Document:

May 13, 2011

Universal Business Payment Solutions Acquisition Corporation

Radnor Financial Center

150 North Radnor-Chester Road, Suite F-200

Radnor, Pennsylvania 19087

EarlyBirdCapital, Inc.

275 Madison Avenue, 27th Floor

New York, New York 10016

	 	
Re:

	
Initial Public Offering

Gentlemen:

This letter (“Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into or to be entered into by and between Universal Business Payment Solutions Acquisition Corporation, a Delaware corporation (the “Company”), and EarlyBirdCapital, Inc., as representative (the “Representative”) of the several underwriters (the “Underwriters”), relating to an underwritten initial public offering (the “Offering”) of the Company’s units (the “Units”), each comprised of one share of the Company’s common stock, par value $0.001 per share (the “Common Stock”), and one warrant exercisable for one share of Common Stock (each, a “Warrant”).  The Units sold in the Offering are being registered pursuant to a registration statement on Form S-1 (the “Registration Statement”) and prospectus (the “Prospectus”) filed by the Company with the Securities and Exchange Commission (the “Commission”). Certain capitalized terms used herein are defined in paragraph 8 hereof.

In order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Offering and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees as follows:

1.           If the Company seeks stockholder approval of a proposed Business Combination, then in connection with such proposed Business Combination, the undersigned shall vote all Insider Shares beneficially owned by the undersigned in accordance with the majority of the votes cast by the holders of the IPO Shares.

  

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2.           In the event that the Company fails to consummate a Business Combination (as defined in the Underwriting Agreement) within 18 months from the closing of the Offering (or 21 months from the date of the closing of the Offering if the Company executes a letter of intent, agreement in principle or definitive agreement relating to a proposed initial Business Combination before such 18-month period ends), the undersigned shall (i) take reasonable steps to cause the Trust Account to be liquidated and distributed to the holders of the IPO Shares and (ii) take all reasonable actions within his power to cause the Company to liquidate as soon as reasonably practicable.  The undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Account and any remaining net assets of the Company as a result of such liquidation with respect to his Insider Shares (“Claim”) and hereby waives any Claim the undersigned may have in the future as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Account for any reason whatsoever.

3.           In order to induce the undersigned and the Underwriters to enter into the proposed Underwriting Agreement in connection with the Offering, the undersigned hereby agrees to execute and abide by the terms and conditions of an escrow agreement, in substantially the form attached as an exhibit to the Registration Statement, among the Inside Stockholders, the Company and Continental Stock Transfer & Trust Company simultaneously with the execution of the proposed Underwriting Agreement.

4.           The undersigned hereby agrees to not propose, or vote in favor of, an amendment to the Company’s Certificate of Incorporation to extend the period of time in which the Company must consummate a Business Combination. Should such a proposal be put before stockholders of the Company other than through actions by the undersigned, the undersigned hereby agrees to vote against such proposal.

5.           The undersigned hereby waives his or its right to exercise redemption rights with respect to any Insider Shares owned by the undersigned, directly or indirectly, and agrees that he or she will not seek redemption for cash with respect to such Insider Shares in connection with any vote to approve a Business Combination (as is more fully defined in the final Prospectus).

6.           The undersigned acknowledges and agrees that the Company will not consummate any Business Combination with an entity (i) which the Company’s officers or directors, through their other business activities, had acquisition or investment discussions in the past, (ii) which is, or has been within the past five years, affiliated with any of the Insiders or their affiliates, including an entity that is either a portfolio company of, or has otherwise received a material financial investment from, any private equity fund or investment company (or an affiliate thereof) that is affiliated with such individuals; or (iii) where the Company acquires less than 100% of such entity and any of the Insiders or their affiliates acquire the remaining portion of such target business, unless, in any case, the Company obtains an opinion from an independent investment banking firm reasonably acceptable to the Representative that the business combination is fair to the Company’s unaffiliated stockholders from a financial point of view.

7.           The undersigned has full right and power, without violating any agreement by which he is bound, to enter into this letter agreement.  The undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations, and warranties set forth herein in proceeding with the Offering.

  

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8.           As used in this Letter Agreement, (i) “Business Combination” shall mean a merger, share exchange, asset acquisition, stock purchase, plan of arrangement, recapitalization, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Insiders” shall mean all officers, directors and stockholders of the Company immediately prior to the consummation of the Offering; (iii) “Insider Shares” shall mean all of the shares of the Common Stock of the Company acquired by an Insider prior to the consummation of the Offering; (iv) “Insider Warrants” shall mean the Warrants that are being sold to certain of the Insiders in a private placement that shall occur simultaneously with the consummation of the Offering; (v) “IPO Shares” shall mean the shares of Common Stock issued in the Offering; and (vi) “Trust Account” shall mean the trust fund into which a portion of the net proceeds of the Offering will be deposited.

