Document:

CONVERTIBLE NOTE

DRAW DOWN FACILITY

 

	ISSUER:	TRIO RESOURCES AG INC. (the “Debtor”)
	 	 
	HOLDER:	SEAGEL INVESTMENT LTD. (the “CREDITOR”)
	 	 
	DATE:	November 1st, 2012
	 	 

 

The Creditor hereby agrees to provide
the Debtor with a draw-down facility of $500,000 (“Facility”). The terms of the Facility are provided for below.

 

FOR VALUE RECEIVED and pursuant
to the Facility, the Debtor hereby acknowledges that the Creditor has provided a draw-down facility of $500,000.00.
The Debtor will give the the Creditor five days written notice of the amount of a draw-down under the Facility and the Creditor
shall provide funds at its discretion after review of such request. The Debtor promises to pay to the Creditor in cash, certified
cheque, bank draft or wire of immediately available funds, the total of all amounts drawn under the Facility (the “Principal”)
in the manner set forth herein.

 

		1.	Payment. Other than as set out herein, the Debtor shall pay all Principal without setoff
or counterclaim and without deduction or withholding for or on account of any present or future taxes, levies, duties, imports
or other charge of any kind.

 

		2.	Conversion of Principal and Repayment. At the option of the Creditor and subject to applicable
securities laws, the entire principal amount outstanding represented by this Convertible Note, plus any accrued interest thereon,
may be converted into common shares of the Debtor at $1.00 per common share. In the event that the Debtor goes public the Convertible
Note may be converted into common shares of the Public Company at the lower of $1.00 per share and the initial listing price less
20% discount of the public Shares or any financing that is done by the company via registration statement the debtor has an option
to convert at whichever price is the lowest of all options above. After such conversion, all obligations of the Debtor to the Creditor
pursuant to this Convertible Note shall be deemed to have been satisfied.

 

		3.	Security. The Facility and the Convertible Note shall be secured until company becomes a
Publicly Traded and the Note is converted to shares or note is paid.

 

		4.	Term: The term of the Facility shall be for one year from the date of this Agreement during
which time the Debtor may draw up to $500,000.00 After the one year period, the total Principal and all accrued and unpaid interest
shall be converted in a Convertible Note and no further draw-downs will be permitted under the Facility. The Convertible Note shall
have a further term of one year, thus bringing the total term of the Facility and the Convertible Note to two (2) years (“Term”).

 

		5.	Repayment. The Principal and accrued interest shall be repaid on or before the end of the
Term from either: (a) the proceeds from a financing that the Debtor may complete; (b) excess working capital not required for the
operations of the business, or (c) conversion into common shares as outlined above. There shall be no penalty or bonus for repayment
of the Facility or the Convertible Note prior to the end of the Term. Creditor has the right as he chooses to convert the debt
note to shares of the public company at the conversion rate agreed upon above at his option at any time during the period listed
above at which time both the principal and accrued interest will become due for the purpose of conversion.

 

Legal*8038125.2

 

    	 

    	 

    

 

		6.	Demand. The entire unpaid Principal owing by the Debtor to the Creditor evidenced hereby
shall forthwith become due and payable at (a) the end of the Term; and (b) upon demand by the Creditor if: (i) the Debtor
makes default in the observance or performance of any written covenant or undertaking given by the Debtor to the Creditor pursuant
to a specific security agreement to be entered into between the Debtor and the Creditor; (ii) the Debtor makes default in payment
of any indebtedness or liability of the Debtor to the Creditor when due whether hereunder or not and such default is not cured
within 30 days following receipt or deemed receipt of such default; (iii) an order is made or a resolution passed for the winding-up
of the Debtor, or a petition is filed for the winding-up of the Debtor; (iv) the Debtor becomes insolvent or makes an assignment
in bankruptcy or a bulk sale of its assets or a bankruptcy petition is filed or presented against the Debtor; (v) any proceedings
with respect to the Debtor are commenced under the Companies’ Creditors Arrangement Act (Canada) or the Bankruptcy
and Insolvency Act (Canada); (vi) a judgment, execution or any other similar process of any court becomes enforceable against
the Debtor or a distress or analogous process is levied upon the property of the Debtor or any part thereof; (vii) the Debtor shall
permit any sum which has been admitted as due by the Debtor or is not disputed to be due by it and which forms or is capable of
being made a charge upon any of the property of the Debtor to remain unpaid for thirty (30) days after proceedings have been taken
to enforce the same; (viii) the Debtor ceases or threatens to cease to carry on its business or commits or threatens to commit
any act of bankruptcy; or (ix) any material licenses, permits or approvals required by any law, regulation or governmental
policy or by any governmental agency or commission for the operation by the Debtor of its business shall be withdrawn or cancelled.

 

		7.	Interest. The outstanding Principal shall bear interest at the rate of 10% per annum. The
interest shall accrue and be paid at the end of the Term.

 

		8.	Continuing Obligation. This
Convertible Note shall remain an obligation of the Debtor until the Principal has been fully satisfied by the Debtor either by
repayment or conversion into equity. 

 

		9.	Notices. Any notice, consent or approval required or permitted to be given in connection
with this Convertible Note (in this Section referred to as a “Notice”) shall be in writing and shall be sufficiently
given if delivered (whether in person, by courier service or other personal method of delivery), or if transmitted by facsimile:

 

		(a)	in the case of a Notice to the Debtor at:

	100 King Street West, Suite 5600
	Toronto ON
	M5X 1C9
	Attention: Chief Financial Officer

 

		(b)	in the case of a Notice to the Creditor at:

 

	Attention:  	Seagel Investment Ltd.
	 	Withfield Tower
	 	4792 Coney Drive
	 	Belize City, Belize

 

Any Notice delivered or transmitted
to a party as provided above shall be deemed to have been given and received on the day it is delivered or transmitted, provided
that it is delivered or transmitted on a business day prior to 5:00 p.m. local time in the place of delivery or receipt. However,
if the Notice is delivered or transmitted after 5:00 p.m. local time or if such day is not a business day then the Notice shall
be deemed to have been given and received on the next business day.

 

Legal*8038125.2

 

    	-2-

    	 

    

 

Any party may, from time to
time, change its address by giving Notice to the other party in accordance with the provisions of this Section.

 

		10.	Jurisdiction. The provisions of this Facility and Convertible Note shall be governed by
and interpreted in accordance with the laws of Switzerland applicable therein.

 

		11.	Assignment. This Facility and Convertible Note, or any part thereof or any rights thereunder,
shall be assignable by the Debtor at its sole discretion..

