Document:

EX-10.21

 Exhibit 10.21 

Pursuant to 17 CFR 229.601, certain identified information marked “[**]” has been excluded from this exhibit because it is both
(i) not material and (ii) is the type the registrant treats as private and confidential and would be competitively harmful if publicly disclosed. 
  

 
 Comdata MasterCard Corporate Virtual Card®
Agreement 
  

													
	CUSTOMER INFORMATION	  		  		  	Agreement #:                        
		
	Address:	  	1210 AvidXchange Lane
						
	City:	  	 Charlotte
	  	State:	  	NC	  	Zip:	  	28206

 This Comdata MasterCard Corporate Card Agreement is made and entered into by and between Comdata Inc. (“Comdata”)
and the Customer named below relating to the establishment of MasterCard account(s) with Comdata pursuant to the terms and conditions set forth herein. This Agreement consists of (i) this Cover Page, (ii) the General Terms and Conditions
attached hereto, and (iii) any Service Schedules attached hereto (collectively, the “Agreement”). 
 MONTHLY INCENTIVE: 

Net interchange on Virtual Cards minus the Comdata service fee (which includes Mastercard dues, fees and assessments) in basis points as set forth in the table
below. Comdata shall pay the net interchange received by Comdata on Virtual Cards minus the basis points as determined in the Comdata Service Fee column for the applicable Agreement Year. 

 

			
	Agreement Year	  	Comdata Service Fee
		
	Year 1: Beginning December 1, 2020	  	[**] basis points on spend volume on virtual Cards
		
	Each Calendar Year after Year 1 (i.e., calendar years 2021, 2022 and 2023)	  	[**] basis points on Virtual Card spend volume for the applicable calendar year [**].

 [**] 

 The parties, intending to be legally bound, have caused this Agreement to be signed by their
authorized representatives below. 
  

									
	ACCEPTED AND AGREED:	 		 	
			
	    CUSTOMER: AVIDXCHANGE, INC.	 		 	COMDATA INC.
					
	By:	 	/s/ Michael Praeger	 		 	By:	 	/s/ Richard N. Fletcher
			
	Name: Michael Praeger	 		 	Name: Richard N. Fletcher
	Title: CEO	 		 	Title: President, Comdata Corporate Payments
	Date: Dec 23, 2020	 		 	Date: Dec 23, 2020

 General Terms and Conditions 

1. Nature of Account and Card Use. Comdata will provide Customer with one or more accounts through the use of which Customer may access the financial
information and other services provided for in this Agreement and any Schedules attached hereto (collectively, the “Account”). In connection with the Account, Comdata, in accordance with Customer’s request, shall provide special
Comdata®MasterCard Corporate Cards which are virtual cards (collectively, “Cards”), and which are issued by Regions Bank, headquartered in Birmingham, Alabama, or another financial
institution (“Issuing Bank”). For the avoidance of doubt, absent written agreement by Customer to the contrary, all Cards provided under this Agreement will be exclusively Mastercard branded cards. Comdata is an agent or representative of
Issuing Bank or its affiliates. All Cards issued under this Agreement shall remain the property of the Issuing Bank and must be returned or destroyed (with certification of destruction) upon request. The Issuing Bank or Comdata may cancel, revoke,
repossess or restrict the use of Cards at any time. Comdata agrees to use commercially reasonable efforts to gain Issuing Bank’s agreement to provide Customer with multiple dedicated BINS, including large commercial credit and commercial
prepaid and such other BINS as Customer may reasonably request. Comdata agrees that it will exercise reasonable care in the performance of its obligations under this Agreement, and that all virtual card payment and other services provided by Comdata
to Customer will be provided in a timely and professional workmanlike manner consistent with all applicable laws and the documentation, if any, provided with such services and in accordance with the Service Levels attached to this Agreement as
Schedule I. Comdata agrees that is shall remain PCI-DSS compliant in accordance with the requirements of its Issuing Bank. Comdata will be responsible for its processing errors and shall promptly correct any
such errors. 
 2. Customer Representations and Warranties. Customer represents and warrants the following: 

 

	 	•	 	 Customer is a commercial enterprise, and the Account and Cards will not be used for personal, household or
consumer purposes; 

  

	 	•	 	 Customer shall not accept cash or currency from its customers located in the United States
(“Participants”) and all funds received from a Participant related to any use of the Account or Cards under this Agreement shall be from electronic funds transfers initiated from a United States financial institution;

  

	 	•	 	 Customer is registered with FinCEN as a money service business and is a licensed money transmitter solely for its
commercial business to business domestic bill payment business. Customer further represents and warrants that it is not either (i) a currency exchanger of cryptocurrency, currency dealer of cryptocurrency, or transmitter of cryptocurrency or
(ii) a foreign money services business, and (iii) it does not deal in cash transactions. 

  

	 	•	 	 Customer represents that states in which they are so licensed or registered as money service business that the
primary business will be below 50% or more of gross revenue until March 30, 2021. 

  

	 	•	 	 The Account and Cards will be used for legitimate business charges only and Customer will have neither consumer
law rights nor remedies available to consumers associated with any purchases, charges or other activity associated with the Cards; 

  

	 	•	 	 The Account and Cards will be used only for legitimate business expenses of Participants and will not be used for
any other purpose; 

  

	 	•	 	 The Account and Cards will only be used for valid and lawful purposes and will not be used for gambling, online
gaming, illicit drug transactions, or any unlawful purposes including without limitation (i) other illegal purchases of goods or services, regardless of whether such transaction violates the laws applicable in the territory where the
transaction was initiated or merchant is located, or (ii) purchases that are prohibited by local law; and 

  

	 	•	 	 The Account and Cards will not be used in any way that would cause Comdata or Issuing Bank to violate applicable
Law. 

 If Customer uses, or allows someone else to use, the Account or Cards in violation of the above representation and
warranties, 
 Customer shall be responsible for such use and may be required to reimburse Comdata, the Issuing Bank, and MasterCard
International Incorporated (“MasterCard”) for all amounts or expenses either Comdata, the Issuing Bank or MasterCard pays as a result of such use. 

Schedule 2 sets forth the current and anticipated funds flow related to Card funding. 

3. Credit Limit; Credit Information. If applicable, Comdata will establish a credit limit for the Account. The credit limit is subject to periodic
review and adjustment by Comdata in accordance with current credit policies, at its sole discretion. Customer shall provide Comdata with such financial information as Comdata may reasonably require, including, without limitation, annual financial
statements within a reasonable time after Customer’s fiscal year-end and interim financial statements as requested by Comdata, provided, that Comdata agrees to employ reasonable restrictions regarding the
review and use of such information. Customer authorizes Comdata to make any credit investigation Comdata deems necessary and appropriate and to request reports from credit bureaus in connection with this Agreement or any update, renewal or extension
of credit. Comdata may furnish information with respect to Customer’s Account to credit bureaus or others who may properly receive such information. Customer shall repay Comdata for all credit extended by Comdata and shall not allow its unpaid
balance, including unbilled transactions, fees and other charges on the Account, to exceed its credit limit at any time. If Customer exceeds its credit limit, then Comdata may require immediate payment, suspend further Service, and assess additional
fees. 
 4. Payment Terms. (a) Non-Revolving. Customer shall be responsible for credit extended
on the Account. This is not a revolving credit account and the total amount shown on each Account statement (the “Total Amount Due”) is due and payable by the date shown on the Account statement. This amount includes transactions posted
since the last statement date, applicable account and service fees, amounts past due, late payment charges, charges for returned checks and other applicable charges. [**] 

(b) [**] 
 (c) Returned Payment. Comdata reserves the
right to charge a returned payment fee of [**] or the maximum amount permitted under applicable law, whichever is less. 
 5. Statements; Reporting.
Billing statements and reports are available on-line and Comdata shall provide to Customer the reporting set forth on Schedule I on a daily basis via FTP. Customer understands and agrees that Comdata may
filter data received from merchants from time to time as necessary to provide complete reporting information to Customer when the merchant is unable to deliver complete purchase detail. 

