data (other than cardholder account information) derived by use of a Card, including but not limited to Transaction history, volumes, Merchant identification information, and buying
patterns, in individual or aggregate form, is owned 

 ***** Information for which confidential treatment has been requested is
omitted from this page and has been provided separately to the Securities and Exchange Commission. 

  
 19 

	 	
by Company; provided, however, that such data may be used by WFB as may be necessary to perform its obligations under this Agreement, to comply with law or Payment Company Rules, or
to satisfy information requests or requirements from any regulatory authority with jurisdiction over WFB. 

 ARTICLE 6

 WFB RESPONSIBILITIES 
  

	6.1	Sponsorship of Company. WFB shall sponsor Company and/or make such registrations with MasterCard and Visa (or such other Payment Company as the parties may agree to) as are necessary (in the opinion of Payment
Company) including any supplements or amendments to any registration materials (with Company’s assistance, if necessary), and shall take all commercially reasonable actions within WFB’s control to maintain such registration(s) throughout
the period that WFB is required to serve as Company’s Payment Company sponsor hereunder. For the avoidance of doubt, in addition to MasterCard and Visa, WFB shall initially sponsor Company (and make such registrations as may be necessary) for
participation in the debit card networks identified on Schedule 6.1 (the “Other Card Brands”). WFB shall obtain, as necessary, a dedicated ICA and/or BIN used by Company for the exclusive purpose of the Transactions contemplated under this
Agreement. 

  

	6.2	Other Payment Company Matters. WFB will report all transactions processed by Company and its Contracted Parties hereunder using the dedicated ICA’s and BIN’s contemplated in Section 6.1 and on a
timely basis will report such transactions as its own on the quarterly questionnaires which must be submitted to the Payment Companies. WFB will pay on a timely basis all assessments imposed by the Payment Companies with respect to such
transactions, and Company will reimburse WFB for such amounts in accordance with Schedule 7.1. Company understands and agrees that any Payment Company fees associated with the transactions shall be billed on a pass through basis to Company, and may
be adjusted/ changed at any time by the Payment Companies. 

  

	6.3	Use of WFB’s ICAs, BINs, Name, Etc. WFB agrees that Company may use the ICAs and BINs for the Transaction Card Services to the extent reasonably necessary or appropriate to perform the Transaction Card
Services, subject to the provisions of this Agreement, including provisions under which WFB will transfer such dedicated BINs and ICAs to another successor sponsoring bank, and thereby cease holding such BINs and ICAs. WFB hereby agrees that Company
and Contracted Parties may identify WFB as their sponsoring Payment Company member; (i) when required to do so by Payment Company Rules; and (ii) in Company and/or the Contracted Parties’ marketing materials as provided for in
Section 4.1. 

  

	6.4	Access to Payment Company Materials. Subject to any confidentiality obligations and applicable law and Payment Company Rules, and upon request, WFB hereby agrees to provide Company access to any Payment Company
reporting materials and Payment Company publications. 

  
 20 

	6.5	ACH Activities. ACH processing activities shall be addressed in a separate ACH processing agreement between Company and its ACH processor. 

ARTICLE 7 
 PAYMENT FOR
SERVICES AND EXPENSES 
 7.1 WFB Fees & “Pass Through” Costs & Expenses. In consideration for WFB’s services
under this Agreement, Company agrees to pay the amounts set forth in Schedule 7.1. No new or additional fees or charges may be imposed on Company or any Merchant without Company’s prior written consent; provided, however, the
parties acknowledge that the foregoing limitation shall not restrict WFB’s right to *****. Company further agrees that all WFB expenses in connection with creating, maintaining and terminating the WFB services referred to in this Agreement
shall be passed through to Company, as described to Schedule 7.1. Specifically, Company shall pay WFB, at *****, amounts necessary to cover the following charges (including any applicable taxes thereon that are not recoverable: 

*****. 
 ARTICLE 8 

TERM AND TERMINATION 
 8.1 Term.
Subject to Section 8.2, this Agreement shall continue in full force and effect for a period of three (3) years from the Effective Date and shall be renewed for successive one (1) year periods thereafter unless sooner terminated in
accordance with this Article. The renewal of this Agreement for additional periods following the initial term shall occur automatically unless WFB or Company provides three (3) months written notice of nonrenewal to the other. WFB and Company agree
that upon either party’s request, the parties shall reasonably confer and discuss in good faith any proposed adjustment to the terms of the provisions of this Agreement with respect to the Merchant Reserves prior to the date for notice
of nonrenewal of this Agreement. 
  

	8.2	Termination. This Agreement may be terminated prior to expiration of its then applicable term only as follows: 

  

	 	8.2.1	Event of Default. Upon an Event of Default, the nondefaulting party may terminate this Agreement by giving a thirty (30) day written notice specifying the grounds for termination and allowing the breaching
party to cure that default to the nondefaulting party’s reasonable satisfaction by the end of the notice period. An “Event of Default” means a material default in the performance of any duty or obligation or a material breach of any
representation or warranty under this Agreement. 

  

	 	8.2.2	Immediate Termination. Either party may terminate this Agreement immediately by giving a single written termination notice to the other party if: (i) the other party is subject to any voluntary or
involuntary proceeding seeking bankruptcy, 

 ***** Information for which confidential treatment has been requested is omitted
from this page and has been provided separately to the Securities and Exchange Commission. 

  
 21 

	 	
reorganization, or debt consolidation under federal, provincial or state bankruptcy or insolvency laws; (ii) there is appointed a trustee, administrator, receiver, custodian, liquidator,
conservator or the like, for the other party or over substantially all of the other party’s assets; (iii) the other party makes an assignment of substantially all of its assets for the benefit of creditors; or (iv) if continuation of
this Agreement would be in violation of applicable law, the Payment Company Rules, or other regulations. Additionally, WFB may terminate this Agreement if Company sells all or a substantial portion of Company assets that has, or reasonably can be
estimated to have, a material adverse effect on Company’s ability to perform under this Agreement; provided, however, that WFB shall provide Company written notice detailing the event WFB estimates has or will have a material adverse effect and
provides Company with a reasonable opportunity to explain the circumstances and up to thirty (30) days to cure the material adverse effect; and provided, further, however, that (1) WFB is only obligated to permit a cure period if the
matter is one that is capable of being cured, and (2) the determination of (a) whether a matter is capable of being cured, and (b) what actions are necessary to accomplish the cure, shall be determined at the sole discretion of WFB.
Further, Company may terminate this Agreement at any time upon written notice to WFB pursuant to the terms set forth in Section 8.4 of this Agreement. 

  

	 	8.2.3	Change of Payment Company Customer Rights. Company may terminate this Agreement upon giving a ten (10) day advance written notice to WFB in the event of a material adverse change in WFB’s rights as a
Payment Company Customer of MasterCard or Visa which would materially impair the ability of Company to provide the Transaction Card Services in the manner contemplated by this Agreement. WFB shall give Company written notice of any such material
adverse change immediately upon receipt of such information. 

  

	 	8.2.4	Credit and Fraud Policies. Either party may terminate this Agreement upon giving a thirty (30) day advance written notice to the other in the event that the parties, after a preceding thirty (30) day
discussion period, have been unable to reach agreement as to a governing Credit Policy as required pursuant to the terms of Sections 5.3 or a governing Fraud Prevention Program pursuant to Section 5.4. Each party agrees to reasonably cooperate
and participate in such discussions at the request of the other party. 

  

	 	8.2.5	 WFB Termination. WFB may terminate this Agreement, in its sole discretion, upon giving a thirty (30) day advance written notice specifying
the grounds for termination and allowing Company to cure by the end of the notice period if Company (1) engages in fraudulent activity, (2) engages in activities that cause WFB to repeatedly violate the Payment Company Rules,
(3) operates in an unsound or unsafe manner, or (4) engages in any other activities that may or do result in undue material economic hardship or damage to the goodwill of the Payment Companies and Company fails to take corrective action;
provided, however, that (a) WFB is only obligated to provide notice and permit a cure period if (i) the matter is one that is capable of being cured, and (ii) a Payment

  
 22 

	 	
Company or other regulatory authority with jurisdiction over WFB is not compelling WFB to terminate WFB’s sponsorship of Company, and (b) the determination of (1) whether a matter
is capable of being cured, and (2) what actions are necessary to accomplish the cure, shall be determined at the sole discretion of WFB. Company shall include provisions in the Merchant Agreement that permit Company to terminate the contract if
the Merchant participates in any of the activities described in this Section. 

  

	 	8.2.6	Termination Without Cause. At any time after the expiration of the initial three (3) year term of this Agreement, WFB may terminate this Agreement without cause by providing no less than three hundred and
sixty-five (365) days advance written notice to Company, which notice shall specify the effective date for such termination. 

  

	8.3	Effects of Expiration or Termination. The effects of a nonrenewal or other termination of this Agreement under Section 8.1 or 8.2 shall be as follows: 

 

	 	8.3.1	Effect of Termination. Upon any termination of this Agreement, Company will continue to own all Merchant Agreements with no further obligations under this Agreement, except its obligations to WFB which survive
termination as described in Section 10.10. 

  

	 	8.3.2	Effect of Termination. Upon any termination of this Agreement, WFB agrees, subject to Section 5.12, any applicable Payment Company Rules, and the negotiation of a mutually acceptable assignment and
assumption agreement between WFB and a successor sponsoring bank, to assign all Merchant Agreements to such sponsoring bank and to transfer to a subsequent sponsoring bank the BINs and ICAs assigned to it by Visa and MasterCard and dedicated to
Company’s use. WFB shall negotiate the terms of such mutually acceptable assignment and assumption agreement timely and in good faith, and shall not unreasonably withhold its acceptance of the terms thereof. 

 

	 	8.3.3	 Obligations Post-Termination. Upon termination of this Agreement, Company shall be liable for all residual chargeback activity, including any
fees and expenses, associated with transactions processed pursuant to this Agreement, from the date of the last transaction processed for a period ending upon the final release of reserve accounts under Section 5.11.3, with the exception of any
chargebacks resulting from acts of gross negligence or fraud on the part of WFB. Provided WFB is not prohibited from doing so by law, any Payment Company, any regulator or regulatory authority having jurisdiction over WFB or Company, or otherwise,
WFB will continue to provide the services described herein to Company and Merchants pursuant to the terms hereof until the Merchants and WFB’s Services are transferred to another Payment Company Customer. The period commencing after the
expiration or termination of the Agreement and ending on the later of (i) the date the last Merchant is assigned by WFB, or (ii) the date the BIN and ICA are transferred to a new Payment Company Customer, shall be the “Wind-Down
Period.” During the Wind Down Period, WFB will work 

  
 23 

	 	
with Company, including by continuing to perform its services hereunder on the terms and conditions provided herein and to facilitate the transition of the Merchants and the Company’s
obligations hereunder, including by making good faith efforts to transition such Merchants and obligations to another Payment Company Customer and continuing to accept new Merchants in an expeditious manner subject to Wells Fargo’s immediate
implementation, at it sole discretion, of revisions to the Credit Policy that will apply for the acceptance of new Merchants during the Wind Down Period (for the avoidance of doubt, the implementation of any Credit Policy revisions during the Wind
Down Period will not be subject to any notice or discussion periods otherwise required under Sections 5.3 and 8.2.4). In no event shall the Wind Down Period exceed *****. Upon the expiration or termination of the Wind Down Period, each party shall
have no further obligation to provide services hereunder, provided that during the Wind-Down Period or otherwise, Company shall have the rights set forth in Section 8.3.2. The Wind Down Period described in Section 8.3 shall not be
applicable to the extent that Wells Fargo is compelled to discontinue the services described herein prior to the conclusion of the Wind Down Period by any regulatory authority, whether or not such regulatory authority has direct jurisdiction over
Wells Fargo. 

  

	 	8.4	Early Termination. Should Company terminate the agreement prior to the completion of the three year initial term provided for herein, Company hereby acknowledges and agrees that unless Company is terminating this
Agreement for cause or pursuant to Section 8.2.4, that Company will pay to WFB the amount *****; such payment to be made as liquidated damages (and not as a penalty), which shall be WFB’s sole economic remedy for such early termination.
Company, at its option, may pay such amounts (a) immediately, in a lump sum payment, or (b) as would otherwise be due in the ordinary course of business on a monthly basis for the balance of the term. 

