Document:

Exhibit 10.11

 

AMENDED
AND RESTATED EMPLOYMENT AGREEMENT

 

This
AMENDED AND R ESTATED EMPLOYMENT AGREEMENT (this “Agreement by and among Priority Payment Systems Holdings LLC (“Priority”),
Pipeline Cynergy Holdings, LLC (“PCH”) (together, the “Companies”), and Afshin Yazdian (“Executive”)
(collectively, the “Parties”), and Priority Holdings, LLC (the “Parent”), is entered into and effective
as of the 21st of May, 2014 (the “Effective Date”).

 

WHEREAS,
Executive is currently employed as the Chief Executive Officer of PCH pursuant to an Employment Agreement dated October 16, 2013
between Executive and PCH (the “Prior Agreement”);

 

WHEREAS,
the Parties wish to establish the terms of the Executive’s employment with the Companies following the Effective Date and amend
and restate the Prior Agreement, in its entirety, as set forth herein;

 

WHEREAS,
Executive acknowledges receipt of the Change of Control bonus in an amount equal to $300,000 in satisfaction of PCH’s obligation
under Section 3(c) of the Prior Agreement; and

 

NOW,
THEREFORE, in consideration of the foregoing premises and certain other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties agree as follow:

 

1.           
Employment. The Companies agree to employ Executive, and Executive hereby accepts employment with the Companies, upon the
terms and conditions as set forth in this Agreement for the period beginning on the Effective Date and ending on October 16, 2016
(such period, as may be extended or terminated earlier as provided below, the “Employment Period”); provided
that the Employment Period shall automatically be renewed on the same terms and conditions set forth herein for additional one-
year periods beginning on October 16, 2016, unless the Companies or Executive gives the other Party written notice of the election
not to renew the Employment Period at least ninety (90) days prior to any such renewal date.

 

2.            Duties.

 

(a)           
Duties; Office. During the Employment Period, Executive shall serve as the Executive Director of the Companies, each of
their respective subsidiaries and Parent (the Companies, such subsidiaries and Parent are collectively referred to herein as the
“Company Parties”) or in such other executive role as may be designated by and shall have the executive- level
duties, responsibilities and authority as are designated by the Board of Managers of the Parent (the “Board”),
including duties related to the Company Parties’ strategic initiatives, and merger and acquisition opportunities and integration.
The Parties hereby agree that Executive shall not be required to relocate in connection with the performance of his duties hereunder
and, subject to reasonable travel requirements in connection with the performance of his duties, shall provide his services from
the Nashville, TN metropolitan area or such other location within the United States as Executive shall reasonably determine, so
long as Executive shall provide the Company Parties with reasonable notice and consultation in connection with any such change
of location from the Nashville, TN metropolitan area.

 

     

     

    

 

(b)           
Performance. Executive shall report to the Chief Executive Officer of the Companies, and Executive shall devote his best
efforts and substantially all his business time, skill, energy and attention to the business and affairs of the Company Parties,
whether currently existing or hereafter acquired or formed. Executive shall perform his duties and responsibilities hereunder
faithfully and to the best of his abilities in a diligent manner and in accordance with the Company Parties policies and applicable
law. So long as Executive complies with the requirements of this Section 2(b), Section 5 and his fiduciary duties to the Company
Parties, the Executive will not be prohibited from overseeing his personal investments or serving on civic or charitable boards
or committees or serving as a member of the board of directors (or similar governing body) of other entities with the prior written
consent of the Board (which consent shall not be unreasonably withheld). The Company Parties acknowledges and consents to Executive’s
current board service with Sparkbase, Inc.

 

3.            Base
Salary and Benefits.

 

(a)           
Base Salary. During the Employment Period, Executive’s base salary shall be in an amount reviewed and determined by the
Board or an appropriate committee of the Board (the “Compensation Committee”), but under no circumstances will
it be less than Three Hundred Thousand Dollars ($300,000) per annum (the “Base Salary”), which Base Salary shall
be payable in regular installments in accordance with the Companies’ general payroll practices, but in no event less frequently
than monthly, and shall be subject to customary withholding and other appropriate deductions.

 

(b)
           Annual Bonus. During the Employment Period, Executive
shall be eligible to receive a cash bonus for each fiscal year during the Employment Period equal to sixty-five percent (65%)
of the Base Salary (a “Bonus”), with a target of fifty percent (50%) of Base Salary and payment of such Bonus,
if any, shall be based on achieving Company Parties’ targets to be established by the Board in its discretion annually provided,
however, that Executive shall receive a minimum payment of twenty-five percent (25%) of base salary for the 2014 fiscal year.
The Bonus applicable to any fiscal year will be paid within 10 days after the delivery of the final audit of the Companies’ financial
statements for such fiscal year, but no later than April 15th of the year following the year to which it relates.

 

(c)           
Benefits. Subject to eligibility criteria, during the Employment Period, Executive and his spouse and eligible children
shall be entitled to participate in any and all of the Companies’ employee benefit programs for which executives of the Companies
or employees of the Companies of comparable level to the Executive are generally eligible, including, without limitation, 401(k),
insurance and health benefits (collectively, the “Benefits”). Executive recognizes that the Companies reserve
the right to reasonably change its benefits from time to time and the Companies’ right to make such changes shall not be restricted
by, or violative of, this Agreement. The Companies agrees that they will pay one hundred percent (100%) of the applicable insurance
premiums for the Executive and his spouse and eligible children.

 

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(d)           
Vacation. During the Employment Period, Executive shall be entitled to twenty-five (25) days of paid vacation per calendar
year plus customary paid holidays and other paid leave as may be set forth in the Companies’ policies. Executive shall not be
entitled to be paid for unused vacation time, but shall be entitled to roll over unused vacation time from year to year.

 

(e)           
Expenses. The Companies shall reimburse Executive for all reasonable expenses incurred by him in the course of performing
his duties under this Agreement which are consistent with the Companies’ policies in effect from time to time with respect to
travel, entertainment, mobile phone, and other business expenses (“Expenses”) subject to the Companies’ requirements
with respect to reporting and documentation of such Expenses. Additionally, the Companies shall reimburse Executive for all actual
out-of-pocket expenses incurred by him in maintaining his license to practice law in the state of Tennessee. Notwithstanding anything
herein to the contrary or otherwise, except to the extent any expense or reimbursement provided pursuant to this Agreement does
not constitute a “deferral of compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986,
as amended from time to time (the “Code”), and its implementing regulations and guidance (“Section 409A”)
(a) the amount of expenses eligible for reimbursement provided to Executive during any calendar year will not affect the amount
of expenses eligible for reimbursement or in-kind benefits provided to Executive in any other calendar year, (b) the reimbursements
for expenses for which Executive is entitled to be reimbursed shall be made on or before the last day of the calendar year following
the calendar year in which the applicable expense is incurred, (c) the right to payment or reimbursement or in-kind benefits hereunder
may not be liquidated or exchanged for any other benefit and (d) the reimbursements shall be made pursuant to objectively determinable
and nondiscretionary policies and procedures of the Companies regarding such reimbursement of expenses. Reimbursement of expenses
referred to in Code Section 105(b) shall not fail to meet the requirement of this Section 3(e) solely because such reimbursements
may provide for a limit on the amount of expenses that may be reimbursed under such arrangements over some or all of the period
in which such reimbursement arrangements remain in effect.