9.           This Letter Agreement, constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersede all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by the parties hereto.

10.          Neither party may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the undersigned and each of his or her heirs, personal representatives, successors and assigns.

11.          This Letter Agreement shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts formed and to be performed entirely within the State of New York, without regard to the applicability or effect of conflicts of law principles or rules thereof, to the extent such principles would require or permit the application of the laws of another jurisdiction.  The undersigned agrees that any action, proceeding or claim arising out of or relating in any way to this Letter Agreement shall be resolved through final and biding arbitration in accordance with the International Arbitration Rules of the American Arbitration Association (“AAA”).  The arbitration shall be brought before the AAA International Center for Dispute Resolution’s offices in New York City, New York, will be conducted in English and will be decided by a panel of three arbitrators selected from the AAA Commercial Disputes Panel and that the arbitrator panel’s decision shall be final and enforceable by any court having jurisdiction over the party from whom enforcement is sought.  The cost of such arbitrators and arbitration services, together with the prevailing party’s legal fees and expenses, shall be borne by the non-prevailing party or as otherwise directed by the arbitrators.  Any notice or other communication required or permitted to be given hereunder, shall be delivered to the undersigned at the address set forth on the signature page hereto..

12.          Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or facsimile transmission.

  

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Sincerely,

	  	  
	  	
By:

	
/s/ Ira Lubert

	  	  	
Name: Ira Lubert

	  	  	
Address:

Acknowledged and Agreed:

UNIVERSAL BUSINESS PAYMENT SOLUTIONS ACQUISITION CORPORATION

	
By:

	
/s/ Bipin C. Shah

	  
	
Name: Bipin C. Shah

	  
	
Title:

	  

  

  

  

	  	
Sincerely,

	  	  	  
	  	
By:

	
/s/ Douglas Anderson

	  	  	
Name: Douglas Anderson

	  	  	
Address:

Acknowledged and Agreed:

UNIVERSAL BUSINESS PAYMENT SOLUTIONS ACQUISITION CORPORATION

	
By:

	
/s/ Bipin C. Shah

	  
	
Name: Bipin C. Shah

	  
	
Title:

	  

  

  

  

	  	
Sincerely,

	  	  
	  	
By:

	
/s/ Douglas Rainey

	  	  	
Name: Douglas Rainey

	  	  	
Address:

Acknowledged and Agreed:

UNIVERSAL BUSINESS PAYMENT SOLUTIONS ACQUISITION CORPORATION

	
By:

	
/s/ Bipin C. Shah

	  
	
Name: Bipin C. Shah

	  
	
Title:STOCK ESCROW AGREEMENT

 

STOCK ESCROW AGREEMENT, dated as of May 13, 2011 (“Agreement”), by and among UNIVERSAL BUSINESS PAYMENT SOLUTIONS ACQUISITION CORPORATION., a Delaware corporation (“Company”), the undersigned individual whose name appears listed under the heading “Initial Stockholder” on the signature page hereto (each an “Initial Stockholder” and collectively as scheduled on Exhibit A, the “Initial Stockholders”) and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation (“Escrow Agent”).

 

WHEREAS, the Company has entered into an underwriting agreement, dated May 9, 2011 (“Underwriting Agreement”), with EarlyBirdCapital, Inc. (“EBC”) acting as representative of the several underwriters (collectively, the “Underwriters”), pursuant to which, among other matters, the Underwriters have agreed to purchase 12,000,000 units (“Units”) of the Company with an option to purchase up to 1,800,000 additional Units to cover over-allotments.  Each Unit consists of one share of the Company’s common stock, par value $0.001 per share (“Common Stock”), and one warrant, each warrant to purchase one share of Common Stock, all as more fully described in the Company’s Registration Statement on Form S-1 (File No. 333-171359) (“Registration Statement”) under the Securities Act of 1933, as amended (the “Securities Act”) , declared effective on May 9, 2011 (“Effective Date”), following which the Company filed its final prospectus (the “Prospectus”) under Rule 424 of the Securities Act.

 

WHEREAS, the Initial Stockholders have agreed as a condition of the sale of the Units to deposit their shares of Common Stock of the Company, as set forth opposite their respective names in Exhibit A attached hereto (collectively “Escrow Shares”), in escrow as hereinafter provided.

 

WHEREAS, each of the Initial Stockholders has executed a letter agreement with the Underwriters and the Company dated as of the date hereof (the “Insider Letters”).

