Document:

Exhibit 10.7

 

Thunder
Bridge Acquisition LLC

9912 Georgetown Pike, Suite D203

Great Falls, Virginia 22066

 

January
21, 2019

 

Thunder
Bridge Acquisition, Ltd.

9912 Georgetown Pike, Suite D203

Great Falls, Virginia 22066

Attention: Chief Executive Officer

 

Re:  
Sponsor Earnout Letter

 

Ladies
and Gentlemen:

 

Reference
is hereby made to that certain Agreement and Plan of Merger, dated as of January 21, 2019 (as amended, the “Merger
Agreement”) by and among Thunder Bridge Acquisition Ltd., a Cayman Islands exempted company (including any successor
entity thereto, including upon the Domestication (as defined in the Merger Agreement), “Parent”), TB
Acquisition Merger Sub LLC, a Delaware limited liability company and wholly-owned subsidiary of Parent (“Merger Sub”),
Hawk Parent Holdings LLC, a Delaware limited liability company (including the successor entity in its merger with Merger Sub pursuant
to the Merger Agreement, the “Company”) and, solely in its capacity as the Company Securityholder Representative,
CC Payment Holdings, L.L.C., a Delaware limited liability company. Any capitalized term used but not defined herein will have
the meanings ascribed thereto in the Merger Agreement.

 

In
connection with the Merger Agreement, and pursuant to the authority of the undersigned Managing Member of Thunder Bridge Acquisition
LLC, a Delaware limited liability company (“Sponsor”), under the Organizational Documents of Sponsor
to enter into arrangements with respect to Founder Shares (as defined below) to facilitate the initial business combination of
Parent, Sponsor agrees to enter into this letter agreement (this “Agreement”) with Parent and the Company
relating to the 6,450,000 Class B ordinary shares, par value $0.0001 per share, of Parent (including the Surviving Pubco Class
A Shares into which such shares are converted pursuant to the Domestication in accordance with the Merger Agreement, “Founder
Shares”) initially purchased by Sponsor in a private placement prior to Parent’s initial public offering,
which shares are currently held by Sponsor.

 

For
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Sponsor, the Company and Parent
hereby agree as follows:

 

		1.	Sponsor
                                         hereby agrees that prior to the Closing it shall enter into an Escrow Agreement with
                                         Surviving Pubco and Continental Stock Transfer and Trust, as escrow agent (the “Escrow
                                         Agent”), in substantially the form attached as Exhibit A hereto
                                         (the “Sponsor Escrow Agreement”), and upon and subject to the
                                         Closing, Sponsor shall (i) deliver to the Surviving Pubco 400,000 of the Founder Shares
                                         (subject to equitable adjustment for stock splits, stock dividends, reorganizations,
                                         combinations, recapitalizations and similar transactions affecting the Surviving Pubco
                                         Class A Shares or Successor Shares (as defined below) after the date of this Agreement)
                                         for cancellation by the Surviving Pubco and (ii) deposit 3,900,000 of the Founder Shares
                                         (subject to equitable adjustment for stock splits, stock dividends, reorganizations,
                                         combinations, recapitalizations and similar transactions affecting the Surviving Pubco
                                         Class A Shares or Successor Shares after the date of this Agreement) (together with any
                                         equity securities paid as dividends or distributions with respect to such shares or into
                                         which such shares are exchanged or converted, and in each case only to the extent held
                                         in the Sponsor Escrow Account, the “Sponsor Escrow Shares”)
                                         into a segregated escrow account (the “Sponsor Escrow Account”)
                                         with the Escrow Agent, to be held, along with any other dividends, distributions or other
                                         income on the Sponsor Escrow Shares (“Escrow Earnings”), in
                                         the Sponsor Escrow Account and disbursed in accordance with the terms of this Agreement
                                         and the Sponsor Escrow Agreement.

