Document:

Exhibit 10.1

 

TRANSITION SERVICES AGREEMENT

 

This TRANSITION SERVICES AGREEMENT (the
“Agreement”) is made as of January 4, 2021 (the “Effective Date”) by and between
Customers Bank, a bank chartered under the laws of the Commonwealth of Pennsylvania (“Seller”) and BM
Technologies, Inc., a Delaware corporation (“Purchaser”). Seller and Purchaser are referred to herein
collectively as the “Parties” and individually as a “Party.”

 

INTRODUCTION

 

WHEREAS, Seller and
Purchaser, together with BankMobile Technologies, Inc. (“BMT”), MFAC Merger Sub, Inc., a Pennsylvania corporation
and Customers Bancorp, Inc., a Pennsylvania corporation, have entered into an Agreement and Plan of Merger, dated as of August
6, 2020 (as amended, including by the First Amendment to Agreement and Plan of Merger, dated November 2, 2020 and the Second Amendment
to Agreement and Plan of Merger, dated December 8, 2020, the “Merger Agreement”) (capitalized terms not defined
in this Agreement shall have the meanings indicated in the Merger Agreement);

 

WHEREAS, under the
Merger Agreement, Purchaser has agreed to purchase from Seller certain assets related to Seller’s BMT business (the “Business”),
and the Merger Agreement contemplates that the Parties shall execute and deliver this Agreement at the Closing;

 

WHEREAS, it is planned
that with the Purchaser’s purchase of the Business, the Purchaser will acquire the services of approximately three hundred
(300) new employees. This will include the current senior management team of the Business as well as leaders and staff who, when
combined with supplementation of specific skills via third party contracts, will possess the skills, tools and experience to meet
certain operational, administrative, risk management, compliance, accounting, human resources, information services, security,
and other needs of the merged companies;

 

WHEREAS, Purchaser
personnel shall in all situations after the acquisition retain control of all management decisions, and any support received from
the Seller shall be for historical information, transition, or advisory purposes only, and

 

WHEREAS, Purchaser
and Seller recognize that in specific areas it may be highly desired that, after the Closing, the Purchaser have access to employees,
resources, historical records or institutional memory of specific individuals of the Seller, and that Purchaser shall procure from
Seller, certain advisory services and information, as set forth herein.

 

NOW, THEREFORE, in consideration
of the promises and covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the Parties hereby agree as follows:

 

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ARTICLE I

TRANSITION SERVICES

 

Section 1.1 Transition Services.

 

(a) Scope
and Duration of Seller Transition Services. Seller, itself and/or by and through its Affiliates, and its and their respective
employees, agents or contractors, shall provide or cause to be provided to Purchaser, solely for the benefit of Purchaser, those
services set forth on Annex A hereto and in a manner consistent with the Introduction, as it may be amended from time to
time by mutual written agreement of the Parties (collectively, the “Seller Transition Services”) until the earlier
of (i) expiration of the service period applicable to such Transition Services as set forth with respect to each applicable Seller
Transition Service on Annex A hereto, or (ii) expiration of the Term (as defined below). Seller shall provide the advisory
services or institutional memory based upon the need identified by the Purchaser to the Seller. Seller shall not be required to
perform Seller Transition Services hereunder in any manner that violates any applicable law or regulation, or the principles set
forth in the Introduction to this Agreement. It is acknowledged by Seller that the objective of this Agreement is to obligate Seller
to provide, throughout the Term, any and all agreed upon advisory services and advice that is requested by Purchaser with respect
to the assets purchased and employees hired pursuant to the Merger Agreement.

 

(b) Modified
Transition Services. Any modifications to the Transition Services shall be subject to mutual agreement pursuant to ARTICLE
IX hereof.

 

(c) Subcontractors.
Upon prior consent of the other Party, which consent shall not be unreasonably withheld, conditioned or delayed, Seller may subcontract
with a qualified unaffiliated third party (a “Subcontractor”) to provide any Transition Services; provided that
no notice shall be required with respect to the continued use of subcontractors in the manner utilized by Seller in connection
with the Business immediately prior to the Closing, or with respect to changes in subcontractors which are consistent with Seller’s
operation of the Business immediately prior to the Closing. Notwithstanding any subcontracting of Seller’s obligations under
this Agreement, Seller shall, for the term of this Agreement, remain primarily liable for the delivery and performance of the Transition
Services.

 

(d) Scope
and Duration of Purchaser Transition Services. Purchaser, itself and/or by and through its respective employees, shall
provide or cause to be provided to Seller, solely for the benefit of Seller, those services set forth on Annex B hereto,
as it may be amended from time to time by mutual written agreement of the Parties (collectively, the “Purchaser Transition
Services”) until the expiration of the service period applicable to such Transition Services as set forth with respect
to the applicable Seller Transition Service on Annex B hereto.

 

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Section 1.2 Service Coordinators and Issue
Resolution.

 

(a) Seller
and Purchaser each hereby appoint as service coordinators their respective employees identified on Schedule 1.2 hereto
(each, a “Service Coordinator”) to be the primary point of contact between Seller and Purchaser with respect
to the Transition Services, including, and subject to the terms of this Schedule 1.2, with respect to disputes between
the Parties arising out of or relating to this Agreement or the provision of Transition Services hereunder. Each Party shall have
the right, upon reasonable advance written notice to the other Party, to replace its Service Coordinator with an employee or officer
of such Party with comparable knowledge, expertise, and decision-making authority.

 

(b) In
the event the Service Coordinators fail to resolve any dispute arising between the Parties in connection with the Transition Services
within a reasonable time of receiving notice of such dispute from a Party, and in any event within ten (10) Business Days of such
notification, then Purchaser shall designate an officer or officers holding the office of Senior Vice President (or equivalent
office) or above (such officers, the “Senior Officers”) and such Senior Officers shall attempt in good faith
to conclusively resolve any such dispute (i) with the members of an operating committee designated by Seller, and (ii) in the event
the Senior Officers and operating committee fail to resolve the dispute, an executive committee shall be designated by Seller and
Purchaser. If the Senior Officers and the operating and executive committees designated by Seller and Purchaser cannot resolve
such dispute within a reasonable period of time, and in any event within twenty (20) Business Days of the referral of such dispute
to them, either Party may submit the dispute to litigation as provided for in Section 10.8.

 

(c) Any
dispute arising out of or relating to this Agreement shall be submitted for resolution pursuant to this Section 1.2 before any
Party may commence any legal proceeding in connection therewith. A Party’s failure to comply with the preceding sentence
shall constitute cause for the dismissal without prejudice of any such legal proceeding. This Section 1.2(c) is without prejudice
to either Party’s right to seek interim relief against the other Party (such as an injunction) to protect its rights and
interests, or to enforce the obligations of the other Party and the parties need not negotiate disputes with respect to equitable
remedies prior to seeking relief from a court of competent jurisdiction.

 

Section 1.3 Migration Plan.

 

(a) On
or prior to the date hereof, the Parties shall have negotiated and materially finalized a plan to transition from the performance
of the Seller Transition Services by Seller and its Affiliates to the performance of such services by Purchaser, including moving
the information technology systems and data used in the Business from Seller’s infrastructure to Purchaser’s or its
designee’s infrastructure (“Migration”) (such plan, the “Migration Plan”). The Migration
Plan must include full conversion support of the general ledger and data center network systems to FIS, if not completed at the
time of closing. The Migration Plan shall include a governance and arbitration process, in which both Parties shall agree to participate,
which shall be subject to the change request process set forth in ARTICLE IX.

 

(b) Purchaser
shall be responsible for the Migration, including the construction and deployment of any systems or physical space required for
the Migration. Seller shall use commercially reasonable efforts to assist Purchaser in completing the Migration. Purchaser shall
be responsible for all fees and expenses incurred by Purchaser and reasonable out-of-pocket third-party costs of Seller incurred
in the course of providing any assistance with the Migration requested by Purchaser.

 

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(c) The
Parties acknowledge that the Migration Plan is a document that may change, and any such material changes will be subject to the
change control process set forth in ARTICLE IX. Each Party shall use its commercially reasonable efforts to perform its
obligations under the Migration Plan according to the schedule set forth in the Migration Plan, and each Party shall use sufficient
and qualified resources and personnel to implement the Migration Plan, taking into account the need to reasonably manage the cost
of such transition and minimize the disruption to the ongoing business activities of the Parties.