 

WHEREAS, the Company and the Initial Stockholders desire that the Escrow Agent accept the Escrow Shares, in escrow, to be held and disbursed as hereinafter provided.

 

IT IS AGREED:

 

1.           Appointment of Escrow Agent.  The Company and the Initial Stockholders hereby appoint the Escrow Agent to act in accordance with and subject to the terms of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to such terms.

 

2.           Deposit of Escrow Shares.  On or before the Effective Date, each of the Initial Stockholders shall deliver to the Escrow Agent certificates representing his, her or its respective Escrow Shares, to be held and disbursed subject to the terms and conditions of this Agreement.  Each Initial Stockholder acknowledges that the certificate representing his, her or its Escrow Shares is legended to reflect the deposit of such Escrow Shares under this Agreement.

 

3.           Disbursement of the Escrow Shares.

 

3.1.           Failure to Exercise Over-Allotment Option.  If the Underwriters fail to exercise their over-allotment option to purchase up to an additional 1,800,000 Units of the Company (as described in the Prospectus) in full, the Initial Stockholders agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of Escrow Shares held by each Initial Stockholder determined by multiplying (a) the product of (i) 450,000, multiplied by (ii) a fraction, (x) the numerator of which is the number of Escrow Shares held by each Initial Stockholder, and (y) the denominator of which is the total number of Escrow Shares, by (b) a fraction, (i) the numerator of which is 1,800,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 1,800,000.

  

 

  

3.2.           Pre-Business Combination.  The Escrow Agent shall hold the Escrow Shares until one year after the consummation of a Business Combination (as defined in the Registration Statement), on which date it shall, upon written instructions from each Initial Stockholder, disburse 75% of the Initial Stockholder’s Escrow Shares (and any applicable stock power) to such Initial Stockholder, the remaining 25% of the Initial Stockholder’s Escrow Shares to remain in escrow until such time as a redemption under Section 6.1 of that certain warrant agreement entered into between the Company and the Escrow Agent concurrently with this Agreement (the “Warrant Agreement”) occurs, if at all.  If such a redemption does not occur prior to the expiration of the warrants governed by the Warrant Agreement, the remaining 25% of the Initial Stockholder’s Escrow Shares shall be returned to the Company for cancellation. The earlier of the date on which a redemption under Section 6.1 of the Warrant Agreement occurs and the expiration of the warrants governed by the Warrant Agreement is referred to herein as the “Escrow Period”

 

3.3.           Post-Business Combination.  If, after the Company consummates a Business Combination (as such term is defined in the Underwriting Agreement), it (or the surviving entity) subsequently consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the stockholders of such entity having the right to exchange their shares of Common Stock for cash, securities or other property, then the Escrow Agent will, upon receipt of a certificate, executed by the Chairman of the Board or other authorized officer of the Company, in form reasonably acceptable to the Escrow Agent, that such transaction is then being consummated or such conditions have been achieved, as applicable, release the Escrow Shares to the Initial Stockholders.  The Escrow Agent shall have no further duties hereunder after the disbursement in accordance with this Section 3.

 

4.           Rights of Initial Stockholders in Escrow Shares.

 

4.1.           Voting Rights as a Stockholder.  Subject to the terms of the Insider Letter and except as herein provided, the Initial Stockholders shall retain all of their rights as stockholders of the Company during the Escrow Period, including the right to vote such shares, other than with respect to any Escrow Shares which shall have been returned to the Company for cancellation.

 

4.2.           Dividends and Other Distributions in Respect of the Escrow Shares.  During the Escrow Period, all dividends or distributions payable in cash with respect to the Escrow Shares shall be paid to the Initial Stockholders, but all dividends or distributions payable in stock or other non-cash property (“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof.  As used herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

 

4.3.           Restrictions on Transfer.  During the Escrow Period, no sale, transfer or other disposition may be made of any or all of the Escrow Shares except as (A) pledges to secure the obligations incurred in connection with purchases of the Escrow Shares, (B) private sales of the Escrow Shares placed in the escrow account made at or prior to the consummation of a business combination at prices no greater than the price at which the shares were originally purchased or (C) transfers to (i) the Company’s officers and directors, (ii) an entity’s members upon its liquidation, (iii) a member of an Initial Stockholder’s immediate family or to a trust, by bona fide gift, the beneficiary of which is an Initial Stockholder or a member of an Initial Stockholder’s immediate family for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations order or (vi) to the Company for cancellation in connection with the consummation of a business combination; provided, however, that such transfers except for transfers under (B) or (C)(vi) may be implemented only upon the respective transferee’s written agreement to be bound by the terms and conditions of this Agreement, following which such transferee shall be an Initial Stockholder for the purposes of this Agreement.