 

     

     

    

 

		2.	Sponsor
                                         shall not sell, transfer, or otherwise dispose of, or hypothecate or otherwise grant
                                         any interest in or to, the Sponsor Escrow Shares. Except as otherwise set forth in this
                                         Agreement, all of the Sponsor Escrow Shares, together with any Escrow Earnings, shall
                                         be retained in the Sponsor Escrow Account unless and until a Stock Price Trigger (as
                                         defined below) or Triggering Event (as defined below) has occurred. In the event that,
                                         as of the date that is seven (7) years following the Closing Date (the “Termination
                                         Date”, and the period from the Closing Date until and including the Termination
                                         Date, the “Contingent Period”), neither the Second Stock Price
                                         Trigger nor any Triggering Event has occurred, Sponsor will forfeit the remaining Sponsor
                                         Escrow Shares and any remaining Escrow Earnings in the Sponsor Escrow Account, and the
                                         Escrow Agent shall deliver such Sponsor Escrow Shares and such Escrow Earnings to the
                                         Surviving Company (with any Sponsor Escrow Shares to be delivered to Surviving Pubco
                                         in certificated or book entry form for cancellation by Surviving Pubco). Surviving Pubco
                                         and Sponsor shall give joint written instructions to the Escrow Agent to release the
                                         applicable Sponsor Escrow Shares promptly (but in any event within five (5) Business
                                         Days) after the occurrence of a Stock Price Trigger or Triggering Event; provided, that
                                         Surviving Pubco shall notify Sponsor in writing at least three (3) Business Days in advance
                                         of and provide written instructions to the Escrow Agent to release one hundred percent
                                         (100%) of the Sponsor Escrow Shares upon the occurrence of a Triggering Event described
                                         in Sections 6(a), 6(b) or 6(c).

 

		3.	Until
                                         and unless the Sponsor Escrow Shares are forfeited, other than as expressly set forth
                                         in this Agreement or the Sponsor Escrow Agreement, Sponsor shall have full ownership
                                         rights to the Sponsor Escrow Shares, including, without limitation, the right to vote
                                         the Sponsor Escrow Shares, except that any Escrow Earnings shall be retained in the Sponsor
                                         Escrow Account, to be held in accordance with the terms of this Agreement and the Sponsor
                                         Escrow Agreement.

 

		4.	Fifty
                                         percent (50%) of the Sponsor Escrow Shares shall vest, no longer be subject to forfeiture
                                         and be released from the Sponsor Escrow Account if the closing price of Surviving Pubco
                                         Class A Shares or any equity security that is the successor to Surviving Pubco Class
                                         A Shares (“Successor Shares”) on the principal exchange on
                                         which such securities are then listed or quoted shall have been at or above $11.50 (in
                                         each case, subject to equitable adjustment for stock splits, stock dividends, reorganizations,
                                         combinations, recapitalizations and similar transactions affecting the Surviving Pubco
                                         Class A Shares or Successor Shares after the date of this Agreement) for twenty (20)
                                         trading days (which need not be consecutive) over a thirty (30) trading day period at
                                         any time during the Contingent Period (the “First Stock Price Trigger”).

 

		5.	One
                                         hundred percent (100%) of the Sponsor Escrow Shares shall vest, no longer be subject
                                         to forfeiture and be released from the Sponsor Escrow Account if the closing price of
                                         Surviving Pubco Class A Shares or any Successor Shares on the principal exchange on which
                                         such securities are then listed or quoted shall have been at or above $12.50 (in each
                                         case, subject to equitable adjustment for stock splits, stock dividends, reorganizations,
                                         combinations, recapitalizations and similar transactions affecting the Surviving Pubco
                                         Class A Shares or Successor Shares after the date of this Agreement) for twenty (20)
                                         trading days (which need not be consecutive) over a thirty (30) trading day period at
                                         any time during the Contingent Period (the “Second Stock Price Trigger”
                                         and together with the First Stock Price Trigger, the “Stock Price Triggers”).

