Document:

Exhibit
10.1

 

AMENDMENT
NO. 8 TO CREDIT AGREEMENT

 

This
AMENDMENT NO. 8 TO CREDIT AGREEMENT (this “Agreement”) is made and entered into as of August 29, 2018
between FLEXSHOPPER 2, LLC (the “Company”) and WE 2014-1, LLC (the “Administrative Agent”
and “Lender”).

 

BACKGROUND

 

WHEREAS,
the Company, the Administrative Agent, Wells Fargo Bank, National Association, as paying agent (the “Paying Agent”)
and various lenders from time to time party thereto (the “Lenders”) are party to a certain Credit Agreement,
dated March 6, 2015 (as amended, supplemented and otherwise modified as of the date hereof, the “Credit Agreement”);

 

WHEREAS,
the parties to the Credit Agreement desire to amend the Credit Agreement desire to amend the Servicing Agreement;

 

NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein contained, the parties hereto agree as follows:

 

SECTION
1.Defined Terms. Capitalized definitional terms used in this Agreement and not otherwise defined herein shall have
the meanings assigned to them in the Credit Agreement.

 

SECTION
2.Amendments to the Credit Agreement. Effective as of the date first written above, upon the satisfaction of the conditions
set forth in Section 3 below, the Credit Agreement is hereby amended as follows:

 

(a)
The definition of “Backup Servicer” is amended by adding the parenthetical “(or such later date as consented
to by the Administrative Agent in its sole discretion)” immediately following each reference to “August 14, 2018”
set forth therein.

 

(b)
The definition of “Equity Raise” is amended by deleting the reference to “$20,000,000” set forth therein
and substituting “$15,000,000” therefor.

 

(c)
The definition of “Fee Letter” is restated in its entirety to read as follows:

 

“Fee
Letter” means the fourth amended and restated letter agreement dated as of August 29, 2018 between Company, Administrative
Agent and Lenders, as amended, restated, supplemented or otherwise modified from time to time.

 

(d)
The definition of “Scheduled Commitment Termination Date” is restated in its entirety to read as follows:

 

“Scheduled
Commitment Termination Date” means (a) if the Equity Raise has occurred on or prior to September 30, 2018, June 30,
2019 or such later date to be determined by the Administrative Agent in its sole discretion, but not later than February 28, 2021,
with notice to the Company by April 1, 2019, or (b) if the Equity Raise has not been consummated on or prior to September 30,
2018, a date determined by the Administrative Agent in its sole discretion (by notice to the Company), but not earlier than September
30, 2018 or later than June 30, 2019.

 

    	 	1	Flexshopper No. 8 Amendment

     

    

 

(a)
Section 1.1 is amended to add a new definition of “Commitment Fee” in proper alphabetical order:

 

“Commitment
Fee” has the meaning set forth in the Fee Letter.

 

(e)
Section 1.1 is amended to add a new definition of “Reserve Amount” in proper alphabetical order:

 

“Reserve
Amount” means, upon consummation of a successful raising by Parent or its Affiliates of equity funding on or prior to
September 30, 2018, for any Interest Payment Date, an amount equal to $1,000,000, it being agreed that all amounts in the Collection
Account representing the Reserve Amount shall be counted towards the minimum amount required by clause (b) of Schedule 1.

 

(f)
Section 5.1(q) is amended to add the words “(or such later date as consented to by the Administrative Agent in its sole
discretion)” after the words “August 14, 2018”.

 

(b)
Section 2.7(a) is amended to add the words “and Commitment Fee” after the words “Non-Use Fee”.

 

(g)
Section 2.8 is amended to add the following new Sections 2.8(c) and 2.8(d) at the end thereof:

 

(c)
On any Business Day, following notice to the Company, at the direction of the Administrative Agent, the Paying Agent shall withdraw
all or any portion of the Reserve Amount from the Collection Account and apply such amounts to pay any amounts not paid by the
Company when due under this Agreement or any other the Credit Document to the Administrative Agent or any Lender or, in the discretion
of the Administrative Agent, to pay any other commercially reasonable costs or expenses of the Company, including, without limitation,
any costs, fees, reimbursable expenses or indemnities owing to the Backup Servicer under the Credit Documents. The Reserve Amount
shall only be released from the Collection Account upon the Administrative Agent’s prior written consent and prior notice
to the Company and, notwithstanding anything to the contrary in this Agreement, Collections comprising the “Reserve Amount”
may only be applied as described in this Section 2.8(c). For the avoidance of doubt, any funds comprising the Reserve Amount shall
not constitute “Collections” for purposes of (i) increasing the Borrowing Base or (ii) unless consented to by the
Administrative Agent in writing, making any payments, deposits or other distributions under Section 2.11, Section 2.12
or otherwise.

