Document:

THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OF THE SECURITIES OR “BLUE SKY”
LAWS OF ANY JURISDICTION AND, ACCORDINGLY, MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IF REGISTERED PURSUANT TO
THE PROVISIONS OF THE SECURITIES ACT OR IF AN EXEMPTION FROM REGISTRATION IS AVAILABLE, EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER
SUCH REGISTRATION NOR SUCH AN EXEMPTION IS REQUIRED BY LAW. NOTWITHSTANDING THE ABOVE, NO TRANSFER MAY BE MADE IN ANY JURISDICTION
EXCEPT IN COMPLIANCE WITH APPLICABLE LAWS IN SUCH JURISDICTION.

 

PROMISSORY NOTE 

 

$9,000,000Dated: December 28,
2012

 

WHEREAS, AD Computer Corporation (“Lender”)
is a borrower and party to that certain Loan and Security Agreement, dated as of December 28, 2012, by and among Lender, Payroll
Tax Filing Services, Inc., each other Person joined hereto as a borrower from time to time, Universal Business Payment Solutions
Acquisition Corporation (“Borrower”), and Metro Bank.

 

WHEREAS, Lender desires to make a
loan to Borrower in the original principal amount of NINE MILLION DOLLARS ($9,000,000);

 

NOW THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Borrower and, by its acceptance hereof, Lender hereby agree as follows:

 

The terms, provisions and obligations set
forth in the Original Promissory Note are hereby amended and restated in their entirety to read as follows:

 

FOR VALUE Borrower,
HEREBY PROMISES TO PAY to the order of LENDER the principal amount of $9,000,000 in full upon notice from the Lender to the Borrower.

 

		I.	PAYMENT TERMS

 

The Borrower promises
to pay interest on the unpaid principal amount hereof on the day on which the principal amount is paid in full, at an interest
rate equal to the short-term Applicable Federal Rate as required by Section 7872(f)(2)(B) of the Internal Revenue Code, compounded
semiannually; provided, however, that any overdue amount of principal, interest or other amounts payable hereunder
shall bear interest, payable on demand, at the same such interest rate as described above. Interest shall accrue from the date
hereof until the date of payment in full of the principal amount hereof and all interest and other amounts payable hereunder (to
the extent permitted by applicable law) and shall be computed on the basis of a 360-day year of twelve 30-day months. Interest
is to be paid in cash.

 

    	 

    	 

    
 

		II.	REPAYMENT TERMS

 

This Promissory Note shall be prepayable
at any time without penalty. The full balance of this Promissory Note and all accrued interest thereunder shall be due and payable
on December 28, 2020.

 

		III.
	OPTIONAL PAYMENTS

 

This Promissory Note
is prepayable by the Borrower at any time in whole or in part without any premium or penalty. The amount of any such optional payment
shall be applied first to accrued but unpaid interest outstanding under this Agreement and then to principal.

 

		IV.	GENERAL

 

This Agreement embodies
the entire agreement between the Borrower and Lender. Any amendments to this Agreement must be executed by all parties hereto.

 

The Agreement may not
be transferred, sold, assigned, pledged, or otherwise encumbered or disposed of, and no lien, charge or other encumbrance may be
created or permitted to be created thereon without the prior written consent of Lender.

 

The Borrower expressly
waives presentment, demand, protest or any notice of any kind whatsoever. No delay or omission by the Lender in exercising any
of its rights hereunder or otherwise shall operate as a waiver of any such right or of any other right of the Lender, nor shall
any waiver by the Lender of any such right on one occasion be deemed a bar to or waiver of such right or any other right on any
other occasion.

 

This Agreement shall
be deemed to have been made under, and shall be governed by, and construed in accordance with, the laws of the State of New York.

 

 

 

REMAINDER OF PAGE LEFT BLANK INTENTIONALLY

 

    	 

    	 

    

 

IN WITNESS WHEREOF
the parties have executed and delivered this Agreement on the date first written above.

 

UNIVERSAL BUSINESS PAYMENT SOLUTIONS ACQUISITION CORPORATION

 

Borrower

 

By: /s/ Peter Davidson                                    

Name: Peter Davidson

Title: Chief Administrative Officer

 

 

 

AD COMPUTER CORPORATION

Lender

 

By: /s/ C. Nicholos Antich                                          

Name: C. Nicholos Antich

Title: President 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Promissory Note]This Agreement is among
Universal Business Payment Solutions Acquisition Corporation, JP Merger Sub, LLC, JetPay, LLC, WLES, L.P. and Trent Voigt regarding
that certain Agreement and Plan of Merger among them dated as of July 6, 2012, as amended (the “Merger Agreement”).
Capitalized terms used herein but not defined herein shall have the meaning assigned to them in the Merger Agreement.