 

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		6.	One
                                         hundred percent (100%) of the Sponsor Escrow Shares shall vest, no longer be subject
                                         to forfeiture and be released from the Sponsor Escrow Account upon the first of any of
                                         the following to occur (a “Triggering Event”):

 

		(a)	if
                                         Surviving Pubco shall engage in a “going private” transaction pursuant to
                                         Rule 13e-3 under the Securities Exchange Act 1934, as amended (the “Exchange
                                         Act”) or otherwise cease to be subject to reporting obligations under Sections
                                         13 or 15(d) of the Exchange Act;

 

		(b)	if
                                         Surviving Pubco Class A Shares or Successor Shares shall cease to be listed on a national
                                         securities exchange, other than for the failure to satisfy:

 

		(i)	any
                                         applicable minimum listing requirements, including minimum round lot holder requirements,
                                         of such national securities exchange, unless such failure is caused by an action or omission
                                         of Surviving Pubco or its Subsidiaries taken after the Closing with the primary intent
                                         of causing, or which would otherwise reasonably be expected to cause, the Surviving Pubco
                                         to violate such applicable minimum listing requirements; or

 

		(ii)	a
                                         minimum price per share requirement of such national securities exchange;

 

		(c)	if
                                         any of the following shall occur:

 

		(i)	there
                                         is consummated a merger or consolidation of the Surviving Pubco with any other corporation
                                         or other entity, and, immediately after the consummation of such merger or consolidation,
                                         either (x) the Surviving Pubco board of directors immediately prior to the merger or
                                         consolidation does not constitute at least a majority of the board of directors of the
                                         company surviving the merger or, if the surviving company is a Subsidiary, the ultimate
                                         parent thereof, or (y) the voting securities of the Surviving Pubco immediately prior
                                         to such merger or consolidation do not continue to represent or are not converted into
                                         more than 50% of the combined voting power of the then outstanding voting securities
                                         of the Person resulting from such merger or consolidation or, if the surviving company
                                         is a Subsidiary, the ultimate parent thereof; or

 

		(ii)	the
                                         shareholders of the Surviving Pubco approve a plan of complete liquidation or dissolution
                                         of the Surviving Pubco or there is consummated an agreement or series of related agreements
                                         for the sale, lease or other disposition, directly or indirectly, by the Surviving Pubco
                                         of all or substantially all of the asset of Surviving Pubco and its Subsidiaries, taken
                                         as a whole, other than such sale or other disposition by the Surviving Pubco of all or
                                         substantially all of the assets of the Surviving Pubco and its Subsidiaries, taken as
                                         a whole, to an entity at least 50% of the combined voting power of the voting securities
                                         of which are owned by shareholders of the Surviving Pubco in substantially the same proportions
                                         as their ownership of the Surviving Pubco immediately prior to such sale; or

 

		(iii)	any
                                         Person or any group of Persons acting together which would constitute a “group”
                                         for purposes of Section 13(d) of the Exchange Act or any successor provisions thereto
                                         (excluding a corporation or other entity owned, directly or indirectly, by the stockholders
                                         of the Surviving Pubco in substantially the same proportions as their ownership of stock
                                         of the Surviving Pubco) is or becomes the Beneficial Owner, directly or indirectly, of
                                         securities of the Surviving Pubco representing more than 50% of the combined voting power
                                         of the Surviving Pubco’s then outstanding voting securities.

 

		7.	Sponsor
                                         hereby agrees that in the event that the sum of (i) the Parent Transaction Expenses,
                                         plus (ii) the Parent Indebtedness, in each case as of immediately prior to the Effective
                                         Time, as finally determined pursuant to Section 15 hereof and as set forth in
                                         the Final Parent Expense Statement (the “Parent Expenses”)
                                         is greater than $20,000,000 (the “Parent Expense Cap”), then
                                         within three (3) Business Days following the determination thereof, Sponsor will forfeit
                                         a number of Sponsor Escrow Shares equal in value to the amount by which the Parent Expenses
                                         exceed the Parent Expense Cap, with each Sponsor Escrow Share valued for such purposes
                                         at the Redemption Price. For the avoidance of doubt, the forfeited Sponsor Escrow Shares
                                         shall be allocated evenly between the Sponsor Escrow Shares subject to each of the Stock
                                         Price Triggers.

