Document:

Unassociated Document

______________, 2011

Universal Business Payment Solutions Acquisition Corporation

Radnor Financial Center

150 North Radnor-Chester Road, Suite F-200

Radnor, Pennsylvania 19087

EarlyBirdCapital, Inc.

275 Madison Avenue, 27th Floor

New York, New York 10016

 

Re:                      Initial Public Offering

Gentlemen:

This letter (“Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into or to be entered into by and between Universal Business Payment Solutions Acquisition Corporation, a Delaware corporation (the “Company”), and EarlyBirdCapital, Inc., as representative (the “Representative”) of the several underwriters (the “Underwriters”), relating to an underwritten initial public offering (the “Offering”) of the Company’s units (the “Units”), each comprised of one share of the Company’s common stock, par value $0.001 per share (the “Common Stock”), and one warrant exercisable for one share of Common Stock (each, a
“Warrant”).  The Units sold in the Offering are being registered pursuant to a registration statement on Form S-1 (the “Registration Statement”) and prospectus (the “Prospectus”) filed by the Company with the Securities and Exchange Commission (the “Commission”). Certain capitalized terms used herein are defined in paragraph 15 hereof.

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

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

2.           In the event that the Company fails to consummate a Business Combination (as defined in the Underwriting Agreement) within 18 months from the closing of the Offering (or 21 months from the date of the closing of the Offering if the Company executes a letter of intent, agreement in principle or definitive agreement relating to a proposed initial Business Combination before such 18-month period ends), the undersigned shall take all reasonable steps to cause the Company to, as promptly as reasonably possible, cause the Trust Account to be liquidated and distributed to the holders of the IPO Shares.  The undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Account and any
remaining net assets of the Company as a result of such liquidation with respect to his Insider Shares (“Claim”) and hereby waives any Claim the undersigned may have in the future as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Account for any reason whatsoever.  [In the event of the liquidation of the Trust Account (other than immediately prior to the consummation of a Business Combination), the undersigned agrees to indemnify and hold harmless the Company against any and all loss, liability, claims, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become subject as a result of any claim by any vendor, prospective target business with which the Company has entered into an
acquisition agreement or other person or entity who or which is owed money by the Company for services rendered or contracted for or products sold or contracted for, or otherwise in connection with a proposed Business Combination, in excess of the net proceeds of the IPO not held in trust, but only to the extent necessary to ensure that such loss, liability, claim, damage or expense does not reduce the amount in the Trust Account below $6.06 per share; provided that such indemnity shall not apply if such vendor, prospective target business or other person or entity executed a valid and binding agreement enforceable under law waiving any claims against the Trust Account.]1

	
1 Bracketed language applicable only to Mr. Shah.

 

  

  

  

3.           The undersigned shall abide by the terms and conditions set forth in that certain Stock Escrow Agreement, dated as of _____________, by and among the Company, the undersigned and Continental Stock Transfer & Trust Company.

4. (a)           In order to minimize potential conflicts of interest that may arise from multiple corporate affiliations, the undersigned hereby agrees that until the earliest of the Company’s initial Business Combination, liquidation or such time as he or she ceases to be an officer or director of the Company, he or she shall present to the Company for its consideration, prior to presentation to any other entity, any opportunity to acquire or invest in an operating business, subject to any pre-existing fiduciary or contractual obligations he or she might have.

(b)           The undersigned understands that the Company may effect a Business Combination with a single target business or multiple target businesses simultaneously and agrees that he or she will not participate in the formation of, or become an officer or director of, any blank check company, until the Company has entered into a definitive agreement regarding its initial Business Combination or the Company has failed to complete an initial Business Combination within 18 months (or 21 months if a letter of intent, agreement in principle or definitive agreement relating to a prospective Business Combination is executed before the 18-month period ends), from the closing of the Offering; provided, however, that nothing contained herein shall override the
undersigned’s fiduciary obligations to any entity with which he or she is currently directly or indirectly associated or affiliated or by whom he or she is currently employed.

  

  

  

(c)           The undersigned hereby agrees and acknowledges that (i) each of the Underwriters and the Company would be irreparably injured in the event of a breach by the undersigned of his or her obligations under paragraphs 4(a) and/or 4(b) hereof, (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach.