6. Term; Change of Terms; Termination. This Agreement shall be effective upon execution by both the parties (the “Effective Date”) and shall
continue until December 31, 2023 (“Initial Term”). Thereafter this Agreement shall automatically renew for consecutive, successive terms of thirty (30) days each, unless and until one party provides notice of non-renewal to the other party not less than thirty (30) days prior to the end of the then-existing term, or unless terminated earlier pursuant to the terms hereof.
During any such automatic renewal term, the Comdata Service Fee shall be the fee charged for the calendar month immediately preceding the commencement of such renewal term and no minimum spend volume shall apply. Notwithstanding the foregoing,
Comdata may change the terms of this Agreement at any time, including, without limitation, in the event of any future changes to applicable law or the interpretation thereof or changes in the network rules, and will notify Customer of any such
changes; provided that Comdata may not revise the Cover Page or the financial terms of this Agreement without the prior written consent of Customer, including incentive amounts. Comdata will provide Customer with at least thirty (30) days prior
notice (unless a shorter period of time is required by MasterCard, Issuing Bank or Applicable law) of any such changes, unless such changes affect only Customer, in which case Comdata will provide Customer with at least one hundred eighty
(180) days prior written notice. Retention or use of the Account after the date of any such change will constitute acceptance of the new terms. If Customer does not agree to any such change, Customer may terminate this Agreement by notifying
Comdata before the date of the change, returning all Cards to Comdata or destroying all Cards and paying what is owed under the terms of this Agreement. This Agreement may 

 be terminated in the event of a default under Section 8 below, and immediately in the event that
MasterCard prohibits the Service, the Issuing Bank ceases to be a network member or the Issuing Bank ceases to be the Card issuer, provided that Comdata shall endeavor to provide Customer with advance notice of any such event. Additionally, this
Agreement may be terminated by Comdata if there has been no activity on Customer’s Account for a period of one year or longer. Customer’s obligation to pay for all outstanding amounts incurred before the date of termination shall survive
termination. 
 7. Disputed Items. Customer must notify Comdata in writing of any disputed item on Customer’s billing statement within sixty
(60) days from the date of the billing statement, or it will be deemed undisputed and accepted by Customer. Unless required by law, Comdata is not responsible for any problem Customer may have with any goods or services charged on the Account.
If Customer has a dispute with a merchant, Customer must pay Comdata and attempt to resolve the dispute with the merchant prior to sending the dispute to Comdata. If Customer is unsuccessful in resolving the dispute directly with the merchant,
Comdata will attempt to process the dispute through MasterCard subject to the MasterCard rules, as they may be changed from time to time in MasterCard’s sole discretion. Comdata is not responsible if any merchant refuses to honor Cards. Comdata
shall be responsible for all payment items disputed by Customer to the extent caused by Comdata’s processing errors, breach of this Agreement, negligence or intentional misconduct. 

8. Default and Remedies. In the event of Customer’s default under this Agreement, including, without limitation, failure to comply with the credit
limit and payment terms provisions hereof, Comdata shall have the right to immediately suspend the Account until such breach is cured. In the event any such breach or default is not cured within a reasonable period of time, then Comdata may
thereafter terminate this Agreement. In the event of Comdata’s default under this Agreement, Customer shall provide Comdata written notice of the nature of the default. Comdata shall have thirty (30) days from the date of the default
notice to cure the default (if such default is capable of cure), and if the default is not cured within such time period, then the Customer may thereafter terminate this Agreement without further notice. 

9. Account Access. (a) Access. Customer’s representatives shall access the Account only as required to administer Customer’s Card
program and for no other purpose. 
 (b) Unauthorized Access to Account. Customer agrees to notify Comdata immediately of any unauthorized use of, or
access to, the Account or any passwords or other security codes or procedures used to access the Account or Comdata’s system. To the fullest extent permitted under applicable law, Customer acknowledges and agrees that it is liable for
unauthorized or fraudulent use of the Account until it has notified Comdata of such unauthorized access or use. 
 (c) Lost or Stolen Cards. Customer
will not be liable for unauthorized charges on a Card that occur after Customer notifies Comdata of the loss or theft of such Card 
 10. Limitation of
Liability. Comdata shall not be liable for any failure to perform due to acts of God, acts of government or MasterCard or regulatory bodies which significantly inhibit or prohibit the Service, wars, acts of terrorism, fires, floods, explosions,
natural catastrophes, civil disturbances, strikes, riots, unusually severe weather (such as tornadoes), or failures or fluctuations in electrical power, heat, light, air conditioning, computer or telecommunications services or equipment or any other
cause not within the reasonable control of Comdata. COMDATA’S SOLE RESPONSIBILITY, AND CUSTOMER’S SOLE REMEDY, FOR DAMAGES FOR ERROR, DELAY, OR ANY ACTION OR FAILURE TO ACT SHALL BE LIMITED TO DIRECT MONEY DAMAGES IN AN AMOUNT NOT TO
EXCEED THE TOTAL ISSUER REVENUE DURING THE TWELVE (12) MONTHS IMMEDIATELY PRECEDING THE LOSS; PROVIDED, HOWEVER, THE FOREGOING, LIMITATION OF LIABILITY SHALL NOT APPLY TO COMDATA’S FRAUD OR WILLFUL MISCONDUCT. EXCEPT AS OTHERWISE SET FORTH
HEREIN, IN NO EVENT SHALL EITHER PARTY BE RESPONSIBLE FOR INDIRECT, CONSEQUENTIAL, SPECIAL, INCIDENTAL OR PUNITIVE DAMAGES, REGARDLESS OF WHETHER SUCH PARTY WAS MADE AWARE OF THE POSSIBILITY OF SUCH DAMAGES. EXCEPT AS OTHERWISE SET FORTH HEREIN,
COMDATA MAKES NO REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. FOR THE PURPOSES OF THIS PROVISION, “ISSUER REVENUE” SHALL MEAN THE PORTION OF
MASTERCARD INTERCHANGE RECEIVED AND RETAINED BY COMDATA WITH RESPECT TO CUSTOMER’S SPEND UNDER THIS AGREEMENT EXCLUDING ANY INCENTIVE OR REBATE AMOUNTS PAID TO CUSTOMER, CHARGE BACKS, AND/OR CREDIT LOSSES. 

11. Confidentiality; Proprietary Rights; Security. Comdata and Customer agree and covenant to each other that they shall not, during the performance of
this Agreement or at any time after the termination or expiration hereof, use or disclose to any third party, other than during the proper performance of their duties hereunder and subject to commercially reasonable obligations of confidentiality,
the confidential and proprietary information of the other party hereto (“Confidential Information”), including but not limited to the rates, terms and conditions of this Agreement; technical information; financial information; transaction
information; or any of the procedures, practices or confidential dealings of the other party hereto. Confidential Information that is not marked as such is nonetheless subject to this provision if a reasonable person would consider the information
to be confidential or proprietary given the nature or type of information or circumstances of disclosure. Confidential Information does not include information that: (i) is or becomes a part of the public domain without the fault of the
receiving party; (ii) is provided to the receiving party by a third party on a non-confidential basis; or (iii) is independently developed by the receiving party without the benefit of the
Confidential Information. Notwithstanding the foregoing, the parties agree that the receiving party may disclose the Confidential Information of the disclosing party to the extent required to comply with applicable law, rule, regulation, listing
exchange requirement or legal process or by a governmental or other regulatory body having jurisdiction, provided each party takes reasonable steps, when permissible, to notify the other party prior to such disclosure. Customer acknowledges and
agrees that the application software developed, utilized and maintained by Comdata, the internal hardware utilized by Comdata, the internal operating procedures employed by Comdata, technical information, such as file record layouts, and transaction
information, including without limitation Comdata card numbers and any data or information gathered by Comdata, whether at the point-of-sale or otherwise, are solely
Comdata’s Confidential Information and as such are the exclusive and proprietary property of Comdata. Comdata acknowledges that all information disclosed by Customer concerning its technology; security; business, computing and operational
processes; and financials are Customer’s Confidential Information and as between Customer and Comdata, constitute the sole and exclusive property of Customer. Comdata further acknowledges that Customer’s Confidential Information also
includes information concerning its customers and such information is expressly subject to these obligations of confidentiality. For clarification, vendor/acceptor/supplier information is not Customer’s Confidential Information provided that it
is not identified with any Client obtaining Cards. The BINs (Bank Identification Numbers) assigned to the Cards are the property of the Issuing Bank. Promptly upon expiration or termination of this Agreement, the receiving party shall return or
destroy all of the disclosing party’s Confidential Information and any materials in which it is embodied except as may be required for the receiving party to comply with applicable law and/or its compliance obligations (including compliance
obligations imposed by its partner banks or Networks), subject to these ongoing obligations of confidentiality; and further provided that, Confidential Information or materials containing Confidential Information in electronic form within the
receiving party’s computing environment may be retained, subject to the terms and conditions of this Agreement, until destroyed in the ordinary course of business in accordance with the receiving party’s document retention and destruction
policies. Except as otherwise required herein, these obligations of confidentiality shall survive expiration or termination of the Agreement for a period of five (5) years or for such longer period as may be permitted or required by applicable
law. Notwithstanding anything to the contrary herein, any cardholder records (including cardholder transactional data) are records of the Issuing Bank and Customer may not place restrictions/requirements herein on their use, retention, disclosure,
destruction or deletion on the Issuing Bank or its service providers, including Comdata. Any cardholder records which are shared with Customer shall remain confidential after the termination/expiration of this Agreement. Each party will promptly
notify the other party in the event there is an unauthorized disclosure of cardholder records in violation of this Agreement. 
 Comdata
shall at all times maintain administrative, physical and technical safeguards consistent with industry standards for the confidentiality, integrity, security, availability, retention and disposal of all data of Customer. Comdata agrees to provide to
Customer upon request, but not more than once annually, the most recent PCI-DSS attestation of compliance and SOC 2 Type II audit report and to complete a vendor questionnaire to enable Customer to conduct its
standard vendor due diligence. 
 12. Intellectual Property. Comdata acknowledges and agrees that Customer owns certain proprietary technology and
other intellectual property rights related to Customer’s business (the “Customer Technology”). Nothing in this Agreement will be deemed to constitute or result in an assignment or a license to Comdata of any of the Customer Technology
or in the creation of any equitable right or interest therein or to grant Comdata any right to use the Customer 

