Document:

Exhibit

Exhibit 10.20

FOURTEENTH AMENDMENT TO FIRST AMENDED AND RESTATED 
LOAN AGREEMENT AND OMNIBUS AMENDMENT TO LOAN DOCUMENTS

This  Fourteenth  Amendment  to  First  Amended  and  Restated  Loan  Agreement  and Omnibus Amendment to Loan Documents (this "Amendment") is entered into as of February 14, 2018 (the "Effective Date"), by i3 VERTICALS, LLC ("i3"), a Delaware limited liability company; CP-PS, LLC ("CP-PS"), a Delaware limited liability company; CP-DBS, LLC ("CP-DBS"), a Delaware limited liability company, i3 VERTICALS MANAGEMENT SERVICES, INC. ("i3 Management"), a Delaware corporation, i3-RS, LLC ("i3-RS"), a Delaware limited liability company, i3-EZPAY, LLC, a Delaware limited liability company ("i3-EZ"), i3-LL, LLC, a Delaware limited liability company ("i3-LL"), i3-PBS, LLC, a Delaware limited liability company ("i3-PBS"), i3-INFIN, LLC, a Delaware limited liability company ("i3-Infin"), i3-BP, LLC, a Delaware limited liability company ("i3-BP"), i3-Axia, LLC, a Delaware limited liability company ("i3-Axia"), i3-Randall, LLC, a Delaware limited liability company ("i3-Randall"), i3-CSC, LLC, a Delaware limited liability company ("i3-CSC"), i3-TS, LLC, a Delaware limited liability company ("i3-TS"), Fairway Payments, LLC, a Virginia limited liability company ("Fairway"), i3-SDCR, Inc., a Delaware corporation ("i3-SDCR"), SAN DIEGO CASH REGISTER COMPANY, INC., a California corporation ("SDCR"), i3-CS, LLC, a Delaware limited liability company ("i3-CS"), and i3-EMS, LLC a Delaware limited liability company ("i3-EMS") (i3, CP-PS, CP-DBS, i3 Management, i3-RS, i3-EZ, i3-LL, i3-PBS, i3-Infin, i3-BP, i3-Axia, i3-Randall, i3-CSC, i3-TS, Fairway, i3-SDCR, SDCR, and i3-CS are the “Existing Borrowers,” i3-EMS and the Existing Borrowers, collectively, "Borrowers"); CLARITAS CAPITAL SPECIALTY DEBT FUND, L.P. ("CCSD I"), a Delaware limited partnership; CCSD II, L.P. ("CCSD II"), a Delaware limited partnership; HARBERT MEZZANINE PARTNERS III, L.P. ("Harbert"), a Delaware limited partnership (together with CCSD I and CCSD II, collectively "Lenders"); and CCSD I, in its capacity as Collateral Agent for Lenders, as provided in the Loan Agreement described below ("Collateral Agent").

RECITALS:

A.    Lenders, Collateral Agent, and the Existing Borrowers previously executed that First Amended and Restated Loan Agreement dated as of January 9, 2015, as amended by that First Amendment to First Amended and Restated Loan Agreement and Omnibus Amendment to Loan Documents dated as of April 23, 2015, as further amended by that Second Amendment to First Amended and Restated Loan Agreement and Omnibus Amendment to Loan Documents dated as of June 25, 2015, as further amended by that Third Amendment to First Amended and Restated Loan Agreement and Omnibus Amendment to Loan Documents dated as of August 11, 2015, as further amended by that Fourth Amendment to First Amended and Restated Loan Agreement and Omnibus Amendment to Loan Documents dated as of January 11, 2016, as further amended by that Fifth Amendment to First Amended and Restated Loan Agreement and Omnibus Amendment to Loan Documents dated as of April 29, 2016, as further amended by that Sixth Amendment to First Amended and Restated Loan Agreement and Omnibus Amendment to Loan Documents dated as of May 12, 2016, as further amended by that Seventh Amendment to First Amended and Restated Loan Agreement and Omnibus Amendment to Loan Documents dated as of June 30, 2016, as further amended by that Eighth Amendment to First Amended and Restated Loan Agreement and Omnibus Amendment to Loan Documents dated as of December 21, 2016, as further amended by that Ninth Amendment to First Amended and Restated Loan Agreement and Omnibus Amendment to Loan Documents dated as of March 31, 2017, as further amended by that Tenth Amendment to First Amended and Restated Loan Agreement and Omnibus Amendment to Loan Documents dated as of August 1, 2017, as further amended by that Eleventh Amendment to First Amended and Restated Loan Agreement and Omnibus Amendment to Loan Documents dated as of October 30, 2017, as further amended by that Twelfth Amendment to First Amended and Restated Loan Agreement and Omnibus Amendment to Loan Documents dated as of November 30, 2017, and as further amended by that Thirteenth Amendment to First Amended and Restated Loan Agreement and Omnibus Amendment to Loan Documents dated as of December 18, 2017 (as amended, the "Loan Agreement"); and