 

(f)            
Equity Plan. During the term of his employment hereunder, Executive shall be eligible to participate in the Parent’s equity
plan, upon the terms and conditions set forth in a separate grant agreement.

 

(g)           
Indemnification and Insurance. The Companies shall indemnify Executive with respect to matters relating to Executive’s
services as an officer of the Companies or any of their affiliated companies to the extent set forth in the Companies’ formation
documents, by agreement, or otherwise as amended from time to time and in accordance with the terms of any other indemnification
which is generally applicable to executive officers of the Companies or any of their affiliated companies (as applicable) that
may be provided by the Companies or any such affiliated company from time to time. The foregoing indemnification is contractual
and will survive any adverse amendment to or repeal of the formation documents. The Companies shall also cover Executive under
a policy of officers’ and directors’ liability insurance providing coverage that is comparable to that provided now or hereafter
to any other executive officer or manager of the Companies. The provisions of this Section shall survive the termination of the
Executive’s employment for any reason. The provisions of this Section 3(g) shall survive the termination of the Executive’s employment
regardless of the reason for such termination.

 

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(h)           
Source of Payments. All payments to be made to Executive under this Agreement shall be paid from the Companies’ general
funds. No special or separate fund shall be established and no other segregation of assets shall be made to assure payment. Neither
this Agreement nor any action taken hereunder shall be construed to create a trust of any kind. To the extent that any Person
has any right to receive payments from the Companies under this Agreement, that right shall be no greater than the right of any
unsecured creditor of Companies.

 

4.            Early
Termination of the Employment Period.

 

(a)            
Without Cause or for Good Reason. If (i) the Executive’s employment by the Companies ceases in connection with a notice
of non-renewal of the Employment Period given by the Companies, (ii) prior to the expiration of the Employment Period, the Executive’s
employment by the Companies is terminated by the Companies without Cause (as defined below), or (iii) prior to the expiration
of the Employment Period, the Executive’s employment by the Companies is terminated by the Executive for Good Reason (as defined
below), then (A) the Employment Period shall be deemed to have ended as of the date Executive ceases to be employed by the Companies,
(B) Executive shall be entitled to continue to receive his then Base Salary from the Companies, for twelve (12) months following
the effective date of such termination (which, in the case of Base Salary, shall be paid in arrears in accordance with the Companies’
general payroll practices, over the applicable period commencing on the date of such termination and subject to withholding and
other appropriate deductions), (C) Executive shall be entitled to receive the pro rata portion of any earned but unpaid Bonus
for the year of termination and any then accrued but unpaid Bonus for any fiscal year which ended prior to the date of termination,
each of which shall be payable on the date that any such Bonus would have otherwise been payable and subject to withholding and
other appropriate deductions, (D) Executive shall be entitled to reimbursement as provided in Section 3(e) for any unreimbursed
Expenses properly incurred through the date of termination and (E) Executive and his spouse and eligible children shall be entitled
to continue to participate, at the Companies’ cost, in the Companies’ health plan or the Companies shall reimburse Executive for
the cost of Executive and his spouse and eligible children receiving health insurance through COBRA or otherwise, for twelve (12)
months following the effective date of such termination. As a condition to receiving such payments relating to periods following
the date of such termination, Executive shall sign a release (covering all matters relating to his employment, and, in the event
the Executive sells his securities in the Companies, to the Companies covering all matters), with such release becoming irrevocable
within thirty (30) days of Executive’s termination in favor of the Company Parties and their affiliates in such form as the Companies
shall reasonably request. In the event the above-referenced thirty (30) days period falls into two (2) calendar years, the payment
shall not commence until the second calendar year.

 

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(b)           
Cause or Without Good Reason. If the Executive’s employment by the Companies ceases in connection with a notice of non-renewal
given by Executive or if, prior to the expiration of the Employment Period, the Executive’s employment by the Companies is terminated
by the Companies for Cause or by the Executive without Good Reason, then (i) the Employment Period shall be deemed to have ended
as of the date Executive ceases to be employed by the Companies, (ii) Executive shall be entitled to receive his Base Salary through
the date of such termination, subject to withholding and other appropriate deductions, (iii) Executive shall be entitled to receive
any then accrued but unpaid Bonus for any fiscal year which ended prior to the date of termination on the date that any such Bonus
would have otherwise been payable and subject to withholding and other appropriate deductions, and (iv) Executive shall be entitled
to reimbursement as provided in Section 3(e) for any unreimbursed Expenses properly incurred through the date of termination.

 

(c)            
Death or Disability. If prior to the expiration of the Employment Period, the Executive’s employment by the Companies is
terminated due to Executive’s death or Disability (as defined below), then (A) the Employment Period shall be deemed to have ended
as of the date Executive ceases to be employed by the Companies, (B) Executive shall be entitled to continue to receive his Base
Salary through the date of termination, subject to withholding and any other appropriate deductions, (C) Executive shall be entitled
to receive the pro-rata portion of any earned but unpaid Bonus for the year of termination and any then accrued but unpaid Bonus
for any fiscal year which ended prior to the date of termination, each of which shall be payable
on the date that any such Bonus would have otherwise been payable and subject to withholding and other appropriate deductions,
and (D) Executive shall be entitled to reimbursement as provided in Section 3(e) for any unreimbursed Expenses properly incurred
through the date of termination. As a condition to receiving such payments relating to periods following the date of such termination,
Executive (or his personal representative or other Person serving in a like capacity) shall sign a release (covering all matters
relating to his employment), with such release becoming irrevocable within thirty (30) days of Executive’s termination in favor
of the Company Parties and their affiliates in such form as the Companies shall reasonably request. In the event the above-referenced
thirty (30) days period falls into two (2) calendar years, the payment shall not commence until the second calendar year.

 

(d)            
Severance. Except as expressly provided in Sections 4(a), 4(b) and 4(c) above, upon the date Executive ceases to be employed
by the Companies (i) all of Executive’s rights to Base Salary, Bonus, Benefits and equity plan participation payments hereunder
(if any) shall cease and (ii) no other severance compensation or benefits shall be payable by the Companies or any of their affiliates.

 

(e)
           Cause.  For purposes
of this Agreement, “Cause” shall mean (i) the Executive’s commission of or being charged with the commission
of a felony, or any crime involving theft, fraud, dishonesty or moral turpitude, whether or not committed in the course of performing
services for the Companies; (ii) gross negligence or any intentional act of fraud or misconduct; (iii) the Executive’s (A) material
breach of this Agreement or any other agreement to which the Executive and the Companies (or any of the Companies’ affiliates)
are parties which continues beyond ten (10) business days after a written demand is delivered to Executive by the Companies (such
ten-day period, the “Cure Period”), provided that Executive shall only be entitled to one such opportunity to
cure under this Agreement, (B) breach of fiduciary duties owed to the Companies or any of their affiliates,
or (C) willful and continued disregard of the lawful and reasonable directives of the Board clearly communicated to Executive
which continues beyond the Cure Period.

