Document:

Exhibit 10.5

 

Conyers Park II Acquisition Corp.

1 Greenwich Park, 2nd Floor

Greenwich, CT 06831

 

May
13, 2019

 

Conyers Park II Sponsor LLC

1 Greenwich Park, 2nd Floor

Greenwich, CT 06831

 

RE: Securities
Subscription Agreement

 

Ladies and Gentlemen:

 

We are pleased
to accept the offer Conyers Park II Sponsor LLC (the “Subscriber” or “you”) has made to purchase 11,500,000  shares
of Class B common stock (the “Shares”), $.0001 par value per share (the “Class B Common
Stock” together with all other classes of Company (as defined below) common stock, the “Common Stock”),
up to 1,500,000 Shares of which are subject to complete or partial forfeiture by you if the underwriters of the initial public
offering (“IPO”) of Conyers Park II Acquisition Corp., a Delaware corporation (the “Company”),
do not fully exercise their over-allotment option (the “Over-allotment Option”). The terms (this “Agreement”)
on which the Company is willing to sell the Shares to the Subscriber, and the Company and the Subscriber’s agreements regarding
such Shares, are as follows:

 

1.  Purchase
of Shares. For the sum of $25,000 (the “Purchase Price”), which the Company acknowledges receiving in cash,
the Company hereby sells and issues the Shares to the Subscriber, and the Subscriber hereby purchases the Shares from the Company,
subject to the forfeiture provisions of Section 3 below, on the terms and subject to the conditions set forth in this Agreement.

 

2.  Representations,
Warranties and Agreements.

 

 2.1  Subscriber’s
Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the Subscriber hereby
represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1.  No
Government Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon or made any
recommendation or endorsement of the offering of the Shares.

 

2.1.2.  No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing documents of the
Subscriber, (ii) any agreement, indenture or instrument to which the Subscriber is a party, (iii) any law, statute, rule or regulation
to which the Subscriber is subject, or (iv) any agreement, order, judgment or decree to which the Subscriber is subject.

 

2.1.3.  Organization
and Authority. The Subscriber is a Delaware limited liability company, validly existing and in good standing under the laws
of Delaware and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.
Upon execution and delivery by you, this Agreement will be a legal, valid and binding agreement of Subscriber, enforceable against
Subscriber in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent
conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of
equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

2.1.4.  Experience,
Financial Capability and Suitability. Subscriber is: (i) sophisticated in financial matters and is able to evaluate the risks
and benefits of the investment in the Shares and (ii) able to bear the economic risk of its investment in the Shares for an indefinite
period of time because the Shares have not been registered under the Securities Act (as defined below) and therefore cannot be
resold unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber
is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests.
Subscriber must bear the economic risk of this investment until the Shares are sold pursuant to: (x) an effective registration
statement under the Securities Act or (y) an exemption from registration available with respect to such sale. Subscriber is able
to bear the economic risks of an investment in the Shares and to afford a complete loss of Subscriber’s investment in the
Shares.

 

     

     

    

 

2.1.5.  Access
to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity
to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as
the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to verify
the accuracy of all information so obtained. In determining whether to make this investment, Subscriber has relied solely on Subscriber’s
own knowledge and understanding of the Company and its business based upon Subscriber’s own due diligence investigation and
the information furnished pursuant to this paragraph. Subscriber understands that no person has been authorized to give any information
or to make any representations which were not furnished pursuant to this Section 2 and Subscriber has not relied on any other representations
or information in making its investment decision, whether written or oral, relating to the Company, its operations or its prospects.

 

2.1.6.  Regulation
D Offering. Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of
Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) and acknowledges the sale contemplated
hereby is being made in reliance on a private placement exemption applicable to “accredited investors” or similar exemptions
under federal and state law.

 

2.1.7.  Investment
Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account and
not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. The
Subscriber did not enter into this Agreement as a result of any general solicitation or general advertising within the meaning
of Rule 502 of Regulation D under the Securities Act.