 

Section 1.4 Additional
Transition Services. If requested by Purchaser, Seller shall provide services in addition to the Transition Services (“Additional
Transition Services”), as may be agreed pursuant to the Change Control process set forth in ARTICLE IX. The scope
of any such Additional Transition Services, as well as the prices and other terms applicable to such additional services, shall
be as mutually agreed by Purchaser and Seller and shall be consistent with the principles set forth in the Introduction to this
Agreement, and as further contemplated by ARTICLE IX.

 

Section 1.5 Standard
of Performance. Seller shall use commercially reasonable efforts to perform or procure the provision of the Transition
Services for Purchaser to standards of performance comparable in all material respects to which such Transition Services were performed
by Seller or its Affiliates in connection with the Business immediately prior to Closing; provided that Seller shall not be responsible
for the performance of any product programs or features developed and/or implemented by Purchaser after the Closing Date.

 

Section 1.6 Access.
Each Party shall use good faith efforts to provide the other Party with access to information and computer systems, facilities,
networks (including voice or data networks) or software to the extent reasonably necessary and in accordance with any applicable
laws and regulations to enable the provision of Transition Services contemplated by this Agreement, subject to Section 7 hereof.
The Party requesting access shall give the other Party reasonable prior written notice and justification of the need for such access.

 

Section 1.7 Independent
Contractor. For all purposes hereof, each Party shall at all times act as an independent contractor and shall have no authority
to represent the other Party in any way or otherwise be deemed an agent, lawyer, employee, representative, joint ventures or fiduciary
of such other Party nor shall this Agreement or the transactions contemplated hereby be deemed to create any joint venture between
the Parties. Each Party shall not declare or represent to any third party that such Party shall have any power or authority to
negotiate or conclude any agreement, or to make any representation or to give any undertaking on behalf of the other Party in any
way whatsoever.

 

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ARTICLE II

SERVICE FEES AND EXPENSES

 

Section 2.1 Service Fees.

 

(a) Subject
to adjustment in accordance with this Section 2.1, Purchaser shall pay a fee for the Seller Transition Services and Additional
Transition Services it receives during the Term as follows (collectively, the “Purchaser Service Fees”):

 

(i) Twelve
Thousand Five Hundred Dollars ($12,500.00) per month plus any expenses associated with the services provided; and

 

(ii) with
respect to any Additional Transition Services provided by Seller, on the timetable and in the amount agreed by the Parties and
set out in the executed amendment to this Agreement under which such Additional Transition Services are provided as contemplated
in ARTICLE IX.

 

(b) The
Service Fees are exclusive of any sales tax, transfer tax, value-added tax, goods and services tax or similar tax (“Taxes”).
Any Taxes (but excluding any Tax based upon net income) payable with respect to the Service Fees shall be invoiced by Seller and
paid by Purchaser within thirty (30) days of receipt of such invoice. Seller shall be responsible for remitting any such Taxes
to the appropriate taxing authority.

 

(c) If
the cost to Seller of providing a Transition Service increases as a result of actions taken outside the scope of this Agreement
by or at the request of Purchaser or as a result of any change in applicable law or regulation or action of any Government Entity
(collectively, “Imposed Changes”), then the resulting increase in costs if approved by the Purchaser in advance,
would be passed through to Purchaser by means of an increase in the relevant Service Fees in the amount of such actual increase
in the cost of the provision of such Transition Services, plus any direct, out of pocket, up-front costs of modifying the Transition
Services as a result of such Imposed Changes, provided, however, that (i) in no event shall Seller be obligated to
perform any service hereunder other than in accordance with applicable law and regulation, and (ii) Seller shall not be obligated
to perform such Service unless Purchaser agrees to pay such costs of modifying the Transition Services to comply with such Imposed
Changes and such increased Service Fees.

 

Section 2.2 Expenses.
Purchaser shall be responsible for any direct third-party out-of- pocket costs or expenses incurred by Seller, at pass-through
amounts, and disclosed in writing to Purchaser prior to the date of this Agreement in connection with providing the Transition
Services.

 

Section 2.3 Records.
Each Party shall maintain records of all receipts, invoices, reports and other documents relating to the Transition Services rendered
hereunder in accordance with applicable law and regulation and its standard accounting practices and procedures, which practices
and procedures are employed by such Party in its provision of services for itself and its Affiliates.

 

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ARTICLE III

PAYMENT

 

Section 3.1 Invoicing
and Payment. For the Transition Services described on Annex A on the date hereof, Purchaser shall pay the
net monthly fees set forth in Section 2.1 within thirty (30) calendar days after receipt of an invoice from Seller. For any Additional
Transition Services, if any, the net monthly fee shall be adjusted and paid by Purchaser in accordance with the executed amendment
to this Agreement under which such Additional Transition Services are provided. For any third-party expenses incurred by Seller
in connection with providing the Transition Services and payable by Purchaser in accordance with Section 2.2 hereof, Seller shall
invoice Purchaser, and Purchaser shall remit payment to Seller for all such invoiced expenses within thirty (30) calendar days
after receipt of each such invoice. Any undisputed amount unpaid after the expiration of thirty (30) calendar days after the due
date shall bear interest equal to one-half percent (0.5%) per month of the overdue amount. Each invoice for expenses shall set
forth in reasonable detail, for the period covered by such invoice, the source of the expenses incurred.

 

ARTICLE IV TRANSITION

 

Section 4.1 Return
of Materials. Promptly at the end of the service period with respect to a Transition Service, at the end of the Term or
upon termination of this Agreement in accordance with ARTICLE VI, as the case may be, Purchaser shall, at the other Party’s
expense and written direction, return or destroy and certify the return or destruction of, any and all of the other Party’s
books, records, files, databases, intellectual property (including embodiments thereof), Confidential Information (as defined below)
or information related to customer data in the possession, custody or control of Purchaser (the “Materials”);
provided that Purchaser shall be permitted to retain copies the Materials solely as required in order to comply with applicable
law, rules and regulation, or for audit, compliance or regulatory purposes to the extent permitted by applicable law and regulation;
and provided, further, that Purchaser shall not be obligated to destroy any Materials if such destruction would,
in the reasonable opinion of counsel to such Purchaser, constitute a violation of applicable law or regulation.

 

ARTICLE V

INTELLECTUAL PROPERTY

 

Section 5.1 Title to Intellectual Property.

 

(a) Each
of the Parties agrees that any intellectual property of the other Party made available to it in connection with the Transition
Services, and any derivative works, additions, modifications or enhancements thereof created by the other Party pursuant to this
Agreement, are and shall remain the sole property of the other Party, and such Party hereby irrevocably assigns any and all right,
title and interest therein to such other Party. Each Party agrees not to use, and to cause its Affiliates not to use, intellectual
property of the other Party for any purpose other than in connection with the performance of the Transition Services during the
Term.

 

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(b) Each
Party acknowledges that the other Party may be providing services similar to the Transition Services to its own businesses and/or
to other third parties during the Term, without restriction hereunder.

 

Section 5.2 Use
of Trademarks. Except as expressly set forth in the Merger Agreement, neither Party shall use the other Party’s trademarks,
service marks, trade names, domain names or other source identifiers without such Party’s prior written consent.

 

Section 5.3 Software
Licenses and Data Subscriptions. Except as provided in the Merger Agreement or as set forth on Schedule 5.3 hereto, Seller
and its Affiliates shall not be required to transfer or assign to Purchaser any third-party software licenses, data subscriptions
or any software or hardware owned by Seller or any of its Affiliates in connection with the provision of the Seller Transition
Services.

 

Section 5.4 Patents.
Except as expressly set forth in the Merger Agreement, neither Party shall use the other Party’s Patents without such Party’s
prior written consent.

 

ARTICLE VI

TERM AND TERMINATION

 

Section 6.1 Term.
The term of this Agreement (the “Term”) is twelve (12) months and shall commence on the Closing; provided that
the Term of any individual Transition Service may be for a shorter period of time as may be set forth on Annex A
hereto as agreed by the Purchaser in writing.

 

Section 6.2 Termination
without Cause. Purchaser may terminate this Agreement without penalty at any time but with thirty (30) days advance notice
by writing to Seller if Purchaser determines that there is no longer a business need for Transition Services. Purchaser shall pay
Seller any undisputed Service Fees, costs, and expenses due or incurred for Transition Services performed prior to termination
of the Agreement.