ARTICLE 9 

INDEMNIFICATION & LIMITATION LIABILITY 
  

	9.1	Indemnification. 

  

	 	9.1.1	By WFB. WFB shall indemnify, defend and hold Company harmless against any Losses, as defined below, which are incurred by Company arising from a third party’s claims or lawsuits, with respect to WFB’s
negligence (including negligent performance of, or negligent failure to perform, its obligations hereunder or its obligations under a Merchant Agreement) or intentional misconduct (including intentional failure to perform properly its obligations
hereunder or its obligations under a Merchant Agreement). 

  

	 	9.1.2	By Company. Company shall indemnify, defend and hold WFB harmless against any Losses which are incurred by WFB arising from a third party’s claims or lawsuits: 

***** Information for which confidential treatment has been requested is omitted from this page and has been provided separately to the
Securities and Exchange Commission. 

  
 24 

	 	9.1.2.1	with respect to Company’s negligence (including negligent performance of, or negligent failure to perform, its obligations hereunder) or intentional misconduct (including intentional failure to perform properly its
obligations hereunder); 

  

	 	9.1.2.2	as a result of a credit, fraud or other liability or risk allocated to Company hereunder; 

  

	 	9.1.2.3	as a result of WFB’s compliance with any written instructions from Company pursuant to this Agreement; or 

  

	 	9.1.2.4	as a result of any non-recoverable goods and services tax which may be payable in connection with the provision of Transaction Card Services pursuant to this Agreement. 

 

	 	9.1.2.5	with respect to Company’s Contracted Parties. 

  

	 	9.1.3	Losses. For purposes of this Agreement, the term “Losses” shall mean any losses, liabilities, damages, failures to collect payments, fees, costs and expenses, including without limitation
reasonable fees and expenses of attorneys and other advisers, court costs and other dispute resolution costs, incurred by WFB or Company, as the case may be. 

9.2 LIMIT ON LIABILITY. IN NO EVENT SHALL WFB OR COMPANY BE LIABLE UNDER ANY THEORY OF TORT, CONTRACT, STRICT LIABILITY OR OTHER LEGAL OR
EQUITABLE THEORY FOR EXEMPLARY, PUNITIVE, SPECIAL, INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES, EACH OF WHICH IS HEREBY EXCLUDED BY AGREEMENT OF THE PARTIES REGARDLESS OF WHETHER SUCH DAMAGES WERE FORESEEABLE OR SUCH PARTY HAS BEEN ADVISED OF THE
POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL THE AGGREGATE LIABILITY OF WFB PURSUANT TO THIS AGREEMENT EXCEED *****; PROVIDED, HOWEVER, THAT THE FOREGOING LIMITATION SHALL NOT LIMIT WFB’S OBLIGATION TO RETURN TO COMPANY ANY
RESERVE AMOUNT THAT IS IN EXCESS OF THAT WHICH IS NECESSARY TO COMPENSATE WFB FOR COMPANY’S OBLIGATIONS UNDER THIS AGREEMENT. 

ARTICLE 10 

MISCELLANEOUS 
 10.1 Amendments;
Waivers. This Agreement and any schedule or exhibit attached hereto may be amended only by agreement in writing of all parties. No waiver of any provision nor consent to any exception to the terms of this Agreement shall be effective unless in
writing and signed by the party to be bound and then only to the specific purpose, extent and instance so provided. No failure on the part of any party to exercise or delay in exercising any right hereunder shall be deemed a waiver thereof, nor
shall any single or partial exercise preclude any further or other exercise of such or any other right. 
 ***** Information for which
confidential treatment has been requested is omitted from this page and has been provided separately to the Securities and Exchange Commission. 

  
 25 

 10.2 Entire Agreement. This Agreement, together with all schedules and exhibits, constitutes the entire
agreement among the parties pertaining to the subject matter hereof and supersedes all prior agreements and understandings of the parties in connection therewith. 

10.3 Governing Law; Severability. This Agreement and the legal relations between the parties shall be governed by and construed in accordance with the
laws of the State of Colorado. The parties specifically waive the right to a jury trial in connection with any dispute arising out of this Agreement, or between the parties for any reason. In case any provision of this Agreement shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby. 

10.4 Compliance. In performing their duties under this Agreement, Company and WFB shall comply with all applicable US federal and state laws and shall
comply in all material respects with all applicable Payment Company Rules and WFB policies and regulations. To the extent any modifications may be needed from time to time in the arrangements contemplated by this Agreement in order to comply with
the Payment Company Rules, the parties shall negotiate in good faith to reach a mutually acceptable revision to these arrangements, but shall not be obligated to continue any arrangements that violate any such Payment Company Rules. 

10.5 No Assignment. Neither this Agreement nor any rights, duties or obligations under it are assignable by WFB or Company, in whole or in part, without
the consent of the other parties, which consent shall not be unreasonably withheld; provided, however, that: (a) the rights, duties and obligations of WFB hereunder may be assigned, in whole or in part to an affiliate without consent from
Company provided that WFB will remain liable pursuant to the terms of this Agreement for the actions and omissions of such assignee; and (b) this Agreement may be assigned without consent from WFB by Company to an affiliate in preparation for
or in connection with the initial public offering of the equity interests of such affiliate provided that Company will remain liable pursuant to the terms of this Agreement for all of the actions, omissions, and obligations of such assignee
hereunder. Subject to the foregoing, all of the terms and provisions hereof shall be binding upon, and inure to the benefit of, the successors and assigns of the parties hereto. No purported or attempted assignment in contravention of this Section
shall be effective or legally binding. 
 10.6 Parties in Interest. This Agreement shall be binding upon and inure to the benefit of each party and
any successors and assigns permitted under Section 10.5, and nothing in this Agreement, express or implied, is intended to confer upon any other person any rights or remedies of any nature whatsoever under or by reason of this Agreement.
Nothing in this Agreement is intended to relieve or discharge the obligation of any third person to or to confer any right of subrogation or action over against, any party to this Agreement. 

10.7 Notices. Any notice or other communication hereunder must be given in writing and either (a) delivered in person or by courier service,
(b) transmitted by telecopy mechanism, provided that any notice so given is also sent for delivery as provided in clause (a) or mailed as provided in clause (c), or (c) mailed by certified or registered mail postage prepaid, as
follows: 

  
 26 

					
	If to WFB, addressed to:	  		  	
			
	Wells Fargo Bank	  	with a copy to:	  	Senior Counsel
	1200 Montego Way	  		  	Wells Fargo Law Department
	MAC A0347-023	  		  	633 Folsom Street
	Walnut Creek, CA 94598	  		  	San Francisco, CA 94107
	Attention: Deirdre Cohen	  		  	
		  		  	
	If to Company, addressed to:	  		  	
		  		  	
	Mercury Payment Systems, LLC	  	with a copy to:	  	Mercury Payment Systems, LLC
	10 Burnett Court	  		  	10 Burnett Court
	Durango, CO 81301	  		  	Durango, Colorado 81301
	Attention: Karsten Voermann, CFO	  		  	Attention: Ross Agre, GC

 or to such other address or to such other person as any party shall have last designated by such notice to the other parties.
Each such notice or other communication shall be effective (i) if given by telecopy, when transmitted to the applicable number so specified in (or pursuant to) this Section and an appropriate mechanical or voice confirmation is received,
(ii) if given by mail, seven Business Days after such communication is deposited in the mails with first-class postage prepaid, addressed as aforesaid, or (iii) if given by any other means, when actually received at such address. 

10.8 Expenses. Except as expressly set forth herein, WFB and Company shall each pay their own expenses incident to the negotiation, preparation and
performance of this Agreement, including but not limited to the fees, expenses and disbursements of their respective accountants, counsel, and any brokers, finders, investment and other agents and advisers. 

10.9 Remedies. To the extent permitted by law and except as otherwise provided with respect to liquidated damages, all rights and remedies existing
under this Agreement and any related agreements or documents are cumulative to and not exclusive of, any rights or remedies otherwise available under applicable law; provided, however, that this shall not be construed to entitle any party to double
recovery for the same damages. 
 10.10 Survival. The parties agree that the provisions of Article 1 (Definitions), Article 3 (Confidentiality),
Sections 4.1 (Publicity), Section 4.4 (Audits and Inspections – for one (1) year), Section 5.6 (Merchant Complaints or Inquiries, Payment Company Communications, Adjustments or Errors), Section 5.12 (Merchant Agreements),
Section 5.13 (Ownership of Data), Section 5.8 (Allocation of Risks and Responsibility), Section 5.10 (Record Keeping, for so long as required by law or the Payment Company Rules), Section 5.11 (Reserve Accounts), Article 6
(WFB Responsibilities, during the Wind-Down Period), Article 7 (Payment for Services and Expenses), Section 8.3 (Effects of Expiration or Termination), and Articles 9 (Indemnification & Limit on Liability) and 10 (Miscellaneous) shall
survive any termination or expiration of this Agreement. 

  
 27 

 10.11 Attorneys’ Fees. In the event of any action for the breach of this Agreement or
misrepresentation by any party, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and expenses incurred in such action. 

10.12 Headings. The headings contained herein are for the convenience of reference only and are not intended to define, limit, expand or describe the
scope or intent of any provision of this Agreement. 
 10.13 Interpretation. The provisions of this Agreement shall be interpreted in a reasonable
manner to affect the intent of the parties. The parties expressly agree that no prior drafts of this Agreement or prior communications of any form shall be used in interpretation of any ambiguity in this Agreement. 

10.14 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which taken together shall
constitute one and the same instrument. The signatures to this Agreement may be evidenced by facsimile copies or PDF copies reflecting the party’s signature, and any such facsimile copy or PDF copy shall be sufficient to evidence the signature
of such party as if it were an original signature. 

  
 28 

 IN WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Agreement to
be duly executed on the date first above written. 
  

									
	WELLS FARGO BANK, N.A.	 		 	MERCURY PAYMENT SYSTEMS, LLC
					
	By:	 	 /s/ Mark Baumli

Mark Baumli
	 		 	By:	 	 /s/ Matt Taylor

Matt Taylor

	Its:	 	Executive Vice President	 		 	Its:	 	CEO

  
 29 

 Schedule 5.2.1 

WFB Disclosure Page 

(Attached) 

  
 30 

 

 
 Disclosure Page Guidelines 
A Disclosure Page is a
requirement by Visa according to Visa’s Global Acquiring Risk Standards Guide (GARS). It should clearly communicate to the merchant the name of the financial institution with whom they have a merchant agreement. It also must list the merchant
and acquirer’s high level responsibilities along with the acquirer’s contact information (including phone number and address). 
Visa rules currently allow
for two different variants for the Disclosure Page—either as a standalone document or first page of the merchant application. If the Disclosure Page is on the first page of the application, the signature must be in the signature box for the
Disclosure Page, not an overall signature for the application. Please see the “Rules for the Disclosure Page” on pages 44-46 of the Visa Global Acquirer Risk Standards 2011 (GARS) for specific rules regarding the Disclosure Page.

The Wells Fargo Bank Disclosure Page Guidelines includes additional required information, as reflected in the sample below. The Disclosure Page must be approved by
WFB prior to release. Here is an example of the Bank Disclosure Page (as a standalone document). 
BANK DISCLOSURE 
You can use alternate term for 
“Merchant Services Provider” if Merchant Services
Provider Contact Information 
there is some other term preferred. Name: <Required> 
Address: <Required> 
You may add other optional numbers Website URL: <Optional>

such as sales office number or Phone Number: <Required> 
application
inquiry number as appropriate. 
Member Bank Information: Wells Fargo Bank, N.A.

You can use an equivalent term for 1200 Montego, Walnut Creek, CA 94598

“Member Bank” (e.g., Acquiring (925) 746-4167 
Bank) to allow for
consistency if used 
elsewhere on the application/ Important Member Bank Responsibilities 
agreement. The Bank is the only entity approved to extend acceptance of Card Organization products directly to 
a Merchant. 
The Bank must be a principal (signer) to the Merchant Agreement. 
The Bank is responsible for educating Merchants on pertinent Visa and MasterCard Rules with which 
Merchants must comply; but this information may be provided to you by Processor. 
The
Disclosure Page must list the The Bank is responsible for and must provide settlement funds to the Merchant. 
merchant and acquirer’s high level The Bank is
responsible for all funds held in reserve. 
responsibilities. 
Important
Merchant Responsibilities 
WFB version references “Card Ensure compliance with cardholder data security and storage requirements. 
Organizations” generally vs. Maintain fraud and chargebacks below Card Organization thresholds. 
just “Visa.” Review and understand the terms of the Merchant Agreement. 
Comply with
Card Organization rules. 
Retain a signed copy of this Disclosure Page.