 

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		8.	Notwithstanding
                                         anything to the contrary herein, at or prior to the Closing, Sponsor may transfer any
                                         Founder Shares to any third-party investor who provides equity or debt financing for
                                         the transactions contemplated by the Merger Agreement without the consent of Surviving
                                         Pubco (subject to compliance with the provisions of the letter agreement, dated as of
                                         June 18, 2018 by and among Parent, Sponsor and the directors and officers of Parent named
                                         therein (the “Insider Letter”)); provided that (i) any
                                         Founder Shares so transferred shall continue to be subject to the terms and conditions
                                         of the Insider Letter and, unless otherwise agreed in writing by the Company and Sponsor,
                                         the terms and conditions of this Agreement (other than Sections 7, 13 and
                                         14) and the Sponsor Escrow Agreement, (ii) the transferee of such shares shall
                                         sign a joinder to this Agreement agreeing to be bound by the obligations applicable to
                                         Sponsor and the Founder Shares in this Agreement (other than Sections 7, 13
                                         and 14), in form and substance reasonably acceptable to the Company, and (iii)
                                         prior to the Closing, Sponsor may not transfer in excess of 2,150,000 Founder Shares
                                         in the aggregate without the prior written consent of the Company.

 

		9.	Within
                                         ten (10) days following the Closing, Sponsor shall distribute to its members any securities
                                         of Parent that it owns in accordance with its Organizational Documents, subject to the
                                         terms of this Agreement and the Sponsor Escrow Agreement (the “Liquidation”).

 

		10.	This
                                         Agreement constitutes the entire agreement and understanding of the parties hereto in
                                         respect of the subject matter hereof and supersedes all prior understandings, agreements,
                                         or representations by or among the parties hereto, written or oral, to the extent they
                                         relate in any way to the subject matter hereof; provided, that for the avoidance of doubt,
                                         nothing herein shall affect the terms and conditions of the Insider Letter. This Agreement
                                         may not be changed, amended, modified or waived as to any particular provision, except
                                         by a written instrument executed by both parties hereto.

 

		11.	Subject
                                         to Section 8 above, neither party hereto may assign either this Agreement or any
                                         of its rights, interests, or obligations hereunder without the prior written consent
                                         of the other party; provided, that in the event of the Liquidation, Sponsor may, without
                                         obtaining the consent of any other party hereto, transfer Sponsor’s rights to the
                                         Sponsor Escrow Shares and any Escrow Earnings and its rights and obligations under this
                                         Agreement and the Sponsor Escrow Agreement to its members so long as such members agree
                                         in writing to be bound by the terms of this Agreement and the Sponsor Escrow Agreement
                                         that apply to Sponsor hereunder and thereunder; provided, further, that upon any such
                                         Liquidation, all of the rights of Sponsor hereunder (other than the rights to receive
                                         the Sponsor Escrow Shares and any Escrow Earnings upon their release from the Sponsor
                                         Escrow Account in accordance with this Agreement and the Sponsor Escrow Agreement, which
                                         rights shall be belong to the Sponsor’s members in accordance with such liquidation)
                                         shall automatically be assigned to Gary A. Simanson, solely in his capacity as representative
                                         of the Sponsor members in order to ensure continued enforcement of the escrow arrangements
                                         on behalf and for the benefit of the Sponsor members, without any further action by any
                                         party hereto or any other Person. Any purported assignment in violation of this Section
                                         11 shall be void and ineffectual and shall not operate to transfer or assign any
                                         interest or title to the purported assignee. This Agreement shall be binding on the undersigned
                                         parties and their respective successors and permitted assigns.

 

		12.	This
                                         Agreement shall be construed, interpreted and enforced in a manner consistent with the
                                         provisions of the Merger Agreement. The provisions set forth in Sections 10.3, 11.4,
                                         11.6, 11.7(a), 11.8, 11.9, 11.11, 11.12 and 11.13, of the Merger Agreement, as in effect
                                         as of the date hereof, are hereby incorporated by reference into, and shall be deemed
                                         to apply to, this Agreement as if all references to the “Agreement” in such
                                         sections were instead references to this Agreement.