 
Technology. All legal rights in the Customer Technology, all improvements and modifications to the Customer Technology, and all copyrights, trademark rights and patent rights related thereto,
will belong exclusively to Customer. Comdata agrees never to challenge, or to assist in any challenge of, the validity of the Customer Technology. Furthermore, neither Comdata nor any affiliate or subsidiary shall (i) decompile, disassemble,
duplicate or reverse engineer any Customer Technology, 

 (ii) attempt to discover the source code, design, architecture or other trade secret characteristics or
other information relating to the Customer Technology, or (iii) lease, lend, or rent the Customer Technology or otherwise make the functionality of the Customer Technology available to third parties. Customer acknowledges and agrees that
Comdata owns certain proprietary technology and other intellectual property rights related to Comdata’s business (the “Comdata Technology”). Nothing in this Agreement will be deemed to constitute or result in an assignment or a
license to Customer of any of the Comdata Technology or in the creation of any equitable right or interest therein or to grant Customer any right to use the Comdata Technology, except as contemplated by this Agreement. All legal rights in the
Comdata Technology, all improvements and modifications to the Comdata Technology, and all copyrights, trademark rights and patent rights related thereto, will belong exclusively to Comdata. Customer agrees never to challenge, or to assist in any
challenge of, the validity of the Comdata Technology. Furthermore, neither Customer nor any affiliate or subsidiary shall (i) decompile, disassemble, duplicate or reverse engineer any Comdata Technology, (ii) attempt to discover the source
code, design, architecture or other trade secret characteristics or other information relating to the Comdata Technology, or (iii) lease, lend, or rent the Comdata Technology or otherwise make the functionality of the Comdata Technology
available to third parties. Comdata grants Customer a limited, non-exclusive license to use the Comdata Technology during the term of this Agreement solely for Customer’s internal business purposes and
for the provision of services to Participants in connection with the services provided by Comdata pursuant to this Agreement. 
 13. Indemnification.
Each party (the “Indemnifying Party”) agrees to defend, indemnify and hold the other party (the “Indemnified Party”) harmless from and against any and all liability arising from or related to
third-party claims alleged or made against the Indemnified Party and resulting from (i) the Indemnified Party’s proper use of or access to the Indemnifying Party’s technology (as applicable and
defined in Section 13 above, either “Customer Technology” or “Comdata Technology”), including claims of patent, trademark or copyright infringement, misappropriation of trade secrets or other proprietary rights, or
(ii) the acts of its employees or agents, which acts shall include but are not limited to negligent acts and willful misconduct of such persons, or from the breach by a party of its obligations under this Agreement. For purposes hereof, any
person who is given authorization by Customer to access Customer’s Account using Customer’s codes, passwords or other security codes or procedures shall be deemed an employee or agent of Customer. The Indemnified Party shall give the
Indemnifying Party prompt written notice of any claim for which it seeks indemnification hereunder, reasonable assistance in the defense of the claim and exclusive authority to defend, compromise or settle the claim, so long as no such settlement or
compromise places any obligations on, or waives any rights of, the Indemnified Party without its prior written consent. Each party’s indemnification obligations set forth in this Section shall be limited to the total Issuer revenue received
during the twelve (12) month period immediately preceding the date the third-party claim is alleged or made. Neither party shall have any obligation to indemnify the other party for the other party’s
negligent acts or omissions or breaches of this Agreement. 
 14. Right of Setoff and Recoupment. Comdata shall have the right to setoff and apply
any amounts owing by Comdata to Customer against any amounts owing from Customer to Comdata pursuant to any Agreement between Comdata and Customer or any amounts in the possession of or under the control of Comdata. 

15. Non-Solicitation. The parties acknowledge that they both provide payment processing services to businesses
(“Competitive Services”). Each party agrees that it will not use the other party’s Confidential Information to directly or indirectly solicit a customer of the other party for its Competitive Services. It shall not be a violation of
the foregoing for a party to (i) engage in discussions with the other party’s customer if such customer acquires a customer of such party; or (ii) respond to the other party’s customer regarding its Competitive Services when the
customer makes the initial contact with such party, including by way of example, a response to such customer’s request for proposal, or when such customer responds to general advertising by a party that is not specifically targeted to such
customer (e.g., trade shows, marketing campaigns). 
 15A. Acquired Relationship Business. If Customer acquires a business with a Comdata
relationship (“Relationship Business”) that has clients that use Comdata virtual cards as a result of such Relationship Business’ contractual relationship with Comdata or its affiliates (“Relationship Clients”), Customer
agrees that it will comply, or cause such Relationship Business to comply, with all terms of such contract between Comdata and the Relationship Business following such acquisition for the remainder of the then current term of such contract. [**]

 16. Monitoring and/or Recording Communication. Customer understands and agrees that Comdata may, in the performance of any customer support
obligations, monitor and/or record any telephone calls by Customer or its employees and/or agents without any further notice for quality control and/or training purposes. Customer hereby consents to Comdata’s monitoring and/or recording of any
customer service telephone calls with Customer or its employees and/or agents. Customer hereby consents to Comdata’s monitoring and/or recording of any telephone calls and communications with Customer or its employees and/or agents. Customer
acknowledges and understands Comdata may not record all telephone calls or communications, and Comdata does not guarantee that recordings of any particular telephone calls or communications will be retained or be capable of being retrieved. 

17. Taxes. Each party shall be responsible for filing and paying any tax liability it may have with respect to this Agreement. Customer is solely
responsible for any and all tax related obligations in connection with using the Account or Cards or related services, including, without limitation, proper withholding and reporting. Each party agrees to indemnify and hold the other party and its
affiliates harmless from any and all liabilities, including interest and penalties, which are or may be imposed on such party or any of its affiliates pursuant to any such federal, state and local tax laws and regulations. 

18. Press Releases, Publicity, Etc. Neither party shall issue any press release or disseminate similar publicity or other information regarding this
Agreement or the Service for Customer or utilize the trademarks, service marks, trade names or logos of the other party, or in the case of Customer, the Issuing Bank or the Networks, including, without limitation, web site information instructional
or marketing materials or brochures, without the express prior written approval of the other party, Issuing Bank or the Networks, as appropriate. 
 19.
Independent Contractors. None of the provisions of this Agreement is intended to create nor shall be deemed or construed to create any relationship between the parties hereto other than that of independent entities contracting with each other
hereunder solely for the purpose of effecting the provisions of this Agreement. Neither of the parties hereto, nor any of their respective employees, shall be construed to be the employer of the other. Customer and Comdata agree that Comdata is only
providing services under this Agreement as an independent contractor. 
 20. Notices. All written notices required to be given by this Agreement
shall be deemed to be duly given if delivered personally or sent by U.S. certified mail, facsimile or overnight courier to Comdata, 5301 Maryland Way, Brentwood, TN 37027, attention: President, or to Customer at the address listed on the Cover Page
of this Agreement to the attention of Customer’s legal department. 
 21. Custom Services. To the extent Customer requires custom services,
including, without limitation, custom reporting, data loads, dashboards, report distribution, training and other custom development work, Comdata may provide such custom services pursuant to a statement of work agreed to and executed by the parties.
Such statement of work will include a description of the scope of services to be performed by Comdata and an estimated cost for such custom services based on Comdata’s applicable standard hourly rates in effect at the time of service. 

