Document:

NEITHER
THIS NOTE NOR THE SECURITIES THAT ARE ISSUABLE UPON CONVERSION OR EXCHANGE HEREOF (COLLECTIVELY, THE “SECURITIES”)
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED: (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER
THE SECURITIES ACT OF 1933; OR (B) AN OPINION OF COUNSEL (REASONABLY ACCEPTABLE TO THE COMPANY), IN AN ACCEPTABLE FORM, THAT REGISTRATION
IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933; OR (II) UNLESS SOLD, TRANSFERRED OR ASSIGNED PURSUANT TO RULE 144 UNDER THE
SECURITIES ACT OF 1933.

 

CONVERTIBLE
PROMISSORY NOTE

 

	Issuance
    Date: March 19, 2014	$15,000
	Note
    No: NN2014-02	 

 

FOR
VALUE RECEIVED, Cachet Financial Solutions, Inc., a corporation incorporated under the laws of the State of Delaware and located
at 18671 Lake Drive East, Chanhassen, MN 55317 (the ”Company”), hereby promises to pay to the order of Terry
Peterson, or its successors or assigns (the “Holder”), the principal amount of $15,000 on or prior to June
30, 2015 (the ”Maturity Date”), in accordance with the terms hereof. This Convertible Promissory Note (the
”Note”) was issued pursuant to that certain Subscription Agreement, dated as of the date hereof, by and between
the Company and the Holder (the ”Subscription Agreement). Capitalized terms not otherwise defined herein shall have
the meanings ascribed to them in the Subscription Agreement.

 

As
described in the Subscription Agreement, this Note is being issued pursuant to an ongoing private offering of convertible promissory
notes on substantially the same terms and conditions and in substantially the same form (collectively referred to as the “Notes”).

 

1.Payments
and Prepayments.

 

(a)The
principal amount of this Note will bear simple interest at the rate of 8% per annum. Interest will accrue on the principal
amount on the basis of actual days elapsed in a 365-day year. The principal amount of this Note, together with accrued but unpaid
interest and any other sums owed hereunder, shall be due and payable at the close of business on the Maturity Date. All payments
and prepayments shall, at the option of Holder, be credited first to any costs of collection, second to accrued but unpaid interest,
and third to the principal amount. Whenever any amount expressed to be due by the terms of this Note is due on any day which is
not a business day, the same shall instead be due on the next succeeding business day. For purposes of this Note, “business
day” means any day other than a Saturday, Sunday or a day on which commercial banks in the State of Minnesota are authorized
or required by law or executive order to remain closed.

 

(b)At
any time prior to the Maturity Date, the Company may pre-pay this Note without penalty and, upon such prepayment in full, the
Holder shall have no further rights under this Note, including no rights of conversion. Any prepayment under this Note must be
made pro rata with all other Notes based on their respective outstanding principal amounts.

 

    	 	 	 

    	 

    

 

2.Automatic
Conversion.

 

(a)Immediately
upon the consummation of an IPO (as defined below), all outstanding principal, together with all accrued but unpaid interest under
this Note, shall automatically convert into fully paid and non-assessable shares of the Company’s common stock, par value
US$0.0001 per share (the “Company Common Stock”), at the conversion price determined as provided herein (a
”Conversion”). The number of shares of Company Common Stock issuable upon a Conversion (the ”Conversion
Shares”) shall equal the number obtained by dividing (x) the principal amount of this Note outstanding as of the date
of Conversion, plus all accrued but unpaid interest thereon, by (y) the Conversion Price. In this regard, the “Conversion
Price,” subject to adjustments as provided in Section 3 hereof, shall equal either (i) 85% of the per-share purchase
price of the Company Common Stock sold in the IPO (the “IPO Offering Price”) in the event the IPO is consummated
on or prior to July 31, 2014, or (ii) 80% of the IPO Offering Price in the event the IPO is consummated after July 31, 2014. For
purposes of this Note, “IPO” means the first sale by the Company of Company Common Stock pursuant to an effective
registration under the Securities Act of 1933 (the “Securities Act”).