 

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		13.	Any
                                         notice, consent or request to be given in connection with any of the terms or provisions
                                         of this Agreement shall be in writing and shall be sent in the same manner as provided
                                         in Section 11.1 of the Merger Agreement. Notices to Sponsor shall be sent to the following
                                         address: Thunder Bridge Acquisition LLC, 9912 Georgetown Pike, Suite D203, Great Falls,
                                         Virginia 22066, Attention: Gary Simanson, Telephone: (202) 431-0507, Email: gsimanson@thunderbridge.us;
                                         with a copy (which shall not constitute notice) to Ellenoff Grossman & Schole LLP,
                                         1345 Avenue of the Americas, 11th Floor, New York, New York 10105, Attention: Douglas
                                         Ellenoff, Esq. and Matthew A. Gray, Esq., Telephone: (212) 370-1300, Email: ellenoff@egsllp.com
                                         and mgray@egsllp.com (or such other address as shall be specified in a notice given in
                                         accordance with this Section 13 and Section 11.1 of the Merger Agreement).

 

		14.	For
                                         purposes of this Agreement:

 

		(a)	“Parent
                                         Transaction Expenses” means, to the extent payable by the Surviving Pubco,
                                         any of its Subsidiaries or any of the Acquired Companies at or after the Closing (and
                                         not paid before the Closing), all costs and expenses incurred by or on behalf of Parent
                                         or any of its Subsidiaries at or prior to the Closing in connection with the negotiation,
                                         preparation, execution and performance of the Merger Agreement, the Transaction Documents
                                         and consummation of the Transactions and any related agreements in connection with the
                                         Transactions, including, without limitation, all fees and out of pocket expenses due
                                         all attorneys, accountants and financial advisors of Parent or any of its Subsidiaries,
                                         and any success fees due or otherwise earned upon the Closing. For the avoidance of doubt,
                                         the Surviving Pubco Transaction Expenses shall (i) exclude (A) any Transaction Expenses
                                         or other costs or expenses incurred by the Company or any of its Subsidiaries or (B)
                                         any Parent Indebtedness, and (ii) include the costs and expenses payable to Chapman and
                                         Cutler LLP, Ellenoff Grossman & Schole LLP, Grant Thornton and Morgan Stanley; and

 

		(b)	“Parent
                                         Indebtedness” means, without duplication, the aggregate amount of (i) the
                                         Surviving Pubco Indebtedness, (ii) any other indebtedness or obligation of the Surviving
                                         Pubco or any of its Subsidiaries reflected or required to be reflected as a liability
                                         on a consolidated balance sheet in accordance with GAAP (including any current liabilities
                                         of the Surviving Pubco or any of its Subsidiaries), and (iii) all obligations described
                                         in the foregoing clause (ii) of any other Person which is guaranteed by the Surviving
                                         Pubco or any of its Subsidiaries (as surety or otherwise) or which is secured by any
                                         of the assets of the Surviving Pubco or any of its Subsidiaries. For the avoidance of
                                         doubt, the Surviving Pubco Indebtedness shall (A) exclude (w) any obligations of the
                                         Surviving Pubco or any of its Subsidiaries under any performance bond or letter of credit
                                         to the extent undrawn, uncalled and unclaimed, (x) any intercompany Liability of the
                                         Surviving Pubco or any of its Subsidiaries, (y) any Unpaid Company Indebtedness (including
                                         any amounts that are not satisfied at the Closing) and (z) any Debt Financing, and (B)
                                         include the deferred underwriting fee payable to the Parent’s underwriters in connection
                                         with the IPO.