 

(d)
On the closing date of any successful equity raise consummated on or prior to September 30, 2018, Company shall make a mandatory
prepayment of the Loan in an amount necessary to reduce the outstanding principal balance of the Loans so that the Total Utilization
of the Commitments is less than or equal to at least 95% of the Borrowing Base. Company shall, or shall cause Parent or its related
Affiliate to, instruct the underwriters for such equity raise to wire proceeds of such equity raise in an amount equal to such
mandatory prepayment directly to the Administrative Agent.

 

(c)
Section 2.11(b)(vi) is amended to add the words “and Commitment Fees” after the words “including Non-Use Fees”.

 

    	 	 2	Flexshopper No. 8 Amendment

     

    

 

(h)
Section 2.12(a)(vii) is amended to read as follows:

 

(vii)
seventh, first, to be retained in the Collection Account, any additional amounts required to cause the amount of cash on
deposit in the Collection Account to equal the Reserve Amount, and, second, any remainder (other than the Reserve Amount) to Company.

 

(i)
Section 5.1(r) is amended to by adding the words “or such later date as consented to by the Administrative Agent in its
sole discretion” at the end of the parenthetical set forth in clause B) thereof

 

(j)
Section 5.1 is amended to add the following new Section 5.1(s) at the end thereof:

 

(r)
Notice of Payment of Subordinated Debt: Company shall provide the Administrative Agent with at least ten (10) Business
Days prior written notice of the Seller’s intention to repay any outstanding principal balance owing under any Permitted
Seller Subordinated Indebtedness.

 

Article
V is amended to add the following new Section 5.19 at the end thereof:

 

5.19
Additional Information. Company shall, or shall cause the Parent or its related Affiliate to, promptly deliver to the Administrative
Agent and each Lender, as requested by the Administrative Agent, updates regarding the progress and status of any equity raise
by Parent or its related Affiliate.

 

(k)
Section 6.12(b) is amended to add the words “or such later date as consented to by the Administrative Agent in its sole
discretion) at the end of the parenthetical set forth therein.

 

(l)
Section 6.21 is amended to add the words “and updates to such model as the Administrative Agent shall request from time
to time” at the end thereof.

 

SECTION
3.Effectiveness. This Agreement shall become effective as of the date first written above upon (a) delivery to the
Administrative Agent of (i) counterparts of this Agreement duly executed by each of the parties hereto, (ii) a fully executed
copy of that certain Fee Letter dated as of the date hereof, and (iii) final draft forms of the Seller’s amended and restated
subordinated promissory notes a reasonable period of time prior to the execution thereof and fully executed copies of such notes
and (b) payment of the legal fees of counsel to the Administrative Agent accrued on or prior to the date of this Agreement in
connection with the preparation, negotiation and execution of this Agreement and all other instruments, documents and agreements
executed and delivered in connection with this Agreement.

 

SECTION
4.Binding Effect; Ratification.

 

(a)
The Credit Agreement, as amended hereby, remains in full force and effect. Any reference to the Credit Agreement from and after
the date hereof shall be deemed to refer to the Credit Agreement as amended hereby, unless otherwise expressly stated.

 

(b)
Except as expressly amended hereby, the Credit Agreement and the Servicing Agreement shall remain in full force and effect and
each is hereby ratified and confirmed by the parties hereto.

 

    	 	 3	Flexshopper No. 8 Amendment

     

    

 

(c)
The Company represents and warrants to each Lender that each and every of its representations and warranties contained in Section
4 of the Credit Agreement, as amended hereby, are true and correct as of the date hereof.

 

(d)
Notwithstanding anything to the contrary herein or in the Credit Document, by signing this Agreement, neither the Lender nor the
Administrative Agent is waiving or consenting, nor has either of them agreed to waive or consent to in the future, the breach
of (or any rights and remedies related to the breach of) any provisions of any of the Credit Documents.

 

(e)
The Company agrees to promptly reimburse the Administrative Agent for all of the reasonable out-of-pocket expenses, including,
without limitation, reasonable legal fees, it has heretofore or hereafter incurred or incurs in connection with the preparation,
negotiation and execution of this Agreement and all other instruments, documents and agreements executed and delivered in connection
with this Agreement.

 

SECTION
5.Miscellaneous.

 

(a)
THIS Agreement SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF (OTHER THAN SECTIONS 5-1401 AND
5-1402 OF NEW YORK GENERAL OBLIGATIONS LAW).

 

(b)
The captions and headings used herein are for convenience of reference only and shall not affect the interpretation hereof.

