Document:

Exhibit 10.7

 

INDEMNIFICATION AGREEMENT

THIS INDEMNIFICATION
AGREEMENT (this “Agreement”) is made and entered into as of [●], 2020, between Paya Holdings Inc., a Delaware
corporation (the “Company”), and [            ]
(“Indemnitee”).

WHEREAS, highly
competent persons have become more reluctant to serve corporations as directors or officers or in other capacities unless they
are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions
against them arising out of their service to and activities on behalf of the corporation;

WHEREAS, the Board
of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals,
the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the
Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread
practice among United States-based corporations and other business enterprises, the Company believes that, given current market
conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At
the same time, directors, officers and other persons in service to corporations or business enterprises are being increasingly
subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been
brought only against the corporation or business enterprise itself. The Bylaws of the Company (as amended or restated, the “Bylaws”)
require indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant
to the General Corporation Law of the State of Delaware (“DGCL”). The Bylaws and the DGCL expressly provide
that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered
into between the Company and members of the Board, officers of the Company and other persons with respect to indemnification;

WHEREAS, the uncertainties
relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

WHEREAS, the Board
has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the
Company and its stockholders and that the Company should act to assure such persons that there will be increased certainty of such
protection in the future;

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such
persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue
concern that they will not be so indemnified;

WHEREAS, this Agreement
is a supplement to and in furtherance of the Bylaws and any resolutions adopted pursuant thereto, as well as any rights of Indemnitee
under any director’s or officer’s liability insurance policy, and this Agreement shall not be deemed a substitute therefor,
nor to diminish or abrogate any rights of Indemnitee thereunder; [and]

    	 

     

    

 

WHEREAS, Indemnitee
does not regard the protections available under the Bylaws and insurance as adequate in the present circumstances, and may not
be willing to serve or continue to serve as an officer or director without adequate protection, and the Company desires Indemnitee
to serve or continue to serve in such capacity; Indemnitee is willing to serve, continue to serve and take on additional service
for or on behalf of the Company on the condition that Indemnitee be so indemnified[.][; and]

[WHEREAS, Indemnitee
has certain rights to indemnification and/or insurance provided by GTCR (“GTCR”) or affiliates of GTCR which
Indemnitee and GTCR intend to be secondary to the primary obligation of the Company to indemnify Indemnitee as provided herein,
with the Company’s acknowledgment of and agreement to the foregoing being a material condition to Indemnitee’s willingness
to serve on the Board.]1

NOW, THEREFORE,
in consideration of Indemnitee’s agreement to serve as a director or officer from and after the date hereof, the parties
hereto agree as follows:

1.       Indemnity
of Indemnitee. Subject to the provisions of Section 9, the Company hereby agrees to hold harmless and indemnify Indemnitee
to the fullest extent permitted by law, as such may be amended from time to time, if Indemnitee was or is, or is threatened to
be made, a party to, or otherwise becomes involved in, any Proceeding (as hereinafter defined) by reason of Indemnitee’s
Corporate Status (as hereinafter defined). In furtherance of the foregoing indemnification, and without limiting the generality
thereof:

(a)       Proceedings
other than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided
in this Section l(a) if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be made,
a party to or participant, or otherwise becomes involved in, in any Proceeding (as hereinafter defined) other than a Proceeding
by or in the right of the Company. Pursuant to this Section 1(a), Indemnitee shall be indemnified against all Expenses,
judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee, or on Indemnitee’s
behalf, in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner
Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding,
had no reasonable cause to believe Indemnitee’s conduct was unlawful. The parties hereto intend that this Agreement shall
provide to the fullest extent permitted by law for indemnification in excess of that expressly permitted by statute, including,
without limitation, any indemnification provided by the Certificate of Incorporation, the Bylaws, vote of the Company’s stockholders
or Disinterested Directors or otherwise.

 

(b)       Proceedings
by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section
1(b) if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant
in any Proceeding brought by or in the right of the Company. Pursuant to this Section 1(b), Indemnitee shall be indemnified
against all Expenses actually and reasonably incurred by Indemnitee, or on Indemnitee’s behalf, in connection with such Proceeding
if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests
of the Company; provided, however, if applicable law so provides, no indemnification against such Expenses shall
be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been finally adjudged by
a court to be liable to the Company unless and only to the extent that the court in which the Proceeding was brought shall determine,
upon application that, despite the adjudication of liability but in view of all the circumstances of the case, that Indemnitee
is fairly and reasonably entitled to indemnification.

 

 

1       NTD:
Bracketed language to be included in form for GTCR directors.

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(c)       Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to the extent
that Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to or participant in and is successful, on the merits
or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, Indemnitee shall be indemnified
to the maximum extent permitted by law, as such may be amended from time to time, against all Expenses actually and reasonably
incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. If Indemnitee is not wholly successful in such
Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such
Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section 1(c) and without
limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be
deemed to be a successful result as to such claim, issue or matter.

(d)       Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some
or a portion of Expenses, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for
the portion thereof to which Indemnitee is entitled.

2.       Additional
Indemnity. In addition to, and without regard to any limitations on the indemnification provided for in Section 1 of
this Agreement, the Company shall and hereby does, to the fullest extent permitted by applicable law, indemnify and hold harmless
Indemnitee against all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by
Indemnitee or on Indemnitee’s behalf if, by reason of Indemnitee’s Corporate Status, in connection with any Proceeding
(including a Proceeding by or in the right of the Company) that Indemnitee is, or is threatened to made, a party to, or participant
in. The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement, other than those set
forth in Section 9 hereof, shall be that the Company shall not be obligated to make any payment to Indemnitee that is finally
determined (under the procedures, and subject to the presumptions, set forth in Sections 6 and 7 hereof) to be unlawful.

3.       Contribution.

(a)       Whether
or not the indemnification provided in Sections 1 and 2 hereof is available, in respect of any threatened, pending
or completed Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), to the
fullest extent permitted by applicable law, the Company shall pay, in the first instance, the entire amount of any judgment or
settlement of such action, suit or proceeding without requiring Indemnitee to contribute to such payment and the Company hereby
waives and relinquishes any right of contribution it may have against Indemnitee. The Company shall not, without the Indemnitee’s
prior written consent, enter into any such settlement of any Proceeding (in whole or in part) unless such settlement (i) provides
for a full and final release of all claims asserted against Indemnitee and (ii) does not impose any Expense, judgment, fine, penalty
or limitation on Indemnitee.

(b)       Without
diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee
shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed Proceeding
in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), to the fullest
extent permitted by applicable law, the Company shall contribute to the amount of Expenses, judgments, fines and amounts paid in
settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative benefits received by
the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee
(or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction
from which such action, suit or proceeding arose; provided, however, that the proportion determined on the basis
of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the
Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee
(or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, in connection with
the events that resulted in such expenses, judgments, fines or settlement amounts, as well as any other equitable considerations
which the law may require to be considered. The relative fault of the Company and all officers, directors or employees of the Company,
other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and
Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions were
motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the degree
to which their conduct is active or passive.

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(c)       To
the fullest extent permitted by applicable law, the Company hereby agrees to fully indemnify and hold Indemnitee harmless from
any claims of contribution which may be brought by officers, directors or employees of the Company, other than Indemnitee, who
may be jointly liable with Indemnitee.

4.       Indemnification
for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable
law and to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness, is made (or asked) to respond
to discovery requests, or is otherwise asked to participate, in any Proceeding to which Indemnitee is not a party, Indemnitee shall
be indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
therewith.

5.       Advancement
of Expenses. Notwithstanding any other provision of this Agreement (other than Section 7(d)), the Company shall advance,
to the extent not prohibited by law, all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding (or
part of any Proceeding) not initiated by Indemnitee or any Proceeding initiated by Indemnitee with the prior approval of the Board
as provided in Section 9(d), within thirty (30) days after the receipt by the Company of a statement or statements from
Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding.
Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee. Any advances pursuant to this Section
5 shall be unsecured and interest free and shall be made without regard to Indemnitee’s ability to repay the Expenses
and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement.
In accordance with Section 7(d) hereof, advances shall include any and all reasonable Expenses incurred pursuing an action
to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support
the advances claimed. The Indemnitee shall qualify for advances upon the execution and delivery to the Company of this Agreement,
which shall constitute an undertaking providing that the Indemnitee undertakes to repay the amounts advanced (without interest)
by the Company pursuant to this Section 5, if and only to the extent that it is ultimately determined that Indemnitee is not entitled
to be indemnified by the Company. No other form of undertaking shall be required other than the execution of this Agreement. This
Section 5 shall not apply to claim by Indemnitee for Expenses in a matter for which indemnity and advancement of Expenses
is excluded pursuant to Section 9 hereof.

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6.       Procedures
and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for Indemnitee
rights of indemnity that are as favorable as may be permitted under the DGCL and public policy of the State of Delaware. Accordingly,
the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee
is entitled to indemnification under this Agreement:

(a)       To
obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and
to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request
for indemnification, advise the Board in writing that Indemnitee has requested indemnification. Notwithstanding the foregoing,
any failure of Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion, shall not
relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually and materially
prejudices the interests of the Company.

(b)       Upon
written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof, a determination
with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four methods,
which shall be at the election of the Board: (1) by a majority vote of the Disinterested Directors (as hereinafter defined), even
though less than a quorum; (2) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors,
even though less than a quorum; (3) if there are no Disinterested Directors, or if the Disinterested Directors so direct, by Independent
Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (4) if so directed by the Board,
by the stockholders of the Company; provided, however, that if a Change in Control has occurred, the determination
with respect to Indemnitee’s entitlement to indemnification shall be made by Independent Counsel.

