Document:

Exhibit 10.27

 

COMPOSECURE, L.L.C.

 

AMENDMENT NUMBER 5

 

TO

 

MASTER SERVICES AGREEMENT CW139362

 

THIS AMENDMENT NUMBER 5 (this
 “Amendment”), is made and entered into effective as of as of the last date signed (the “Effective Date”),
between American Express Travel Related Services Company, Inc., a Delaware corporation
(“AXP”), and Composecure, L.L.C., a Delaware limited liability
company (“Service Provider”).

 

Background

 

AXP and Service Provider entered
into Master Services Agreement CW139362, for lamination and fabrication of the Centurion card effective as of August 1, 2004 (as now or
hereafter amended, the “Agreement”). AXP and Service Provider wish to amend certain of their understandings as set
forth in the Agreement, specifically to establish an alternative procedure for entering into Schedules for Services and deliverables for
the benefit of affiliates of AXP, as more particularly described herein. Capitalized terms used herein without definition are defined
as set forth in the Agreement.

 

NOW, THEREFORE, in consideration
of the mutual promises and agreements set forth below, the parties hereto, each intending to be legally bound hereby, agree as follows:

 

1.            
AMENDMENTS. Section 2 of the Agreement is hereby amended as follows:

 

The text of Section
2 shall be re-designated as Section 2.1 under the heading “In General”.

 

The following new sections 2.2
and 2.3 are hereby added to the Agreement:

 

“2.2         Alternative Procedure
for AXP Entities.

 

“(a)       As
an alternative to the procedure described in Section 2.1 above, AXP may submit a Schedule on behalf of one or more AXP Entities as
identified in such Schedule (each, an “Affiliate Customer”), which shall be a binding agreement when executed by
Service Provider and AXP. Notwithstanding anything to the contrary in Section 2.1, execution of the Schedule by the Affiliate
Customer(s) identified therein will not be required. Such Schedule shall comply with the requirements of Section 2.1 in all other
respects, and shall include (without limitation): (i) a description of all Services, deliverables and materials to be produced; (ii)
a statement of the associated fees and costs or the method for determining such fees and costs; and (iii) the location(s) to which
Service Provider will send all deliverables and other materials to be provided under such Schedule to (or for the benefit of) the
Affiliate Customer(s). Service Provider will bill all fees and costs for Services, deliverables and materials provided under such
Schedule to (or for the benefit of) an Affiliate Customer directly to that Affiliate Customer.

 

“(b)       The
parties acknowledge that each Affiliate Customer identified in a Schedule pursuant to this Section 2.2 will be an intended third-party
beneficiary of such Schedule and this Agreement, and will be entitled to enforce the rights of AXP thereunder and under this Agreement
with the same force and effect as if such Affiliate Customer were a signatory thereto. For purposes of the foregoing, references to “AXP”
in any provision of this Agreement shall mean the Affiliate Customer(s) identified in any Schedule entered into pursuant to this Section
2.2 to the extent that such provision of this Agreement is applicable to such Schedule.

 

     

     

    

 

“(c)      AXP shall
be responsible for, and hereby unconditionally guarantees, the punctual payment, performance and satisfaction of all obligations of all
Affiliate Customers to Service Provider.

 

“2.3         Shipping Requirements.

 

Unless otherwise set forth in a Schedule mutually
agreed by the Parties, all deliveries of products provided by Service Provider to AXP and/or Affiliate Customers shall be delivered FOB,
Service Provider’s facilities in Somerset, New Jersey. In connection with deliveries, Service Provider shall arrange for and pay
for all required freight, insurance and duties, and shall include such amounts in its invoices to AXP and/or the applicable Affiliate
Customers.”

 

2.            
GENERAL

 

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

 

B.                
This Amendment is also intended to memorialize an arrangement in effect between AXP and Service Provider prior to the Effective
Date and all actions previously taken by AXP or Service Provider either (i) in accordance with that arrangement and/or (ii) on or after
the Effective Date but prior to the execution of this Amendment, are hereby ratified and confirmed.

 

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

 

Signatures on following page.

 

    
	2/13/2020 	AXP Internal	 2

 

    

    

 

IN WITNESS WHEREOF,
Service Provider and AXP have caused this Amendment to be executed by their duly authorized officers on the respective dates below their
signatures, but effective as of the Effective Date set forth above.

 

	AMERICAN EXPRESS
    TRAVEL RELATED SERVICES
    COMPANY, INC.	 	COMPOSECURE, L.L.C.
	 	 	 
	By:	/s/ Melanie Chung	 	By:	/s/ Jonathan C. Wilk
	 	 	 
	Name:	Melanie Chung	 	Name:	Jonathan C. Wilk
	 	 	 
	Title:	Director	 	Title:	CEO
	 	 	 
	Date:	March 19, 2020	 	Date:	March 19, 2020

 

[ILLEGIBLE]

 

    
	2/13/2020 	AXP Internal	 3Exhibit 10.28

 

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

 

	© AMERICAN EXPRESS	PROPRIETARY & CONFIDENTIAL

 

COMPOSECURE, L.L.C.