 

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(f)             Good
Reason. For purposes of this Agreement, “Good Reason” shall mean (i) a unilateral reduction in Executive’s
annual rate of Base Salary or Executive’s 50% Bonus target percentage below that existing on the date hereof, (ii) a change in
Executive’s title or reporting responsibilities such that Executive no longer reports to the Board or the Chief Executive Officer
of the Companies; (iii) a requirement that Executive relocate outside of the Nashville, TN metropolitan area or such other location
as Executive shall have reasonably determined in accordance with Section 2(a); (iv) the Companies material breach of this Agreement;
or (v) the failure of any successor to the Companies as a result of a sale of all or substantially all of the assets of the Companies
to such successor to assume expressly and agree to perform the obligations set forth in this Agreement in the same manner and
to the same extent that the Companies would be required to perform if no such succession had taken place; provided, however, that
Executive shall have given the Board written notice of such “Good Reason” with reasonable detail of the facts and circumstances
claimed as a basis of termination for “Good Reason” within ninety (90) days of the initial existence of the condition,
and the Companies shall have failed to correct such change, direction or breach, as applicable, within ten (10) business days
after the Board’s receipt of such notice.

 

(g)           
Disability. For purposes of this Agreement, the Executive will be deemed to have a “Disability” if, during
the Employment Period, for physical or mental reasons, the Executive is unable to perform the Executive’s duties under this Agreement
for sixty (60) consecutive days, or 120 days during any 12-month period.
 The Disability of the Executive will be determined by a medical doctor selected by the Companies in its good faith judgment,
subject to a second opinion at the request of the Executive. The Executive must submit to a reasonable number of examinations
by the medical doctor making the determination of Disability under this clause, and the Executive hereby authorizes the disclosure
and release to the Companies of such determination and any relevant medical records. If the Executive is not legally competent,
the Executive’s legal guardian or duly authorized attorney in fact will act in the Executive’s stead for the purposes of submitting
the Executive to the medical examinations, and providing the authorization of disclosure, required under this clause.

 

5.            Restrictive
Covenants.

 

(a)            
Confidentiality. Executive acknowledges that the Confidential Information (as defined below) is a valuable, special, sensitive
and unique asset of the business of the Company Parties, the continued confidentiality of which is essential to the continuation
of its business, and the improper disclosure or use of which could severely and irreparably damage the Company Parties. Executive
agrees, for and on behalf of himself, his legal representatives, and his successors and assigns that all Confidential Information
is the property of the Company Parties (and not of Executive). Executive further agrees that Executive (i) has at all times in
the past and at all times in the future will continue to keep all Confidential Information strictly confidential and not disclose
the Confidential Information to any other Person and (ii) shall not, directly or indirectly, disclose, communicate or divulge
to any Person, or use or cause or authorize any Person to use any Confidential Information, except as may be used in the performance
of his duties hereunder in compliance with this Agreement. “Confidential Information” means all information,
data and items relating to the Company Parties and their affiliates (or any of their customers) which the Company Parties reasonably
deem valuable, confidential or proprietary. Confidential Information may be in either human, electronic or computer readable form,
including, but not limited to, software, source code, or any other form. Notwithstanding the foregoing, “Confidential Information”
shall not include information that: (i) becomes publicly known without breach of Executive’s obligations under this Section 5,
or (ii) is required to be disclosed by law or by court order or government order; provided, however, that if the Executive is
required to disclose any Confidential Information pursuant to any law, court order or government order, (x) Executive shall promptly
notify the Company Parties of any such requirement so that the Company Parties may seek an appropriate protective order or waive
compliance with the provisions of this Agreement, (y) Executive shall reasonably cooperate with the Company Parties to obtain
such a protective order at the Company Parties’ cost and expense, and (z) if such order is not obtained, or the Company Parties
waives compliance with the provisions of this Agreement, the Executive shall disclose only that portion of the Confidential Information
which the Executive is advised by counsel that the Executive is legally required to so disclose and will exercise commercially
reasonable efforts to obtain assurance that confidential treatment will be accorded the information so disclosed. The Executive
will notify the Company Parties promptly and in writing of any circumstances of which the Executive has knowledge relating to
any possession or use of any Confidential Information by any Person other than those authorized by the terms of this Agreement.

 

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(b)           
Return of Property. The Executive will deliver to the Company Parties at the termination or expiration of the his employment
with the Companies, or at any other time the Company Parties may request, all equipment, files, property, memoranda, notes, plans,
records, reports, computer tapes, printouts, Confidential Information, Work Product (as defined below), software, documents and
data (and all electronic, paper or other copies thereof) belonging to the Company Parties or any of their affiliates, which the
Executive may then possess or have under the Executive’s control.

 

(c)           
Intellectual Property Rights. Executive acknowledges and agrees that all inventions, technology, processes, innovations,
ideas, improvements, developments, methods, designs, analyses, trademarks, service marks, and other indicia of origin, writings,
audiovisual works, concepts, drawings, reports and all similar, related, or derivative information or works (whether or not patentable
or subject to copyright),  including but not limited to all patents, copyrights, copyright
registrations, trademarks, and trademark registrations in and to any of the foregoing, along with the right to practice, employ,
exploit, use, develop, reproduce, copy, distribute copies, publish, license, or create works derivative of any of the foregoing,
and the right to choose not to do or permit any of the aforementioned actions, which relate to the Company Parties’ or any of
their affiliates’ actual or anticipated business, research and development or existing or future products or services and which
are conceived, developed or made by the Executive while employed by the Company Parties or any predecessor or entity from which
they acquired assets (collectively, the “Work Product”) belong to the Company Parties. All Work Product created
by the Executive while employed by the Company Parties will be considered “work made for hire,” and as such, the Company
Parties are the sole owners of all rights, title, and interests therein. All other rights to any new Work Product, including but
not limited to all of the Executive’s rights to any copyrights or copyright registrations related thereto, are hereby conveyed,
assigned and transferred to the Company Parties. The Executive will promptly disclose and deliver such Work Product to the Company
Parties and, at the Company Parties’ expense, perform all actions reasonably requested by the Company Parties (whether during
or after the Employment Period) to establish, confirm and protect such ownership (including, without limitation, the execution
of assignments, copyright registrations, consents, licenses, powers of attorney and other instruments).

 

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(d)           
Non- Competition. While employed by the Company Parties and for a period of 1 year thereafter (the “Non-Competition
Period”), Executive shall not, directly or indirectly, enter into the employment of, render any services to, engage,
manage, operate, join, or own, lend money or otherwise offer other assistance to or participate in or be connected with, as an
officer, director, employee, principal, agent, creditor, proprietor, representative, stockholder, partner, associate, consultant,
sole proprietor or otherwise, any Person that, directly or indirectly, is engaged in the business of payment processing or competes
with (or is in any similar business to that of) the Company Parties or any of their affiliates anywhere in New York, Georgia or
any other state in which the Company Parties have customers, facilities, distributors or employees or does business or has done
business within the two (2) years immediately preceding the cessation or termination of Executive’s employment. During the Non-Competition
Period and thereafter, Executive shall not, directly or indirectly, use any name which is similar to any corporate name of, or
any trade name, service mark, trademark, logo or insignia used by the Company Parties, other than in furtherance of the Company
Parties’ business. Notwithstanding the foregoing, nothing herein shall prohibit Executive from (x) engaging in the private practice
of law or (y) being a passive owner of not more than 3% of the outstanding stock of any class of a corporation that is publicly
traded, so long as Executive has no active participation in the business of such corporation.