 

Section
6.3 Termination for Cause. Either Party (the “Terminating Party”) may terminate this Agreement with
immediate effect by notice in writing to the other Party (the “Other Party”) on or at any time after the occurrence
of any of the following events:

 

(a) the
Other Party is in default of any of its material obligations under this Agreement and (if the breach is capable of remedy) has
failed to remedy the breach within thirty (30) days after receipt of notice in writing from the Terminating Party giving particulars
of the breach;

 

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(b) the
Other Party shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect
to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment
of a trustee, receiver, liquidator, custodian or other similar official for it or any substantial part of its property, or shall
consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding
commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts
as they become due, or shall take any corporate action to authorize any of the foregoing;

 

(c) an
involuntary case or other proceeding shall be commenced against the Other Party seeking liquidation, reorganization or other relief
with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the
appointment of a trustee, receiver, liquidator, custodian or other similar official for it or any substantial part of its property,
and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of sixty (60) days.

 

Section 6.4 Survival.
Section 2.2 (Expenses), Section 2.3 (Records), ARTICLE III (Payments)(to the extent such fees accrued prior to termination,
cancellation or expiration), Section 4.1 (Return of Materials), Section 5.1 (Intellectual Property), this Section 6.4 (Survival),
Section 7.1 (Confidentiality), Section 8.2 (Limitations of Liability) and Article X (Miscellaneous) shall survive any termination
or expiration of this Agreement.

 

ARTICLE
VII

CONFIDENTIALITY

 

Section 7.1 Confidentiality.

 

(a) Each
Party acknowledges that, in connection with the performance by a Party of its obligations hereunder, such Party may be provided
with information about confidential and proprietary information of the other Party and third parties with which the other Party
conducts business. The confidential information of such other Party and third parties is defined below and is collectively referred
to as “Confidential Information.” In recognition of the foregoing, each Party covenants and agrees:

 

(i) that
it will keep and maintain all Confidential Information in confidence, using such degree of care as is appropriate to avoid unauthorized
use or disclosure;

 

(ii) that
it will not, directly or indirectly, disclose any Confidential Information to anyone outside of the other Party or the Related
Parties, as provided herein, except with the other Party’s prior written consent or as may be permitted under this ARTICLE
VII;

 

(iii) that
such Party will not make use of any Confidential Information for its own purpose or the benefit of anyone or any other entity other
than the other Party, provided that Purchaser can make use of any Confidential Information related to the Business in its operation
of the Business; and

 

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(iv) that
such Party will take no action with respect to the Confidential Information that is inconsistent with its confidential and proprietary
nature.

 

(b) Each
Party shall be permitted to disclose the Confidential Information only as follows:

 

(i) to
its employees, agents, auditors, counsel, directors, officers, and contractors (“Related Parties”) and Subcontractors,
having a need to know such information in connection with the performance of the Transition Services. Each Party shall be responsible
for all its Related Parties and Subcontractors’ compliance with the terms of this Agreement; and

 

(ii) if
disclosure is required by applicable law or regulation, provided that a Party shall notify the other Party in writing as soon as
reasonably practicable in advance of such disclosure, and provide the other Party with copies of any related information so that
the other Party may take appropriate action to protect the Confidential Information.

 

(c) For
purposes of this Agreement, Confidential Information shall include all business information of the other Party, including but not
limited to the following:

 

(i) information
relating to the other Party’s planned or existing computer systems and systems architecture, including computer hardware,
computer software, documentation, methods of processing and operational methods;

 

(ii) sales,
profits, organizational restructuring, new business initiatives and financial information;

 

(iii) information
that describes the other Party’s products, including product designs, and how such products are administered and managed;

 

(iv) information
that describes the other Party’s product strategies, tax interpretations, tax positions and treatment of any item;

 

(v) confidential
information and software of, and contracts with (and any information related thereto), third parties with which the other Party
conducts business;

 

 (vi) information relating to the other Party’s customers; and

 

(vii) Seller’s
customer information that is inadvertently accessed in accordance with Section 1.6 of the Agreement.

 

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(d) Notwithstanding
the foregoing, Confidential Information shall not include information that (i) is or becomes generally available to the public
other than as a result of a disclosure directly or indirectly by a Party or its Related Parties or Subcontractors in violation
of this ARTICLE VII, (ii) was available to a Party on a non-confidential basis prior to its disclosure to such Party by
the other Party or the other Party’s Related Parties or Subcontractors, (iii) is or becomes available on a non-confidential
basis to a Party from a Person other than the other Party, provided that such Person was not known to the receiving Party to be
bound by any agreement with the disclosing Party to keep such information confidential or to be otherwise prohibited from transmitting
the information, or (iv) is independently developed by the Receiving Party or its Related Parties without use of the Confidential
Information. Each Party acknowledges that the disclosure of Confidential Information may cause irreparable injury and damages,
that money damages may not be a sufficient remedy for any actual or threatened disclosure and that a Party shall (without proof
of actual damages) be entitled to seek equitable relief, including an injunction and specific performance, as a remedy if the other
Party breaches or threatens to disclose Confidential Information in violation hereof. A breaching Party shall not object to the
entry of an injunction or other equitable relief against such Party on the basis that an adequate remedy is available at law or
lack of irreparable harm. Without limitation of the foregoing, each Party shall advise the other Party promptly in the event that
it learns or has reason to believe that any person or entity, which has had access to Confidential Information, has violated or
intends to violate the terms of this Agreement. This provision shall not in any way limit such other remedies as may be available
to either Party at law or in equity.

 

Section 7.2 Systems Security. [Intentionally
Omitted]

 

Section 7.3 Insurance.
To the extent it has not already done so, Purchaser and Seller each shall obtain, within ninety (90) days of the date hereof, from
a financially sound and reputable insurer, cyber security, and data breach liability insurance in an amount equal to at least $10,000,000
on terms and conditions reasonably satisfactory to the other Party and will cause such insurance policy to be maintained until
the Termination Date.

 

ARTICLE VIII

REPRESENTATIONS AND WARRANTIES

 

Section 8.1 Representations and Warranties.

 

(a) Each
Party represents and warrants that, on the Closing Date, it has the authority to enter into this Agreement and its performance
under this Agreement will not conflict with any other obligation or agreement of such Party or with any law, rule or regulation.

 

(b) Except
as expressly provided in this Agreement, no representation, warranty or condition, express or implied, statutory or otherwise,
as to condition, quality, satisfactory quality, performance or fitness for purpose or otherwise is given by either Seller or Purchaser
and all such representations, warranties and conditions are excluded except to the extent that their exclusion is prohibited by
applicable law.

 

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Section 8.2 Limitations of Liability.

 

(a) THE
AGGREGATE LIABILITY OF EITHER PARTY IN CONNECTION WITH THE PERFORMANCE, DELIVERY OR PROVISION OF THE TRANSITION SERVICES UNDER
THIS AGREEMENT SHALL, WITH THE EXCEPTION OF A DATA BREACH, BE LIMITED TO $100,000 CUMULATIVELY.

 

(b) EXCEPT
FOR DAMAGES ARISING FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SELLER, THE PARTIES EXPRESSLY WAIVE AND FOREGO ANY RIGHT
TO RECOVER EXEMPLARY, LOST PROFITS, CONSEQUENTIAL OR SIMILAR DAMAGES IN ANY LITIGATION ARISING OUT OF OR RESULTING FROM ANY CONTROVERSY
OR CLAIM RELATING TO THIS AGREEMENT OR ANY OF THE TRANSITION SERVICES PROVIDED HEREUNDER, WHETHER SUCH CLAIM IS BASED ON WARRANTY,
CONTRACT, TORT (INCLUDING NEGLIGENCE OR STRICT LIABILITY) OR OTHERWISE, EVEN IF AN AUTHORIZED REPRESENTATIVE OF SUCH PARTY IS ADVISED
OF THE POSSIBILITY OR LIKELIHOOD OF THE SAME.

 

ARTICLE IX

CHANGE REQUEST

 

Section 9.1 Change Request.

 

(a) Subject
to this ARTICLE IX, either Party may propose any change or addition to the Transition Services by written notice to the
other Party specifying the proposed change in reasonable detail (such notice, a “Change Request”), provided,
that any changed or additional services will be advisory or informational in nature, in accordance with the Introduction to this
Agreement.