 

		12.	Enurement. This Facility and Convertible Note and each of its provisions shall be binding
upon and shall enure to the benefit of the Creditor and its successors and assigns, and the Debtor and its successors and assigns.
The term “successor” shall include, without limitation, any person resulting from the amalgamation, merger or combination
of the Debtor with one or more other persons.

 

		13.	Waivers. A waiver by the Creditor of any right or remedy under this Facility or Convertible
Note on any occasion shall not be a bar to exercise of the same right or remedy on any subsequent occasion or of any other right
or remedy at any time. The Debtor hereby expressly waives presentment, demand, and protest, dishonor and nonpayment of this Facility
or Convertible Note, and all other notices or demands of any kind in connection with the delivery, acceptance, performance, default
or enforcement hereof, and hereby consents to any delays, extensions of time, renewals, waivers or modifications that may be granted
or consented to by the Creditor with respect to the time of payment or any other provision hereof.

 

IN WITNESS WHEREOF
the parties have executed this Facility and Convertible Note by a duly authorized officers.

 

DATED as of
November 1st, 2012.

 

	 	TRIO RESOURCES AG INC.
	 	 
	 	Per:	 
	 	Name: J. Duncan Reid
	 	Title: CEO

 

	 	SEAGEL INVESTMENT LTD.
	 	 
	 	Per:	 
	 	Name:
	 	Title:     ASO

 

Legal*8038125.2

 

    	-3-OPTION ISSUANCE AGREEMENT

 

This OPTION ISSUANCE
AGREEMENT (this “Agreement”), dated December 17, 2012, is by and among Wolf Creek Investors (Bermuda) L.P. (the “Stockholder”),
the undersigned individual persons (each a “Grantor” and collectively the “Grantors”) and, solely for the
purposes of Sections 2, 3, 6, 14 and 15 hereof, Universal Business Payment Solutions Acquisition Corporation, a Delaware corporation
(the “Company”).

 

RECITALS:

 

A.           The
Company held a special meeting of its stockholders on December 11, 2012 to consider and act upon, among other things, (i) a proposal
to adopt and approve the Agreement and Plan of Merger, dated July 6, 2012 among the Company, JP Merger Sub, LLC, a Delaware limited
liability company and a wholly-owned subsidiary of the Company, JetPay, LLC, a Texas limited liability company, WLES, L.P., a Texas
limited partnership, and Trent Voigt and (ii) a proposal to adopt and approve the Agreement and Plan of Merger, dated as of July
6, 2012, by and among the Company, ADC Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of the Company, AD
Computer Corporation, a Pennsylvania corporation, Payroll Tax Filing Services, Inc., a Pennsylvania corporation, Carol and C. Nicholas
Antich as Joint Tenants, C. Nicholas Antich, Carol Antich, Eric Antich, Lynn McCausland, the B N McCausland Trust, Joel E. Serfass
and C. Nicholas Anitch as Representative (collectively, the “Acquisition Proposals”), such meeting being adjourned
without a vote on the Acquisition Proposals until December 27, 2012. The mergers contemplated by the Acquisition Proposals are
referred to herein as the “Mergers.”

 

B.           The
Stockholder owns 546,921 shares (the “Public Shares”) of the Company’s common stock initially sold in the Company’s
initial public offering.

 

C.           Pursuant
to certain provisions in the Company’s Restated Certificate of Incorporation, a holder of Public Shares may demand that the
Company redeem such Public Shares for the right to receive his or her pro rata share of the amounts held in the trust account established
in connection with the Company’s initial public offering (“Redemption Rights”).

 

IT IS AGREED:

 

1.            Issuance
of Option. The Grantors hereby agree that if (i) the Stockholder does not exercise its Redemption Rights in connection with
the Acquisition Proposals and (i) the Acquisition Proposals are approved and the Mergers are consummated, the Grantors will, at
the closing of the Mergers, issue to the Stockholder a five-year option in the form of Exhibit A attached hereto (the “Option”)
to purchase an aggregate of 188,384 shares of common stock of the Company, par value $0.001 per share, at an exercise price of
$0.005 per share (“Option Shares”). On or prior to December 20, 2012, the Grantors and the Stockholder shall enter
into an Escrow Agreement in the form of Exhibit B attached hereto (the “Escrow Agreement”) with Continental
Stock Transfer & Trust Company as escrow agent (the “Escrow Agent”), and the Grantors shall deposit (or cause to
be deposited) with the Escrow Agent the Option Shares, which Option Shares shall be held in escrow to support the Grantors’
obligations under the Option until disbursed in accordance with the Escrow Agreement. The Grantors shall provide evidence that
they have satisfied this obligation on or prior to December 20, 2012.

 

    	 

    	 

    

 

2. Registration of
Shares. Promptly after consummation of the Mergers but in no event later than 30 days thereafter, the Company shall prepare
and file a registration statement covering the resale by the Stockholder of the Option Shares for an offering to be made on a delayed
or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”). The Company
shall use its reasonable best efforts to have such registration statement declared effective by the Securities and Exchange Commission
(the “SEC”) as soon as possible but in no event later than the earlier of (i) 90 days after consummation of the Mergers
(or 120 days after consummation of the Mergers in the event that such registration statement is subject to review by the SEC) and
(ii) the 5th business day after the Company is notified (orally or in writing), whichever is earlier) by the SEC that
such registration statement will not be “reviewed” or will not be subject to further review. The Company shall use
its reasonable best efforts to keep such registration statement continuously effective under the Securities Act until such time
as all of the Option Shares have been publicly sold by the Stockholder.

 

The Company shall indemnify,
defend and hold harmless the Stockholder, the officers, directors, agents, partners, members, managers, stockholders, affiliates,
employees and investment advisers of each of them, each person who controls the Stockholder (within the meaning of Section 15 of
the Securities Act or Section 20 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), to the fullest
extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without
limitation, reasonable costs of preparation and investigation and reasonable attorneys' fees) and expenses, as incurred, that arise
out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained in any registration statement,
any prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising
out of or relating to any omission or alleged omission to state a material fact required to be stated therein or necessary to make
the statements therein (in the case of any prospectus or form of prospectus or supplement thereto, in light of the circumstances
under which they were made) not misleading, or (ii) any violation or alleged violation by the Company of the Securities Act, Exchange
Act or any state securities law or any rule or regulation thereunder, in connection with the performance of its obligations under
this Agreement, except to the extent, but only to the extent, that such untrue statements, alleged untrue statements, omissions
or alleged omissions are based solely upon information regarding the Stockholder furnished in writing to the Company by the Stockholder
expressly for use therein. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf
of an indemnified party and shall survive the transfer of the Option Shares by the Stockholder.

