Document:

Exhibit
10.18

 

FLEXSHOPPER
INC. 

2015
OMNIBUS EQUITY COMPENSATION PLAN

 

INCENTIVE
STOCK OPTION GRANT

 

This
STOCK OPTION GRANT (this “Agreement”), dated as of ________ (the “Date of Grant”), is delivered by FLEXSHOPPER,
INC. (the “Company”) to ___________ (the “Grantee”).

 

RECITALS

 

A.       The
Company’s 2015 Omnibus Equity Compensation Plan (the “Plan”) provides for the grant of options to purchase shares
of common stock of the Company. A copy of the Plan is appended hereto. The Board of Directors of the Company (the “Board”)
has decided to make a stock option grant as an inducement for the Grantee to promote the best interests of the Company and its
stockholders.

 

B.       The
Board is authorized to appoint a committee to administer the Plan. If a committee is appointed, all references in this Agreement
to the “Board” shall be deemed to refer to the committee.

 

NOW,
THEREFORE, the parties to this Agreement, intending to be legally bound hereby, agree as follows:

 

1.         
Grant of Option. Subject to the terms and conditions set forth in this Agreement and in the Plan, the Company hereby grants
to the Grantee an incentive stock option (the “Option”) to purchase ______ shares of common stock of the Company (“Shares”)
at an exercise price of $____ per Share. The Option shall become exercisable according to Section 2 below.

 

2.         
Exercisability of Option. The Option shall become exercisable on the following dates, if the Grantee is employed by, or
providing service to, the Employer (as defined in the Plan) on the applicable date:

 

	Date	 	Shares for Which the Option is Exercisable
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

     

     

    

 

3.         
Term of Option.

 

The
Option shall have a term of ten years from the Date of Grant and shall terminate at the expiration of that period, unless it is
otherwise terminated pursuant to the provisions of the Plan.

 

4.         
Exercise Procedures.

 

(a)           Subject to the provisions of Sections 2 and 3 above, the Grantee may exercise part or all of the exercisable Option by giving
the Company written notice of intent to exercise in the manner provided in this Agreement, specifying the number of Shares as
to which the Option is to be exercised and the method of payment. Payment of the exercise price shall be made in accordance with
procedures established by the Board from time to time based on type of payment being made but, in any event, prior to issuance
of the Shares. The Grantee shall pay the exercise price in cash.

 

(b)           The obligation of the Company to deliver Shares upon exercise of the Option shall be subject to all applicable laws, rules, and
regulations and such approvals by governmental agencies as may be deemed appropriate by the Board, including such actions as Company
counsel shall deem necessary or appropriate to comply with relevant securities laws and regulations. The Company may require that
the Grantee (or other person exercising the Option after the Grantee’s death) represent that the Grantee is purchasing Shares
for the Grantee’s own account and not with a view to or for sale in connection with any distribution of the Shares, or such
other representation as the Board deems appropriate.

 

(c)           All obligations of the Company under this Agreement shall be subject to the rights of the Company as set forth in the Plan to
withhold amounts required to be withheld for any taxes, if applicable. Subject to Board approval, the Grantee may elect to satisfy
any tax withholding obligation of the Employer with respect to the Option by having Shares withheld up to an amount that does
not exceed the minimum applicable withholding tax rate for federal (including FICA), state and local tax liabilities.

 

5.          Change
of Control. Upon a Change of Control, all unvested shares granted under this Option shall accelerate and immediately vest
and become exercisable in full on the date of the Change of Control. The provisions of Section 16(i) and (ii) of the Plan shall
not apply to this Option.

 

6.         
Restrictions on Exercise.

 

(a)         Except as the Board may otherwise permit pursuant to the Plan or as described in Section 6(b), only the Grantee may exercise the
Option during the Grantee’s lifetime and, after the Grantee’s death, the Option shall be exercisable (subject to the
limitations specified in the Plan) solely by the legal representatives of the Grantee, or by the person who acquires the right
to exercise the Option by will or by the laws of descent and distribution, to the extent that the Option is exercisable pursuant
to this Agreement.

