Document:

Exhibit
10.36

 

EMPLOYMENT
AGREEMENT

 

This Employment
Agreement (“Agreement”) is made and entered as of October 5, 2017, (“Effective Date”) by and between FlexShopper,
LLC, a North Carolina limited liability company (“Employer”), and Ravikumar Radhakrishnan (“Employee”).

 

WHEREAS,
Employer desires to hire Employee, and Employee desires to accept employment with Employer pursuant to the terms of this Agreement.

 

NOW,
THEREFORE, in consideration of Employee’s employment or continued employment by Employer, the parties agree as follows:

 

1. 
Employment. Employer hereby employs the Employee and the Employee hereby accepts such employment, upon the terms and conditions
hereinafter set forth.

 

2. 
Definitions.

 

2.1. 
“Company Documentation” shall mean notes, memoranda, reports, lists, records, calendars, sketches, schematics, models,
client information, specifications, software programs/applications/ algorithms/code, books, files, forms, papers, emails, accounts,
data, documentation and other materials of any nature and in any form, whether written, printed, digital or otherwise, whether
prepared by Employee or anyone else, relating to any matter within the scope of the business of Employer, its affiliates or concerning
any of their dealings or affairs.

 

2.2. 
“Competitive Business” shall mean:

 

2.2.1. 
The rent-to-own (“RTO”), also referred to as a lease-to-own, business operated through the internet, smart phones,
smart phone applications or any other remote device; and

 

2.2.2. 
Engaging in a business activity that is the same as, similar to, or in any way may be construed as being competitive with Employer’s
activities, products or services of the type conducted, offered or provided by Employer within the twelve (12) month period prior
to the termination of Employee’s employment with Employer.

 

2.3. 
“Confidential Information” shall mean any information concerning the organization, business, operations, technology,
intellectual property, clients, referral sources or finances of Employer that is maintained by it as confidential. Such Confidential
Information shall include, but is not limited to, information regarding accounting, production, operations, software programs/applications/algorithms/
code, customer lists, price lists, pricing information, cost data, contracts, bids, financial reports, procedures, business plans
and strategies, personnel records, projects, plans, proposals, inventions, products, quotes to clients, job details, designs,
market research and development data or analyses, technical information, training and operational materials, research and development,
marketing activities and procedures, methods, know-how, techniques, systems, processes and credit, financial and other data concerning
Employer or its customers.

 

2.4. 
“Intellectual Property Rights” shall mean all rights in and to U.S. and foreign (i) patents, patent disclosures and
inventions (whether patentable or not); (ii) trademarks, service marks, trade dress, trade names, logos, corporate names and domain
names and other similar designations of source or origin, together with the goodwill symbolized by any of the foregoing; (iii)
copyrights and copyrightable works (including computer programs), mask works and rights in data and databases; (iv) trade secrets,
know-how and other confidential information; and (v) all other intellectual property rights, in each case whether registered or
unregistered and including all registrations and applications for, and renewals or extensions of, such rights and all similar
or equivalent rights or forms of protection in any part of the world.

 

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2.5. 
“Pre-Existing Intellectual Property Rights” shall mean all Intellectual Property Rights owned by Employee or by Employee
jointly with any third parties, that were created or invented by Employee prior to the period of his/her employment by Employer
and relate in any way to the business or contemplated business, products, activities, research or development of Employer including,
but not limited to, any invention and works of authorship of any registrations and applications arising from or related to the
foregoing.

 

2.6. 
“Protected Customer” shall mean any person or entity: (i) to which Employer provided any service; (ii) to which Employer
sold any product; (iii) to which Employer marketed or solicited; or (iv) with whom Employee had material contact, within the twelve
(12) month period prior to the termination of Employee’s employment with Employer. For the purposes of this Agreement, Employee
had “material contact” with a customer if: (i) Employee marketed, solicited or dealt with such person or entity on
behalf of Employer; (ii) such person or entity’s dealings with Employer were coordinated by Employee; (iii) Employee was
provided or had access to Confidential Information regarding such person or entity as a result of Employee’s employment
with Employer; or (iv) such person or entity received products or services from Employer with respect to which Employee received
commissions, compensation or other earnings within the twelve (12) month period prior to the termination of Employee’s employment
with Employer.

 

2.7. 
“Restricted Area” shall mean within the United States.

 

2.8. 
“Work Product” shall mean all writings, works of authorship, technology, inventions, discoveries, processes, techniques,
methods, ideas, concepts, research, proposals, materials and all other work product of any nature whatsoever, that are created,
prepared, produced, authored, edited, amended, conceived or reduced to practice by Employee individually or jointly with others
during the period of his/her employment by Employer and relate in any way to the business
or contemplated business, products, activities, research or development of Employer or result from any work performed by Employee
for Employer (in each case, regardless of when or where the work product is prepared or whose equipment or other resources is
used in preparing the same), all rights and claims related to the foregoing and all printed, physical and electronic copies
and other tangible embodiments thereof.

 

3. 
Term; Termination. Employee shall begin employment with Employer on the Effective Date. Such employment shall continue
until terminated by either Employee or Employer. This employment shall be at-will.

 

3.1. 
Nothing herein shall be deemed to create an agreement for employment of Employee for any specified term or period of time. Employer
expressly agrees that at any time the Employee may resign or otherwise terminate the Employee’s employment with Employer,
for any reason or for no reason. Likewise, the Employee expressly agrees that at any time the Employer may terminate the employment
of the Employee for any reason or for no reason.

 

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3.2. 
In the event the Employee’s employment is terminated, by either party, for any reason or no reason, with or without cause,
Employee shall be entitled to accrued but unpaid base compensation through the effective date of termination, and shall not be
entitled to any other base compensation whatsoever. Employee acknowledges and agrees that commission, bonus, incentive or other
contingent compensation (“Additional Compensation”) are only paid to employees who are actively employed on the day
the Additional Compensation is paid and, therefore, that any Additional Compensation (including commissions or bonuses related
to work completed prior to termination) that has not been paid to Employee as of the effective date of termination will be forfeited.