 

3. Transfers.
Until after the expiration of the Option, the Company shall not respect any transfers of the Option Shares by the Grantors other
than pursuant to an exercise of the Option.

 

4. Representations
of Stockholder. The Stockholder hereby represents and warrants to the Grantors that:

 

(a)          As
of the date hereof, the Stockholder is the record and beneficial owner of the Public Shares.

 

    	 

    	 

    

 

(b)          The
Stockholder, in making the decision to receive the Option to purchase the Option Shares from the Grantors, has not relied
upon any written or oral representations or assurances from the Grantors, other than the representations and warranties contained
in this Agreement and the representations and warranties of the “Grantors” contained in the Option.

 

(c)          This
Agreement has been validly authorized, executed and delivered by the Stockholder and, assuming the due authorization, execution
and delivery thereof by the other parties hereto, is a valid and binding agreement enforceable in accordance with its terms, subject
to the general principles of equity and to bankruptcy or other laws affecting the enforcement of creditors’ rights generally.
The execution, delivery and performance of this Agreement by the Stockholder does not and will not conflict with, violate or cause
a breach of, constitute a default under, or result in a violation of (i) any agreement, contract or instrument to which the Stockholder
is a party which would prevent the Stockholder from performing its obligations hereunder or (ii) any law, statute, rule or regulation
to which the Stockholder is subject.

 

(d)          The
Stockholder acknowledges that it has had the opportunity to review this Agreement and the transactions contemplated by this Agreement
with the Stockholder’s own legal counsel and investment and tax advisors. The Stockholder is not relying on any statements
or representations of the Company or any of its representatives or agents for legal, tax or investment advice with respect to this
Agreement or the transactions contemplated by the Agreement.

 

5. Grantor Representations.
Each of the Grantors hereby represents and warrants to the Stockholder that:

 

(a)          This
Agreement has been validly authorized, executed and delivered by each of the Grantors and, assuming the due authorization, execution
and delivery thereof by the other parties hereto, is a valid and binding agreement enforceable in accordance with its terms, subject
to the general principles of equity and to bankruptcy or other laws affecting the enforcement of creditors’ rights generally.
The execution, delivery and performance of this Agreement, the Option and the Escrow Agreement by each of the Grantors does not
and will not conflict with, violate or cause a breach of, constitute a default under, or result in a violation of (i) any agreement,
contract or instrument to which the Grantors is a party which would prevent the Grantors from performing their obligations hereunder
or (ii) any law, statute, rule or regulation to which the Grantors are subject.

 

(b)          Each
Grantor hereby makes the representations, warranties and agreements of the “Grantors” set forth in Section 4 of the
Option.

 

(c)          Each
Grantor is the record and beneficial owner of the Option Shares listed next to his name on Exhibit C. All Option Shares
are, and when delivered to the Stockholder upon exercise of the Option shall be, validly issued, fully paid and non-assessable,
shall be free from all taxes, liens, encumbrances, charges or claims (other than any encumbrances created by or imposed upon the
Stockholder).

 

6. Disclosure; Exchange
Act Filings. By 9:30 a.m., New York time, on the first business day following execution of this Agreement, the Company will
issue a press release describing this Agreement and file a Current Report on Form 8-K under the Exchange Act reporting such execution
and attaching such Agreement. The parties to this Agreement shall cooperate with one another to assure that all such disclosures
are accurate and consistent.

 

    	 

    	 

    

 

7. Entire Agreement;
Amendment. This Agreement, the Option and the Escrow Agreement constitute the entire agreement among the parties with respect
to the subject matter hereof. This Agreement may be amended or modified only by written instrument signed by all parties. The headings
in this Agreement are for convenience of reference only and shall not alter or otherwise affect the meaning hereof.

 

8. Governing Law.
This Agreement shall be governed by and construed in accordance with the law of the State of New York, including the conflicts
of law provisions and interpretations thereof. 

 

9. Counterparts.
This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each
of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.
Delivery of an executed signature page by facsimile or other electronic transmission shall be effective as delivery of a manually
signed counterpart of this Agreement.

 

10. Termination.
Notwithstanding any provision in this Agreement to the contrary, this Agreement shall become null and void and of no force and
effect upon the termination of the agreements relating to the Mergers prior to the consummation of the Mergers. Notwithstanding
any provision in this Agreement to the contrary, the Grantors’ obligation to issue the Option to the Stockholder shall be
conditioned on the consummation of the Mergers.

 

11. Remedies.
Each of the parties hereto acknowledges and agrees that, in the event of any breach of any covenant or agreement contained in this
Agreement by the other party, money damages may be inadequate with respect to any such breach and the non-breaching party may have
no adequate remedy at law. It is accordingly agreed that each of the parties hereto shall be entitled, in addition to any other
remedy to which they may be entitled at law or in equity, to seek injunctive relief and/or to compel specific performance to prevent
breaches by the other party hereto of any covenant or agreement of such other party contained in this Agreement.

 

12. Acknowledgement.
Stockholder is aware that the Grantors are relying on the truth of the representations set forth in Section 4 of this Agreement
in connection with the transactions contemplated by this Agreement. Each Grantor is aware that the Stockholder is relying on the
truth of the representations set forth in Section 5 of this Agreement in connection with the transactions contemplated by this
Agreement.

 

13. Binding Effect;
Assignment. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective legal
representatives, successors and permitted assigns. This Agreement shall not be assigned by either party without the prior written
consent of the other party hereto.

 

14. Independent Nature
of Rights and Obligations. Nothing contained herein, and no action taken by any party pursuant hereto, shall be deemed to constitute
the Grantors and the Stockholder as, and the Company and the Grantors acknowledge that the Grantors and the Stockholder do not
so constitute, a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that
the Grantors and the Stockholder are in any way acting in concert or as a group or entity with respect to such obligations or the
transactions contemplated by this Agreement or any matters, and the Company and the Grantors acknowledge that the Grantors and
the Stockholder are not acting in concert or as a group, and neither the Company nor the Grantors shall assert any such claim,
with respect to such obligations or the transactions contemplated by this Agreement.