 

(b) Seller
or Purchaser shall provide the other Party with a reasonably detailed written outline specification describing the nature of the
change, an assessment of the impact of the change on the Transition Services, the Service Fees (as applicable) and an estimate
of the time required to implement the change, the costs associated with the change and the terms for payment of such costs (such
outline, an “Evaluation Report”) within twenty (20) Business Days of receiving the Change Request.

 

(c) The
approving Party shall notify the requesting Party within ten (10) Business Days of the date on which the Evaluation Report was
received whether or not the approving Party wishes to proceed with the Change Request; provided, however, that the Parties shall
in good faith negotiate the terms and pricing of the Change Request before the requesting Party provides such notice to proceed.

 

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(d) Within
ten (10) Business Days of receipt of the requesting Party’s notice to proceed with the Change Request, the approving Party
shall produce a final Evaluation Report which shall include a comprehensive list of the charges for the implementation of the Change
Request (“Change Request Charges”). Any Change Request Charges shall be calculated in a manner consistent with
Section 2.1.

 

(e) Both
the Seller and Purchaser shall act in good faith in relation to Change Requests, and shall not unreasonably withhold any consent,
or cause any delay in relation to them; provided that, notwithstanding anything to the contrary herein, the approving Party shall
have sole discretion regarding whether to provide Additional Transition Services which were not performed by Seller or Purchaser
for the Business at any time during the one hundred eighty (180) day period prior to Closing. If the Seller and Purchaser cannot
agree upon a Change Request or the approving Party’s final Evaluation Report (including the Change Request Charges), each
of the Seller and Purchaser may refer the matter to be resolved in accordance with Section 1.2.

 

(f) The
Seller shall not have any obligation to commence work in connection with any change to the approving Party Transition Services
or any Additional Transaction Services until the relevant Change Request and Evaluation Report has been agreed to by each Party
in writing.

 

ARTICLE X

 MISCELLANEOUS

 

Section 10.1 No
Third-Party Beneficiaries. This Agreement shall not confer any rights or remedies upon any Person other than the Parties
and their respective successors and permitted assigns and, to the extent specified herein, their respective Affiliates.

 

Section 10.2 Entire
Agreement. This Agreement (including the Annexes and Schedule hereto), together with the Merger Agreement and any other
documents delivered by the Parties in connection herewith or therewith, constitutes the entire agreement between the Parties with
respect to the subject matter hereof and thereof and supersede any prior agreements or understandings between the Purchaser, on
the one hand, and the Seller, on the other hand.

 

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Section 10.3 Notices.
All notices, requests, demands, claims and other communications hereunder shall be in writing. Any notice, request, demand, claim
or other communication hereunder shall be deemed duly delivered four (4) Business Days after it is sent by registered or certified
mail, return receipt requested, postage prepaid, or one (1) Business Day after it is sent for next Business Day delivery via a
reputable nationwide overnight courier service, in each case to the intended recipient as set forth below:

 

	If to the Seller:	 	Copy to:
	 	 	 
	Customers
        Bank

        701
        Reading Ave

        West
        Reading, PA 19611 Attention:

        E-mail:
	 	 

                           Attention:
        Facsimile: E-mail:

	 	 	 
	If to the Purchaser:	 	Copies to:
	

         

        BM
        Technologies, Inc.

        201
        King of Prussia Road, Suite 240

        Radnor,
        PA 19087

        Attention:
        Bob Diegel

        Email:
        rramsey@customersbank.com
	 	

         

        Nelson
        Mullins Riley & Scarborough, LLP

        101
        Constitution Ave, NW, Suite 900

        Washington
        DC 20001

        Attention:
        Jonathan Talcott

        Email:
        jon.talcott@nelsonmullins.com

 

Any Party may give any notice,
request, demand, claim, or other communication hereunder using any other means (including personal delivery, expedited courier,
messenger service, ordinary mail, or electronic mail), but no such notice, request, demand, claim or other communication shall
be deemed to have been duly given unless and until it actually is received by the party for whom it is intended. Any Party may
change the address to which notices, requests, demands, claims and other communications hereunder are to be delivered by giving
the other Parties notice in the manner herein set forth.

 

Section 10.4 Amendment;
Waiver. Subject to ARTICLE IX and Sections 1.4 and 10.10, any provision of this Agreement may be amended or waived
if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by both Parties, or in the case
of a waiver, by the Party against whom the waiver is to be effective. No failure or delay by any Party in exercising any right,
power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other
or further exercise thereof or the exercise of any other right, power or privilege.

 

Section 10.5 Severability.
Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect
the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending
term or provision in any other situation or in any other jurisdiction. If the final judgment of a court of competent jurisdiction
declares that any term or provision hereof is invalid or unenforceable, the Parties agree that the body making the determination
of invalidity or unenforceability shall have the power to reduce the scope, duration or area of the term or provision, to delete
specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid
and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this
Agreement shall be enforceable as so modified.

 

    13

     

    

 

Section 10.6 Binding
Agreement; Assignment. No Party may assign either this Agreement or any of its rights, interests, or obligations hereunder
without the prior written approval of the other Party, which written approval shall not be unreasonably withheld, delayed, or conditioned.
Notwithstanding the foregoing, this Agreement, and all rights, interests and obligations hereunder, may be assigned, without such
consent, by either Party to an Affiliate thereof or an entity that acquires all or substantially all of such Party’s or such
Affiliate’s business or assets. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors and permitted assigns.

 

Section 10.7 Governing
Law. This Agreement and any disputes hereunder shall be governed by and construed in accordance with the internal laws
of the Commonwealth of Pennsylvania without giving effect to any choice or conflict of law provision or rule (whether of the Commonwealth
of Pennsylvania or any other jurisdiction) that would cause the application of laws of any jurisdiction other than those of the
Commonwealth of Pennsylvania.

 

Section 10.8 Submission
to Jurisdiction. Subject to Section 1.2 hereof, each of the Parties to this Agreement (a) agrees that all actions arising
out of or relating to this Agreement or any of the transactions contemplated by this Agreement shall be heard and determined in
the Federal Courts of the United States of America or the courts of the Commonwealth of Pennsylvania, (b) irrevocably consents
to submit itself to the exclusive jurisdiction and venue of such courts in any action, (c) agrees that all claims in respect of
such action shall be heard and determined in any such court, (d) agrees that it shall not attempt to deny or defeat such personal
jurisdiction by motion or other request for leave from any such court, and (e) agrees not to bring any action arising out of or
relating to this Agreement or any of the transactions contemplated by this Agreement in any other court. Each of the Parties hereto
waives any defense of inconvenient forum to the maintenance of any action so brought and waives any bond, surety or other security
that might be required of any other Party with respect thereto. Any Party hereto may make service on another Party by sending or
delivering a copy of the process to the Party to be served at the address and in the manner provided for the giving of notices
in Section 10.3. Nothing in this Section 10.8, however, shall affect the right of any Party to serve legal process in any other
manner permitted by law.

 

Section 10.9 Waiver
of Jury Trial. To the extent permitted by applicable law, each Party hereby irrevocably waives all rights to trial by jury
in any action (whether based on contract, tort or otherwise) arising out of or relating to this Agreement or the transactions contemplated
hereby or the actions of any Party in the negotiation, administration, performance and enforcement of this Agreement. Each Party
(a) certifies that no Representative of the other Party has represented, expressly or otherwise, that such Party would not, in
the event of any action, seek to enforce the foregoing waiver and (b) acknowledges that it and the other Party have been induced
to enter into this Agreement, by among other things, the mutual waiver and certifications in this Section 10.9.

 

    14

     

    

 

Section 10.10 Force
Majeure. If either Party is prevented from complying, either totally or in part, with any of the terms or provisions of
this Agreement by reason of fire, flood, storm, strike, lockout or other labor trouble, any law, order, proclamation, regulation,
ordinance, demand or requirement of any governmental authority, riot, war, terrorist act, rebellion or other causes beyond the
reasonable control of such Party, or other acts of God (a “Force Majeure Event”), then, upon written notice
to the other, the affected provisions and/or other requirements of this Agreement shall be suspended or reduced by an amount consistent
with reductions made to the other operations of such Party affected by the Force Majeure Event during the period of such disability
and the affected Party shall have no liability to the other in connection therewith. Each Party shall use reasonable commercial
efforts to remove such disability within fifteen (15) days of giving notice of such disability.