 

4. 
Position; Compensation. Employee initially shall be employed in the position, and for the compensation, described on Exhibit
A attached hereto. Employee expressly understands and agrees that from time to time Employer in its sole discretion may change
the job responsibilities or title of Employee, and may modify the compensation payable to Employee.

 

5. 
Benefits. Employee shall be entitled to participate in those employee benefit plans and programs of Employer, to the extent
Employee qualifies, pursuant to and in accordance with the terms of such plans and programs. Employee expressly understands and
agrees that Employer in its sole discretion may from time to time modify, add, or terminate plans or programs made available to
or offered for the benefit of the Employee and other employees of Employer.

 

6. 
Employer Policies. Employee acknowledges that the Employer maintains a handbook containing the required policies and procedures
of the Employer, that a copy of this handbook is made available to each employee, and that from time to time the Employer may
modify or add policies and procedures. Employee acknowledges receipt of a copy of the policy and procedure handbook; agrees to
read all such policies and procedures contained therein and all modifications or additions thereto as issued; shall remain familiar
with them; and agrees to abide by all such policies and procedures of Employer.

 

7. 
Obligations to Others. Employee understands that Employer prohibits its employees from utilizing any confidential information
or trade secrets of any prior employer of Employee or any third party during the term or course of employment by Employer. Employee
expressly covenants and represents that Employee has not retained any materials containing any confidential or trade secret information
of any prior employer; and Employee agrees not to utilize any confidential or trade secret information of any prior employer,
or of any other third party, at any time while employed by the Employer.

 

Employee
represents and warrants that Employee is not now, and will not be on the date Employee starts working at Employer, a party to
any agreement, contract or understanding, whether of employment, agency, or otherwise, that would in any way conflict with, restrict
or prohibit Employee from undertaking and performing Employee’s job responsibilities with Employer, and that Employee has
the full right, power and authority to enter into this Agreement.

 

Employee
agrees to defend, indemnify and hold harmless Employer from all costs (including attorneys’ fees), damages and/or liabilities
that Employer incurs arising out of or relating to Employee’s breach of the foregoing representations and warranties or
any suit or claim based on any restrictive contract, covenant or agreement to which Employee is subject to on the date of this
Agreement.

 

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8. 
Confidentiality. Employee acknowledges that the Confidential Information is valuable, special and a unique asset of Employer,
access to and knowledge of which is essential to Employee’s performance of his/her duties with Employer. Employee shall
not at any time, whether during or after Employee’s employment with Employer, disclose to any person or entity any Confidential
Information, except as authorized by Employer in writing, and shall not use or attempt to use any Confidential Information, except
as may be required in the course of his/her employment with Employer.

 

Additionally,
Employee shall not disclose, copy, use or permit to be used any Company Documentation other than for the benefit of Employer.
Moreover, Employee shall not, after the termination of his/her employment with Employer, disclose, use or permit others to use
any such Company Documentation, it being agreed that all Company Documentation shall be and remain the sole and exclusive property
of Employer.

 

Immediately
upon the termination of Employee’s employment with Employer and at any other time Employer requests, Employee shall deliver
all Confidential Information and/or Company Documentation in his/her possession, custody or control (and all copies thereof) to
Employer at its main office or such other location as directed by Employer. Employee further agrees that upon termination of Employee’s
employment with Employer, Employee shall return to Employer at its main office all of Employer’s property including but
not limited to computers, keys, passwords, phones, personal data assistants and credit cards. Further, to the extent that Employee
used his/her own personal email accounts, computers, cell phones, personal data assistants, thumb drives or other electronic memory
or storage devices to access, store or transmit the Company Documentation, immediately upon the termination of Employee’s
employment with Employer and at any other time Employer requests, Employee shall delete all Confidential Information and Company
Documentation from Employee’s property and Employee agrees Employer shall have the right upon forty-eight (48) hours written
notice to inspect Employee’s property to verify that Employer’s Confidential Information and Company Documentation
has been deleted.

 

9. 
Customer Proprietary and Confidential Information. Employee acknowledges he/she will have access to certain confidential,
privileged and/or proprietary information of Employer’s customers. Employee acknowledges that all information and documentation
received from Employer’s customers is considered confidential and/or proprietary to the customer, regardless of its form
or whether the documents are marked as such, and except to the extent that such information or documentation has been intentionally
publicly disclosed by the customer. Realizing the significance of Employer’s ability to maintain the confidentiality of
its customer information to overall success, Employee agrees to all of following.

 

9.1. 
Employee shall not use or duplicate customer information or documentation except as is reasonably required and only for the purposes
of completing assigned job responsibilities for Employer.

 

9.2. 
Except to the extent authorized in the course of performing his/her employment duties, Employee shall not disclose customer information
or documentation for any reason or in any manner to any person who is not actively employed by Employer or the customer to whom
the information belongs. Employee shall obtain specific written authorization from Employer prior to disclosing customer information
or documentation to any person who is not actively employed by Employer or the customer to whom the information belongs.

 

9.3. 
Employee shall not use or allow the use of customer information or documentation, or any portion thereof, for the personal benefit
or advantage of Employee or any other person or entity except Employer.

 

9.4. 
Employee shall immediately notify Employer in writing if customer information or documentation was purposely or inadvertently
disclosed to unauthorized third parties.

 

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9.5. 
Upon the termination of Employee’s employment with Employer, Employee shall immediately return all customer information
or documentation in the Employee’s possession, custody or control.