 

5.           Concerning the Escrow Agent.

 

5.1.           Good Faith Reliance.  The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Escrow Agent to be genuine and to be signed or presented by the proper person or persons.  The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent thereto.

  

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5.2.           Indemnification.  The Escrow Agent shall be indemnified and held harmless by the Company from and against any documented, out-of-pocket expenses, including counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder, or the Escrow Shares held by it hereunder, other than expenses or losses arising from the bad faith, gross negligence or willful misconduct of the Escrow Agent.  Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing.  In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow Shares or it may deposit the Escrow Shares with the clerk of any appropriate court or it may retain the Escrow Shares pending receipt of a final, non-appealable order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the Escrow Shares are to be disbursed and delivered.  The provisions of this Section 5.2 shall survive in the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

 

5.3.           Compensation.  The Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered by it hereunder, as described in Exhibit B hereto.  The Escrow Agent shall be entitled to reimbursement from the Company for all expenses paid or incurred by it in the administration of its duties hereunder including, but not limited to, all counsel, advisors’ and agents’ fees and disbursements and all taxes or other governmental charges.

 

5.4.           Further Assurances.  From time to time on and after the date hereof, the Company and the Initial Stockholders shall deliver or cause to be delivered to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself that it is protected in acting hereunder.

 

5.5.           Resignation.  The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties hereto written notice and such resignation shall become effective as hereinafter provided.  Such resignation shall become effective at such time that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company, the Escrow Shares held hereunder.  If no new escrow agent is so appointed within the 60 day period following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Shares with any court it reasonably deems appropriate.

 

5.6.           Discharge of Escrow Agent.  The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested in writing at any time by the other parties hereto, jointly, provided, however, that such resignation shall become effective only upon acceptance of appointment by a successor escrow agent as provided in Section 5.5.

 

5.7.           Liability.  Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross negligence or its own willful misconduct.

 

5.8.           Waiver.  The Escrow Agent hereby waives any and all right, title, interest or claim of any kind (each, a “Claim”) in or to any distribution from the Trust Account (as defined in the Investment Management Trust Agreement dated as of the date hereof by and between the Company and the Escrow Agent, as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

  

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6.           Miscellaneous.

 

6.1.           Governing Law.  This Agreement shall for all purposes be deemed to be made under and shall be construed in accordance with the laws of the State of New York.  The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the U.S. District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.  The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenience forum.  Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 6.6 hereof.  Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

6.2.           Third Party Beneficiaries.  Each of the Initial Stockholders hereby acknowledges that the Underwriters are third party beneficiaries of this Agreement and this Agreement may not be modified or changed without the prior written consent of EBC.

 

6.3.           Entire Agreement.  This Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and, except as expressly provided herein, may not be changed or modified except by an instrument in writing signed by the party to the charged.  It may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute but one instrument

 

6.4.           Headings.  The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation thereof.

 

6.5.           Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives, successors and assigns.

 

6.6.           Notices.  Any notice or other communication required or which may be given hereunder shall be in writing and either be delivered personally or be mailed, certified or registered mail, or by private national courier service, return receipt requested, postage prepaid, and shall be deemed given when so delivered personally or, if mailed, two days after the date of mailing, as follows:

 

If to the Company, to:

 

Universal Business Payment Solutions Acquisition Corporation

c/o UBPS Services, LLC

Radnor Financial Center

150 North Radnor-Chester Road, Suite F-200

Radnor, Pennsylvania 19087

Attn:  Bipin C. Shah

 

If to a Stockholder, to the address set forth in Exhibit A.

 

and if to the Escrow Agent, to:

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn:  Chairman

 

A copy of any notice sent hereunder shall be sent to:

 

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

Attn:  Thomas J. Friedmann

  

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and:

 

EarlyBirdCapital, Inc.

275 Madison Avenue

27th Floor

New York, NY 10016

Attn:  Steve Levine

 

The parties may change the persons and addresses to which the notices or other communications are to be sent by giving written notice to any such change in the manner provided herein for giving notice.

 

6.7.           Liquidation of the Company.  The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company in the event that the Company fails to consummate a Business Combination within the time period(s) specified in the Prospectus.

  

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WITNESS the execution of this Agreement as of the date first above written.

 

	  	
UNIVERSAL BUSINESS PAYMENT

SOLUTIONS ACQUISITION CORPORATION

	  	  	  
	  	
By:

	
/s/ Bipin C. Shah

	  	  	
Name: Bipin C. Shah

	  	  	
Title: Chief Executive Officer

	  	  	  
	  	
INITIAL STOCKHOLDER:

	  	  	  
	  	
By:

	
/s/ Bipin C. Shah

	  	  	
Name: Bipin C. Shah

	  	  	
Address:

	  	  	  
	  	
CONTINENTAL STOCK TRANSFER &

	  	
TRUST COMPANY

	  	  	  
	  	
By:

	
/s/ John W. Comer, Jr.