(c)       In
the event the determination of entitlement to indemnification is to be made by Independent Counsel, the Independent Counsel shall
be selected as provided in this Section 6(c). If a Change in Control shall not have occurred, the Independent Counsel shall
be selected by the Board, and the Company shall give written notice to the Indemnitee advising Indemnitee of the identity of the
Independent Counsel so selected . If a Change in Control shall have occurred, the Independent Counsel shall be selected Indemnitee
(unless Indemnitee shall request that such selection be made by the Board, in which event the preceding sentence shall apply),
and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected . In
either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice of selection shall
have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided,
however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the
requirements of “Independent Counsel” as defined (as defined below), and the objection shall set forth with particularity
the factual basis of such assertion. Absent a proper and timely objection, the Person so selected shall act as Independent Counsel.
If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel
unless and until such objection is withdrawn or the Chancery Court of the State of Delaware (the “Delaware Court”)
has determined that such objection is without merit . If (i) an Independent Counsel is to make the determination of entitlement
pursuant to this Section 6, and (ii) within 20 days after submission by Indemnitee of a written request for indemnification
pursuant to Section 6(a) hereof, no Independent Counsel shall have been selected (including as a result of an objection
to the selected Independent Counsel), either the Company or Indemnitee may petition the Delaware Court or other court of competent
jurisdiction for resolution of any objection which shall have been made by Indemnitee to the Company’s selection of Independent
Counsel and/or for the appointment as Independent Counsel of a Person selected by the court or by such other Person as the court
shall designate, and the Person with respect to whom all objections are so resolved or the Person so appointed shall act as Independent
Counsel under Section 6(b) hereof. The Company shall pay any and all reasonable fees and expenses of Independent Counsel
incurred by such Independent Counsel in connection with acting pursuant to Section 6(b) hereof, and the Company shall pay
all reasonable fees and expenses incident to the procedures of this Section 6(c), regardless of the manner in which such
Independent Counsel was selected or appointed.

(d)       In
making a determination with respect to entitlement to indemnification hereunder, the Person making such determination shall to
the fullest extent permitted by law presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking
to overcome this presumption shall have the burden of proof to overcome such presumption. Neither the failure of the Company (including
by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this
Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor
an actual determination by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such applicable
standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard
of conduct.

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(e)       Indemnitee
shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise
(as hereinafter defined), including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise
in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports
made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable
care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee
of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.
Whether or not the foregoing provisions of this Section 6(e) are satisfied, it shall in any event be presumed that Indemnitee
has at all times acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests
of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear
and convincing evidence.

(f)       If
the Person empowered or selected under this Section 6 to determine whether Indemnitee is entitled to indemnification shall
not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite determination
of entitlement to indemnification shall to the fullest extent permitted by law be deemed to have been made and Indemnitee shall
be entitled to such indemnification absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact
necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or
(ii) a prohibition of such indemnification under applicable law; provided, however, that such 60-day period may be
extended for a reasonable time, not to exceed an additional thirty (30) days, if the Person making such determination with respect
to entitlement to indemnification in good faith requires such additional time to obtain or evaluate documentation and/or information
relating thereto; and provided, further, that the foregoing provisions of this Section 6(f) shall not apply
if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 6(b) hereof
and if (A) within fifteen (15) days after receipt by the Company of the request for such determination, the Board or the Disinterested
Directors, if appropriate, resolve to submit such determination to the stockholders for their consideration at an annual meeting
thereof to be held within seventy-five (75) days after such receipt and such determination is made thereat, or (B) a special meeting
of stockholders is called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting
is held for such purpose within sixty (60) days after having been so called and such determination is made thereat.

(g)       Indemnitee
shall cooperate with the Person making such determination with respect to Indemnitee’s entitlement to indemnification, including
providing to such Person upon reasonable advance request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs
or Expenses (including reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the Person
making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement
to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

(h)       The
Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to
avoid expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee
is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement
of such action, claim or proceeding with or without payment of money or other consideration) it shall to the fullest extent permitted
by law be presumed that Indemnitee has been successful on the merits or otherwise in such action, suit or proceeding. Anyone seeking
to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

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(i)       The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a
plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner
which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal
Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

7.       Remedies
of Indemnitee.

(a)       In
the event that (i) a determination is made pursuant to Section 6 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this Agreement, (iii)
no determination of entitlement to indemnification is made pursuant to Section 6(b) of this Agreement within ninety (90)
days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made within ten (10)
days after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have
been made pursuant to Section 6 of this Agreement, or (v) the Company or any other person takes or threatens to take any
action to declare this Agreement void or unenforceable, or institutes any litigation or other action or Proceeding designed to
deny, or to recover from, the Indemnitee the benefits provided or intended to be provided to the Indemnitee hereunder, Indemnitee
shall be entitled to an adjudication in an appropriate court of the State of Delaware, or in any other court of competent jurisdiction,
of Indemnitee’s entitlement to such indemnification, contribution or advancement of Expenses. Alternatively, Indemnitee,
at Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial
Arbitration Rules of the American Arbitration Association. The Company shall not oppose Indemnitee’s right to seek any such
adjudication or award in arbitration.

(b)       In
the event that a determination shall have been made pursuant to Section 6(b) hereof that Indemnitee is not entitled to indemnification,
any judicial proceeding or arbitration commenced pursuant to this Section 7 shall be conducted in all respects as a de novo
trial, or arbitration, on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under Section
6(b) hereof. In any judicial proceeding or arbitration commenced pursuant to this Section 7, Indemnitee shall be presumed
to be entitled to indemnification under this Agreement and the Company shall have the burden of proving Indemnitee is not entitled
to indemnification or advancement of Expenses, as the case may be, and the Company may not refer to or introduce into evidence
any determination pursuant to Section 6(b) hereof adverse to Indemnitee for any purpose other than to establish its compliance
with the terms of this Agreement. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 7,
Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 5 hereof until a final determination
is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted
or lapsed).

(c)       If
a determination shall have been made pursuant to Section 6(b) hereof that Indemnitee is entitled to indemnification, the
Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 7,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
misstatement not materially misleading, in connection with the application for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

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(d)       In
the event that Indemnitee, pursuant to this Section 7, incurs costs, in a judicial or arbitration proceeding or otherwise,
attempting to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement, or to recover under
any directors’ and officers’ liability insurance policies maintained by the Company, the Company shall pay on Indemnitee’s
behalf, in advance, any and all expenses (of the types described in the definition of Expenses in Section 12 hereof) actually
and reasonably incurred by Indemnitee in such efforts, regardless of whether Indemnitee ultimately is determined to be entitled
to such indemnification, advancement of expenses or insurance recovery, to the fullest extent permitted by applicable law. It is
the intent of the Company that, to the fullest extent permitted by applicable law, Indemnitee not be required to incur legal fees
or other Expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement
by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended
to Indemnitee hereunder. The Company shall, to the fullest extent permitted by law, indemnify Indemnitee against any and all Expenses
in connection with any action brought by Indemnitee for indemnification or advancement of Expenses from the Company under this
Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company if Indemnitee
is wholly successful on the underlying claims; if Indemnitee is not wholly successful on the underlying claims, then such indemnification
shall be only to the extent Indemnitee is successful on such underlying claims or otherwise as permitted by law, whichever is greater.

(e)       The
Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration
commenced pursuant to this Section 7 that the procedures and presumptions of this Agreement are not valid, binding and enforceable
and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

(f)       Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be
required to be made prior to the final disposition of the Proceeding.

8.       Non-Exclusivity;
Survival of Rights; [Primacy of Indemnification;] Insurance; Subrogation.

(a)       The
rights of indemnification and to receive advancement of Expenses as provided by this Agreement (i) shall not be deemed exclusive
of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation of the
Company (as amended or restated, the “Charter”), the Bylaws, any agreement, a vote of stockholders, a resolution
of directors or otherwise, of the Company and (ii) shall be interpreted independently of, and without reference to, any other such
rights to which Indemnitee may at any time be entitled. No amendment, alteration or repeal of this Agreement or of any provision
hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee
in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the DGCL,
whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the Charter, Bylaws
and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so
afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every
other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other right or remedy.

(b)       The
Company shall, if commercially reasonable, obtain and maintain in effect during the entire period for which the Company is obligated
to indemnify Indemnitee under this Agreement, one or more policies of insurance with reputable insurance companies to provide the
directors and officers of the Company with coverage for losses from wrongful acts and omissions and to ensure the Company’s
performance of its indemnification obligations under this Agreement. Indemnitee shall be covered by such policy or policies in
accordance with its or their terms to the maximum extent of the coverage available for any such officer or director under such
policy or policies. In all such insurance policies, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee
with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors and officers.
At the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company shall give prompt notice of the commencement
of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result
of such proceeding in accordance with the terms of such policies.

 

    	8 

     

    

 

(c)       [The
Company hereby acknowledges that Indemnitee has certain rights to indemnification, advancement of expenses and/or insurance provided
by GTCR and certain affiliates that, directly or indirectly, (i) are controlled by, (ii) control or (iii) are under common control
with, GTCR (collectively, the “Fund Indemnitors”). With respect to any amounts that are subject to indemnity
under this Agreement and also subject to an indemnity obligation owed by Fund Indemnitors, the Company hereby agrees (i) that,
as compared the Fund Indemnitors, it is the indemnitor of first resort with respect to any rights to indemnification provided to
Indemnitee herein (i.e., its obligations to Indemnitee are primary and any obligation of the Fund Indemnitors to advance expenses
or to provide indemnification for the same expenses or liabilities incurred by Indemnitee is secondary), (ii) that it shall
be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses,
judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this
Agreement and the Charter or Bylaws of the Company (or any other agreement between the Company and Indemnitee), without regard
to any rights Indemnitee may have against the Fund Indemnitors, and (iii) that it irrevocably waives, relinquishes and releases
the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of
any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of Indemnitee
with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Fund
Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the
rights of recovery of Indemnitee against the Company. The Company and Indemnitee agree that the Fund Indemnitors are express third
party beneficiaries of the terms of this Section 8(c).]

(d)       [Except
as provided in Section 8(c) above,] in the event of any payment under this Agreement, the Company shall be subrogated to
the extent of such payment to all of the rights of recovery of Indemnitee [(other than against the Fund Indemnitors)], who shall
execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary
to enable the Company to bring suit to enforce such rights.

(e)       [Except
as provided in Section 8(c) above,] the Company shall not be liable under this Agreement to make any payment of amounts
otherwise indemnifiable (or for which advancement of Expenses is provided) hereunder if and to the extent that Indemnitee has otherwise
actually received such payment under any insurance policy, contract, agreement or otherwise.

(f)       [Except
as provided in Section 8(c) above,] the Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee
who is or was serving at the request of the Company as a director, officer, employee or agent of any other corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received
as indemnification or advancement of expenses from such other corporation, partnership, joint venture, trust, employee benefit
plan or other enterprise.