Merchant Resources 
The links to the Visa and MasterCard You may download
“Visa Regulations” from Visa’s website at: 
regulations are not a Visa http://usa.visa.com/merchants/operations/op_regulations.html 
requirement, but WFB considers You may download “MasterCard Rules” from MasterCard’s website at: 
this a best practice. http://www.mastercard.com/us/merchant/support/rules.html 
The
responsibilities above do not replace the terms of the Merchant Agreement and are provided to ensure the 
Merchant understands some important obligations of each
party and that the Bank is the ultimate authority 
should the Merchant experience any problems. 
Merchant Information 
The Disclosure Page must require Business Legal Name (Printed):
<Required>a full merchant signature (not Business Address: <Required> 
initials) and a copy of the Disclosure Business Phone Number: <Required>

Page must be given to the 
merchant. The use of an electronic Signature of
Business Principal: <Required> Name of Business Principal (Printed): <Required>signature must conform to WFB Title: <Required> 
standards. Date:
<Required> 
© 2011 Wells Fargo Bank, N.A. All rights reserved. 12/2012 

 Schedule 6.1 

Other Card Brands 
 List of initial
Other Card Brands covered by the Agreement: 
 ***** 

***** Information for which confidential treatment has been requested is omitted from this page and has been provided separately to the
Securities and Exchange Commission. 

  
 32 

 Schedule 7.1 

Payments for Services Schedule 

(Attached) 

  
 33 

			
	Mercury Payment Systems: Payments for Services Schedule	  	

  

			
	SET-UP:	  	
		
	Portfolio Review, Qualification, Transfer and Set-up	  	$*****
		
	TRANSACTION:	  	
		
	 Monthly Minimum –
 Monthly minimum to
remain at initial rate until TBD. After that date when the standard transaction cost monthly total exceeds the then current Monthly Minimum Fee by more than $***** each month for ***** consecutive months, then the Monthly Minimum Fee shall increase
by $***** up to a maximum Monthly Minimum Fee, which shall never exceed $*****.
  
 The
Monthly Minimum Fee will be applicable to Company beginning on *****.
	  	 Minimum         $*****

Progress           + $*****

		
	 Standard Fee for Gross Settled Volume
  

Monthly Net Transaction Volume:
	  	 Gross Settled Volume:
  

	      *****
	  	*****
		
	Annual Pricing Adjustment:	  	 *****% per annum
 Increased in the month
following the anniversary of first transaction cleared through WFB BIN/ICA

		
	PASS THROUGHS:	  	
		
	 All charges and income relating to Mercury Payments’ dedicated BIN and ICA including:

1. *****

2. *****

3. *****
	  	Pass Through fees shall be assessed to Mercury Payments at the time that Wells Fargo Bank is charged by Associations.
		
	OTHER MANAGEMENT FEES:	  	
		
	New ISO Portfolio Review & Registration	  	$*****
		
	Annual ISO Registration Fee & Due Diligence Review	  	$***** per ISO
		
	NON-COMPLIANCE FEES:	  	
		
	WFB Brand Usage Non-Compliance Fee	  	

  
 Wells Fargo Bank
Confidential 
 ***** Information for which confidential treatment has been requested is omitted from this page and has been provided
separately to the Securities and Exchange Commission. 

			
	 First Violation

        Continued Non Compliance after cure period
	  	 $***** per incident

        $***** per day until remediated

	 Second Violation

        Continued Non Compliance after cure period
	  	 $***** per incident

        $*****per day until remediated

	 Third Violation

        No Cure Period
	  	 $***** per incident

        Termination

	Merchant Violation Fee:	  	
	***** Violation	  	$***** per incident
	***** Violation	  	 $***** First Violation

        $***** Second Violation         $***** Third Violation

$***** Fourth Violation &             Immediate Termination

	*****	  	$***** per incident
	Fraud Management (i.e. Brute Force Attacks)	  	$***** per incident
	LOSS PREVENTION:	  	
	 Major Security Breach Management

        – Wells Fargo Management Fee

        (third part forensic investigation occurs; cost not covered in the fixed fee per incident)
	  	$***** fixed fee per incident
	 Minor Security Breach Management

        – Wells Fargo Management Fee

        (no third party forensic investigation occurs)
	  	$***** fixed fee per incident
	OTHER FEES:	  	
	ACH Services	  	TBD
	EARNINGS CREDIT TO OFFSET FEES:	  	
	 Earnings Credit (applies to ACH Services only)

Non-interest bearing accounts maintained at Wells Fargo Bank for the purpose Mercury’s         bankcard
settlements will earn “Earnings Credits” to offset fees described in this proposal.
	  	The Earnings Credit Rate (ECR) Index for Wholesale Banking customers is *****. The ECR Index is *****. The index may be *****. The earnings credit *****.

  
 Wells Fargo Bank
Confidential 
 ***** Information for which confidential treatment has been requested is omitted from this page and has been provided
separately to the Securities and Exchange Commission. 

 “Major Security Breach” is any suspected or confirmed security breach, account data compromise event,
or suspected event that requires a third party forensic investigation as determined by the Payment Companies 
 “Minor Security Breach” is
any suspected or confirmed security breach, account data compromise event, or suspected event that does not require a third party forensic investigation as determined by the Payment Companies. 

  
 Wells Fargo Bank
ConfidentialEX-10.7

 Exhibit 10.7 

AIA® Document A133TM - 2009 

Standard Form of Agreement Between Owner and Construction Manager as Constructor where the basis of payment is the Cost of the Work Plus a Fee with a
Guaranteed Maximum Price 
  

			
	 AGREEMENT made as of the 1 day of June in the year 2012 (in words, indicate day, month and year.)

 
 BETWEEN the Owner:

Mercury Payment Systems, LLC
 Tech Center Plaza

10 Burnett Court
 Suite #300

Durango, Colorado 81301
 (970) 247-5557

 
 and the Construction Manager:

Okland Construction Co., Inc.
 182 Girard Street

Unit #B
 Durango, Colorado 81303

(970) 247-0477
	  	 ADDITIONS AND DELETIONS:
  

The author of this document has added information needed for its completion. The author may also have revised the text of the original AlA standard form. An
Additions and Deletions Report that notes added information as well as revisions to the standard form text is available from the author and should be reviewed. A vertical tine in the left margin of this document indicates where the author has
added necessary information and where the author has added to or deleted from the original AIA text.
  

This document has important legal consequences. Consultation with an attorney is encouraged with respect to its completion or modification.

		
	 for the following Project:
 (Paragraph
deleted)
 Mercury Headquarter Building and Site Infrastructure Development

The Architect:
 Dekker Perich Sabatini

7601 Jefferson NE, Suite #100
 Albuquerque, NM 87109

(505) 761-9700
	  	AIA Document A201TM-2007, General Conditions of the Contract for Construction, Is adopted in this document by reference. Do not use with other general conditions unless this document is
modified.
		
	 The Owner’s Designated Representative:

(Paragraph deleted)
 Charles Suh, LEED® AP
 Studley

19100 Von Karmen Avenue
 10th Floor

Irvine, CA 92612
 t 949.660.3554

f 949.660.3556
	  	
		
	 The Construction Manager’s Designated Representative:

Christopher Sill — Project Director
 Okland Construction
Company, Inc.
 182 Girard Street, Unit #B
 Durango, Colorado
81303
	  	
		
	 The Architect’s Designated Representative;

Steven Perish
 Dekker Perich Sabatini

7601 Jefferson NE, Suite #100
 Albuquerque, NM 87109

(505) 761-9700
	  	

 The Owner and Construction Manager agree as follows, 

  
 1 

 TABLE OF ARTICLES 
  

					
			
	1	  	GENERAL PROVISIONS	  	
			
	2	  	CONSTRUCTION MANAGER’S RESPONSIBILITIES	  	
			
	3	  	OWNER’S RESPONSIBILITIES	  	
			
	4	  	COMPENSATION AND PAYMENTS FOR PRECONSTRUCTION PHASE SERVICES	  	
			
	5	  	COMPENSATION FOR CONSTRUCTION PHASE SERVICES	  	
			
	6	  	COST OF THE WORK FOR CONSTRUCTION PHASE	  	
			
	7	  	PAYMENTS FOR CONSTRUCTION PHASE SERVICES	  	
			
	8	  	INSURANCE AND BONDS	  	
			
	9	  	DISPUTE RESOLUTION	  	
			
	10	  	TERMINATION OR SUSPENSION	  	
			
	11	  	MISCELLANEOUS PROVISIONS	  	
			
	12	  	SCOPE OF THE AGREEMENT	  	

 ARTICLE 1 GENERAL PROVISIONS 

§ 1.1 The Contract Documents 
 The Contract Documents
consist of this Agreement, Conditions of the Contract (General, Supplementary and other Conditions), Drawings, Specifications, Addenda issued prior to the execution of this Agreement, other documents listed in this Agreement, and Modifications
issued after execution of this Agreement, all of which form the Contract and are as fully a part of the Contract as if attached to this Agreement or repeated herein. Upon the Owner’s acceptance of the Construction Manager’s Guaranteed
Maximum Price proposal, the Contract Documents will also include the documents described in Section 2.2.3 and identified in the Guaranteed Maximum Price Amendment and revisions prepared by the Architect and furnished by the Owner as described
in Section 2.2.8. The Contract represents the entire and integrated agreement between the parties hereto and supersedes prior negotiations, representations or agreements, either written or oral. If anything in the other Contract Documents,
other than a Modification, is inconsistent with this Agreement, this Agreement shall govern. 
 § 1.2 Relationship of the Parties 

The Construction Manager accepts the relationship of trust and confidence established by this Agreement and covenants with the Owner to cooperate with the
Architect and exercise the Construction Manager’s skill and judgment in furthering the interests of the Owner; to furnish efficient construction administration, management services and supervision; to furnish at all times an adequate supply of
workers and materials; and to perform the Work in an expeditious and economical manner consistent with the Owner’s interests. The Owner agrees to furnish or approve, in a timely manner, information required by the Construction Manager and to
make payments to the Construction Manager in accordance with the requirements of the Contract Documents. 
 § 1.3 General Conditions 

For the Preconstruction Phase, AIA Document A201TM-2007, General Conditions of the Contract for Construction, shall
apply only as specifically provided in this Agreement. For the Construction Phase, the general conditions of the contract shall be as set forth in A201-2007, which document is incorporated herein by reference.
The term “Contractor” as used in A201-2007 shall mean the Construction Manager. 
 ARTICLE 2
CONSTRUCTION MANAGER’S RESPONSIBILITIES 
 The Construction Manager’s Preconstruction Phase responsibilities are set forth in Sections 2.1 and
2.2. The Construction Manager’s Construction Phase responsibilities are set forth in Section 2.3. The Owner and Construction Manager may agree, in consultation with the Architect, for the Construction Phase to commence prior to completion
of the Preconstruction Phase, in which case, both phases will proceed concurrently. The Construction Manager shall identify a representative authorized to act on behalf of the Construction Manager with respect to the Project. 

  
 2 

 § 2.1 Preconstruction Phase 

§ 2.1.1 The Construction Manager shall provide a preliminary evaluation of the Owner’s program, schedule and construction budget requirements,
each in terms of the other. 
 § 2.1.2 Consultation 

The Construction Manager shall schedule and conduct meetings with the Architect and Owner to discuss such matters as procedures, progress, coordination, and
scheduling of the Work. The Construction Manager shall advise the Owner and the Architect on proposed site use and improvements, selection of materials, and building systems and equipment. The Construction Manager shall also provide recommendations
consistent with the Project requirements to the Owner and Architect on constructability; availability of materials and labor; time requirements for procurement, installation and construction; and factors related to construction cost including, but
not limited to, costs of alternative designs or materials, preliminary budgets, life-cycle data, and possible cost reductions. 
 § 2.1.3 When
Project requirements in Section 3.1.1 have been sufficiently identified, the Construction Manager shall prepare and periodically update a Project schedule for the Architect’s review and the Owner’s acceptance. The Construction Manager
shall obtain the Architect’s approval for the portion of the Project schedule relating to the performance of the Architect’s services. The Project schedule shall coordinate and integrate the Construction Manager’s services, the
Architect’s services, other Owner consultants’ services, and the Owner’s responsibilities and identify items that could affect the Project’s timely completion. The updated Project schedule shall include the following: submission
of the Guaranteed Maximum Price proposal; components of the Work; times of commencement and completion required of each Subcontractor; ordering and delivery of products, including those that must be ordered well in advance of construction; and the
occupancy requirements of the Owner. 
 § 2.1.4 Phased Construction 

The Construction Manager shall provide recommendations with regard to accelerated or fast-track scheduling, procurement, or phased construction. The
Construction Manager shall take into consideration cost reductions, cost information, constructability, provisions for temporary facilities and procurement and construction scheduling issues. 