 

AMENDMENT NUMBER
6 CW2498678 TO 

MASTER SERVICES
AGREEMENT CW139362

 

This Amendment Number
6 CW2498678 (“Amendment”) is made and entered into this September 1, 2020 (the “Effective Date”)
between AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC. (“Amexco” or “AXP”) and COMPOSECURE,
L.L.C., a Delaware limited liability company (“Service Provider”) with reference to the following:

 

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

 

		B.	Amexco and Service Provider entered into a Statement of Work (“SOW”) - Schedule for Metal
Card Manufacturing, Exhibit A, as included in the Amendment Number 3 CW2467324 of the Agreement executed on or about January 01, 2019
; and

 

		C.	Amexco and Service Provider entered into Amendment Number 4 (CW2481491) to the Agreement on or about July
01, 2019; and

 

		D.	Amexco and Service Provider entered into Amendment Number 5 to the Agreement on or about March 19, 2020;
and

 

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

 

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

 

		1.	Amended Term(s) to the Agreement 

 

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

 

Term. This Agreement will
commence as of the Effective Date and will expire on December 31, 2024 (the “Initial Term”). In the event of
any termination hereunder, and subject to continued compliance with applicable required minimum purchase obligations by AXP and other
provisions set forth in any open Schedule or amendment thereto, AXP will pay Service Provider at the agreed-upon rates for Services performed
up to the effective date of termination, subject to a refund of any unearned, prepaid fees, but will not be liable for any other termination-related
charges.

 

Agreement Renewal and
Expiration. AXP may renew the Agreement for two (2) additional one (1) year renewal terms (each one (1) year term a
 “Renewal Term”) upon thirty (30) days’ notice to Service Provider prior to the expiration of the Initial
Term or the first Renewal Term, as applicable. The Initial Term, together with any Renewal Terms, shall be referred to as the
 “Term”. If AXP elects to renew this Agreement, this Agreement shall renew in accordance with the terms and
conditions of the Agreement and Schedules including amendments to such agreements thereof. If AXP does not provide Service Provider
with notice pursuant to this Section of its desire to renew this Agreement, this Agreement shall expire.

 

    
	22-Sep-2020	AXP Internal	Page 1 of 3

 

    

    

 

	© AMERICAN EXPRESS	PROPRIETARY & CONFIDENTIAL

 

		2.	Amended Term(s) to the SOW

 

		A.	“CONTRACT NO. CW2469022” shall be deleted from the SOW

 

		B.	SOW TERM END DATE shall be replaced with “December 31, 2024”

 

		C.	Section 4, Capacity Commitment and Purchase Commitment of Section III, Product Orders and Production, shall be deleted and replaced
with the provision immediately below:

 

For the entire term of this SOW,
Service Provider agrees to reserve [***] annual capacity for all card products (i.e., the AXP [***] and [***] [***] cards) and
for any future term extensions of the SOW.

 

Except as provided in the paragraph
immediately below, through end of the term of this SOW, AXP will provide to Service Provider an annual forecast (the “Forecast”)
90 days prior to the 1st day of January of the applicable year. AXP shall place with Service Provider purchase orders during
each year for not less than [***] of the Forecast for such years (the “Minimum Purchase Amount”). If AXP does not order
at least the Minimum Purchase Amount in each such year, AXP shall pay to Service Provider an amount equal to [***] per card price for
all card quantities not ordered up to the Minimum Purchase Amount during such year.

 

Notwithstanding the Forecast, AXP and the Service Provider
hereby agree that: (a) AXP shall purchase no less than [***] cards for the Q4/2020 (October 1, 2020 through December 31, 2020), (b)
AXP shall purchase no less than [***] cards from the Service Provider for the entire year of 2021 and (c) AXP shall not be obligated
to purchase more than the amounts set forth in (a) and (b) for such years. For the avoidance of doubt, the purchase commitment amounts
set forth in (a) and (b) herein supersede the Forecast commitment described above.

 

By way of example, if the Forecast
for 2022 is [***] cards, and AXP orders [***] cards, AXP will have fulfilled its Minimum Purchase Amount and no additional charges
will be made by Service Provider under this provision. However, if for example, the Forecast for 2022 is [***] cards, and AXP only
orders [***] cards, Service Provider shall invoice, and AXP shall pay to Service Provider an amount equal to [***] per card price
for the [***] cards deficit (i.e., [***] forecasted and [***] of forecasted = [***] committed; the additional ordered above AXP
ordered cards = [***]).

 

		D.	The Schedule of Prices table in Section VII, Pricing, shall include the following:

 

2020 [***] Price:
Effective September 1, 2020 through December 31, 2020 the [***] Price is [***] per card at any Annual Volume Tier.

 

    
	22-Sep-2020	AXP Internal	Page 2 of 3

 

    

    

 

	© AMERICAN EXPRESS	PROPRIETARY & CONFIDENTIAL

 

		E.	Section VII, Pricing, Schedule of Prices table shall be deleted and replaced with the following table effective January 1, 2021 until
December 31, 2024:

 

Schedule of Prices – Effective
January 1, 2021 until December 31, 2024

 

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

 

		3.	GENERAL

 

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

 

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

 

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

 

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

 

	AMERICAN EXPRESS
    TRAVEL RELATED SERVICES COMPANY, INC.	  	COMPOSECURE,
    L.L.C.
	 	 	 
	By:	/s/ Melanie Chung	 	By:	/s/ Jonathan C. Wilk
	 	 	 
	Name:	Melanie Chung	 	Name:	Jonathan C. Wilk
	 	(Type or print)	 	 	(Type or print)
	 	 	 
	Title:	Director	 	Title:	CEO
	 	 	 
	Date:	September 24, 2020	 	Date:	September 24, 2020

 

    
	22-Sep-2020	AXP Internal	Page 3 of 3

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