 

    	 	2	 

     

    

 

(b)         Grantee may transfer the Option to family members, or one or more trusts or other entities for the benefit of or owned by family
members, consistent with the applicable securities laws; provided that (i) any such transfer shall be by gift with no consideration;
(ii) no subsequent transfer of such Option shall be permitted other than by will or the laws of descent and distribution; (iii)
the Option shall not otherwise be transferable except by will or the laws of descent and distribution; and (iv) the transferred
Option shall continue to be subject to the same terms and conditions as were applicable to the Option immediately before the transfer.

 

7.         
Grant Subject to Plan Provisions. This grant is made pursuant to the Plan, the terms of which are incorporated herein by
reference, and in all respects shall be interpreted in accordance with the Plan. The grant and exercise of the Option are subject
to interpretations, regulations and determinations concerning the Plan established from time to time by the Board in accordance
with the provisions of the Plan, including, but not limited to, provisions pertaining to (a) rights and obligations with respect
to withholding taxes, (b) the registration, qualification or listing of the Shares, (c) changes in capitalization of the Company
and (d) other requirements of applicable law. The Board shall have the authority to interpret and construe the Option pursuant
to the terms of the Plan, and its decisions shall be conclusive as to any questions arising hereunder.

 

8.         
No Employment or Other Rights. The grant of the Option shall not confer upon the Grantee any right to be retained by or
in the employ or service of the Employer and shall not interfere in any way with the right of the Employer to terminate the Grantee’s
employment or service at any time. The right of the Employer to terminate at will the Grantee’s employment or service at
any time for any reason is specifically reserved.

 

9.         
No Stockholder Rights. Neither the Grantee, nor any person entitled to exercise the Grantee’s rights in the event
of the Grantee’s death, shall have any of the rights and privileges of a stockholder with respect to the Shares subject
to the Option, until certificates for Shares have been issued upon the exercise of the Option.

 

10.        Assignment and Transfers. Except as otherwise provided herein or as the Board may otherwise permit pursuant to the Plan
or this Agreement, the rights and interests of the Grantee under this Agreement may not be sold, assigned, encumbered or otherwise
transferred except, in the event of the death of the Grantee, by will or by the laws of descent and distribution. In the event
of any attempt by the Grantee to alienate, assign, pledge, hypothecate, or otherwise dispose of the Option or any right hereunder,
except as provided for in this Agreement, or in the event of the levy or any attachment, execution or similar process upon the
rights or interests hereby conferred, the Company may terminate the Option by notice to the Grantee, and the Option and all rights
hereunder shall thereupon become null and void. The rights and protections of the Company hereunder shall extend to any successors
or assigns of the Company and to the Company’s parents, subsidiaries, and affiliates.

 

11.        Applicable Law. The validity, construction, interpretation and effect of this instrument shall be governed by and construed
in accordance with the laws of the State of Delaware, without giving effect to the conflicts of laws provisions thereof.

 

12.        Notice. Any notice to the Company provided for in this instrument shall be addressed to the Company at its principal office
and any notice to the Grantee shall be addressed to such Grantee at the current address shown on the payroll of the Employer,
or to such other address as the Grantee may designate to the Employer in writing. Any notice shall be delivered by hand, sent
by telecopy or enclosed in a properly sealed envelope addressed as stated above, registered and deposited, postage prepaid, in
a post office regularly maintained by the United States Postal Service.

 

[Signature
Page Follows]

 

    	 	3	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused its duly authorized officers to execute and attest this Agreement, and the Grantee has
executed this Agreement, effective as of the Date of Grant.

 

	 	FLEXSHOPPER, INC.
	 	 
	 	By:  	 
	 	 	Brad Bernstein, President

 

I
hereby accept the Option described in this Agreement, and I agree to be bound by the terms of the Plan and this Agreement. I hereby
further agree that all the decisions and determinations of the Board shall be final and binding.

 

	 	Grantee:	 

 

 

4Exhibit 10.19

AMENDMENT NO. 4 TO THE CREDIT AGREEMENT
AND WAIVER

 

This AMENDMENT
NO. 4 TO THE CREDIT AGREEMENT AND WAIVER (this “Agreement”) is made and entered into as of March 29,
2016 among FLEXSHOPPER 2, LLC, (the “Company”) and WE 2014-1, LLC (the “Administrative Agent”
and “Lender”).