B.    i3-EMS has recently been formed as a wholly-owned direct subsidiary of i3 and wishes to join the Loan Agreement and certain other Loan Documents (as defined in the Loan Agreement) as an additional Borrower or other appropriate party; and

C.    Lenders are the holders of the Warrants (as defined in the Loan Agreement); and

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D.    The parties hereto wish to amend the Loan Agreement and other Loan Documents and to waive certain rights under the Warrants;

NOW, THEREFORE, in consideration of the mutual agreements set forth herein, and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1.    Definitions and Rules of Construction.  As used in this Amendment, capitalized terms not otherwise defined herein shall have the meanings set forth in the Loan Agreement, and the rules of construction applicable to the Loan Agreement shall apply to this Amendment.

2.    Joinder  of  i3-EMS.  i3-EMS hereby joins in (i) the Loan Agreement as a "Borrower," (ii) the Term Loan Notes as a "Maker," (iii) that Security Agreement dated as of August 21, 2013, by and among Existing Borrowers and Collateral Agent (the "Security Agreement") as a "Debtor," and all such documents are hereby amended to include i3-EMS as a party thereto. i3-EMS further (i) agrees to make all of the representations and warranties set forth in the Loan Agreement and the other Loan Documents to which it are joined as of the date hereof; (ii) grants to Collateral Agent, for the benefit of Lenders, pursuant to the terms and provisions of the Loan Agreement and the Security Agreement, a valid and enforceable security interest in and to all of its assets constituting Collateral (as defined in the Security Agreement), free and clear of all Encumbrances except as otherwise provided in the Loan Agreement; and (iii) agrees that it hereby assumes, and is a direct obligor primarily liable for, all of the Obligations, whether now or hereafter arising.  Without limiting the foregoing, i3-EMS agrees that it shall be jointly and severally liable with Existing Borrowers and any other Borrower for all liabilities and obligations of each such Borrower to Collateral Agent and Lenders irrespective of when such liabilities or obligations first arose under the Loan Agreement or the other Loan Documents.    In  furtherance  of  the  foregoing,  i3-EMS  agrees  to  execute  and/or  deliver  to Collateral  Agent  such  additional  loan  documents,  security  instruments,  UCC  financing statements, and other documents, instruments, certificates or agreements as Collateral Agent may reasonably request to give effect to this joinder of i3-EMS. 

3.    Enterprise Merchant Solutions Acquisition. Borrowers represent and warrant that  i3-EMS  has  completed  the  acquisition  of  substantially  all  of  the  assets  of  Enterprise Merchant Solutions, Inc. (the "Enterprise Merchant Solutions Acquisition") pursuant to and in accordance with that certain Asset Purchase Agreement (the "Enterprise Merchant Solutions Acquisition  Agreement") dated  as  of  January  31, 2018,  by  and  among  i3-EMS,  Enterprise Merchant Solutions, Inc., Stephen Ferrante, and Uyentrinh Do. Borrowers represent, warrant, and agree that (i) the Enterprise Merchant Solutions Acquisition qualifies as and constitutes a Permitted  Acquisition,  and  all  of  the  conditions  set  forth  in  the  definition  of  Permitted Acquisition have been or will be satisfied within the time periods specified therein (or within such shorter time periods as Lenders have permitted), (ii) other than as provided in Section 3.1 therein, there is no contingent consideration payable under the Enterprise Merchant Solutions Acquisition Agreement, and (iii) no Borrower is issuing a Seller Note in connection with such acquisition.

4.    Waiver of Certain Matters Regarding Issuance of Equity.  Lenders agree that i3 may issue up to 200,000 Class P Units of i3 pursuant to the Enterprise Merchant Solutions Acquisition Agreement without making any adjustment to the Warrants pursuant to Section 8 thereof.