 

(e)            
Non-Solicitation; Non-Disparagement. While employed by the Company Parties and for a period of 2 years thereafter (the
“Non-Solicitation Period”), Executive shall not whether for his own account or for the account of any Person,
solicit, attempt to solicit, endeavor to entice away from the Company Parties or their subsidiaries, hire, attempt to hire, deal
with, attempt to attract business from, accept business from, or otherwise interfere with (whether by reason of cancellation,
withdrawal, modification of relationship or otherwise) any actual or prospective relationship of the Company Parties or their
subsidiaries with any Person (i) who is or was within 6 months employed by or otherwise engaged to perform services for the Company
Parties or their subsidiaries, including, but not limited to, any independent contractor or representative or (ii) who is or was
within 6 months a supplier, licensee, landlord, customer or client of the Company Parties or their subsidiaries (or other Person
with which the Company Parties or their subsidiaries had an actual relationship); provided that the foregoing shall not prohibit
any public advertisement of employment opportunities not specifically directed at any such persons or the subsequent employment
of any such persons as a result of such permitted solicitations. During the Non-Solicitation Period, Executive shall not, directly
or indirectly, whether for his own account or for the account of any Person, acquire any debt issued or guaranteed by the Company
Parties or their subsidiaries. Executive agrees that he will never make or publish any statement or communication which is disparaging,
negative or unflattering with respect to the Company Parties, their subsidiaries and/or its direct or indirect equityholders,
officers, directors, employees or agents.

 

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(f)             Rationale
for and Scope of Covenants. If any of the covenants contained in this Section 5 are held to be invalid or unenforceable due
to the unreasonableness of the time, geographic area, or range of activities covered by such covenants, such covenants shall nevertheless
be enforced to the maximum extent permitted by law and effective for such period of time, over such geographical area, or for
such range of activities as may be determined to be reasonable by a court of competent jurisdiction and the Parties hereby consent
and agree that the scope of such covenants may be judicially modified, accordingly, in any proceeding brought to enforce such
covenants. Executive agrees that his services hereunder are of a special, unique, extraordinary and intellectual character and
his position with the Company Parties places his in a position of confidence and trust with the customers, suppliers and employees
of the Company Parties and their affiliates. Executive and the Company Parties agree that in the course of employment hereunder,
Executive has and will continue to develop a personal relationship with the Company Parties’ customers, and a knowledge of these
customers’ affairs and requirements as well as confidential and proprietary information developed by the Company Parties after
the date of this Agreement. Executive acknowledges that the Company Parties’ relationships with its established clientele may
therefore be placed in Executive’s hands in confidence and trust. Executive consequently agrees that it is reasonable and necessary
for the protection of the goodwill, confidential and proprietary information, and legitimate business interests of the Company
Parties and their affiliates that Executive make the covenants contained herein, that the covenants are a material inducement
for the Company Parties to employ or continue to employ Executive and to enter into this Agreement, and that the covenants are
given as an integral part of and incident to this Agreement. For the avoidance of doubt, for purposes of this Section 5, the term
“Company Parties” includes the Companies and the Parent and their affiliates and subsidiaries.

 

(g)           
Remedies. Executive consents and agrees that if he violates any covenants contained in this Section 5, the Company Parties
would sustain irreparable harm and, therefore, in addition to any other remedies which may be available to it, the Company Parties
shall be entitled to an injunction restraining Executive from committing or continuing any such violation of this Section 5. Nothing
in this Agreement shall be construed as prohibiting Company Parties from pursuing any other remedy or remedies including, without
limitation, recovery of damages. Executive acknowledges that the Company Parties’ affiliates and subsidiaries are express third-party
beneficiaries of this Agreement and that they may enforce these rights as third- party beneficiaries. These restrictive covenants
shall be construed as agreements independent of any other provision in this Agreement, and the existence of any claim or cause
of action of the Executive against the Company Parties, whether predicated upon this Agreement or otherwise, shall not constitute
a defense to the enforcement by the Company Parties of any restrictive covenant. The Company Parties have fully performed all
obligations entitling it to the restrictive covenants, and the restrictive covenants therefore are not executory or otherwise
subject to rejection and are enforceable under the Bankruptcy Code. Notwithstanding any provision of this Agreement to the contrary,
Executive shall not be entitled to any payments pursuant hereto during any period in which Executive is violating any of his obligations
under this Section 5. The Company Parties may assign the restrictive covenants set forth in this Section 5 in connection with
the acquisition of all or a part of the assets of the Company Parties or their subsidiaries, and any such assignee or successor
shall be entitled to enforce the rights and remedies set forth in this Section 5. Executive acknowledges and agrees that the Non-Competition
Period and Non-Solicitation Period shall be tolled on a day-for-day basis for all periods in which Executive is found to have
violated the terms of this Section 5 so that the Company Parties receive the full benefit of such periods to which Executive has
agreed.

 

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(h)           
Survival. Notwithstanding anything to the contrary set forth herein, the provisions of this Section 5 shall survive the
termination or cessation of this Agreement or Executive’s employment, irrespective of the reason for such termination or cessation.
Executive shall disclose the restrictions set forth in this Section 5 to any subsequent employer or potential employer during
the Non• Competition Period or Non-Solicitation Period.

 

6.            Compliance
with Code Section 409A.

 

(a)
            General. It is the intention of both the Company
P a r t i e s and Executive that the benefits and rights to which Executive could be entitled pursuant to this Agreement comply
with Section 409A of the Code, to the extent that the requirements of Section 409A are applicable thereto, and the provisions
of this Agreement shall be construed in a manner consistent with that intention. If Executive or the Company Parties believes,
at any time, that any such benefit or right that is subject to Section 409A does not so comply, it shall promptly advise the other
and shall negotiate reasonably and in good faith to amend the terms of such benefits and rights such that they comply with Section
409A (with the most limited possible economic effect on Executive and on the Company Parties).

 

(b)           
Distributions on Account of Separation from Service. If and to the extent required to comply with Section 409A, any payment
or benefit required to be paid under this Agreement on account of termination of Executive’s employment, service (or any other
similar term) shall be made only in connection with a “separation from service” with respect to Executive within the
meaning of Section 409A.

 

(c)            
No Acceleration of Payments. Neither the Company Parties nor Executive, individually or in combination, may accelerate
any payment or benefit that is subject to Section 409A, except in compliance with Section 409A and the provisions of this Agreement,
and no amount that is subject to Section 409A shall be paid prior to the earliest date on which it may be paid without violating
Section 409A.

 

7.            Miscellaneous.

 

(a)           
Submission to Jurisdiction; Consent to Service of Process. Each Party hereby expressly and irrevocably submits to the exclusive
jurisdiction and exclusive venue of any federal or state court of competent jurisdiction located in the State of Tennessee for
any dispute arising out of or relating to this Agreement or any of the transactions contemplated hereby and each Party hereby
irrevocably agrees that all claims in respect of such dispute or any suit, action or proceeding related thereto shall be heard
and determined in such courts. Each Party hereby irrevocably waives, to the fullest extent permitted by applicable law, any objection
that such Party may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient
forum for the maintenance of such dispute. Each Party hereby waives any defense of lack of personal jurisdiction in Tennessee.
Each of the Parties agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law.

 

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(b)            Entire
Agreement; Amendments and Waivers. This Agreement (including any schedules and exhibits hereto) represents the entire understanding
and agreement between the Parties with respect to the subject matter hereof and can be amended, supplemented or changed, and any
provision hereof can be waived, only by written instrument making specific reference to this Agreement signed by Executive, in
the case of an amendment, supplement, modification or waiver sought to be enforced against Executive, or the Companies, in the
case of an amendment, supplement, modification or waiver sought to be enforced against the Companies. This Agreement supersedes
any prior communications, agreements or understandings, whether oral or written, between the Parties relating to the subject matter
of this Agreement, including the Prior Agreement. The waiver by any Party of a breach of any provision of this Agreement shall
not operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach.
No failure on the part of any Party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such Party preclude any other
or further exercise thereof or the exercise of any other right, power or remedy. All remedies hereunder are cumulative and are
not exclusive of any other remedies provided by law.