 22. Government Regulation. IMPORTANT INFORMATION ABOUT PROCEDURES FOR BEING A COMDATA CUSTOMER- To help the government fight the funding of terrorism and money laundering activities, federal law requires Comdata to obtain, verify, and record information that identifies Customer (and any guarantor or co-maker) as part of initial and on-going customer review processes. Therefore, Comdata may, at Comdata’s option, require Customer to provide various identifying
information that will allow Comdata to properly identify Customer, which may include but not be limited to name, address, taxpayer identification number, and other information. Customer represents and covenants that (a) Customer (and any Vendor
to whom it provides a card on behalf of its client(s)) is not currently and shall not become subject to any law, regulation or list of any government agency (including, without limitation, the U.S. Office of Foreign Asset Control list) that
prohibits Comdata (i) in the case of Customer, from making any advance or extension of credit to Customer or (ii) in the case of Customer or Vendors, from otherwise conducting business with Customer or such Vendor, and (b) Customer
shall provide to Comdata, MasterCard and Issuing Bank, when requested, documentary and other evidence of Customer’s identity or the identity of any person to whom Customer provides a Card, so that Comdata may comply with any applicable law or
regulation or Comdata’s AML Policy. In addition, Customer will provide to Comdata and Issuing Bank the identity of any Participant (including, but not limited to, name, address, and taxpayer identification number) so that Comdata may comply
with any applicable law or regulation or Comdata’s AML Policy. 
 23. Exclusivity. [Intentionally Omitted]. 

24. Monthly Incentive. For transactions settled through the MasterCard network, an incentive will be paid to the Customer as forth on the Cover Page
hereto. The incentive is paid monthly and is calculated each month based on the Customer’s previous month’s spend volume, net of any charge backs, and credit losses. 

25. Miscellaneous. (a) This Agreement shall be exclusively governed by the laws of the State of Tennessee without regard to the choice of law
rules of such state. (b) Failure to insist upon strict compliance with any of the terms or conditions of this Agreement shall not be deemed a waiver of such term or condition, nor shall waiver or relinquishment of any right or power hereunder
at any time be deemed a subsequent waiver or relinquishment of such right or power. (c) This Agreement, including the Cover Page, these General Terms and Conditions, and any other exhibits, schedules or addenda attached hereto and made a part
hereof, constitutes the entire agreement of the parties with respect to its subject matter; supersedes all prior agreements and understandings, oral or written, of the parties with respect to this subject matter; and except as expressly set forth
herein, may only be modified by a writing signed by Comdata and Customer. (d) The parties shall be bound by and comply with all applicable laws and regulations, including without limitation, regulations regarding privacy and money transmission
(“applicable law”) and all payment network rules, guidelines, requirements, and prohibitions (“network rules”) pertaining to their respective obligations hereunder and use of the Account and Card(s). Customer shall permit Comdata
to reasonably investigate or audit Customer’s compliance with applicable law and network rules regarding Customer’s use of the Account and Card(s). (e) Any provision of this Agreement that by its nature is intended to survive termination
of this Agreement shall so survive and shall remain enforceable after such termination. (f) The section and other headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement. (g) In case one or more of the provisions contained in this Agreement or any application thereof shall be invalid, illegal, or unenforceable in any respect, the validity, legality, and enforceability of the remaining provisions
contained herein and any other application thereof shall not in any way be affected or impaired hereby. (h) No provision of this Agreement shall be construed in favor of, or against, any particular party by reason of any presumption with
respect to the drafting of this Agreement; both parties, having fully participated in the negotiation of this Agreement, hereby agree that this Agreement shall not be subject to the principle that a contract would be construed against the party
which drafted the same. (i) This Agreement is for the benefit of Comdata, its successors and assigns, and may be assigned by Comdata without the consent of Customer. Comdata will provide notice of any such assignment. Customer may not transfer
or assign this Agreement without the prior written consent of Comdata, which consent shall not be unreasonably withheld. In the event that Comdata does not consent to any transfer or assignment of this Agreement by Customer on the same terms and
conditions, then Customer, at its option, may terminate the Agreement, without penalty on written notice to Comdata and shall pay Comdata the Service Fees due and owing for Services provided up to the date of termination. If Comdata does not consent
to such transfer or assignment because the intended assignee is either (i) a competitor to Comdata or (ii) a business that the Issuing Bank will not work with because it is a prohibited business for such bank , and Customer elects to
terminate the Agreement, then Customer agrees to pay Comdata an amount equal to (i) the Comdata Service Fee set forth on the Cover page multiplied by the Minimum Committed Volume not met for the then current year plus (ii) for each year
remaining in the term of the Agreement, the Comdata Service Fee set forth on the Cover page multiplied by the Minimum Committed Volume for such year. (m) The parties acknowledge and agree that electronic records and signatures shall have the
full legal effect of a written record and manual signature. 
 26. Termination of Prior Agreement. Upon the execution of this Agreement by Comdata
and Customer, the Comdata MasterCard Corporate Card Agreement, dated July 26, 2013, as amended, between Comdata and Customer (the “Prior Agreement”) shall terminate and be superseded by this Agreement. Upon execution of this
Agreement, Customer shall owe to Comdata a one time “buyout” payment of $[**] payable within sixty (60) days of the date of execution of this Agreement. Retention of the foregoing buyout payment is conditioned upon fulfillment of the
entire Initial Term of this Agreement, unless this Agreement is terminated early by Comdata as a result of Customer’s material breach of its obligations hereunder. In the event of termination of this Agreement by Comdata for any reason other
than Customer’s material breach prior to the expiration of the Initial Term. Comdata agrees to repay such buyout amount on a pro rata basis. 
 27.
[**] 
 28. Agreement to Amend. The parties agree to amend the Agreement to include additional obligations with respect to a possible change
in funding of Virtual Cards. Within ten (10) days following the Effective Date, the parties shall designate representatives to work together on the foregoing matter and shall use commercially reasonable efforts to execute one or more amendments
to incorporate additional agreed upon obligations with respect thereto by March 31, 2021. 
 [Fee Schedule and Service Schedule Follow]

  
  

 
 FOR INTERNAL USE ONLY: 

			
	 Virtual Card Transactions:
	  	
	Billing Terms: 1 day(s)	  	 Payment Terms: 1 day(s)

  
  

 Schedule 1 

Service Levels 
 [**] 

 Schedule 2 

Funds Flow 
 [**]EX-10.22

 Exhibit 10.22 

Pursuant to 17 CFR 229.601, certain identified information marked “[**]” has been excluded from this 

exhibit because it is both (i) not material and (ii) is the type the registrant treats as private and 

confidential and would be competitively harmful if publicly disclosed. 

 

			
	Financial Technology Partners LP | FTP Securities LLC    	  	Securities Offered Through FTP Securities LLC

 One Front Street 31st Floor | San Francisco CA 94111 

 
 

 
  
  

PERSONAL AND CONFIDENTIAL 
 February 19, 2021 

Michael Praeger 
 Chief Executive Officer and Co-Founder 
 AvidXchange, Inc. 

1210 AvidXchange Lane 
 Charlotte, NC 28206 

Dear Mike: 
 We are pleased to amend and restate the arrangements
under which Financial Technology Partners LP and FTP Securities LLC and their successors (together, “FT Partners”) are engaged by AvidXchange, Inc. (the “Company”) as its exclusive financial and strategic advisor in
connection with one or more possible Transactions (as defined in Annex B, which, along with Annex A, is incorporated by reference into this Amended and Restated Engagement Letter) involving the Company. 