 

(c)
This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement.

 

(d)
Executed counterparts of this Agreement may be delivered electronically.

 

SECTION
6.Payment of AUP Invoices. Company shall pay, by September 30, 2018, all amounts owing to that certain agreed upon
procedures provider under the Credit Agreement accrued on or prior to the date of this Agreement in connection with certain consulting
services.

 

SECTION
7.Permitted Seller Subordinated Indebtedness. Administrative Agent and each of the Lenders hereby consents to the amendment
and restatement of the subordinated promissory notes evidencing Permitted Seller Subordinated Indebtedness previously approved
by Administrative Agent and the Lenders, provided such amended and restated subordinated promissory notes shall be in the form
circulated to Administrative Agent on the date hereof.

 

[SIGNATURES
FOLLOW]

 

    	 	 4	Flexshopper No. 8 Amendment

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective officers as of the day
and year first above written.

 

	 

         
	ADMINISTRATIVE
    AGENT and LENDER:
	 	WE
    2014-1, LLC
	 	 	 
	 	By:	/s/
    Thomas Buttaravoli 
	 	Name:	Thomas
    Buttaravoli 
	 	Title:	Authorized
    Person
	 	 	 
	 	COMPANY:

        

		 
	 	FlexShopper
    2, LLC
	 	 	 
	 	By:	/s/
    Brad Bernstein
	 	Name:	Brad
    Bernstein
	 	Title:	CEO
    & President

 

 

	 	5	Flexshopper No. 8 AmendmentExhibit 10.2

 

AMENDMENT
NO. 2

TO

INVESTOR
RIGHTS AGREEMENT

THIS
AMENDMENT NO. 2 TO INVESTOR RIGHTS AGREEMENT, is made and entered into as of August 27, 2018 (this “Amendment”)
by and between FlexShopper, Inc., a Delaware corporation (the “Company”), and the investor(s) listed on the
signature pages hereto (the “Investors”).

 

RECITALS

 

WHEREAS,
the Company, the Management Stockholder and the investors listed on the signature pages thereto are party to that certain Investor
Rights Agreement, dated as of June 10, 2016, as amended by Amendment No. 1 to Investor Rights Agreement, dated as of April 2,
2018 (as so amended, the “Agreement”; defined terms used but not defined in this Amendment shall have the meanings
ascribed to such terms in the Agreement);

 

WHEREAS,
the Company intends to conduct a firm commitment public offering of up to $23 million in the aggregate of shares of Common Stock
registered on Registration Statement on Form S-1 (File No. 333-226823), which amount is subject to increase by up to 20% by the
Company’s filing of a Registration Statement filed pursuant to Rule 462 under the Securities Act of 1933, as amended (the
“Offering”);

 

WHEREAS,
the undersigned Investors collectively constitute Investor Parties holding a majority of the Registrable Securities held by all
Investor Parties (the “Required Holders”) mandated by the Agreement, together with the Company, to amend its
terms and bind all Parties thereto; and

 

WHEREAS,
the Required Holders and the Company wish to amend the Agreement to exempt the Offering from any registration rights under the
Agreement.

 

NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements contained herein and for other good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally
bound, hereby agree as follows:

 

SECTION
1.Amendments to the Agreement. Pursuant to Section 4.1 of the Agreement, the Required Holders and the Company hereby
amend the Agreement as follows:

 

(a)
Section 1.1 of the Agreement is hereby amended to include the following defined term in the appropriate alphabetical
position:

 

“‘2018
Equity Offering’ means a firm commitment public offering of up to $23 million in the aggregate of shares of Common Stock
registered on Registration Statement on Form S-1 (File No. 333-226823), which amount is subject to increase by up to 20% by the
Company’s filing of a Registration Statement filed pursuant to Rule 462 under the Securities Act.”

 

     

     

    

 

(b)
Section 2.2 of the Agreement is hereby amended by the addition of a new subsection (e) as follows:

 

“(e)
This Section 2.2 shall not apply to the 2018 Equity Offering or the Registration Statement filed in connection therewith.”

 

(c)
Except as expressly set forth herein, this Amendment shall not be deemed to be a waiver, amendment or modification of
any provisions of the Agreement, or of any right, power or remedy of the Parties, or constitute a waiver, amendment
or modification of any provision of the Agreement (except to the extent herein set forth), or any other document,
instrument and/or agreement executed or delivered in connection therewith, in each case whether arising before or after the
date hereof or as a result of performance hereunder or thereunder, all of which (except as specified herein) remain in full
force and effect.