	  	  	
Name: John W. Comer, Jr.

	  	  	
Title:

 

  

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WITNESS the execution of this Agreement as of the date first above written.

 

	  	
UNIVERSAL BUSINESS PAYMENT

SOLUTIONS ACQUISITION CORPORATION

	  	  	  
	  	
By:

	
/s/ Bipin C. Shah

	  	  	
Name: Bipin C. Shah

	  	  	
Title: Chief Executive Officer

	  	  	  
	  	
INITIAL STOCKHOLDER:

	  	  	  
	  	
By:

	
/s/ Peter Davidson

	  	  	
Name: Peter Davidson

	  	  	
Address:

	  	  	  
	  	
CONTINENTAL STOCK TRANSFER &

	  	
TRUST COMPANY

	  	  	  
	  	
By:

	
/s/ John W. Comer, Jr.

	  	  	
Name: John W. Comer, Jr.

	  	  	
Title:

  

7

  

WITNESS the execution of this Agreement as of the date first above written.

 

	  	
UNIVERSAL BUSINESS PAYMENT

SOLUTIONS ACQUISITION CORPORATION

	  	  	  
	  	
By:

	
/s/ Bipin C. Shah

	  	  	
Name: Bipin C. Shah

	  	  	
Title: Chief Executive Officer

	  	  	  
	  	
INITIAL STOCKHOLDER:

	  	  	  
	  	
By:

	
/s/ Frederick Hammer

	  	  	
Name: Frederick Hammer

	  	  	
Address:

	  	  	  
	  	
CONTINENTAL STOCK TRANSFER &

	  	
TRUST COMPANY

	  	  	  
	  	
By:

	
/s/ John W. Comer, Jr.

	  	  	
Name: John W. Comer, Jr.

	  	  	
Title:

  

8

  

WITNESS the execution of this Agreement as of the date first above written.

 

	  	
UNIVERSAL BUSINESS PAYMENT

SOLUTIONS ACQUISITION CORPORATION

	  	  	  
	  	
By:

	
/s/ Bipin C. Shah

	  	  	
Name: Bipin C. Shah

	  	  	
Title: Chief Executive Officer

	  	  	  
	  	
INITIAL STOCKHOLDER:

	  	  	  
	  	
By:

	
/s/ Arthur Ryan

	  	  	
Name: Arthur Ryan

	  	  	
Address:

	  	  	  
	  	
CONTINENTAL STOCK TRANSFER &

	  	
TRUST COMPANY

	  	  	  
	  	
By:

	
/s/ John W. Comer, Jr.

	  	  	
Name: John W. Comer, Jr.

	  	  	
Title:

  

9

  

WITNESS the execution of this Agreement as of the date first above written.

 

	  	
UNIVERSAL BUSINESS PAYMENT

SOLUTIONS ACQUISITION CORPORATION

	  	  	  
	  	
By:

	
/s/ Bipin C. Shah

	  	  	
Name: Bipin C. Shah

	  	  	
Title: Chief Executive Officer

	  	  	  
	  	
INITIAL STOCKHOLDER:

	  	  	  
	  	
By:

	
/s/ Robert Palmer

	  	  	
Name: Robert Palmer

	  	  	
Address:

	  	  	  
	  	
CONTINENTAL STOCK TRANSFER &

	  	
TRUST COMPANY

	  	  	  
	  	
By:

	
/s/ John W. Comer, Jr.

	  	  	
Name: John W. Comer, Jr.

	  	  	
Title:

  

10

  

WITNESS the execution of this Agreement as of the date first above written.

 

	  	
UNIVERSAL BUSINESS PAYMENT

SOLUTIONS ACQUISITION CORPORATION

	  	  	  
	  	
By:

	
/s/ Bipin C. Shah

	  	  	
Name: Bipin C. Shah

	  	  	
Title: Chief Executive Officer

	  	  	  
	  	
INITIAL STOCKHOLDER:

	  	  	  
	  	
By:

	
/s/ Richard Braddock

	  	  	
Name: Richard Braddock

	  	  	
Address:

	  	  	  
	  	
CONTINENTAL STOCK TRANSFER &

	  	
TRUST COMPANY

	  	  	  
	  	
By:

	
/s/ John W. Comer, Jr.

	  	  	
Name: John W. Comer, Jr.