 

(b)The
conversion of this Note shall be effected in the following manner:

 

(i)The
Company shall, within 20 business days of the completion of the IPO, deliver to the Holder one or more certificates representing
the Conversion Shares issuable by reason of a Conversion in such name(s) and denomination(s) as the converting holder has specified;
provided, however, that no fractional shares shall be issued in connection therewith, nor shall any transfers be permitted
except in accordance with applicable securities laws. Upon any Conversion, the number of shares or other securities issuable shall
be rounded down to the nearest whole number and the Holder will receive payment equal to the product of (x) the incremental fraction
of a share remaining multiplied by (y) the Conversion Price.

 

(ii)The
issuance of certificates for Conversion Shares upon a Conversion shall be made without charge to the Holder in respect thereof
or other cost incurred by the Company.

 

(iii)All
Conversion Shares issued upon a Conversion shall, when so issued, be duly authorized and validly issued, fully paid and non-assessable
and free from all taxes, liens and charges. The Company shall take all such actions as may be necessary to ensure that all such
Conversion Shares may be so issued without violation of any applicable law or governmental regulation or any requirements of any
domestic securities exchange upon which such securities are quoted.

 

3.Transfer,
Exchange and Replacement.

 

(a)This
Note has not been and is not being registered under the provisions of the Securities Act or any state securities laws and this
Note may not be transferred prior to the end of the holding period applicable to sales under Rule 144 unless in accordance with
applicable law and unless: (1) the transferee is an “accredited investor,” as defined in Regulation D under the Securities
Act, and (2) the Holder shall have delivered to the Company an opinion of counsel, satisfactory to the Company in form and substance,
to the effect that this Note may be sold or transferred without registration under the Securities Act. Upon the surrender of any
Note for registration of transfer, or for exchange, to the Company at its principal office, the Company at its sole expense will
execute and deliver in exchange therefor a new Note or Notes, as the case may be, as requested by the Holder or transferee, which
aggregate principal amount is equal the unpaid principal amount of such Note, registered as such Holder or transferee may request.
The Company shall be entitled to regard the registered Holder of this Note as the Holder of the Note so registered for all purposes
until the Company or its agent, as applicable, is required to record a transfer of this Note on its register.

 

    	 	2	 

    	 

    

 

(b)Upon
notice to the Company of the loss, theft, destruction or mutilation of this Note, and, in the case of loss, theft or destruction,
of an indemnification undertaking by the Holder to the Company in a form reasonably acceptable to the Company and, in the case
of mutilation, upon surrender and cancellation of the Note, the Company shall execute and deliver a new Note of like tenor and
date and in substantially the same form as this Note; provided, however, the Company shall not be obligated to re-issue
a Note if the Holder contemporaneously requests the Company to convert such remaining principal amount and interest into Common
Stock.

 

4.Negative
Covenants. So long as this Note remains outstanding, unless the Holder consents in writing the Company shall not:

 

(a)Incur,
create, assume, guaranty or permit to exist any indebtedness that ranks senior in priority to the obligations under the Notes,
except for (i) indebtedness secured by a lien described in Section 4(b) below; (ii) indebtedness created as a result of a subsequent
financing if the gross proceeds to the Company of such financing are equal to or greater than the aggregate principal amount of
the Notes and the Notes are repaid in full upon the closing of such financing; (iii) any renewal, refinancing or substitution
of currently outstanding debt that is senior to the Notes in right of payment or with respect to specific collateral.

 

(b)Grant
any lien on any property or assets now owned or hereafter acquired by it except: (i) purchase money security interests in real
property, improvements thereto or equipment hereafter acquired (or, in the case of improvements, constructed) by the Company;
(ii) any amendments to liens existing as of the date hereof, including without limitation liens securing any debt senior to the
Note (and any and all renewals, refinancings and substitutions of debt senior to the Note); (iii) liens for taxes, assessments
and governmental charges; (iv) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s,
landlord’s or other like liens, including liens, deposits and pledges to secure payments under worker’s compensation
law, unemployment and other insurance laws etc., arising in the ordinary course of business and securing obligations that are
not due and payable; and (v) liens arising out of judgments or awards (other than any judgment that constitutes an Event of Default,
as defined below) in respect of which the Company shall in good faith be prosecuting an appeal or proceedings for review and in
respect of which it shall have secured a subsisting stay of execution pending such appeal or proceedings for review, provided
the Company shall have set aside on its books adequate reserves with respect to such judgment or award.