5.           The undersigned agrees to be and officer and/or director of the Company until the earlier of the consummation by the Company of a Business Combination[, his or her resignation]2 and the liquidation of the Trust Account.  The undersigned’s biographical information furnished to the Company and attached here as Exhibit A is true and accurate in all respects and does not omit any material information with respect to the undersigned’s background. The undersigned’s questionnaire furnished to the Company and attached hereto as Exhibit B is true and accurate in all respects. The undersigned represents and warrants
that:

(a)           the undersigned is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction;

(b)           the undersigned has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and the undersigned is not currently a defendant in any such criminal proceeding; and

(c)           the undersigned has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked.

6.           Neither the undersigned nor any affiliate of the undersigned shall receive any finder’s fee, reimbursement, consulting fee, monies in respect of any repayment of a loan or other compensation prior to, or in connection with any services rendered in order to effectuate the consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is), other than the following:

(a)           repayment of a $125,000 loan made to the Company by UBPS Services, LLC, an entity controlled by Bipin Shah, pursuant to a Promissory Note dated December 6, 2010;

(b)           payment of an aggregate of $7,500 per month to UBPS Services, LLC for office space, secretarial and administrative services; and

	
2 Bracketed language applicable to all signatories other than Mr. Shah.

 

  

  

  

(c)           reimbursement for any reasonable out-of-pocket expenses related to identifying, investigating and consummating an initial Business Combination, so long as no proceeds of the Offering held in the Trust Account may be applied to the payment of such expenses prior to the consummation of a Business Combination.

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

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

[9.           In the event that the Company does not consummate a Business Combination within the required time period and must liquidate the Trust Account and its remaining net assets outside of the Trust Account are insufficient to complete such liquidation, the undersigned agrees to advance such funds necessary to complete such liquidation and agrees not to seek repayment for such expenses.]3

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

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

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

	
3 Bracketed language applicable only to Mr. Shah.

 

  

  

  

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

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

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

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

  

  

  

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

[Signature page follows]

  

  

  

Sincerely,

 

By: _________________________

     Name:

     Address:                                     

Acknowledged and Agreed:

 

UNIVERSAL BUSINESS PAYMENT SOLUTIONS ACQUISITION CORPORATION

By: _________________________

Name:

Title:

  

  

  

Exhibit A

(Attached)

  

  

  

Exhibit B

(Attached)Unassociated Document

 

Form of

Rule 10b5-1 Stock Purchase Plan

 

This Rule 10b5-1 Stock Purchase Plan (this “Purchase Plan”), is entered into on ______, 2011 by and between EarlyBirdCapital, Inc., a Delaware corporation  (“Broker”) and Universal Business Payment Solutions Acquisition Corporation, a Delaware corporation (the “Company”).

 

WHEREAS, the Company desires to establish a plan that qualifies for the affirmative defense and safe harbor provided by Rule 10b5-1 (“Rule 10b5-1”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), to purchase shares of common stock, par value $0.001 per share (the “Shares”), of the Company, as described in the Company’s Registration Statement on Form S-1 (Registration No. 333-171359 relating to the initial public offering of certain securities of the Company.

 

WHEREAS, the Company desires to engage Broker as its exclusive agent to purchase Shares on its behalf in accordance with this Purchase Plan; and

 

WHEREAS, the Company has established or, prior to effecting transactions under this Purchase Plan will establish, an account (the “Account”) with Broker by executing an account agreement and all other necessary ancillary documents with Broker.

 

NOW, THEREFORE, the Company and Broker hereby agree as follows:

 

	
1. Engagement of Broker

 

During the term of this Purchase Plan, Broker shall act as Company’s exclusive agent to purchase Shares pursuant to this Purchase Plan. Subject to the terms and conditions set forth herein, Broker hereby accepts such appointment and engagement.

 

	
2. Trading Instructions

 

(a) Broker is authorized to begin purchasing Shares as agent for the Company pursuant to this Purchase Plan beginning on          , 2011 [61 calendar days after termination of the “restricted period” in connection with the Company’s initial public offering under Regulation M] (the “Commencement Date”). Broker shall cease purchasing Shares on the Termination Date (as defined below). The period beginning on the Commencement Date and ending on the Termination Date is referred to herein as the “Plan Period”. All notices hereunder shall be given to Broker in writing by facsimile at             and           ,
Attention:              , and confirmed by telephone at             .