 

(c)           
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Tennessee
without regard to conflicts of law principles thereof.

 

(d)           
Section Headings. The section headings of this Agreement are for reference purposes only and are to be given no effect
in the construction or interpretation of this Agreement.

 

(e)            Notices.
All notices and other communications under this Agreement shall be in writing and shall be given by personal delivery, nationally
recognized overnight courier or certified mail at the following addresses (or to such other address as a Party may have specified
by notice given to the other Party pursuant to this provision):

 

If
to Executive, to:

 

Afshin
Yazdian 

26
Inveraray 

Nashville,
TN 37215 

 

If
to Companies, to: 

 

c/o
Priority Holdings, LLC 

2001
Westside Parkway 

Suite
155 

Alpharetta,
Georgia 30004 

Attn:
Board of Managers

 

    11 

     

    

 

With
a copy (which shall not constitute notice) to:

 

Akerman
Senterfitt 

1
Southeast Third Avenue 

Miami,
FL 33131 

Attn:
Carl Roston

 

Any
such notice or communication shall be deemed to have been received (i) when delivered, if personally delivered, (ii) on the next
business day after dispatch, if sent postage pre-paid by nationally recognized, overnight courier guaranteeing next business day
delivery, and (iii) on the 5th business day following the date on which the piece of mail containing such communication is posted,
if sent by certified mail, postage prepaid, return receipt requested.

 

(f)             Severability.
If any provision of this Agreement is invalid, illegal or unenforceable, the balance of this Agreement shall remain in effect.
Upon such determination that any term or other provision is invalid, illegal or unenforceable, the Parties shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable
manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

 

(g)           
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but
all of which together will constitute one and the same instrument. Delivery of an executed counterpart of a signature page to
this Agreement by facsimile, .pdf or other electronic means shall be effective as delivery of a manually executed counterpart
to the Agreement.

 

(h)           
Remedies Cumulative. Except as otherwise provided herein, no remedy herein conferred upon a Party hereto is intended to
be exclusive of any other remedy. No single or partial exercise by a Party hereto of any right, power or remedy hereunder shall
preclude any other or further exercise thereof. All remedies under this Agreement or otherwise afforded to any Party, shall be
cumulative and not alternative.

 

(i)            
Interpretation. When a reference is made in this Agreement to an article, section, paragraph, clause, schedule or exhibit,
such reference shall be deemed to be to this Agreement unless otherwise indicated. The text of all schedules is incorporated herein
by reference. Whenever the words “include,” “includes” or “including” are used in this Agreement,
they shall be deemed to be followed by the words “without limitation.” As used herein, words in the singular will be
held to include the plural and vice versa (unless the context otherwise requires), words of one gender shall be held to include
the other gender (or the neuter) as the context requires, and the terms “hereof’, “herein”, and “herewith”
and words of similar import will, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular
provision of this Agreement.

 

(j)            
Arm’s Length Negotiations. Each Party herein expressly represents and warrants to all other Parties hereto that (a) said
Party has had the opportunity to seek and has obtained the advice of its own legal, tax and business advisors before executing
this Agreement and (b) this Agreement is the result of arm’s length negotiations conducted by and among the Parties and their
respective counsel.

 

    12 

     

    

 

(k)            
Construction. The Parties agree and acknowledge that they have jointly participated in the negotiation and drafting of
this Agreement. In the event of an ambiguity or question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the Parties and no presumptions or burdens of proof shall arise favoring any Party by virtue of the authorship
of any of the provisions of this Agreement. Any reference to any federal, state, local, or foreign statute or law shall be deemed
also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise.

 

(l)
             Waiver  of  Jury   Trial. EACH
 PARTY  ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY
TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT
SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED IN CONNECTION HEREWITH, OR THE TRANSACTIONS CONTEMPLATED HEREBY,
OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES OR ANY OF THEM IN RESPECT OF THIS AGREEMENT.
EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH SUCH
PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND
(iv) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS IN THIS
SECTION. EACH PARTY AGREES THAT THE OTHER MAY FILE A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT
OF THE PARTIES TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

(m)           Further
Instruments and Actions. The Parties agree to execute such further instruments and to take such further action as may reasonably
be necessary to carry out the intent of this Agreement.

 

(n)
           Attorney’s Fees. In the event that any dispute between
the parties to this Agreement should result in litigation, the prevailing party in such dispute shall be entitled to recover from
the losing party all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to this Agreement,
including without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation,
all fees, costs and expenses of appeals.

 

    13 

     

    

 

(o)           
Binding Effect; Assignment; Third-Party Beneficiaries. Except as otherwise provided herein, this Agreement shall not be
assigned by any Party, and no Party’s obligations hereunder or any of them, shall be delegated, without the consent of the other
Party; provided that the Companies may unilaterally assign this Agreement to Priority, PCH or Parent at any time; provided further
that the Companies may collaterally assign this Agreement to any lender of the Companies or any of their affiliates or otherwise
assign its rights and delegate its duties hereunder. Subject to the preceding sentence, this Agreement shall be binding upon and
inure to the benefit of the Parties and their respective successors and assigns. There shall be no third party beneficiaries hereof
except as expressly provided herein.

 

(p)           
Representation by Executive. Executive represents and warrants to the Companies that he is not (and that he shall not become)
a party to any agreement containing a non-competition provision or other restriction with respect to (i) the nature of any services
or business which he is entitled or required to perform or conduct for the Companies under this Agreement, or (ii) the disclosure
or use of any information which directly or indirectly relates to the nature of the business of the Companies or the services
to be rendered by Executive under this Agreement. Executive further represents and warrants that the execution, delivery and performance
of this Agreement by the Executive does not and will not conflict with, breach, violate or cause a default under any contract,
agreement, instrument, order, judgment or decree to which the Executive is a party or by which the Executive is bound. Executive
agrees not to enter into any agreement which would be inconsistent with any of the terms or conditions hereof.

 

(q)           
Acknowledgment by Executive. Executive hereby acknowledges receipt of the Change of Control Payment in satisfaction of
PCH’s obligations under Section 3(c) of the Prior Agreement in connection with the consummation of the transactions contemplated
by the Agreement and Plan of Merger by and among Priority, PCH, Parent, Priority Holdco, LLC, Cynergy Holdco, LLC, Thomas C. Priore,
AESV Creditcard Consulting LLC, and RJH Consulting LLC, and Comvest Pipeline Cynergy Holdings, LLC, Peter J. Kight, Kim Fitzsimmons
and Timothy F. Agnew, dated as of the Effective Date, and hereby completely and irrevocably releases and forever discharges the
Company Parties, and their respective affiliates, subsidiaries, directors, officers, managers, members, equityholders, principals,
employees, agents, representatives, predecessors, successors and assigns from any and all claims, damages, losses, demands, actions,
causes of action, promises and/or liabilities arising out of or in any way related, directly or indirectly, with the Change of
Control Payment set forth in Section 3(c) of the Prior Agreement or Executive being or having been a holder of any equity or other
securities of PCH or any of its subsidiaries.

 

(r)           
Non-Disparagement. The Company Parties agrees that no member of its Board will ever make or publish any statement or communication
which is disparaging, negative or unflattering with respect to the Executive.