9.       Exception
to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this
Agreement to make any indemnity in connection with any claim involving Indemnitee:

(a)       for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except
with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; [provided, that
the foregoing shall not affect the rights of Indemnitee or the Fund Indemnitors set forth in Section 8(c) above;] or

(b)       for
an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Exchange Act (as hereinafter defined), or similar provisions of state statutory law or
common law; or

    	9 

     

    

 

(c)       for
reimbursement to the Company of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee
from the sale of securities of the Company in each case as required under the Exchange Act (including any such reimbursements that
arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley
Act”) or Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act in connection with an accounting restatement
of the Company or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation
of Section 306 of the Sarbanes-Oxley Act);

(d)       in
connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of
any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless
(i) the Company has joined in or the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation, (ii)
such payment arises in connection with any mandatory counterclaim or cross claim brought or raised by Indemnitee in any Proceeding
(or any part of any Proceeding), (iii) the Company provides the indemnification, in its sole discretion, pursuant to the powers
vested in the Company under applicable law, or (iv) the Proceeding is one to enforce Indemnitee’s rights under this Agreement
or;

(e) any reimbursement
of the Company by Indemnitee of any compensation pursuant to any compensation recoupment or clawback policy adopted by the Board
or the compensation committee of the Board, including but not limited to any such policy adopted to comply with stock exchange
listing requirements implementing Section 10D of the Exchange Act.

10.       Non−Disclosure
of Payments. Except as expressly required by applicable law, neither party shall disclose any payments under this Agreement
unless prior approval of the other party is obtained. If any payment information must be disclosed, the Company shall afford the
Indemnitee an opportunity to review all such disclosures and, if requested, to explain in such statement any mitigating circumstances
regarding the events to be reported.

11.       Duration
of Agreement. All agreements and obligations of the Company contained herein shall continue until and terminate upon the later
of (i) ten (10) years after the date that Indemnitee shall have ceased to serve as a director or officer of the Company or a director,
officer, trustee, partner, managing member, fiduciary, employee or agent of any other corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise which Indemnitee served at the request of the Company, and (ii) one (1) year after
the final termination of any Proceeding (including any rights of appeal thereto) in respect of which Indemnitee is granted rights
of indemnification or advancement of Expenses hereunder and of any Proceeding commenced by Indemnitee pursuant to Section 7
hereof relating thereto (including any rights of appeal of any such Proceeding). Termination of this Agreement shall not adversely
affect any right or protection hereunder of any Indemnitee in respect of any Proceeding (regardless of when such Proceeding is
first threatened, commenced or completed) arising out of, or related to, any act or omission occurring prior to the time of such
termination. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their
respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially
all of the business or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives and shall
continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or of any other Enterprise
at the Company’s request.

    	10 

     

    

 

12.       Definitions.
For purposes of this Agreement:

(a)       “Beneficial
Owner” shall have the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however,
that Beneficial Owner shall exclude any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company
approving a merger of the Company with another entity.

(b)       “Change
in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following
events:

(i)
Acquisition of Stock by Third Party. Any Person (as defined below), other than [GTCR][GTCR,
LLC (“GTCR”)]2 and its
affiliates, is or becomes the Beneficial Owner (as defined above), directly or indirectly, of securities of the Company representing
more than 50% of the combined voting power of the Company’s then outstanding securities, unless the change in relative Beneficial
Ownership of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding
securities entitled to vote generally in the election of directors;

(ii)
Change in Board of Directors. During any period of two (2) consecutive years (not including
any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board, and
any new director (other than a director designated by a Person who has entered into an agreement with the Company to effect a transaction
described in Section 12(b)(i), 12(b)(iii) or 12(b)(iv)) whose election by the Board or nomination for election
by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either
were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for
any reason to constitute at least a majority of the members of the Board;

(iii)
 Corporate Transactions. The effective date of a merger or consolidation of the Company
with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding
immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving
entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the board
of directors or other governing body of such surviving entity; and

(iv)
Liquidation. The approval by the stockholders of the Company of a complete liquidation
of the Company or an agreement or series of agreements for the sale or disposition by the Company of all or substantially all of
the Company’s assets, or, if such approval is not required, the decision by the Board to proceed with such a liquidation,
sale, or disposition in one transaction or a series of related transactions.

 

 

2
NTD: GTCR will already be defined only in agreements for GTCR directors.

    	11 

     

    

 

(c)       “Corporate
Status” describes the status of a person who is or was a director, officer, employee, trustee, partner, managing member,
agent or fiduciary of the Company, any direct or indirect subsidiary of the Company, or of any other corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise that such person is or was serving at the request of the Company.

(d)       “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

(e)       “Enterprise”
shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
that Indemnitee is or was serving at the request of the Company as a director, officer, trustee, partner, managing member, employee,
agent or fiduciary.

(f)       “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

(g)       “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts and other professionals,
witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees,
ERISA excise taxes and penalties, and all other disbursements or expenses of the types customarily incurred in connection with
prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in
a Proceeding, or responding to, or objecting to, a request to provide discovery in any Proceeding. Expenses also shall include
(i) Expenses incurred in connection with any appeal resulting from any Proceeding including without limitation the premium, security
for, and other costs relating to any cost bond, supersedes bond, or other appeal bond or its equivalent, (ii) any federal, state,
local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement,
and (iii) Expenses incurred in connection with recovery under any directors’ and officers’ liability insurance policies
maintained by the Company, regardless of whether Indemnitee is ultimately determined to be entitled to such indemnification, advancement
or Expenses or insurance recovery, as the case may be. The parties agree that for the purposes of any advancement of Expenses for
which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such demand
that are certified by affidavit of Indemnitee’s counsel as being reasonable in the good faith judgment of such counsel shall
be presumed conclusively to be reasonable. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the
amount of judgments or fines against Indemnitee.

(h)       “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither
presently is, nor in the past five (5) years has been, retained to represent: (i) the Company or Indemnitee in any matter material
to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under
similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term “Independent Counsel” shall not include any Person who, under the applicable
standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee
in an action to determine Indemnitee’s rights under this Agreement.

    	12 

     

    

 

(i)       “Person”
shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person
shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the
Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same
proportions as their ownership of stock of the Company.

(j)       “Proceeding”
includes any threatened, pending or completed action, suit, claim, counterclaim, cross claim, arbitration, mediation, alternate
dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding,
whether brought by or in the right of the Company or otherwise and whether civil, criminal, administrative, legislative, regulatory
or investigative (formal or informal), including any appeal therefrom, in which Indemnitee was, is or will be involved as a party,
a potential party, non-party witness or otherwise by reason of Indemnitee’s Corporate Status, by reason of any action taken
by Indemnitee (or failure to take action by Indemnitee) or of any action (or failure to act) on Indemnitee’s party while
acting pursuant to Indemnitee’s Corporate Status; in each case whether or not Indemnitee is acting or serving in any such
capacity at the time any liability or Expense is incurred for which indemnification, reimbursement or advancement of Expenses can
be provided under this Agreement; including a proceeding pending on or before the date of this Agreement, but excluding a proceeding
initiated by an Indemnitee pursuant to Section 7 hereof to enforce Indemnitee’s rights under this Agreement. If Indemnitee
believes in good faith that a given situation may lead to or culminate in the institution of a Proceeding, this shall be considered
a Proceeding under this definition.]

13.       Severability.
If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever:
(i) the validity, legality, and enforceability of the remaining provisions of this Agreement (including, without limitation, each
portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable
to the fullest extent permitted by law; (ii) such provision or provisions shall be deemed reformed to the fullest extent necessary
to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (iii) to the fullest extent
possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of
this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal
or unenforceable) shall be construed so as to give effect to the intent manifested thereby. Without limiting the generality of
the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the fullest extent permitted by applicable
laws.

14.       Enforcement
and Binding Effect.

(a)       The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is
relying upon this Agreement in serving or continuing to serve as a director or officer of the Company.

(b)       This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter
hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Charter, the Bylaws,
any directors’ and officers’ insurance maintained by the Company and applicable law, and shall not be deemed a substitute
therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

    	13 

     

    

(c)       The
Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all
or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the
same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

(d)       The
Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate,
impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the
parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof,
without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance,
Indemnitee shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. The Company and
Indemnitee further agree that Indemnitee shall be entitled to such specific performance and injunctive relief, including temporary
restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking
in connection therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee
by the court, and the Company hereby waives any such requirement of such a bond or undertaking.

15.       Modification
and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing
by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver
of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

16.       Notice
By Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any
summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may
be subject to indemnification or advancement of Expenses covered hereunder. The failure to so notify the Company shall not relieve
the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that
such failure or delay materially prejudices the Company.

17.       Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent
during normal business hours of the recipient, and if not so confirmed, then on the next business day, (iii) five (5) days after
having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) day after deposit
with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications
shall be sent:      

	 	(a) 	To
Indemnitee at the address set forth below Indemnitee’s signature hereto.
	 	 	 
		(b)	To the Company at:
	 	 	303 Perimeter Center North
Suite 600
	 	 	Atlanta, Georgia 30346
	 	 	Attention: Chief Legal Officer

 

or to such other address
as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

 

    	14 

     

    

 

 

18.       Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and in two
or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

19.       Headings.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction thereof.

20.       Governing
Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed
and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict-of-laws rules. Except with respect
to any arbitration commenced by Indemnitee pursuant to Section 7 hereof, the Company and Indemnitee hereby irrevocably and
unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only
in the Delaware Court, and not in any other state or federal court in the United States of America or any court in any other country,
(ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out
of or in connection with this Agreement, (iii) appoint, to the extent such party is not otherwise subject to service of process
in the State of Delaware, irrevocably The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware, 19801 as its
agent in the State of Delaware as such party’s agent for acceptance of legal process in connection with any such action or
proceeding against such party with the same legal force and validity as if served upon such party personally within the State of
Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (v) waive,
and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought
in an improper or inconvenient forum.

 

[The
Remainder of This Page Is Intentionally Left Blank.]

    	15 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement on and as of the day and year first written above.

 

	 	PAYA HOLDINGS
INC.
	 	 