 

2.1.8.  Restrictions
on Transfer; Shell Company. Subscriber understands the Shares are being offered in a transaction not involving a public offering
within the meaning of the Securities Act.  Subscriber understands the Shares will be “restricted securities”
as defined in Rule 144(a)(3) under the Securities Act and Subscriber understands that the certificate representing the Shares will
contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge or otherwise
transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred only in accordance with the provisions
of Section 5.1 hereof. Subscriber agrees that if any transfer of its Shares or any interest therein is proposed to be made, as
a condition precedent to any such transfer, Subscriber may be required to deliver to the Company an opinion of counsel satisfactory
to the Company. Absent registration or an exemption, the Subscriber agrees not to resell the Shares. Subscriber further acknowledges
that because the Company is a shell company, Rule 144 may not be available to the Subscriber for the resale of the Shares until
one year following consummation of the initial business combination of the Company, despite technical compliance with the certain
requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.1.9.  No
Governmental Consents. No governmental, administrative or other third party consents or approvals are required, necessary or
appropriate on the part of Subscriber in connection with the transactions contemplated by this Agreement.

 

 2.2  Company’s
Representations, Warranties and Agreements. To induce the Subscriber to purchase the Shares, the Company hereby represents
and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1  Organization
and Corporate Power. The Company is a Delaware corporation and is qualified to do business in every jurisdiction in which the
failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results
or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

2.2.2.  No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the Certificate of Incorporation or Bylaws
of the Company, (ii) any agreement, indenture or instrument to which the Company is a party, (iii) any law, statute, rule or regulation
to which the Company is subject, or (iv) any agreement, order, judgment or decree to which the Company is subject.

 

    2

     

    

 

2.2.3.  Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Shares will be duly and validly
issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof the Subscriber
will have or receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind, other than (a)
transfer restrictions hereunder and other agreements to which the Shares may be subject which have been notified to the Subscriber
in writing, (b) transfer restrictions under federal and state securities laws, and (c) liens, claims or encumbrances imposed due
to the actions of the Subscriber.

 

2.2.4.  No
Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company
which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement
or (ii) question the validity or legality of any transactions or seek to recover damages or to obtain other relief in connection
with any transactions.

 

3.  Forfeiture
of Shares.

 

3.1. Partial
or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the representative of the underwriters
of the IPO is not exercised in full, the Subscriber acknowledges and agrees that it shall forfeit any and all rights to such number
of Shares (up to an aggregate of 1,500,000 Shares and pro rata based upon the percentage of the Over-allotment Option exercised)
such that immediately following such forfeiture, the Subscriber (and all other initial stockholders prior to the IPO, if any) will
own an aggregate number of Shares (not including Shares issuable upon exercise of any warrants or any Common Stock purchased by
Subscriber in the IPO or in the aftermarket) equal to 20% of the issued and outstanding Common Stock immediately following the
IPO.

 

3.2.  Termination
of Rights as Stockholder. If any of the Shares are forfeited in accordance with this Section 3, then after such time the Subscriber
(or successor in interest), shall no longer have any rights as a holder of such Shares, and the Company shall take such action
as is appropriate to cancel such Shares. 

 

4.  Waiver
of Liquidation Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement, the Subscriber
hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from the trust
account which will be established for the benefit of the Company’s public stockholders and into which substantially all of
the proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the Company
upon the Company’s failure to timely complete an initial business combination. For purposes of clarity, in the event the
Subscriber purchases Common Stock in the IPO or in the aftermarket, any additional Common Stock so purchased shall be eligible
to receive any liquidating distributions by the Company. However, in no event will the Subscriber have the right to redeem any
Shares into funds held in the Trust Account upon the successful completion of an initial business combination.

 

5.  Restrictions
on Transfer.

 

5.1.  Securities
Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly known as an “Insider
Letter”) to be dated as of the closing of the IPO by and between Subscriber and the Company, Subscriber agrees not to
sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless, prior thereto (a) a registration
statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the Shares proposed
to be transferred shall then be effective or (b) the Company has received an opinion from counsel reasonably satisfactory to the
Company, that such registration is not required because such transaction is exempt from registration under the Securities Act and
the rules promulgated by the Securities and Exchange Commission thereunder and with all applicable state securities laws.