5.    Updating of Schedules.   Borrowers hereby reaffirm the warranties and representations made in Article 5 of the Loan Agreement as true and correct given as of the date hereof, subject to (i) matters therein that were expressly disclosed as of a particular date other than the Closing Date and (ii) the matters disclosed in the updated complete set of Schedules to the Loan Agreement attached hereto as Exhibit A.

6.    Borrowers’ Release.  Borrowers hereby release Lenders and Collateral Agent from any claim, defense, or right of setoff, known or unknown, that any Borrower may have against any of them as of the execution of this Amendment; provided, however, to avoid doubt, Lenders and Collateral Agent are not released from their future obligations under the Loan Documents.

7.    Borrowers’ Affirmations.  Borrowers acknowledge, warrant, and represent that (i) pursuant to the Loan Documents, their obligations to repay the Obligations are absolute and unconditional, and there exists no right 

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of deduction, setoff, recoupment, counterclaim or defense of any nature whatsoever to payment of the Obligations, (ii) the Loan Documents are valid and enforceable against Borrowers in accordance with their terms (subject to principles of equity and laws applicable to the rights of creditors generally, including bankruptcy laws) and grant valid and perfected security interests and liens in the collateral described therein with the priority required by the Loan Documents, and (iii) no Default or Event of Default presently exists under the Loan Documents.

8.    Expenses.  Borrowers agree to pay any and all costs and expenses (including, without limitation, reasonable attorneys’ fees and recording fees) incurred by Collateral Agent and Lenders and arising out of or relating to the preparation and negotiation of this Amendment and the matters contemplated hereby.

9.    Construction of Agreement.  Except as expressly provided herein, the Loan Documents remain in full force and effect in accordance with their respective terms, and this Amendment shall not be construed to (i) impair the validity, perfection, or priority of any security interest granted therein, or (ii) waive or impair any rights, powers, or remedies of Lenders or Collateral Agent under the Loan Documents.

10.    Assignment.  This Amendment shall be binding upon and inure to the benefit of the respective heirs, successors and assigns of Borrowers, Collateral Agent, and Lenders, except that Borrowers may not assign any rights or delegate any obligations arising hereunder without the prior written consent of Lenders.   Any attempted assignment or delegation without the required prior consent shall be void.

11.    Entire Agreement.  This Amendment and the other written agreements among the parties represent the entire agreement of the parties concerning the subject matter hereof, and all oral discussions and prior inconsistent agreements are merged herein.   In the event of an inconsistency between this Amendment and the provisions of the other Loan Documents, the provisions of this Amendment shall control.

12.    Notices.  Any communications concerning this Agreement or the Obligations shall be addressed as provided in the Loan Documents.

13.    Applicable Law.  This Amendment shall be governed by the substantive laws (excluding conflicts principles) of the State of Tennessee.

14.    Jurisdiction; Venue; Waiver of Jury Trial; Etc.   All matters of jurisdiction, venue, waiver of jury trial, and other general matters shall be determined as provided in the Loan Agreement.

15.    Counterparts.  This Amendment may be executed in multiple counterparts, each of which shall constitute an original, and may be delivered electronically by facsimile or .pdf image.

[signature pages follow]

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This   Fourteenth  Amendment  to  First  Amended   and  Restated   Loan   Agreement  and Omnibus Amendment to Loan  Documents  is dated as of the date first written  above.

	
		
	BORROWERS:

	 
	 

	I3 VERTICALS, LLC

	CP-PS, LLC

	CP-DBS,  LLC

	i3 VERTICALS MANAGEMENT SERVICES, INC.

	i3-RS, LLC

	i3-EZPAY,  LLC

	i3-LL, LLC

	i3-PBS,  LLC

	i3-INFIN,  LLC

	i3-BP, LLC

	i3-AXIA,  LLC

	i3-RANDALL, LLC

	i3-CSC, LLC

	i3-TS,  LLC

	FAIRWAY PAYMENTS, LLC

	i3-SDCR, LLC

	SAN DIEGO CASH REGISTER COMPANY, INC.

	i3-CS, LLC

	i3-EMS, LLC

	By:
	/s/ Scott Meriwether

	 
	Scott Meriwether

	 
	Vice President

[Signatures to Fourteenth Amendment to First Amended and Restated Loan  Agreement 
and Omnibus Amendment to Loan Documents]

	
			
	COLLATERAL AGENT:

	 
	 
	 

	CLARITAS CAPITAL SPECIALTY DEBT FUND, L.P.