 

    	 

    	 

    

 

15. Closing of Mergers.
The Company represents and warrants to the Stockholder that until the Mergers are consummated, there are material conditions to
the consummation of the Mergers, and that the Company covenants and agrees with the Stockholder that the consummation of the Mergers
will in no event occur prior to December 28, 2012.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the
parties have executed this Agreement as of the date first above written.

 

	 	 	STOCKHOLDER:
	 	 	WOLF CREEK INVESTORS (BERMUDA) L.P.
	 	 	 
	 	 	By: 	Wellington Management Company, LLP, as investment adviser
	 	 		 
	 	 	By:	/s/ Steven M. Hoffman
	 	 	Name: 	Steven M. Hoffman
	 	 	Title:	Vice President and Counsel

 

 

[Signature Page to Option Issuance Agreement]

 

    	 

    	 

    

 

	 	GRANTORS:
	 	 
	 	/s/ Bipin C. Shah
	 	Bipin C. Shah
	 	 
	 	/s/ Peter Davidson
	 	Peter Davidson
	 	 
	 	/s/ Frederick S. Hammer
	 	Frederick S. Hammer
	 	 
	 	/s/ Arthur F. Ryan
	 	Arthur F. Ryan
	 	 
	 	/s/ Robert Palmer
	 	Robert Palmer
	 	 
	 	/s/ Richard S. Braddock
	 	Richard S. Braddock
	 	 
	 	/s/ Jonathan M. Lubert
	 	Jonathan M. Lubert
	 	 
	 	/s/ Ira Lubert
	 	Ira Lubert

 

[Signature Page to Option Issuance Agreement]

 

    	 

    	 

    

 

	 	UNIVERSAL BUSINESS PAYMENT SOLUTIONS ACQUISITION CORPORATION
	 	 
	 	Solely with respect to its representations, obligations and agreements set forth in Sections 2, 3, 6, 14 and 15 hereof
	 	 	 
	 	By: 	/s/ Bipin C. Shah
	 	Name: 	Bipin C. Shah
	 	Title:	CEO

 

[Signature Page to Option Issuance Agreement]

 

    	 

    	 

    

 

Exhibit A

 

Form of Option

 

THIS OPTION (AS DEFINED HEREIN) AND
THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. AND MAY NOT BE SOLD, OFFERED
FOR SALE OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (B) UPON
RECEIPT OF AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR (C) PURSUANT TO RULE 144
UNDER THE SECURITIES ACT. NOTWITHSTANDING THE FOREGOING, THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

OPTION TO PURCHASE COMMON STOCK

 

This Option to Purchase
Common Stock (this “Option”) is made and entered into as of December [__], 2012 (the “Effective
Date”), by and among (i) Bipin C. Shah, Peter Davidson, Frederick S. Hammer, Arthur F. Ryan, Robert Palmer, Richard
S. Braddock, Jonathan M. Lubert and Ira Lubert (each, a “Grantor” and, collectively, the “Grantors”),
(ii) Bipin C. Shah, in his capacity as agent for the Grantors for the purposes set forth herein (the “Grantors’
Agent”) and (iii) the undersigned holder (together with its permitted assigns, the “Holder”).
Reference is made to that certain Escrow Agreement (the “Escrow Agreement”), dated as of December [__]
2012, by and between Continental Stock Transfer and Trust Company as escrow agent (the “Escrow Agent”),
Holder, Wolf Creek Partners, L.P. and the Grantors, pursuant to which the Grantors have deposited (or caused to be deposited) certificates
evidencing an aggregate of 188,384 shares of the common stock, par value $0.001 (the “Common Stock”),
of Universal Business Payment Solutions Acquisition Corporation (the “Company”) with the Escrow Agent,
all of which shares of Common Stock will be held in escrow until disbursed in accordance with Section 3 of the Escrow Agreement.
Each Grantor deposited with the Escrow Agent the number of shares of Common Stock set forth opposite its name on Exhibit A
hereto.

 

For value received,
the Grantors hereby grant the Holder, subject to the terms and conditions hereof, an option to purchase from the Grantors an aggregate
188,384 (subject to adjustment as provided herein) fully paid and non-assessable shares of Common Stock (the “Option
Shares”) for a purchase price of $0.005 per share, subject to adjustment as provided herein (the “Exercise
Price”).

 

1.          Exercise
Period. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth in Section 3),
this Option may be exercised at any time and from time to time during the five-year period (the “Exercise Period”)
commencing on the Effective Date.

 

2.   
Method of and Amount of Exercise. This Option may be exercised in whole or in part during the Exercise Period by delivery (whether
via facsimile, e-mail or otherwise) of the following to the Grantors’ Agent at its address, facsimile number or e-mail address
set forth on the signature page hereto (or at such other address, facsimile number or e-mail address as it may designate by notice
in writing to the Holder): (i) an executed Notice of Exercise in the form attached hereto as Exhibit B (with a copy to the
Escrow Agent) and (ii) payment in United States dollars by check or wire transfer in readily available funds of the aggregate exercise
price of the Option Shares to be purchased. The Holder shall not be required to deliver the original of this Option in order to
effect an exercise hereunder. Execution and delivery of a Notice of Exercise with respect to less than all of the Option Shares
shall have the same effect as cancellation of the original of this Option and issuance of a new Option evidencing the right to
purchase the remaining number of Option Shares. Execution and delivery of a Notice of Exercise for all of the then-remaining Option
Shares shall have the same effect as cancellation of the original of this Option after delivery of the Option Shares in accordance
with the terms hereof. The certificates representing any Option Shares
purchased upon exercise of this Option, registered in the name of the Holder, shall be delivered to the Holder as soon as practicable
after exercise of this Option, but in no event later than five (5) business days after such exercise.

