Document:

Exhibit 10.31

 

AMENDMENT CW673842
TO MASTER SERVICES AGREEMENT CW232350

 

This Amendment (together with any Exhibits
attached hereto or incorporated into this document, this “Amendment”) is entered into as of the effective date
indicated in the signature box below (the “Effective Date”) by and between JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,
a national banking association (“JPMC”) and the supplier named in the signature box below (“Supplier”).

 

JPMC and Supplier are parties to a Master
Services Agreement dated January 4, 2008 (“Agreement”) pursuant to which Supplier may provide goods, services
(“Services”), or licensed materials (each a “Deliverable”) to JPMC in accordance with
transaction-specific terms set forth in various schedules to the Agreement (“Schedules”). The term of each Schedule
will be referred to as the “Schedule Term.” JPMC or any of its Affiliates (each, a “JPMC Entity”
and collectively “JPMorgan Chase & Co.”) may enter Schedules. The term “Affiliate”
means an entity owned by, controlling, controlled by, or under common control with, directly or indirectly, a party.

 

JPMC and Supplier, by signing in the signature
blanks below, agree to amend the terms of the Agreement to include the terms set forth in this Amendment. Sections references and capitalized
terms in this Amendment refer to the Section of this Amendment and terms defined in this Amendment, respectively, unless otherwise noted.
In the event of a conflict between the terms of this Amendment and the terms previously set forth in the Agreement, the terms more protective
of JPMC Data will prevail. Except as expressly stated in this Amendment, the terms of the Agreement remain in full force and effect.

 

	Master Contract ID Number: CW232350

                                                   

                                                  Effective Date: May 1, 2014

                                                   

                                                  COMPOSECURE, LLC   
		JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

 

	By:	/s/ illegible	 	By:	/s/ illegible
	 	 	 	 	 
	Name:  	Jonathan C. Wilk	 	Name:  	Doug Roginson
	 	 	 	 	 
	Title:	CEO	 	Title:	Vice President
	 	 	 	 	 
	Date:	May 1, 2014	 	Date:	May 1, 2014

 

		1.	Article 9 is hereby deleted and replaced in its entirety as follows:

 

DEFINITION OF JPMC DATA.

 

“JPMC
Data” means all Confidential Information identified in the Schedule or an Exhibit to this Agreement as JPMC Data or
Highly Confidential Information (as defined in the Schedule or Exhibit), as well as Personal Information and all other data and
information about JPMorgan Chase & Co.’s customers (current, former or prospective), or employees (current, former or
prospective) or its customers’ customers (current, former or prospective) or employees (current, former or prospective) that
Supplier obtains, creates, generates, collects or processes in connection with providing the Services, and all patent, copyright,
trade secret, trademark or other intellectual property or proprietary rights (collectively, “Intellectual Property
Rights”) in that data and information. If, in the context of its relationship with JPMC under this Agreement, Supplier
obtains, creates, generates, collects, processes or has access to data of any individual or entity provided or obtained in
connection with a product, service or program offered or sponsored by JPMC’s customer, such data will also be considered JPMC
Data. The parties acknowledge that Supplier does not and will not have access to any Personal Information pursuant to this
Agreement.

 

    

     

    

 

AMENDMENT CW673842 TO MASTER SERVICES AGREEMENT CW232350

 

Grant of License to Use JPMC
Data; Obligation to Notify JPMC.

 

JPMC hereby grants Supplier
a license to use the JPMC Data solely to perform Supplier’s obligations to JPMC during the Schedule Term. Supplier will not use
JPMC Data to contact any person except if required by any applicable Law and in accordance with this Agreement, provided, however, that
in no event will any such contact involve marketing or solicitation of products or services. JPMC reserves all other rights in the JPMC
Data. Supplier will immediately notify JPMC of any actual or reasonably suspected unauthorized access to or use of the JPMC Data under
Supplier’s control, and Supplier will include with that notice the reasonably expected impact that the breach or access may have
on any JPMC Entity or its customers. Supplier will cooperate fully with JPMorgan Chase & Co. to investigate any such unauthorized
access.

 

Compliance of Data Handler with
ISO 27002 and IT Risk Management Policies.