	 	By: 	
	 	Name:

        Title:
	

	 	 	 
	 	INDEMNITEE
	 	 	 
	 	 
	 	Name:	 
	 	 	 
	 	Address:	 
	 	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	 

 

 

Signature
Page to Indemnification Agreement

    	16Exhibit 10.8

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(this “Agreement”) is made as of October 16, 2020, by and between Paya Holdings, Inc. (“Parent”),
Paya, Inc., a Delaware corporation (“Employer”) and Jeffrey Hack (“Executive”). Capitalized
terms used but not otherwise defined herein shall have the meanings set forth in Section 4 of this Agreement, or if not
defined herein, the meanings in the LLC Agreement.

 

Employer, Executive and
GTCR-Ultra Holdings, LLC, a Delaware limited liability company (the “Company”) are party to a Senior Management
Agreement, dated as of November 12, 2018 (the “Original Senior Management Agreement”), and concurrently with
entering into this Agreement, the Company and Executive are amending and restating the Original Senior Management Agreement (the
“A&R Senior Management Agreement”) to remove Employer as a party and to remove the employment-related provisions
as provided therein.

 

In conjunction with the
execution of the A&R Senior Management Agreement, Employer and Executive mutually desire to enter into an agreement containing
the terms and conditions pursuant to which Employer will continue to employ Executive.

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement hereby agree as follows:

 

1. Employment.
Employer agrees to continue to employ Executive, and Executive accepts such continued employment, for the period beginning on the
Effective Date (as defined in the Original Senior Management Agreement) and ending upon Executive’s separation pursuant to
Section 1(c) (the “Employment Period”). Such continued employment shall be deemed a continuation of the
employment of Executive by Employer pursuant to the Original Senior Management Agreement, and the transition of such employment
from the Original Senior Management Agreement to this Agreement shall not be deemed a Separation.

 

(a) Position and Duties.

 

(i) During
the Employment Period, Executive shall serve as the Chief Executive Officer of Parent, and its Subsidiaries (including the Employer
and any entities created and/or acquired after the date of this Agreement) and shall have the normal duties, responsibilities and
authority implied by such position, including defining Parent’s strategy and business plan, selecting and evaluating other
members of management, sourcing and completing acquisitions, managing the growth and operations of Parent, and such other duties
as are reasonably directed by the board of directors of Parent (the “Board”), subject in each case to the reasonable
oversight of the Board, and their power to override actions of officers.

  

     

     

    

  

(ii) Executive
shall report to the Board, and Executive shall devote Executive’s best efforts and Executive’s full business time and
attention to the business and affairs of Parent, Employer and the other Subsidiaries of Parent, subject to Executive’s rights
pursuant to subsection (a)(iii) and (a)(iv) of this Section 1(a) and to engage in charitable or philanthropic pursuits which
do not adversely affect Executive’s performance of duties.

 

(iii) The parties
acknowledge that Executive has been an advisor to, and is an equityholder of, Boomtown Network, Inc. (“Boomtown”).
Notwithstanding anything to the contrary set forth in this Agreement, Executive will not authorize any material change in an amendment
of any agreement with or the business relationship (including any cancellation, renewal or extension of terms) between Parent or
its Subsidiaries, on the one hand, and Boomtown, on the other, without the prior approval of the audit committee of Parent.

 

(iv) [Reserved.]

 

(v) During
the Employment Period, Executive will have the right to serve as a member of the Board. If Executive is a member of the Board at
the time of a Separation, Executive will be removed from the Board at such time.

 

(b) Salary, Bonus
and Benefits. During the Employment Period, Employer will pay Executive a base salary at the same rate as in effect on the
date hereof under the terms set forth in the Original Senior Management Agreement, i.e., $500,000 (the "Annual Base
Salary"). For each fiscal year of the Employer ending during the Employment Period, Executive shall be eligible for an
annual target bonus of 100% of the Annual Base Salary (the “Target Bonus”) based upon the performance of Executive
and the achievement by Parent, Employer and the other Subsidiaries of Parent of financial, operating and other objectives set by
the Board, after discussion with Executive and in connection with the development of the annual budget of Parent and Employer.
The Annual Base Salary and the financial, operating and other objectives set forth above shall be reviewed annually by the Board,
provided, that the Annual Base Salary will not be reduced below $500,000. In addition, during the Employment Period,
Executive will be entitled to such other benefits as are approved by the Board and made generally available to all senior management
of Parent and Employer (“Benefits”). A description of the current Benefits is set forth on Exhibit A
attached hereto. Employer will promptly reimburse Executive for all reasonable business related expenses incurred by him in accordance
with Employer’s expense reimbursement policy. The parties acknowledge that Executive will not be relocating to any Parent,
Employer or other location and as a result reasonable business expenses will include (a) air travel to and from Executive’s
home city, Parent/Employer facilities, customers and suppliers, and (b) lodging accommodations (which may include short-term rental
accommodations not to exceed one year).

 

    - 2 -

     

    

 

(c) Separation.
The Employment Period will continue until (i) Executive’s resignation with or without Good Reason, death or Disability or
(ii) the Board terminates Executive’s employment with or without Cause. If Executive’s employment is terminated by
resignation of Executive with Good Reason pursuant to clause (i) of the immediately preceding sentence or by the Board without
Cause pursuant to clause (ii) of the immediately preceding sentence, then during the Severance Period, Employer shall pay to Executive
(x) his Annual Base Salary for such period, payable in equal installments on Employer’s regular salary payment dates as in
effect on the date of the Separation and shall reimburse Executive’s COBRA premium to the extent Employer is permitted by
law to offer such coverage and able to do so without incurring a fine or penalty; provided that if Employer elects to extend the
Severance Period for the additional one year period, then the amount payable pursuant to this clause (x) during the second year
of the Severance Period will be $1,250,000, with such amount to be paid within 60 days of Employer’s election to extend the
Severance Period, which election must be made by Employer no later than 90 days prior to end of the first year, time being of the
essence and (y) any annual bonus payable with respect to the fiscal year during which such termination occurs, pro-rated based
upon the portion of the fiscal year during which Executive was employed by Employer, payable on the date that Employer pays annual
bonuses to its senior management team for such fiscal year (the “Severance Payments”). The amount of the bonus
payable pursuant to clause (y) of the previous sentence, if any, shall be calculated based upon the portion of the target bonuses
received by the remaining senior management team. For example, if the remaining senior management team receives bonuses equal to
75% of the applicable target, then Executive’s bonus will be calculated based upon 75% of the applicable target bonus. Notwithstanding
anything herein to the contrary, (A) Executive shall not be entitled to receive any payments or other benefits pursuant to this
Section 1(c) unless Executive has executed and delivered to Employer a general release in form attached hereto as Exhibit
B (“Release”) (and such Release is in full force and effect and has not been revoked), which Release shall
be delivered by Executive within seven calendar days after Executive’s Separation and (B) Executive shall be entitled to
receive such payments only so long as Executive has not breached any of the provisions of such Release, Section 2 or Section
3. Executive shall not be entitled to any further payments from Parent, Employer or their Affiliates, nor shall they have any
further liability to Executive, except as expressly set forth in this Section 1(c). Upon any Separation, Employer will notify
the Company of such Separation and the circumstances of such Separation.

 

    - 3 -

     

    

 

(d) Code Section 409A.
The intent of the parties is that payments and benefits under this Agreement comply with or otherwise be exempt from Internal Revenue
Code Section 409A and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”)
and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be either exempt from or in compliance
therewith. In no event whatsoever shall Parent or Employer be liable for any additional tax, interest or penalty that may be imposed
on Executive by Code Section 409A or damages for failing to comply with Code Section 409A. Notwithstanding any other payment schedule
provided herein to the contrary, if Executive is deemed on the date of termination to be a “specified employee” within
the meaning of that term under Code Section 409A(a)(2)(B), then any payment under Section 1 that is considered deferred
compensation under Code Section 409A payable on account of a “separation from service” shall not be made until the
date which is the earlier of (i) the expiration of the six (6)-month period measured from the date of such “separation from
service” of Executive, and (ii) the date of Executive’s death (the “Delay Period”) to the extent
required under Code Section 409A. Upon the expiration of the Delay Period, all payments delayed pursuant to this Section 1(d)
shall be paid to Executive in a lump sum, and all remaining payments due under this Agreement shall be paid or provided in accordance
with the normal payment dates specified for them herein. A termination of employment shall not be deemed to have occurred for purposes
of any provision of this Agreement providing for the payment of any amounts or benefits that constitute “nonqualified deferred
compensation” (within the meaning of Section 409A) upon or following a termination of employment unless such termination
is also a “separation from service” from Parent and Employer within the meaning of Code Section 409A and, for purposes
of any such provision of this Agreement, references to a “termination,” “termination of employment” or
like terms shall mean “separation from service.” For purposes of Code Section 409A, Executive’s right to receive
any installment payment pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments.
Notwithstanding any other provision to the contrary, in no event shall any payment under this Agreement that constitutes “deferred
compensation” (within the meaning of Code Section 409A) be subject to offset by any other amount unless otherwise permitted
by Code Section 409A. To the extent that any reimbursement of expenses or in-kind benefits constitute “nonqualified deferred
compensation” (within the meaning of Section 409A), such reimbursement shall be provided no later than December 31 of the
year following the year in which the expense was incurred, the amount of any expenses reimbursed or in-kind benefits provided in
one year shall not affect the amount eligible for reimbursement or in-kind benefits provided in any subsequent year (other than
an arrangement providing for the reimbursement of medical expenses referred to in Section 105(b) of the Code), and Executive’s
right to such payments or reimbursement of any such expenses shall not be subject to liquidation or exchange for any other benefit.
Notwithstanding anything to the contrary in this Agreement, to the extent that any payments of “nonqualified deferred compensation”
(within the meaning of Section 409A) due under this Agreement as a result of Executive’s termination of employment are subject
to Executive’s execution and delivery of a Release, (A) if Executive fails to execute the Release on or prior to the Release
Expiration Date (as defined below) or timely revokes his acceptance of the Release thereafter, he shall not be entitled to any
payments or benefits otherwise conditioned on the Release, and (B) in any case where the date of termination of employment and
the Release Expiration Date fall in two separate taxable years, any payments required to be made to Executive that are conditioned
on the Release and are treated as “nonqualified deferred compensation” (within the meaning of Section 409A) shall be
made in the later taxable year. For purposes of this Section 1(d) “Release Expiration Date” shall mean the date
that is 31 days following the date of Executive’s termination of employment, or, in the event that Executive’s termination
of employment is “in connection with an exit incentive or other employment termination program” (as such phrase is
defined in the Age Discrimination in Employment Act of 1967), the date that is 55 days following the date of Executive’s
termination of employment. To the extent that any payments of nonqualified deferred compensation (within the meaning of Section
409A) due under this Agreement as a result of Executive’s termination of employment are delayed pursuant to this Section
1(d), such amounts shall be paid in a lump sum on the first payroll date following the date that Executive executes and does
not revoke the Release (and the applicable revocation period has expired) or, in the case of any payments subject to clause (B)
of this Section 1(d), on the first payroll period to occur in the subsequent taxable year, if later.