§ 2.1.5 Preliminary Cost Estimates 
 §
2.1.5.1 Based on the preliminary design and other design criteria prepared by the Architect, the Construction Manager shall prepare preliminary estimates of the Cost of the Work or the cost of program requirements using area, volume or similar
conceptual estimating techniques for the Architect’s review and Owner’s approval. If the Architect or Construction Manager suggest alternative materials and systems, the Construction Manager shall provide cost evaluations of those
alternative materials and systems. 
 § 2.1.5.2 As the Architect progresses with the preparation of the Schematic Design, Design
Development, 50% Construction Documents and Final Construction Documents, the Construction Manager shall prepare and update, at appropriate intervals agreed to by the Owner, Construction Manager and Architect, estimates of the Cost of the Work of
increasing detail and refinement and allowing for the further development of the design until such time as the Owner and Construction Manager agree on a Guaranteed Maximum Price for the Work. Such estimates shall be provided for the Architect’s
review and the Owner’s approval. The Construction Manager shall inform the Owner and Architect when estimates of the Cost of the Work exceed the latest approved Project budget and make recommendations for corrective action. 

§ 2.1.6 Subcontractors and Suppliers 
 The
Construction Manager shall develop bidders’ interest in the Project. 
 § 2.1.7 The Construction Manager shall prepare, for the
Architect’s review and the Owner’s acceptance, a procurement schedule for items that must be ordered well in advance of construction. The Construction Manager shall expedite and coordinate the ordering and delivery of materials that must
be ordered well in advance of construction. If the Owner agrees to procure any items prior to the establishment of the Guaranteed Maximum Price, the Owner shall procure the items on terms and conditions acceptable to the Construction Manager. Upon
the establishment of the Guaranteed Maximum Price, the Owner shall assign all contracts for these items to the Construction Manager and the Construction Manager shall thereafter accept responsibility for them. 

  
 3 

 § 2.1.8 Extent of Responsibility 

The Construction Manager shall exercise reasonable care in preparing schedules and estimates. The Construction Manager, however, does not warrant or guarantee
estimates and schedules except as may be included as part of the Guaranteed Maximum Price. The Construction Manager is not required to ascertain that the Drawings and Specifications are in accordance with applicable laws, statutes, ordinances,
codes, rules and regulations, or lawful orders of public authorities, but the Construction Manager shall promptly report to the Architect and Owner any nonconformity discovered by or made known to the Construction Manager as a request for
information in such form as the Architect may require and additionally in the form of an email to the Owner. 
 § 2.1.9 Notices and Compliance with
Laws 
 The Construction Manager shall comply with applicable laws, statutes, ordinances, codes, rules and regulations, and lawful orders of public
authorities applicable to its performance under this Contract, and with equal employment opportunity programs, and other programs as may be required by governmental and quasi governmental authorities for inclusion in the Contract Documents. 

§ 2.2 Guaranteed Maximum Price Proposal and Contract Time 

§ 2.2.1 At a time to be mutually agreed upon by the Owner and the Construction Manager, but in no event later than December 31, 2012 and in
consultation with the Architect, the Construction Manager shall prepare a Guaranteed Maximum Price proposal for the Owner’s review and acceptance. The Guaranteed Maximum Price in the proposal shall be the sum of the Construction Manager’s
estimate of the Cost of the Work, including contingencies described in Section 2.2.4, and the Construction Manager’s Fee. 
 § 2.2.2
To the extent that the Drawings and Specifications are anticipated to require further development by the Architect, the Construction Manager shall provide in the Guaranteed Maximum Price for such further development consistent with the Contract
Documents and reasonably inferable therefrom. Such further development does not include such things as changes in scope, systems, kinds and quality of materials, finishes or equipment, all of which, if required, shall be incorporated by Change
Order. 
 § 2.2.3 The Construction Manager shall include with the Guaranteed Maximum Price proposal a written statement of its basis, which
shall include the following: 
  

	 	.1	A list of the Drawings and Specifications, including all Addenda thereto, and the Conditions of the Contract; 

  

	 	.2	A list of the clarifications and assumptions made by the Construction Manager in the preparation of the Guaranteed Maximum Price proposal, including assumptions under Section 2.2.2, to supplement the information
provided by the Owner and contained in the Drawings and Specifications; 

  

	 	.3	A statement of the proposed Guaranteed Maximum Price, including a statement of the estimated Cost of the Work organized by trade categories and systems, allowances, contingency, and the Construction Manager’s Fee;

  

	 	.4	The anticipated date of Substantial Completion upon which the proposed Guaranteed Maximum Price is based; and 

  

	 	.5	A date by which the Owner must accept the Guaranteed Maximum Price. 

 § 2.2.4 In preparing the
Construction Manager’s Guaranteed Maximum Price proposal, the Construction Manager shall include its contingency for the Construction Manager’s exclusive use to cover those costs considered reimbursable as the Cost of the Work but not
included in a Change Order. 
 § 2.2.5 The Construction Manager shall meet with the Owner and Architect to review the Guaranteed Maximum Price
proposal. In the event that the Owner and Architect discover any inconsistencies or inaccuracies in the information presented, which Owner shall not be obligated to discover, they shall promptly notify the Construction Manager, who shall make
appropriate adjustments to the Guaranteed Maximum Price proposal, its basis, or both. 

  
 4 

 § 2.2.6 If the Owner notifies the Construction Manager that the Owner has accepted the Guaranteed
Maximum Price proposal in writing before the date specified in the Guaranteed Maximum Price proposal, the Guaranteed Maximum Price proposal shall be deemed effective without further acceptance from the Construction Manager. Following acceptance of a
Guaranteed Maximum Price, the Owner and Construction Manager shall execute the Guaranteed Maximum Price Amendment amending this Agreement, a copy of which the Owner shall provide to the Architect. The Guaranteed Maximum Price Amendment shall set
forth the agreed upon Guaranteed Maximum Price with the information and assumptions upon which it is based. 
 § 2.2.7 The Construction Manager
shall not incur any cost to be reimbursed as part of the Cost of the Work prior to the commencement of the Construction Phase, unless the Owner provides prior written authorization for such costs. 

§ 2.2.8 The Owner shall authorize the Architect to provide the revisions to the Drawings and Specifications to incorporate the agreed-upon
assumptions and clarifications contained in the Guaranteed Maximum Price Amendment, if any. The Owner shall promptly furnish those revised Drawings and Specifications to the Construction Manager as they are revised. The Construction Manager shall
notify the Owner and Architect of any inconsistencies between the Guaranteed Maximum Price Amendment and the revised Drawings and Specifications. 

§ 2.2.9 The Construction Manager shall include in the Guaranteed Maximum Price all sales, consumer, use and similar taxes for the Work provided by
the Construction Manager that are legally enacted, whether or not yet effective, at the time the Guaranteed Maximum Price Amendment is executed. 

§ 2.3 Construction Phase 
 § 2.3.1 General

 § 2.3.1.1 For purposes of Section 8.1.2 of A201-2007, the date of commencement of the Work
shall mean the date of commencement of the Construction Phase. 
 § 2.3.1.2 The Construction Phase shall commence upon the Owner’s
acceptance of the Construction Manager’s Guaranteed Maximum Price proposal or the Owner’s issuance of a Notice to Proceed, whichever occurs earlier. 

§ 2.3.2 Administration 
 § 2.3.2.1 Those
portions of the Work that the Construction Manager does not customarily perform with the Construction Manager’s own personnel shall be performed under subcontracts or by other appropriate agreements with the Construction Manager. The Owner may
designate specific persons from whom, or entities from which, the Construction Manager shall obtain bids. The Construction Manager shall obtain bids from Subcontractors and from suppliers of materials or equipment fabricated especially for the Work
and shall deliver such bids to the Architect. The Owner shall then determine, with the advice of the Construction Manager and the Architect, which bids will be accepted. The Construction Manager shall not be required to contract with anyone to whom
the Construction Manager has reasonable objection. 
 § 2.3.2.2 If the Guaranteed Maximum Price has been established and when a specific bidder
(1) is recommended to the Owner by the Construction Manager, (2) is qualified to perform that portion of the Work, and (3) has submitted a bid that conforms to the requirements of the Contract Documents without reservations or
exceptions, but the Owner requires that another bid be accepted, then the Construction Manager may require that a Change Order be issued to adjust the Contract Time and the Guaranteed Maximum Price by the difference between the bid of the person or
entity recommended to the Owner by the Construction Manager and the amount and time requirement of the subcontract or other agreement actually signed with the person or entity designated by the Owner. 

§ 2.3.2.3 Subcontracts or other agreements shall conform to the applicable payment provisions of this Agreement, and shall not be awarded on the
basis of cost plus a fee without the prior consent of the Owner. If the Subcontract is awarded on a cost-plus a fee basis, the Construction Manager shall provide in the Subcontract for the Owner to receive the same audit rights with regard to the
Subcontractor as the Owner receives with regard to the Construction Manager in Section 6.11 below and if such cost plus contracts are implemented by the Construction Manager, the Construction Manager shall indemnify the Owner against costs in
excess of those anticipated for the subcontractor’s work in the construction budget, and shall not increase the Guaranteed Maximum Price. 
 §
2.3.2.4 If the Construction Manager recommends a specific bidder that may be considered a “related party” according to Section 6.10, then the Construction Manager shall promptly notify the Owner in writing of such relationship and
notify the Owner of the specific nature of the contemplated transaction, according to Section 6.10.2. 

  
 5 

 § 2.3.2.5 The Construction Manager shall schedule and conduct meetings to discuss such matters as
procedures, progress, coordination, scheduling, and status of the Work. The Construction Manager shall prepare and promptly distribute minutes to the Owner and Architect. 

§ 2.3.2.6 Upon the execution of the Guaranteed Maximum Price Amendment, the Construction Manager shall prepare and submit to the Owner and
Architect a construction schedule for the Work and submittal schedule in accordance with Section 3.10 of A201-2007. 

§ 2.3.2.7 The Construction Manager shall record the progress of the Project. On a monthly basis, or otherwise as agreed to by the Owner, the
Construction Manager shall submit written progress reports to the Owner and Architect, showing percentages of completion and other information required by the Owner. The Construction Manager shall also keep, and make available to the Owner and
Architect, a daily log containing a record for each day of weather, portions of the Work in progress, number of workers on site, identification of equipment on site, problems that might affect progress of the work, accidents, injuries, and other
information required by the Owner. 
 § 2.3.2.8 The Construction Manager shall develop a system of cost control for the Work, including
regular monitoring of actual costs for activities in progress and estimates for uncompleted tasks and proposed changes. The Construction Manager shall identify variances between actual and estimated costs and report the variances to the Owner and
Architect and shall provide this information in its monthly reports to the Owner and Architect, in accordance with Section 2.3.2.7 above. 

§ 2.4 Professional Servicee 
 Section 3.12.10 of
A201-2007 shall apply to both the Preconstruction and Construction Phases. 
 § 2.5 Hazardous Materials

 Section 10.3 of A201-2007 shall apply to both the Preconstruction and Construction Phases. 