BACKGROUND

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

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

WHEREAS,
the Company has requested that the Lender and the Administrative Agent temporarily waive certain provisions of the Credit Agreement.
The Lender and the Administrative Agent are willing to grant such temporary waivers, subject to the terms and conditions hereof;

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

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

SECTION 2.     
Amendments to the Credit Agreement. The Credit Agreement is hereby amended as follows:

(a)               
Clause (iv) of the definition of Borrowing Base is hereby amended and restated in its entirety as follows:

(iv) the sum
of (A) the excess (if any) of (1) the Bridge Loan Amount (as defined in the Fee Letter) over (2) $3,750,000 (or such larger amount
as the Administrative Agent shall consent to, in its sole discretion) and (B) the sum of the Accrued Interest Amount as of such
day and the aggregate amount of all accrued and unpaid fees and expenses due hereunder and including (but not limited to) the Servicing
Agreement, the Backup Servicing Agreement, and the Verification Agent Agreement; provided, that, this clause (B) shall not
be applicable during the period from March 29, 2016 to the earlier of (1) April 1, 2017 and (2) the completion of the Equity Raise;
minus

(b)              
Clause (i) of the definition of Commitment Termination Date in Section 1.1 of the Credit Agreement is hereby amended and
restated in its entirety as follows:

    	 		 

    	 

    

(i) May 6, 2017,
as such date may be unilaterally extended by the Administrative Agent and the Lenders, in their sole discretion and with prior
notice to the Company on or prior to January 6, 2017, but in no event more than once or beyond October 6, 2017, in either case,
without the consent of the Company.

(c)               
The following definition is hereby added to Section 1.1 of the Credit Agreement:

“Equity
Raise” shall mean the successful raising (in one or more rounds) of at least $10,000,000 in equity funding by the Parent
or its Affiliates. The parties hereto acknowledge and agree that upon completion of the Equity Raise, the Company shall be required
to immediately cure any Borrowing Base Deficiency resulting from the related reduction of the Performing Lease Advance Rate pursuant
to the Fee Letter or otherwise.

(d)              
Section 2.6 of the Credit Agreement is hereby amended by deleting 2.0% where it appears therein and substituting 4.0% therefor.

(e)               
The last two sentences of Section 2.11(b)(vi) of the Credit Agreement are hereby amended and restated as follows:

The Company
or its designee shall be permitted from time to time to request disbursement of funds on deposit in the Collection Account for
the purchase of additional Eligible Leases pursuant to the terms and conditions of the Asset Sale Agreement and the Asset Purchase
Agreement; provided, that, (i) such additional Eligible Leases are purchased simultaneously with the funding date for a
Loan hereunder and (ii) the Company has delivered a Borrowing Base Certificate evidencing, after giving effect to the transfer
of Collections and the funding of any Loan being made on such date, no Borrowing Base Deficiency has occurred or will occur; provided,
further, that during the period from March 29, 2016 to the earlier of (A) April 1, 2017 and (B) the completion of the Equity
Raise, if the purchase of additional Eligible Leases is to be made on a date that is five (5) Business Days (or such greater number
of days, not to exceed ten (10) Business Days, as determined by the Administrative Agent, acting reasonably, based on the cash
forecasts of the Company through such Interest Payment Date and the funds then on deposit in the Collection Account) or less prior
to an Interest Payment Date, no funds shall be disbursed from the Collection Account unless the amount remaining on deposit in
the Collection Account after such disbursement is at least equal to: (x) the Accrued Interest Amount as of such date and the aggregate
amount of all accrued and unpaid fees and expenses due hereunder and including (but not limited to) the Servicing Agreement, the
Backup Servicing Agreement, and the Verification Agent Agreement, plus (y) the amount of interest on the Loans and the amount
of fees and expenses hereunder and including (but not limited to) the Servicing Agreement, the Backup Servicing Agreement, and
the Verification Agent Agreement, in each case, expected to accrue through such Interest Payment Date. Subject to the foregoing
provisos, upon receipt of the Borrowing Base Certificate, and with the consent of and at the direction of the Administrative Agent
(which direction shall not be unreasonably withheld, delayed or conditioned), the Paying Agent shall remit such funds to the account
designated by the Company.

    	 	2	 

    	 

    

 

(f)               
Section 5.16 of the Credit Agreement is hereby amended and restated as follows:

“5.16Unrestricted
Cash.The Company shall maintain unrestricted Cash in an amount at least equal to (i) $500,000 on each day and (ii) $1,000,000
as of the end of each calendar month.”