 

(e) Sale Bonus.
If a Sale of the Company is consummated and the definitive contract therefor was executed prior to the first anniversary of the
date of the Original Senior Management Agreement, then in connection with such Sale of the Company, Employer shall pay to Executive
an amount equal to $3,000,000. If a Sale of the Company is consummated and the definitive contract therefor was executed following
the first anniversary of the date of the Original Senior Management Agreement but on or prior to the second anniversary of the
date of the Original Senior Management Agreement, then in connection with such Sale of the Company, Employer shall pay to Executive
an amount equal to $2,000,000.

 

    - 4 -

     

    

 

2. Confidential Information.

 

(a) Obligation to
Maintain Confidentiality. Executive acknowledges that the information, observations and data (including trade secrets) obtained
by Executive while employed by Employer both before and after the date of this Agreement concerning the business or affairs of
Parent, Employer and their respective Subsidiaries and Affiliates (“Confidential Information”) are the property
of Parent, Employer or such Subsidiaries and Affiliates, including information concerning acquisition targets and opportunities
in or reasonably related to Parent’s and Employer’s business or industry of which Executive becomes aware during the
Employment Period. Therefore, Executive agrees that Executive will not disclose to any unauthorized Person or use for Executive’s
own purposes any Confidential Information or any Third Party Information without the prior written consent of the Board, unless
and to the extent that the Confidential Information or Third Party Information, (i) becomes generally known to and available for
use by the public other than as a result of Executive’s acts or omissions to act or (ii) is required to be disclosed pursuant
to any applicable law or a court order or decree (in which case Executive shall give prior written notice to Parent of such disclosure).
Executive shall deliver to Employer any time Employer may request, all memoranda, notes, plans, records, reports, computer files,
disks and tapes, printouts and software and other documents and data (and copies thereof) embodying or relating to the Confidential
Information, Third Party Information, Work Product (as defined below) or the business of Parent, Employer and their respective
Subsidiaries and Affiliates (including all acquisition prospects, lists and contact information) which he may then possess or have
under Executive’s control.

 

(b) Ownership of Property.
Executive acknowledges that all discoveries, concepts, ideas, inventions, innovations, improvements, developments, methods, processes,
programs, designs, analyses, drawings, reports, patent applications, copyrightable work and mask work (whether or not including
any confidential information) and all registrations or applications related thereto, all other proprietary information and all
similar or related information (whether or not patentable) that relate to Parent’s, Employer’s or any of their respective
Subsidiaries’ or Affiliates’ actual or anticipated business, research and development, or existing or future products
or services and that are conceived, developed, contributed to, made, or reduced to practice by Executive (either solely or jointly
with others) while employed by Parent, Employer or any of their respective Subsidiaries or Affiliates (including any of the foregoing
that constitutes any proprietary information or records) (“Work Product”) belong to Parent, Employer or such
Subsidiary or Affiliate, and Executive hereby assigns, and agrees to assign, all of the above Work Product to Parent, Employer
or to such Subsidiary or Affiliate. Any copyrightable work prepared in whole or in part by Executive in the course of Executive’s
work for any of the foregoing entities shall be deemed a “work made for hire” under the copyright laws, and Parent,
Employer or such Subsidiary or Affiliate shall own all rights therein. To the extent that any such copyrightable work is not a
“work made for hire,” Executive hereby assigns and agrees to assign to Parent, Employer or such Subsidiary or Affiliate
all right, title, and interest, including without limitation, copyright in and to such copyrightable work. Executive shall promptly
disclose such Work Product and copyrightable work to the Board and perform all actions reasonably requested by the Board (whether
during or after the Employment Period) to establish and confirm Parent’s, Employer’s or such Subsidiary’s or
Affiliate’s ownership (including assignments, consents, powers of attorney, and other instruments).

 

    - 5 -

     

    

 

(c) Third Party Information.
Executive understands that Parent, Employer and their respective Subsidiaries and Affiliates will receive from third parties confidential
or proprietary information (“Third Party Information”) subject to a duty on Parent’s, Employer’s
and their respective Subsidiaries and Affiliates’ part to maintain the confidentiality of such information and to use it
only for certain limited purposes. During the Employment Period and thereafter, and without in any way limiting the provisions
of Section 2(a) above, Executive will hold Third Party Information in the strictest confidence and will not disclose to
anyone (other than personnel and consultants of Parent, Employer or their respective Subsidiaries and Affiliates who need to know
such information in connection with their work for Parent, Employer or their respective Subsidiaries and Affiliates) or use, except
in connection with Executive’s work for Parent, Employer or their respective Subsidiaries and Affiliates, Third Party Information
unless expressly authorized by a member of the Board (other than Executive) in writing.

 

(d) Use of Information
of Prior Employers. During the Employment Period, Executive will not improperly use or disclose any confidential information
or trade secrets, if any, of any former employers or any other Person to whom Executive has an obligation of confidentiality, and
will not bring onto the premises of Parent, Employer or any of their respective Subsidiaries or Affiliates any unpublished documents
or any property belonging to any former employer or any other Person to whom Executive has an obligation of confidentiality unless
consented to in writing by the former employer or Person. Executive will use in the performance of Executive’s duties only
information which is (i) generally known and used by persons with training and experience comparable to Executive’s and which
is (x) common knowledge in the industry or (y) is otherwise legally in the public domain, (ii) is otherwise provided or developed
by Parent, Employer or any of their respective Subsidiaries or Affiliates or (iii) in the case of materials, property or information
belonging to any former employer or other Person to whom Executive has an obligation of confidentiality, approved for such use
in writing by such former employer or Person. In furtherance of the foregoing, concurrently with the execution of this Agreement,
Executive shall execute and deliver to Employer a certificate in the form of Exhibit C attached hereto and shall comply with such
certificate.

 

(e) Continuation of
Terms. Notwithstanding anything in this Agreement to the contrary, the parties hereto expressly acknowledge and agree that
the terms, conditions, obligations and covenants set forth in this Section 2 are a continuation without interruption, lapse,
reprieve, gap or modification of any kind of the terms, conditions, obligations and covenants set forth in Section 6 of the Original
Senior Management Agreement.

 

(f) Whistleblower
Protections. Notwithstanding anything to the contrary contained herein, no provision of this Agreement will be interpreted
so as to impede Executive (or any other individual) from reporting possible violations of federal law or regulation to any governmental
agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress,
and any Inspector General of any United States federal agency, or making other disclosures under the whistleblower provisions of
federal law or regulation. Executive does not need the prior authorization of the Company to make any such reports or disclosures,
and Executive will not be required to notify the Company that such reports or disclosures have been made.

 

    - 6 -

     

    

 

(g) Trade Secrets.
An individual will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a
trade secret that (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly,
or to an attorney, and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in
a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Nothing in this Agreement
is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed
by 18 U.S.C. § 1833(b). Accordingly, the parties to this Agreement have the right to disclose in confidence trade secrets
to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected
violation of law. The parties also have the right to disclose trade secrets in a document filed in a lawsuit or other proceeding,
but only if the filing is made under seal and protected from public disclosure.

 

3. Other Covenants.
Executive acknowledges that in the course of his employment with Employer he will become familiar with Parent’s, Employer’s
and their respective Subsidiaries’ trade secrets and with other Confidential Information concerning Parent, Employer and
such Subsidiaries and that his services will be of special, unique and extraordinary value to Parent, Employer and such Subsidiaries.
Executive understands and agrees that without his employment by Employer, he would not have access or exposure to this Confidential
Information or these acquisition opportunities and other business relationships. Executive further understands and agrees that
this confidential information and these acquisition opportunities and other business relationships take a long time to develop
and are the product of substantial investment by Parent, Employer and their respective Subsidiaries. Executive understands and
agrees that Parent, Employer and their respective Subsidiaries have a legitimate and protectable interest in protecting its confidential
information and its customer, referral source, employee, and other business relationships and that this Section 3 is intended
to protect those interests. Therefore, Executive agrees that, without limiting any other obligation pursuant to this Agreement:

 

(a) Noncompetition.
During (i) the Employment Period and (ii) the Severance Period (such period, together with the Employment Period, is referred to
herein as the “Restricted Period”), Executive shall not engage in any Competitive Activities unless Executive
receives prior written approval. For purposes of this Agreement, “Competitive Activities” means Executive engaging,
or Executive causing or directing any Person to engage, directly or indirectly, as a principal, agent, shareholder, investor, employer,
partner, director, officer, employee, consultant, member, joint venturer, manager, lender, consultant, operator, or in any capacity
whatsoever (other than as a customer) (including, without limitation, in any division, group or franchise of a larger organization),
in any business in which Parent, Employer or any of their respective Subsidiaries is engaged or any other business for which Employer,
Parent or any of their respective Subsidiaries has a Bona Fide Interest (as defined below), including, without limitation, any
merchant acquirer or payment card processing business, including: (i) any business that conducts electronic card and check processing
and settlement or ACH payment processing, or (ii) any independent payment processing sales organizations (the “Business”),
within the United States or any other jurisdiction in which Employer, Parent or any of their respective Subsidiaries engages in
business or for which Employer, Parent or any of their respective Subsidiaries has a Bona Fide Interest (whether such business
is located in the United States or such other jurisdiction or markets to customers located within the United States or such other
jurisdiction); provided that Competitive Activities shall not include (x) Executive being a passive owner of not more than 2% of
the outstanding stock of any class of a Corporation that is publicly traded, so long as Executive has no active participation in
the business of such corporation, and (y) Executive providing services as an officer, employee, director or consultant of any financial
institution so long as Executive’s services relate solely to a subsidiary, division or other business unit of such financial
institution that is not engaged in the Business and Executive does not otherwise in any manner engage in any Competitive Activities;
provided further that, with respect to large financial institutions (for example, JPMorgan Chase) that may have divisions,
business lines or business units that conduct the types of business described in clauses (i) and (ii) above (the “Restricted
Divisions”), only such Restricted Divisions shall be applicable for evaluating a breach of this Section 3(a).
As used herein, a “Bona Fide Interest” means a bona fide interest or expectancy relating to the acquisition
of such business by Employer, Parent or any of their respective Subsidiaries, as evidenced by appropriate written documentation
(for example, a term sheet or letter of intent or emails or other written records that evidence that the parties have an interest
or expectancy and have had discussions relating to such acquisition) or discussions indicating an intent to pursue such acquisition
transaction (except that, with respect to the portion of the Restricted Period following the Employment Period, the bona fide interest
or expectancy is measured as of the time immediately preceding the Separation); provided that Parent shall no longer have
a Bona Fide Interest in a business if Parent determines to no longer pursue the acquisition of such business more than six (6)
months prior to Executive engaging in any Competitive Activities. Executive shall be immediately relieved from any restriction
hereunder in the event that Parent fails to make any payments during the Severance Period; provided, that Executive shall
be required to provide notice of such failure to Parent and Parent shall have a 30 day period from the receipt of such notice to
cure the failure by appropriate action.