ARTICLE 3 OWNER’S RESPONSIBILITIES 
 § 3.1
Information and Services Required of the Owner 
 § 3.1.1 The Owner shall provide information with reasonable promptness, regarding
requirements for and limitations on the Project, including a written program which shall set forth the Owner’s objectives, constraints, and criteria, including schedule, space requirements and relationships, flexibility and expandability,
special equipment, systems sustainability and site requirements. 
 § 3.1.2 Prior to the execution of the Guaranteed Maximum Price Amendment,
the Construction Manager may request in writing that the Owner provide reasonable evidence that the Owner has made financial arrangements to fulfill the Owner’s obligations under the Contract. Thereafter, the Construction Manager may only
request such evidence if (1) the Owner fails to make payments to the Construction Manager as the Contract Documents require, (2) a change in the Work materially changes the Contract Sum, or (3) the Construction Manager identifies in
writing a reasonable concern regarding the Owner’s ability to make payment when due. The Owner shall furnish such evidence as a condition precedent to commencement or continuation of the Work or the portion of the Work affected by a material
change. 
 § 3.1.3 The Owner shall establish and periodically update the Owner’s budget for the Project, including (1) the budget for
the Cost of the Work as defined in Section 6.1.1, (2) the Owner’s other costs, and (3) reasonable contingencies related to all of these costs. If the Owner significantly increases or decreases the Owner’s budget for the Cost
of the Work, the Owner shall notify the Construction Manager and Architect. The Owner and the Architect, in consultation with the Construction Manager, shall thereafter agree to a corresponding change in the Project’s scope and quality, 

§ 3.1.4 Structural and Environmental Tests, Surveys and Reports. During the Preconstruction Phase, the Owner shall furnish the following
information or services with reasonable promptness. The Owner shall also furnish other reasonably necessary information or services under the Owner’s control and relevant to the Construction Manager’s performance of the Work with
reasonable promptness after receiving the Construction Manager’s written request for such information or services. The Construction Manager shall be entitled to rely on the accuracy of information and services furnished by the Owner but shall
exercise proper precautions relating to the safe performance of the Work. 

  
 6 

 § 3.1.4.1 The Owner shall furnish tests, inspections and reports required by law and as otherwise
agreed to by the parties, such as structural, mechanical, and chemical tests, tests for air and water pollution, and tests for hazardous materials. Construction Manager will notify Owner of any required testing, inspections and reports. 

§ 3.1.4.2 The Owner shall furnish surveys describing physical characteristics, legal limitations and utility locations for the site of the
Project, and a legal description of the site. The surveys and legal information shall include, as applicable, grades and lines of streets, alleys, pavements and adjoining property and structures; designated wetlands; adjacent drainage;
rights-of-way, restrictions, easements, encroachments, zoning, deed restrictions, boundaries and contours of the site; locations, dimensions and necessary data with respect to existing buildings, other improvements and trees; and information
concerning available utility services and lines, both public and private, above and below grade, including inverts and depths. All the information on the survey shall be referenced to a Project benchmark. 

§ 3.1.4.3 The Owner, when such services are requested, shall furnish services of geotechnical engineers, which may include but are not limited to
test borings, test pits, determinations of soil bearing values, percolation tests, evaluations of hazardous materials, seismic evaluation, ground corrosion tests and resistivity tests, including necessary operations for anticipating subsoil
conditions, with written reports and appropriate recommendations. 
 § 3.1.4.4 During the Construction Phase, the Owner shall furnish
information or services required of the Owner by the Contract Documents with reasonable promptness. The Owner shall also furnish any other information or services under the Owner’s control and relevant to the Construction Manager’s
performance of the Work with reasonable promptness after receiving the Construction Manager’s written request for such information or services. 

§ 3.2 Owner’s Designated Representative 
 The
Owner shall identify a representative authorized to act on behalf of the Owner with respect to the Project. The Owner’s representative shall render decisions promptly and furnish information expeditiously, so as to avoid unreasonable delay in
the services or Work of the Construction Manager. Except as otherwise provided in Section 4.2.1 of A201-2007, the Architect does not have such authority. The term “Owner” means the Owner or the
Owner’s authorized representative. 
 § 3.2.1 Legal Requirements. The Owner shall furnish all legal, insurance and accounting services,
including auditing services, that may be reasonably necessary at any time for the Project to meet the Owner’s needs and interests. 
 §
3.3 Architect 
 The Owner shall retain an Architect to provide services, duties and responsibilities as described in AIA Document B101TM-2007, Standard Form of Agreement Between Owner and Architect, including any additional services requested by the Construction Manager that are necessary for the Preconstruction and Construction Phase
services under this Agreement. The Owner shall provide the Construction Manager a copy of the executed agreement between the Owner and the Architect, and any further modifications to the agreement. 

ARTICLE 4 COMPENSATION AND PAYMENTS FOR PRECONSTRUCTION PHASE SERVICES 

§ 4.1 Compensation 
 § 4.1.1 For the
Construction Manager’s Preconstruction Phase services, the Owner shall compensate the Construction Manager as follows: 
 § 4.1.2 For the
Construction Manager’s Preconstruction Phase services described in Sections 2.1 and 2.2: 
 (Insert amount of, or basis for, compensation and
include a list of reimbursable cost items, as applicable.) 
 The preconstruction services are part of the fee as long as the preconstruction portion of
the project is completed prior to end of September 2012. Additional fees may be negotiated if the preconstruction / design period extend beyond this date. 

§ 4.1.3 If the Preconstruction Phase services covered by this Agreement have not been completed within Six ( 6 ) months of the date of this
Agreement, through no fault of the Construction Manager, the Construction Manager’s compensation for Preconstruction Phase services shall be equitably adjusted. 

§ 4.1.4 Compensation based on Direct Personnel Expense includes the direct salaries of the Construction Manager’s personnel providing
Preconstruction Phase services on the Project and the Construction Manager’s costs for the mandatory and customary contributions and benefits related thereto, such as employment taxes and other statutory employee benefits, insurance, sick
leave, holidays, vacations, employee retirement plans and similar contributions. 

  
 7 

 § 4.2 PAYMENTS 

§ 4.2.1 Unless otherwise agreed, payments for services shall be made monthly in proportion to services performed. 

§ 4.2.2 Payments are due and payable upon presentation of the Construction Manager’s invoice. Amounts unpaid thirty ( 30 ) days after the
invoice date shall bear interest at the rate entered below, or in the absence thereof at the legal rate prevailing from time to time at the principal place of business of the Construction Manager. 

(Insert rate of monthly or annual interest agreed upon.) 

6 % six percent per annum 
 ARTICLE 5 COMPENSATION FOR
CONSTRUCTION PHASE SERVICES 
 § 5.1 For the Construction Manager’s performance of the Work as described in Section 2.3, the Owner
shall pay the Construction Manager the Contract Sum in current funds for the Construction Manager’s performance of the Contract. The Contract Sum is the Cost of the Work as defined in Section 6.1.1 plus the Construction Manager’s Fee.

 § 5.1.1 The Construction Manager’s Fee: 

(State a lump sum, percentage of Cost of the Work or other provision for determining the Construction Manager’s Fee.) 

4% (percent) of the Cost of the Work 
 Concrete, carpentry, and
miscellaneous installation work will be self-performed by the Construction Manager’s own forces on a lump sum basis. 
 § 5.1.2 The method
of adjustment of the Construction Manager’s Fee for changes in the Work: 
 4% (percent) of the amount of the changes in the Work 

§ 5.1.3 Limitations, if any, on a Subcontractor’s overhead and profit for increases in the cost of its portion of the Work: 

none 
 (Table deleted) 

(Paragraphs deleted) 
 § 5.2 Guaranteed Maximum
Price 
 § 5.2.1 The Construction Manager guarantees that the Contract Sum shall not exceed the Guaranteed Maximum Price set forth in the
Guaranteed Maximum Price Amendment, as it is amended from time to time. To the extent the Cost of the Work exceeds the Guaranteed Maximum Price, the Construction Manager shall bear such costs in excess of the Guaranteed Maximum Price without
reimbursement or additional compensation from the Owner. 
 (Insert specific provisions if the Construction Manager is to participate in any, savings.)

 In the event the sum of the actual Cost of the Work plus the Contractor’s Fee shall he less than the Guaranteed Maximum Price, then the
difference (herein called “Savings”) shall be shared Seventy-Five percent (75%) to Owner and Twenty-Five percent (25%) to Contractor. Savings shall be paid at the time of Final Payment on the Contract. 

The Guaranteed Maximum Price includes a budgeted contingency as identified in the specific Amendments to this Agreement. The Construction Manager is
authorized to use the contingency as follows: 
  

	 	1.	To carry out the full original intent of the documents, including Architect’s Supplemental Instructions, RFI responses, or other design coordination that may generate extra costs from time to time. This would not
include any change in scope or other items that the Construction Manager could not have reasonably inferred from the Contract Documents. 

  
 8 

	 	2.	Pay for performance of work within the scope of the contract including work that was unallocated or not included in the scope of the subcontracts. 

 

	 	3.	Unforeseen delays. 

  

	 	4.	Weather protection and repairing damaged done by weather. 

  

	 	5.	Other Cost of the Work included in Article 6.1 that has not been included as a specific item in the GMP. 

  

	 	6.	Other unforeseen costs related to the project. 

 Any savings in line items will be added to the Contingency
line item. Any shortfalls in line items will be deducted from the Contingency line item in accordance with the guidelines above. Any use of the contingency shall be submitted and approved through the change order process. All allowances shall be
reconciled and approved through the change order process. 
 Any balance remaining in the Contingency line item will be used in the calculation in Savings
as outlined in Article 5.2.1 along with any other line item savings. 
 § 5.2.2 The Guaranteed Maximum Price is subject to additions and
deductions by Change Order as provided in the Contract Documents and the Date of Substantial Completion shall be subject to adjustment as provided in the Contract Documents. 

§ 5.3 Changes in the Work 
 § 5.3.1 The
Owner may, without invalidating the Contract, order changes in the Work within the general scope of the Contract consisting of additions, deletions or other revisions. The Owner shall issue such changes in writing. The Architect may make minor
changes in the Work as provided in Section 7.4 of AIA Document A201-2007, General Conditions of the Contract for Construction. The Construction Manager shall be entitled to an equitable adjustment in the
Contract Time as a result of changes in the Work. 
 § 5.3.2 Adjustments to the Guaranteed Maximum Price on account of changes in the Work
subsequent to the execution of the Guaranteed Maximum Price Amendment may be determined by any of the methods listed in Section 7.3.3 of AIA Document A201-2007, General Conditions of the Contract for
Construction. 
 § 5.3.3 In calculating adjustments to subcontracts (except those awarded with the Owner’s prior consent on the basis of
cost plus a fee), the terms “cost” and “fee” as used in Section 7.3.3.3 of AIA Document A201-2007 and the term “costs” as used in Section 7.3.7 of AIA Document A201-2007 shall have the meanings assigned to them in AIA Document A201-2007 and shall not be modified by Sections 5.1 and 5.2, Sections 6.1 through 6.7, and Section 6.8
of this Agreement. Adjustments to subcontracts awarded with the Owner’s prior consent on the basis of cost plus a fee shall be calculated in accordance with the terms of those subcontracts. 

§ 5.3.4 In calculating adjustments to the Guaranteed Maximum Price, the terms “cost” and “costs” as used in the
above-referenced provisions of AlA Document A201-2007 shall mean the Cost of the Work as defined in Sections 6.1 to 6.7 of this Agreement and the term “fee” shall mean the Construction Manager’s
Fee as defined in Section 5.1 of this Agreement. 
 (Paragraph deleted) 

ARTICLE 6 COST OF THE WORK FOR CONSTRUCTION PHASE 

§ 6.1 Costs To Be Reimbursed 
 § 6.1.1 The
term Cost of the Work shall mean costs necessarily incurred by the Construction Manager in the proper performance of the Work. Such costs shall be at rates not higher than the standard paid at the place of the Project except with the prior consent
of the Owner. The Cost of the Work shall include only the items set forth in Sections 6.1 through 6.7. 
 § 6.1.2 Where any cost is subject to
the Owner’s prior approval, the Construction Manager shall obtain this approval prior to incurring the cost. The parties shall endeavor to identify any such costs prior to executing Guaranteed Maximum Price Amendment. 

  
 9 

 § 6.2 Labor Code 
  

	 	.1	Wages of construction workers employed by the Construction Manager to perform the construction of the Work at the site or at off-site workshops per the attached wage rate schedule (EXHIBIT A). 

 

	 	.2	Wages or salaries of the Construction Manager’s supervisory and administrative personnel whether or not they are stationed at the site but only for the time they actually spend related to this Project per the
attached wage rate schedule (EXHIBIT A). 