  

5.2   Lock-up.  Subscriber
acknowledges that the Shares will be subject to lock-up provisions (the “Lock-up”) contained in the Insider
Letter. Pursuant to the Insider Letter, and subject to the exceptions contained therein, Subscriber will agree not to sell, transfer,
pledge, hypothecate or otherwise dispose of all or any part of the Shares until the earlier to occur of: (A) one year after the
completion of the Company’s initial business combination or (B) the date on which the Company completes a liquidation, merger,
stock exchange or other similar transaction after its initial business combination that results in all of its stockholders having
the right to exchange their shares of Common Stock for cash, securities or other property. Notwithstanding the foregoing, if the
last sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the
Company’s initial business combination,  or (2) if the Company consummates a transaction after its initial business
combination which results in its stockholders having the right to exchange their shares for cash or property, the  Shares
will be released from the Lock-up.   

 

    3

     

    

 

5.3  Restrictive
Legends. All certificates representing the Shares shall have endorsed thereon legends substantially as follows:

 

	 	“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.”

 

	 	“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PROVISIONS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP PERIOD.”

 

5.3.  Additional
Shares or Substituted Securities. In the event of the declaration of a stock dividend, the declaration of a special dividend
payable in a form other than Common Stock, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or
a similar transaction affecting the Company’s outstanding Common Stock without receipt of consideration, any new, substituted
or additional securities or other property which are by reason of such transaction distributed with respect to any Shares subject
to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5 and Section
3. Appropriate adjustments to reflect the distribution of such securities or property shall be made to the number or class of Shares
subject to this Section 5 and Section 3.

 

5.4  Registration
Rights. Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after certain conditions are met or they are registered pursuant to
a Registration and Stockholder Rights Agreement to be entered into with the Company prior to the closing of the IPO.

 

6.  Other
Agreements.

 

6.1.  Further
Assurances. Subscriber agrees to execute such further instruments and to take such further action as may reasonably be necessary
to carry out the intent of this Agreement.

 

6.2.  Notices.
All notices, statements or other documents which are required or contemplated by this Agreement shall be in writing and delivered:
(i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other
communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business
day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery
to an overnight courier service or five (5) days after mailing if sent by mail.

  

6.3.  Entire
Agreement. This Agreement, together with that certain Insider Letter to be entered into between Subscriber and the Company,
substantially in the form to be filed as an exhibit to the Registration Statement, embodies the entire agreement and understanding
between the Subscriber and the Company with respect to the subject matter hereof and supersedes all prior oral or written agreements
and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any
kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and
provisions of this Agreement.

 

    4

     

    

 

6.4.  Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by
all parties hereto.

 

6.5.  Waivers
and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only
by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall
be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether
or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was
given, and shall not constitute a continuing waiver or consent.

 

6.6.  Assignment.
The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of
the other party.

 

6.7.  Benefit.
All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto
and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement
shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded
as a third-party beneficiary of this Agreement.

 

6.8.  Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed
by the laws of Delaware applicable to contracts wholly performed within the borders of such state, without giving effect to the
conflict of law principles thereof.

 

6.9.  Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in
this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent
that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that
such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement
shall nevertheless remain in full force and effect.

 

6.10.  No
Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under
this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy
of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment
or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise
thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute
a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required
under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar
or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action
in any circumstances without such notice or demand.

 

6.11.  Survival
of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any
other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof
and any investigations made by or on behalf of the parties.

  

6.12.  No
Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to
create any liability on the other. Each of the parties hereto agrees to indemnify and hold the other harmless from any claim or
demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been
employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

    5

     

    

 

6.13.  Headings
and Captions. The headings and captions of the various sections of this Agreement are for convenience of reference only and
shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.14.  Counterparts.
This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

6.15.  Construction.
The words “include,” “includes,” and “including” will be deemed to be
followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include
any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise
requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
“hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular section
unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have
independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect,
the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the
relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party
hereto is in breach of the first representation, warranty, or covenant.

 

6.16. Mutual
Drafting. This Agreement is the joint product of the Subscriber and the Company and each provision hereof has been subject
to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

7.  Voting
and Redemption of Shares. Subscriber agrees to vote the Shares in favor of an initial business combination that the Company
negotiates and submits for approval to the Company’s stockholders and shall not seek redemption with respect to such Shares.
Additionally, the Subscriber agrees not to redeem any Shares in connection with a redemption or tender offer presented to the Company’s
stockholders in connection with an initial business combination negotiated by the Company.