 

5.Defaults
and Remedies. An “Event of Default” means:

 

(a)failure
by the Company to pay any principal or interest due hereunder within ten days of the date such payment is due;

 

(b)the
Company is generally not, or shall be unable to, or admits in writing its inability to, pay its debts as they become due;

 

    	 	3	 

    	 

    

 

(c)the
Company’s: (i) making of a general assignment for the benefit of its creditors; (ii) applying for or consent to the appointment
of a receiver, trustee, assignee, custodian, sequestrator, liquidator or similar official for itself or any of its assets and
properties; (iii) commencing a voluntary case for relief as a debtor under the United States Bankruptcy Code; (iv) filing with
or otherwise submitting to any governmental authority any petition, answer or other document seeking a reorganization or to take
advantage of any other present or future applicable law respecting bankruptcy, reorganization, insolvency, readjustment of debts,
relief of debtors, dissolution or liquidation; (v) filing or otherwise submitting any answer or other document admitting or failing
to contest the material allegations of a petition or other document filed or otherwise submitted against it in any proceeding
under any such applicable law, or (vi) adjudication as bankrupt or insolvent by a court of competent jurisdiction;

 

(d)any
case, proceeding or other action shall be commenced against the Company for the purpose of effecting, or an order, judgment or
decree shall be entered by any court of competent jurisdiction approving (in whole or in part), anything specified in Section
5(b) hereof, or any receiver, trustee, assignee, custodian, sequestrator, liquidator or other official shall be appointed with
respect to the Company, or shall be appointed to take or shall otherwise acquire possession or control of all or a substantial
part of the assets and properties of the Company, and any of the foregoing shall continue unstayed and in effect for any period
of 60 days; or

 

(e)any
material breach by the Company of its representations or warranties under the Subscription Agreement.

 

If
any Event of Default occurs, the full principal amount of this Note, together all accrued but unpaid interest thereon and any
other amounts owing in respect thereof, shall, at the Holder’s election, become immediately due and payable in cash. Upon
payment in full of all amounts due hereunder, the Holder shall promptly surrender this Note to the Company.

 

6.Amendment
and Waiver. The provisions of this Note may not be modified, amended or waived, and the Company may not take any action herein
prohibited, or omit to perform any act herein required to be performed by it, without the written consent of the holders of a
majority of the then-outstanding principal amount of all Notes; provided, however, that any waiver of an Event of Default
shall require the written consent of the holders of not less than two-thirds of the then-outstanding principal amount of all Notes;
provided, further, that any amendment to this Note which (i) changes the interest rate in Section 1, (ii) changes the Maturity
Date, or (iii) adversely affects the Holder’s ability to convert this Note pursuant to Section 2, must be approved in writing
by the holder of each Note so affected.

 

7.Cancellation.
After all principal owed on this Note (together with accrued but unpaid interest thereon) has been paid in full or converted pursuant
to Section 2, this Note shall automatically be deemed canceled, and upon the Company’s request the Holder shall surrender
this Note to the Company.

 

8.Company’s
Waiver of Notice. To the extent permitted by law, the Company hereby waives demand, notice, protest and all other demands
and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note.

 

    	 	4	 

    	 

    

 

9.Governing
Law. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Note shall be governed by, the laws of the State of Minnesota, without giving effect to
the conflicts-of-law provisions of any jurisdiction. The Company, and the Holder by virtue of accepting this Note, hereby irrevocably
submits to the non-exclusive jurisdiction of the state and federal courts sitting in the State of Minnesota for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to
the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue
of such suit, action or proceeding is improper. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES
NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT
OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

10.Indemnity
and Expenses. The Company agrees to pay and reimburse the Holder upon demand for all reasonable costs and expenses (including
without limitation reasonable attorneys’ fees and expenses) that the Holder may incur in enforcing its rights under this
Note (including but not limited to collection).

 

11.Waiver
of Rights. No failure or delay on the part of this Note in the exercise of any power, right or privilege hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further
exercise thereof or of any other right, power or privilege.