 

(a)          
Whenever Supplier has JPMC Data, Supplier will (i) comply with ISO/IEC 27002 (Information Technology – Code of Practice for
Information Security Management), (ii) comply with JPMC’s Minimum Control Requirements (a current copy of which is located at http://www.jpmorganchase.com/corporate/About-JPMC/supplier-relations.htm
or is otherwise available from JPMC upon request), and (iii) if Supplier stores, processes or transmits payment card primary account numbers
or other cardholder data, comply with the then current Payment Card Industry Data Security Standard as well as any procedures set forth
in the applicable Schedule (collectively, the “IT Risk Management Policies”). JPMC may update the Minimum Control
Requirements from time to time on reasonable notice, and Supplier will comply with the updated Minimum Control Requirements within the
time required by applicable Law or as reasonably requested by JPMC. Additionally, whenever Supplier has JPMC Data, Supplier will have
policies and procedures to detect patterns, practices, or specific activity that indicates the possible existence of identity theft (“Red
Flags”) that may arise in the performance of Supplier’s obligations under this Agreement and either report the Red
Flags to JPMC or take appropriate steps to prevent or mitigate identity theft. Supplier will not provide any JPMC Data to any subcontractor
unless the subcontract requires the subcontractor to comply with the IT Risk Management Policies and the Privacy Regulations and to permit
security audits by Auditors.

 

(b)         
Unless and until JPMC is satisfied that Supplier is fully complying with this Section 9, JPMC will not be bound by any obligation
to allow Supplier access to JPMC Data. Any breach of this Section that is not corrected within 30 days after JPMC gives Supplier
a notice describing the breach will be deemed a material breach of this Agreement (even if the breach was not otherwise material).

 

(c)           Before
Supplier may modify its systems in a way that could adversely impact the security of its systems, Supplier must send a 30 day
advance notice to JPMC containing a reasonably detailed description of the proposed modification and a representation and warranty
that: (i) the proposed modifications will not pose any new or additional risks to the JPMC Data, and (ii) Supplier’s systems
will continue to comply with JPMC’s IT Risk Management Policies.

 

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AMENDMENT CW673842 TO MASTER SERVICES AGREEMENT CW232350

 

(d)       In
addition to any reporting requirements set forth in the applicable Schedule, Supplier will provide the following written periodic reports
to the JPMC designated contact: (i) on a quarterly basis: (A) summary system and network security incident reporting and access violation
reporting, and summary of any Supplier remediation or action plans; (B) summary of incidents and breaches as to which Supplier was required
to inform JPMC, and summary of any Supplier remediation or action plans; and (C) the status of any existing remediation or action plans,
including those that are related to security or that may impact the Deliverables; (ii) on a semi-annual basis, a then current list of
names, user IDs and access levels for any JPMC personnel having access to Supplier applications and systems; and (iii) on an annual basis,
summary security vulnerability scan or penetration test reporting with respect to the Deliverables and Supplier’s system and networks,
including the perimeter, and summary of any Supplier remediation or action plans.

 

Information Security Audits of
Data Handler.

 

(e)       In
addition to JPMC’s other audit rights under this Agreement, Auditors may conduct on-site security reviews, vulnerability testing
and disaster recovery testing for Supplier’s systems containing JPMC Data and otherwise audit Supplier’s operations for compliance
with the Minimum Control Requirements. Auditors, other than regulators, will provide reasonable notice of such reviews. If vulnerabilities
are identified, Supplier will (i) promptly document and implement mutually agreed upon remediation plan, and (ii) upon JPMC’s request,
provide JPMC with the status of the implementation. JPMC is not responsible for any harm that results from these tests except to the extent
it is a result of JPMC’s gross negligence, reckless or willful misconduct.

 

(f)       At
least annually, Supplier will have a certified independent public accounting firm or another independent third party reasonably acceptable
to JPMC: (i) conduct a review or assessment and provide a full attestation, review or report under (A) SSAE 16 (Statement on Standards
for Attestation Engagements No. 16) SOC (Service Organization Control) 2; (B) ISAE 3402 (International Standards on Assurance Engagements
No. 3402) Type II; (C) BITS Financial Institution Shared Assessment Program (Standardized Information Gathering plus Agreed Upon Procedures);
(D) SysTrust review (in accordance with principles and criteria developed by the American Institute of Certified Public Accountants);
(E) a replacement for one of the foregoing approved by JPMC; or (F) other third party reviews and reports reasonably acceptable to JPMC,
in each case, of all key systems and operational controls used in connection with any JPMC Data; and (ii) conduct and provide a full report
of an independent network and application penetration test. Each of these attestations, reviews, reports and tests will be for a scope
approved by JPMorgan Chase & Co. in its reasonable discretion. Supplier will provide all findings from these attestations, reviews
and tests to JPMC upon receipt from the third party. Supplier will (A) implement all recommendations set forth in such attestations, reviews,
reports and any other reasonable recommendations made by JPMC arising out of JPMC’s analysis of such reviews and (B) upon JPMC’s
request, provide JPMC with the status of the implementation.