  

[Signature Page
Follows]

 

    6

     

    

 

If the foregoing
accurately sets forth our understanding and agreement, please sign the enclosed copy of this Agreement and return it to us.

 

	 	Very truly yours,  
	 	 
	 	CONYERS PARK II ACQUISITION CORP.
	 	 
	 	By:	/s/ Brian K. Ratzan
	 	Name:	Brian K. Ratzan
	 	Title:	Chief Financial Officer  

  

Accepted and agreed this 13th day of
May, 2019

 

	CONYERS PARK II SPONSOR LLC	 
	 	 	 
	By:	/s/ Brian K. Ratzan	 
	Name:	 Brian K. Ratzan	 
	Title:	 Authorized Signatory	 

 

 

 

7Exhibit 10.1

 

THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. IT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED,
OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR AN OPINION OF COUNSEL SATISFACTORY TO THE BORROWER THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD PURSUANT
TO RULE 144 UNDER SUCH ACT.

 

SECOND
AMENDED AND RESTATED SUBORDINATED PROMISSORY NOTE

 

	$2,500,000 	January
    31, 2018
	 	Amended and Restated
    August 29, 2018
	 	Further Amended and
    Restated June 27, 2019

 

FOR
VALUE RECEIVED, FlexShopper, LLC, a North Carolina limited liability company (“Borrower”), hereby promises
to pay to NRNS CAPITAL HOLDINGS LLC, a Florida limited liability company (“Lender”), the principal sum of up
to Two Million Five Hundred Thousand and 00/100 Dollars ($2,500,000.00) or such lesser amount as shall remain outstanding hereunder,
together with interest thereon, subject to the terms and conditions set forth in this Second Amended and Restated Subordinated
Promissory Note (this “Note”).

 

1.
Payment of Principal and Interest.

 

(a)
Payments of principal and accrued interest on this Note shall be due and payable on June 30, 2021.

 

(b)
The unpaid principal balance of this Note shall bear interest at a rate equal to five percent (5.00%) per annum in excess of the
non-default rate of interest from time to time in effect under that certain Credit Agreement dated as of March 6, 2015 among FlexShopper
2, LLC, as borrower, Wells Fargo Bank, National Association, as paying agent, WE 2014-1, LLC, as administrative agent (the “Administrative
Agent”), and the lenders party thereto (as amended, restated, supplemented or otherwise modified from time to time,
the “Senior Credit Agreement”) computed on the basis of a 360 day year.

 

(c)
Interest shall be payable in arrears on the first day of each calendar month, upon any prepayment to the extent accrued on the
amount being prepaid and on the Maturity Date, provided, that no interest shall be payable (and instead such interest shall continue
to accrue as simple interest) at any time that the “Applicable Advance Rate” (as defined in the Senior Debt Documents)
exceeds 96%.Borrower may prepay this Note in whole or in part at any time, without premium or penalty.

 

(d)
All payments of principal and interest shall be made in lawful money of the United States of America and shall be made to Lender
at Lender’s address set forth in Section 14 or at such other place as Lender may designate to Borrower in writing.

 

    

     

    

 

(e)
Subject to the other terms set forth herein. Lender shall make a notation on Schedule A hereto of each advance made by
Lender and of each prepayment or repayment made by Borrower, which schedule shall be conclusive evidence of the principal amount
then outstanding hereunder, absent manifest error, subject to the next sentence. In the event that the Lender fails to make a
notation on Schedule A, then the amount showing as owing from Borrower to Lender on the books and records of the Lender
shall be conclusive evidence of the principal amount then outstanding hereunder, absent manifest error.

 

2.
[Reserved].