 

The parties agree and
acknowledge that the “Cash Merger Consideration” shall include a promissory note from Parent to the Member in the amount
of $2,331,368.68 instead of cash in that amount. The promissory note shall be in the form attached hereto as Exhibit A. The parties
further agree and acknowledge that, as consideration for the modification of the Cash Merger Consideration, the Seller Agreement
Parties shall have no indemnification obligations to any Parent Indemnified Parties, under Article IX of the Merger Agreement or
otherwise, for any of the matters set forth on Exhibit B hereto.

 

The remainder of the
Merger Agreement, as previously amended, shall remain unchanged by this Agreement.

 

Dated to be effective
as of the 28th day of December 2012.

 

	 	UNIVERSAL BUSINESS PAYMENT SOLUTIONS ACQUISITION CORPORATION
	 	 	 
	 	By:	/s/ Bipin C. Shah
	 	Name: 	Bipin C. Shah
	 	Title:	Chief Executive Officer
	 	 	 
	 	JP MERGER SUB, LLC
	 	 	 
	 	By:	/s/ Bipin C. Shah
	 	Name:	Bipin C. Shah
	 	Title:	CEO and Secretary
	 	 	 
	 	 	 
	 	JETPAY, LLC
	 	 	 
	 	By:	/s/ Trent Voigt
	 	Name:	Trent Voigt
	 	Title:	CEO
	 	 	 
	 	WLES, LP
	 	 
	 	By: Transaction Guy and the Triumphant Ones, LLC, General Partner
	 	 	 
	 	By:	/s/ Trent Voigt
	 	Name:	Trent Voigt
	 	Title:	General Partner
	 	 	 
	 	/s/ Trent Voigt
	 	Trent Voigt

  

    	 

    	 

    

  

Exhibit A

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THIS NOTE MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED
OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS NOTE UNDER SAID ACT AND APPLICABLE STATE SECURITIES
LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	$2,331,368.68	December  28, 2012

 

FOR VALUE RECEIVED,
the undersigned, UNIVERSAL BUSINESS PAYMENT SOLUTIONS ACQUISITION CORPORATION, a Delaware corporation (the “Company”)
with its principal place of business at Radnor Financial Center, Suite F-200, Radnor, PA 19087, promises to pay to the order of
WLES, LP, or its registered transferees or assigns (the “Payee”), the principal sum of Two Million Three Hundred Thirty-One
Thousand, Three Hundred Sixty-Eight and Sixty-Eight Hundreths Dollars ($2,331,368.68)
together with simple interest on the unpaid principal balance from time to time outstanding, computed from the date of original
issuance of this Promissory Note (this “Note”), at the rate of five percent (5%) per annum, on the basis of a 365-day
year, until paid in full; provided, however that upon the occurrence and during the continuance of an Event of Default
(as defined below), this Note will bear interest at a rate of eight percent (8%) per annum as measured from the date of the occurrence
of such Event of Default. Interest only shall be payable in cash on a quarterly basis in arrears within five (5) business days
of the end of each calendar quarter commencing on the completion of the first full calendar quarter following the Closing Date.

 

1.          Payment
and Interest. Subject to earlier repayment as provided in Section 2 below, the outstanding principal amount of this Note, along
with any and all accrued but unpaid interest hereunder, shall become due and payable on the earliest to occur of (i) December 31,
2017 (the “Maturity Date”), or (ii) an Event of Default (as defined in Section 2 below). All payments hereunder, whether
for principal, interest or otherwise shall be made in immediately available United States funds sent to the Payee at the address
set forth on the signature page hereto or such other address furnished in writing to the Company for that purpose or by wire-transfer
to an account specified in writing by Payee. Interest hereunder shall accrue on the outstanding principal amount of this Note from
the date hereof until the repayment in full of the principal amount hereunder and the payment of all accrued but unpaid interest
hereunder. All payments received by the Payee will be applied first to costs of collection, if any, then to interest, and the balance
to principal. The Company may prepay without penalty this Note in part or in whole at any time and from time to time.

 

    	 

    	 

    

 

2.          Event
of Default. The outstanding principal and accrued interest hereunder shall, at the option of the Payee, become due and payable
without notice or demand, upon the happening of any one of the following specified events (each, an “Event of Default”):
(a) the Company shall fail to pay any principal or interest hereunder when due; or (b) the Company shall (i) admit in writing its
inability to pay its debts generally as they become due; (ii) commence a voluntary case under Title 11 of the United States
Code as from time to time in effect; (iii) file an answer or other pleading admitting or failing to deny the material allegations
of a petition filed against it commencing an involuntary case under said Title 11, or seek, consent to or acquiesce in the
relief therein provided, or fail to controvert timely the material allegations of any such petition; (iv) have a petition filed
commencing involuntary bankruptcy proceedings against the Company in any involuntary case commenced under said Title 11; (v)
seek relief as a debtor under any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation
or reorganization of debtors or to the modification or alteration of the rights of creditors, or consent to or acquiesce in such
relief; (vi) have an order entered against the Company by a court of competent jurisdiction (A) finding it to be bankrupt or insolvent,
(B) ordering or approving its liquidation, reorganization or any modification or alteration of the rights of its creditors, or
(C) assuming custody of, or appointing a receiver or other custodian for, all or a substantial part of its property; or (vii) make
a general assignment for the benefit of its creditors, or appoint or consent to the appointment of a receiver or other custodian
for all or a substantial part of its property.