 

Protection of JPMC Data in the
Event of Data Handler Bankruptcy.

 

If
Supplier or any of Supplier’s Affiliates providing Deliverables to JPMC: (a) files for bankruptcy, (b) becomes or is declared
insolvent, (c) is the subject of any proceedings (not dismissed within 30 days) related to its liquidation, insolvency or the
appointment of a receiver or similar officer for that party, (d) makes an assignment for the benefit of all or substantially all of
its creditors, (e) takes any corporate action for its winding-up, dissolution or administration, (f) enters into an agreement for
the extension or readjustment of substantially all of its obligations, or (g) recklessly or intentionally makes any material
misstatement as to financial condition, then JPMC will have the immediate right to take possession of and retain for safekeeping all
JPMC Data then in Supplier’s possession or under Supplier’s control. JPMC may retain the JPMC Data until the trustee or
receiver in bankruptcy or other appropriate court officer provides JPMC with adequate assurances and evidence that the JPMC Data
will be protected from sale, release, inspection, publication or inclusion in any publicly accessible record, document, material or
filing. Supplier and JPMC agree that this Section is a material term of this Agreement, and without it, JPMC would not have
entered into this Agreement or permitted any access to or use of JPMC Data.

 

    Page 3 of 10

     

    

 

AMENDMENT CW673842 TO MASTER SERVICES AGREEMENT CW232350

 

Regeneration of JPMC Data by
Data Handler.

 

Supplier will promptly
replace or regenerate from Supplier’s machine-readable media any data, programs or information handled or stored by Supplier that
Supplier has lost or damaged or obtain a new copy of the lost or damaged data, programs or information. Alternatively, JPMC may replace
or regenerate any data, programs or information that Supplier has lost or damaged or obtain a new copy of the lost or damaged data, programs
or information, in which case, Supplier will promptly reimburse JPMC for all reasonable costs associated with its regeneration or replacement
efforts.

 

Storage, Return or Destruction
of JPMC Data.

 

Supplier will accurately
and completely collect and maintain information regarding the storage location, media, and method of storage of all JPMC Data on an ongoing
basis. Unless otherwise set forth in the applicable Schedule, if Supplier maintains backups and/or storage of JPMC Data it will do so
on media logically and physically separate from other media used to backup and/or store backup data of other Supplier clients. Further,
in addition to the return or destruction obligations with respect to JPMC Data, prior to termination of the applicable Schedule, or on
a date otherwise reasonably specified by JPMC, Supplier will: (a) meet with JPMC representatives to prepare and implement a plan for the
return of all JPMC Data (in a format reasonably requested by JPMC); and (b) return to JPMC all JPMC Data as requested by JPMC. To the
extent that JPMC Data cannot be returned due to technical or other reasons reasonably acceptable to JPMC, Supplier will notify JPMC and
upon JPMC’s prior written direction, Supplier will either: (i) Securely Delete JPMC Data that is electronic from all media as soon
as possible, and certify to JPMC in writing that this has been accomplished; or (ii) to the extent that JPMC Data cannot be so Securely
Deleted due to technical or other reasons reasonably acceptable to JPMC, promptly provide a written description of measures to be taken
that will ensure, for as long as any JPMC Data remains under Supplier’s or its subcontractors’ control, the continued protection
of such JPMC Data, in compliance with the requirements of this Agreement. “Securely Delete” means using any
and all means (including shredding or incineration in compliance with the National Institute for Standards and Technology (“NIST”)
800-88 standard) of deleting all data and information to ensure that the data and information deletion is permanent and cannot be retrieved,
in whole or in part, by any data or information retrieval tools or similar means in accordance with JPMC’s prior written instructions.
In no event will Supplier remove or have removed any JPMC Data from Supplier’s or any subcontractor’s site without JPMC’s
prior written authorization.

 

Survival of Data Handler Terms.