 

10. 
Full-Time Employment. Employee is employed on a full-time basis by Employer, and Employee agrees that while Employee is
employed by Employer, Employee shall not directly or indirectly in any capacity engage in any business other than Employer’s
business without Employer’s prior written consent. Under no circumstances shall Employee render any services to or be employed
by any other person, firm, corporation or other entity engaged in a Competitive Business while employed by Employer.

 

11. 
Restrictive Covenants. During Employee’s employment with Employer and for a period of twelve (12) month immediately
following the termination of such employment, whether termination by Employer or Employee, with or without cause, or otherwise,
Employee shall not, except on behalf of Employer, directly or indirectly:

 

11.1. 
Own or have a financial or other interest, direct or indirect, as an actual or beneficial owner, in any Competitive Business operating
anywhere within the Restricted Area, except nothing herein shall prohibit Employee from owning less than 5% of the outstanding
shares in a publicly traded corporation;

 

11.2. 
Engage in a Competitive Business, as an employee, proprietor, owner, stockholder, partner, agent, contractor, employer, consultant,
affiliate, director, officer, associate or member within the Restricted Area;

 

11.3. 
Provide financial or other assistance, act as an agent of, consultant for or advisor to any entity or person(s) who are developing
a Competitive Business within the Restricted Area;

 

11.4. 
Cause, solicit, induce, persuade or attempt to persuade any Protected Customer or other person who has a business relationship
with Employer to: purchase from any person or entity other than Employer services or products that are competitive with or a substitute
for the services or products offered by Employer; cease to do business with Employer, reduce the amount of business that it does
with Employer; or otherwise adversely alter its business relationship with Employer;

 

11.5. 
Induce, recruit, solicit, persuade, or attempt to persuade, any person who either is or has been an employee or independent contractor
of Employer to terminate his or her employment or relationship for the purpose of working for Employee or any other person or
entity, whether or not a competitor of Employer; or hire or offer to hire any such person; provided, however, that
a person shall not be considered an employee or independent contractor of Employer after such person has not been employed or
used as an independent contractor, respectively, by Employer for six (6) months; or

 

11.6. 
Provide services or products in competition with Employer to any Protected Customer.

 

12. 
Necessity, Enforceability and Duration of the Restrictive Covenants. Employee’s obligations to Employer in Paragraphs
8, 9 and 11 of this Agreement are independent of any other obligation of Employer (including any promise or agreement contained
in this Agreement or any other agreement between Employee and Employer or any obligation that otherwise arises from any aspect
of the employment relationship). The existence of any claim or cause of action of Employee against Employer, whether predicated
on this Agreement or any other basis, shall not constitute a defense to the enforcement of Paragraphs 8, 9 and 11 of this Agreement.

 

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Employee
agrees to the restrictive covenants in this Agreement in consideration of and as a necessary inducement for Employer to employ
or continue to employ Employee. Employee expressly stipulates and acknowledges that Employer conducts business throughout the
United States and that the restrictive covenants are reasonable as to time, geographic area, and line of business and are reasonably
necessary to protect the legitimate business interests of Employer, including trade secrets, other valuable and confidential business
information, substantial relationships with customers, and the goodwill that customers associate with Employer’s name and
business. Employee acknowledges that despite the restrictive covenants herein, he/she will still be able to earn a living, that
enforcement of the restrictions as drafted will not impose an economic hardship upon Employee and that the restrictions are reasonable
in time and scope and not punitive.

 

Employee
agrees that the duration of the restrictive covenants of this Agreement shall be extended by any period of time during which Employee
is in breach of any provision(s) in this Agreement. Further, to the extent that any provision(s) of this Agreement are declared
overbroad, void or unenforceable by an authority of competent jurisdiction in a particular jurisdiction, the provision(s) shall
be modified by such authority for purposes of enforcement in that jurisdiction to the extent necessary to make the applicable
provision(s) valid and enforceable. Modification of a provision of this Agreement to validate its enforcement in any particular
jurisdiction, however, will not affect the enforcement of the provision as stated in any other jurisdiction in which it is enforceable.
Also, the invalidity of a provision of this Agreement in any particular jurisdiction will not affect the validity or enforcement
of that provision in any other jurisdiction where it is otherwise valid.

 

13. 
Inventions, Developments and Work Product.

 

13.1. 
Intellectual Property Rights.

 

13.1.1. 
Pre-Existing Intellectual Property Rights.

 

13.1.1.1. 
Employee has attached as Exhibit “B” to this Agreement a list describing with particularity any Pre-Existing Intellectual
Property rights including, if applicable, titles and registration and application numbers. The Pre-Existing Intellectual Property
will be retained by Employee and will not be owned by or assigned to Employer under this Agreement. If no list is attached as
Exhibit “B,” Employee hereby represents and warrants that there are no Pre-Existing Intellectual Property Rights.

 

13.1.1.2. 
To the extent that Employee incorporates any Pre-Existing Intellectual Property Rights into any Work Product during the period
of his/her employment by Employer, Employee hereby irrevocably grants to Employer a royalty-free, fully paid-up, perpetual, transferable,
worldwide non-exclusive license (with the right to sublicense) to make, have made, copy, modify, make derivative works of, use,
offer to sell, sell, import and otherwise distribute such Pre-Existing Intellectual Property Rights as part of or in connection
with such Work Product and to practice any method related thereto.

 

13.1.1.3. 
Employee shall not incorporate any Pre-Existing Intellectual Property Rights or any Intellectual Property Rights that are owned
by any third party, including any former employers, into any Work Product without obtaining the prior written consent of Employer.

 

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13.1.2. 
Work Product. Employee hereby acknowledges and agrees that:

 

13.1.2.1. 
All right, title and interest in and to all Work Product as well as any and all Intellectual Property Rights therein and all improvements
thereto shall be the sole and exclusive property of Employer.