 

Section 10.11 Mutual Drafting.
This Agreement is the mutual product of the Parties, and each provision hereof has been subject to the mutual consultation, negotiation,
and agreement of each of the Parties, and shall not be construed for or against any Party. Each Party acknowledges and represents
that it has been represented by its own legal counsel in connection with the transactions contemplated hereby, with the opportunity
to seek advice as to its legal rights from such counsel.

 

Section 10.12 Headings.
The headings in this Agreement are for convenience of reference only and will not affect the construction of any provisions hereof.

 

Section 10.13 Conflicts.
To the extent any term or provision of the Merger Agreement, or any other document or other agreement executed in connection with
the Merger Agreement, is in conflict with any term or provision of this Agreement or any Annex or Schedule hereto, the terms and
provisions of this Agreement and the Annexes or Schedules hereto shall govern solely to the extent of any such conflict. To the
extent any term or provision of this Agreement is in conflict with any term or provision of any Annex or Schedule hereto, the terms
and provisions of the Annex or Schedule hereto shall govern solely to the extent of any such conflict.

 

Section 10.14 Counterparts
and PDF Signature. This Agreement may be signed in any number of counterparts, each of which shall be an original, with
the same effect as if the signatures thereto and hereto were upon the same instrument. The electronic transmission of any signed
original counterpart of this Agreement shall be deemed to be the delivery of an original counterpart of this Agreement.

 

Section 10.15 Interpretation.
For purposes of this Agreement, (a) the words “include,” “includes” and “including” shall be
deemed to be followed by the words “without limitation”; (b) the word “or” is not exclusive; and (c) the
words “herein,” “hereof,” “hereby,” “hereto” and “hereunder” refer
to this Agreement as a whole. Unless the context otherwise requires, references herein: (x) to Articles, Sections, Schedules and
Exhibits mean the Articles and Sections of, and Schedules and Exhibits attached to, this Agreement; (y) to an agreement, instrument
or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to
the extent permitted by the provisions thereof and (z) to a statute means such statute as amended from time to time and includes
any successor legislation thereto and any regulations promulgated thereunder. This Agreement shall be construed without regard
to any presumption or rule requiring construction or interpretation against the Party drafting an instrument or causing any instrument
to be drafted. The Schedules and Exhibits referred to herein shall be construed with, and as an integral part of, this Agreement
to the same extent as if they were set forth verbatim herein.

 

[End of Text; Signature Page
Follows]

 

    15

     

    

 

IN WITNESS WHEREOF, the Parties hereto have
executed this Transition Services Agreement as of the date first written above.

 

	 	BM TECHNOLOGIES,
    INC.
	 	 	 
	 	By:	/s/
    Luvleen Sidhu
	 	Name: 	Luvleen Sidhu
	 	Title:	Chief Executive Officer
	 	 	 
	 	CUSTOMERS
    BANK
	 	 	 
	 	By:	/s/
    Richard Ehst
	 	Name:	Richard Ehst
	 	Title:	President and Chief
    Executive Officer

 

Seller

Services Coordinator:

James Collins

73 Old Dublin Pike

Doylestown PA 18901

(267) 356-0105

 

Purchaser

Services Coordinator:

Robert Diegel

201 King of Prussia Rd

Suite 350

Radnor, PA 19087

484-986-7790

 

[Signature Page to Transition Services
Agreement]

 

     

     

    

 

ANNEX A

SELLER TRANSITION
SERVICES

 

[Schedules to this exhibit have been omitted pursuant to Item
601(b)(2) of Registration S-K. The Registrant hereby agrees to furnish a copy of any omitted schedules to the SEC upon request.]

 

     

     

    

 

ANNEX B

PURCHASER TRANSITION
SERVICES

[Schedules to this exhibit have been omitted pursuant to Item 601(b)(2) of Registration S-K. The Registrant hereby agrees to furnish
a copy of any omitted schedules to the SEC upon request.]Exhibit 10.2

 

SOFTWARE LICENSE AGREEMENT

 

This Software License Agreement (“Agreement”)
is entered into this 4th day of January, 2021 (the “Effective Date”) by and between BM Technologies, Inc., a Delaware
corporation, with offices at 201 King of Prussia Road, Suite 240 Radnor, PA 19087 (“Licensor”), and Customers Bank,
a Pennsylvania state-chartered bank with offices located at 99 Bridge Street, Phoenixville, PA 19460 (“Licensee”).

 

Preamble

 

WHEREAS, Licensor owns the Software;
and

 

WHEREAS, Licensee desires to utilize
such Software, including any Updates, Upgrades, customizations, or corrections (collectively, “Software Changes”)
thereto; and

 

WHEREAS, for good and valuable consideration,
the receipt of which is hereby acknowledged, Licensor is willing to license the Software and any Software Changes to Licensee;
and

 

WHEREAS, Licensee is willing to accept
the Software license under the conditions set forth herein.

 

NOW THEREFORE, Licensor and Licensee
agree as follows:

 

Agreement

 

1. Definitions

 

“Affiliate” means, with
respect to a party, any entity controlling, controlled by, or under common control with such party. For purposes of this definition,
“control” means direct or indirect ownership of fifty percent (50%) or more of the shares of the entity entitled to
vote in the election of directors (or, in the case of an entity that is not a corporation, for the election of the corresponding
managing authority).

 

“Assumed Value” means
the ten million-dollar ($10,000,000.00) valuation of the License granted hereunder.

 

“Customer” means a customer
of Licensee or any of its Affiliates, including any person who (a) applies to Licensee or any of its Affiliates for a financial
product or service; (b) has obtained any financial product or service from Licensee or any of its Affiliates; (c) has a loan or
other account serviced or subserviced by Licensee or any of its Affiliates; and/or (d) does not have an account with Licensee or
any of its Affiliates but nonetheless engages in a transaction using property or services of Licensee or any of its Affiliates,
such as use of a Licensee ATM by a non-Licensee customer.

 

“Customer
Information” means any personally identifiable information or records in any form (written, electronic, or otherwise)
relating to a Customer, including (i) a Customer’s name, address, telephone number, loan number, deposit account number,
loan payment history, delinquency status, insurance carrier or payment information, tax amount or payment information; (ii) the
fact that a Customer has a relationship with Licensee or any of its Affiliates; and (iii) any other personally identifiable information
of a Customer; provided that “Customer Information” shall not mean any such information that Licensor has obtained
independently and not in connection with this Agreement or any other agreement with Licensee or any of its Affiliates.

 

    1

     

    

 

“Early Termination
Penalty” means the portion of the Assumed Value to be paid by Licensor to Licensee, and is calculated by multiplying
the Assumed Value by the quotient of the number of months remaining in the Term after termination divided by 120.

 

“Information
Security Program” means Licensor’s program or programs to: (a) ensure the security and confidentiality of Confidential
Information to which Licensor has access; (b) protect against any anticipated threats or hazards to the security or integrity of
the Confidential Information; and (c) protect against unauthorized access to or use of Confidential Information that could result
in substantial harm or inconvenience to Licensee or any Customer. Such Information Security Program shall include maintenance of
a comprehensive written Information Security Program and computer system security requirements sufficient to comply with the Privacy
and Data Security Requirements and protect all Confidential Information.

 

“Intellectual Property Rights”
means (i) copyrights and other rights associated with works of authorship; (ii) trademark and trade name rights and similar rights;
(iii) trade secret rights; (iv) patents, designs, algorithms, utility models, and other industrial property rights, and all improvements
thereto; and (v) all registrations, applications, renewals, extensions, continuations, divisions, or reissues thereof now or hereafter
in force.

 

“Interagency Guidelines”
means the Interagency Guidelines Establishing Standards For Safeguarding Customer Information published on February 1, 2001, as
the same may be amended from time to time.

