Document:

Exhibit 10.24

 

	© AMERICAN EXPRESS	PROPRIETARY & CONFIDENTIAL

 

COMPOSECURE, LLC

 

AMENDMENT NUMBER
2

TO

MASTER SERVICES
AGREEMENT CW139362

 

This Amendment Number 2 (“Amendment”)
is made and entered into this August 2, 2018 (the “Effective Date”) between AMERICAN EXPRESS TRAVEL RELATED
SERVICES COMPANY, INC. (“Amexco” or “AXP”) and COMPOSECURE, LLC., a Delaware limited liability company
(“Service Provider”) with reference to the following:

 

		A.	Amexco and Service Provider entered into a Master Services Agreement, CW139362 (“Agreement”) for lamination and fabrication
of the Centurion card executed by the parties on or about August 1, 2004; and

 

		B.	Amexco and Service Provider wish to amend certain of their understandings as set forth in the Agreement, specifically to address modifying
the Agreement to comply with current AXP terms and conditions.

 

NOW, THEREFORE, in consideration of the mutual
promises and agreements set forth below, the parties agree as follows:

 

		1.	AMENDED TERM(S)

 

A.       Section
9.1, Term shall be replaced in its entirety with the following:

 

Term. This Agreement will
commence as of the Effective Date and will expire on January 31, 2019 (the “Initial Term”). In the event
of any termination hereunder, AXP will pay Service Provider at the agreed-upon rates for Services performed up to the effective date of
termination, subject to a refund of any unearned, prepaid fees, but will not be liable for any other termination-related charges.

 

		2.	GENERAL

 

A.       If
there is a conflict between the Agreement and this Amendment, the terms of this Amendment will govern if this Amendment expressly references
the provisions of the Agreement with which they are inconsistent.

 

B.       Except
as otherwise modified herein, the capitalized terms used in this Amendment shall have the meaning specified in the Agreement.

 

C.       Except
as amended herein, the remaining terms and conditions of the Agreement shall remain in full force and effect.

 

	25-Jul-2018	AXP Internal	Page 1 of 2
	CW139362	 	 

 

     

     

    

 

	© AMERICAN EXPRESS	PROPRIETARY & CONFIDENTIAL

 

IN WITNESS WHEREOF, Service Provider and Amexco
have caused this Amendment to be executed on their behalf by their duly authorized officers, all as of the date first above-written.

 

	AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.	 	COMPOSECURE, LLC
	 	 	 	 	 
	By:	/s/ Melanie Chung	 	By:	/s/ Jonathan C. Wilk
	 	 	 	 	 
	Name:	Melanie Chung	 	Name:	Jonathan C. Wilk
	 	(Type or print)	 	 	(Type or print)
	 	 	 	 	 
	Title:	Director	 	Title:	CEO
	 	 	 	 	 
	Date:	August 1, 2018	 	Date:	July 27, 2018

 

	25-Jul-2018	AXP Internal	Page 2 of 2
	CW139362Exhibit 10.25

 

	© AMERICAN EXPRESS	PROPRIETARY & CONFIDENTIAL

 

COMPOSECURE, LLC

 

AMENDMENT NUMBER
3 CW2467324

TO

MASTER SERVICES
AGREEMENT CW139362

 

This Amendment Number 3 CW2467324 (“Amendment”)
is made and entered into this January 1, 2019 (the “Effective Date”) between AMERICAN EXPRESS TRAVEL RELATED
SERVICES COMPANY, INC. (“Amexco” or “AXP”) and COMPOSECURE, LLC., a Delaware limited liability company
(“Service Provider”) with reference to the following:

 

		A.	Amexco and Service Provider entered into a Master Services Agreement, CW139362 (“Agreement”) for lamination and fabrication
of the Centurion card executed by the parties on or about August 1, 2004; and

 

		B.	Amexco and Service Provider wish to amend certain of their understandings as set forth in the Agreement, specifically to address modifying
the Agreement to comply with current AXP terms and conditions.

 

NOW, THEREFORE, in consideration of the mutual
promises and agreements set forth below, the parties agree as follows:

 

		1.	AMENDED TERM(S)

 

A.       Section
9.1, Term shall be replaced in its entirety with the following:

 

Term. This Agreement will
commence as of the Effective Date and will expire on December 31, 2021 (the “Initial Term”). In the event
of any termination hereunder, AXP will pay Service Provider at the agreed-upon rates for Services performed up to the effective date of
termination, subject to a refund of any unearned, prepaid fees, but will not be liable for any other termination-related charges.