 

    - 7 -

     

    

 

(b) Non-Solicitation;
No-Hire. During the Restricted Period, Executive shall not, and shall cause all of Executive’s Affiliates not to, directly
or indirectly through another entity (i) induce or attempt to induce any employee of Parent, Employer or any of their respective
Subsidiaries to leave the employ of Parent, Employer or any of their respective Subsidiaries, or in any way interfere with the
relationship between Parent, Employer or any of their respective Subsidiaries and any employee thereof (other than in the course
of carrying out Executive’s duties and responsibilities during the Employment Period), (ii) hire any employee of Parent,
Employer or any of their respective Subsidiaries or hire any former employee of Parent (unless such former employee had been separated
from Parent for 90 days or more prior to a Separation), Employer or any of their respective Subsidiaries, (iii) induce or attempt
to induce any customer, supplier, licensee or other business relation of Parent, Employer or any of their respective Subsidiaries
to cease doing business with Parent, Employer or such Subsidiary or in any way interfere with the relationship between any such
customer, supplier, licensee or business relation and Parent, Employer or any such Subsidiary, (iv) directly or indirectly acquire
or attempt to acquire an interest in any business relating to the business of Parent, Employer or any of their respective Subsidiaries
and with which Parent, Employer or any of their respective Subsidiaries has entertained discussions or has requested and received
information relating to the acquisition of such business by Parent, Employer or any of their respective Subsidiaries at any time
within the one year period immediately preceding a Separation (an “Acquisition Target”) or (v) provide services
to any entity that acquires or attempts to acquire any Acquisition Target. The foregoing shall not apply to employees solicited
directly or indirectly by Executive or Executive’s Affiliates responding to general announcements of employment opportunities
provided that Executive or Executive’s Affiliates do not hire such employee. Executive shall be immediately relieved from
any restriction hereunder in the event that Employer fails to make any payments during the Severance Period; provided, that Executive
shall be required to provide notice of such failure to Parent and Employer shall have a 30 day period from the receipt of such
notice to cure the failure by appropriate action.

 

    - 8 -

     

    

 

(c) Nondisparagement.
During the Employment Period and thereafter, Executive shall not directly or indirectly through another entity make any public
statement that is intended to or could reasonably be expected to disparage Parent, Employer or their respective affiliates or any
of their respective businesses, products, services, equityholders, directors, managers, officers or employees. During the Employment
Period and thereafter, Parent, Employer and their respective Subsidiaries shall not directly or indirectly through another entity
make any public statement that is intended to or could reasonably be expected to disparage the Executive or Executive Affiliates.

 

(d) Enforcement.
If, at the time of enforcement of Section 2 or this Section 3, a court holds that the restrictions stated herein
are unreasonable under circumstances then existing, the parties hereto agree that the maximum duration or scope reasonable under
such circumstances shall be substituted for the stated period or scope and that the court shall be allowed to revise the restrictions
contained herein to cover the maximum duration and scope permitted by law. Because Executive’s services are unique and because
Executive has access to confidential information, the parties hereto agree that money damages would be an inadequate remedy for
any breach of this Agreement. Therefore, in the event a breach or threatened breach of this Agreement, Parent, Employer, their
respective Subsidiaries and/or their respective successors or assigns may, in addition to other rights and remedies existing in
their favor, apply to any court of competent jurisdiction for specific performance and/or injunctive or other relief in order to
enforce, or prevent any violations of, the provisions hereof. In the event that Executive breaches any provision of this Section
3, then the Restricted Period shall be extended for a period of time equal to the period of time during which such breach occurred.

 

(e) Additional Acknowledgments.
Executive acknowledges that the provisions of this Section 3 are in consideration of: (i) employment with Employer, and
(ii) additional good and valuable consideration as set forth in this Agreement. In addition, Executive agrees and acknowledges
that the restrictions contained in Section 2 and this Section 3 do not preclude Executive from earning a livelihood,
nor do they unreasonably impose limitations on Executive’s ability to earn a living. In addition, Executive acknowledges
(x) that the business of Parent, Employer and their respective Subsidiaries will be conducted throughout the United States and
other jurisdictions where Parent, Employer or any of their respective Subsidiaries conduct business during the Employment Period,
(y) notwithstanding the state of organization or principal office of Parent, Employer or any of their respective Subsidiaries,
or any of their respective executives or employees (including Executive), it is expected that Parent, Employer and their respective
Subsidiaries will have business activities and have valuable business relationships within its industry throughout the United States
and other jurisdictions where Parent, Employer or any of their respective Subsidiaries conduct business during the Employment Period,
and (z) as part of Executive’s responsibilities, Executive will be traveling throughout the United States and other jurisdictions
where Parent, Employer or any of their respective Subsidiaries conduct business during the Employment Period in furtherance of
Employer’s business and its relationships. Executive agrees and acknowledges that the potential harm to Parent, Employer
and their respective Subsidiaries of the non-enforcement of any provision of Section 2 or this Section 3 outweighs
any potential harm to Executive of its enforcement by injunction or otherwise. Executive acknowledges that he has carefully read
this Agreement and consulted with legal counsel of Executive’s choosing regarding its contents, has given careful consideration
to the restraints imposed upon Executive by this Agreement and is in full accord as to their necessity for the reasonable and proper
protection of confidential and proprietary information of Parent, Employer and their respective Subsidiaries now existing or to
be developed in the future. Executive expressly acknowledges and agrees that each and every restraint imposed by this Agreement
is reasonable with respect to subject matter and time period.

 

    - 9 -

     

    

 

(f) Choice of Law.
Executive agrees and acknowledges that this Section 3 shall be governed by the laws of the State of Delaware without regard
to conflict of laws provisions and may not be modified except as set forth in Section 6(k).

 

GENERAL PROVISIONS

 

4. Definitions.

 

“Cause”
means (a) (i) Executive being named as a defendant in any criminal proceedings, and as a result of being named as a defendant,
the operations, financial condition, or reputation of Parent or Employer or their respective Subsidiaries are materially injured,
provided that, in the event Executive is so named, any Severance Payments that would be owed to Executive in the event of a termination
without Cause shall be placed in an escrow account and, if Executive is ultimately not convicted of such charge, then the Severance
Payments will be released to Executive, or (ii) Executive being convicted of a felony or a crime of moral turpitude, (b) the commission
of any other material act or omission involving dishonesty or fraud with respect to Parent, Employer or any of their respective
Subsidiaries or any of their customers, vendors or employees, (c) Executive’s refusal to perform duties of the office held
by Executive as reasonably directed by the Board (other than as a result of Executive’s Disability) which continues for 10
business days after notice setting forth the specific duty, (d) gross negligence or willful misconduct with respect to Parent,
Employer or any of their respective Subsidiaries or any of their customers, vendors or employees, (e) conduct which could reasonably
be expected to bring Parent, Employer or any of their respective Subsidiaries into substantial public disgrace or disrepute, (f)
any breach by Executive of Section 2 or Section 3 and/or (g) a failure to observe policies or standards regarding
employment practices (including nondiscrimination and sexual harassment policies) as approved by the Board from time to time and
communicated to Executive. In order to terminate for Cause, action must be taken by the Board to do so at a meeting held at which
Executive and his counsel are given an opportunity to be heard prior to the Board voting on such matter.

 

“Disability”
means the disability of Executive caused by any physical or mental injury, illness or incapacity as a result of which Executive
is, or is reasonably expected to be, unable to effectively perform the essential functions of Executive’s duties for a substantially
continuous period of more than 120 days or for any 180 days (whether or not continuous) within a 365 day period, as determined
by the Board in good faith.

  

“Good Reason”
means (a) a reduction in Executive’s then effective Annual Base Salary, failure to pay an annual bonus to Executive consistent
with the bonus plan adopted by the Board, or material reduction in any of the Benefits other than a reduction of such Benefits
applicable to substantially all of the employees of Parent or Employer, (b) any change to Executive’s title, (c) any material
breach by Parent or Employer of any of their obligations pursuant to this Agreement, (d) any breach by Parent or Employer of any
representation set forth in this Agreement, or (e) the assignment of duties to Executive materially inconsistent with Executive’s
position, in each case, without the prior written consent of Executive; provided that, in order for an event to constitute
Good Reason for any purpose hereunder, Executive must, within 60 days after Executive obtains actual knowledge of the occurrence
of such event, deliver a written notice to Parent of Executive’s resignation that specifies the event to which he is objecting,
which resignation shall be effective on the 30th day following Parent’s receipt of such notice (or such earlier
date as may be chosen by Parent), and, even if such notice is timely delivered, such event shall not constitute Good Reason for
any purpose hereunder (and such resignation shall not be effective, unless otherwise elected by either Parent or Executive prior
to the 30th day following Parent’s receipt of such notice) if substantially all detriment otherwise resulting
to Executive from such action can be cured by appropriate action which Employer causes to be taken within 30 days following Parent’s
receipt of Executive’s written notice.

 

    - 10 -

     

    

 

“LLC Agreement”
means the Limited Liability Company Agreement of the Company, as amended or modified from time to time in accordance with its terms.

 

“Parent”
means Paya Holdings, Inc., a Delaware corporation.