 

The terms set forth in
this Section will survive any expiration or termination of this Agreement or any Schedule for any reason.

 

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AMENDMENT CW673842 TO MASTER SERVICES AGREEMENT CW232350

 

		2.	TERMINATION FOR CAUSE.

 

The following is hereby added
to the end of Section 2.2:

 

“JPMC may terminate this
Agreement or any Schedule(s) for cause, in whole or in part, as of the date specified in a notice of termination if any regulator having
jurisdiction over JPMorgan Chase & Co. objects to this Agreement or any Schedule(s), after JPMC has given supplier written notice
of such objection and no less than ten (10) days to attempt to cure such objection, if possible.”

 

		3.	NOTICES.

 

The JPMC addresses for notice of Section
3.2 are hereby deleted and replaced as follows:

 

“If to JPMC:

 

JPMorgan Chase Bank, N.A.

Contracts Management

Mail Code OH1-0638

1111 Polaris Parkway, Suite 1N

Columbus, Ohio 43240-0638

Attn: Contracts Manager

Reference: Contract ID No. CW232350

Fax: (614) 213-9455

 

With a copy to:

 

JPMorgan Chase Bank, N.A.

Legal Department

Mail Code: NY1-E088

4 New York Plaza, 21st floor

New York, New York 10004-2413

Attn: Workflow Manager

Reference: Contract ID No. CW232350

Fax: (212) 383-0800”

 

		4.	AUDITS.

 

The second sentence of Section 3.5 shall
be deleted and replaced as follows:

 

“Audits by internal or external
auditors and personnel of JPMorgan Chase & Co. will not occur more than twice in any calendar year per Schedule unless such audit
is materially different in scope from a preceding audit or JPMC has a good faith belief that Supplier is in material breach of the Agreement.”

 

		5.	COMPENSATION.

 

The following is hereby added to section
4.4:

 

“If JPMC reimburses for meals or entertainment
costs incurred by Supplier, any Internal Revenue Code Section 274 limitation on deductibility of the costs will be assumed by Supplier,
not JPMC.”

 

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AMENDMENT CW673842 TO MASTER SERVICES AGREEMENT CW232350

 

		6.	FINGERPRINTING; DRUG TESTING; BACKGROUND CHECKS OF SUPPLIER PERSONNEL.

 

Section 5.3 shall be deleted
in its entirety and replaced as follows:

 

“As a participant in a highly
regulated industry, JPMC has certain requirements (as may be amended from time to time by JPMC, the “JPMC Requirements”)
that will apply to each of Supplier’s and its subcontractor’s employees, consultants, agents and any other individuals acting
on Supplier’s behalf (“Supplier Personnel”) who meet the below criteria for Designated Supplier Personnel.
There are two types of Designated Supplier Personnel: Category I Designated Supplier Personnel and Category II Designated Supplier Personnel.
Category I Designated Supplier Personnel and Category II Designated Supplier Personnel are collectively referred to as “Designated
Supplier Personnel”. Supplier represents, covenants and warrants that it will not assign any Designated Supplier Personnel
to JPMC if such person has been convicted of, pled guilty or no contest to, or participated in a pre-trial diversion program for felony
or multiple misdemeanor offenses involving crimes of dishonesty or breach of trust including theft; money laundering; embezzlement; or
the manufacture, sale, distribution of, or trafficking in drugs or controlled substances or criminal conspiracy. Supplier will comply
with all JPMC Requirements (where permitted by applicable Law) and agrees that all assignments of Designated Supplier Personnel made pursuant
to this Agreement or any applicable Schedule will be made in accordance with the JPMC Requirements.

 

“Category I Designated
Supplier Personnel” are: (i) Supplier Personnel that are assigned to provide Services on-site at a JPMorgan Chase &
Co. location and that will receive a JPMorgan Chase & Co. identification access badge; or (ii) Supplier Personnel that have access
to networks or systems of JPMorgan Chase & Co. whether such Supplier Personnel are working on-site at a JPMorgan Chase & Co. location
or off-site.

 

“Category II Designated
Supplier Personnel” are Supplier Personnel who, as part of the Services, have access to either sensitive data (including
Personal Information about JPMC’s customers, clients or employees (current, former or prospective), customer property (tangible
or intangible), or any JPMC Data.

 

If, at any time, JPMC determines,
in its sole discretion, that any Category II Designated Supplier Personnel has or will have access to any highly sensitive JPMC Data,
JPMC may convert the relevant Category II Designated Supplier Personnel to Category I Designated Supplier Personnel.