 

5.          Security.
This Note is unsecured.

 

6.          Suits
for Enforcement. Upon the occurrence of any one or more Events of Default, the Payee may proceed to protect and enforce its
rights by suit in equity, action at law or by other appropriate proceeding, whether for the specific performance of any covenant
or agreement contained in this Note, or in aid of the exercise of any power granted in this Note, or may proceed to enforce the
payment of this Note, or to enforce any other legal or equitable right of the Payee. The Payee may direct the time, method and
place of conducting any proceeding for any remedy available to it. In case of any Event of Default under this Note, the Company
will pay to the Payee such amount as shall be sufficient to cover the reasonable costs and expenses of such Payee due to such Event
of Default or in enforcing or collecting this Note.

 

7.          Notices.
All notices, demands, requests or other communications that may be or are required to be given, served or sent by any party pursuant
to this Note will be in writing, will reference this Note and shall be mailed by first class, registered or certified mail, return
receipt requested, postage prepaid, or transmitted by hand delivery, overnight courier or facsimile transmission, addressed as
follows: (a) if to the Company, to Universal Business Payment Solutions Acquisition Corporation, Radnor Financial Center, 150 North
Radnor-Chester Road, Suite F-200, Radnor PA 19087, Attention: Chief Executive Officer, with a copy to Dechert LLP, 2929 Arch Street,
Philadelphia, PA 19104, Attention: James A. Lebovitz, Facsimile (215) 994-22220 and (b) if to the Payee, at the address set forth
on the signature page hereto, or at such other address or addresses as shall have been furnished in writing by such party to the
Company. Each notice or other communication that is mailed, delivered or transmitted in the manner described above shall be deemed
sufficiently given, served, sent and received for all purposes at such time as it is delivered to the addressee (with the return
receipt, the delivery receipt, the fax confirmation sheet or the affidavit of messenger being deemed conclusive evidence of such
delivery) or at such time as delivery is refused by the addressee upon presentation.

 

    	 

    	 

    

 

8.          General.
No remedy herein conferred upon the Payee is intended to be exclusive of any other remedy and each and every such remedy shall
be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or
by statute or otherwise. No course of dealing between the Company and the Payee or any delay on the part of the Payee in exercising
any rights hereunder shall operate as a waiver of any right. To the extent permitted by law, the Company hereby expressly waives
presentment, demand, and protest, notice of demand, dishonor and nonpayment of this Note, and all other notices or demands of any
kind in connection with the delivery, acceptance, performance, default or enforcement hereof, and hereby consents to any delays,
extensions of time, renewals, waivers or modifications that may be granted or consented to by the Payee with respect to the time
of payment. This Note may not be amended or modified, and no provisions hereof may be waived, without the written consent of the
Company and the Payee. If any provision of this Note shall be declared void or unenforceable by any judicial or administrative
authority, the validity of any other provision and of the entire Note shall not be affected thereby. Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Note, the Company will issue a new Note, of like
tenor and amount and dated the date to which interest has been paid, in lieu of such lost, stolen, destroyed or mutilated Note.
This Note shall be binding upon and inure to the benefit of Payee and its successors and assigns. This Note and the rights and
obligations herein may not be assigned by the Payee, except to fund entities affiliated with Payee or in the case of an individual
Payee to an entity wholly-owned by such individual Payee, without the prior written consent of the Company.

 

9.          Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the Company has executed
this Note as an instrument under seal as of the day and year first above written.

 

	 	UNIVERSAL BUSINESS PAYMENT
 SOLUTIONS ACQUISITION
 CORPORATION
	 	 	 
	 	By:	/s/ Bipin C. Shah
	 	Name:	Bipin C. Shah
	 	Title:	Chief Executive Officer
	 	 	 
	 	WLES, LP
	 	 	 
	 	By:	/s/ Trent Voigt
	 	Name:	/s/ Trent Voigt
	 	Title:	 

 

SIGNATURE PAGE TO UNSECURED CONVERTIBLE
PROMISSORY NOTE

 

    	 

    	 

    

  

EXHIBIT B

 

Claims brought by:

 

 

BCC Merchant Solutions, Inc.

M&A Ventures

Pinnacle Processing Group

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