 

13.1.2.2. 
Employer shall have the unrestricted right (but not any obligation), in its sole and absolute discretion, to use, commercialize
or market any Work Product or file an application for patent, copyright registration or any other Intellectual Property Rights
and prosecute or abandon such application prior to issuances or registration. No royalty or other consideration shall be due or
owing to Employee now nor or in the future as a result of such activities.

 

13.1.2.3. 
The Work Product is and shall at all times remains the Confidential Information of Employer.

 

13.2. 
Work Made for Hire; Assignment. Employee acknowledges that, by reason of being employed by Employer at the relevant times,
to the extent permitted by law, all Work Product consisting of copyrightable subject matter is “work made for hire”
as defined in the Copyright Act of 1976 (17 U.S.C. §101) and such copyrights are therefore owned by Employer. To the extent
that the foregoing does not apply, Employee hereby irrevocably assigns to Employer, and its successors and assigns, for no additional
consideration, Employee’s entire right, title and interest in and to all Work Product and Intellectual Property Rights therein
including, without limitation, the right to sue, counterclaim and recover for all past, present and future infringement, misappropriation
or dilution thereof, and all rights corresponding thereto throughout the world. Nothing contained in this Agreement shall be construed
to reduce or limit Employer’s right, title or interest in any Work Product or Intellectual Property Rights so as to be less
in any respect than Employer would have had in the absence of this Agreement.

 

13.3. 
State Law Limitations on Assignment. Employee understands and acknowledges that Work Product does not include, and any
provision of this Agreement requiring Employee to assign (or otherwise providing for ownership by Employer of) rights to an invention
does not apply to, any invention that Employee develops entirely on his/her own time without using Employer’s equipment,
supplies, facilities or trade secret information, except for those inventions that either (i) relate at the time of conception
or reduction to practice of the invention directly to Employer’s business or actual or demonstrably anticipated research
or development of Employer; or (ii) result from any work performed by Employee for Employer.

 

13.4. 
Disclosure of Work Product; Maintenance of Records. During his/her employment, Employee shall, from time to time, make
written disclosures to Employer of all Work Product and shall at all times keep and maintain adequate, current, accurate and authentic
records of all Work Product. Such records may be in the form of notes, sketches, drawings, flow charts, electronic files, reports
or any other format that may be specified by Employer. The records shall at all times be the sole and exclusive property of Employer
and Employee agrees not to remove such records from Employer’s premises except as may be expressly permitted by Employer
in its written policies or by its prior written consent.

 

13.5. 
Representations and Warranties.

 

13.5.1. 
No Conflicts. Employee hereby represents and warrants that he/she is not subject to any obligation to others, including
any former employers, that would be inconsistent with any provision of this Paragraph, including with respect to any Pre-Existing
Intellectual Property rights and that he/she has the right to grant the license in Paragraph 13(a)(i)(B).

 

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13.5.2. 
No Infringement. Employee hereby represents and warrants that, to Employee’s knowledge, all Pre-Existing Intellectual
Property licensed to Employer pursuant to Paragraph 13(a)(i)(B) and all Work Product will not infringe, misappropriate, dilute
or otherwise violate any third party’s Intellectual Property Rights or other rights; provided that Employee shall not be
liable for any infringement, misappropriation, dilution or other violations to the extent arising out of any instructions or materials
supplied to Employee by Employer.

 

13.6. 
Further Assurances; Power of Attorney. During and after his/her employment, Employee agrees to reasonably cooperate with
Employer at Employer’s expense to (i) apply for, obtain, perfect and transfer to Employer the Work Product as well as any
and all Intellectual Property Rights in the Work Product in any jurisdiction throughout the world; and (ii) maintain, protect
and enforce the same including, without limitation, giving testimony and executing and delivering to Employer any and all applications,
oaths, declarations, affidavits, waivers, assignments and other documents and instruments as may be requested by Employer. Employee
hereby irrevocably grants Employer power of attorney to execute and deliver any such documents on Employee’s behalf in his/her
name and to do all other lawfully permitted acts to transfer the Work Product to Employer and further the transfer, prosecution,
issuance and maintenance of all Intellectual Property Rights therein, to the full extent permitted by law, if Employee does not
promptly cooperate with Employer’s request (without limiting the rights Employer shall have in such circumstances by operation
of law). This power of attorney is coupled with an interest and shall not be affected by Employee’s subsequent incapacity.

 

13.7. 
Moral Rights. To the extent any copyrights are assigned under this Paragraph, Employee hereby irrevocably waives in favor
of Employer, to the extent permitted by applicable law, any and all claims Employee may now or hereafter have in any jurisdiction
to all rights of paternity or attribution, integrity, disclosure and withdrawal and any other rights that may be known as “moral
rights” in relation to all works of authorship to which the assigned copyrights apply.

 

14. 
Remedies. Employee stipulates that a breach or threatened breach by Employee of any of the provisions set forth in Paragraphs
8, 9 and 11 of this Agreement will diminish the value of Employer and will cause irreparable and continuing injury to Employer
and its customers for which an adequate legal remedy will not exist. Accordingly, Employee stipulates that, if Employee breaches
or threatens to breach any of the provisions of Paragraphs 8, 9 and 11 of this Agreement, Employer will be entitled to the following
remedies:

 

14.1. 
The entry, by a court having jurisdiction, of an order granting specific performance or injunctive relief, upon the posting of
any requisite bond and the filing with the court of an appropriate pleading and evidence specifying the provision(s) of this Agreement
breached by Employee; and

 

14.2. 
An accounting of and recovery from Employee of all revenue, compensation or other consideration that Employee or any third-party
gains from Employee’s violating or breaching the provision(s) of this Agreement.