 

(b) In accordance with Broker’s customary procedures, Broker will deposit Shares purchased hereunder into the Account against payment to Broker of the purchase price and commissions and other fees in respect thereof.

 

(c) Broker will notify the Company via email of all transactions executed under this Purchase Plan pursuant to customary trade confirmations, which shall be provided no later than 72 hours after execution of each transaction to Peter Davidson at Peter.Davidson@ubpsac.com.

 

(d) (i) On each day on which the NASDAQ Capital Market (the “Exchange”) is open for trading (each, a “Business Day”), Broker shall use commercially reasonable efforts to purchase, as agent and for the account of the Company in compliance with Rule 10b-18, the lesser of (x) the number of Shares the Company is permitted to purchase under Rule 10b-18 on such Business Day and (y) the number of Shares to be purchased pursuant to the Share Repurchase Guidelines set forth on Appendix A hereto, provided, however, that to the extent such purchases would not constitute “10b-18 purchases” as defined under Rule 10b-18 solely as a result of Rule 10b-18(13)(iv), Broker may upon the advice of counsel to Broker, disregard any restriction contained in 10b-18(13)(iv)(B) in determining the number
of shares that may be purchased pursuant to clause (x) above.

 

(ii) Company shall pay to Broker a commission of $[   ] per Share so purchased.

  

  

  

 

(e) Broker will make, keep and produce promptly upon request a daily time-sequenced schedule of all Share purchases made under this Purchase Plan, on a transaction-by-transaction basis, including (i) size, time of execution and price of purchase; and (ii) the exchange, quotation system, or other facility through which the Share purchase occurred, which obligations are set forth under the heading “Daily Time-Sequenced Schedule Obligations” on Appendix A hereto.

 

(f) Purchases under this Purchase Plan will be structured by Broker so as to avoid being the opening transaction quoted or reported in the consolidated reporting system of the Exchange and will not be made within the ten minutes immediately prior to termination of the period during which the last sale prices are reported in such consolidated reporting system.

 

(g) The Company agrees that this Purchase Plan constitutes an irrevocable limit order to purchase Shares pursuant to the terms of this Purchase Plan, including the Share Repurchase Guidelines set forth on Appendix A hereto.

 

	
3. Broker’s Discretion to Deviate from Trading Instructions

 

(a) Subject to the Share Repurchase Guidelines and other terms and conditions set forth in this Purchase Plan, Broker shall have full discretion with respect to the execution of all purchases, and the Company acknowledges and agrees that the Company does not have, and shall not attempt to exercise, any influence over how, when or whether to effect such purchases of Shares pursuant to this Purchase Plan.

 

(b) Notwithstanding any provision herein to the contrary, including the provisions of Section 2(d), in the event that, on any Business Day, in the opinion of Broker’s counsel, effecting purchases hereunder would result in a violation of applicable law (collectively, “Restrictions”), Broker may refrain from purchasing Shares or purchase fewer than the otherwise applicable number of Shares to be purchased set forth in the Share Repurchase Guidelines, as determined by Broker, in its discretion with regard to such Restrictions.  Broker will notify the Company via email if it determines Restrictions limit its ability to purchase the number of shares set forth in the Share Repurchase Guidelines, which shall be provided no later than 72 hours after such determination to Peter Davidson at
Peter.Davidson@ubpsac.com.

 

	
4. Termination Date

 

This Purchase Plan shall terminate upon the Termination Date. “Termination Date” means the earliest of:

 

(a) the date the Company files a Current Report on Form 8-K (the “Signing 8-K”) with the Securities and Exchange Commission announcing its execution of a definitive agreement for a merger, share exchange, asset acquisition, stock purchase, recapitalization, plan of arrangement, reorganization or similar business combination (the “Business Combination”);

 

(b) the date that the Company or any other person publicly announces a tender or exchange offer with respect to the Shares or a merger, acquisition, reorganization, recapitalization or other similar business combination or transaction as a result of the consummation of which the Shares would be exchanged or converted into cash, securities or other property, other than the announcement of Company’s Business Combination through the Signing 8-K;

 

(c) the date that Broker receives notice that the Company has filed a petition for bankruptcy or reorganization, or a petition for bankruptcy has been filed against Company and has not been dismissed within sixty (60) calendar days of its filing; and

 

(d) such time as Broker determines, in its sole discretion, that it is prohibited for any reason from engaging in purchasing activity as Company’s agent under this Purchase Plan.