 

Any Designated Supplier Personnel
who do not successfully meet or comply with any of the then-current JPMC Requirements will not be assigned, or if applicable, will not
continue in an assignment, to provide Services to JPMC, and Supplier will promptly replace such Supplier Personnel at no additional charge
to JPMC; provided, however, such failure to meet or comply with any of the applicable JPMC Requirements will not affect such individual’s
eligibility for employment with Supplier or any Supplier subcontractor, as the case may be.

 

The JPMC Requirements require that
on or before the first day of the assignment, all Category I Designated Supplier Personnel:

 

(a)       Accurately
complete, sign and submit to Supplier a JPMC Pre-Assignment Statement (a current copy of which is located at http://www.jpmorganchase.com/corporate/About-JPMC/supplier-personnel-policies.htm or
is otherwise available from JPMC upon request). Supplier will retain original signed copies of each executed JPMC Pre-Assignment
Statement and, upon JPMC’s request, Supplier will promptly deliver to JPMC original signed copies of each such document. If
any Category I Designated Supplier Personnel answers questions three or four in the Pre-Assignment Statement in the affirmative,
Supplier will report this fact to JPMC prior to such Category I Designated Supplier Personnel’s first day of assignment for
review and consideration by JPMC with the understanding that JPMC may require Supplier to assign different Category I Designated
Supplier Personnel based on this information. The affirmative answers of all Category I Designated Supplier Personnel to questions
five and six of the Pre-Assignment Statement will be reported to the JPMC Contingent Worker Operations Center
(“CWOC”) prior to such Category I Designated Supplier Personnel’s first day of assignment for use in
conjunction with JPMC-administered background checks. JPMC may require Supplier to assign different Supplier Personnel based on this
information;

 

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AMENDMENT CW673842 TO MASTER SERVICES AGREEMENT CW232350

 

(b)       Submit
to fingerprinting (at a location designated by JPMC) in accordance with the then-current JPMC Fingerprinting Policy (a current copy of
which is located at http://www.jpmorganchase.com/corporate/About-JPMC/supplier-personnel-policies.htm or is otherwise available
from JPMC upon request); provided, that if any fingerprints are not readable then the relevant Category I Designated Supplier Personnel
will submit to an alternative form of background check as required by JPMorgan Chase & Co., all at JPMC’s sole cost and expense;

 

(c)       Submit
to and successfully pass a drug test (administered by Supplier or a third party hired by Supplier, in each case at Supplier’s sole
cost and expense) that complies with the then-current JPMC Drug Testing Policy (a current copy of which is located at http://www.jpmorganchase.com/corporate/About-JPMC/supplier-personnel-policies.htm
or is otherwise available from JPMC upon request);

 

(d)       Agree
to have his/her photograph taken; and

 

(e)       Agree
to complete privacy and data protection training, subject to local employment law, as required and as defined by the JPMC line of business
or corporate group engaging the Category I Designated Supplier Personnel.

 

The JPMC Requirements require that
on or before the first day of the assignment, all Category II Designated Supplier Personnel:

 

		(f)	Will have been submitted to and passed a background check (including criminal background checks) conducted by Supplier or a third party vendor contracted by Supplier (“Supplier Background Checks”). As between Supplier and JPMC, Supplier is solely responsible for all expenses associated with such Supplier Background Checks. Supplier will provide CWOC with the written policies and procedures governing such Supplier Background Checks. The Supplier Background Checks will, at a minimum, meet the national standards for employment screening as set forth in the Federal Fair Credit Reporting Act (FCRA), as updated from time to time and include, at a minimum, a certification of county, state & federal criminal records, national criminal database records, international criminal records searches (if permitted by law), social security number validation, OFAC/prohibited parties searches, and sex offender registry searches. In the event of a conflict between the FCRA and any state law (including state labor codes and guidelines), the more thorough requirements will govern. Supplier will not provide the detailed results of the Supplier Background Checks to JPMC. No less than quarterly, Supplier will review the roster of current Category II Designated Supplier Personnel and certify that each one passed the Supplier Background Checks.

  

		(g)	Agree to complete privacy and data protection training consistent with Supplier’s obligations under this Agreement with respect
to Personal Information, subject to local employment law.