 

	1.	 Recitals. 

WHEREAS, the Company and FT Partners are parties to that certain engagement letter by and between the Company and FT Partners, dated August 24, 2010 (the
“Original Engagement Letter”); 
 WHEREAS, the Company has requested that FT Partners amend and restate the Original Engagement Letter by
entering into this Amended and Restated Engagement Letter (the “Amended and Restated Engagement Letter”); 
 WHEREAS, FT Partners is
willing to amend and restate the Original Engagement Letter in consideration of the Company entering into this Amended and Restated Engagement Letter and simultaneously paying to FT Partners an amount in cash equal to $50,000,032.91, which amount is
in consideration of this amendment and restatement and is not contingent upon any future services by FT Partners; provided that FT Partners and the Company have further agreed that FT Partners will invest such amount in shares of common
stock, par value $0.001 per share, of the Company at a price per share of $49.012, for a total issuance of 1,020,159 shares of common stock (the “Share Issuance”), which Share Issuance is being effected concurrently herewith
pursuant to the subscription agreement attached as Annex C (the “Subscription Agreement”); 
 WHEREAS, the parties acknowledge that, as of
the date of the Amended and Restated Engagement Letter, neither party has failed to perform any of its obligations under the Original Engagement Letter or otherwise breached the Original Engagement Letter, and the Company acknowledges that the
services performed by FT Partners under the Original Engagement Letter have at all times been performed to the complete satisfaction of the Company; 

  

									
		 	Initials:	  		  		  	
		 	Company	  	__________	  	FT Partners	  	__________

 AvidXchange, Inc. 

February 19, 2021 
 Page 2 of 11 

 

 WHEREAS, the parties acknowledge that with the execution of this Amended and Restated Engagement Letter and
the simultaneous Share Issuance under the Subscription Agreement, all obligations under the Original Engagement Letter shall be considered satisfied (for the avoidance of doubt, nothing contained herein shall limit FT Partners’ rights to
indemnification set forth in the Original Engagement Letter based on actions or omissions arising prior to the date hereof); 
 WHEREAS, the Company
acknowledges that this Amended and Restated Engagement Letter restates in its entirety the Original Engagement Letter, which is hereby terminated and of no further force and effect; 

WHEREAS, the Company and FT Partners each acknowledge that they are entering into this Amended and Restated Engagement Letter on an arm’s-length basis and that each has had ample opportunity to consult with its respective legal counsel regarding the terms thereof; and 

WHEREAS, the Company and FT Partners each acknowledge that they are freely entering into the Amended and Restated Engagement Letter with full knowledge
regarding the terms thereof and not in reliance upon any statements made by any other party. 
  

	2.	 Services. 

During the term of FT Partners’ engagement, and as mutually agreed upon by FT Partners and the Company, FT Partners will provide the Company with overall
advisory services regarding analysis and evaluation of strategic options, periodic updates to management and the Company’s Board of Directors (the “Board”) on key industry transactions, trends and valuations which may impact the
Company, financial advice and assistance in connection with a potential Transaction, which may include performing financial analyses, searching for investor(s) or purchaser(s) acceptable to the Company, coordinating meetings with such potential
investor(s) or purchaser(s) and assisting the Company in negotiating the financial aspects of the Transaction, as well as any other services we mutually deem appropriate. FT Partners will have conference calls and meetings with the Company as
reasonably appropriate in the course of providing such services. 
  

	3.	 Fees. 

(a) In consideration of the services being provided by FT Partners hereunder, if one or more Transactions is consummated (i) between the
date hereof and the date of the termination of this Amended and Restated Engagement Letter or (ii) during the Tail Period (as defined below), the Company agrees to pay FT Partners a transaction fee (the “Transaction Fee”) for
each such transaction according to the following schedule: 
 (i) In the case of a Company Sale (as defined in Annex B), the Transaction Fee
shall be 1.75% of any Aggregate Consideration (as defined in Annex B); 
 (ii) In the case of a Capital Raise (as defined in Annex B)
occurring (1) prior to such time as the Company completes an IPO (as defined in Annex A) or (2) in conjunction with an IPO, the Transaction Fee shall be [**]% of the gross proceeds of the Capital Raise; 

(iii) In the event the Company completes an IPO, the Transaction Fee shall be 1% of the gross proceeds of such IPO (at the offering price, not
the underwriters’ discounted price), including any option to purchase or place additional shares exercised by the underwriters; and 

(ii) After completion of an IPO, in the event the Company completes one or more Follow-On Offerings (as
defined in Annex B), the Transaction Fee shall be 1% of the first $500 million of cumulative aggregate gross proceeds on any such Follow-On Offerings (at the offering price, not the underwriters’
discounted price), including any option to purchase or place additional shares exercised by the underwriters. After the first $500 million of post-IPO Follow-On
Offering proceeds, FT Partners shall have no further right to participate in or to be paid for financial advisory services in connection with a Capital Raise or Follow-On Transaction, absent a new written
agreement with the Company. 

  

									
		 	Initials:	  		  		  	
		 	Company	  	__________	  	FT Partners	  	__________

 AvidXchange, Inc. 

February 19, 2021 
 Page 3 of 11 

 

 (b) The Company may engage other financial advisors at any time and from time to time, and
notwithstanding any such engagement, FT Partners will use its reasonable best efforts to carry out its obligations under this Amended and Restated Engagement Letter, and will cooperate with such other financial advisors in good faith as directed by
the Company. 
 (c) If in connection with the termination or abandonment of any proposed Transaction occurring during the Term or the Tail
Period (as defined below), the Company receives any so called “termination,” “break up,” “topping” or similar fee or payment (including any judgment for damages or amount in settlement of any dispute as a result of any
termination or other failure to consummate any such Transaction) or any profit arising from any shares (or option to acquire shares or assets) of any prospective purchaser or any of its affiliates acquired in connection with any such Transaction, FT
Partners shall receive a termination fee equal to 20% of all such fees or profits, net of direct out of pocket expenses (including, without limitation, financing fees, legal fees and investment banking fees) incurred by the Company in connection
with any such proposed Transaction other than this termination fee. Such fee shall be payable to FT Partners promptly upon receipt of any such compensation by the Company. 

(d) If, in lieu of a Transaction, the Company completes an alternative transaction similar in type or purpose with the assistance of FT
Partners, FT Partners and the Company will negotiate in good faith the appropriate compensation for FT Partners, which will take into account, among other things, the custom and practice among investment bankers in similar size and type of
transactions. 
 (e) The Company will pay, or will instruct the purchaser to pay, all fees and expenses payable to FT Partners pursuant to
this Amended and Restated Engagement Letter simultaneously with, or prior to, the consummation of the Transaction, as a condition to the closing of such Transaction. In the event the Company or a purchaser fails to timely pay the fees and expenses
of FT Partners due hereunder at the times described herein, the unpaid fees and expenses due to FT Partners shall bear interest at the rate of two percent (2%) per month, or the highest rate permitted by law if less, until paid in full. The Company
agrees that all payments to be made to FT Partners shall be made in cash in United States dollars; provided, however that if some or all of the consideration to the Company or its members in a Transaction is in the form of securities, FT Partners
may, at its sole discretion, elect to receive a portion of the Transaction Fee in such securities in lieu of cash, provided that the relative portion of the Transaction Fee consisting of such securities shall not exceed the relative portion of the
Aggregate Consideration consisting of securities. The Company further agrees that all payments to be made to FT Partners hereunder shall be made without deduction for any withholding, value added or other similar taxes, any and all of which, to the
extent taxable to FT Partners, shall be the sole responsibility of FT Partners. 
 (e) If any portion of the Aggregate Consideration is
payable to any person or entity after the closing of the Transaction and is either (a) a contingency payment relating to future earnings, revenue or other performance-related targets or (b) amounts held in escrow relating to indemnity
holdbacks or any other guaranteed payments (together, “Contingency Consideration”), that portion of the Transaction Fee attributable to such Contingency Consideration shall be paid to FT Partners at the same time such Contingency
Consideration is actually paid to such person or entity. 
 4. Expenses. 

Regardless of whether or not any Transaction occurs, the Company also agrees to reimburse FT Partners periodically, upon request, and in any event upon
consummation of a Transaction or upon termination of this Amended and Restated Engagement Letter, for FT Partners’ reasonable, documented out-of-pocket expenses
(including the fees and disbursements of legal counsel) arising in connection with any matter referred to in this Amended and Restated Engagement Letter provided that expenses in excess of $500 per expense are communicated and approved in advance by
the Company. It is agreed that reasonable expenses for travel and printing of materials for meetings of which the Company is already aware shall be exempt from such advance approval. 

  

									
		 	Initials:	  		  		  	
		 	Company	  	__________	  	FT Partners	  	__________

 AvidXchange, Inc. 

February 19, 2021 
 Page 4 of 11 

 

	5.	 No Exclusivity. 

FT Partners acknowledges that the Company may retain additional financial advisors in connection with any Transaction and may retain one or more underwriters
in connection with an IPO or any Follow-On Offering, it being understood that no such retention shall modify the fees due to FT Partners hereunder and FT Partners shall serve as
co-lead advisor with equal recognition credit in any Company Sale. 
  