 

3.
Security. As collateral security for the payment and satisfaction of the unpaid principal balance of this Note and all
interest accrued thereon, and subject to the rights of the Senior Creditors as described in Section 13, Borrower hereby
grants to Lender a continuing, first-priority security interest in and to all of the Collateral. The Collateral means each and
all of the following:

 

A.
the Accounts;

 

B.
the Equipment;

 

C.
the Inventory;

 

D.
the General Intangibles;

 

E.
the Negotiable Collateral;

 

F.
any money, deposit accounts or other assets of Borrower in which Lender receives a security interest or which hereafter come into
the possess ion, custody or control of Lender;

 

G.
all Supporting Obligations;

 

H.
all Investment Property;

 

I.
all Letter of Credit Rights; and

 

J.
the proceeds of any of the foregoing, including, but not limited to, proceeds of insurance covering the Collateral, or any portion
thereof, and any and all Accounts, Equipment, Inventory, General Intangibles, Negotiable Collateral, the Investment Property,
the Letter of Credit Rights, the Supporting Obligations, money, deposit accounts or other tangible and intangible property resulting
from the sale or other disposition of the Collateral, or any portion thereof or interest therein, and the proceeds thereof.

 

The
capitalized terms used in the definition of the Collateral shall have the meanings ascribed to them under the Uniform Commercial
Code as adopted in the State of North Carolina (the “UCC”).

 

4.
Representations and Warranties. Borrower hereby represents and warrants to Lender that:

 

    2

     

    

 

(a)
Borrower (i) is a limited liability company duly organized, validly existing and in good standing under the laws of the State
of North Carolina, (ii) has all requisite limited liability company power and authority to own and operate its property, to lease
the property it operates as lessee and to conduct the business in which it is currently, or is currently proposed to be, engaged,
(iii) is duly qualified as a foreign entity, licensed and in good standing under the laws of each jurisdiction where its ownership,
lease or operation of property or the conduct of its business requires such qualification, except to the extent that the failure
to so qualify would not have a material adverse effect on Borrower, and (iv) has the limited liability company power and authority
to execute, deliver and perform its obligations under this Note and to borrow hereunder;

 

(b)
The execution, delivery and performance by Borrower of this Note (i) has been duly authorized by all necessary action, (ii) do
not and will not contravene or violate the terms of its corporate constitutional documents or any amendment thereto or any law
applicable to Borrower or its assets, business or properties, (iii) do not and will not (1) conflict with, contravene, result
in any violation or breach of or default under any material contractual obligation of Borrower (with or without the giving of
notice or the lapse of time or both), (2) create in any other person a right or claim of termination or amendment of any material
contractual obligation of Borrower, or (3) require modification, acceleration or cancellation of any material contractual obligation
of Borrower, and (iv) do not and will not result in the creation of any lien (or obligation to create a lien) against any property,
asset or business of Borrower; and

 

(c)
Borrower has duly executed and delivered this Note and this Note constitutes the legal, valid and binding obligations Borrower,
enforceable against Borrower in accordance with the terms hereof, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights
and by general principles of equity.

 

5. Events
of Default. The following shall constitute “Events of Default” with respect to this Note:

 

(a)
Borrower shall fail to pay the principal of, or interest on, this Note when the same becomes due and payable in accordance with
the terms hereof;

 

(b)
Any representation or warranty made by Borrower in Section 4 hereof shall fail to be true and correct in all material respects
or Borrower shall default in the performance of any of its obligations under Section 2 hereof; or

 

(c)
Borrower makes a general assignment for the benefit of its creditors or applies to any tribunal for the appointment of a
trustee or receiver of a substantial part of the assets of Borrower, or commences any proceedings relating to Borrower under
any bankruptcy, reorganization, arrangement, insolvency, readjustment of debts, dissolution or other liquidation law of any
jurisdiction; or any such application is filed, or any such proceedings are commenced against Borrower and Borrower indicates
its consent to such proceedings, or an order or decree is entered by a court of competent jurisdiction appointing such
trustee or receiver, or adjudicating Borrower
bankrupt or insolvent, or approving the petition in any such proceedings, and such order or decree remains unstayed and in effect
for ninety (90) days.

 

    3

     

    

 

6.
Consequences of Event of Default. Upon the occurrence of any such Event of Default and during the continuation thereof,
the unpaid principal balance of this Note and accrued and unpaid interest hereon shall become immediately due and payable upon
such occurrence without action by Lender and Lender shall have all other rights and remedies provided by applicable law. Lender
shall have all of the rights and remedies of a secured party under the UCC.