 

“Separation”
means Executive ceasing to be employed by any of Parent, Employer and their respective Subsidiaries for any reason.

 

“Severance Period”
means the twelve-month period commencing on the date of termination of the Employment Period, provided that such period may be
extended by an additional twelve months at the sole discretion of Employer.

 

5. Notices. All
notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall
be in writing and shall be deemed to have been given when (a) delivered personally to the recipient, (b) on the next business day
if sent to the recipient by reputable express courier service (charges prepaid), (c) mailed to the recipient by certified or registered
mail, return receipt requested and postage prepaid, or (d) telecopied or emailed to the recipient (with hard copy sent to the recipient
by reputable overnight courier service (charges prepaid) that same day) if telecopied or emailed before 5:00 p.m. Chicago, Illinois
time on a business day, and otherwise on the next business day. Such notices, demands and other communications shall be sent to
the parties at the addresses indicated below:

 

If to Parent or Employer:

 

c/o Paya, Inc.

12120 Sunset Hills Road, #500

Reston, VA 20190

Attention:

 

with a copy to:

 

Kirkland & Ellis
LLP

300 North LaSalle

Chicago, Illinois 60654

Facsimile: (312) 862-2200

Email: mark.fennell@kirkland.com

christopher.thomas@kirkland.com

Attention: Mark A.
Fennell, P.C.

Christopher M. Thomas,
P.C.

 

    - 11 -

     

    

 

If to Executive:

 

Jeffrey Hack

105 Cushman Road

Scarsdale, NY 20583

Email: jeffreyihack@me.com

 

with a copy to:

 

Latham & Watkins LLP

355 South Grand Avenue, Suite 100

Los Angeles, CA 90071

Email: larry.seymour@law.com

Attention: Laurence Seymour

 

or such other address or to the attention
of such other Person as the recipient party shall have specified by prior written notice to the sending party.

 

6. General Provisions.

 

(a) Severability.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable
law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other
jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable
provision had never been contained herein.

 

(b) Entire Agreement.
This Agreement, those documents expressly referred to herein or the forms of which are attached hereto and other documents of even
date herewith embody the complete agreement and understanding among the parties hereto and supersede and preempt any prior understandings,
agreements or representations by or among the parties hereto, written or oral, which may have related to the subject matter hereof
in any way, including any Summary of Terms.

 

(c) Descriptive Headings;
Interpretation; No Strict Construction. The descriptive headings of this Agreement are inserted for convenience only and do
not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall
include the corresponding masculine, feminine, or neuter forms, and the singular form of nouns, pronouns, and verbs shall include
the plural and vice versa. The use of the word “including” in this Agreement shall be by way of example rather than
by limitation. Reference to any agreement, document, or instrument means such agreement, document, or instrument as amended or
otherwise modified from time to time in accordance with the terms thereof, and, if applicable, hereof. The use of the words “or,”
“either,” and “any” shall not be exclusive. The parties hereto have participated jointly in the negotiation
and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall
be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring
any party by virtue of the authorship of any of the provisions of this Agreement.

 

    - 12 -

     

    

 

(d) Counterparts.
This Agreement may be executed in multiple counterparts with the same effect as if all signing parties had signed the same document.
All counterparts shall be construed together and constitute the same instrument.

 

(e) Successors and
Assigns. Except as otherwise provided herein, this Agreement shall bind and inure to the benefit of and be enforceable by Executive,
Parent, Employer and their respective successors and assigns; provided that the rights and obligations of Executive under
this Agreement shall not be assigned or delegated.

 

(f) Applicable Law.
Except as set forth in Section 3(f), this Agreement shall be governed by, and construed in accordance with, the laws of
the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State
of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of
Delaware.

 

(g) Jurisdiction;
Venue; Service of Process. Each party hereto agrees that it must bring any action between the parties hereto arising out of
or related to this Agreement in the Court of Chancery of the State of Delaware (the “Court of Chancery”) or,
to the extent the Court of Chancery does not have subject matter jurisdiction, the United States District Court for the District
of Delaware and the appellate courts having jurisdiction of appeals in such courts (the “Delaware Federal Court”)
or, to the extent neither the Court of Chancery nor the Delaware Federal Court has subject matter jurisdiction, the Superior Court
of the State of Delaware (the “Chosen Courts”), and, solely with respect to any such action (a) irrevocably
submits to the exclusive jurisdiction of the Chosen Courts, (b) waives any objection to laying venue in any such action in the
Chosen Courts, (c) waives any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any party
hereto and (d) agrees that service of any process, summons, notice or document pursuant to Section 5 shall be effective
service of process in any action, suit or proceeding in Delaware with respect to any matters to which it has submitted to jurisdiction
as set forth in the immediately preceding sentence.

 

(h) MUTUAL WAIVER
OF JURY TRIAL. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED
BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES HERETO WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION
RULES), THE PARTIES HERETO DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE
THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ALL
RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES HERETO,
WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS AGREEMENT AND/OR
THE TRANSACTIONS CONTEMPLATED HEREBY AND/OR THE RELATIONSHIP ESTABLISHED AMONG THE PARTIES HEREUNDER.

 

    - 13 -

     

    

 

(i) Executive’s
Cooperation. During the Employment Period and thereafter, Executive shall reasonably cooperate with Parent, Employer and their
respective Subsidiaries and Affiliates in any disputes with third parties, internal investigation or administrative, regulatory
or judicial proceeding as reasonably requested by Parent (including Executive being available to Parent upon reasonable notice
for interviews and factual investigations, appearing at Parent’s request to give testimony without requiring service of a
subpoena or other legal process, volunteering to Parent all pertinent information and turning over to Parent all relevant documents
which are or may come into Executive’s possession, all at times and on schedules that are reasonably consistent with Executive’s
other permitted activities and commitments). In the event Parent requires Executive’s cooperation in accordance with this
paragraph after the Employment Period, Employer shall reimburse Executive for reasonable travel expenses (including lodging and
meals, upon submission of receipts) and Employer shall reasonably compensate the Executive for his travel time and for time spent
providing the services pursuant to this Section.

 

(j) Remedies.
Each of the parties to this Agreement shall have all rights and remedies set forth in this Agreement and all rights and remedies
which such Person has been granted at any time under any other agreement or contract and all of the rights which such Person has
under any law. Each of the parties to this Agreement will be entitled to enforce its rights under this Agreement specifically,
to recover damages and costs caused by any breach of any provision of this Agreement and to exercise all other rights existing
in its favor. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions
of this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without
posting any bond or deposit) for specific performance and/or other injunctive relief in order to enforce or prevent any violations
of the provisions of this Agreement.

 

(k) Amendment and
Waiver. The provisions of this Agreement may be amended and waived only with the prior written consent of Parent, Employer
and Executive. No failure by any party to insist upon the strict performance of any covenant, duty, agreement, or condition of
this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach
or any other covenant, duty, agreement, or condition. The waiver by any party of a breach of any covenant, duty, agreement, or
condition of this Agreement of any other party shall not operate or be construed as a waiver of any subsequent breach of that provision
or any other provision hereof.

 

(l) Insurance.
Parent or Employer, at its discretion, may apply for and procure in its own name and for its own benefit life and/or disability
insurance on Executive in any amount or amounts considered available. Executive agrees to cooperate in any medical or other examination,
supply any information, and to execute and deliver any applications or other instruments in writing as may be reasonably necessary
to obtain and constitute such insurance. Upon a Separation other than death, Parent or Employer will transfer to the Executive
all life insurance policies on the life of Executive. Upon a Separation other than due to a Disability, Parent or Employer will
transfer to the Executive all disability policies with respect to the Executive.

 

    - 14 -

     

    

 

(m) Business Days.
If any time period for giving notice or taking action hereunder expires on a day which is a Saturday, Sunday or holiday in the
state in which Parent’s chief executive office is located, the time period shall be automatically extended to the business
day immediately following such Saturday, Sunday or holiday.

 

(n) Indemnification
and Reimbursement of Payments.

 

(i) Parent,
Employer and their respective Subsidiaries shall be entitled to deduct or withhold from any amounts owing from Parent, Employer
or any of their respective Subsidiaries to Executive (including withholding shares or other equity securities in the case of issuances
of equity by Parent, Employer or any of their respective Subsidiaries) any federal, state, local or foreign withholding taxes,
excise taxes, or employment taxes (“Taxes”) imposed with respect to Executive’s compensation or other
payments from Parent, Employer or any of their respective Subsidiaries or Executive’s ownership interest in Parent, including
wages, bonuses, distributions, the receipt or exercise of equity options and/or the receipt or vesting of restricted equity. In
the event any such deductions or withholdings are not made, Executive shall indemnify Parent, Employer and each of their respective
Subsidiaries for any amounts paid with respect to any such Taxes, together with any interest, penalties and related expenses thereto.

 

(ii) Executive
shall follow Employer’s reasonable instructions designed to ensure that he complies with any legally enforceable restrictions
between Executive and a former employer. Conditioned on Executive’s compliance with the immediately preceding sentence, Employer
agrees, to the fullest extent permitted by law, to defend and indemnify Executive from and against any loss, liability, claim or
expense (including attorneys’ fees) which Executive may suffer, sustain or become subject to, as a result of any claims,
actions or causes of action brought by Executive’s former employer relating to Executive’s employment by, or activities
conducted at the request of, Employer, after the date hereof; provided that Executive shall not be entitled to indemnification
by Employer hereunder to the extent that such claims, action, or causes of action relate to any theft of confidential or trade
secret information belonging to Executive’s former employer, Executive having represented and warranted to Employer that
he possesses no such information and will use no such information on behalf of Employer.

 

(iii) Should
Executive’s former employer make a claim against Executive based on activities that occur after the date hereof, Employer
shall have the right to assume control of Executive’s defense in the matter and to select counsel to represent Executive
in the matter. Executive shall not be entitled to indemnification with respect to any settlement entered into without the prior
written consent of Employer. Employer shall obtain the prior written consent of Executive (which shall not be unreasonably withheld)
before entering into any settlement of a claim if such settlement does not expressly and unconditionally release Executive with
respect to such claim.

 

(o) Termination.
This Agreement (except for the provisions of Sections 1(a) and 1(b)) shall survive a Separation and shall remain
in full force and effect after such Separation.