	 
	 
	 

	By:
	CCSD GP, LLC,
its General Partner

	 
	 
	 

	 
	By:
	/s/ R. Burton Harvey

	 
	Name:
	R. Burton Harvey

	 
	Title:
	Managing Partner

	
			
	LENDERS:

	 
	 
	 

	CCSD II, L.P.

	 
	 
	 

	By:
	CCSD GP II, LLC,
its General Partner

	 
	 
	 

	 
	By:
	/s/ R. Burton Harvey

	 
	Name:
	R. Burton Harvey

	 
	Title:
	Managing Partner

	
			
	CLARITAS CAPITAL SPECIALTY DEBT FUND, L.P.

	 
	 
	 

	By:
	CCSD GP, LLC,
its General Partner

	 
	 
	 

	 
	By:
	/s/ R. Burton Harvey

	 
	Name:
	R. Burton Harvey

	 
	Title:
	Managing Partner

[Signatures to Fourteenth Amendment to First Amended and Restated Loan  Agreement 
and Omnibus Amendment to Loan Documents]

	
					
	HARBERT MEZZANINE PARTNERS III, L.P.

	 
	 
	 
	 
	 

	By:
	HMP III GP, LLC,
Its General Partner

	 
	 
	 

	 
	By:
	Harbert Mezzanine Partners III GP, LLC,
its Sole Manager

	 
	 
	 
	 

	 
	 
	By:
	Harbert Mezzanine Manager III, Inc.,
its Sole Manager

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ John Harrison

	 
	 
	 
	Name:
	John Harrison

	 
	 
	 
	Title:
	VP

[Signatures to Fourteenth Amendment to First Amended and Restated Loan  Agreement 
and Omnibus Amendment to Loan Documents]

EXHIBIT A

[Schedules updated to reflect the joinder of i3-EMS to the Loan Agreement and certain other Loan Documents.]Exhibit

Exhibit 10.21

i3 VERTICALS, LLC
AMENDED & RESTATED EQUITY INCENTIVE PLAN
Effective November 29, 2016
		
	1.
	Establishment and Purpose

i3 Verticals, LLC, a Delaware limited liability company (the “Company”), hereby establishes the i3 Verticals, LLC Equity Incentive Plan (the “Plan”). The purpose of the Plan is to promote the profitability and growth of the Company by providing equity-based incentives to encourage certain key management and other service providers to the Company to contribute to the Company’s growth and financial success. The Company has reserved a pool of Class P Units through the Plan to be awarded from time to time by the compensation committee of the Company’s board of directors. The Company also contemplates that, in certain circumstances, Class P Units may be issued directly by the Company to individuals who are not described as eligible to receive awards under this Plan.
		
	2.
	Definitions

Any terms used herein shall have the meanings set forth below or, if not defined herein, as defined in the LLC Agreement, except where the context otherwise indicates:
(a)    “Award” means an award of a Class P Unit in the Company.
(b)    “Class P Unit” means a Class P Unit in the Company representing a profits interest in the Company as more fully described in Section 3.10 of the LLC Agreement.
(c)    “Class P Unit Agreement” means a written document memorializing the Award granted to the Participant pursuant to the Plan. 
(d)    “Committee” means the “compensation committee” that is appointed by the Board to administer the Plan.
(e)    “LLC Agreement” means the Third Amended and Restated Limited Liability Agreement of i3 Verticals, LLC, effective January 15, 2014, and as amended from time to time.
(f)    “Management Pool” means the maximum number of Awards set forth in Section 4(a), which number shall not include grants of Class P Units to (1) the Company’s Chief Executive Officer, (2) members of the Company’s Board of Directors, or (3) owners of companies acquired by the Company, in connection with such acquisitions.
(g)    “Participant” means an individual granted an Award under the Plan.

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	3.
	Administration

(a)    Administration of the Plan. The Plan shall be administered by the Committee, which shall have all authorities specified in the Plan and a Class P Unit Agreement, including but not limited to the following authorities:
		
	(i)
	Plan Participation. The Committee shall have absolute discretion to grant Awards under the Plan and prescribe the form of Class P Unit Agreements evidencing such Awards. The Committee in its discretion may grant Awards to employees, consultants and directors of the Company or an Affiliate of the Company. The Committee may also grant Awards to prospective employees, consultants or directors in connection with hiring, retention or otherwise, provided that vesting of Class P Units may not occur until the Award recipient has commenced providing services to the Company or an Affiliate. An individual who receives an Award under the Plan will be designated a Participant.