  

	 	.3	Wages and salaries of the Construction Manager’s supervisory or administrative personnel engaged, at factories, workshops or on the road, in expediting the production or transportation of materials or equipment
required for the Work, but only for that portion of their time required for the Work as per the attached wage rate schedule (EXHIBIT A). 

  

	 	.4	Costs paid or incurred by the Construction Manager for taxes, insurance, contributions, assessments and benefits required by law or collective bargaining agreements, and, for personnel not covered by such agreements,
customary benefits such as sick leave, medical and health benefits, holidays, vacations, retirement plans, training costs, and safety incentives are included in the wages shown in the attached wage rate schedule (EXHIBIT A). 

 

	 	.5	Performance accrual for project management employees only, foreman level and above at 8% of wage rate as shown on the attached wage rate schedule (EXHIBIT A)). The performance accrual actually charged to this project
and paid by the Owner (if any) will be deducted from the Cost of the Work if the Substantial Completion Date as adjusted by Change Order is not achieved. 

(Paragraphs deleted) 
 § 6.3 Subcontract Costs

 Payments made by the Construction Manager to Subcontractors in accordance with the requirements of the subcontracts plus, in lieu of subcontractor or
Construction Manager Payment and Performance bonds, SubGuard Subcontractor Default Insurance at a premium rate of 1.05% of gross subcontract values. Construction Manager and Owner shall mutually agree on which specific subcontractors require
SubGuard Insurance. 
 § 6.4 Costs of Materials and Equipment Incorporated in the Completed Construction 

§ 6.4.1 Costs, including transportation and storage, of materials and equipment incorporated or to be incorporated in the completed construction.

 § 6.4.2 Costs of materials described in the preceding Section 6.4.1 in excess of those actually installed to allow for reasonable waste
and spoilage. Unused excess materials, if any, shall become the Owner’s property at the completion of the Work or, at the Owner’s option, shall be sold by the Construction Manager. Any amounts realized from such sales shall be credited to
the Owner as a deduction from the Cost of the Work. 
 § 6.5 Costs of Other Materials and Equipment, Temporary Facilities and Related Items 

§ 6.5.1 Costs, including transportation, installation, maintenance, dismantling and removal of materials, supplies, temporary facilities,
machinery, equipment, and hand tools not customarily owned by the construction workers, which are purchased for the Work by the Construction Manager and fully consumed in the perfortnauce of the Work. If such purchased items are not fully consumed
the cost will be calculated based upon the purchase cost less salvage value, whether sold to others or retained by the Construction Manager. Cost for items previously used by the Construction Manager that are being purchased for the Work shall mean
fair market value. 
 § 6.5.2 Rental charges for temporary facilities, machinery, equipment and hand tools not customarily owned by the
construction workers (Equipment), which are provided by the Construction Manager at the site, whether rented from the Construction Manager or others, and in addition to the rental charges; costs of fuel, maintenance, transportation, installation,
sales/use tax, personal property tax, licenses, fees, registration, damage insurance, minor repairs and replacements, dismantling and removal thereof. Rental charges of Equipment rented from the Construction Manager shall be as specified in Exhibit
B which is incorporated into this Agreement. The rental charges shall be 80% or less than the rental charges in the local market. Rental charges for Equipment provided by others shall be included as a Cost of the Work at the invoiced cost. Equipment
damage insurance will be billed at a fixed rate of 8% of the invoiced rental rate for all equipment provided by the Construction Manager or others. 

  
 10 

 § 6.5.3 Costs of removal of debris from the site of the Work and its proper and legal disposal. 

§ 6.5.4 Costs of document reproductions, facsimile transmissions and long-distance telephone calls, postage and parcel delivery charges, telephone
service at the site and reasonable petty cash expenses of the site office. 
 § 6.5.5 That portion of the reasonable expenses of the
Construction Manager’s supervisory or administrative personnel incurred while traveling in discharge of duties connected with the Work. 
 §
6.5.6 Costs of materials and equipment suitably stored off the site at a mutually acceptable location, subject to the Owner’s prior approval. 

§ 6.6 Miscellaneous Costs 
 § 6.6.1 That
portion directly attributable to this Contract of premiums for insurance and bonds. 
  

	 	.1	Commercial General Liability Insurance 

 The Owner agrees to pay the Construction Manager a
fixed percentage of the Total Guaranteed Maximum Price for commercial liability insurance coverage as specified in this Agreement and in the General Conditions to this Agreement. The commercial liability insurance fixed percentage rate as of the
date of this agreement is 0.80% (eighty hundredths of one percent) of the total Guaranteed Maximum Price as established by Amendment No. 1 and any subsequent changes to this agreement. 

 

	 	.2	Payment and Performance Bonds 

 Not required due to the inclusion of SubGuard Subcontractor
Default Insurance 
 § 6.6.2 Sales, use or similar taxes imposed by a governmental authority that are related to the Work and for which the
Construction Manager is liable. 
 § 6.6.3 Fees and assessments for the building permit and for other permits, licenses and inspections for
which the Construction Manager is required by the Contract Documents to pay. The building permit fees are to be paid by the Owner outside of this contract. 

§ 6.6.4 Fees of laboratories for tests required by the Contract Documents, except those related to defective or nonconforming Work for which
reimbursement is excluded by Section 13.5.3 of AIA Document A201-2007 or by other provisions of the Contract Documents, and which do not fall within the scope of Section 6.7.3. 

§ 6.6.5 Royalties and license fees paid for the use of a particular design, process or product required by the Contract Documents; the cost of
defending suits or claims for infringement of patent rights arising from such requirement of the Contract Documents; and payments made in accordance with legal judgments against the Construction Manager resulting from such suits or claims and
payments of settlements made with the Owner’s consent. However, such costs of legal defenses, judgments and settlements shall not be included in the calculation of the Construction Manager’s Fee or subject to the Guaranteed Maximum Price.
If such royalties, fees and costs are excluded by the last sentence of Section 3.17 of AIA Document A201-2007 or other provisions of the Contract Documents, then they shall not be included in the Cost of
the Work. Construction Manager warrants that no designs, processes or products requiring royalties and/or licenses shall be incorporated into the project without the prior consent of the Owner and Architect. 

§ 6.6.6 Costs for electronic equipment and software, directly related to the Work charged at a rate of $1.81 per employee hour billed to this
Project of those employees identified in Article 6.2,2 and 6.2.3 above. 
 § 6.6.7 Deposits lost for causes other than the Construction
Manager’s negligence or failure to fulfill a specific responsibility in the Contract Documents. 
 § 6.6.8 Legal, mediation and arbitration
costs, including attorneys’ fees, other than those arising from disputes between the Owner and Construction Manager, reasonably incurred by the Construction Manager after the execution of this Agreement in the performance of the Work and with
the Owner’s prior approval, which shall not be unreasonably withheld. 
 § 6.6.9 Subject to the Owner’s prior approval, expenses
incurred in accordance with the Construction Manager’s standard written personnel policy for relocation and temporary living allowances of the Construction Manager’s personnel required for the Work. 

  
 11 

 § 6.7 Other Costs and Emergencies 

§ 6.7.1 Other costs incurred in the performance of the Work if, and to the extent, approved in advance in writing by the Owner. 

§ 6.7.2 Costs incurred in taking action to prevent threatened damage, injury or loss in case of an emergency affecting the safety of persons and
property, as provided in Section 10.4 of AIA Document A201-2007. 
 § 6.7.3 Costs of repairing or
correcting damaged or nonconforming Work executed by the Construction Manager, Subcontractors or suppliers, provided that such damaged or nonconforming Work was not caused by negligence or failure to fulfill a specific responsibility of the
Construction Manager and only to the extent that the cost of repair or correction is not recovered by the Construction Manager from insurance, sureties, Subcontractors, suppliers, or others. 

§ 6.7.4 The costs described in Sections 6.1 through 6.7 shall be included in the Cost of the Work, notwithstanding any provision of AIA Document A201-2007 or other Conditions of the Contract which may require the Construction Manager to pay such costs, unless such costs are excluded by the provisions of Section 6.8. 

§ 6.8 Costs Not To Be Reimbursed 
 §
6.8.1 The Cost of the Work shall not include the items listed below: 
  

	 	.1	Salaries and other compensation off the Construction Manager’s personnel stationed at the Construction Manager’s principal office or offices other than the site office, except as specifically provided in
Section 6.2, or as may be provided in Article 11; 

  

	 	.2	Expenses of the Construction Manager’s principal office and offices other than the site office; 

  

	 	.3	Overhead and general expenses, except as may be expressly included in Sections 6.1 to 6.7; 

  

	 	.4	The Construction Manager’s capital expenses, including interest on the Construction Manager’s capital employed for the Work; 

 

	 	.5	Except as provided in Section 6.7.3 of this Agreement, costs due to the negligence or failure of the Construction Manager, Subcontractors and suppliers or anyone directly or indirectly employed by any of them or
for whose acts any of them may be liable to fulfill a specific responsibility of the Contract; 

  

	 	.6	Any cost not specifically and expressly described in Sections 6.1 to 6.7; 

  

	 	.7	Costs, other than costs included in Change Orders approved by the Owner, that would cause the Guaranteed Maximum Price to be exceeded; and 

 

	 	.8	Costs for services incurred during the Preconstruction Phase. 

 § 6.9 Discounts, Rebates and Refunds

 § 6.9.1 Cash discounts obtained on payments made by the Construction Manager shall accrue to the Owner if (1) before making the
payment, the Construction Manager included them in an Application for Payment and received payment from the Owner, or (2) the Owner has deposited funds with the Construction Manager with which to make payments; otherwise, cash discounts shall
accrue to the Construction Manager. Trade discounts, rebates, refunds and amounts received from sales of surplus materials and equipment shall accrue to the Owner, and the Construction Manager shall make provisions so that they can be obtained. 

§ 6.9.2 Amounts that accrue to the Owner in accordance with the provisions of Section 6.9.1 shall be credited to the Owner as a deduction
from the Cost of the Work. 
 § 6.10 Related Party Transactions 

§ 6.10.1 For purposes of Section 6.10, the term “related party” shall mean a parent, subsidiary, affiliate or other entity having
common ownership or management with the Construction Manager; any entity in which any stockholder in, or management employee of, the Construction Manager owns any interest in excess of ten percent in the aggregate; or any person or entity which has
the right to control the business or affairs of the Construction Manager. The term “related party” includes any member of the immediate family of any person identified above. 

§ 6.10.2 If any of the costs to be reimbursed arise from a transaction between the Construction Manager and a related party, the Construction
Manager shall notify the Owner of the specific nature of the contemplated transaction, including the identity of the related party and the anticipated cost to be incurred, before any such 

  
 12 

 
transaction is consummated or cost incurred. If the Owner, after such notification, authorizes the proposed transaction, then the cost incurred shall be included as a cost to be reimbursed, and
the Construction Manager shall procure the Work, equipment, goods or service from the related party, as a Subcontractor, according to the terms of Sections 2.3.2.1, 2.3.2.2 and 2.3.2.3. If the Owner fails to authorize the transaction, the
Construction Manager shall procure the Work, equipment, goods or service from some person or entity other than a related party according to the terms of Sections 2.3.2.1, 2.3.2.2 and 2.3.2.3. 

§ 6.11 Accounting Records 
 The Construction Manager
shall keep full and detailed records and accounts related to the cost of the Work and exercise such controls as may be necessary for proper financial management under this Contract and to substantiate all costs incurred. The accounting and control
systems shall be satisfactory to the Owner. The Owner and the Owner’s auditors shall, during regular business hours and upon reasonable notice, be afforded access to, and shall be permitted to audit and copy, the Construction Manager’s
records and accounts, including complete documentation supporting accounting entries, books, correspondence, instructions, drawings, receipts, subcontracts, Subcontractor’s proposals, purchase orders, vouchers, memoranda and other data relating
to this Contract. The Construction Manager shall preserve these records for a period of three years after final payment, or for such longer period as may be required by law. 