 

    	 

    	 

    

 

 

3.          Limitations
on Exercises and Exchanges. Notwithstanding anything to the contrary contained in this Option, this Option shall not be exercisable
or exchangeable by the Holder to the extent (but only to the extent) that the Holder or any of its affiliates would beneficially
own in excess of 9.9% (the “Maximum Percentage”) of the Common Stock. To the extent the above limitation
applies, the determination of whether this Option shall be exercisable or exchangeable (vis-à-vis other convertible, exercisable
or exchangeable securities owned by the Holder or any of its affiliates with a similar limitation on conversion or exercise or
otherwise) and of which such securities shall be exercisable or exchangeable (as among all such securities owned by the Holder)
shall, subject to such Maximum Percentage limitation, be determined on the basis of the first submission to the Company or the
Grantors’ Agent, as the case may be, for conversion, exercise or exchange (as the case may be). No prior inability to exercise
or exchange this Option pursuant to this paragraph shall have any effect on the applicability of the provisions of this paragraph
with respect to any subsequent determination of exercisability or exchangeability. For the purposes of this paragraph, beneficial
ownership and all determinations and calculations (including, without limitation, with respect to calculations of percentage ownership)
shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and the rules and regulations promulgated thereunder. For clarification, the foregoing calculation of beneficial
ownership take into account all securities which give rise to beneficial ownership by Holder or its affiliates of such Common Stock
under such rules and regulations and not solely this Option. The provisions of this paragraph shall be implemented in a manner
otherwise than in strict conformity with the terms of this paragraph to correct this paragraph (or any portion hereof) which may
be defective or inconsistent with the intended Maximum Percentage beneficial ownership limitation herein contained or to make changes
or supplements necessary or desirable to properly give effect to such Maximum Percentage limitation. The limitations contained
in this paragraph shall apply to a successor holder of this Option. The holders of Common Stock shall be third party beneficiaries
of this paragraph and this paragraph may not be amended or waived without the consent of holders of a majority of the Company’s
Common Stock.

 

4.          Representations
and Warranties of each Grantor. Each Grantor represents, warrants and agrees as follows:

 

a.           Such
Grantor has the power and authority to execute and deliver this Option and to perform its obligations hereunder, all of which have
been duly authorized by all requisite action. This Option has been duly authorized, executed and delivered by such Grantor and
constitutes its valid and binding obligation, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’
rights and to general equity principles.

 

b.           Such
Grantor owns of record and beneficially, and shall continue to own throughout the Exercise Period, all of the Option Shares subject
to this Option and a sufficient number of other issued and outstanding shares of Common Stock to satisfy its obligations under
any other option agreements (issued contemporaneously herewith or otherwise) and any other agreements for the sale, delivery or
transfer of any shares of Common Stock or other commitments of similar character (the “Other Options”).
All Option Shares are, and when delivered to the Holder upon exercise of this Option shall be, validly issued, fully paid and non-assessable,
shall be free from all taxes, liens, encumbrances, charges or claims (other than any encumbrances created by or imposed upon the
Holder).

 

    	-2-

    	 

    

 

c.           Other
than certain option agreements which are substantially identical to this Option and entered into on even date herewith, such Grantor
has not entered into any agreement, arrangement or other understanding (i) granting any option, warrant or right of first refusal
with respect to the Option Shares to any person, (ii) restricting its right to enter into this Option or sell the Option Shares
to the Holder upon the exercise of this Option, or (iii) restricting any other of its rights with respect to the Option Shares.

 

d.           The
execution, delivery and performance of this Option, the transfer of shares of Common Stock by such Grantor into escrow to enable
it to satisfy this Option and the Other Options and the sale of the Option Shares by such Grantor to the Holder upon exercise of
this Option do not and will not (i) conflict with or constitute a violation of, or default (with the passage of time or the delivery
of notice) under, (A) any agreement or instrument to which such Grantor is a party or by which it or any of its property is bound
or (B) any law, administrative regulation, ordinance or judgment, order or decree of any court or governmental agency, arbitration
panel or authority binding upon such Grantor or any of its property, or (ii) violate its organizational documents.

 

e.           Other
than any filings that may need to be made under Section 16 of the Exchange Act and the filing of any Exchange Act Schedule 13D
or 13G (or amendments thereto), as applicable, no authorization, approval, consent or order of or registration or filing with any
governmental or regulatory authority, commission, board, body or agency is required for the execution, delivery and performance
of this Option, the transfer of shares of Common Stock by such Grantor into escrow to enable it to satisfy this Option and the
Other Options and the sale of the Option Shares by such Grantor to the Holder upon exercise of this Option.

 

f.            Such
Grantor, jointly and severally with respect to the other Grantors, shall indemnify, defend and hold harmless each of the Holder
and its agents, shareholders, partners, members, officers, directors, representatives, investment advisors and affiliates (each
an “Indemnitee” and collectively, the “Indemnitees”) from and against any and
all losses, damages, liabilities, claims and expenses, including reasonable attorneys’ fees, sustained by any Indemnitee
resulting from or arising out of any material inaccuracy in, breach of, or non-fulfillment of any representation, warranty, covenant
or agreement made by or other obligation of the Grantors contained in this Option.

 

5.          Holder
Representations and Warranties. The Holder represents and warrants as follows:

 

a.           The
Holder is acquiring this Option for its own account for investment purposes, not as a nominee or agent, and not with a view to
the sale or distribution of any part thereof. The undersigned has no present intention of selling, transferring, granting any participation
in, or otherwise distributing this Option, and does not presently have reason to anticipate a change in such intention. The undersigned
has no contract, agreement, undertaking or arrangement with any person to sell, transfer, grant participation in or otherwise distribute
this Option. The Holder understands that each Grantor is granting this Option in reliance upon the Holder’s representations
herein.

 

b.           The
Holder has received all the information that it has requested from the Grantors and that it considers necessary or appropriate
for deciding whether to acquire this Option. The undersigned has had an opportunity to ask questions and receive answers from the
Grantors regarding the terms and conditions of this Option and to obtain any additional information from the Grantors necessary
to verify the accuracy of the information given to the Holder.

 

    	-3-

    	 

    

 

c.           The
Holder acknowledges that acquisition of this Option involves a high degree of risk. The Holder has such knowledge and experience
in financial and business matters that it is capable of evaluating the merits and risks of its acquisition of this Option and of
protecting its own interests in connection with this transaction. The Holder is able, without materially impairing its financial
condition, to hold this Option for an indefinite period of time and to suffer a complete loss of this Option.

 

d.           The
Holder understands that it is acquiring this Option in a transaction not involving a public offering within the United States within
the meaning of the Securities Act of 1933, as amended (the “Securities Act”), and that this Option has
not been registered under the Securities Act and, therefore, this Option cannot be resold unless it is registered under the Securities
Act or an exemption from registration is available. The Holder understands that the Company is under no obligation to register
this Option. The Holder understands that no public market now exists for this Option, and that it is uncertain whether such a public
market will ever exist.

 

e.           The
Holder understands that this Option is a “restricted security” under the U.S. federal securities laws inasmuch as it
is being acquired in a transaction not involving any public offering, and that under such laws and applicable regulations such
security may be resold without registration under the Securities Act only in certain limited circumstances. The Holder is familiar
with Rule 144 under the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the
Securities Act.