 

SECTION
2.Amendment and Modification. No term of this Amendment may be amended or modified without the prior written consent
of the Company and the Required Holders. No provision of this Amendment may be waived except in a writing executed and delivered
by the Party against whom such waiver is sought to be enforced. Any amendment or waiver effected in accordance with this Section
2 shall be binding upon the Investor Parties and the Company.

 

SECTION
3.Severability. If any provision of this Amendment or the application of any such provision to any Person or circumstance
shall be declared by any court of competent jurisdiction to be invalid, illegal, void or unenforceable in any respect, all other
provisions of this Amendment, or the application of such provision to Persons or circumstances other than those as to which it
has been held invalid, illegal, void or unenforceable, shall nevertheless remain in full force and effect and will in no way be
affected, impaired or invalidated thereby. Upon such determination that any provision, or the application of any such provision,
is invalid, illegal, void or unenforceable, the Parties shall negotiate in good faith to modify this Amendment so as to effect
the original intent of the Parties as closely as possible to the fullest extent permitted by Law in an acceptable manner.

 

SECTION
4.Governing Law; CONSENT TO JURISDICTION. This Amendment and any Action or dispute arising under or related in any
way to this Amendment, the relationship of the Parties, the transactions leading to this Amendment or contemplated hereby and/or
the interpretation and enforcement of the rights and duties of the Parties hereunder or related in any way to the foregoing, shall
be governed by and construed in accordance with the internal, substantive Laws of the State of New York applicable to agreements
entered into and to be performed solely within such state without giving effect to the principles of conflict of Laws thereof.
EACH OF THE PARTIES TO THIS AGREEMENT HEREBY AGREES THAT JURISDICTION AND VENUE IN ANY SUIT, ACTION OR PROCEEDING BROUGHT BY ANY
PARTY ARISING OUT OF OR RELATING TO THIS AGREEMENT (INCLUDING ANY SUIT, ACTION OR PROCEEDING SEEKING EQUITABLE RELIEF) SHALL PROPERLY
AND EXCLUSIVELY LIE IN THE COURTS OF THE STATE OF NEW YORK OR, TO THE EXTENT THE COURTS OF NEW YORK DO NOT HAVE SUBJECT MATTER
JURISDICTION, THE UNITED STATES DISTRICT COURT LOCATED IN NEW YORK CITY. EACH PARTY HERETO FURTHER AGREES NOT TO BRING ANY SUCH
SUIT, ACTION OR PROCEEDING IN ANY COURT OTHER THAN THE COURTS IDENTIFIED IN THE FOREGOING SENTENCE. BY EXECUTION AND DELIVERY
OF THIS AGREEMENT, EACH PARTY IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS IN NEW YORK CITY FOR ITSELF AND IN RESPECT
OF ITS PROPERTY WITH RESPECT TO SUCH SUIT, ACTION OR PROCEEDING. THE PARTIES HERETO IRREVOCABLY AGREE THAT VENUE WOULD BE PROPER
IN EACH OF THE FOREGOING COURTS, AND HEREBY WAIVE ANY OBJECTION THAT ANY SUCH COURT IS AN IMPROPER OR INCONVENIENT FORUM FOR THE
RESOLUTION OF SUCH SUIT, ACTION OR PROCEEDING.

 

    	 	2	 

     

    

 

SECTION
5.Headings. The headings in this Amendment are for convenience of reference only and shall not constitute a part of
this Amendment, nor shall they affect its meaning, construction or effect.

 

SECTION
6.Counterparts; Electronic Delivery. This Amendment may be executed in one or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. This Amendment and any signed agreement
or instrument entered into in connection with this Amendment, and any amendments hereto or thereto, to the extent delivered by
means of a telecopy machine or electronic mail (any such delivery, an “Electronic Delivery”), shall be treated
in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect
as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement
or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties.
No party hereto or to any such agreement or instrument shall raise (a) the use of Electronic Delivery to deliver a signature or
(b) the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic Delivery,
as a defense to the formation of a contract, and each such party forever waives any such defense, except to the extent such defense
related to lack of authenticity.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	3	 

     

    

 

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

 

	 
	COMPANY:
	 	 
	 	FlexShopper,
    Inc.
	 	 	 
	 	By:	/s/
    Brad Bernstein
	 	Name:	Brad
    Bernstein
	 	Title:	Chief
    Executive Officer

 

	 
	INVESTOR:
	 	 	 
	 	B2 FIE V LLC
	 	 	 
	 	By:	/s/
    Harin de Silva
	 	Name:	Harin
    de Silva
	 	Title:	Authorized
    Person

 

 

Signature
Page to Amendment No. 2 to Investor Rights Agreement

 

4

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