 

“Privacy and Data Security Requirements”
means the obligations imposed by: (a) Title V of the Gramm-Leach-Bliley Act, 15 U.S.C. §§ 6801 et seq.; (b) the applicable
federal regulations implementing such act; (c) the Interagency Guidelines; and (d) all other applicable international, federal,
state and local laws, rules, regulations, and orders relating to the privacy and security of Customer Information, including the
federal Fair Credit Reporting Act, 15 U.S.C. §§ 1681 et seq.; the California Consumer Privacy Act, Cal.
Civ. Code § 1798.100, et seq.; the NY SHIELD Act, N.Y. Gen. Bus. Law
§ 899-AA, et seq.; and any other similar state laws, each as amended from time to time; (e) Payment Card Industry (PCI) Data
Security Standards; and (f) all applicable policies and procedures of Licensee communicated to Licensor.

 

“Representatives” means
a party’s employees, officers, directors, agents, consultants, advisors, or lawyers.

 

“Software” means the
mobile banking technology provided by Licensor to Licensee and includes, but is not limited to, the functionality set forth in
Exhibit “A” and includes all “Software Changes.”

 

“Software Changes” has
the meaning set forth above.

 

    2

     

    

 

“Update” means any error
correction, bug or defect fix, enhancement, modification, patch, alteration, improvement, correction, addition, or revision to
improve the performance or correct any error or defect.

 

“Upgrade” means any enhancement,
improvement, modification, addition, localization, successor or new version, or new functionality that is not an Update.

 

2. License Grant

 

2.1 Subject
to the terms and conditions of this Agreement, Licensor hereby grants to Licensee and its Affiliates, and Licensee and its Affiliates
hereby accept from Licensor, a non-exclusive, nontransferable, royalty-free, fully paid-up license to use both the Software and
any Software Changes in executable code form during the Term within the United States.

 

2.2 Licensor
shall continue to own all right, title, and interest in and to the Software, the Software Changes, and all Intellectual Property
Rights embodied therein or related thereto, including, but not limited to, the source and executable codes. Except as expressly
provided herein, Licensor grants no Intellectual Property Rights to Licensee or its Affiliates by implication, estoppel, or otherwise.

 

2.3 Licensee
shall safeguard the Software and Software Changes and its related materials with that degree of care as is exercised by other similarly
situated financial institutions such that no unauthorized use is made of the Software, Software Changes, or related materials and
no disclosure of any part of their contents is made to anyone other than Licensee’s Representatives whose duties reasonably
require such disclosure, or, as otherwise reasonably necessary in the ordinary course of Licensee’s business. Licensee shall
make its Representatives fully aware of their responsibility to fulfill the obligations of Licensee under this Agreement.

 

2.4 During
the Term, Licensor may, at its sole discretion, provide Updates to or Upgrades of the Software. Licensor shall, from time to time,
update the Software to improve basic functionality, security, and responsiveness and ensure that the Software provides at least
industry-standard functionality, security, and responsiveness. Licensor anticipates that a minimum of two such updates per year
will be required to ensure that Licensee continues running a current version of the Software. Unless otherwise agreed in writing
by the parties, Licensor shall not charge, and Licensee shall not be responsible to pay, any additional fees, costs, or expenses
for Updates, Upgrades, or other Software Changes made by Licensor. In no event shall Licensor materially degrade the functionality,
responsiveness, or security of the Software.

 

3. Software Warranties

 

3.1 Related
to the Software and Software Changes, Licensor represents and warrants that:

 

(a) Licensor
has all Intellectual Property Rights necessary to provide Licensee with the Software and Software Changes;

 

    3

     

    

 

(b) Licensor
does not infringe the Intellectual Property Rights of any third party in licensing to Licensee the Software or the Software Changes;

 

(c) Licensor
will make any Software Changes to the Software under this Agreement in accordance with industry standards and in a professional
and workmanlike manner;

 

(d) The
Software will remain free from material programming errors and defects in workmanship and materials and will substantially conform
to the specifications included in Exhibit “A” attached hereto for one year from delivery of the software to Licensor
(“Initial Warranty Period”). If material programming errors are discovered in the Software during the Initial
Warranty Period, Licensor shall promptly remedy such errors at no additional expense to Licensee.

 

(e) Following
delivery to Licensee of any Software Changes to the Software, such Software Changes will remain free from material programming
errors and defects in workmanship and materials, and will substantially conform to the specifications and any related documentation
for one-hundred eighty (180) days from delivery thereof (“Software Changes Warranty Period”). If material programming
errors are discovered in the Software Changes during the Software Changes Warranty Period, Licensor shall promptly remedy such
errors at no additional expense to Licensee.

 

3.2 Except
as otherwise stated in Section 3.1 above, Licensor makes no other warranties with respect to the Software or the Software Changes,
including but not limited to warranties of merchantability or fitness for a particular purpose.

 

4. Intellectual
Property Rights and Restrictions on Use

 

4.1 Licensee
recognizes that the Software and Software Changes, if any, are the property of, and all rights thereto are owned by Licensor. Licensee
also acknowledges that such Software and Software Changes are a trade secret of Licensor, are valuable and confidential to Licensor,
and that its use and disclosure must be carefully and continuously controlled.

 

4.2 Title
to the Software and Software Changes, if any, shall always remain with Licensor.

 

4.3 The
Software is intended to be used only by Licensee and its Affiliates as set forth in this Agreement to service Licensee’s
Customers, including direct-to-consumer banking or for use by employees as direct-to-consumer users of Licensee’s Software.

 

4.4 Licensee
shall treat the Software and Software Changes, if any, as confidential and proprietary, and shall protect them in the same manner
that it protects the confidentiality of its own similarly confidential information. While this Agreement is in effect, or while
Licensee has custody and possession of the Software or Software Changes, Licensee will not:

 

(a) provide
or make available the Software or Software Changes to any person or entity other than employees of Licensee who have a need to
know consistent with Licensee’s use thereof under this Agreement, unless otherwise agreed in writing by the parties hereto;
or

 

    4

     

    

 

(b) create
or attempt to create, or permit others to create or attempt to create, by disassembling, reverse engineering or otherwise, the
source program or source code or any part thereof from the object program or other information made available to Licensee pursuant
to this Agreement.

 

4.5 Licensee
agrees to promptly notify Licensor if it obtains information as to any unauthorized possession, use, or disclosure of the Software
or Software Changes by any person or entity, and further agrees to cooperate with Licensor in protecting Licensor’s proprietary
rights to the Software and Software Changes.

 

4.6 Licensee
shall not use the Software or Software Changes to offer private label banking services that directly compete with Licensor’s
business existing as of the Effective Date; provided that, nothing herein shall prevent Licensee from using the Software
or Software Changes in private label banking arrangements in cooperation with Licensor.

 

4.7 If
Licensee or its Representatives materially breach any material provision of this Agreement, such material breach must be cured
within thirty (30) days of receipt of Licensor’s written notice describing such material breach.

 

4.8 The
Parties shall not develop any Intellectual Property Rights that will be deemed jointly owned unless they have agreed, in advance
and in a separate writing, that such Intellectual Property Rights will be jointly owned.

 

4.9 Licensee
will not, and will not permit any third party to: (a) transmit viruses or other malicious computer code on, or interfere with the
integrity or performance of, the Software or Software Changes; (b) decompile, disassemble, reverse engineer (except to the extent
expressly permitted by applicable law), or otherwise attempt to derive source code or other trade secrets from the Software or
Software Changes; (c) modify, translate, or create any derivative works based upon the Software or Software Changes, or any portion
thereof; (d) distribute, disclose, market, rent, lease, assign, sublicense, pledge or otherwise transfer access to the Software
or Software Changes, in whole or in part, to any third party; (e) release the results of benchmark tests or other comparisons of
the Software or Software Changes with other programs; (f) remove, efface, or obscure any copyright or other proprietary notices
or legends included in the Software or Software Changes; or (g) otherwise use or access the Software or Software Changes in any
manner exceeding the scope of this Agreement.

 

4.10 As
between the parties, Licensor owns all right, title, and interest in and to the Intellectual Property Rights used to provide the
Software or Software Changes. Licensee shall have only those license rights in or to the Software of Software Changes expressly
granted to it pursuant to this Agreement, and all other rights are reserved by Licensor.

 

    5

     

    

 

5. Term and Termination

 

5.1 The
license subject to this Agreement shall continue until the earlier to occur of:

 

(a) The
ten-year anniversary of the Effective Date;

 

(b) Licensee’s
material breach of the material terms of the Agreement that remains uncured after the period specified in Section 4.7;

 

(c) Licensor’s
material breach of the material terms of the Agreement that remains uncured thirty (30) days after receipt of Licensee’s
written notice describing such material breach; or

 

5.2 Within
ten (10) business days of termination of the Agreement under Section 5.1(c) above, Licensor shall pay Licensee the Early Termination
Penalty.