 

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AMENDMENT CW673842 TO MASTER SERVICES AGREEMENT CW232350

 

		7.	Compliance with Procedures in Performance of Services.

 

Section 5.6 of the Agreement
shall be deleted in its entirety and replaced as follows:

 

“Supplier will, and will ensure that
the Supplier Personnel will: (a) while visiting or accessing JPMorgan Chase & Co.’s or any Recipient’s facilities, comply
with JPMorgan Chase & Co.’s or any Recipient’s then-current safety and security procedures, including pre-screening requirements,
and other rules and regulations applicable to JPMorgan Chase & Co. or Recipient personnel at those facilities, (b) comply with all
reasonable requests of JPMorgan Chase & Co. or Recipient personnel, as applicable, pertaining to personal and professional conduct,
including Supplier Personnel training requirements, (c) comply with JPMorgan Chase & Co.’s Supplier Code of Conduct, a current
copy of which is located at http://www.jpmorganchase.com/corporate/About-JPMC/supplier-relations.htm or is otherwise available
from JPMC upon request, (d) comply with the JPMorgan Chase & Co. Supplier Anti-Corruption Policy, a current copy of which is located
at http://www.jpmorganchase.com/corporate/About-JPMC/supplier-relations.htm or is otherwise available from JPMC upon request and
(e) otherwise conduct themselves in an ethical, professional and businesslike manner. Supplier will provide Supplier Personnel with adequate
training regarding JPMorgan Chase & Co. Supplier Code of Conduct, JPMorgan Chase & Co. Supplier Anti-Corruption Policy, compliance
with applicable Laws and the proper provision (including as may be otherwise described in this Agreement or the applicable Schedule) of
Services and other Deliverables. If JPMC so requests, based on a reasonable belief that any Supplier Personnel has breached any of the
foregoing obligations, Supplier will immediately, within 24 hours, remove any such Supplier Personnel from performing Services to JPMC.”

 

		8.	PRIVACY TERMS.

 

Article 8 shall be deleted and replaced
in its entirety as follows:

 

“If Supplier receives,
has access to or processes personal information protected by the Privacy Regulations (“Personal Information”)
from JPMorgan Chase & Co., Supplier will be subject to applicable Laws restricting collection, use, disclosure, processing and free
movement of personal data (collectively, the “Privacy Regulations”). The Privacy Regulations include the Federal
 “Privacy of Consumer Financial Information” Regulation (12 CFR Part 40) and Interagency Guidelines Establishing Information
Security Standards (App B to 12 CFR Part 30), as amended from time to time, issued pursuant to the Gramm-Leach-Bliley Act of 1999 (15
U.S.C. §6801, et seq.), the Health Insurance Portability and Accountability Act of 1996 (42 U.S.C. §1320d), The Data Protection
Act 1998 and Directives 95/46/EC, 2009/136/EC and 2002/58/EC of the European Parliament and of the Council , as amended from time to time,
and applicable implementing legislation. JPMorgan Chase & Co. may provide guidelines to help Supplier comply with the Privacy Regulations,
but Supplier using its own legal advisors will remain fully responsible for interpreting and complying with the Privacy Regulations with
respect to Supplier’s business.”

 

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AMENDMENT CW673842 TO MASTER SERVICES AGREEMENT CW232350

 

		9.	COMPLIANCE WITH LAWS; OFAC.

 

Section 10.3 of the Agreement shall be
deleted and replaced as follows:

 

“Supplier represents and warrants
that Supplier will perform all of its obligations to JPMorgan Chase & Co. in compliance at all times with all foreign, federal, state
and local statutes, orders, conventions, and regulations, including those of any governmental agency (collectively, “Laws”)
that are applicable to Supplier in performing its obligations to JPMorgan Chase & Co. or that would be applicable to JPMorgan Chase
 & Co. if JPMorgan Chase & Co. were performing those obligations using its own employees and assets if Supplier has received prior
written notice of same from JPMorgan Chase & Co.

 

As of the Effective Date, neither
Supplier nor any individual, entity, or organization holding any material ownership interest in Supplier, nor any officer or director,
is an individual, entity, or organization with whom any United States law, regulation, or executive order prohibits United States companies
and individuals from dealing, including without limitation, names appearing on the U.S. Department of the Treasury’s Office of Foreign
Assets Control’s (“OFAC”) Specially Designated Nationals and Blocked Persons List. Supplier covenants
to JPMC that it will not cause JPMC to be in violation of any regulation administered by OFAC. Supplier’s breach of this section
shall be deemed to be a material breach of this Agreement, and JPMC shall have the right to terminate this Agreement immediately, without
penalty or liability.”