 

If Broker determines that any event specified in Paragraphs (b), (c), or (d) of this Section 4 has occurred, Broker shall promptly notify Company that this Purchase Plan has terminated pursuant to the terms of this Section 4 and the date of such termination.

  

  

  

 

	
5. Representations, Warranties and Covenants

 

(a) From the date hereof until the Termination Date, the Company agrees not to discuss with Broker the Company’s business, operations or prospects or any other information likely to be related to the value of the Shares or likely to influence a decision to sell Shares. Notwithstanding the preceding sentence, with the approval of counsel to Broker, the Company may communicate with Broker personnel who are not responsible for, and have no ability to influence, the execution of this Purchase Plan and who are not identified on Appendix B to this Purchase Plan.   Notwithstanding the first sentence in this paragraph, the Company shall provide Broker with written notification of the mailing of a proxy or other solicitation materials to shareholders of the Target with respect to a vote on the Business
Combination or any fact promptly upon knowledge of the Company that such fact alone or in combination with other facts would make purchases under this Purchase Plan unlawful pursuant to Regulation M or otherwise.

 

(b) The Company represents and warrants to Broker that this Purchase Plan and the transactions contemplated hereby have been duly authorized by its board of directors.

 

(c) The Company agrees with Broker that neither it nor any “affiliated purchaser” as defined in Rule 10b-18 under the Exchange Act  will, make any purchases of blocks as described in the proviso in Rule 10b-18(b)(4) under the Exchange Act during the four full calendar weeks immediately preceding the Commencement Date.

 

(d) The Company represents and warrants to Broker that it is not aware of any material, non-public information concerning the Company or its securities and is entering into this Purchase Plan in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b5-1 under the Exchange Act.

 

(e) Broker represents and warrants to the Company that it has implemented reasonable policies and procedures, taking into consideration the nature of Broker’s business, to ensure that individuals making investment decisions will not violate the laws prohibiting trading on the basis of Material, Nonpublic Information. These policies and procedures include those that restrict any purchase or sale, or the causing of any purchase or sale, of any security as to which Broker has material, non-public information, as well as those that prevent such individuals from becoming aware of or being in possession of  material, non-public information.

 

(f) From the date hereof until the Termination Date, the Company agrees not to enter into any hedging transaction with respect to any Shares.

 

(g) The Company agrees that, during the period from the Commencement Date to the date falling that number of days following the Termination Date equal to the “restricted period” applicable to the Company, it will not engage in any “distribution” with respect to which the Shares are a “covered security” (as such terms are defined in Regulation M) or any other activity that would prohibit repurchase of Shares by Broker.

 

(h) The Company represents and warrants that as of the time of execution of this Purchase Plan, the Company has not entered into any similar plan or agreement with respect to Shares or any security or interest convertible into or exchangeable for Shares. The Company agrees that without the prior written consent of Broker, the Company shall not, during the Plan Period, directly or indirectly (including, without limitation, by means of a cash-settled or other derivative instrument) purchase, offer to purchase, place any bid or limit order that would effect a purchase of, any Shares (or an equivalent interest, including a unit of beneficial interest in a trust or limited partnership or a depository share), or any security convertible into or exchangeable for Shares.

 

(i) The Company agrees to inform Broker (i) of any purchases made during the Plan Period by an “affiliated purchaser” as defined in Rule 10b-18 under the Exchange Act promptly upon becoming aware of such purchases and (ii) if any “affiliated purchaser” intends to make any such purchases, promptly upon being informed of such intention.

 

6. Compliance with the Securities Laws. (a) It is the intent of the parties that this Purchase Plan comply with the requirements of Rule 10b5-1(c)(1)(i)(B) under the Exchange Act, and the parties agree that this Purchase Plan shall be interpreted to comply with the requirements of Rule 10b5-1(c) under the Exchange Act.

  

  

  

 

(b) Broker agrees to use commercially reasonable efforts to satisfy the conditions of Rule 10b-18(b) under the Exchange Act in effecting purchases of Shares pursuant to this Purchase Plan.