	  	  	
Title:

  

11

  

WITNESS the execution of this Agreement as of the date first above written.

 

	  	
UNIVERSAL BUSINESS PAYMENT

SOLUTIONS ACQUISITION CORPORATION

	  	  	  
	  	
By:

	
/s/ Bipin C. Shah

	  	  	
Name: Bipin C. Shah

	  	  	
Title: Chief Executive Officer

	  	  	  
	  	
INITIAL STOCKHOLDER:

	  	  	  
	  	
By:

	
/s/ Jon Lubert

	  	  	
Name: Jon Lubert

	  	  	
Address:

	  	  	  
	  	
CONTINENTAL STOCK TRANSFER &

	  	
TRUST COMPANY

	  	  	  
	  	
By:

	
/s/ John W. Comer, Jr.

	  	  	
Name: John W. Comer, Jr.

	  	  	
Title:

  

12

  

WITNESS the execution of this Agreement as of the date first above written.

 

	  	
UNIVERSAL BUSINESS PAYMENT

SOLUTIONS ACQUISITION CORPORATION

	  	  	  
	  	
By:

	
/s/ Bipin C. Shah

	  	  	
Name: Bipin C. Shah

	  	  	
Title: Chief Executive Officer

	  	  	  
	  	
INITIAL STOCKHOLDER:

	  	  	  
	  	
By:

	
/s/ Ira Lubert

	  	  	
Name: Ira Lubert

	  	  	
Address:

	  	  	  
	  	
CONTINENTAL STOCK TRANSFER &

	  	
TRUST COMPANY

	  	  	  
	  	
By:

	
/s/ John W. Comer, Jr.

	  	  	
Name: John W. Comer, Jr.

	  	  	
Title:

  

13

  

WITNESS the execution of this Agreement as of the date first above written.

 

	  	
UNIVERSAL BUSINESS PAYMENT

SOLUTIONS ACQUISITION CORPORATION

	  	  	  
	  	
By:

	
/s/ Bipin C. Shah

	  	  	
Name: Bipin C. Shah

	  	  	
Title: Chief Executive Officer

	  	  	  
	  	
INITIAL STOCKHOLDER:

	  	  	  
	  	
By:

	
/s/ Douglas Anderson

	  	  	
Name: Douglas Anderson

	  	  	
Address:

	  	  	  
	  	
CONTINENTAL STOCK TRANSFER &

	  	
TRUST COMPANY

	  	  	  
	  	
By:

	
/s/ John W. Comer, Jr.

	  	  	
Name: John W. Comer, Jr.

	  	  	
Title:

  

14

  

WITNESS the execution of this Agreement as of the date first above written.

 

	  	
UNIVERSAL BUSINESS PAYMENT

SOLUTIONS ACQUISITION CORPORATION

	  	  	  
	  	
By:

	
/s/ Bipin C. Shah

	  	  	
Name: Bipin C. Shah

	  	  	
Title: Chief Executive Officer

	  	  	  
	  	
INITIAL STOCKHOLDER:

	  	  	  
	  	
By:

	
/s/ Douglas Rainey

	  	  	
Name: Douglas Rainey

	  	  	
Address:

	  	  	  
	  	
CONTINENTAL STOCK TRANSFER &

	  	
TRUST COMPANY

	  	  	  
	  	
By:

	
/s/ John W. Comer, Jr.

	  	  	
Name: John W. Comer, Jr.

	  	  	
Title:

  

15

  

WITNESS the execution of this Agreement as of the date first above written.

 

	  	
UNIVERSAL BUSINESS PAYMENT

SOLUTIONS ACQUISITION CORPORATION

	  	  	  
	  	
By:

	
/s/ Bipin C. Shah

	  	  	
Name: Bipin C. Shah

	  	  	
Title: Chief Executive Officer

	  	  	  
	  	
INITIAL STOCKHOLDER:

	  	  	  
	  	
By:

	
/s/ Eric Van Der Vlugt

	  	  	
Name: Eric Van Der Vlugt

	  	  	
Address:

	  	  	  
	  	
CONTINENTAL STOCK TRANSFER &

	  	
TRUST COMPANY

	  	  	  
	  	
By:

	
/s/ John W. Comer, Jr.

	  	  	
Name: John W. Comer, Jr.

	  	  	
Title:

  

16

  

WITNESS the execution of this Agreement as of the date first above written.