 

		15.	Parent
                                         Expenses shall be determined as follows:

 

		(a)	No
                                         less than three (3) Business Days prior to the Closing Date, Parent shall prepare and
                                         deliver to the Company a statement (the “Estimated Parent Expenses Statement”),
                                         duly executed by an officer of Parent, setting forth Parent’s good faith estimate
                                         of the Surviving Pubco Transaction Expenses and the Surviving Pubco Indebtedness as of
                                         immediately prior to the Effective Time. The Estimated Parent Expenses Statement (i)
                                         shall be derived in good faith and (ii) shall be prepared on a consolidated basis in
                                         accordance with GAAP. Promptly after delivering the Estimated Parent Expenses Statement
                                         to the Company, Parent will meet with the Company (which meeting may be telephonic) to
                                         review and discuss the Estimated Parent Expenses Statement, and Parent will consider
                                         in good faith the Company’s comments to the Estimated Parent Expenses Statement,
                                         and, to the extent mutually agreed upon by the Company, Parent and Sponsor, each acting
                                         reasonably and in good faith, make any appropriate adjustments to the Estimated Parent
                                         Expenses Statement prior to the Closing, which adjusted Estimated Parent Expenses Statement
                                         shall thereafter become the Estimated Parent Expenses Statement for all purposes of this
                                         Agreement; provided, however, that if the Company, Parent and Sponsor are unable to reach
                                         mutual agreement on any such adjustments, the Estimated Parent Expenses Statement delivered
                                         by Parent shall be the Estimated Parent Expenses Statement for all purposes of this Agreement.

 

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		(b)	Within
                                         seventy-five (75) calendar days after the Closing Date, the Surviving Pubco shall prepare
                                         and deliver to Sponsor a statement (the “Closing Parent Expenses Statement”),
                                         duly executed by an officer of the Surviving Pubco, setting forth the Surviving Pubco’s
                                         determination of the Surviving Pubco Transaction Expenses and the Surviving Pubco Indebtedness
                                         as of immediately prior to the Effective Time. The Closing Adjustment Statement (i) shall
                                         be derived in good faith and (ii) shall be prepared on a consolidated basis in accordance
                                         with GAAP. The Closing Parent Expenses Statement, as proposed by the Surviving Pubco
                                         pursuant to this Section 15(b), shall be deemed for purposes of this Section
                                         15 to be the “Final Parent Expenses Statement”, the Surviving
                                         Pubco Transaction Expenses and the Surviving Pubco Indebtedness reflected thereon shall
                                         be deemed for purposes of this Agreement to be the Parent Expenses and each shall be
                                         final and binding on all parties hereto, unless Sponsor timely delivers to the Surviving
                                         Pubco an Objection Notice in accordance with Section 15(c). The Surviving Pubco
                                         shall, and shall cause the Surviving Company to, provide to Sponsor reasonable access
                                         to the Acquired Companies’ Books and Records as Sponsor may reasonably request
                                         in connection with its review of the Closing Parent Expenses Statement and shall cause
                                         the personnel of the Acquired Companies to reasonably cooperate with Sponsor in connection
                                         with its review of the Closing Adjustment Statement.

 

		(c)	In
                                         the event that Sponsor disputes the Closing Parent Expenses Statement delivered by the
                                         Surviving Pubco pursuant to Section 15(b) or the amount of the Surviving Pubco
                                         Transaction Expenses or Surviving Pubco Indebtedness reflected thereon, Sponsor shall
                                         notify the Surviving Pubco in writing (the “Sponsor Objection Notice”)
                                         of such dispute, within thirty (30) calendar days after delivery of the Closing Parent
                                         Expenses Statement pursuant to Section 15(b). Any such Sponsor Objection Notice
                                         shall specify those items or amounts as to which Sponsor disagrees and shall describe
                                         in reasonable detail the basis for such dispute. The Surviving Pubco and Sponsor shall
                                         use commercially reasonable efforts to resolve such differences regarding the determination
                                         of the disputed items or amounts for a period of thirty (30) calendar days after the
                                         Surviving Pubco’s receipt of the Sponsor Objection Notice. If the Surviving Pubco
                                         and Sponsor reach a final resolution on the Closing Adjustment Statement within thirty
                                         (30) calendar days after the Surviving Pubco’s receipt of the Sponsor Objection
                                         Notice (or within any additional period as mutually agreed to between the Surviving Pubco
                                         and Sponsor), then the Closing Parent Expenses Statement agreed upon by the Surviving
                                         Pubco and Sponsor shall be deemed for purposes of this Agreement to be the “Final
                                         Parent Expenses Statement”, the Surviving Pubco Transaction Expenses and
                                         the Surviving Pubco Indebtedness reflected thereon shall be deemed for purposes of this
                                         Agreement to be the Parent Expenses and each shall be final and binding on all parties
                                         hereto.