 

5.3 Upon
the termination of the Agreement as set forth herein, Licensor shall have the right to take possession of the Software and Software
Changes, if any. Licensee agrees to cooperate with Licensor in transferring the Software Changes to Licensor upon termination of
this Agreement.

 

5.4 Notwithstanding
anything to the contrary set forth herein, Licensee may terminate the Agreement at any time, without notice, and without penalty,
and for any reason or no reason at all.

 

5.5 Upon
expiration or termination of this Agreement, Licensor shall use commercially reasonable efforts to assist Licensee in effecting
an orderly transition of Licensee’s Customers and Customer Information to another vendor selected by Licensee at its sole
discretion. Subject to the foregoing,

 

(a) Licensor
shall provide a copy of all Customer Information held by Licensor in the form or format reasonably requested by Licensee;

 

(b) Licensee
shall cease using and uninstall or otherwise deactivate, as requested, the Software and all Software Changes.

 

6. Indemnification;
Limitation of Liability

 

6.1 Licensor
agrees to indemnify, defend, and hold Licensee and its Affiliates and Representatives (collectively, the “Licensee Indemnified
Parties”) harmless from and against any claims brought by any third-party against the Licensee Indemnified Parties to
the extent such claims are based on or arise out of allegations that the Software or the Software Changes infringe upon the Intellectual
Property Rights of any third-party. Licensor shall have no liability or responsibility under the foregoing sentence to the extent
such third-party claims are based on or arise out of customizations or enhancements to the Software or the Software Changes made
by Licensee without Licensor’s knowledge.

 

6.2 Licensee
agrees to indemnify, defend, and hold Licensor and its Affiliates and Representatives (collectively, the “Licensor Indemnified
Parties”) harmless from and against any claims brought by any third-party against the Licensor Indemnified Parties to
the extent such claims are based on or arise out of customizations or enhancements to the Software or Software Changes made by
Licensee without Licensor’s knowledge.

 

    6

     

    

 

6.3 The
indemnification obligations set forth herein are contingent upon the party to be indemnified (“Indemnified Party”):

 

(a) Giving
the party providing indemnification hereunder (“Indemnifying Party”) prompt written notice of any action brought
against the Indemnified Party; and

 

(b) Cooperating
with the Indemnifying Party in the defense of any such action and allowing the Indemnifying Party to control the defense and settlement
of any such action at its sole cost and expense.

 

6.4 NOTWITHSTANDING
ANY FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED REMEDY OR LIMITATION OF LIABILITY, NEITHER PARTY WILL BE LIABLE TO THE OTHER PARTY
FOR CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES OF ANY KIND (INCLUDING, WITHOUT LIMITATION, LOST REVENUES OR PROFITS, LOSS OF
USE, OR LOSS OF GOODWILL OR REPUTATION) WITH RESPECT TO ANY CLAIMS ARISING FROM OR RELATING TO THIS AGREEMENT OR THE SOFTWARE,
WHETHER BASED ON CONTRACT, TORT OR OTHERWISE (INCLUDING NEGLIGENCE AND STRICT LIABILITY), REGARDLESS OF WHETHER SUCH PARTY WAS
ADVISED, HAD OTHER REASON TO KNOW, OR IN FACT KNEW OF THE POSSIBILITY THEREOF.

 

7. Confidentiality

 

7.1. Each
party that receives information from the other party hereto (the “Receiving Party”) undertakes to retain in
confidence the terms of this Agreement and all other non-public information, technology, Customer Information, materials and know-how
of the other party (the “Disclosing Party”) disclosed or acquired by the Receiving Party pursuant to or in connection
with this Agreement that is either designated as proprietary or confidential or, by the nature of the circumstances surrounding
disclosure, ought in good faith to be treated as proprietary or confidential (“Confidential Information”); provided
that each party may disclose the terms and conditions of this Agreement to its immediate legal and financial consultants in
the ordinary course of its business. The Receiving Party will not use any Confidential Information for any purpose other than to
carry out the activities contemplated by this Agreement. The Receiving Party agrees to use commercially reasonable efforts to protect
the Disclosing Party’s Confidential Information, and in any event, to take precautions at least as great as those taken to
protect its own confidential information of a similar nature.

 

7.2 The
Receiving Party will promptly notify the Disclosing Party in writing in the event that the Receiving Party learns of any unauthorized
use or disclosure of any Confidential Information that it has received from the Disclosing Party, and will cooperate in good faith
to remedy such occurrence to the extent reasonably possible. The restrictions set forth in this Section 7 will not apply to any
information that: (a) was known by the Receiving Party without an obligation of confidentiality prior to disclosure thereof by
the Disclosing Party; (b) was in or entered the public domain through no fault of the Receiving Party; (c) is disclosed to the
Receiving Party by a third party legally entitled to make such disclosure without violation of any obligation of confidentiality;
(d) is required to be disclosed by applicable laws or regulations (but in such event, only to the extent required to be disclosed);
or (e) is independently developed by the Receiving Party without reference to any Confidential Information of the Disclosing Party.

 

    7

     

    

 

7.3 Upon
request of the Disclosing Party, the Receiving Party will return all materials, in any medium, that contain or reveal all or any
part of any Confidential Information of the Disclosing Party or certify to the Disclosing Party destruction of the Receiving Party’s
copies of Confidential Information. Notwithstanding the foregoing, the Receiving Party may retain Confidential Information only
the extent required by applicable laws or regulations. The Receiving Party acknowledges that breach of this provision by it would
result in irreparable harm to the Disclosing Party, for which money damages would be an insufficient remedy, and therefore that
the Disclosing Party will be entitled to seek injunctive relief to enforce the provisions this Section.

 

7.4 Under
no circumstances will Licensee’s Confidential Information (whether stored electronically or in hard copy format) be directly
or indirectly transmitted to or accessed from any location that is not subject to the laws and jurisdiction of the United States
of America without the prior written consent of Licensee. Neither Licensor nor its Representatives shall directly or indirectly
access any Customer Information or Licensee’s software, networks, systems or data from any location that is not subject to
the laws and jurisdiction of the United States of America without the prior written consent of Licensee. If Licensor’s Representatives
store or access Customer Information on a portable device, such Customer Information must be encrypted in a reasonable manner.

 

8. Security.

 

8.1 Licensor
will maintain and enforce safety, electronic, and physical security procedures with respect to its access, use, and possession
of Licensee’s Confidential Information, including Customer Information, that are (i) compliant with Licensee’s information
security guidelines, policies and requirements (including Database Security Technical Implementation Guide (STIG) templates, National
Institute of Standards and Technology (NIST) standards, and Control Objectives for Information and related Technology (COBIT) frameworks),
which may be provided by Licensee to Licensor from time to time or, if such guidelines, policies and requirements are not provided
by Licensee, at least compliant with the Federal Risk and Authorization Management Program (FedRAMP) standards and other industry
standards for such types of locations, and (ii) which provide appropriate technical and organizational safeguards against accidental
or unlawful destruction, loss, alteration or unauthorized disclosure or access of such information.

 

8.2 Without
limiting the generality of the foregoing, Licensor will take all reasonable measures to secure and defend its locations and equipment
against “hackers” and others who may seek, without authorization, to modify or access Licensor systems or the information
found therein. Licensor will periodically test its systems for potential areas where security could be breached.

 

8.3 Licensor
(a) will deliver to Licensee a root cause assessment and future incident mitigation plan with regard to any breach of security
or unauthorized access affecting Licensee’s Confidential Information, (b) will provide Licensee all written details regarding
Licensor’s internal investigation regarding any security breach, (c) upon Licensee’s request, provide a second more
in-depth investigation and results of findings, (d) agrees not to notify any regulatory authority nor any Customer or consumer,
on behalf of Licensee unless Licensee specifically requests in writing that Licensor do so, and (e) shall cooperate with Licensee
to work together to formulate a plan to rectify all security breaches.