 

	  	
UNIVERSAL BUSINESS PAYMENT

SOLUTIONS ACQUISITION CORPORATION

	  	  	  
	  	
By:

	
/s/ Bipin C. Shah

	  	  	
Name: Bipin C. Shah

	  	  	
Title: Chief Executive Officer

	  	  	  
	  	
INITIAL STOCKHOLDER:

	  	  	  
	  	
By:

	
/s/ Thomas McHugh

	  	  	
Name: Thomas McHugh

	  	  	
Address:

	  	  	  
	  	
CONTINENTAL STOCK TRANSFER &

	  	
TRUST COMPANY

	  	  	  
	  	
By:

	
/s/ John W. Comer, Jr.

	  	  	
Name: John W. Comer, Jr.

	  	  	
Title:

  

17

  

WITNESS the execution of this Agreement as of the date first above written.

 

	  	
UNIVERSAL BUSINESS PAYMENT

SOLUTIONS ACQUISITION CORPORATION

	  	  	  
	  	
By:

	
/s/ Bipin C. Shah

	  	  	
Name: Bipin C. Shah

	  	  	
Title: Chief Executive Officer

	  	  	  
	  	
INITIAL STOCKHOLDER:

	  	  	  
	  	
By:

	
/s/ Dipak Shah

	  	  	
Name: Dipak Shah

	  	  	
Address:

	  	  	  
	  	
CONTINENTAL STOCK TRANSFER &

	  	
TRUST COMPANY

	  	  	  
	  	
By:

	
/s/ John W. Comer, Jr.

	  	  	
Name: John W. Comer, Jr.

	  	  	
Title:

  

18

  

WITNESS the execution of this Agreement as of the date first above written.

 

	  	
UNIVERSAL BUSINESS PAYMENT

SOLUTIONS ACQUISITION CORPORATION

	  	  	  
	  	
By:

	
/s/ Bipin C. Shah

	  	  	
Name: Bipin C. Shah

	  	  	
Title: Chief Executive Officer

	  	  	  
	  	
INITIAL STOCKHOLDER:

	  	  	  
	  	
By:

	
/s/ Anna Hassold

	  	  	
Name: Anna Hassold

	  	  	
Address:

	  	  	  
	  	
CONTINENTAL STOCK TRANSFER &

	  	
TRUST COMPANY

	  	  	  
	  	
By:

	
/s/ John W. Comer, Jr.

	  	  	
Name: John W. Comer, Jr.

	  	  	
Title:

  

19

  

WITNESS the execution of this Agreement as of the date first above written.

 

	  	
UNIVERSAL BUSINESS PAYMENT

SOLUTIONS ACQUISITION CORPORATION

	  	  	  
	  	
By:

	
/s/ Bipin C. Shah

	  	  	
Name: Bipin C. Shah

	  	  	
Title: Chief Executive Officer

	  	  	  
	  	
INITIAL STOCKHOLDER:

	  	  	  
	  	
By:

	
/s/ Roland Bullard

	  	  	
Name: Roland Bullard

	  	  	
Address:

	  	  	  
	  	
CONTINENTAL STOCK TRANSFER &

	  	
TRUST COMPANY

	  	  	  
	  	
By:

	
/s/ John W. Comer, Jr.

	  	  	
Name: John W. Comer, Jr.

	  	  	
Title:

  

20

  

WITNESS the execution of this Agreement as of the date first above written.

 

	  	
UNIVERSAL BUSINESS PAYMENT

SOLUTIONS ACQUISITION CORPORATION

	  	  	  
	  	
By:

	
/s/ Bipin C. Shah

	  	  	
Name: Bipin C. Shah

	  	  	
Title: Chief Executive Officer

	  	  	  
	  	
INITIAL STOCKHOLDER:

	  	  	  
	  	
By:

	
/s/ Fred R. Adams

	  	  	
Name: Fred R. Adams

	  	  	
Address:

	  	  	  
	  	
CONTINENTAL STOCK TRANSFER &

	  	
TRUST COMPANY

	  	  	  
	  	
By:

	
/s/ John W. Comer, Jr.

	  	  	
Name: John W. Comer, Jr.

	  	  	
Title:

  

21

  

WITNESS the execution of this Agreement as of the date first above written.

 

	  	
UNIVERSAL BUSINESS PAYMENT

SOLUTIONS ACQUISITION CORPORATION

	  	  	  
	  	
By:

	
/s/ Bipin C. Shah

	  	  	
Name: Bipin C. Shah

	  	  	
Title: Chief Executive Officer

	  	  	  
	  	
INITIAL STOCKHOLDER:

	  	  	  
	  	
By:

	
/s/ William M. Dougherty

	  	  	
Name: William M. Dougherty

	  	  	
Address:

	  	  	  
	  	
CONTINENTAL STOCK TRANSFER &

	  	
TRUST COMPANY

	  	  	  
	  	
By:

	
/s/ John W. Comer, Jr.

	  	  	
Name: John W. Comer, Jr.