		
	(ii)
	Terms of Awards. The Committee is authorized to: (A) determine the eligible persons to whom, and the time or times at which, Awards shall be granted; (B) determine the number of Class P Units to be covered by each Award; (C) impose such terms, limitations, restrictions and conditions upon any such Award as the Committee shall deem appropriate, including, but not limited to, those relating to the vesting of Awards, if any; and (D) modify or amend outstanding Awards.

		
	(iii)
	Plan and Award Interpretation. The Committee shall have full power and authority, in its sole and absolute discretion, to administer, construe and interpret the Plan, Class P Unit Agreements and all other documents relevant to the Plan and Awards issued thereunder, to establish, amend, rescind and interpret such rules, regulations, agreements, guidelines and instruments for the administration of the Plan and for the conduct of its business as the Committee deems necessary or advisable, and to correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award in the manner and to the extent the Committee shall deem it desirable to carry it into effect.

(b)    Non-Uniform Determinations. The Committee’s determinations under the Plan (including, without limitation, determinations of the persons to receive Awards, the form, amount and timing of such Awards, the terms and provisions of such Awards and the Class P Unit Agreements evidencing such Awards) need not be uniform and may be made by the Committee selectively among persons who receive, or are eligible to receive, Awards under the Plan, whether or not such persons are similarly situated.
(c)    Limited Liability. To the maximum extent permitted by law, the Committee (or any Committee member) shall not be liable for any action taken or decision made in good faith relating to the Plan or any Award thereunder.
(d)    Indemnification. To the maximum extent permitted by law and under the LLC Agreement, the Committee (and any member of the Board) shall be indemnified by the Company in respect of all their activities under the Plan.

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(e)    Effect of Committee’s Decision. All actions taken and decisions and determinations made by the Committee on all matters relating to the Plan pursuant to the powers vested in it hereunder shall be in the Committee’s sole and absolute discretion and shall be conclusive and binding on all parties concerned.
		
	4.
	Awards

(a)    Reservation of Units. The maximum aggregate number of Class P Units that may be issued pursuant to the Plan is 3,283,808 (the “Management Pool”). This number of Class P Units shall automatically increase at the time that the Company engages in a capital transaction that increases the number of outstanding Units. The Committee will calculate the increase as (i) a number of Class P Units that, when added to the then maximum aggregate number of Class P Units that may be issued pursuant to the Plan, is equal to 12.5% the total number of shares of Units outstanding (as further defined below), on an as converted and fully diluted basis, immediately following such capital transaction, or (ii) such lesser number as determined by the Committee. In no event shall such annual increase exceed 2,500,000 Units. For purposes of this Section, in order to determine the increased Management Pool size, the Company shall take the total number of Units that are issued and outstanding, plus all securities or debt convertible into Units, plus all warrants and any other securities, minus all existing Class P Units that have been granted and remain outstanding under the Management Pool, and divide such number by 0.875. The product shall then be multiplied by 12.5%. This final number shall then be approved by the Committee as the automatic increase to the Class P Units subject to the Plan. The Committee shall also take appropriate action to reflect this increase on the books and records of the Company under Section 3.2 of the LLC Agreement.
(b)    Adjustments for Recapitalization, Etc. The number of Class P Units reserved in Section 4(a) for issuance under the Plan shall be adjusted by the Committee by way of increase or decrease, as the Committee deems appropriate, in the event of a recapitalization, split, consolidation or similar transaction involving the equity of the Company. 
(c)    Determination of Units Awarded Under Plan. An Award of Class P Units to a Participant will count against the number of Units reserved in Section 4(a) hereunder, except in the following circumstances: (i) Class P Units awarded to individuals who are founders of the Company or who provide their services as members of the Board; (ii) Class P Units awarded under the terms of a definitive acquisition agreement entered into by the Company or an Affiliate; or (iii) an issuance of Class P Units under the terms of the LLC Agreement that is not intended to reduce the number of Class P Units reserved hereunder. Certain Class P Units that are issued prior to the date of adoption of the Plan shall be counted against the number of Units reserved in Section 4(a), as indicated on Schedule A attached hereto.
(d)    Reissuance of Units. Class P Units that are forfeited for any reason or repurchased by the Company under the terms of a Class P Unit Agreement will again be available for issuance under an Award. 
(e)    Terms of LLC Agreement. Awards are subject to a Participation Threshold, as defined in the LLC Agreement, which shall be stated in the Class P Unit Agreement, and to the further 