 

Nothing
in this Agreement shall be construed as prohibiting Employer from pursuing any other remedies available for a breach or threatened
breach of this Agreement. In addition to the remedies provided in this Agreement, Employee acknowledges that his/her breach of
any of the provisions of this Agreement during his/her employment may lead to disciplinary action, up to and including immediate
termination.

 

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15. 
Notification of Future Employer.  Employee agrees to disclose this Agreement to all prospective employers whether or not
such prospective employer’s business is competitive with, or related to, the business of Employer at any time. Employee
hereby consents to and agrees that Employer may disclose this Agreement to anyone, at any time, whether or not it has reason to
believe that Employee has breached, or threatened to breach, any provision of this Agreement.

 

16. 
Legal Matters. The validity, construction, enforcement, and interpretation of this Agreement are governed by the laws of
the State of Florida and the federal laws of the United States of America, excluding the laws of those jurisdictions pertaining
to resolution of conflicts with laws of other jurisdictions. The parties to this Agreement: (a) consent to the exclusive personal
and subject matter jurisdiction of the state and federal courts having jurisdiction over Palm Beach or County, Florida, (b) stipulate
that the proper, exclusive, and convenient venue for every legal proceeding arising out of or related to this Agreement or Employee’s
employment is Palm Beach County, Florida, for a state court proceeding and the Southern District of Florida, West Palm Beach Division,
for a federal court proceeding, and (c) waive any defense, whether asserted by motion or pleading, that Palm Beach County, Florida,
or the Southern District of Florida, West Palm Beach Division, is an improper or inconvenient venue. Except as otherwise expressly
provided in this Agreement, in any litigation or other proceeding between Employee and Employer arising out of or related to this
Agreement, the losing party shall reimburse the prevailing party for all attorneys’ fees, costs and expenses incurred by
that prevailing party.

 

Employee
knowingly, voluntarily and intentionally waives his/her right to a jury trial in any lawsuit between Employee, on the one hand,
and Employer, on the other hand, that arises out of or is related to this Agreement or Employee’s employment, whether at
law or in equity, whether based on a claim or counterclaim arising before or after the effective date of this Agreement, regardless
of the nature of the claim or counterclaim and, including but not limited to, tort, contract, corporate and employment claims.

 

17. 
Waiver; Modification; Severability. Except as provided above regarding the modification of this Agreement by a competent
authority to make any overbroad, void or unenforceable restriction enforceable, an amendment or modification of this Agreement
will be valid and effective only if it is in writing and signed by each party to this Agreement. In addition, a waiver of any
duty, obligation, or responsibility of a party under this Agreement will be valid and effective only if it is evidenced by a writing
signed by or on behalf of the party against whom the waiver is sought to be enforced. No course of dealing or delay by either
party to this Agreement in exercising any right, power, or remedy under this Agreement will operate as a waiver of any right,
power, or remedy of that party, except to the extent expressly manifested in writing by that party. Whenever possible, each provision
of this Agreement should be construed and interpreted so that it is valid and enforceable under applicable law. However, if a
provision of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable (subject to the above
provision regarding the modification of this Agreement by a competent authority to make an overbroad, void or unenforceable restriction
valid and enforceable), that provision will be deemed severable from the remaining provisions of this Agreement and will not affect
the validity, interpretation, or effect of the other provisions of this Agreement or the application of that provision to other
circumstances in which it is valid and enforceable.

 

18. 
Assignment; Successors; Survival of Covenants. Employee shall not assign any of his/her rights or delegate any of his/her
duties, obligations, or responsibilities under this Agreement without the advance written consent of Employer (which it may refuse
to give, in its sole discretion). Employer may assign its rights under this Agreement to any assignee or any successor in interest
of all or any part of their business, whether pursuant to a merger, reorganization, or sale, lease, or exchange of assets or stock.
This Agreement is binding on, and inures to the benefit of, Employer’s assignees and successors in interest and such successors
and assignees are authorized to enforce all provisions and restrictive covenants herein.

 

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19. 
Entire Agreement; Miscellaneous. This Agreement contains the entire agreement of Employer and Employee regarding the subject
matter contained herein and supersedes any prior understanding or agreement, whether written or oral, between Employer and Employee
with respect to the subject matter contained herein. Employer hereby provides notice to Employee pursuant to 18 U.S.C. §1833
that an individual may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure
of a trade secret that: (a) is made (i) in confidence to a federal, state or local government official, either directly or indirectly,
or to any attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made
in a complaint or other document that is filed under seal in a lawsuit or other proceeding. Further, an individual who files a
lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the employer’s trade secrets
to the attorney and use the trade secret information in the court proceeding if the individual: (a) files any document containing
the trade secret under seal; and (b) does not disclose the trade secret, except pursuant to court order. Employee is advised to
consult an attorney prior to disclosing any trade secrets or Confidential Information as such immunity is only applicable in limited
situations. Employee further understands that nothing contained in this Agreement limits his/her ability to communicate with,
or file a complaint or charge with the Equal Employment Opportunity Commission (“EEOC”), the National Labor Relations
Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission (“SEC”), the Department
of Justice (“DOJ”) or any other federal, state, or local governmental agency or commission (collectively, “Government
Agencies”), or otherwise participate in any investigation or proceeding that may be conducted by Government Agencies, including
providing documents or other information, without notice to Employer; provided, however, that Employee may not disclose Employer
information that is protected by the attorney-client privilege, except as expressly authorized by law. Employee retains the right
to communicate with the Government Agencies and such communication can be initiated by him/her or in response to the government
and is not limited by any non-disparagement or confidentiality obligation under this Agreement. This Agreement does not limit
Employee’s right to receive an award from the SEC or DOJ for information provided to the SEC or DOJ.