 

		(d)	If
                                         at the conclusion of such thirty- (30-) day period Sponsor and the Surviving Pubco have
                                         not reached an agreement on any objections with respect to the Closing Parent Expenses
                                         Statement, then upon the written request of either Sponsor or the Surviving Pubco, Sponsor
                                         and the Surviving Pubco will refer the dispute to the Neutral Accountant for final resolution
                                         of the dispute in accordance with the dispute resolution procedures set forth in Section
                                         2.5(d), (e), (f) and (i) of the Merger Agreement (with any reference therein to (i) the
                                         Company Securityholder Representative instead referring to Sponsor, (ii) the Objection
                                         Statement instead referring to the Sponsor Objection Statement, (iii) the Closing Adjustment
                                         Statement instead referring to the Closing Parent Expenses Statement, (iv) the Final
                                         Closing Adjustment Statement instead referring to the Final Parent Expenses Statement,
                                         and (v) the Closing Adjustment Items instead referring the Parent Expenses).

 

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		(e)	The
                                         Parties hereby acknowledge and agree that after the Closing, the Post-Closing Directors
                                         other than the Excluded Directors (collectively, the “Non-Parent Directors”)
                                         are authorized and shall have the sole right to act and make or provide any determinations,
                                         consents, agreements, settlements or notices on behalf of the Surviving Pubco under this
                                         Agreement and to enforce the Surviving Pubco’s rights and remedies under this Agreement,
                                         in each case with respect to any adjustments under this Section 15 (and related
                                         provisions under the Sponsor Escrow Agreement). For purposes hereof, the “Excluded
                                         Directors” shall mean, collectively, Gary Simanson, Peter J. Kight, Bob
                                         A. Hartheimer and Maryann Goebel (or if any such individual is a Withdrawing Director,
                                         the replacement for such individual prior to the Closing).

 

		16.	Each
                                         of the parties hereto represents and warrants that (i) it has the power and authority,
                                         or capacity, as the case may be, to enter into this Agreement and to carry out its obligations
                                         hereunder, (ii) except in the case of a natural person, the execution and delivery of
                                         this Agreement and the performance of its obligations hereunder have been duly and validly
                                         authorized by all corporate or limited liability company action on its part and (iii)
                                         this Agreement has been duly and validly executed and delivered by each of the parties
                                         hereto and constitutes, a legal, valid and binding obligation of each such party enforceable
                                         in accordance with its terms, except as such enforceability may be limited by the Enforcement
                                         Exceptions. The Managing Member of the Sponsor represents and warrants that it has the
                                         power and authority pursuant to the Organizational Documents of the Sponsor to enter
                                         into this Agreement, and agrees to take such actions in accordance with such Organizational
                                         Documents as may be necessary or advisable to cause the Sponsor to comply with its obligations
                                         hereunder.

 

		17.	This
                                         Agreement shall terminate at such time, if any, as the Merger Agreement is terminated
                                         in accordance with its terms prior to the Closing, and upon such termination this Agreement
                                         shall be null and void and of no effect whatsoever, and the parties hereto shall have
                                         no obligations under this Agreement.

 

{Remainder
of Page Left Blank; Signature Page Follows}

 

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Please
indicate your agreement to the foregoing by signing in the space provided below.