(g)              
The following clauses (o), (p) and (q) are hereby added to Section 5.1.

“(o)
Weekly Reports and Call: Until the earlier of (i) August 31, 2016, or (ii) the completion of the Equity Raise, the Company
or its designee will deliver each week to the Administrative Agent an itemized weekly cash report in form and substance reasonably
satisfactory to the Administrative Agent and shall designate appropriate personnel to participate in a weekly call to review such
report with the Administrative Agent.

(p) Access
to Bank Accounts: On or prior to April 1, 2016, the Company or its designee shall and shall cause the Servicer and the Parent
to provide the Administrative Agent or its designee with read-only access to all of their respective bank accounts.

(q) Back-Up
Servicer Transition: The Company (i) shall or shall cause its designee to reasonably cooperate and coordinate with the Backup
Servicer, as from time to time requested by Administrative Agent, in order to establish a transition plan for the transfer of servicing
to the Backup Servicer on or prior to April 30, 2016; provided that the Company shall not be responsible for any failure to establish
such transition plan on or prior to such date to the extent such failure results solely from any action or omission of the Backup
Servicer, and, in any such event, the Company shall or shall cause its designee to continue to reasonably cooperate and coordinate
with the Backup Servicer, as from time to time requested by Administrative Agent, in order to finalize such transition plan; (ii)
promptly and, in any event, within ten (10) Business Days of the Company’s receipt of itemized invoice(s) (or such shorter
period as is reasonably required by the Backup Servicer), pay the Backup Servicer for its reasonable actual out of pocket costs
and expenses related to the establishment of such transition plan (but in no event in excess of $10,000 in the aggregate); and
(iii) in the event the Backup Servicer is replaced (A) promptly and, in any event, within ten (10) Business Days of the Company’s
receipt of itemized invoice(s) (or such shorter period as is reasonably required by the successor Backup Servicer), pay the successor
Backup Servicer its fee for accepting such role and for its reasonable actual out of pocket costs and expenses related to its succession
(but in no event in excess of $10,000 in the aggregate less the aggregate amount (if any) paid by the Company pursuant to clause
(ii) above) and (B) enter into a replacement Backup Servicing Agreement with the successor Backup Servicer and such other amendments
to the Credit Documents as are reasonably necessary in order to effect its succession, provided that the aggregate cost to the
Company of backup servicing and verification of the Eligible Leases (taken as a whole) does not increase as a result thereof.”

    	 	3	 

    	 

    

(h)              
Schedule 6 of the Credit Agreement is hereby amended by deleting “Chief Credit Officer or VP of Credit” and
adding the following “Key Persons” to such Schedule:

Russ Heiser,
Chief Financial Officer

Ravi Radhakrishnan,
Chief Risk Officer

SECTION 3.     
Waivers. The Company hereby acknowledges that the Company was not in compliance for the period ended December 31,
2015, is not currently in compliance and will not be in compliance for the period ended March 31, 2016 with the Financial Covenants
(such non-compliance, collectively, the “Breach”) and as a result thereof an Event of Default has occurred and
is expected to be continuing. Notwithstanding anything to the contrary set forth in that certain Amendment No. 3 to the Credit
Agreement, Consent and Temporary Waiver, dated as of February 11, 2016, among the parties hereto, each of the Lender and the Administrative
Agent hereby (a) waives each Event of Default resulting solely from the Breach, (b) waives compliance with each Financial Covenant
(other than the Financial Covenant in Section 5.16 of the Credit Agreement) and the delivery of Compliance Certificates with respect
thereto, and (c) agrees that Section 7.1(r) of the Credit Agreement shall not be effective (except with respect to a breach of
Section 5.16 of the Credit Agreement), in the case of each of clauses (b) and (c), during the period from the date of this Agreement
through the earlier of (i) April 1, 2017 and (ii) the completion of the Equity Raise. Thereafter, the Financial Covenants shall
be amended as necessary to reflect the prospects of the Company at such time, as determined by the Administrative Agent in its
reasonable discretion in consultation with the Company; provided that no Financial Covenant shall be amended in a manner
such that results of the Company consistent with cash flow projections for the following twelve month period approved by the Administrative
Agent in its reasonable discretion would result in a breach of such Financial Covenant during such period.