 

B.       A
new Section 11.3 Infringement Claims is added as follows:

 

“11.3 Infringement Claims.
Infringement Claims: Supplier agrees that if it believes any product made, used, sold or offered for sale by AXP that is produced by a
vendor other than Supplier, infringes any of its Intellectual Property rights, Supplier will first attempt to resolve the issue with the
relevant vendor through informal negotiations. If Supplier’s efforts to resolve the issue with the identified vendor through informal
negotiations are unsuccessful, Supplier may then pursue any available remedy directly against the vendor. Supplier covenants and agrees
that it will not seek damages against AXP for the alleged infringement of its Intellectual Property rights with respect to products provided
by another vendor, provided that (1) AXP identifies the relevant vendor(s) upon Supplier’s reasonable request, which request shall
include an explanation of the basis for Supplier’s infringement claim and identification of the product(s) at issue; and (2) AXP
acknowledges that Supplier may need to include AXP as a party to the litigation in order to obtain relief against such other vendor(s).”

 

    
	24-Dec-2018	AXP Internal	Page 1 of 3
	MSAA3 CW2467324 to_ CW139362	 	 

     

    

 

	© AMERICAN EXPRESS	PROPRIETARY & CONFIDENTIAL

 

		2.	GENERAL

 

A.       If
there is a conflict between the Agreement and this Amendment, the terms of this Amendment will govern if this Amendment expressly references
the provisions of the Agreement with which they are inconsistent.

 

B.       Except
as otherwise modified herein, the capitalized terms used in this Amendment shall have the meaning specified in the Agreement.

 

C.       Except
as amended herein, the remaining terms and conditions of the Agreement shall remain in full force and effect.

 

    
	24-Dec-2018	AXP Internal	Page 2 of 3
	MSAA3 CW2467324 to_ CW139362	 	 

     

    

 

	© AMERICAN EXPRESS	PROPRIETARY & CONFIDENTIAL

 

IN WITNESS WHEREOF, Service Provider and Amexco
have caused this Amendment to be executed on their behalf by their duly authorized officers, all as of the date first above-written.

 

	AMERICAN EXPRESS TRAVEL RELATED	 	COMPOSECURE, LLC
	SERVICES COMPANY, INC.	 	 	 
	 	 	 	 	 
	By:	/s/
Melanie Chung 
	 	By:	/s/
Jonathan Wilk 

	 	 	 	 	 
	Name:	Melanie Chung	 	Name:	Jonathan Wilk
	 	(Type or print)	 	 	(Type or print)
	 	 	 	 	 
	Title:	Director	 	Title:	CEO
	 	 	 	 	 
	Date:	December 26, 2018	 	Date:	December 26, 2018

 

    
	24-Dec-2018	AXP Internal	Page 3 of 3
	MSAA3 CW2467324 to_ CW139362Exhibit 10.26

 

CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND REPLACED WITH “[***]”. SUCH IDENTIFIED INFORMATION HAS
BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF DISCLOSED.

 
	© AMERICAN EXPRESS	PROPRIETARY & CONFIDENTIAL

 

COMPOSECURE, LLC

AMENDMENT NUMBER
4 CW2481491 

TO 

MASTER SERVICES
AGREEMENT CW139362

 

PREAMBLE

 

This Amendment Number 4 CW2481491 (“Amendment”)
is made and entered into this July 1, 2019 (the “Amendment Effective Date”) between AMERICAN EXPRESS
TRAVEL RELATED SERVICES COMPANY, INC. (“Amexco” or “AXP”) and COMPOSECURE, LLC, a Delaware limited
liability company (“Service Provider”) with reference to the following:

 

RECITALS

 

		A.	Amexco and Service Provider entered into a Master Services Agreement, CW139362 (“Agreement”) for lamination and
fabrication of the Centurion card executed by the parties on or about August 1, 2004; and

 

		B.	Amexco and Service Provider wish to extend the term of the Agreement and amend certain of their understandings as set forth in the
Agreement, specifically to address modifying the Agreement to comply with current AXP terms and conditions.