 

		10.	ALLOCATION OF RISK; INDEMNITY.

 

The following is hereby added
as Section 11.1(a) (v):

 

“or (v) Supplier’s
actual or alleged breach of any of the confidentiality provisions in this Agreement”

 

		11.	EQUAL EMPLOYEMENT OPPORTUNITY; EMPLOYMENT LAWS.

 

The following is hereby added
to section 12.1:

 

The Supplier will abide by the requirements
of 41 CFR §§ 60-1.4(a), 60-300.5(a) and 60-741.5(a). These regulations prohibit discrimination against qualified individuals
based on their status as protected veterans or individuals with disabilities, and prohibit discrimination against all individuals based
on their race, color, religion, sex, or national origin. Moreover, these regulations require that Supplier takes affirmative action to
employ and advance in employment individuals without regard to race, color, religion, sex, national origin, protected veteran status or
disability.

 

		12.	INSURANCE.

 

The JPMC Insurance Exhibit shall be replaced
with the attached “Insurance Exhibit”.

 

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AMENDMENT CW673842 TO MASTER SERVICES AGREEMENT CW232350

 

		13.	The following is hereby added as Section 14.21

 

“SERVICE LOCATION.

 

Supplier will provide
the Services at and from the location(s) identified in the applicable Schedule, and will not change any such location without JPMC’s
prior written consent, whether the proposed new location is within or outside the jurisdiction of the then-current Services location.”

 

    Page 10 of 10Exhibit 10.32

 

JPMC Agreement No. CW232350

 

Amendment 2 to Master Services Agreement CW232350

 

This Amendment (“Amendment”)
to the Master Services Agreement (JPMC Agreement No. CW232350 “Agreement”) is made and entered into as of June 6,
2019 (“Amendment Effective Date”) by JPMorgan Chase Bank, National Association (“JPMC”) and CompoSecure,
L.L.C., a Delaware limited liability company (“Supplier”).

 

JPMC and Supplier have entered into the Agreement.
JPMC and Supplier now wish to amend the Agreement to amend and restate restrictions on Supplier’s use of information provided to
Supplier in connection with the Agreement and any schedule or other contracting document (each, a “Schedule”) to which
the terms and conditions of the Agreement apply. NOW THEREFORE, in consideration of the foregoing premises and the promises, terms
and conditions set forth below and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
JPMC and Supplier, intending to be legally bound, agree as follows:

 

A. The following is added at the end of the Article
7. Confidentiality section of the Agreement, and supersedes any conflicting provision of the Agreement and all Schedules:

 

		1.	Limitations on Use of JPMC Confidential Information.

 

		(a)	JPMC hereby grants Supplier a non-exclusive, non-perpetual, revocable, non-sublicensable, limited right
to use JPMC Confidential Information solely for JPMC’s benefit to provide goods, services, licensed materials and other deliverables
(“Deliverables”) to JPMC pursuant to the applicable contracting document during the term of that document. JPMC reserves
all other rights in the JPMC Confidential Information.

 

		(b)	Supplier will disclose JPMC Confidential Information only to Supplier’s and its direct and indirect
subcontractors’ employees, consultants, agents or any other individuals acting on Supplier’s behalf, solely for the purpose
of providing Deliverables to JPMC and only to those who are obligated to maintain the confidentiality of JPMC Confidential Information
upon confidentiality and use limitation terms no less onerous than those contained in this Agreement. Supplier may only pass through rights
to use JPMC Confidential Information to subcontractors to the extent the Supplier is expressly allowed to do so in writing by JPMC (e.g.,
under this Agreement or the Schedule) for the expressly stated purpose.

 

		(c)	Supplier will not attempt to (i) identify or re-identify any person or entity whose information may
be included in any de-identified or aggregated information or data that it receives in connection with this Agreement or any Schedule,
or (ii) decrypt or unmask any encrypted or masked information or data that Supplier receives in connection with this Agreement or
any Schedule.

 

		(d)	Supplier will not (i) use or reference any JPMC Confidential Information, or any aggregate data or
performance data derived from JPMC Confidential Information or JPMC’s access to or use of Deliverables, for any purpose that is
not expressly authorized under this Agreement or the Schedule; or (ii) except to the extent reasonably required for the provision
of the Deliverables, or as otherwise expressly authorized by JPMC, use JPMC Confidential Information to contact any person, and in no
event will any such contact involve marketing or solicitation of products or services.