 

(s)           
Key Person Insurance. Executive shall cooperate in all respects with t h e Company Parties in the event t h e Company Parties
seeks to obtain and/or maintain key person insurance with respect to Executive.

 

[Signature
Page Follows]

 

    14 

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Amended and Restated Employment Agreement as of the date and year first set
forth above.

 

	   	 PIPELINE
    CYNERGY HOLDINGS, LLC 
	   	   	   
	   	 By: 	 /s/
    Richard J. Harris, Jr.  
	   	 Name:
    Richard J. Harris, Jr. 
	   	 Title:
    Chief Operating Officer 

 

	   	 PRIORITY
    PAYMENT SYSTEMS HOLDINGS LLC 
	   	   	   
	   	 By: 	 /s/
    Richard J. Harris, Jr.  
	   	 Name:
    Richard J. Harris, Jr. 
	   	 Title:
    Chief Operating Officer 

 

	   	 PRIORITY
    HOLDINGS, LLC 
	   	   	   
	   	 By: 	 /s/
    Richard J. Harris, Jr.  
	   	 Name:
    Richard J. Harris, Jr. 
	   	 Title:
    Chief Operating Officer 

 

     

     

    

  

	   	 /s/ Afshin Yazdian 

	   	 Afshin Yazdian 

 

[Signature Page to Yazdian Employment Agreement]Exhibit
10.13

DEALER
MANAGER AGREEMENT

 

 December
26, 2018 

 

Priority
Technology Holdings, Inc. 

2001
Westside Parkway 

Alpharetta,
GA 30004

 

Ladies
and Gentlemen:

 

This
Dealer Manager Agreement (this “Agreement”) will confirm the understanding between Priority Technology Holdings,
Inc., a Delaware corporation with headquarters located at 2001 Westside Parkway, Suite 155, Alpharetta GA 30004 (the “Company”
or “you”), and Cowen and Company, LLC (“Cowen”) pursuant to which the Company has retained
Cowen to act as the exclusive dealer manager and solicitation agent (the “Dealer Manager”) for the Exchange
Offers (as defined below), subject to the terms and conditions set forth herein.

 

The
Company plans to make offers (each such offer, as described in the Offering Documents (as defined below), together with the related
Consent Solicitation (as defined below), an “Exchange Offer,” and all such offers and the related Consent Solicitations
together, the “Exchange Offers”) for any and all of the Company’s outstanding warrants (the “Warrants”)
in exchange for consideration consisting of 0.192 shares of common stock of the Company, par value $0.001 per share (the “Common
Stock”), for each Warrant tendered, subject to the terms and conditions set forth in the Offering Documents. 

 

Concurrently
with making the offers to exchange described in the preceding paragraph, the Company plans to solicit consents (the “Consents”)
from the holders (the “Holders”) of Warrants (each such solicitation, as described in the Offering Documents,
a “Consent Solicitation,” and all such solicitations together, the “Consent Solicitations”)
to certain amendments to the terms of the Warrants. Subject to the terms and conditions set forth in the Offering Documents, if
Consents are received from the Holders of at least a majority of the outstanding Warrants, the proposed amendments (the “Amendments”)
shall be adopted as to the Warrants.

 

SECTION
1.           Engagement. Subject to the terms and conditions set forth
herein: 

 

(a)               
The Company hereby retains the Dealer Manager, and subject to the terms and conditions set forth herein, the Dealer Manager agrees
to act, as the exclusive dealer manager and solicitation agent to the Company in connection with the Exchange Offers, until the
date on which the Exchange Offers expire or are earlier terminated in accordance with their terms. The Dealer Manager will advise
the Company with respect to the timing and the terms and conditions (including the number of shares of Common Stock to be offered
in exchange for each Warrant) of the Exchange Offers and will assist the Company in preparing the Offering Documents. The Dealer
Manager agrees that it will not furnish written information other than the Offering Documents to the Holders in connection with
the Exchange Offers without the prior consent of the Company. The Company authorizes the Dealer Manager, in accordance with its
customary practices and consistent with industry practice, to communicate generally regarding the Exchange Offers with the Holders
and their authorized agents in connection with the Exchange Offers.

 

    1

     

    

 

(b)              
The Company acknowledges that the Dealer Manager has been retained solely to provide the services set forth in this Agreement.
The Company also acknowledges and agrees that the Dealer Manager shall act an independent contractor, on an arm’s-length
basis, under this Agreement, with duties solely to the Company, and that nothing contained herein or the nature of the Dealer
Manager’s services hereunder is intended to create or shall be construed as creating an agency or fiduciary relationship
between the Dealer Manager (or any of its affiliates) and the Company (or any of its security holders, affiliates, directors,
officers, employees, agents, representatives or creditors) or any other person. The Company further acknowledges that (i) neither
the Dealer Manager nor any of its affiliates shall be deemed to act as a partner, joint venturer or agent of, or a member of a
syndicate with, the Company or any of its affiliates (except that in any jurisdiction in which the Exchange Offers are required
to be made by a registered licensed broker or dealer, it shall be deemed made by the Dealer Manager on behalf of the Company),
and neither the Company nor any of its affiliates shall be deemed to act as the agent of Cowen or any of its affiliates and (ii)
no securities broker, dealer, bank, trust company or nominee shall be deemed to act as the agent of Cowen or any of its affiliates
or as the agent of the Company or any of its affiliates, and neither Cowen nor any of its affiliates shall be deemed to act as
the agent of any securities broker, dealer, bank, trust company or nominee. In connection with the transactions contemplated hereby
and the process leading to such transactions, Cowen is and has been acting solely as a principal and not the agent or fiduciary
of the Company or its security holders, affiliates, directors, officers, employees, agents, representatives or creditors, or any
other person. Neither Cowen nor any of its affiliates shall have any liability in tort, contract or otherwise to the Company or
to any of the Company’s affiliates for any act or omission on the part of any securities broker, dealer, bank, trust company
or nominee, or any other person, except to the extent that such liability is finally judicially determined by a court of competent
jurisdiction to have resulted from the gross negligence or willful misconduct of Cowen or its affiliates.

 

(c)               
Accordingly, the Company expressly disclaims any agency or fiduciary relationship with Cowen or any of its affiliates hereunder.
The Company understands that Cowen and its affiliates are not providing (nor is the Company relying on Cowen or its affiliates
for) tax, regulatory, legal or accounting advice. The rights and obligations that the Company may have to Cowen or any of its
affiliates under any credit or other agreement are separate from the Company’s rights and obligations under this Agreement
and will not be affected in any way by this Agreement. Cowen may, to the extent it deems appropriate, retain the services of any
of its affiliates to assist Cowen in providing its services hereunder and share with any such affiliates any information made
available by or on behalf of the Company.

 

(d)              
The Company acknowledges that Cowen and its affiliates are engaged in a broad range of securities activities and financial services.
In the ordinary course of Cowen’s and its affiliates’ businesses, Cowen or its affiliates may at any time (i) hold
long or short positions, and may trade or otherwise effect transactions, for such person’s own account or the accounts of
its customers, in debt or equity securities of the Company or its affiliates or any other entity that may be involved in the transactions
contemplated in the Offering Documents, and (ii) be providing or arranging financing or other financial services to entities that
may be involved in a competing transaction. Each of Cowen and its affiliates, in its sole discretion, may continue to own or dispose
of, in any manner it may elect, any Warrants that it may beneficially own as of the date hereof or hereafter, in each such case
subject to applicable laws. None of Cowen and its affiliates has any obligation to the Company, pursuant to this Agreement or
otherwise, to tender or refrain from tendering Warrants beneficially owned by it or to deliver or refrain from delivering Consents,
in any Exchange Offers.