 

    - 15 -

     

    

 

(p) Electronic Delivery.
This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection herewith or
therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means
of a photographic, photostatic, facsimile, portable document format (.pdf), or similar reproduction of such signed writing using
a facsimile machine or electronic mail 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 hereto. No party hereto or to any such agreement or instrument shall raise
the use of a facsimile machine or electronic mail to deliver a signature or the fact that any signature or agreement or instrument
was transmitted or communicated through the use of a facsimile machine or electronic mail as a defense to the formation or enforceability
of a contract and each such party forever waives any such defense.

 

(q) No Third-Party
Beneficiaries. Except as expressly provided herein, no term or provision of this Agreement is intended to be, or shall be,
for the benefit of any Person not a party hereto, and no such other Person shall have any right or cause of action hereunder.

 

(r) Attorneys’
Fees. Whenever an attorney is used to obtain payment under, or to otherwise enforce, this Agreement or to enforce, declare,
or adjudicate any rights or obligations under this Agreement, whether by arbitration, suit, or by any other legal means whatsoever,
the costs and expenses thereof, including reasonable attorneys’ fees and expenses, shall be payable by the non-prevailing
party.

 

* * * * *

  

    - 16 -

     

    

 

IN WITNESS WHEREOF, the
parties hereto have executed this Employment Agreement as of the date first above written.

 

	 	PAYA HOLDINGS, iNC.
	 	 
	 	By:	/s/ Glenn Renzulli 
	 	Name: 	Glenn Renzulli
	 	Its: 	Chief Financial Officer
	 	 
	 	PAYA, INC.
	 	 
	 	By:	/s/ Glenn Renzulli 
	 	Name: 	Glenn Renzulli
	 	Its: 	Chief Financial Officer
	 	 
	 	EXECUTIVE
	 	 
	 	/s/ Jeffrey Hack 
	 	Jeffrey Hack

  

[Signature Page to Employment Agreement]

  

     

     

    

 

EXHIBIT A

 

RELEASE

 

This Release Agreement
(this “Release”), is entered into as of [ ], 20[ ], by the undersigned (“Executive”) and
is given in consideration for the promises and payments contained in the Employment Agreement, dated October 16, 2020 (as amended,
the “Employment Agreement”), by and between Paya Holdings, Inc., (“Parent”), Paya, Inc.,
a Delaware corporation (“Employer”) and Executive. Capitalized terms used in this Agreement without definition
shall have the meanings ascribed thereto in the Employment Agreement. Executive agrees as follows:

 

1. Release by Executive.
Executive, on his own behalf and on behalf of his descendants, dependents, heirs, executors, administrators, assigns and successors
and anyone else claiming through him (the “Executive Parties”), and each of them, hereby releases and discharges
and covenants not to sue Parent, Employer and each of their respective divisions, Subsidiaries, parents or Affiliates, past and
present, and each of them, as well as their respective assignees, predecessors, successors, directors, officers, stockholders,
equityholders, partners, members, representatives, attorneys, agents or employees, past or present, and all persons acting by,
through, under or in concert with any of them (individually and collectively, the “Company Parties”), from and
with respect to any and all liabilities, claims, causes of action, agreements, obligations, demands, liens, charges, suits, complaints,
grievances, contracts, promises, costs, losses, damages, injuries, attorneys’ fees and other legal responsibilities, known
or unknown, suspected or unsuspected, resulting from any act or omission by or on the part of the Company Parties relating to Executive’s
employment with Employer and/or the termination thereof committed or omitted on or prior to the date of this Release, including,
without limiting the generality of the foregoing, any claim under the Civil Rights Act of 1866, the Civil Rights Act of 1871, the
Civil Rights Act of 1964, the Americans with Disabilities Act, the Family and Medical Leave Act, the Worker Adjustment and Retraining
Notification Act, the Genetic Information Nondiscrimination Act, the Sarbanes-Oxley Act, the Securities Act of 1933, the Securities
Exchange Act of 1934, the Employee Retirement Income Security Act of 1974, the Rehabilitation Act, or any other federal, state
or local law, regulation or ordinance relating to employment, including, without limiting the generality of the foregoing, all
wrongful termination and “constructive discharge” claims, all discrimination claims, all claims relating to any contracts
of employment, whether express or implied, any covenant of good faith and fair dealing with respect to employment, whether express
or implied, and any tort of any nature with respect to employment, and for any relief relating to employment, no matter how denominated,
including but not limited to wages, back pay, front pay, benefits, compensatory, liquidated or punitive damages and attorneys’
fees (collectively, the “Claims”): provided, however, that the foregoing release does not apply
to any obligation of Employer to Executive with respect to: (a) rights under Section 1(c) of the Employment Agreement and
(b) any rights as an equityholder of Parent or its Subsidiaries. In addition, this Release does not cover any Claim for breach
or enforcement of this Release or related to vested benefits under ERISA, to workers’ compensation benefits, to defense or
indemnity under the Employment Agreement, the organizational documents or other governing documents of Parent or its Affiliates
or under applicable law, to coverage under any applicable insurance policy, any statutory or contractual rights to indemnification
or exculpation or any other Claim that may not be released as a matter of applicable law. In addition, this Release will not prevent
Executive from (i) filing a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations
Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or
local governmental agency or commission (“Government Agencies”) or (ii) reporting possible violations of federal
law or regulation to, otherwise communicating with or participating in any investigation or proceeding that may be conducted by,
or providing documents and other information, without notice to Employer, to, any Governmental Agency or entity, including in accordance
with the provisions of and rules promulgated under Section 2IF of the Exchange Act or Section 806 of the Sarbanes-Oxley Act of
2002, as each may have been amended from time to time, or any other whistleblower protection provisions of state or federal law
or regulation. This Agreement does not limit Executive’s right to receive an award for information provided to any Government
Agencies; provided, however, that Executive acknowledges and agrees that any Claim by him, or brought on his behalf, for damages
in connection with such a charge or investigation filed with the Equal Employment Opportunity Commission would be and hereby is
barred.

  

    Exhibit A - 1

     

    

 

2. ADEA Waiver.
Executive expressly acknowledges and agrees that by entering into this Release, he is waiving any and all rights or claims that
he may have arising under the Age Discrimination in Employment Act of 1967, as amended (“ADEA”). which have
arisen on or before the date of execution of this Release. Executive further expressly acknowledges and agrees that:

 

(s) In return for this
Release, he will receive consideration beyond that which he was already entitled to receive before entering into this Release;

 

(t) He is hereby advised
in writing by this Release to consult with an attorney before signing this Release;

 

(u) He was given a copy
of this Release on [_________], and informed that he had twenty-one (21) days within which to consider this Release and that if
he wished to execute this Release prior to expiration of such twenty-one (21)-day period, he should execute the Acknowledgement
and Waiver attached hereto as Schedule A;

 

(v) Nothing in this Release
prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver under
the ADEA, nor does it impose any condition precedent, penalties or costs from doing so, unless specifically authorized by federal
law; and

 

(w) He was informed that
he has seven (7) days following the date of execution of this Release in which to revoke this Release, and this Release will become
null and void if Executive so elects revocation during that time. Any revocation must be in writing and must be received by Employer
during the seven (7)-day revocation period. In the event that Executive exercises his right of revocation, neither Employer nor
Executive will have any obligations under this Release.

 

3. Non-Admission.
This Agreement shall not in any way be construed as an admission by Employer that it has acted wrongfully with respect to Executive
or any other person, or that Executive has have any rights whatsoever against Employer.

 

    Exhibit A - 2

     

    

 

4. No Transferred
Claims; No Previous Claims. Executive represents and warrants to Employer, that he has not heretofore assigned or transferred
to any person not a party to this Release any released matter or any part or portion thereof. Executive represents and covenants
that he has not filed, initiated or caused to be filed or initiated any Claim released hereunder against Employer or any of the
other Company Parties.

 

5. Miscellaneous.
The following provisions shall apply for purposes of this Release:

 

(a) Voluntary Release.
Executive agrees that he has carefully read this Release and knows its contents, and that he signs this Release voluntarily, with
a full understanding of its significance, and intending to be bound by its terms.

 

(b) Section Headings.
The section headings contained in this Release are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Release.

 

(c) Governing Law.
This Release shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to
the principles of conflicts of law thereof (to the extent that the application of the laws of another jurisdiction would be required
thereby).

 

(d) Amendments: Waivers.
This Release may be amended, superseded, canceled, renewed or extended, and the terms hereof may be waived, only by a written instrument
signed by Executive and Employer or, in the case of a waiver, by the party waiving compliance.

 

(e) Disputes.
Any controversy arising out of or relating to this Release shall be resolved pursuant to the provisions of the Employment Agreement,
including, but not limited to, Section 6 thereof.

 

(f) Severability.
Any provision of this Release which is invalid or unenforceable in any jurisdiction will, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Release, and any such
prohibition or unenforceability in any jurisdiction will not invalidate or render unenforceable such provision in any other jurisdiction.
To the extent permitted by law, the parties waive any provision of law which renders any such provision prohibited or unenforceable
in any respect.

 

(g) Counterparts.
This Release may be executed in counterparts, each of which shall be deemed an original, and it will not be necessary in making
proof of this Release or the terms of this Release to produce or account for more than one of such counterparts. All counterparts
shall constitute one and the same instrument. Each party may execute this Release via a facsimile (or transmission of a PDF file)
of a counterpart of this Release. In addition, facsimile or PDF signatures of authorized signatories of any party shall be valid
and binding and delivery of a facsimile or PDF signature by any party shall constitute due execution and delivery of this Release.

 

[SIGNATURE PAGE FOLLOWS]

 

 

    Exhibit A - 3

     

    

 

IN WITNESS WHEREOF, the undersigned has executed
this Release as of the date first set forth above.

 

	 	“EXECUTIVE”
	 	 
	 	            
	 	Jeffrey Hack

 

    Exhibit A - 4

     

    

 

Schedule A to Release

 

Acknowledgment and Waiver

 

I, Jeffrey Hack, hereby
acknowledge that I was given seven (7) days to consider the foregoing Release and voluntarily chose to sign the Release prior to
the expiration of the seven (7)-day period.

 

I declare under penalty
of perjury under the laws of the State of New York that the foregoing is true and correct.

 

EXECUTED as of [__________],
at [__________].

 

	 	            
	 	Jeffrey Hack

 

 

Schedule A - 1

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