 

7. Indemnification

 

(a) The Company agrees to indemnify and hold harmless Broker (and its directors, officers, employees and affiliates) from and against all claims, liabilities, losses, damages and expenses (including reasonable attorneys’ fees and costs) arising out of or attributable to (i) any material breach by the Company of this Purchase Plan (including the Company’s representations and warranties), and (ii) any violation by the Company of applicable laws or regulations with respect to the transactions contemplated by this Purchase Plan. This indemnification will survive the termination of this Purchase Plan. The Company will have no indemnification obligations hereunder in the case of gross negligence or, willful misconduct of Broker or any other indemnified person, including a breach of Section 6(b) hereof
(unless such breach arises out of a breach by the Company of its representations, warranties or obligations hereunder), as determined by a final, non-appealable judgment of a court of competent jurisdiction.

 

(b) Notwithstanding any other provision herein, no party hereto will be liable to the other for (i) special, indirect, punitive, exemplary, or consequential damages, or incidental losses or damages of any kind, including but not limited to lost profits, lost savings, loss of use of facility or equipment, regardless of whether arising from breach of contract, warranty, tort, strict liability or otherwise, and even if advised of the possibility of such losses or damages or if such losses or damages could have been reasonably foreseen, or (ii) any failure to perform or for any delay in performance that results from a cause or circumstance that is beyond its reasonable control, including but not limited to failure of electronic or mechanical equipment, strikes, failure of common carrier or utility systems, severe
weather, market disruptions or other causes commonly known as “acts of God”.

 

8. General

 

(a) This Purchase Plan (including any Appendices, Annexes or Exhibits) constitutes the entire agreement between the parties hereto with respect to the subject matter hereof, and supersedes any previous or contemporaneous agreements, understandings, proposals or promises with respect thereto, whether written or oral.

 

(b) This Purchase Plan will be governed by, and construed in accordance with, the laws of the State of New York.

 

(c) This Purchase Plan and each party’s rights and obligations hereunder may not be assigned or delegated without the written permission of the other party and shall inure to the benefit of each party’s successors and permitted assigns, whether by merger, consolidation or otherwise.

 

(d) This Purchase Plan may be executed in two or more counterparts and by facsimile signature.

  

  

  

 

IN WITNESS WHEREOF, the undersigned have signed this Purchase Plan as of the date first written above.

  

	  	  	  	  	
UNIVERSAL BUSINESS PAYMENT SOLUTIONS ACQUISITION CORPORATION

	  	  	  	  	  	  
	  	  	  	  	
By: 

	  
	  	  	  	  	
Name: 

	
 Bipin C. Shah

	  	  	  	  	
Title: 

	
 Chief Executive Officer

  

	  	  	  	  	  
	  	  	  	  	  	  
	  	  	  	  	
By: 

	  
	  	  	  	  	
Name: 

	  
	  	  	  	  	
Title: 

	  

 

  

  

  

APPENDIX A

 

Share Repurchase Guidelines

 

	
Purchase Limit Order

	  	
Number of Shares to be Purchased

	
$5.751 2

	  	
Broker is to purchase up to an average of $1.9 million dollars of Shares (NASDAQ: [UBPS]) per month, up to an aggregate of 50% of the shares sold in the Company’s initial public offering (6,000,000 shares or 6,900,000 shares if the over-allotment option is exercised in full), such purchases subject to Rule 10b-18(b).

 

Daily Time-Sequenced Schedule Obligations

 

	
Obligor

	  	
Obligation

	
Broker

	  	
Broker is to make, keep and produce promptly upon request a daily time-sequenced schedule of all Share purchases made under this Purchase Plan, on a transaction-by-transaction basis, including:

	  	  	
●         size, time of execution, price of purchase; and

	  	  	
●         the exchange, quotation system, or other facility through which the Share purchase occurred.

 

	
1

	
All Share amounts and limit prices listed herein shall be increased or decreased to reflect stock splits should they occur.

 

	
2

	
The Limit Order must be lower than the highest independent bid or the last independent transaction price, whichever is higher, in either case as quoted or reported in the consolidated reporting system of the Exchange for the Shares to be purchased by Broker.

 

  

  

  

APPENDIX B

Bipin C. Shah – Chief Executive Officer

Peter Davidson – Chief Administrative Officer

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