ARTICLE 7 PAYMENTS FOR CONSTRUCTION PHASE SERVICES 

§ 7.1 Progress Payments 
 § 7.1.1 Based
upon Applications for Payment submitted to the Architect by the Construction Manager and Certificates for Payment issued by the Architect, the Owner shall make progress payments on account of the Contract Sum to the Construction Manager as provided
below and elsewhere in the Contract Documents. 
 § 7.1.2 The period covered by each Application for Payment shall be one calendar month ending
on the last day of the month, 
 (Paragraphs deleted) 

§ 7.1.3 Provided that an Application for Payment is received by the Architect not later than the 5th day of a following month, the Owner shall
make payment of the certified amount to the Construction Manager not later than the 5th day of the following month. If an Application for Payment is received by the Architect after the application date fixed above, payment shall be made by the Owner
not later than 30 ( 30 ) days after the Architect receives the Application for Payment. 
 (Federal, state or local laws may require payment within a
certain period of time.) 
 § 7.1.4 Each Application for Payment shall be submitted in (3) hard copies as follows: 

 

	 	•	 	Application for Payment Continuation sheet shall itemize the project costs to show sufficient line item detail as required by the Owner or Architect. 

 

	 	•	 	Each Subcontractor shall be shown as a separate line item. 

  

	 	•	 	Allowances, Contingency and Contractor’s Fee shall be shown as separate line items. 

  

	 	•	 	The Original Contract Amount (GMP) shall not be altered. Change Orders shall be shown as a separate column. Any adjustments to individual line item budgets shall be shown in a separate column. 

 

	 	•	 	Billings for stored material must include proper certification that the material is being stored in a secured location and that the material is clearly identified as going to the Project. 

§ 7.1.5 Each Application for Payment shall be based on the most recent schedule of values submitted by the Construction Manager in accordance with
the Contract Documents. The schedule of values shall allocate the entire Guaranteed Maximum Price among the various portions of the Work, except that the Construction Manager’s Fee shall be shown as a single separate item. The schedule of
values shall be prepared in such form and supported by such data to substantiate its accuracy as the Architect may require. This schedule, unless objected to by the Architect, shall be used as a basis for reviewing the Construction Manager’s
Applications for Payment. 

  
 13 

 § 7.1.6 Applications for Payment shall show the percentage of completion of each portion of the Work
as of the end of the period covered by the Application for Payment. The percentage of completion shall be the lesser of (1) the percentage of that portion of the Work which has actually been completed, or (2) the percentage obtained by
dividing (a) the expense that has actually been incurred by the Construction Manager on account of that portion of the Work for which the Construction Manager has made or intends to make actual payment prior to the next Application for Payment
by (b) the share of the Guaranteed Maximum Price allocated to that portion of the Work in the schedule of values. 
 § 7.1.7 Subject to
other provisions of the Contract Documents, the amount of each progress payment shall be computed as follows: 
  

	 	.1	Take that portion of the Guaranteed Maximum Price properly allocable to completed Work as determined by multiplying the percentage of completion of each portion of the Work by the share of the Guaranteed Maximum Price
allocated to that portion of the Work in the schedule of values. Pending final determination of cost to the Owner of changes in the Work, amounts not in dispute shall be included as provided in Section 7.3.9 of AIA Document A201-2007; 

  

	 	.2	Add that portion of the Guaranteed Maximum Price properly allocable to materials and equipment delivered and suitably stored at the site for subsequent incorporation in the Work, or if approved in advance by the Owner,
suitably stored off the site at a location agreed upon in writing; 

  

	 	.3	Add the Construction Manager’s Fee, less retainage of five percent (5 %). The Construction Manager’s Fee shall be computed upon the Cost of the Work at the rate stated in Section 5.1 or, if the
Construction Manager’s Fee is stated as a fixed sum in that Section, shall be an amount that bears the same ratio to that fixed-sum fee as the Cost of the Work bears to a reasonable estimate of the probable Cost of the Work upon its completion;

  

	 	.4	Subtract retainage of five percent (5 %) from that portion of the Work that the Construction Manager self-performs; 

  

	 	.5	Subtract the aggregate of previous payments made by the Owner; 

  

	 	.6	Subtract the shortfall, if any, indicated by the Construction Manager in the documentation required by Section 7.1.4 to substantiate prior Applications for Payment, or resulting from errors subsequently discovered
by the Owner’s auditors in such documentation; and 

  

	 	.7	Subtract amounts, if any, for which the Architect has withheld or nullified a Certificate for Payment as provided in Section 9.5 of AIA Document A201-2007. 

§ 7.1.8 The Owner and Construction Manager shall agree upon (1) a mutually acceptable procedure for review and approval of payments to
Subcontractors and (2) the percentage of retainage held on Subcontracts, and the Construction Manager shall execute subcontracts in accordance with those agreements. 

§ 7.1.9 Except with the Owner’s prior approval, the Construction Manager shall not make advance payments to suppliers for materials or
equipment which have not been delivered and stored at the site. 
 § 7.1.10 In taking action on the Construction Manager’s Applications for
Payment, the Architect shall be entitled to rely on the accuracy and completeness of the information furnished by the Construction Manager and shall not be deemed to represent that the Architect has made a detailed examination, audit or arithmetic
verification of the documentation submitted in accordance with Section 7.1.4 or other supporting data; that the Architect has made exhaustive or continuous on-site inspections; or that the Architect has made examinations to ascertain how or for
what purposes the Construction Manager has used amounts previously paid on account of the Contract. Such examinations, audits and verifications, if required by the Owner, will be performed by the Owner’s auditors acting in the sole interest of
the Owner. 
 § 7.2 Final Paymant 
 §
7.2.1 Final payment, constituting the entire unpaid balance of the Contract Sum, shall be made by the Owner to the Construction Manager when 
  

	 	.1	the Construction Manager has fully performed the Contract except for the Construction Manager’s responsibility to correct Work as provided in Section 12.2.2 of AIA Document
A201-2007, and to satisfy other requirements, if any, which extend beyond final payment; 

  
 14 

	 	.2	the Construction Manager has submitted a final accounting for the Cost of the Work and a final Application for Payment; and 

  

	 	.3	a final Certificate for Payment has been issued by the Architect. 

 The Owner’s final payment to the
Construction Manager shall be made no later than 30 days after the issuance of the Architect’s final Certificate for Payment, 
 § 7.2.2
The Owner’s auditors will review and report in writing on the Construction Manager’s final accounting within 30 days after delivery of the final accounting to the Architect by the Construction Manager. Based upon such Cost of the Work as
the Owner’s auditors report to be substantiated by the Construction Manager’s final accounting, and provided the other conditions of Section 7.2.1 have been met, the Architect will, within seven days after receipt of the written
report of the Owner’s auditors, either issue to the Owner a final Certificate for Payment with a copy to the Construction Manager, or notify the Construction Manager and Owner in writing of the Architect’s reasons for withholding a
certificate as provided in Section 9.5.1 of the AIA Document A201-2007. The time periods stated in this Section supersede those stated in Section 9.4.1 of the AIA Document A201-2007. The Architect is not responsible for verifying the accuracy of the Construction Manager’s final accounting. 

§ 7.2.3 If the Owner’s auditors report the Cost of the Work as substantiated by the Construction Manager’s final accounting to be less
than claimed by the Construction Manager, the Construction Manager shall be entitled to request mediation of the disputed amount without seeking an initial decision pursuant to Section 15.2 of A201-2007.
A request for mediation shall be made by the Construction Manager within 30 days after the Construction Manager’s receipt of a copy of the Architect’s final Certificate for Payment. Failure to request mediation within this 30-day period
shall result in the substantiated amount reported by the Owner’s auditors becoming binding on the Construction Manager. Pending a final resolution of the disputed amount, the Owner shall pay the Construction Manager the amount certified in the
Architect’s final Certificate for Payment. 
 § 7.2.4 If, subsequent to final payment and at the Owner’s request, the Construction
Manager incurs costs described in Section 6.1.1 and not excluded by Section 6.8 to correct defective or nonconforming Work, the Owner shall reimburse the Construction Manager such costs and the Construction Manager’s Fee applicable
thereto on the same basis as if such costs had been incurred prior to final payment, but not in excess of the Guaranteed Maximum Price. If the Construction Manager has participated in savings as provided in Section 5.2.1, the amount of such
savings shall be recalculated and appropriate credit given to the Owner in determining the net amount to be paid by the Owner to the Construction Manager. 

ARTICLE 8 INSURANCE AND BONDS 
 For all phases of
the Project, the Construction Manager and the Owner shall purchase and maintain insurance, and the Construction Manager shall provide bonds as set forth in Article 11 of AIA Document A201-2007.  

(State bonding requirements, if any, and limits of liability for insurance required in Article 11 of AIA Document
A201-2007.) 
 Insurance Coverage and Limits as specified below: 

The Contractor agrees to provide and maintain statutory workmen’s compensation insurance including employers liability insurance with a minimum limit of
$1,000,000, and State Disability Benefits Insurance covering all persons employed in connection with the performance of any construction work. 
 The
Contractor agrees to carry comprehensive liability and property damage insurance, as listed below, and name the Owner as an additional insured on all insurance certificates. 
  

	A.	Commercial General Liability Insurance - ISO Form CG 00 01 (11/85) or equivalent, Occurrence Policy, with – 

  

	 	a)	Limits of not less than – 

  

							
	 (1)
	  	 General Aggregate
	  	$	2,000,000.00	  
	 (2)
	  	 Products - Comp/OPS Aggregate
	  	$	2,000,000.00	  
	 (3)
	  	 Personal and Advertising Injury
	  	$	2,000,000.00	  
	 (4)
	  	 Each Occurrence Limit
	  	$	2,000,000.00	  
	 (5)
	  	 Fire Damage (any one fire)
	  	$	50,000.00	  
	 (6)
	  	 Medical Expense (any one person)
	  	$	5,000.00	  

  
 15 

	B.	Automobile Liability Insurance, with – 

  

	 	a)	Limits of not less than $1,000,000.00 Combined Single Limit per accident. 

  

	 	b)	Coverage applying to Any Auto. 

  

	C.	Coverage is included by the Construction Manager for Builder’s Risk Property Insurance. The Contractor will provide Builder’s Risk Property Insurance coverage, including fire and theft, equal to the amounts
per below and shall name the Owner as additional insured. 

 Builders Risk Limit: $18,000,000 

Soft Costs Limit: $800,000 

Transit Limit: $1,000,000 

Temporary Storage Limit: $1,000,000 

Deductible: $5,000 
 Policy
Period: 05-24-12 to 09-24-13 
 Named Insured will include both Okland Construction Company, Inc. and Mercury 

Waiver of Subrogation: Waiver isn’t needed because subs are Additional Insured’s and Owner is a Named Insured. 

 

	D.	Coverage is NOT Included by the Construction Manager for Owner equipment, materials, existing structures, or FF&E that is not part of this Agreement. These coverages are to be provided by the Owner.

 All other insurance coverage not identified above in relation to the performance of the work outlined in this agreement is to be provided
by the Owner. 
 PERFORMANCE BOND AND PAYMENT BOND: Not required due to the inclusion in this Agreement of SubGuard Subcontractor Default Insurance. 

ARTICLE 9 DISPUTE RESOLUTION 
 § 9.1 Any Claim
between the Owner and Construction Manager shall be resolved in accordance with the provisions set forth in this Article 9 and Article 15 of A201-2007. However, for Claims arising from or relating to the
Construction Manager’s Preconstruction Phase services, no decision by the Initial Decision Maker shall be required as a condition precedent to mediation or binding dispute resolution, and Section 9.3 of this Agreement shalt not apply. 

§ 9.2 For any Claim subject to, but not resolved by mediation pursuant to Section 15.3 of AIA Document
A201-2007, the method of binding dispute resolution shall be as follows: 
 (Check the appropriate box. If the
Owner and Construction Manager do not select a method of binding dispute resolution below, or do not subsequently agree in writing to a binding dispute resolution method other than litigation, Claims will be resolved by litigation in a court of
competent jurisdiction) 
  

	 	x	Arbitration pursuant to Section 15.4 of AIA Document A201-2007 

  

	 	 ̈	Litigation in a court of competent jurisdiction 

  

	 	 ̈	Other: (Specify) 

  
 16 

 § 9.3 Initial Decision Maker 

The Architect will serve as the Initial Decision Maker pursuant to Section 15.2 of AIA Document A201-2007 for
Claims arising from or relating to the Construction Manager’s Construction Phase services, unless the parties appoint below another individual, not a party to the Agreement, to serve as the Initial Decision Maker. 

(If the parties mutually agree, insert the name, address and other contact information of the Initial Decision Maker, if other than the Architect.)