 

12.Notice.
Notice shall be to the Company at the address indicated in the preamble hereto, and when given to the Holder shall be given at
the address indicated in the Subscription Agreement (or, in any case, at such other address as provided to the other party in
writing). Notice will be given in conformity with the notice requirements set forth in the Subscription Agreement.

 

IN
WITNESS WHEREOF, the Company has caused this Note to be executed as of the date first indicated above.

 

	 	CACHET FINANCIAL SOLUTIONS, INC.
	 	 	 
	 	By:	/s/
    Jeffrey C. Mack
	 	Name:	Jeffrey
    C. Mack
	 	Title:
    	President
    and CEO
	 	 	 
	 	Note No. NN2014-02

 

    	 	5EX-10.1(a)

 Exhibit 10.1(a) 

                
    , 2016 
 Highland Acquisition Corporation 

c/o Highland Capital Management, L.P. 
 300 Crescent Court, Suite
700 
 Dallas, Texas 75201 
 Ladenburg Thalmann & Co.,
Inc. 
 570 Lexington Avenue 
 New York, New York 10022 

 

	 	Re:	Initial Public Offering 

 Gentlemen: 

This letter is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
entered into by and between Highland Acquisition Corporation, a Delaware corporation (the “Company”), and Ladenburg Thalmann & Co. Inc. as representative (the “Representative”) of the several
Underwriters named in Schedule I thereto (the “Underwriters”), relating to an underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”), each
comprised of one share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and one half of one warrant, each whole warrant exercisable for one share of Common Stock (each, a
“Warrant”). Certain capitalized terms used herein are defined in paragraph 15 hereof. 
 In order to induce the
Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit that such IPO will confer upon the undersigned, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows: 
 1. If the Company solicits
approval of its stockholders of a Business Combination, each of the undersigned will vote all shares of Common Stock beneficially owned by it, whether acquired before, in or after the IPO, in favor of such Business Combination. 

2. In the event that the Company fails to consummate a Business Combination within the time period set forth in the Company’s Certificate
of Incorporation, as 

 
the same may be amended from time to time, each of the undersigned will, as promptly as possible, cause the Company to (i) cease all operations except for the purpose of winding up,
(ii) as promptly as reasonably possible, but not more than 10 business days thereafter, redeem the Common Stock sold as part of the Units in the IPO (the “Offering Shares”), at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the Trust Account, including interest earned on the Trust Account net of interest that may be used by the Company to pay its franchise and income taxes payable and up to $100,000 of interest that may be used to
pay dissolution expenses, divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if
any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in the cases of
clauses (ii) and (iii) to the Company’s obligations under Delaware law to provide for claims of creditors and other requirements of applicable law. Each of the undersigned hereby waives any and all right, title, interest or claim of
any kind in or to any distribution of the Trust Account and any remaining net assets of the Company as a result of such liquidation with respect to the shares of Founders’ Common Stock owned by the undersigned (“Claim”) and hereby
waives any Claim the undersigned may have in the future as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Account for any reason whatsoever. In the event of the liquidation
of the Trust Account, Highland Capital Management, L.P. agrees to indemnify and hold harmless the Company for any debts and obligations to target businesses or vendors or other entities that are owed money by the Company for services rendered or
contracted for or products sold to the Company, but only to the extent necessary to ensure that such debt or obligation does not reduce the amount of funds in the Trust Account below $10.00 per share; provided that such indemnity shall not apply
(i) if such vendor or prospective target business executed an agreement waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account, or (ii) as to any claims under the Company’s
obligation to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Each of the undersigned acknowledges and agrees that there will be no
distribution from the Trust Account with respect to any Warrants, all rights of which will terminate on the Company’s liquidation. 