 

20. 
Counterparts/Electronic Signatures. This Agreement may be executed in two or more counterparts, each of which shall be
deemed an original and it shall not be necessary in making proof of this Agreement to produce or account for more than one such
counterpart. Delivery of executed copies of this Agreement, or subsequent addendums to this Agreement, by one party to the other
using facsimile or any other scanning or imaging technique, shall constitute delivery of original signed counterparts for purposes
of binding the parties hereto. The parties agree that the electronic signature of a party to this Agreement shall be as valid
as an original signature of such party and shall be effective to bind such party to this Agreement. The parties agree that an
electronically signed version of this Agreement shall be deemed (a) to be “written” or “in writing;” (b)
to have been signed; and (c) to constitute a record established and maintained in the ordinary course of business and an original
written record when printed from electronic files.

 

21. 
Construction. In the event of any dispute as to the precise meaning of any term contained herein, the principles of construction
and interpretation that written documents be construed against the party preparing the same shall not be applicable. Every covenant,
term, and provision of this Agreement shall be construed simply according to its fair meaning and not strictly for or against
any party hereto.

 

    10

     

    

 

22. 
Acknowledgment. By signing this Agreement, Employee is hereby acknowledging that:

 

22.1. 
Employee received a copy of this Agreement for review before signing it;

 

22.2. 
Employee read this Agreement carefully before signing it;

 

22.3. 
Employee had sufficient opportunity to confer with legal counsel of Employee’s choice before signing it; and

 

22.4. 
Employee understands his/her obligations under this Agreement.

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the day and year set forth herein.

 

	FLEXSHOPPER,
    LLC	 	EMPLOYEE
	 	 	 
	/s/
    Brad Bernstein	 	/s/
    Ravikumar Radhakrishnan
	Brad
    Bernstein, CEO & President	 	Ravikumar
    RadhakrishnanExhibit 10.37

 

January
25, 2019

 

FlexShopper,
LLC

2700
N. Military Trail, Suite 200

Boca Raton, Florida 33431

 

Ladies
and Gentlemen:

 

The
purpose of this letter is to advise FlexShopper, LLC, a North Carolina limited liability company (“Borrower”),
that Lender hereby commits to provide to Borrower $1,000,000 of subordinated debt financing on the terms set forth in the form
of promissory note attached hereto as Exhibit A (the “Subordinated Promissory Note”) and on the terms
set forth herein. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Subordinated Promissory
Note.

 

Commitment.
Lender’s commitment is subject only to the following conditions:

 

(1)
On or before January 25, 2019, Borrower shall have paid to Lender a one-time
commitment fee in an aggregate amount equal to $20,000 (representing 2% of Lender’s aggregate commitment);

 

(2)
Lender’s commitment shall be available during the period commencing on the date hereof and ending on May 1, 2020 (the “Commitment
Period”);

 

(3)
Lender’s commitment may be drawn by Borrower in one or more advances
(each, a “Subordinated Loan Advance”) by delivery of not less than thirty (30) days’ prior notice to
Lender, which notice shall specify the amount of the Subordinated Loan Advance being requested and the proposed date therefor;

 

(4)
On or prior to the initial Subordinated Loan Advance, Borrower shall have duly
executed and delivered to Lender the Subordinated Promissory Note;

 

(5)
Each Subordinated Loan Advance shall be in a minimum amount of $500,000
(or, if less, the entire remaining available commitment); and

 

(6)
Borrower shall provide to Lender copies of the monthly covenant reporting
package delivered to, and notices of default received from, the lender under Senior Credit Agreement.

 

Notwithstanding
anything to the contrary contained in the Subordinated Promissory Note, Lender shall be obligated to make Subordinated Loan Advances
to Borrower in an aggregate amount equal to $1,000,000 (which shall represent the Maximum Amount under (and as defined in) the
Subordinated Promissory Note) subject only to satisfaction of the conditions set forth in this letter agreement.

 

    1

     

    

 

Representations.
Lender hereby represents and warrants that the following are true and correct: (a) Lender is not acquiring the Subordinated Promissory
Note (or making any Subordinated Loan Advance) with a view to or for sale in connection with any distribution thereof within the
meaning of the Securities Act of 1933, as amended, and (b) Lender (i) is an “accredited investor” as defined in Rule
501 promulgated under the Securities Exchange Act of 1934, as amended, and (ii) has such knowledge and experience in financial
and business matters that it is capable of evaluating the merits and risks of the prospective investment in the Subordinated Promissory
Note. Further, Lender is familiar with the business and affairs of Borrower and its subsidiaries and has conducted such due diligence
as it has deemed necessary and desirable in making its investment decision.

 

Miscellaneous.

 

Each
party shall be responsible for its own fees and expenses, including, without limitation, legal fees, incurred by it in connection
with the Subordinated Promissory Note and the Subordinated Loan Advances.

 

This
letter agreement shall not be assignable by any party hereto without the prior written consent of the other party hereto (and
any purported assignment without such consent shall be null and void), and is solely for the benefit of the parties hereto and
is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto. This
letter agreement may not be amended or waived except in a written instrument signed by Borrower and Lender. The provisions of
this letter agreement shall remain in full force and effect following the making of all Subordinated Loan Advances. This letter
agreement and the Subordinated Promissory Note constitute the entire agreement among the parties hereto with respect to the subject
matter hereof and there are no promises, undertakings, representations or warranties by any party hereto or thereto relative to
the subject matter hereof not expressly set forth or referred to herein or in the Subordinated Promissory Note. In the event of
any conflict between the terms and provisions of this letter agreement and the terms and provisions of the Subordinated Promissory
Note, the terms and provisions of this letter agreement shall govern and control.

 

This
letter agreement may be executed in counterparts, each of which shall be deemed an original and all of which counterparts shall
constitute one and the same document. Delivery of an executed signature page of this letter agreement by facsimile or electronic
(including “PDF”) transmission shall be effective as delivery of a manually executed counterpart hereof.