 

6.          No
Fractional Shares. No fractional shares shall be issued upon exercise of this Option. If upon exercise of this Option a fractional
share results, the Grantors shall pay the Holder the cash value of that fractional share based on the market value of the Option
Shares.

 

7.          Adjustment
of Exercise Price and Number of Option Securities. In the event of any change in the outstanding common stock of the Company
by reason of a stock dividend, stock split, recapitalization, reclassification, combination or exchange of shares, separation,
reorganization, liquidation, or the Company’s consummation of a merger, stock exchange or similar transaction which results
in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other
property or the like (each, an “Adjustment Event”), the Option Shares purchasable upon exercise of this
Option and the Exercise Price shall be correspondingly adjusted to give the Holder, upon exercise of this Option for the same aggregate
exercise price, the aggregate number, class and kind of shares or other securities or cash or other property that the Holder would
have received had the Holder exercised this Option prior to such Adjustment Event and continued to hold the shares, cash or other
property so received until after such Adjustment Event. Any adjustment pursuant to this Section 7 shall become effective at
the close of business on the effective date of such Adjustment Event; provided, however, that if a record date is fixed
for such Adjustment Event, then the effective date of such adjustment shall be such record date. The form of this Option need not
be changed because of any adjustment pursuant to this Section 7. Upon the occurrence of each adjustment pursuant to this Section
7, the Grantors’ Agent, at its expense, will promptly compute such adjustment in accordance with the terms of this Option
and prepare a certificate setting forth such adjustment, describing the transactions giving rise to such adjustment and showing
in detail the facts upon which such adjustment is based. The Grantors’ Agent will promptly deliver a copy of each such certificate
to the Holder with five (5) business days of the occurrence of such adjustment.

 

8.          Escrow
Agreement. The Grantors have entered into the Escrow Agreement in the form attached hereto as Exhibit C and have deposited
(or caused to be deposited) the Option Shares into the escrow account under the Escrow Agreement.

 

    	-4-

    	 

    

  

9.          Grantors’
Agent.

 

a.           The
Grantors hereby appoint Bipin C. Shah as the Grantors’ Agent for all purposes of this Option to give and receive notices
and communications, to receive and distribute any cash payment of the exercise price and to take all other actions necessary or
appropriate on behalf of the Grantors under this Option. Bipin C. Shah hereby accepts his appointment as the Grantors’ Agent.
The Holder shall be entitled to deal exclusively with the Grantors’ Agent on all matters under this Option, and shall be
entitled to rely conclusively (without further evidence of any kind whatsoever) on any document executed or purported to be executed
on behalf of any Grantor by the Grantors’ Agent, and on any other action taken or purported to be taken on behalf of any
Grantor by the Grantors’ Agent, as fully binding upon such Grantor. Notices or communications to or from the Grantors’
Agent shall constitute notice to or from each of the Grantors.

 

b.           The
Grantors shall, jointly and severally, indemnify the Grantors’ Agent and hold the Grantors’ Agent harmless against
any loss, liability or expense incurred without gross negligence, bad faith or willful misconduct on the part of the Grantors’
Agent and arising out of or in connection with the acceptance or administration of the Grantors’ Agent’s duties hereunder,
including the reasonable fees and expenses of any legal counsel or other professional retained by the Grantors’ Agent.

 

c.           All
actions, decisions and instructions of the Grantors’ Agent taken, made or given pursuant to the authority granted pursuant
to this Section 9 shall be final, conclusive and binding upon each Grantors, and no Grantors shall have the right to object, dissent,
protest or otherwise contest the same.

 

d.           The
provisions of this Section 9 are independent and severable, shall constitute an irrevocable power of attorney, coupled with an
interest and surviving death or dissolutions, granted by the Grantors to the Grantors’ Agent and shall be binding upon the
executors, heirs, legal representatives, successors and assigns of each such Grantors.

 

10.         No
Shareholder Rights. Nothing contained herein shall be construed as conferring upon the Holder or any other person any rights,
preferences or privileges as a shareholder of the Company, until and only to the extent that this Option is exercised for Option
Shares.

 

11.         Governing
Law. This Option and the rights and obligations of the parties hereunder shall be governed by and construed under the laws
of the State of Delaware, without regard to its choice of law or conflicts of law provisions.

 

12.         Attorneys’
Fees. In any legal proceeding arising out of or related to this Option, the prevailing party shall be entitled to reasonable
attorneys’ fees and out-of-pocket costs, in addition to any other relief to which such party may be entitled.

 

13.         Entire
Agreement. This Option, the Escrow Agreement and any documents delivered pursuant hereto or thereto, constitutes the full and
complete understanding and agreement of the parties with respect to the subject matter hereof, and supersedes any prior agreements
between the parties with respect thereto.

 

14.         Severability.
If any provision hereof is held unenforceable in any respect, such provision shall be invalid only to the extent of such unenforceability,
without invalidating the remainder of such provision or any other provision of this Option.

 

15.         No
Implied Waiver. No failure to exercise, delay in exercising or partial exercise of any right or remedy hereunder shall operate
as a waiver of any provision of this Option. No waiver of any provision of this Option shall operate as a waiver of any other provision
(whether or not similar), nor shall it operate as a continuing waiver, unless so provided in writing by the waiving party.

 

    	-5-

    	 

    

  

16.         Remedies
Cumulative. All remedies afforded to any party hereto, either under this Option or by law or otherwise, shall be cumulative
and not alternative.

 

17.         Counterparts.
This Option may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute a single instrument. Facsimile signatures hereto shall be valid.

 

18.         Headings.
The headings used in this Option are for convenience only and are not to be considered in construing this Option.

 

19.         Amendment;
Waiver. This Option (other than Section 3) may be modified, amended or terminated, and any provision hereof waived, either
generally or in a particular instance and either retroactively or prospectively, only by the written consent of the Grantors, the
Grantors’ Agent and the Holder.

 

20.         Assignment.
This Option may not be assigned or transferred by any Grantor. Any attempted assignment in violation of this provision shall be
null and void.

 

21.         Successors
and Assigns. Except as otherwise provided herein, the terms and conditions of this Option, and any consents or stipulations
hereunder, shall inure to the benefit of and be binding upon the respective successors and assigns of each party.

 

22.         Third
Party Beneficiaries. Except as otherwise provided herein, nothing in this Option, express or implied, is intended to confer
upon any third party any rights, remedies, obligations or liabilities.