 

NOW, THEREFORE, in consideration of the mutual
promises and agreements set forth below, the parties agree as follows:

 

AGREEMENT

 

		A.	General

 

		1.	Entire Agreement:

 

The above-referenced Agreement and Amendments
thereto, are each entirely incorporated herein. Together, they represent the entire agreement (“Entire Agreement”) between
the parties with respect to the Services, and there are no other representations, understandings or agreements between the parties relative
to the Services. All terms, conditions and covenants (“Provisions”) of the Agreement remain in full force and effect, except
as otherwise provided in this Amendment. Any term not otherwise defined herein, shall have the meaning specified in the Agreement. The
Agreement, except as otherwise provided in this Amendment, shall apply to all transactions authorized and undertaken by and between the
parties pursuant to this Amendment, to the exclusion of all other representations, understandings or agreements and Provisions.

 

		2.	Order of Precedence:

 

In the event of conflict between the provisions
of this Amendment and the provisions of the Agreement, this Amendment shall control if this Amendment expressly references the provisions
of the Agreement with which they are inconsistent. This Amendment is good and sufficient notice of all matters herein.

 

    	MSAA4 CW2481491 to_ CW139362	AXP Internal	Page 1 of 5

     

    

 

	© AMERICAN EXPRESS	PROPRIETARY & CONFIDENTIAL

 

		3.	Effective Date & Term:

 

This Amendment shall be effective from the
above-stated Amendment Effective Date through the Agreement expiration date or as it may be amended herein. Although the parties consider
this Agreement effective as of July 1, 2019 (“Effective Date”), it was executed as of the last date signed below (“Execution
Date”), and each party represents that it has taken no action or omission during the period between the Effective Date and Execution
Date that would frustrate the purpose of this Agreement. Additionally, although the parties were not contractually bound between the Effective
Date and Execution Date, each party represents that it acted as if it were so bound.

 

		4.	Modifications to Amendment:

 

This Amendment may only be modified or amended
in a written document signed by both parties.

 

		5.	General:

 

Except as otherwise modified herein, the capitalized
terms used in this Amendment shall have the meaning specified in the Agreement.

 

Except as amended herein, the remaining terms
and conditions of the Agreement shall remain in full force and effect.

 

		6.	Amendments to the Agreement:

 

		6.1	Section 9.1, Term, shall be replaced in its entirety with the following:

 

“9.1 Term. This
Agreement will commence as of the Effective Date and will expire on December 31, 2022 (the “Initial Term”).
AXP shall have the option, upon notice to Service Provider of not less than thirty (30) days prior to the end of the Initial Term, to
extend the Initial Term of this Agreement by written notice to Service Provider for up to one (1) additional year (the Initial Term and
such additional term, if applicable, shall be the “Term”). In the event of any termination hereunder, and subject to
continued compliance with applicable required minimum purchase obligations by AXP and other provisions set forth in any open Schedule
or amendment thereto, AXP will pay Service Provider at the agreed-upon rates for Services performed up to the effective date of termination,
subject to a refund of any unearned, prepaid fees, but will not be liable for any other termination-related charges.”

 

		6.2	Section 9.2, Termination for Convenience, shall be replaced in its entirety with the following:

 

“9.2 Termination
for Convenience. Notwithstanding anything herein to the contrary, and subject to continued compliance with applicable
required minimum purchase obligations by AXP and other provisions set forth in any open Schedule or amendment thereto, AXP may
terminate, in whole or in part, this Agreement and/or any Schedule without cause upon five (5) days’ written notice. AXP
agrees to comply with any such required minimum purchase obligations and to pay Service Provider for Services performed up to the
effective date of termination, at the agreed upon rates. Notice of termination of any Schedule shall not be considered notice of
termination of this Agreement unless specifically stated in the notice. Notice that purports to be notice of termination of the
Agreement shall not be considered notice of termination of this Agreement unless such notice specifically states that each
respective Services under each respective Schedule has been terminated and/or completed, as applicable.”

 

    	MSAA4 CW2481491 to_ CW139362	AXP Internal	Page 2 of 5

     

    

 

	© AMERICAN EXPRESS	PROPRIETARY & CONFIDENTIAL

 

		6.3	Schedule, Exhibit A Statement of Work, Section III, Product Orders and Production, 4. Capacity Commitment and Purchase Commitment
shall be amended to include the following:

 

“For 2020, 2021 and 2022, Service
Provider agrees to reserve up to [***] annual capacity for all products and for any future term extensions of the Agreement; provided
that AXP provides to Service Provider an annual forecast 90 days prior to the 1st day of January of each such year. To reserve
this capacity from Service Provider, AXP shall guaranty at least [***] of the forecast given for each such year. Therefore, AXP shall place
with Service Provider purchase orders during each such year for not less than such quantity of cards. If AXP does not order at least such
quantity of cards in each such year, AXP shall pay to Service Provider an amount equal to [***] per card price for all card quantities
not ordered up to such guaranteed amount.