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terms and conditions provided in the Plan and the Class P Unit Agreement, By accepting an Award under the Plan, a Participant is deemed to have consented to the applicable terms of the LLC Agreement.
(f)    Tax Election. Unless stated otherwise in Class P Unit Agreement, Participants shall be directed to make an effective protective election with the Internal Revenue Service under Section 83(b) of the Internal Revenue Code and the regulations promulgated thereunder within 30 days of the grant of an Award. A form of the 83(b) form of election may be provided by the Company. 
		
	5.
	Termination, Amendment and Modification of the Plan. 

The Plan will continue indefinitely until terminated by the Committee or the Board. The Committee may terminate, amend or modify the Plan or any portion thereof at any time, provided that an amendment that diminishes the rights of a Participant will not be effective with respect to such Participant until executed in writing by the Participant.
		
	6.
	Miscellaneous

(a)    Non-Guarantee of Employment or Service. Nothing in the Plan or a Class P Unit Agreement shall confer any right on a Participant to continue in the service of the Company or any of its Affiliates or shall interfere in any way with the right of the Company or any such Affiliate to terminate such service at any time with or without cause or notice and whether or not such termination results in: (i) the failure of any Award to vest; (ii) the forfeiture of any unvested portion of any Award; or (iii) any other adverse effect on a Service Provider’s interests under the Plan.
(b)    Compliance with Securities Laws. If at any time the Committee determines that the delivery of a Class P Unit under the Plan is or may be unlawful under the laws of any applicable jurisdiction, or federal, state or foreign securities laws, the right to receive Class P Units or a payment pursuant to an Award shall be suspended until the Committee determines that such delivery or payment is lawful. The Company shall have no obligation to effect any registration or qualification of the Class P Units under federal, state or foreign laws.
(c)    No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a Participant or any other person. To the extent that any Participant or other person acquires a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right set forth for a person holding Class P Units in the LLC Agreement.
(d)    Governing Law. The validity, construction and effect of the Plan, a Class P Unit Agreement entered into pursuant to the Plan, and any rules, regulations, determinations or decisions made by the Committee relating to the Plan or such Class P Unit Agreement, and the rights any and all persons having or claiming to have any interest therein or thereunder, shall be determined exclusively in accordance with applicable federal laws and the laws of the State 

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of Tennessee, without regard to any conflict of laws principles that would result in the application of the laws of any other jurisdiction.
(e)    Inconsistencies. This Plan, the Class P Unit Agreements and the LLC Agreement are intended to be complementary and shall be interpreted in a manner that construes such instruments as consistent with each other. However, in the event of any inconsistencies between the Plan, a Class P Unit Agreement and the LLC Agreement, the LLC Agreement shall in all cases govern.
(f)    No Transfers. No Participant shall transfer any Class P Unit, in whole or in part, or any of its rights under this Plan, except for transfers that are permitted in the LLC Agreement.
(g)    Further Assurances. The Committee shall take such further actions as are reasonably deemed by it to be necessary or desirable in order to effectively carry out the intent and purpose of this Plan and the transactions and agreements contemplated hereby.
(h)    Non-Waiver; Separability of Provisions. Each provision of this Plan shall be considered separable; and if, for any reason, any provision or provisions herein are determined to be invalid and contrary to any existing or future law, such invalidity shall not impair the operation of or affect those portions of this Plan which are valid. 
(i)    Successors and Assigns. Subject to the restrictions on transfer of Class P Units set forth herein, this Plan shall be binding upon and shall inure to the benefit of the Company and the Participants and their respective successors and permitted assigns.
(j)    Rights under the LLC Agreement. Notwithstanding anything herein or in the LLC Agreement to the contrary, Participants shall not be entitled to any information rights (including financials) or access to books and records accorded to the Members of the Company, in each case, with respect to the Company, except to the extent required by law.
IN WITNESS WHEREOF, the undersigned has executed this instrument on this the 29th day of November, 2016.

	
	
	i3 VERTICALS, LLC

	 

	 

	/s/ Greg S. Daily

	Greg S. Daily, Chief Executive Officer

5

Schedule A

[On file with the Company]

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