	6.	 Indemnification. 

It is the policy and practice of FT Partners to receive indemnification when it is acting as financial advisor on behalf of its clients. Accordingly, the
Company agrees to the provisions with respect to indemnification and other matters as set forth in Annex A, which is incorporated by reference into this Amended and Restated Engagement Letter. 

 

	7.	 Term. 

(a) This Amended and Restated Agreement is intended to change the basic terms of the parties’ relationship, by acknowledging that as the
Company has grown, its financial advisory needs have changed. The “End Date” is defined as the date that is the earlier of (i) the consummation of a Company Sale or (ii) December 31, 2059. Although we do not
anticipate any reason the Company will wish to terminate the engagement, this Amended and Restated Engagement Letter and FT Partners’ services hereunder may be terminated by the Company at any time with or without cause immediately upon written
notice to FT Partners. In the event that Steve McLaughlin ceases to be an active principal or senior employee of FT Partners or its successor, then (i) at any time after such cessation, the Company may terminate this Amended and Restated
Engagement Letter (a “Key Person Termination”) immediately upon written notice to FT Partners, and (ii) the Tail Period (as defined below) in effect as of the date of such cessation, if any, shall automatically terminate as of
such date, and the Company shall have no obligation to pay a Transaction Fee in respect of a Transaction consummated after such date. 
 (b)
Following the termination of this Amended and Restated Engagement Letter for any reason other than as a result of a Company Sale or a Key Person Termination, (i) at or prior to such termination, the Company shall pay FT Partners any unpaid fees
and (ii) subject to the provisions of paragraph 5(a) above, FT Partners will be entitled to receive an applicable Transaction Fee any time the Company consummates any Transaction during the Tail Period, whether or not FT Partners is involved in
such Transaction. For the avoidance of doubt, FT Partners shall be entitled to such applicable Transaction Fees during the Tail Period regardless of when termination of this Amended and Restated Engagement Letter (other than as a result of a Company
Sale or a Key Person Termination) occurs and how long after termination such Transaction takes place. The Tail Period is defined as the period beginning on the date of termination of this Amended and Restated Engagement Letter for any reason
other than by a Company Sale or a Key Person Termination and ending on the End Date. 
 (c) The provisions of this paragraph and paragraphs
3 (Fees), 4 (Expenses), 6 (Indemnification), 8(b), (c) and (d) (Cooperation), 10 (Jurisdiction), 12 (Representations) and 13 (Miscellaneous), as well as Annex A and Annex B, shall survive any termination or expiration of this Amended and Restated
Engagement Letter. 
  

	8.	 Cooperation. 

(a) The Company shall furnish FT Partners with all information and data that FT Partners shall reasonably deem appropriate in connection with
FT Partners’ activities on the Company’s behalf and shall provide FT Partners full access to the Company’s officers, directors, employees and professional advisors. During the course of a possible Transaction, the Company agrees to
promptly advise FT Partners of all developments materially affecting the Company, such proposed Transaction or the accuracy of the information 

  

									
		 	Initials:	  		  		  	
		 	Company	  	__________	  	FT Partners	  	__________

 AvidXchange, Inc. 

February 19, 2021 
 Page 5 of 11 

 

 
previously furnished to FT Partners by the Company. The Company shall furnish to FT Partners a complete set of final documents governing any completed Transaction for retention in FT
Partners’ internal records. The Company shall also furnish to FT Partners any documentation FT Partners may reasonably request in order to calculate any Transaction Fee due hereunder. 

(b) The Company expressly acknowledges that FT Partners in acting pursuant to this Amended and Restated Engagement Letter (i) will be
relying on information and data discussed with or provided by the Company and on information and data available from generally recognized public sources without having independently verified the same, (ii) does not assume responsibilities for
the accuracy or completeness of any such information, (iii) will not make an appraisal of any assets, liabilities or other financial statements of the Company or any other party, (iv) retains the right to perform due diligence on the
Company during the course of the engagement, and (v) has no obligation to advise or opine on any solvency issues. 
 (c) The Company
acknowledges and agrees that FT Partners’ advice is for the use and information of the Company’s management and Board and only in considering the matters to which this Amended and Restated Engagement Letter relates. Such advice may not be
relied upon by any other person including, but not limited to, any security holder, employee or creditor of the Company and may not be used or relied upon for any other purpose. The Company will not disclose such advice to others (except to the
Company’s legal and accounting representatives who shall be informed of this provision and except as required by law) or summarize or refer to such advice without, in each case, FT Partners’ prior written consent. The Company shall be
responsible for any breach by any of its representatives of this paragraph. In the event the Company is required by law to make any filings with any governmental authority or any disclosure to any third party, including without limitation the
security holders of the Company, which mentions FT Partners or the advice rendered by FT Partners hereunder, such disclosure shall be in a form and substance reasonably satisfactory to FT Partners and its counsel. Without limiting the foregoing, any
opinions or advice rendered to the Company’s management or Board in the course of the Company’s engagement of FT Partners are for the purpose of assisting the Board or management, as the case may be, and do not constitute a recommendation
to any stockholder of the Company concerning action that such stockholder might or should take in connection with any proposed Transaction. 

(d) It is understood and agreed that FT Partners will act under this Amended and Restated Engagement Letter as an independent contractor with
duties solely to the Company. It is understood that FT Partners’ responsibility to the Company is solely contractual in nature and nothing in this Amended and Restated Engagement Letter or the nature of FT Partners’ services shall be
deemed to create a fiduciary or agency relationship between FT Partners and the Company or any other party, including the Company’s stockholders. 

(e) In providing the services hereunder, FT Partners shall comply with all applicable laws, rules and regulations, including, without
limitation, all applicable state and federal securities laws. 
  

	9.	 No Commitment. 

It is understood that this Amended and Restated Engagement Letter does not constitute an agreement on the part of the Company to consummate any Transaction or
Transactions, and nothing in this Amended and Restated Engagement Letter shall prevent the Company from abandoning or otherwise determining not to proceed with any Transaction. The Company shall have final authority to make all decisions with
respect to the Transaction (except those affecting FT Partners’ rights and obligations hereunder) including the right to determine whether to proceed with any Transaction. 

 

	10.	 Jurisdiction. 

This Amended and Restated Engagement Letter (including Annex A and Annex B hereto) shall be governed by and construed in accordance with the laws of the State
of New York without regard to principles of conflicts of laws. The Company and FT Partners hereby irrevocably and unconditionally consent to the exclusive jurisdiction of and venue in any New York State or United States Federal Court located in New
York County for any action or proceeding arising out of or relating to this Amended and Restated Engagement Letter or the matters 

  

									
		 	Initials:	  		  		  	
		 	Company	  	__________	  	FT Partners	  	__________

 AvidXchange, Inc. 

February 19, 2021 
 Page 6 of 11 

 

 
contemplated hereby and the Company and FT Partners hereby irrevocably agree that all claims in respect of such action or proceeding may and shall be heard in such state or federal court. The
Company and FT Partners irrevocably consent to the service of any and all process in any such action or proceeding by the mailing of copies of such process to it at its address set forth above. Each of the Company and FT Partners agrees that a final
judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Each of the Company and FT Partners further waives any objection to any action
or proceeding in such state on the basis of forum non conveniens. Notwithstanding anything to the contrary contained herein, nothing in this paragraph is intended to prevent either party hereto from instituting an action in a jurisdiction
outside of New York for the sole and exclusive purpose of enforcing a judgment rendered by a New York State or United States Federal Court located in New York County. ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY PROCEEDING ARISING OUT OF OR
RELATED TO THE SERVICES OF FT PARTNERS HEREUNDER AND THE TRANSACTIONS CONTEMPLATED HEREBY IS HEREBY WAIVED BY FT PARTNERS AND BY THE COMPANY. 
  

	11.	 Announcements. 

The Company acknowledges that FT Partners may, at its option and expense, following the public announcement of a Transaction by the Company, place an
announcement in such newspapers, electronic media and periodicals as it may choose, stating that FT Partners has acted as a financial and strategic advisor to the Company in connection with any Transaction. The Company agrees that any press release
it may issue (jointly or solely) announcing a Company Transaction will contain a reference to FT Partners’ role as financial advisor (or co-lead financial advisor) to the Company in connection with such
Transaction. 
  