 

This
letter agreement, and all matters relating hereto or thereto or arising therefrom (whether sounding in contract law, tort law
or otherwise), shall be governed by, and shall be construed and enforced in accordance with, the laws of the State of North Carolina,
without regard to conflicts of laws principles.

 

    2

     

    

 

Lender
shall hold all information regarding Borrower, its affiliates and their businesses obtained by Lender confidential and shall not
disclose such information; provided, however, the foregoing shall not be construed to prohibit the disclosure of any information
that is or becomes publicly known or information obtained by Lender from sources other than Borrower other than as a result of
a disclosure by the Lender known (or that should have reasonably been known) to be in violation of this provision.

 

We
are pleased to have been given the opportunity to assist you.

 

	 	Sincerely,
	 	 
	 	/s/ Marc Malaga
	 	 
	 	By:	Marc Malaga
	 	Name:  	122 Partners, LLC
	 	Title: 	Managing Member

 

	Acknowledged and Agreed:	 
	 	 
	FLEXSHOPPER, LLC	 
	 	 	 
	By:	/s/
Brad Bernstein	 
	Name: 	Brad
Bernstein	 
	Title:	CEO & President	 

 

    3

     

    

 

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

 

SUBORDINATED
PROMISSORY NOTE

 

	$1,000,000.00	January
    25, 2019

 

FOR
VALUE RECEIVED, FlexShopper, LLC, a North Carolina limited liability company (“Borrower”), hereby promises
to pay to 122 Partners, LLC, a Florida Limited Liability Company (“Lender”), the principal sum of up to One
Million and 00/100 Dollars ($1,000,000.00) (the “Maximum Amount”), or such lesser amount as shall have been
advanced and remain outstanding hereunder, together with interest thereon, subject to the terms and conditions set forth in this
Subordinated Promissory Note (this “Note”).

 

1.
Payment of Principal and Interest.

 

(a)
Payments of principal, interest and all other amounts payable on this Note shall be due and payable on April 30, 2020 (the “Maturity
Date”).

 

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

 

(c)
If the outstanding principal balance of this Note is not equal to the Maximum
Amount for at least ten (10) calendar months during the period commencing on the date hereof and ending on the Maturity Date,
then the Borrower shall pay to Lender on the Maturity Date additional interest at the rate set forth in, and as calculated pursuant
to, Section 1(b) hereof, on the difference between the Maximum Amount and the actual aggregate outstanding principal amount of
this Note during the last ten (10) calendar months of the term hereof.

 

(d)
Borrower may prepay this Note in whole or in part at any time, without premium or
penalty.

 

(e)
All payments of principal and interest shall be made in lawful money of the United
States of America and shall be made to Lender at Lender’s address set forth in Section 13  or at such other place
as Lender may designate to Borrower in writing.

 

    1

     

    

 

(f)
Upon Borrower’s request, and subject to satisfaction of the conditions set forth in the Commitment Letter, Lender shall
from time to time after the date hereof advance additional amounts to Borrower up to the Maximum Amount. Lender shall make a
notation on Schedule A hereto of each advance made by Lender and of each prepayment or repayment made by Borrower,
which schedule shall be conclusive evidence of the principal amount then outstanding hereunder, absent manifest error,
subject to the next sentence. In the event that the Lender fails to make a notation on Schedule A, then the amount
showing as owing from Borrower to Lender on the books and records of the Lender shall be conclusive evidence of the principal
amount then outstanding hereunder, absent manifest error.

 

The
principal amount of this Note at any time shall be equal to the aggregate amount of all such loans and advances made to Borrower
through such time, less the aggregate amount of all repayments of principal of this Note made by Borrower through such time.

 

2. Security.
As collateral security for the payment and satisfaction of the unpaid principal balance of this Note and all interest accrued
thereon, and subject to the rights of the Senior Creditors as described in Section 12, Borrower hereby grants to Lender a
continuing, first-priority security interest in and to all of the Collateral. The Collateral means each and all of the
following:

 

A.
the Accounts;

 

B.
the Equipment;

 

C.
the Inventory;

 

D.
the General Intangibles;

 

E.
the Negotiable Collateral;

 

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

 

G.
all Supporting Obligations;

 

H.
all Investment Property;

 

I.
all Letter of Credit Rights; and

 

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

 

    2

     

    

 

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

 

3.
Representations and Warranties. Borrower hereby represents and warrants to Lender that:

 

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

 

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

 

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

 

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

 

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

 

(b)
Any representation or warranty made by Borrower in Section 3 hereof shall fail to
be true and correct in all material respects or Borrower shall default in the performance of any of its obligations under Section
4 hereof; or

 

    3

     

    

 

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

 

5.
Consequences of Event of Default. Upon the occurrence of any such Event of Default and during the continuation thereof,
the unpaid principal balance of this Note and accrued and unpaid interest hereon shall become immediately due and payable upon
such occurrence without action by Lender and Lender shall have all other rights and remedies provided by applicable law. Lender
shall have all of the rights and remedies of a secured party under the UCC.

 

6.
Remedies are Cumulative. No failure on the part of Lender to exercise, and no delay in exercising, any right, power or
remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by Lender or any right, power or
remedy hereunder preclude any other or further exercise thereof or the exercise of any right, power or remedy. The remedies herein
provided are cumulative and are not exclusive of any remedies provided by law, in equity, or in other loan documents.

 

7.
Costs of Collection. In the event that this Note is not paid when due, Borrower shall also pay or reimburse Lender for
all reasonable costs and expenses of collection, including, without limitation, reasonable attorneys’ fees.

 

8.
Default Interest Rate. Upon the occurrence of any Event of Default, any principal balance remaining unpaid under this Note
shall bear interest at a rate per annum equal to two percent (2%) above the interest rate otherwise applicable hereto.