 

    8

     

    

 

9. General Provisions

 

9.1 This
Agreement (including all exhibits, attachments, and amendments hereto) constitutes the entire agreement and understanding of the
parties as to the subject matter hereof and supersedes and replaces in its entirety any prior discussions or agreements, all of
which are merged herein. None of the terms of this Agreement may be amended or otherwise modified except by an instrument in writing
executed by Licensor and Licensee. If any term of this Agreement shall be held to be invalid, illegal or unenforceable, the validity
of all other terms hereof shall in no way be affected thereby, and this Agreement shall be construed and be enforceable as if such
invalid, illegal, or unenforceable term had not been included herein. Section headings are for convenience or reference only and
shall not govern the interpretation of any of the provisions of this Agreement

 

9.2 This
Agreement shall not be construed so as to confer any right or benefit upon any person or entity other than the parties to this
Agreement and their respective successors and assigns.

 

9.3 This
Agreement shall be governed by, and enforced in accordance with, the internal laws of the Commonwealth of Pennsylvania, including
its statutes of limitations.

 

9.4 Licensor
and Licensee each hereby irrevocably submits to the nonexclusive jurisdiction of the courts of the Commonwealth of Pennsylvania
and the United States District Court of the Eastern District of Pennsylvania for the purpose of any suit, action or other proceeding
arising out of or relating to this Agreement. Licensor and Licensee each hereby further agrees to service of process in any such
suit being made upon such party by mail at the address specified for notices in Section 9.9 hereof.

 

9.5 LICENSOR
AND LICENSEE EACH WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION
WITH THIS AGREEMENT, ANY RIGHTS OR OBLIGATIONS HEREUNDER, OR THE PERFORMANCE OF ANY SUCH RIGHTS OR OBLIGATIONS.

 

9.6 This
Agreement does not in any way create the relationship of principal and agent, or any similar relationship between Licensor and
Licensee, including, but not limited to, that of joint venturers, partners, employees, agents or associates. Neither party is granted
any right or authority to assume or create any obligation or responsibility for, or on behalf of, the other party or to otherwise
bind the other party, other than as may be expressly authorized in this Agreement.

 

9.7 Licensor
nor Licensee shall (and neither shall have any right to) assign, sell, transfer, delegate or otherwise dispose of, whether voluntarily
or involuntarily, by operation of law or otherwise, this Agreement or any rights or obligations under this Agreement without the
express written consent of the other party; provided that Licensor may assign this agreement to an affiliate of Licensor without
written consent of Licensee. Any attempted assignment in violation of this Section 9.7 shall be void and of no effect. Notwithstanding
the foregoing, this Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the parties and their respective
successors (including, without limitation, successors by merger) and permitted assigns.

 

    9

     

    

 

9.8 No
course of dealing, course of performance or failure of either party to enforce strictly any term, right or condition of this Agreement
shall be construed as a waiver of any other term, right or condition. No waiver or breach of any provision of this Agreement shall
be construed to be a waiver of any subsequent breach of the same or any other provision.

 

9.9 All
notices and other communications required or permitted under this Agreement shall be in writing and addressed to Licensor or Licensee,
as the case may be, at their respective addresses set forth below:

 

If to Licensor:

 

BM Technologies, Inc.

201 King of Prussia Road, Suite 350

Radnor, PA 19087

Attn: Robert Savino, CPO

E-mail: RSavino@bankmobile.com

 

With a copy to:

 

BM Technologies, Inc.

201 King of Prussia Road, Suite 240

Radnor, PA 19087

Attn: Chief Financial Officer

 

If to Licensee:

 

Customers Bank

701 Reading Avenue

West Reading, PA 19611

Attn: Jim Collins, Chief Administrative
Officer

Telephone: (267) 327-4942

E-mail: JCollins@customersbank.com

 

With a copy to:

 

Customers Bank

701 Reading Avenue

West Reading, PA 19611

Attn: Michael A. De Tommaso, General Counsel

Telephone: (484) 334-4233

E-mail: MDeTommaso@customersbank.com

 

    10

     

    

 

All notices and other communications required or permitted under
this Agreement shall be effective upon the earlier of actual receipt thereof by the person to whom notice is directed or, in the
case of notices and communications sent by United States mail, three (3) Business Days after such notice or communication shall
have been deposited in the United States mail.

 

9.10 This
Agreement may be executed in any number of separate counterparts, all of which, when taken together, shall constitute one and the
same instrument, notwithstanding the fact that all parties did not sign the same counterpart.

 

9.11 Whenever
the context shall require, the plural shall include the singular, the whole shall include any part thereof, and any gender shall
include both genders.

 

9.12 This
Agreement may be executed by digital signatures and delivered electronically in PDF format which shall be given the same legal
weight as though they were ink original signatures.

 

9.13 Neither
party shall be liable to the other for any failure or delay in performing its obligations hereunder (or any resulting loss or damage)
if such failure or delay is primarily due to circumstances beyond its reasonable control, including, but not limited to, (a) unavoidable
Internet network failures or Internet capacity limitations, (b) acts of God including storms, earthquakes, fires, pandemics, epidemics,
or (c) unavoidable acts of third parties including terrorist acts, acts of civil or military authorities, fires, embargoes, war,
or riot.

 

9.14 All
provisions of this Agreement that by their nature are intended to survive the expiration or termination of this Agreement shall
survive and remain in full force and effect, including, but not limited to, Sections 1, 3, 4, 5.4, 5.6, 6, 7, 9.3, 9.4, 9.5, and
9.9.

 

9.15 Licensor
shall cooperate with Licensee and its Affiliates, and its or their third-party contractors as is reasonably necessary for Licensee
and its Affiliates to receive the full benefits of its rights under this Agreement.

 

[Signatures appear on the following page]

 

    11

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed this Software
License Agreement on this 4th day of January, 2021.

 

	Customers Bank (“Licensee”)	 
	 	 	 
	By:  	/s/ Richard Ehst 	 
	 	Name:  	Richard Ehst	 
	 	Title: 	President and Chief Executive Officer	 
	 	 	 
	BM Technologies, Inc. (“Licensor”)	 
	 	 	 
	By: 	/s/ Luvleen Sidhu 	 
	 	Name: 	 Luvleen Sidhu	 
	 	Title: 	Chief Executive Officer	 

 

    12

     

    

 

EXHIBIT “A”

 

[Schedules to this exhibit have been omitted
pursuant to Item 601(b)(2) of Registration S-K. The Registrant hereby agrees to furnish a copy of any omitted schedules to the
SEC upon request.]

 

    13

     

    

 

EXHIBIT “B”

 

SOURCE CODE ESCROW ADDENDUM

 

Licensee may elect to have a copy of the Source Code of the
Software and any Software Changes placed in escrow. If Licensee chooses this option, concurrent with the execution of this Agreement,
the parties will execute an escrow agreement with a reputable source code escrow management firm to be agreed upon by both parties,
and Licensor will deliver to the escrow agent a complete master, reproducible copy of all Software Source Code. “Source
Code” means software code in human-readable language, high-level language from which, when compiled or assembled becomes
the object code of a software program, including all build tools necessary for an ordinarily skilled programmer to compile or assemble
the code into fully functioning object code. Licensor will update the Software Source Code in escrow following any update or upgrade
to the Software to reflect all revisions, modifications and enhancements to the Software that are made available under this Agreement.
Licensee will pay all fees and charges of any kind whatsoever due to the escrow agent so as to maintain the escrow agreement in
full force and effect at all times during the term of this Agreement. Upon occurrence of a Release Condition, the Software Source
Code placed in escrow will be delivered to Licensee for use, reproduction and modification solely in connection with Licensee’s
use, maintenance and support of the Software in accordance with its rights under this Agreement. “Release Condition(s)”
include each of the following: (a) Licensor is adjudged insolvent or bankrupt, or becomes the subject of any proceedings seeking
relief under any foreign or domestic laws relating to insolvency; (b) there is an assignment of Licensor for the benefit of its
creditors; (c) there is an appointment of a receiver, liquidator, or trustee of any of the Licensor’s property or assets
and such receiver liquidator, or trustee fails to timely assume this Agreement as an executory contract; or (d) Licensor or its
business is liquidated, dissolved or wound up. Licensor hereby grants to Licensee a non-exclusive, royalty-free license to use,
copy, reverse engineer and create derivative works of the Software solely for the purposes specified in this provision. Licensee
covenants not to exercise its rights under this provision until the occurrence of a Release Condition.

 

 

14

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