3. Each of the undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is
affiliated with any Insiders of the Company or their affiliates, such transaction must be approved by a majority of the Company’s disinterested independent directors and the Company must obtain an opinion from an independent investment banking
firm, or another independent entity that commonly renders valuation opinions on the type of target business the Company is seeking to acquire, that such Business Combination is fair to the Company’s unaffiliated stockholders from a financial
point of view. 
 4. Neither of the undersigned, any member of the family of the undersigned, nor any affiliate of the undersigned will be
entitled to receive and will not accept any compensation or other cash payment prior to, or for services rendered in order to effectuate, the 

  
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consummation of the Business Combination; provided that the Company shall be allowed to make the payments set forth in the Registration Statement under the caption “Prospectus Summary –
The Offering – Limited payments to insiders.” Notwithstanding the foregoing, each of the undersigned and any affiliate of the undersigned shall be entitled to reimbursement from the Company for their out-of-pocket expenses incurred in
connection with identifying, investigating and consummating a Business Combination. 
 5. Neither of the undersigned, any member of the
family of the undersigned, nor any affiliate of the undersigned will be entitled to receive or accept a finder’s fee or any other compensation in the event either of the undersigned, any member of the family of the undersigned or any affiliate
of the undersigned originates a Business Combination. 
 6. (a) Highland Capital Management, L.P. will place into escrow all shares of
Founders’ Common Stock, portions of which shall be subject to forfeiture in the event the Underwriters do not exercise their over-allotment option in full, pursuant to the terms of a Stock Escrow Agreement which the Company will enter into with
the undersigned and an escrow agent. 
 (b) Neither of the undersigned will, without the prior written consent of the Representative
pursuant to the Underwriting Agreement, offer, sell, contract to sell, pledge, hedge, or otherwise dispose of, (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual
disposition or effective economic disposition due to cash settlement or otherwise) by the undersigned or any affiliate of the undersigned or any person in privity with the undersigned or any affiliate of the undersigned), directly or indirectly,
including the filing (or participation in the filing) of a registration statement with the Securities and Exchange Commission in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position
within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder with respect to, any Units, shares of Common Stock, Warrants of
the Company or any securities convertible into, or exercisable or exchangeable for shares of Common Stock, or publicly announce an intention to effect any such transaction, for a period of 180 days after the date of the Underwriting Agreement. 

(c) Highland Capital Management, L.P. agrees that until 30 days after the Company consummates a Business Combination, the undersigned’s
Founders’ Warrants will be subject to the transfer restrictions described in the Founder Warrants Purchase Agreement relating to the undersigned’s Founders’ Warrants. 

7. (a) In order to minimize potential conflicts of interest that may arise from multiple corporate affiliations, James D. Dondero hereby
agrees that until the earliest of the Company’s initial Business Combination or liquidation, the undersigned shall present to the Company for its consideration, prior to presentation to any other entity, any target business that has a fair
market value of at least 80% of the assets held in the Trust Account (excluding deferred underwriting commissions and taxes payable on the income accrued on the Trust Account), subject to any pre-existing fiduciary or contractual obligations the
undersigned might have. 

  
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 (b) James D. Dondero has agreed not to participate in the formation of, or become an officer or
director of, any blank check company until the Company has entered into a definitive agreement regarding its initial Business Combination or the Company has failed to complete an initial Business Combination within the time period set forth in the
Company’s Certificate of Incorporation as the same may be amended from time to time. 
 (c) James D. Dondero hereby agrees and
acknowledges that (i) each of the Underwriters and the Company may be irreparably injured in the event of a breach of any of the obligations contained in this letter, (ii) monetary damages may not be an adequate remedy for such breach and
(iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach. 

8. James D. Dondero agrees to be the Chairman of the Board, Chief Executive Officer and President of the Company until the earlier of the
consummation by the Company of a Business Combination or the liquidation of the Company. Mr. Dondero’s biographical information previously furnished to the Company and the Representative is true and accurate in all respects, does not omit
any material information with respect to the undersigned’s background and contains all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the Securities Act. Mr. Dondero’s FINRA
Questionnaire previously furnished to the Company and the Representative is true and accurate in all respects. Mr. Dondero represents and warrants that: 
  

	 	(a)	he is not subject to, or a respondent in, any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any
jurisdiction; 

  

	 	(b)	he has never been convicted of or pleaded guilty to any crime (i) involving any fraud or (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any
dealings in any securities and he is not currently a defendant in any such criminal proceeding; and 

  

	 	(c)	he has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked.