 

23.         Notices.
The address of record for Holder for all purposes of this Option shall be that address set forth beneath Holder’s signature
on this Option. The address of record for a Grantor for all purposes of this Option shall be at the address set forth beneath such
Grantor’s signature on this Option. The address of record for the Grantors’ Agent for all purposes of this Option shall
be at the address set forth beneath such Grantors’ Agent signature on this Option. Any party may change its address of record
only by notifying the other parties in the manner prescribed herein. All notices, requests, and other communications required or
permitted to be given or delivered hereunder to either party must be in writing, and shall be personally delivered, sent by certified
or registered mail, postage prepaid, or by overnight courier such as Fedex to such party at the address of record or by e-mail
or facsimile to the addresses and numbers set forth on such party’s signature page. Any notice under this Option or with
respect to the Option Shares shall be deemed to have been sufficiently given or served and effective for all purposes when deposited
with the United States Postal Service or overnight courier or when sent by e-mail or facsimile to the appropriate addresses (with
confirmation of receipt).

 

24.         Further
Assurances. Each party agrees to execute and deliver such other documents and to take such other actions as may reasonably
be necessary to give full effect to the purposes of this Option and the terms and conditions hereof.

 

25.         Independent
Nature of Rights and Obligations. Nothing contained herein, and no action taken by any party pursuant hereto, shall be deemed
to constitute the Grantors and the Holder as, and the Grantors acknowledges that the Grantors and the Holder do not so constitute,
a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the Grantors
and the Holder are in any way acting in concert or as a group or entity with respect to such obligations or the transactions contemplated
by this Option or any matters, and the Grantors acknowledge that the Grantors and the Holder are not acting in concert or as a
group, and the Grantors shall not assert any such claim, with respect to such obligations or the transactions contemplated by this
Option.

 

    	-6-

    	 

    

 

In
Witness Whereof, the parties hereto have executed this Option as of the date first written above.

 

	 	GRANTORS:
	 	 	 
	 	 	 
	 	 	Bipin C. Shah
	 	 	 
	 	 	 
	 	 	Peter Davidson
	 	 	 
	 	 	 
	 	 	Frederick S. Hammer
	 	 	 
	 	 	 
	 	 	Arthur F. Ryan
	 	 	 
	 	 	 
	 	 	Robert Palmer
	 	 	 
	 	 	 
	 	 	Richard S. Braddock
	 	 	 
	 	 	 
	 	 	Jonathan M. Lubert
	 	 	 
	 	 	 
	 	 	Ira Lubert
	 	 	 
	 	GrantorS’ AGENT:
	 	 
	 	 
	 	Bipin C. Shah
	 	 
	 	Address:

 

[Signature Page to Option]

 

    	 

    	 

    

 

	 	Holder:
	 	 
	 	WOLF CREEK INVESTORS (BERMUDA) L.P.
	 	 	 
	 	By:	 
	 	 	 
	 	Address:

 

[Signature Page to Option]

 

    	 

    	 

    

 

EXHIBIT A

 

Option Shares

 

	Grantor	 	Option Shares
	Bipin Shah	 	92,064
	Peter Davidson	 	17,290
	Frederick Hammer	 	3,425
	Arthur Ryan	 	3,425
	Robert Palmer	 	3,425
	Richard Braddock	 	3,425
	Jon Lubert	 	13,066
	Ira Lubert	 	52,264

 

    	 

    	 

    

 

EXHIBIT B

 

NOTICE OF EXERCISE

 

The undersigned holder
hereby exercises the right to purchase [_________________] shares of Common Stock (“Option Shares”) of Universal
Business Payment Solutions Acquisition Corporation (the “Company”), evidenced by that certain Option to Purchase
Common Stock dated December __, 2012 (the “Option”). Capitalized terms used herein and not otherwise defined
shall have the respective meanings set forth in the Option.

 

1.          Payment
of Exercise Price. The holder shall pay the aggregate exercise price in the sum of $___________________ to the Grantors’
Agent in accordance with the terms of the Option.

 

2.          Delivery
of Option Shares. The Company shall deliver to holder, or its designee or agent as specified below, [__________] Option Shares
in accordance with the terms of the Option. Delivery shall be made to holder, or for its benefit, to the following address:

_______________________

_______________________

_______________________

_______________________

 

	Date: _______________ __, ______	 	 
	 	 	 
	 	 	 
	   Name of registered holder	 	 

 

	By:	 	 
		Name:	 
		Title:	 

 

    	 

    	 

    

 

Exhibit B

 

Form of Escrow Agreement

 

ESCROW AGREEMENT

 

This ESCROW AGREEMENT, dated as of December
____, 2012 (the “Agreement”), is by and among (i) Continental Stock Transfer & Trust Company as escrow
agent (the “Escrow Agent”), (ii) [Bipin C. Shah,
Peter Davidson, Frederick S. Hammer, Arthur F. Ryan, Robert Palmer, Richard S. Braddock, Jonathan M. Lubert and Ira Lubert (each,
a “Grantor” and, collectively, the “Grantors”) and (iii) the entities listed
on Exhibit B hereto (each, a “Holder” and, collectively, the “Holders”).

 

WHEREAS, pursuant to certain Option Issuance
Agreements, dated December 17, 2012, between the Grantors and Holders, the Grantors have agreed to issue options in the form of
Option to Purchase Common Stock attached hereto as Exhibit A (each, an “Option” and, collectively,
the “Options”) in accordance with the terms thereof.

 

WHEREAS, the Grantors, in furtherance of
the Options, have deposited, in the aggregate, certificates evidencing an aggregate of 386,811 shares of the common stock, par
value $.001 per share (the “Common Stock”), of Universal Business Payment Solutions Acquisition Corporation
(the “Company”), with each Grantor depositing the number of shares of Common Stock set forth opposite
its name on Exhibit C attached hereto, in escrow pursuant to this Agreement to be held and disbursed by the Escrow Agent
as hereinafter provided, such shares of Common Stock hereinafter referred to as the “Option Shares.”
Upon full exercise of its respective Option, a Holder shall be entitled to the number of Option Shares set forth opposite its name
on Exhibit B.

 

WHEREAS, the Grantors and the Holders desire
that the Escrow Agent accept the Option Shares in escrow, to be held and disbursed as hereinafter provided.

 

IT IS AGREED:

 

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

 

2.          Deposit
of Escrow Shares. Each Grantor has delivered or caused to be delivered to the Escrow Agent the number of Option Shares set
forth opposite its name on Exhibit C attached hereto, to be held and disbursed subject to the terms and conditions of this
Agreement. If during the term of this Agreement, there is a stock dividend or stock split, all securities issuable with respect
to the Option Shares shall be deposited hereunder and shall be deemed “Option Shares” for purposes of this Agreement.
If during the term of this Agreement, there is another type of Adjustment Event (as defined in the Options) affecting the Option
Shares, then the cash, securities or other property issuable in connection with or upon conversion of the Option Shares shall be
deposited hereunder and shall be deemed “Option Shares” for purposes of this Agreement.