 Charles Suh, LEED® AP 

Studley 
 19100 Von Kerman Avenue 

10th Floor 
 Irvine, CA 92612 

t 949.660.3554 
 f 949.660.3556 

ARTICLE 10 TERMINATION OR SUSPENSION 
 § 10.1
Termination Prior to Establishment of the Guaranteed Maximum Price 
 § 10.1.1 Prior to the execution of the Guaranteed Maximum Price
Amendment, the Owner may terminate this Agreement upon not less than seven days’ written notice to the Construction Manager for the Owner’s convenience and without cause, and the Construction Manager may terminate this Agreement, upon not
less than seven days’ written notice to the Owner, for the reasons set forth in Section 14.1.1 of A201-2007. 

§ 10.1.2 In the event of termination of this Agreement pursuant to Section 10.1.1, the Construction Manager shall be equitably compensated
for Preconstruction Phase services performed prior to receipt of a notice of termination. In no event shall the Construction Manager’s compensation under this Section exceed the compensation set forth in Section 4.1. 

§ 10.1.3 If the Owner terminates the Contract pursuant to Section 10.1.1 after the commencement of the Construction Phase but prior to the
execution of the Guaranteed Maximum Price Amendment, the Owner shall pay to the Construction Manager an amount calculated as follows, which amount shall be in addition to any compensation paid to the Construction Manager under Section 10.1.2:

  

	 	.1	Take the Cost of the Work incurred by the Construction Manager to the date of termination; 

  

	 	.2	Add the Construction Manager’s Fee computed upon the Cost of the Work to the date of termination at the rate stated in Section 5.1 or, if the Construction Manager’s Fee is stated as a fixed sum in that
Section, an amount that bears the same ratio to that fixed-sum Fee as the Cost of the Work at the time of termination bears to a reasonable estimate of the probable Cost of the Work upon its completion; and 

 

	 	.3	Subtract the aggregate of previous payments made by the Owner for Construction Phase services. 

 The Owner
shall also pay the Construction Manager fair compensation, either by purchase or rental at the election of the Owner, for any equipment owned by the Construction Manager which the Owner elects to retain and which is not otherwise included in the
Cost of the Work under Section 10.1.3.1. To the extent that the Owner elects to take legal assignment of subcontracts and purchase orders (including rental agreements), the Construction Manager shall, as a condition of receiving the payments
referred to in this Article 10, execute and deliver all such papers and take all such steps, including the legal assignment of such subcontracts and other contractual rights of the Construction Manager, as the Owner may require for the purpose of
fully vesting in the Owner the rights and benefits of the Construction Manager under such subcontracts or purchase orders. All Subcontracts, purchase orders and rental agreements entered into by the Construction Manager will contain provisions
allowing for assignment to the Owner as described above. 
 If the Owner accepts assignment of subcontracts, purchase orders or rental agreements as
described above, the Owner will reimburse or indemnify the Construction Manager for all costs arising under the subcontract, purchase order or rental agreement, if those costs would have been reimbursable as Cost of the Work if the contract had not
been terminated. If the Owner chooses not to accept assignment of any subcontract, purchase order or rental agreement that would have constituted a Cost of the Work had this agreement not been terminated, the Construction Manager will terminate the
subcontract, purchase order or rental agreement and the Owner will pay the Construction Manager the reasonable costs necessarily incurred by the Construction Manager because of such termination. 

  
 17 

 § 10.2 Termination Subsequent to Establishing Guaranteed Maximum Price 

Following execution of the Guaranteed Maximum Price Amendment and subject to the provisions of Section 10.2.1 and 10.2.2 below, the Contract may be
terminated as provided in Article 14 of AIA Document A201-2007. 
 § 10.2.1 If the Owner terminates the
Contract after execution of the Guaranteed Price Amendment, the amount payable to the Construction Manager pursuant to Sections 14.2 and 14.4 of A201-2007 shall not exceed the amount the Construction Manager
would otherwise have received pursuant to Sections 10.1.2 and 10.1.3 of this Agreement. 
 § 10.2.2 If the Construction Manager terminates the
Contract after execution of the Guaranteed Maximum Price Amendment, the amount payable to the Construction Manager under Section 14.1.3 of A201-2007 shall not exceed the amount the Construction Manager
would otherwise have received under Sections 10.1.2 and 10.1.3 above, except that the Construction Manager’s Fee shall be calculated as if the Work had been fully completed by the Construction Manager, utilizing as necessary a reasonable
estimate of the Cost of the Work for Work not actually completed but this shall only apply in the event Construction Manager’s termination is a direct result of the actual existence of one or more of the causes described in Section 14.1.1
or 14.1.2 of A201-2007. 
 § 10.3 Suspension 

The Work may be suspended by the Owner as provided in Article 14 of AIA Document A201-2007. In such case, the
Guaranteed Maximum Price and Contract Time shall be increased as provided in Section 14.3.2 of AIA. Document A201-2007, except that the term “profit” shall be understood to mean the Construction
Manager’s Fee as described in Sections 5.1 and 5.3.5 of this Agreement. 
 ARTICLE 11 MISCELLANEOUS PROVISIONS 

§ 11.1 Terms in this Agreement shall have the same meaning as those in A201-2007. 

§ 11.2 Ownership and Use of Documents 

Section 1.5 of A201-2007 shall apply to both the Preconstruction and Construction Phases. 

§ 11.3 Governing Law 
 Section 13.1 of A201-2007 shall apply to both the Preconstruction and Construction Phases. 
 § 11.4 Assignment 

The Owner and Construction Manager, respectively, bind themselves, their agents, successors, assigns and legal representatives to this Agreement. Neither the
Owner nor the Construction Manager shall assign this Agreement without the written consent of the other, except that the Owner may: (a) assign this Agreement to a lender providing financing for the Project and/or (b) assign or transfer
this Agreement and/or its rights hereunder to a successor-in-interest as a result of a merger, consolidation or corporate restructuring or to a purchaser of all or substantially all or part of the business of Owner, provided any such assignment
shall require the assignee to assume the duties and obligations contained in this Agreement if the assignee agrees to assume the Owner’s rights and obligations under this Agreement. Except as provided in Section 13.2.2 of A201-2007, neither party to the Contract shall assign the Contract as a whole without written consent of the other. If either party attempts to make such an assignment without such consent, that party shall
nevertheless remain legally responsible for all obligations under the Contract. 
 § 11.5 Other provisions: 

The Owner and Construction Manager acknowledge that in order to construct the Work the Contractor will, on a best efforts basis, provide additional information
on a timely basis, including Shop Drawings, Product Data, Samples and other similar submittals. 
 ARTICLE 12 SCOPE OF THE AGREEMENT 

§ 12.1 This Agreement represents the entire and integrated agreement between the Owner and the Construction Manager and supersedes all prior
negotiations, representations or agreements, either written or oral. This Agreement may be amended only by written instrument signed by both Owner and Construction Manager. 

  
 18 

 § 12.2 The following documents comprise the Agreement: 

 

	 	.1	AIA Document A133-2009, Standard Form of Agreement Between Owner and Construction Manager as Constructor where the basis of payment is the Cost of the Work Plus a Fee with a
Guaranteed Maximum Price 

  

	 	.2	AIA Document A201-2007, General Conditions of the Contract for Construction 

(Paragraphs deleted) 
  

	 	.5	Other documents: 

 (List other documents, if any, forming part of the Agreement.) 

  
 19 

 EXHIBIT A 

STANDARD LABOR RATES 
 These Rates EXCLUDE vehicles, cell
phones, subsistence, and travel unless specified otherwise below. 
 These Rates INCLUDE taxes, insurance, contributions, assessments and benefits required
by law or collective bargaining agreements, and, for personnel not covered by such agreements, customary benefits such as sick leave, medical and health benefits, holidays, vacations, retirement plans, training costs, and safety incentives. 

 

													
	 TITLE
	  	per week	 	  	per hour	 	  	overtime	 
	 Project Manager DIRECTOR
	  	$	5,000	  	  	 	125.00	  	  	 	na	  
	 Project Manager SENIOR
	  	$	4,800	  	  	 	120.00	  	  	 	na	  
	 Project Manager
	  	$	3,800	  	  	 	95.00	  	  	 	na	  
	 Project Manager JR/ASST
	  	$	3,000	  	  	 	75.00	  	  	 	na	  
	 Project Superintend SENIOR
	  	$	4,400	  	  	 	110.00	  	  	 	na	  
	 Project Superintend
	  	$	3,800	  	  	 	95.00	  	  	 	na	  
	 Project Superintend JR/ASST
	  	$	3,200	  	  	 	80.00	  	  	 	na	  
	 Project Engineer SENIOR
	  	$	2,600	  	  	 	65.00	  	  	 	na	  
	 Project Engineer
	  	$	2,200	  	  	 	55.00	  	  	 	na	  
	 Project Scheduler
	  	$	3,400	  	  	 	85.00	  	  	 	na	  
	 Project Quality Control
	  	$	3,200	  	  	 	80.00	  	  	 	na	  
	 Project MIS Support*
	  	$	3,200	  	  	 	80.00	  	  	 	na	  
	 Corporate MIS Support*
	  	$	6,400	  	  	 	160.00	  	  	 	na	  
	 *    Rate includes cell phone, specialized MIS
equipment
	  				  				  			
				
	 Project Safety SENIOR
	  	$	3,400	  	  	 	85.00	  	  	 	na	  
	 Project Safety
	  	$	2,800	  	  	 	70.00	  	  	 	na	  
	 Corporate Safety*
	  	$	5,000	  	  	 	125.00	  	  	 	na	  
	 *    Rate includes vehicle and cell phone
	  				  				  			
				
	 Project Accountant
	  	$	2,320	  	  	 	58.00	  	  	 	na	  
	 Project Estimator SENIOR
	  	$	4,400	  	  	 	110.00	  	  	 	na	  
	 Project Estimator
	  	$	3,200	  	  	 	80.00	  	  	 	na	  
	 Project Clerk - Assistant/Intern
	  	$	1,800	  	  	 	45.00	  	  	 	65.00	  
	 Project General Foreman
	  	$	2,600	  	  	 	65.00	  	  	 	94.00	  
	 Carpenter General Foreman
	  	 	Hourly	  	  	 	43.85	  	  	 	63.58	  
	 Carpenter Foreman
	  	 	Hourly	  	  	 	40.95	  	  	 	59.38	  
	 Carpenter
	  	 	Hourly	  	  	 	38.85	  	  	 	56.33	  
	 Laborer Foreman
	  	 	Hourly	  	  	 	28.35	  	  	 	41.11	  
	 Laborer
	  	 	Hourly	  	  	 	26.25	  	  	 	38.06	  
	 Cmnt Mason Superintendent*
	  	$	3,400	  	  	 	85.00	  	  	 	na	  
	 *    Rate includes Truck, Cell Phone
	  				  				  			
				
	 Cmnt Mason General Foreman
	  	 	Hourly	  	  	 	43.85	  	  	 	63.58	  
	 Cmnt Mason Foreman
	  	 	Hourly	  	  	 	40.95	  	  	 	59.38	  
	 Cmnt Mason
	  	 	Hourly	  	  	 	38.85	  	  	 	56.33	  
	 Operator
	  	 	Hourly	  	  	 	47.25	  	  	 	68.51	  
	 Mechanic - Crane/Heavy Equipment*
	  	 	Hourly	  	  	 	95.00	  	  	 	137.75	  
	 *    Rate includes Mechanic Truck, Tools, Cell Phone
	  				  				  			
				
	 Mechanic - Service*
	  	 	Hourly	  	  	 	80.00	  	  	 	116.00	  
	 *    Rate includes Service Truck, Tools, Cell Phone
	  				  				  			
				
	 Transport Driver*
	  	 	Hourly	  	  	 	70.00	  	  	 	101.50	  
	 *    Rate includes Transport Truck and Cell Phone
	  				  				  			
				
	 Delivery Driver*
	  	 	Hourly	  	  	 	55.00	  	  	 	79.75	  
	 *    Rate includes Flatbed Truck and Cell Phone
	  				  				  			

 This Agreement is entered into as of the day and year first written above. 

 

					
	 /s/ Ross Agre
	 		 	 /s/ Christopher Sill

	OWNER (Signature)	 		 	CONSTRUCTION MANAGER (Signature)
			
	 Ross Agre, General Counsel
	 		 	 Christopher Sill V.P.

	(Printed name and title)	 		 	(Printed name and title)

  
 20

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}]]