	12.	 Representations and Warranties. 

The Company hereby represents and warrants to FT Partners that (i) it has all requisite corporate and other power and authority to execute, deliver and
perform this Amended and Restated Engagement Letter and the Subscription Agreement, (ii) the execution, delivery and performance of this Amended and Restated Engagement Letter and the Subscription Agreement have been duly authorized by all
necessary action on the part of the Company, its board of directors and its equity owners, and do not contravene any provision of the Company’s Certificate of Incorporation (as amended through the date hereof), Bylaws, Investors’ Rights
Agreement or any law, decree, order, judgment or contractual restriction binding on the Company or its assets, and (iii) this Amended and Restated Engagement Letter and the Subscription Agreement are valid and legally binding obligations of the
Company, enforceable against the Company in accordance with their terms. 
  

	13.	 Miscellaneous. 

The terms of that certain confidentiality letter agreement of even date herewith by and between FT Partners and the Company (the “Confidentiality
Agreement“) are hereby incorporated herein by reference. 
 The Company acknowledges that FT Partners is a financial advisory firm focused
exclusively in the financial services and technology sector and as such FT Partners or its affiliates may from time to time effect transactions, for its own account or the account of affiliates or customers, hold positions in securities or options
on securities of the Company and other companies which may be the subject of the engagement contemplated by this Amended and Restated Engagement Letter, and may advise or invest in, currently or in the future, companies which may be in competition
with or may be potential acquirers or targets of the Company. Although in the course of such engagements, FT Partners may acquire information about the transaction or such other parties, FT Partners shall have no obligation to disclose such
information, or the fact that FT Partners is in possession of such information to the Company or to use such information on the Company’s behalf, but may not use any Company confidential information in connection with any transactions on behalf
of other parties. All securities related transactions will be handled exclusively by FTP Securities LLC, member FINRA / SIPC. 
 FT Partners does not
provide accounting, tax or legal advice. The Company is authorized, subject to applicable law, to disclose any and all aspects of a Transaction that are necessary to support any U.S. federal income tax benefits expected to be claimed with respect to
such transaction, without FT Partners imposing any limitation of any kind. 

  

									
		 	Initials:	  		  		  	
		 	Company	  	__________	  	FT Partners	  	__________

 AvidXchange, Inc. 

February 19, 2021 
 Page 7 of 11 

 

 Unless otherwise agreed in writing by FT Partners, the Company agrees not to solicit the employment of any
personnel, employee or sub-contractor of FT Partners, either directly or indirectly, during the term of this Amended and Restated Engagement Letter and a period of three (3) years after its termination,
provided that the Company shall not be restricted from hiring any former employee of FT Partners who responds to a public advertisement of employment without any solicitation by the Company. 

This Amended and Restated Engagement Letter and the Confidentiality Agreement (a) set forth the entire understanding of the parties relating to the
subject matter hereof and thereof and supersede and cancel any prior communications, understandings and agreements between the parties relating to the subject matter hereof or thereof; (b) may not be amended, modified or waived except in
writing executed by each of the parties; and (c) may be signed in counterparts (any of which may be by facsimile or other electronic delivery), each of which shall constitute an original and which together shall constitute one and the same
agreement. FT Partners may perform its obligations hereunder either directly or through any of its affiliates. This Amended and Restated Engagement Letter (including Annex A and Annex B hereto) and each party’s rights and obligations hereunder
may not be assigned by either party hereto without the other party’s prior written consent. The provisions of this Amended and Restated Engagement Letter shall be binding upon each of FT Partners, the Company and their respective successors and
assigns. 
 Except as set forth in Annex A hereto, nothing in this Amended and Restated Engagement Letter is intended to confer upon any other person
(including stockholders, employees or creditors of the Company) any rights or remedies hereunder or by reason hereof. 
 Each of the Company and FT Partners
shall refrain from disparagement or defamation of the other party, and shall use commercially reasonable efforts to cause their respective employees and agents to refrain from such disparagement or defamation, to anyone at any time in the future.

 The invalidity or unenforceability of any provision of this Amended and Restated Engagement Letter shall not affect the validity or enforceability of any
other provision of this Amended and Restated Engagement Letter, which shall remain in full force and effect pursuant to the terms hereof. 
 The Company and
FT Partners agree that the terms and language of this Amended and Restated Engagement Letter were the result of negotiations between the parties and their respective advisors and, as a result, there shall be no presumption that any ambiguities in
this Amended and Restated Engagement Letter shall be resolved against any party. Any controversy over construction of this Amended and Restated Engagement Letter shall be decided without regard to events of authorship or negotiation. 

The prevailing party in any dispute to enforce this Amended and Restated Engagement Letter shall be entitled to reasonable attorney’s fees, costs, and
necessary disbursements. 
 In addition to any other relief to which a party may be entitled in connection with any dispute arising under or in connection
with this Amended and Restated Engagement Letter, the non-prevailing party or parties in any such dispute shall bear and pay the reasonable costs and expenses (including without limitation reasonable
attorneys’ fees and expenses) incurred by the prevailing or substantially prevailing party in connection with resolving such dispute, however resolved. 

[Signature Page Follows] 

  

									
		 	Initials:	  		  		  	
		 	Company	  	__________	  	FT Partners	  	__________

 AvidXchange, Inc. 

February 19, 2021 
 Page 8 of 11 

 

 Please confirm that the foregoing is in accordance with the Company’s understanding by signing and
returning to us the enclosed copy of this Amended and Restated Engagement Letter, which shall become a binding agreement upon FT Partners’ receipt and the simultaneous Share Issuance under the Subscription Agreement. FT Partners is delighted to
accept this engagement, and we look forward to working with the Company on this assignment. 
  

			
	Very truly yours,
	
	FINANCIAL TECHNOLOGY PARTNERS LP
	FTP SECURITIES LLC
		
	By:	 	 
		 	Steven J. McLaughlin
		 	Managing Partner

  

			
	 ACCEPTED AND AGREED AS

OF THE DATE FIRST WRITTEN ABOVE:

	
	 AVIDXCHANGE, INC.

		
	 By:
	 	 
		 	 Name: Michael Praeger

		 	 Title: Chief Executive Officer and
Co-Founder

  

									
		 	Initials:	  		  		  	
		 	Company	  	__________	  	FT Partners	  	__________

 AvidXchange, Inc. 

February 19, 2021 
 Page 9 of 11 

 

 Annex A 

The Company will reimburse FT Partners for its direct, out-of-pocket costs
and expenses, including the reasonable fees and expenses of legal counsel, actually incurred in connection with any actual or threatened action, proceeding, claim or investigation brought by or against any person, including stockholders of the
Company, which FT Partners has incurred in connection with or as a result of either FT Partners’ engagement by the Company or any matter referred to in this Amended and Restated Engagement Letter, whether or not FT Partners is a party and
whether or not such claim, action or proceeding is initiated or brought by or on behalf of the Company; provided that the Company shall have no obligation to reimburse FT Partners for any such costs or expenses arising directly from the gross
negligence or willful misconduct of FT Partners, its representatives or affiliates. The Company also will indemnify and hold FT Partners harmless against any and all losses, claims, damages or liabilities to any such person in connection with or as
a result of either FT Partners’ engagement or any matter referred to in this Amended and Restated Engagement Letter, except to the extent of any such loss, claim, damage or liability that has been finally determined to have resulted directly
from the gross negligence or willful misconduct of FT Partners, its representatives or affiliates. The Company shall not be liable for any settlement of any litigation or proceeding effected without its written consent, such consent not to be
unreasonably withheld or delayed 
 If for any reason the foregoing indemnification is unavailable to FT Partners or insufficient to hold it
harmless, then the Company shall contribute to the amount paid or payable by FT Partners as a result of such loss, claim, damage or liability (i) in such proportion as is appropriate to reflect the relative economic interests of the Company and
its stockholders on the one hand and FT Partners on the other hand in the matters contemplated by this Amended and Restated Engagement Letter, or (ii) if (but only if) the allocation provided for in clause (i) is for any reason held
unenforceable, in such proportion as is appropriate to reflect not only the relative economic interests referred to in clause (i) but also the relative fault of the Company, on the one hand, and FT Partners, on the other hand, with respect to
such loss, claim, damage or liability as well as any other relevant equitable considerations. The Company agrees that for the purposes of this paragraph the relative economic interests to the Company and FT Partners of a proposed transaction shall
be deemed to be in the same proportion that the total value paid, transferred, exchanged or received or contemplated to be paid, transferred, exchanged or received by the Company or its security holders, as the case may be, as a result of or in
connection with such transaction bears to the fees paid or to be paid to FT Partners under this Amended and Restated Engagement Letter; provided, however, that if after accounting for the allocation provisions of (i) or (ii) above, FT Partners
would retain responsibility for an amount in excess of the aggregate fees actually paid to FT Partners under this Amended and Restated Engagement Letter, then such excess amount shall also be contributed by the Company. 