	  	  	
Title:

  

22

  

WITNESS the execution of this Agreement as of the date first above written.

 

	  	
UNIVERSAL BUSINESS PAYMENT

SOLUTIONS ACQUISITION CORPORATION

	  	  	  
	  	
By:

	
/s/ Bipin C. Shah

	  	  	
Name: Bipin C. Shah

	  	  	
Title: Chief Executive Officer

	  	  	  
	  	
INITIAL STOCKHOLDER:

	  	  	  
	  	
By:

	
/s/ John W. Piasecki

	  	  	
Name: John W. Piasecki

	  	  	
Address:

	  	  	  
	  	
CONTINENTAL STOCK TRANSFER &

	  	
TRUST COMPANY

	  	  	  
	  	
By:

	
/s/ John W. Comer, Jr.

	  	  	
Name: John W. Comer, Jr.

	  	  	
Title:

  

23

  

WITNESS the execution of this Agreement as of the date first above written.

 

	  	
UNIVERSAL BUSINESS PAYMENT

SOLUTIONS ACQUISITION CORPORATION

	  	  	  
	  	
By:

	
/s/ Bipin C. Shah

	  	  	
Name: Bipin C. Shah

	  	  	
Title: Chief Executive Officer

	  	  	  
	  	
INITIAL STOCKHOLDER:

	  	  	  
	  	
By:

	
/s/ Valerie Phillips

	  	  	
Name: Valerie Phillips

	  	  	
Address:

	  	  	  
	  	
CONTINENTAL STOCK TRANSFER &

	  	
TRUST COMPANY

	  	  	  
	  	
By:

	
/s/ John W. Comer, Jr.

	  	  	
Name: John W. Comer, Jr.

	  	  	
Title:

  

24

  

EXHIBIT A

 

	

Name and Address of

Initial Stockholder

	  	

Number

of Shares

	  	

Date of

Letter Agreement

	
Bipin Shah, 1100 Wyndon Avenue, Bryn Mawr, PA 19010

	  	
1,584,410

	  	
May 13, 2011

	
Peter Davidson 343 Lane, Downingtown, PA 19335

	  	
336,376

	  	
May 13, 2011

	
Frederick Hammer, 7743 S.E. Lake Shore Drive, FL 33455

	  	
39,675

	  	
May 13, 2011

	
Arthur Ryan, 2210 East Ocean Oaks Lane, Vero Beach FL, 32963

	  	
39,675

	  	
May 13, 2011

	
Robert Palmer, 3140 Appleton Road, Landenberg, PA 19350

	  	
39,675

	  	
May 13, 2011

	
Richard Braddock, 320 Park Avenue, Ste. 1600, New York, NY 10022

	  	
39,675

	  	
May 13, 2011

	
Jon Lubert, 2929 Arch St., 13th Floor, Philadelphia, PA 19104

	  	
207,000

	  	
May 13, 2011

	
Ira Lubert, 2929 Arch St., 13th Floor, Philadelphia, PA 19104

	  	
828,000

	  	
May 13, 2011

	
Douglas Anderson, 502 Cardinal Circle East, St. Marys, GA 31558

	  	
59,513

	  	
May 13, 2011

	
Douglas Rainey, 56 Leroy Avenue, Berlin, NJ 08009

	  	
17,250

	  	
May 13, 2011

	
Eric Van Der Vlugt, 515 S. Darien St., Philadelphia, PA 19147

	  	
43,125

	  	
May 13, 2011

	
Thomas McHugh, 15605 Cochester Road, Tampa, FL 33647

	  	
59,513

	  	
May 13, 2011

	
Dipak Shah, 207 Shinnecock Drive, Manalapan, NJ 07726

	  	
17,250

	  	
May 13, 2011

	
Anna Hassold, 1336 Wrenfield Way, Villanova, PA 19085

	  	
39,675

	  	
May 13, 2011

	
Roland Bullard, 1822 Pine St., Philadelphia, PA 19103

	  	
19,837

	  	
May 13, 2011

	
Fred R. Adams, c/o Cobblestone Management Inc., Suite 2030, 1300 Belmont St., Brockton, MA 02301

	  	
9,919

	  	
May 13, 2011

	
William Dougherty, 3701 N. 25th St., Arlington, VA 22207

	  	
5,951

	  	
May 13, 2011

	
John Piasecki, 1101 Wyndon Avenue, Bryn Mawr, PA 19010

	  	
3,968

	  	
May 13, 2011

	
Valerie Ogden Phillips, 452 W. Chestnut Hill Avenue, Philadelphia, PA 19118

	
  

	
59,513

	
  

	
May 13, 2011

  

25

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