 9. Highland Capital Management, L.P. agrees to make its and its affiliates’ investment professionals available to the
Company, at no cost, to actively source and structure a Business Combination; provided, however, that none of these professionals, other than those serving as the Company’s officers or directors, shall owe the Company any fiduciary duty and
none of them, including those serving as the Company’s officers or directors, are required to commit their full time to the Company’s affairs. 

  
 4 

 10. Each of the undersigned has full right and power, without violating any agreement by which he
or it is bound, to enter into this letter agreement and with respect to Mr. Dondero, to serve as an officer of the Company. 
 11. Each
of the undersigned hereby waives any right to exercise conversion rights with respect to any shares of the Company’s common stock owned or to be owned by the undersigned, directly or indirectly, whether such shares be part of the Founders’
Common Stock or shares purchased by the undersigned in the IPO or in the aftermarket, and each agrees not to seek conversion with respect to such shares in connection with any vote to approve a Business Combination. 

12. Each of the undersigned hereby agrees to not propose, or vote in favor of, an amendment to Article Sixth or Seventh of the Company’s
Amended and Restated Certificate of Incorporation prior to the consummation of a Business Combination unless the Company provides public stockholders with the opportunity to convert their shares of Common Stock upon such approval in accordance with
such Article Sixth thereof. 
 13. In the event that the Company does not consummate a Business Combination and must liquidate and its
remaining net assets are insufficient to complete such liquidation, Highland Capital Management, L.P. agrees to advance such funds necessary to complete such liquidation and agrees not to seek repayment for such expenses. 

14. This letter agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. Each of the undersigned hereby (i) agrees that any action, proceeding or claim against him arising out of or relating in
any way to this letter agreement (a “Proceeding”) shall be brought and enforced in the courts of the State of New York of the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive, (ii) waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum and (iii) irrevocably agrees to appoint Graubard Miller as agent for the service of
process in the State of New York to receive, for the undersigned and on his behalf, service of process in any Proceeding. If for any reason such agent is unable to act as such, the undersigned will promptly notify the Company and the Representative
and appoint a substitute agent acceptable to each of the Company and the Representative within 30 days and nothing in this letter will affect the right of either party to serve process in any other manner permitted by law. 

15. As used herein, (i) a “Business Combination” shall mean a merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders” shall mean all officers, directors and sponsor of the Company immediately prior to the IPO;
(iii) “Founders’ Common Stock” shall mean all of the shares of Common Stock of the Company acquired by an Insider prior to the IPO; (iv) “IPO Shares” shall mean the shares of Common Stock issued in the
Company’s IPO; (v) “Founders’ Warrants” shall mean the warrants that are being sold privately 

  
 5 

 
by the Company simultaneously with the consummation of the IPO; (vi) “Trust Account” shall mean the trust account into which a portion of the net proceeds of the IPO will be
deposited; and (vii) “Registration Statement” means the Company’s registration statement on Form S-1 (SEC File No. 333-211544) filed with the Securities and Exchange Commission. 

16. This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and
supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may
not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by all parties hereto. 

17. Each of the undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations
and warranties set forth herein in proceeding with the IPO. Nothing contained herein shall be deemed to render the Underwriters a representative of, or a fiduciary with respect to, the Company, its stockholders or any creditor or vendor of the
Company with respect to the subject matter hereof. 
 18. This letter agreement shall be binding on the undersigned and such person’s
respective successors, heirs, personal representatives and assigns. This letter agreement shall terminate on the earlier of (i) the consummation of a Business Combination and (ii) the liquidation of the Company; provided, that such
termination shall not relieve the undersigned from liability for any breach of this agreement prior to its termination. 
 [Signature Page
Follows] 

  
 6 

 
			
		 	 James D. Dondero
 Print Name of
Insider

		
		 	 
		 	Signature
		
		 	 Highland Capital Management, L.P.
 Print
Name of Insider

		
	By:	 	Strand Advisors, Inc., its general partner
		
	By:	 	
		
		 	 
		 	Signature
		
		 	Acknowledged and Agreed:
		
		 	Highland Acquisition Corporation
		
	By:	 	 
		 	Name:
		 	Title:

  
 7

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