 

(e)               
The Dealer Manager agrees, in accordance with its customary practice and consistent with industry practice and in accordance with
the terms of the Exchange Offers, to perform those services in connection with the Exchange Offers as are customarily performed
by dealer managers in connection with similar transactions of a like nature, including using reasonable efforts to solicit exchanges
of Warrants pursuant to the Exchange Offers, communicating generally regarding the Exchange Offers with securities brokers, dealers,
banks, trust companies, nominees and other Holders, and participating in meetings with, furnishing information to, and assisting
the Company in negotiating with Holders. 

 

    2

     

    

 

SECTION
2.           Compensation and Expenses.

 

(a)               
The Company shall pay to Cowen, as compensation for its services as Dealer Manager, an aggregate fee equal to $0.02 for each Warrant
tendered pursuant to the Exchange Offers. Such fee shall be payable concurrently with the exchange of Common Stock for Warrants
under the Exchange Offers. 

 

(b)              
Whether or not any Warrants are tendered pursuant to the Exchange Offers, the Company shall pay all expenses of the preparation,
printing, mailing and publishing of the Offering Documents, all fees payable to securities brokers or dealers (including Cowen),
banks, trust companies and nominees as reimbursement of their customary mailing and handling expenses incurred in forwarding the
Offering Documents to their customers, all fees and expenses of the Information Agent (as defined below) and the Exchange Agent
(as defined below), all advertising charges, any applicable transfer taxes payable in connection with the Exchange Offers and
all other expenses in connection with the Exchange Offers, and subject to the receipt of reasonable documentation in connection
therewith, shall reimburse Cowen for all expenses incurred by it in connection with its services under this agreement, including
the reasonable fees and the disbursements of its legal counsel (it being understood that all such expenses incurred by it, including
the reasonable fees and the disbursements of its legal counsel, shall be payable concurrently with the payment for Warrants under
the Exchange Offers or the expiration or other termination of the Exchange Offers); provided that the aggregate amount
of such fees and expenses payable by the Company shall not exceed $100,000.

 

SECTION
3.           Termination. Subject to Section 8 hereof, this Agreement
may be terminated by the Company or the Dealer Manager upon 5 days’ prior written notice. 

 

SECTION
4.           Representations and Warranties by the Company. The Company
represents and warrants to the Dealer Manager, as of the date hereof, as of each date that any Offering Documents are published,
sent, given or otherwise distributed throughout the continuance of the Exchange Offers and as of the Exchange Date, and agrees
with the Dealer Manager, that:

 

(a)               
Form S-4. The Company has prepared and filed with the Commission the Pre-Effective Registration Statement on Form
S-4, including a related Preliminary Prospectus, for registration under the Securities Act of the Common Stock in connection with
the Exchange Offers. The Pre-Effective Registration Statement will have become effective by the Commission prior to the Expiration
Date and any request on the part of the Commission or any other federal, state or local or other governmental or regulatory agency,
authority, instrumentality or court for the amending or supplementing of the Offering Documents or for additional information
has been complied with. As filed, the Prospectus shall contain all information required by the Securities Act and the Exchange
Act. The Company meets the conditions for the use of Form S-4 with respect to the Pre-Effective Registration Statement and the
Registration Statement in connection with the Exchange Offers as contemplated hereby. 

 

(b)               
Registration Statement, Prospectus Contents. (i) The Pre-Effective Registration Statement, as of the Commencement
Date; the Registration Statement, as of the Effective Date, the Expiration Date and the Exchange Date; and the Preliminary Prospectus
and any amendments and supplements thereto, as of its or their respective dates, the Commencement Date and the Exchange Date,
each comply, and will comply, in all material respects with the Securities Act and the Exchange Act (including Rules 13e-4 and
14e under the Exchange Act); (ii) the Prospectus (together with any supplements and amendments thereto), as of its date, the date
it is first filed in accordance with Rule 424(b) under the Securities Act, the Expiration Date and the Exchange Date, will comply
in all material respects with the Securities Act and the Exchange Act (including Rules 13e-4 and 14e under the Exchange Act);
(iii) the Pre-Effective Registration Statement as of the Commencement Date and the Registration Statement as of the Effective
Date, the Expiration Date and the Exchange Date did not contain, and will not contain, any untrue statement of a material fact
and did not omit, and will not omit, to state a material fact required to be stated therein or necessary to make the statements
therein not misleading; (iv) the Preliminary Prospectus and any amendments and supplements thereto, as of its or their respective
dates, did not contain any untrue statement of a material fact and did not omit to state a material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading; and (v) the Prospectus
(together with any supplements and amendments thereto), as of its date, the date it is first filed in accordance with Rule 424(b)
under the Securities Act, the Expiration Date and the Exchange Date will not contain any untrue statement of a material fact and
will not omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading; provided, however, that this representation and warranty shall not apply to any statements
or omissions made in reliance upon and in conformity with the Dealer Manager Information.

 

    3

     

    

 

(c)               
Documents Incorporated by Reference. The documents incorporated by reference in any of the Offering Documents (the
“Incorporated Documents”), when they became effective or are or were filed with the Commission, as the case
may be, conformed in all material respects to the requirements of the Securities Act and the Exchange Act, as applicable, and
none of such documents contained an untrue statement of a material fact or omitted to state a material fact necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading; and any further documents
so filed and incorporated by reference in the Prospectus, when such documents become effective or are filed with the Commission,
as the case may be, will conform in all material respects to the requirements of the Securities Act and the Exchange Act, as applicable,
and will not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading; provided, however,
that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with
the Dealer Manager Information.

 

(d)              
Schedule TO. (i) on the Commencement Date, the Company shall file with the Commission the Schedule TO pursuant to
Rule 13e-4 under the Exchange Act, a copy of which (including the documents required by Item 12 thereof to be filed as exhibits
thereto) in the form in which it is to be so filed has been furnished to the Dealer Manager; (ii) any amendments to the Schedule
TO shall be furnished to the Dealer Manager prior to such amendment; (iii) the Schedule TO as so filed and as amended from time
to time shall comply in all material respects with the provisions of the Exchange Act; and (iv) the Schedule TO as so filed and
as amended from time to time will not contain any untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements made therein, in light of the circumstances under which they are made, not misleading; provided, however,
that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with
the Dealer Manager Information.

 

(e)               
Rule 165 Material. The Rule 165 Material, when filed with the Commission, complied or will comply in all material
respects with the requirements of the Securities Act; and no Rule 165 Material, at the time of first use, when taken together
with each Preliminary Prospectus and the Prospectus, as then amended or supplemented, respectively, contained or will contain
any untrue statement of a material fact or omitted or will omit to state a material fact required to be stated therein or necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however,
that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with
the Dealer Manager Information. 

 

(f)               
Testing-the-Waters Communications. In connection with the Exchange Offers, neither the Company nor any person authorized
to act on its behalf has engaged in Testing-the-Waters Communications or distributed or approved for distribution any Written
Testing-the-Waters Communications. 