 

7.
Remedies are Cumulative. No failure on the part of Lender to exercise, and no delay in exercising, any right, power or
remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by Lender or any right, power or
remedy hereunder preclude any other or further exercise thereof or the exercise of any right, power or remedy. The remedies herein
provided are cumulative and are not exclusive of any remedies provided by law, in equity, or in other loan documents.

 

8.
Costs of Collection. In the event that this Note is not paid when due, Borrower shall also pay or reimburse Lender for
all reasonable costs and expenses of collection, including, without limitation, reasonable attorneys’ fees.

 

9.
Default Interest Rate. Upon the occurrence of any Event of Default, any principal balance remaining unpaid under this Note
shall bear interest at a rate per annum equal to two percent (2%) above the interest rate otherwise applicable hereto.

 

10.
Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of North Carolina
without regard to the conflicts of law provisions thereof.

 

11.
Waiver. Borrower waives presentment for payment, demand, protest, notice of dishonor, notice of protest, diligence on bringing
suit against any party hereto, and all defenses on the ground of any extension of the time of payment that may be given by Lender
to it. Borrower agrees not to assert against Lender as a defense (legal or equitable), as a set-off, as a counterclaim, or otherwise,
any claims Borrower may have against any other party liable to Lender for all or any part of the obligations under this Note.
All rights of Borrower hereunder, and all obligations of Borrower hereunder, shall be absolute and unconditional, not discharged
or impaired irrespective of (and regard less of whether Borrower receives any notice of): (i) any lack of validity or enforceability
of any provision of this Note; (ii) any change in the time, manner or place of payment or performance, or in any term, of all
or any of the obligations hereunder or any other amendment or waiver of or any consent to any departure from any provision herein;
or (iii) any release of or modifications to or insufficiency, unenforceability or enforcement of the obligations of any guarantor
or other obligor. To the extent permitted by law, Borrower hereby waives any rights under any valuation, stay, appraisement, extension
or redemption laws now existing or which may hereafter exist and any other circumstance which might otherwise constitute a defense
available to, or a discharge of any party with respect to the obligations of Borrower hereunder.

 

    4

     

    

 

12.
No Right of Set-Off. As of the date hereof, Borrower represents that it has no claims or offsets against Lender in breach
of contract, breach of warranty, express or implied, negligence or for any other type of legal action under this Note or otherwise.

 

13.
Subordination.

 

(a)
Lender agrees that the obligations represented by this Note shall be in all respects subordinate in payment and junior in priority
to all indebtedness, liabilities and other obligations (collectively, the “Senior Debt” and the holders of
such Senior Debt, the “Senior Creditors”) owing under the Senior Credit Agreement and the other agreements,
instruments and documents executed and delivered in connection therewith, as amended, modified or increased (collectively, the
“Senior Debt Documents”).

 

(b)
Until all Senior Debt shall have been paid in full in cash and all commitments to advance Senior Debt have terminated, (i) no
payment may be made on this Note, whether of principal or interest or other obligations, at any time that the “Effective
Advance Rate” (as defined in the Senior Debt Documents) exceeds 95% or an “Event of Default” (as defined in
the Senior Debt Documents) exists, (ii) the Lender shall not (A) take any action or exercise any remedy against the Borrower under
this Note (other than the imposition of the default rate of interest as set forth herein); or (B) commence, or join with any other
creditor of the Borrower in commencing any insolvency or similar proceeding against the Borrower (iii) the Lender waives all rights
of subrogation, reimbursement and any similar rights with respect to the indebtedness evidenced by this Note and (iv) any and
all liens and security interests of Lender in any collateral shall be and hereby are subordinated for all purposes and in all
respects to the liens and security interests of the Senior Creditors in such collateral, whether or not valid or perfected, regardless
of the time, manner or order of attachment, grant or perfection of any such liens and security interests and regardless of any
provision of the Uniform Commercial Code of any jurisdiction or any other law or any other circumstance.

 

(c)
In case any funds shall be paid or delivered to the Lender in violation hereof, such funds shall be held in trust by the Lender
for, and paid and delivered to, the Senior Creditors (in the form received, together with any necessary endorsements) upon demand.

 

(d)
The priority of the Senior Debt (whether or not such amounts are deemed allowable or recoverable) set forth above shall continue
during any insolvency, receivership, bankruptcy, dissolution, liquidation, or reorganization proceeding, or in any other proceeding,
whether voluntary or involuntary, by or against the Borrower, under any bankruptcy or insolvency law or laws.