 

    	 

    	 

    

 

3.          Disbursement
of the Escrow Shares. The Escrow Agent shall hold the Option Shares and distribute the Option Shares only (a) to a Holder upon
receipt of and only in accordance with the terms of a copy of an executed Notice of Exercise (in the form appended to the Option)
signed by such Holder; provided that such Notice of Exercise is delivered to the Escrow Agent during the Exercise Period (as defined
in the Options) (the last day of such period, the “Termination Date”); (b) to the Grantors upon receipt
of an executed notice from the Grantors, countersigned by the Holders, that the Options have not been, and will not be, issued;
or (c) in the event that Option Shares remain undistributed immediately following the Termination Date (and there are no outstanding
Notices of Exercise that have been delivered to the Escrow Agent but not satisfied by delivery of Option Shares), the Escrow Agent
shall forthwith return the Option Shares that are not subject to outstanding Notices of Exercise to the Grantors. For the avoidance
of doubt, a Notice of Exercise shall be timely if received by the Escrow Agent in executed form from the Holder on or before the
Termination Date. The Escrow Agent shall have no further duties hereunder after the disbursement of the Option Shares in accordance
with this Section 3.

 

4.          Restrictions.
Until after the Termination Date (and resolution of outstanding Notices of Exercise), no sale, transfer or other disposition may
be made of any of the Option Shares other than distributions in accordance with Section 3 of this Agreement. In addition, unless
and until the Option Shares are disbursed to the Grantors in accordance with Section 3, the Grantors expressly disclaim and relinquish
any right to vote or direct the vote of, and, accordingly shall not vote or direct the vote of, the Option Shares at any meeting
or by written consent or otherwise.

 

5.           Concerning
the Escrow Agent.

 

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

 

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

 

    	2

    	 

    

  

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

 

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

 

5.5           Resignation.
The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties
hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective
at such time that the Escrow Agent shall turn over to a successor escrow agent appointed by the Grantors (which appointment may
be made only with the prior written consent of the Required Holders (as defined in Section 6.2 below)), the Option Shares held
hereunder. The Grantors shall be obligated to appoint a successor escrow agent (on substantially the same terms as this Agreement)
within 30 days of the giving of such notice of resignation. If no new escrow agent is so appointed within the 60 day period following
the giving of such notice of resignation, the Escrow Agent may deposit the Option Shares with any court it reasonably deems appropriate.

 

5.6           Discharge
of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if jointly requested
in writing at any time by the Grantors and the Holders (which request may be made only with the prior written consent of the Required
Holders); provided, however, that such resignation shall become effective only upon acceptance of appointment by a successor escrow
agent as provided in Section 5.5.

 

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

 

6.           Miscellaneous.

 

6.1           Governing
Law. This Agreement shall for all purposes be deemed to be made under and shall be construed in accordance with the laws of
the State of Delaware, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction.

 

    	3

    	 

    

 

6.2           Entire
Agreement; Amendments. This Agreement contains the entire agreement of the parties hereto with respect to the subject matter
hereof. No provision of this Agreement may be amended other than by an instrument signed by the Grantors, the Holders and the Escrow
Agent and, with respect to Section 5.3 only, the Company. No waiver shall be effective unless it is in writing and signed by an
authorized representative of the waiving party.

 

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

 

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

 

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

 

If to Grantor, to:

 

[__________________________]

[__________________________]

[__________________________]

[__________________________]

 

if to Holders to:

 

[__________________________]

[__________________________]

[__________________________]

[__________________________]

 

and if to the Escrow Agent, to:

 

[__________________________]

[__________________________]

[__________________________]

[__________________________]

 

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

 

    	4

    	 

    

 

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

 

	 	GRANTORS:
	 	 
	 	 
	 	Bipin C. Shah
	 	 
	 	 
	 	Peter Davidson
	 	 
	 	 
	 	Frederick S. Hammer
	 	 
	 	 
	 	Arthur F. Ryan
	 	 
	 	 
	 	Robert Palmer
	 	 
	 	 
	 	Richard S. Braddock
	 	 
	 	 
	 	Jonathan M. Lubert
	 	 
	 	 
	 	Ira Lubert

 

    	5

    	 

    

 

HOLDERS

 

	 	WOLF CREEK PARTNERS, L.P.
	 	 
	 	By:
	 	 
	 	 
	 	Address:
	 	 
	 	WOLF CREEK INVESTORS (BERMUDA) L.P.
	 	 
	 	By:
	 	 
	 	 
	 	Address:

 

    	6

    	 

    

 

	 	ESCROW AGENT:
	 	 
	 	Continental Stock Transfer & Trust Company
	 	 
	 	By:	 
	 	 	Name: John W. Comer, Jr.
	 	 	Title: Vice President

 

    	7

    	 

    

 

	 	 	UNIVERSAL BUSINESS PAYMENT
 SOLUTIONS ACQUISITION
 CORPORATION
	 	 	 
	 	 	Solely with respect to its obligations set forth in Sections 5.3 hereof
	 	 	 	 
	 	 	By:	 
	 	 	Name:	Bipin C. Shah
	 	 	Title:	CEO

 

    	8

    	 

    

 

EXHIBIT A

 

[Form of Option]

 

    	 

    	 

    

 

EXHIBIT B

 

[List of Holders and Option Shares]

 

The following are Holders as of the date of this Agreement:

 

	Name and Address of Holder	 	Option Shares
	Wolf Creek Partners, L.P.	 	198,427
	Wolf Creek Investors (Bermuda), L.P.	 	188,384
	 	 	 
	 	 	 

 

    	 

    	 

    

 

EXHIBIT C

 

	
        Name and Address of

        Grantor
	 	
        Number

        of Option Shares Deposited

  

    	 

    	 

    

 

Exhibit C

 

	Grantor	 	Option Shares
	Bipin Shah	 	92,064
	Peter Davidson	 	17,290
	Frederick Hammer	 	3,425
	Arthur Ryan	 	3,425
	Robert Palmer	 	3,425
	Richard Braddock	 	3,425
	Jon Lubert	 	13,066
	Ira Lubert	 	52,264

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}]]