 

9.
Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of North Carolina
without regard to the conflicts of law provisions thereof.

 

10.
Waiver. Borrower waives presentment for payment, demand, protest, notice of dishonor, notice of protest, diligence on bringing
suit against any party hereto, and all defenses on the ground of any extension of the time of payment that may be given by Lender
to it. Borrower agrees not to assert against Lender as a defense (legal or equitable), as a set-off, as a counterclaim, or otherwise,
any claims Borrower may have against any other party liable to Lender for all or any part of the obligations under this Note.
All rights of Borrower hereunder, and all obligations of Borrower hereunder, shall be absolute and unconditional, not discharged
or impaired irrespective of (and regard less of whether Borrower receives any notice of): (i) any lack of validity or enforceability
of any provision of this Note; (ii) any change in the time, manner or place of payment or performance, or in any term, of all
or any of the obligations hereunder or any other amendment or waiver of or any consent to any departure from any provision herein;
or (iii) any release of or modifications to or insufficiency, unenforceability or enforcement of the obligations of any guarantor
or other obligor. To the extent permitted by law, Borrower hereby waives any rights under any valuation, stay, appraisement, extension
or redemption laws now existing or which may hereafter exist and any other circumstance which might otherwise constitute a defense
available to, or a discharge of any party with respect to the obligations of Borrower hereunder.

 

    4

     

    

 

11.
No Right of Set-Off. As of the date hereof, Borrower represents that it has no claims or offsets against Lender in breach
of contract, breach of warranty, express or implied, negligence or for any other type of legal action under this Note or otherwise.

 

12.
Subordination.

 

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

 

(b)
Until all Senior Debt shall have been paid in full in cash and all commitments to
advance Senior Debt have terminated, (i) no payment may be made on this Note, whether of principal or interest or other obligations,
at any time that the “Effective Advance Rate” (as defined in the Senior Debt Documents) exceeds 96% or an “Event
of Default” (as defined in the Senior Debt Documents) exists, (ii) the Lender shall not (A) take any action or exercise
any remedy against the Borrower under this Note (other than the imposition of the default rate of interest as set forth herein); or (B) commence, or join with any other creditor of the Borrower in commencing any insolvency or similar proceeding against
the Borrower (iii) the Lender waives all rights of subrogation, reimbursement and any similar rights with respect to the indebtedness
evidenced by this Note and (iv) any and all liens and security interests of Lender in any collateral shall be and hereby are subordinated
for all purposes and in all respects to the liens and security interests of the Senior Creditors in such collateral, whether or
not valid or perfected, regardless of the time, manner or order of attachment, grant or perfection of any such liens and security
interests and regardless of any provision of the Uniform Commercial Code of any jurisdiction or any other law or any other circumstance.

 

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

 

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

 

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

 

    5

     

    

 

Without
limitation of the foregoing, the Senior Creditors (including, without limitation, the Administrative Agent under the Senior Credit
Agreement) are express third party beneficiaries of the terms and conditions contained in this Section 12 and shall be entitled
to enforce such terms and conditions directly, as if they were parties to this Note. Furthermore, until all Senior Debt shall
have been paid in full in cash and all commitments to advance Senior Debt have terminated, this Section 12 may not be amended,
restated, supplemented or otherwise modified without the prior written consent of the Administrative Agent and the Required Lenders
(as defined in the Senior Credit Agreement).

 

13.
Notices. Any notice pursuant to this Note must be in writing and will be deemed effectively given to another patty on the
earliest of the date (a) three (3) business days after such notice is sent by registered U.S. mail, return receipt requested,
(b) one (1) business day after receipt of confirmation if such notice is sent by facsimile, (c) one (1) business day after delivery
of such notice into the custody and control of an overnight courier service for next day delivery, (d) one (1) business day after
delivery of such notice in person and (e) such notice is received by that party; in each case to the appropriate address below
(or to such other address as a party may designate by notice to the other party):

 

If
to Borrower:

 

FlexShopper,
LLC

2700
N. Military Trail, Suite 200

Boca
Raton, FL 33431

Attn: Brad Bernstein

 

If
to Lender:

 

122
Partners, LLC

1250 Spanish River Rd

Boca Raton, FL 33432

 

14.
Severability. Any provision of this Note that is determined by any court of competent jurisdiction to be invalid or unenforceable
will not affect the validity or enforceability of any other provision hereof or the invalid or unenforceable provision in any
other situation or in any other jurisdiction. Any provision of this Note held invalid or unenforceable only in part or degree
will remain in full force and effect to the extent not held invalid or unenforceable.

 

15.
Counterparts. This Note may be executed in counterparts (and by different parties hereto in different counterparts), each
of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Note constitutes
the entire contract among the parties relating to the subject matter hereof and supersedes any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. Delivery of an executed counterpart of a signature page
of this Note by telecopy or other electronic transmission shall be effective as delivery of a manually executed counterpart of
this Note.

 

    6

     

    

 

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

 

	 	Borrower:
	 	 
	 	FLEXSHOPPER, LLC
	 	 
	 	By:	/s/ Brad Bernstein
	 	Name: 	Brad Bernstein
	 	Title:	CEO & President

 

	ACCEPTED:	 
	 	 
	LENDER:	 
	 	 
	/s/ Marc Malaga	 
	By:	Marc Malaga	 
	Name: 	122 Partners, LLC	 
	Title:	Managing Member	 

 

    7

     

    

 

Schedule
A to Subordinated Promissory Note

 

Advancement/Payment Schedule

 

	Date	 	Amount Advanced	 	 	Principal Payment	 	 	Principal Balance	 
	January 25, 2019	 	$	1,000,000.00	 	 	 	         	 	 	$	1,000,000.00

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