 

For the avoidance of doubt, if AXP’s
annual forecast for 2020 is [***] cards, and AXP orders [***] cards, AXP will have fulfilled its minimum order guaranty and no
additional charges will be made by Service Provider under this provision. However, if for example, AXP’s annual forecast for 2020
is [***] cards, and AXP only orders [***] cards, Service Provider shall invoice, and AXP shall pay to Service Provider an amount
equal to [***] per card price for the [***] cards deficit (i.e., [***] forecasted and [***] of forecasted = [***] committed;
the additional ordered above AXP ordered cards =[***]).

 

[***] Cards: AXP guarantees
to purchase [***] in card volume of the [***] product(s) over the term of the Agreement. If AXP does not order such quantity of cards
during the term of the Agreement, AXP shall pay to Service Provider an amount equal to the per card price of $[***]/card for all card
quantities not ordered over the term of the Agreement.”

 

		6.4	Schedule, Exhibit A Statement of Work, Section V, Forecasting & Minimum Stock, 1. Quarterly Forecast shall be amended to include
the following:

 

“AXP will provide a non-binding
annual forecast 90 days prior to the 1st day of January of each year during the term of the Agreement for planning purposes.”

 

		6.5	Schedule, Exhibit A Statement of Work, Section VII, Pricing, Schedule of Prices shall be amended to include the following:

 

“Subject to AXP’s compliance
with the terms of this Schedule, Service Provider shall provide to AXP a one-time credit of up to [***] for services related to
AXP-specific research and development project costs per Statements of Work as mutually agreed from time to time during the term of the
Agreement; including but not limited to new research, industrialization, promotional items for colleagues, and destruction of raw materials
related to development. Service Provider shall send AXP a quarterly report on the status of the credit until exhausted.

 

    	MSAA4 CW2481491 to_ CW139362	AXP Internal	Page 3 of 5

     

    

 

	© AMERICAN EXPRESS	PROPRIETARY & CONFIDENTIAL

 

Unit cost pricing for New [***]
Product(s) over the term and for any future extensions of the Agreement.

 

	 	[***]	 	[***]
	 	[***]	 	 	[***]	 
	 	[***]	 	 	[***]	 
	 	[***]	 	 	[***]	 
	 	[***]	 	 	[***]	 

 

		6.6	Schedule, Exhibit A Statement of Work, Section VII, Pricing, Schedule of Prices [***] rate
                                                                 for the Annual Volume Tier greater than [***] shall be deleted and replaced with the following for orders through December
                                                                 31st, 2019:

 

	 	Annual Volume Tier	 	[***]	 
	 	[***]	 	 	[***]	 

 

		6.7	Schedule, Exhibit A Statement of Work, Section VII, Pricing, Schedule of Prices[***] rate for the Annual Volume Tier
greater than [***] shall be deleted and replaced with the following for orders from January 1st, 2020 over the term and
for any future extensions of the Agreement:

 

	 	Annual Volume Tier	 	[***]	 
	 	[***]	 	 	[***]	 

 

		6.8	Schedule, Exhibit A Statement of Work, shall be amended to include the following new section:

 

“XIII. Exclusivity

 

Service Provider shall not sell the
Products (defined as: any Service Provider financial card product comprised of  [***]) to any customer of Service Provider, other than AXP, in any region across the world, from
the Amendment Effective Date (defined above) until the expiration of the term of the Agreement (the “Exclusivity Period”).”

 

    	MSAA4 CW2481491 to_ CW139362	AXP Internal	Page 4 of 5

     

    

 

	© AMERICAN EXPRESS	PROPRIETARY & CONFIDENTIAL

 

IN WITNESS WHEREOF, Service Provider and Amexco
have caused this Amendment to be executed on their behalf by their duly authorized officers, all as of the Amendment Effective Date.

 
	AMERICAN EXPRESS
    TRAVEL RELATED SERVICES COMPANY, INC.	 	COMPOSECURE,
    LLC 
	 	 	 
	By:   	/s/ Melanie
    Chung	 	By:  	/s/ Jonathan
    C. Wilk
	Name: 	Melanie
    Chung	 	Name: 	Jonathan
    C. Wilk
	Title:	Director	 	Title:	CEO
	Date: 	October
    10, 2019	 	Date: 	October
    10, 2019

 

    	MSAA4 CW2481491 to_ CW139362	AXP Internal	Page 5 of 5

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