 

	 	THUNDER BRIDGE ACQUISITION LLC
	 	 	 
	 	By:	/s/ Gary A. Simanson
	 	Name:	Gary A. Simanson
	 	Title:	Managing Member

Accepted
and agreed, effective as of the date first set forth above:

 

THUNDER
BRIDGE ACQUISITION, LTD

 

	By: 	/s/ Gary A. Simanson	 
	Name:	Gary A. Simanson	 
	Title:	Chief Executive Officer	 

 

HAWK
PARENT HOLDINGS LLC

 

	By: 	/s/ John A. Morris	 
	Name:	John A. Morris	 
	Title:	Chief Executive Officer	 

 

{Signature Page to Sponsor Earnout
Letter}

 

     

     

    

 

Agreed
and acknowledged, effective as of the date first set forth above:

 

	/s/ Gary A. Simanson	 
	Gary A. Simanson, Managing Member

                                
	 

  

{Signature Page to Sponsor Earnout
Letter}

 

     

     

    

 

Exhibit
A

Form of Sponsor Escrow Agreement

 

See
attachment.Exhibit 10.1

  

AMENDMENT #3 TO WARRANT AGREEMENT

OUTLOOK THERAPEUTICS, INC.

 

AND

 

AMERICAN STOCK TRANSFER & TRUST COMPANY,
LLC, AS WARRANT AGENT

 

THIS AMENDMENT #3,
dated January 22, 2019 (“Amendment #3”), to the Warrant Agreement, dated as of May 18, 2016, as amended
by those certain amendments dated February 6, 2017 and February 9, 2018 (the “Warrant Agreement”), by
and between Outlook Therapeutics, Inc., a Delaware corporation (f/k/a “Oncobiologics, Inc.,” referred to herein as
the “Company”), and American Stock Transfer & Trust Company, LLC, a New York limited liability trust
company, as Warrant Agent (the “Warrant Agent”).

 

WHEREAS, the Company
and the Warrant Agent entered into that certain Warrant Agreement relating to, among other things, the issuance of Series A warrants
to purchase shares of the Company’s common stock at an exercise price of $6.60 per share (the “Series A Warrants”);
and

 

WHEREAS, pursuant to
Section 8.9 of the Warrant Agreement, the Company and the Warrant Agent have agreed to further amend the Warrant Agreement to (a)
reduce the exercise price to $1.50 per share and (b) further extend the period for exercising the Warrants from February 18, 2019
to February 18, 2022.

 

NOW, THEREFORE, in
consideration of the mutual agreements herein contained, the Company and the Warrant Agent agree as follows:

 

		1.	Amendments.

 

		a.	The price per share in the Warrant Agreement is amended and restated from $6.60 per share to $1.50 per share, including in
the first “Whereas” clause and in Section 3.2.1, and such $1.50 per share exercise price, shall be the “Exercise
Price” of the Series A Warrants, subject to adjustment as provided in the Warrant Agreement.

 

		b.	Section 3.3.1 of the Warrant Agreement is amended and restated as follows:

 

	 	“3.3.1	
        Series A Warrants. Each Series A
        Warrant may be exercised, in whole or in part, at any time during the period commencing on the Detachment Date and ending at 5:00pm
        New York City time on February 18, 2022.”

         

		c.	The first sentence of Section 3.3.3 of the Warrant Agreement is amended and restated as follows:

 

“For purposes of this
Agreement, the term “Expiration Date” means February 18, 2022 with respect to the Series A Warrants; and May 18, 2018
with respect to the Series B Warrants; and the term “Exercise Period” means the period during which the Series A Warrant
or Series B Warrant, as the case may be, is exercisable, as described in subsection 3.1, 3.3.1 or 3.3.2 hereof.”

 

		2.	Counterparts. This Amendment may be executed in any number of original or facsimile counterparts
and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute
but one and the same instrument.

 

[Signature page follows]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Amendment #3 to be duly executed as of the date first above written.

 

 

	 	
        COMPANY:

         

        Outlook Therapeutics,
        Inc.

         

	 	 	 	 
	 	By:  	/s/ Lawrence A. Kenyon	 
	 	 	Name: Lawrence A. Kenyon
	 	 	Title: Chief Executive Officer and Chief Financial Officer
	 	 	 	 
	
         

         
	
         

        WARRANT AGENT:

         

        American Stock Transfer
        & Trust Company, LLC

         

	 	 	 	 
	 	By:  	/s/ Michael Nespolt	 
	 	 	Name:  Michael Nespolt	 
	 	 	Title:    Executive Director

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