SECTION 4.     
Rights of First Offer and First Refusal. Notwithstanding the provisions of that certain letter agreement, dated March
6, 2015, among the Company, the Seller, the Parent and the Lender pursuant to which certain rights of first offer and first refusal
were granted to the Lender, the Lender hereby agrees that (a) the provisions of Section 1(a) thereof shall not apply to any extension
of the Commitment Termination Date occurring on or prior to May 6, 2017 and (b) in the event that the Lender has not delivered
any notice of unilateral extension of the Commitment Termination Date in accordance with the definition thereof on or prior to
December 23, 2016, the “Review Period” with respect to any “Proposed Financing Notice” (each as defined
in Section 1(b) thereof) relating to any refinancing of the Collateral shall be reduced to five (5) Business Days. The Company
hereby agrees that in the event that the Lender has not delivered any notice of unilateral extension of the Commitment Termination
Date in accordance with the definition thereof on or prior to December 13, 2016, on the following Business Day the Company shall
request that the Lender confirm whether it intends to exercise its right to so extend the Commitment Termination Date.

SECTION 5.     
Amendment No. 2 Amendment Fee: Each of the Company and the Administrative Agent hereby agree that the fee due to the Administrative
Agent by the Company in consideration for the execution of the Amendment No. 2 to the Credit Agreement (“Amendment No.2”),
notwithstanding anything to the contrary contained in such Amendment No.2, shall be due and payable on the earlier of (i) the
date on which Parent or its Affiliates, completes a $3,000,000 equity raise and (ii) April 30, 2016, it being acknowledged and
agreed that the foregoing shall constitute a fee due under the Credit Agreement and to the failure to so pay by April 30, 2016
shall not constitute an Event of Default but instead shall thereafter be included in the fees payable from amounts on deposit
in the Collection Account pursuant to Section 2.12 (a)(ii)(C) of the Credit Agreement.

    	 	4	 

    	 

    

 

SECTION 6.     
Amendment No. 4 Amendment Fee: In consideration for the execution of this Agreement, the Company will pay to the
Administrative Agent a fee (the “Bridge Fee”) of $20,000 per week (beginning with the week in which this Agreement
is entered into) until the earlier of (i) the date on which the amount of the Bridge Fee accrued through such date equals $400,000,
or (ii) the completion of the Equity Raise and the parties hereto acknowledge and agree that the foregoing shall constitute a
fee payable from amounts on deposit in the Collection Account pursuant to Section 2.12(a)(ii)(C) of the Credit Agreement; provided
that (x) the Bridge Fee will be a minimum of $250,000 and (y) upon the completion of the Equity Raise, an amount equal to (I)
the greater of the amount of the Bridge Fee accrued on a weekly basis though such date and $250,000 less (II) the amount of the
Bridge Fee previously paid, shall become due and shall be paid by the Company within two (2) Business Days following the closing
of the Equity Raise.

SECTION 7.     
Effectiveness.This Agreement shall become effective as of the date first written above upon delivery to
the Administrative Agent of (i) counterparts of this Agreement duly executed by each of the parties hereto and (ii) a fully executed
copy of that certain Amendment No.2 to the Fee Letter dated as of March 29, 2016.

SECTION 8.     
Binding Effect; Ratification.

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

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

(c)               
Notwithstanding anything to the contrary herein or in any Credit Document, by signing this Agreement, neither the Lender
nor the Administrative Agent is waiving or consenting, nor has either of them agreed to waive or consent to in the future, the
breach of (or any rights and remedies related to the breach of) any provisions of any of the Credit Documents, other than the Breach
and the other matters explicitly set forth in this Agreement on a one time basis solely as contemplated herein.

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

SECTION 9.     
Miscellaneous.

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

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

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

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

[SIGNATURES FOLLOW]

 

    	 	5	 

    	 

    

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

 

	 	ADMINISTRATIVE AGENT and LENDER:

	 	 
	 	WE 2014-1, LLC

	 	 
	 	By: 	/s/ Patrick Lo
	 	 	Name:Patrick Lo

Title:Authorized Person

 

	 	THE COMPANY:
	 	 
	 	FlexShopper 2, LLC.
	 	 
	 	By: 	/s/ Brad Bernstein
	 	 	Name:Brad Bernstein
Title:CEO

 

 

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