 

		(e)	All limitations and restrictions in this section apply during the term of this Agreement, during the term
of each Schedule and after each such term.

 

    1

    

    

 

JPMC Agreement No. CW232350

 

B. Section 2.3 “Termination for Convenience”
included in the Agreement is hereby amended and restated in full, as follows:

 

Section 2.3 Termination for Convenience.

 

Subject to continued compliance
with applicable exclusivity restrictions and required minimum purchase obligations by JPMC and other provisions set forth in Amendment
2 to Schedule Five CW876787 and any future applicable Schedule, or amendment thereto, if any such restrictions or obligations are in effect
at the time JPMC gives notice to Supplier, JPMC may terminate this Agreement or any Schedule(s) for convenience, in whole or in part,
at any time and without liability by giving Supplier at least thirty (30) days prior written notice of the termination date.

 

C. Section 14.2 “Assignment” included
in the Agreement is hereby amended and restated in full, as follows:

 

Section 14.2 Assignment.

 

Neither party may assign any rights
or delegate any obligations under this Agreement without the prior written consent of the other party, which consent will not be unreasonably
withheld or delayed. Notwithstanding that consent, any assignment by Supplier that is not accompanied by an assumption agreement executed
by the assignee will be null and void. Notwithstanding the foregoing, (1) JPMC may assign this Agreement, any Schedule, or any of its
rights under each of the preceding, in whole or in part, without Supplier's consent (a) to any existing or future JPMC entity; or (b)
to another JPMC Affiliate or to an acquirer or successor-in-interest to JPMC or one of its Affiliates in the case of a JPMC merger, acquisition,
divestiture, consolidation or corporate reorganization (whether or not JPMC is the surviving entity); and (2) Supplier may assign this
Agreement, any Schedule, or any of its rights under each of the preceding, in whole or in part, without JPMC’s consent but with
written notice to JPMC, to any acquirer or successor-in-interest to Supplier by merger, acquisition, consolidation or corporate reorganization
(whether or not Supplier is the surviving entity); provided that (i) the assignee can demonstrate to JPMC’s reasonable satisfaction
that it has the ability (financially, technically and operationally) to perform under this Agreement, (ii) the assignee is not a competitor
of JPMorgan Chase & Co., as reasonably determined by JPMC and (iii) the assignee is not, and has not been, involved in any litigation
with JPMC. Any assignment or attempted assignment contrary to this Section 14.2 will be a material breach of this Agreement and null and
void. This Agreement and each Schedule will be binding upon the successors, legal representatives and permitted assigns of the parties.
For purposes of this Section 14.2, any merger or other combination by operation of law with respect to Supplier constitutes an assignment.

 

D. Except as amended by this Amendment, the Agreement
and each Schedule remain in full force and effect. Terms with initial capital letters not defined in this Amendment have the definitions
given in the Agreement. By executing this Amendment, JPMC and Supplier ratify the terms of the Agreement and each Schedule, as modified
by this Amendment. If any provision of this Amendment conflict with any provision of the Agreement or any Schedule, the provision of this
Amendment will control, even if a Schedule states that it or any of its provisions control over a conflicting provision of the Agreement.
This Amendment may be executed in one or more counterparts, each of which will be deemed an original, together constituting the same instrument.
All references in the Agreement to “this Agreement” or the like are deemed to refer to the Agreement, as amended by this Amendment.

 

(signatures follow on next page)

 

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JPMC Agreement No. CW232350

 

IN WITNESS WHEREOF, JPMC and Supplier have
caused duly authorized representatives of their respective companies to execute this Amendment as of the Amendment Effective Date.

 

	JPMorgan Chase Bank, National Association	 	CompoSecure, L.L.C.
	 	 	 
	By:	/s/ illegible	 	By:	/s/ Jonathan C. Wilk
	 	 	 
	Printed Name:	Doug Roginson	 	Printed Name:	Jonathan C. Wilk
	 	 	 
	Title:	Vice President	 	Title:	CEO

 

The parties acknowledge
and agree that this Amendment may be signed using a digital image of the signing party’s hand-written signature and that such electronic
signature will be considered legally binding.

 

    3

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