 

(e)
The Lender expressly waives all notice of the acceptance by any Senior Creditor of the subordination and other provisions of this
Note.

 

Without
limitation of the foregoing, the Senior Creditors (including, without limitation, the Administrative Agent under the Senior Credit
Agreement) are express third party beneficiaries of the terms and conditions contained in this Section 13 and shall be
entitled to enforce such terms and conditions directly, as if they were parties to this Note. Furthermore, until all Senior Debt
shall have been paid in full in cash and all commitments to advance Senior Debt have terminated, this Section 13 may not
be amended, restated, supplemented or otherwise modified without the prior written consent of the Administrative Agent and the
Required Lenders (as defined in the Senior Credit Agreement).

 

    5

     

    

 

14.
Notices. Any notice pursuant to this Note must be in writing and will be deemed effectively given to another patty on the
earliest of the date (a) three (3) business days after such notice is sent by registered U.S. mail, return receipt requested,
(b) one (1) business day after receipt of confirmation if such notice is sent by facsimile, (c) one (1) business day after delivery
of such notice into the custody and control of an overnight courier service for next day delivery, (d) one (1) business day after
delivery of such notice in person and (e) such notice is received by that party; in each case to the appropriate address below
(or to such other address as a party may designate by notice to the other party):

 

If
to Borrower:

 

FlexShopper,
LLC

2700
N. Military Trail, Suite 200

Boca
Raton, FL 33431

Attn: Brad Bernstein

 

If
to Lender:

 

NRNS
Capital Holdings LLC

7809
Galleon Court

Parkland, FL 33067

 

15.
Severability. Any provision of this Note that is determined by any court of competent jurisdiction to be invalid or unenforceable
will not affect the validity or enforceability of any other provision hereof or the invalid or unenforceable provision in any
other situation or in any other jurisdiction. Any provision of this Note held invalid or unenforceable only in part or degree
will remain in full force and effect to the extent not held invalid or unenforceable.

 

16.
Counterparts. This Note may be executed in counterparts (and by different parties hereto in different counterparts), each
of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Note constitutes
the entire contract among the parties relating to the subject matter hereof and supersedes any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. Delivery of an executed counterpart of a signature page
of this Note by telecopy or other electronic transmission shall be effective as delivery of a manually executed counterpart of
this Note.

 

17.
Second Amendment and Restatement. This Note is an amendment to, and is in substitution and replacement of, that certain
Amended and Restated Subordinated Promissory Note dated as of August 29, 2018 in the stated principal amount of $2,500,000 (the
“Replaced Note”). This Note represents the same indebtedness as the Replaced Note and is secured by the same
collateral securing the Replaced Note and is not intended to constitute a novation in any manner whatsoever.

 

    6

     

    

 

IN
WITNESS WHEREOF, Borrower has caused this Note to be duly executed, and Lender has accepted this Note, as of the day and year
first above written.

 

	 	Borrower:

 

FLEXSHOPPER, LLC

	 	 
	 	By:	/s/
Brad Bernstein
	 	Name:	Brad
    Bernstein
	 	Title:	CEO

 

	ACCEPTED:

 

Lender:

	 
	 	 	 
	NRNS
    CAPITAL HOLDINGS LLC	 
	 	 	 
	By:	/s/
    Howard Dvorkin	 
	Name:	Howard
    Dvorkin	 
	Title:	Manager	 

 

    7

     

    

 

Exhibit
A to Subordinated Promissory Note

 

Advancement/Payment
Schedule

 

	Date	 	Amount Advanced	 	Principal Payment/Share Conversion	 	Accrued Interest	 	Principal Balance
	February 1, 2018	 	$2,500,000	 	 	 	 	 	 
	September 28, 2018	 	 	 	$1,250,000.00 converted in the Equity Financing	 	$303,755.00of which $151,877.50 converted in the Equity Financing	 	$1,250,000
	Various dates	 	 	 	 	 	Contractual Interest Payments	 	$1,250,000
	June 28, 2019	 	$500,000	 	 	 	 	 	$1,750,000

 

 

8

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