The reimbursement, indemnity and contribution obligations of the Company under this Annex A shall be in addition to any liability which the Company may
otherwise have, shall extend upon the same terms and conditions to any affiliate of FT Partners and the partners, directors, agents, employees and controlling persons (if any), as the case may be, of FT Partners and any such affiliate (each such
person being an “Indemnified Person”), and shall be binding upon and inure to the benefit of any successors, permitted assigns, heirs and personal representatives of the Company, FT Partners, any such affiliate and any
such person. 
 The Company also agrees that neither FT Partners nor any Indemnified Person shall have any liability to the Company, the stockholders
of the Company or any person asserting claims on behalf of or in right of the Company in connection with or as a result of the engagement of FT Partners under this Amended and Restated Engagement Letter, except losses, claims, damages or liabilities
incurred by the Company or any such persons that has been finally determined to have resulted directly from the gross negligence or willful misconduct of FT Partners. In no event regardless of the legal theory advanced, shall any Indemnified Person
be liable for any consequential, indirect, incidental or special damages of any nature. 
 Prior to entering into any agreement or arrangement with
respect to, or effecting, any proposed sale, exchange, dividend or other distribution or liquidation of all or a significant portion of its assets in one or a series of transactions or any significant recapitalization or reclassification of its
outstanding securities that does not directly or indirectly provide for the assumption of the obligations of the Company set forth in this Annex A, the Company will notify FT Partners in writing thereof (if not previously so notified) and, if
requested by FT Partners, shall arrange in connection therewith alternative means of providing for the obligations of the Company set forth in this paragraph, including the assumption of such obligations by another party, insurance, surety bonds or
the creation of an escrow, in each case in an amount and upon terms and conditions satisfactory to FT Partners. The provisions of this Annex A shall survive any termination, expiration or completion of the engagement provided by this
Amended and Restated Engagement Letter. 

  

									
		 	Initials:	  		  		  	
		 	Company	  	__________	  	FT Partners	  	__________

 AvidXchange, Inc. 

February 19, 2021 
 Page 10 of 11 

 

 Annex B 

Certain Definitions 
 As used in this Amended and
Restated Engagement Letter, a “Transaction” means any of a Company Sale, an IPO, a Capital Raise or a Follow-On Offering. It is contemplated that FT Partners’ engagement may involve a
series of transactions; each such transaction shall constitute a Transaction entitling FT Partners to a separate Transaction Fee. 
 As used in this Amended
and Restated Engagement Letter, a “Company Sale” means, whether effected in one transaction or a series of transactions, any merger, consolidation, restructuring, reorganization, recapitalization, joint venture, exchange or other
transaction or analogous event after the date hereof pursuant to which at least 50% of the Company’s (x) capital stock or equivalents, or (y) assets (based on the book value thereof), revenue, income or business is transferred to a
purchaser or group of affiliated purchasers. A Company Sale resulting in the transfer of at least 50% of the Company’s voting stock constitutes control and represents a completed Company Sale for purposes of determining when the full
Transaction Fee is payable and is to be paid. Nevertheless, FT Partners’ advisory efforts pursuant to this Amended and Restated Engagement Letter will continue after control is transferred to assist the Company with a second step merger or
similar transaction. For the avoidance of doubt, no Capital Raise, Follow-On Offering and/or IPO shall be deemed to result in a Company Sale unless such transactions are used to effect an acquisition of at
least 50% of the Company’s capital stock or equivalents by a single purchaser (or single purchaser together with its affiliates or any other parties who are working together to effect an acquisition of the Company). For further avoidance of
doubt, an acquisition by or merger with a publicly traded special purpose acquisition company shall be a Company Sale and not an IPO. 
 As used in this
Amended and Restated Engagement Letter, a “Capital Raise” means a transaction after the date hereof and prior to the completion of an IPO or in conjunction with an IPO in which (i) the Company or the Company’s stockholders
sell less than 50% of the Company’s capital stock or equivalents or (ii) the Company issues any convertible debt or other equity-linked debt securities (not including any non-convertible term loan or
secured credit facility whether provided by a federal or state chartered bank or non-bank lender). For the avoidance of doubt, “Capital Raise” shall not include an IPO. For the avoidance of doubt,
borrowings in the normal course of business from the Company’s existing lenders as of the date hereof (regardless of form) will not be considered a Capital Raise. In addition, any equity or debt amounts contributed by FT Partners, members of
the AvidXchange senior management team, Larry Brown, Pat Augustine, Todd Gorelick, Ken Miller or Ross Annable, either made directly or as participation in a FT Partners led Capital Raise, shall not be considered amounts subject to Capital Raise
fees. 
 As used in this Amended and Restated Engagement Letter, an “IPO” means either (i) an underwritten initial public offering
registered under the Securities Act of 1933, as amended (the “Securities Act”), of capital stock or equivalents of the Company, or (ii) an offering in which capital stock or equivalents of the Company are sold in a transaction
registered under the Securities Act without an underwriting process (a so-called “direct listing”), in each case resulting in gross proceeds $•. 

As used in this Amended and Restated Engagement Letter, a “Follow-On Offering” means, at any time
following the IPO, the first one or more underwritten public offerings registered under the Securities Act of capital stock or equivalents of the Company until the aggregate of such offerings equals at least $500,000,000 in cumulative aggregate
gross proceeds. 
 For purposes of calculating any Transaction Fee, “Aggregate Consideration” shall be: the total gross proceeds and other
consideration, directly or indirectly, paid or payable or otherwise distributed to the Company and/or its security holders (including holders of options, warrants and convertible securities) or affiliates in connection with any Transaction,
including, without limitation the following: (i) cash; (ii) notes, securities and other property valued at the fair market value thereof (determined without any discount for restrictions on the free marketability of such property, including
without limitation restrictions on transfer under applicable law or pursuant to an agreement, vesting or repurchase rights); (iii) liabilities (other than trade accounts payable, accrued expenses, and other similar liabilities incurred in the
ordinary course of business, except to the extent contributing to a net working capital deficit), including all debt, pension liabilities, guarantees and working capital deficit assumed (or that remain outstanding), refinanced or extinguished as
part of the Transaction; (iv) payments to be made in installments; and (v) amounts paid or payable under consulting agreements, employment agreements, severance agreements, supply, service, distribution or licensing agreements, agreements
not to compete or similar arrangements (including such payments to management), in each case solely to the extent in excess of market terms. Irrespective of the terms in the definitive agreement for any Transaction, Aggregate Consideration shall be
determined before taking into account the Transaction Fee and any other expense of the Company incurred in connection with the Transaction. Aggregate Consideration shall also include the aggregate amount of any (i) dividend or other
distributions declared by the Company with respect to its stock that are part of a dividend recap or other transaction intended to return material amounts of capital to the Company’s investors or made in connection with a Transaction, and
(ii) amounts paid by the Company to repurchase any securities of the Company in connection with the Transaction. Non-cash consideration shall be valued as follows: (x) publicly traded securities
shall be valued at the average of their closing prices (as reported in The Wall Street Journal) for the five trading days prior to the closing of the Transaction, and (y) any other non-cash consideration
shall be valued at the fair market 

  

									
		 	Initials:	  		  		  	
		 	Company	  	__________	  	FT Partners	  	__________

 AvidXchange, Inc. 

February 19, 2021 
 Page 11 of 11 

 

 
value thereof as determined in good faith by the Company’s Board of Directors and FT Partners on the day prior to the consummation of the Transaction. Amounts paid into escrow and contingent
payments made in connection with any Transaction will be included as part of the Aggregate Consideration. In connection with a Company Sale involving the sale of less than 100% of the outstanding voting equity securities of the Company, the
Transaction Fee will be payable and calculated under the definition of Aggregate Consideration set forth above as though 100% of the Company’s outstanding voting equity securities on a fully diluted basis had been acquired or sold for the same
per share amount paid in the Company Sale in which less than 100% of the Company’s outstanding voting stock is acquired by a purchaser or group of affiliated purchasers. 

For the avoidance of doubt, the term “Company” shall include any corporation or other person that becomes the parent company of the Company in
connection with any reorganization or restructuring implemented in connection with or in anticipation of an IPO or otherwise (but, for further avoidance of doubt, not including any transaction that is a Company Sale). 

  

									
		 	Initials:	  		  		  	
		 	Company	  	__________	  	FT Partners	  	__________

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