 

    4

     

    

 

(g)               
Required Filings. The Company has filed with the Commission, pursuant to Rule 13e-4(c)(1) under the Exchange Act (or Rule
425 under the Securities Act) or otherwise, all written communications made by the Company or any affiliate of the Company in
connection with or relating to the Exchange Offers that are required to be filed with the Commission, in each case on the date
of their first use.

 

(h)               
No Stop Orders. No stop order or other order, injunction or denial of an application for approval, preventing or suspending
the use of any of the Offering Documents, has been issued or occurred, and no proceedings, litigation or investigations have been
initiated or threatened, by or before the Commission or any other agency or any court, with respect to (i) the making or the consummation
of the Exchange Offers, (ii) the execution, delivery or performance by the Company of this Agreement or (iii) any of the transactions
contemplated in the Offering Documents. 

 

(i)                
No Solicitation. The Company has not paid or agreed to pay to any person any compensation for directly or indirectly soliciting
tenders or consents by Holders of Warrants pursuant to the Exchange Offers, except as disclosed in the Offering Documents.

 

(j)                
No Stabilization. None of the Company, its affiliates or any person acting on its or their behalf has taken, directly or
indirectly, any action designed to cause or result, or which might reasonably be expected to cause or result, in and stabilization
or manipulation of the price of any security of the Company in connection with the exchange of Common Stock for Warrants in the
Exchange Offers. 

 

(k)               
As of the date hereof, the Company is an “emerging growth company” as defined in Section 2(a) of the Securities Act.

 

(l)                
The Company is not and, after giving effect to the consummation of the Exchange Offers will not be, required to register as an
“investment company” or an entity “controlled” by an “investment company” within the meaning
of the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder.

 

(m)              
The Company has been duly incorporated and is validly existing as a corporation and in good standing under the laws of the jurisdiction
of its incorporation; and the Company’s subsidiaries have been duly incorporated or otherwise formed and are validly existing
as a corporation, partnership, limited liability company or other legal entity and in good standing under laws of their respective
jurisdictions of incorporation or formation. The Company does not own or control, directly or indirectly, any corporation, association
or other entity other than the subsidiaries listed in Exhibit 21 to the Registration Statement.

 

(n)               
The Company has all necessary corporate power and authority to execute and deliver this Agreement, and to perform all its obligations
hereunder and to make and consummate the Exchange Offers in accordance with its terms.

 

(o)               
The Company has taken all necessary corporate action to authorize the making and consummation of the Exchange Offers and the execution,
delivery and performance by the Company of this Agreement; and this Agreement has been duly executed and delivered by the Company
and, assuming due authorization, execution and delivery by the Dealer Manager, this Agreement constitutes a valid and legally
binding agreement of the Company, enforceable against the Company in accordance with its terms, except to the extent such enforcement
may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights
and remedies of creditors or by general equitable principles.

 

    5

     

    

 

(p)              
The Company has, or at the time it becomes obligated to exchange Common Stock for Warrants pursuant to the Exchange Offers will
have, sufficient authorized shares of Common Stock available, and sufficient authority to use such shares under applicable law,
to enable it to exchange such shares for the Warrants tendered in accordance with the terms and conditions set forth in the Offering
Documents; and the Common Stock to be issued in exchange for Warrants as contemplated in the Offering Documents has been duly
authorized for issuance and sale by the Company, and, when issued and delivered as contemplated therein, will be duly and validly
issued, fully paid and nonassessable; neither the filing of the Registration Statement, the conduct of the Exchange Offers nor
the issuance of the Common Stock will give rise to any preemptive or similar rights, other than those which have been satisfied
or waived.

 

(q)              
None of the Company or its subsidiaries is in breach or violation of or in default under (i) any of the provisions of the charter
or bylaws (or similar organizational documents) of the Company or any of its subsidiaries, (ii) any note, indenture, loan agreement,
mortgage or other agreement, instrument or undertaking to which the Company or any of its subsidiaries is a party or by which
any of them is bound or to which any of their properties or assets is subject or (iii) any law, rule or regulation, or any order
of any court or of any other governmental agency or instrumentality having jurisdiction over the Company or any of its subsidiaries
or any of its or their respective properties or assets; except, in any case under clauses (ii) or (iii) above, as would not reasonably
be expected to have a Material Adverse Effect on the business, properties, management, condition (financial or otherwise), general
affairs, shareholders’ equity, results of operations or prospects of the Company and its subsidiaries taken as a whole.

 

(r)               
The execution, delivery and performance by the Company of this Agreement and the consummation by the Company of the transactions
contemplated in the Offering Documents do not and will not violate, conflict with or result (or with the passage of time result)
in a breach of, or constitute a default under, (i) the Company’s charter or bylaws or those of any of its subsidiaries,
(ii) any note, indenture, loan agreement, mortgage or other agreement, instrument or undertaking to which the Company or any of
its subsidiaries is a party or by which any of them is bound or to which any of their properties or assets is subject or (iii)
any law, rule or regulation applicable to the Company or any judgment, decree or order of any court or other agency of government
applicable to the Company or any of its subsidiaries or any of its or their respective properties or assets. 

 

(s)               
No consent, approval, authorization, license, registration, qualification or order of any court or governmental agency or body
is required to be obtained or made by the Company in connection with (i) the making and consummation of the Exchange Offers, (ii)
the issuance, exchange and delivery of the Common Stock, and (iii) the due authorization, execution, delivery and performance
of this Agreement by the Company and the consummation of the transactions contemplated in the Offering Documents, except such
as have been obtained or made and are in full force and effect, or such as may be required under state securities or “blue
sky” laws or regulations.

 

(t)               
In connection with the Exchange Offers, the Company has complied, and will continue to comply, in all material respects with the
Securities Act, the Exchange Act, the Sarbanes-Oxley Act of 2002, the applicable regulations of FINRA and any stock exchange and
applicable state securities or “blue sky” laws or regulations. The Company is in compliance with the reporting requirements
of Section 13 or Section 15(d) of the Exchange Act. The Company has not received from the Commission any written comments, questions
or requests for modification of disclosure in respect of any reports filed with the Commission pursuant to the Exchange Act, except
for comments, questions or requests (i) that have been satisfied by the provision of supplemental information to the staff of
the Commission or (ii) in respect of which the Company has agreed with the staff of the Commission to make a prospective change
in future reports filed by it with the Commission pursuant to the Exchange Act, of which agreement the Dealer Manager and its
counsel have been made aware.

 

    6

     

    

 

(u)              
Since the respective dates of most recent financial statements of the Company contained in the Offering Documents or the Incorporated
Documents (each as amended or supplemented) or otherwise publicly on file with the Commission, there has been no material adverse
change in or affecting the business, properties, management, condition (financial or otherwise), general affairs, shareholders’
equity, results of operations or prospects of the Company and its subsidiaries taken as a whole, except as set forth in the Offering
Documents (as amended or supplemented).

 

(v)              
The most recent financial statements of the Company publicly filed with the Commission or contained in the Offering Documents
or the Incorporated Documents, together with the related schedules and notes, comply in all material respects with the applicable
requirements of the Securities Act and the Exchange Act and present fairly, in accordance with generally accepted accounting principles
(“GAAP”), the consolidated financial position, results of operations, stockholders’ equity and cash flows
of the Company and its subsidiaries on the basis stated therein as of the respective dates or for the respective periods to which
they relate; and such statements and related schedules and notes have been prepared in accordance with GAAP consistently applied
throughout the periods involved, except as disclosed therein. 

 

(w)             
Marcum LLP, which has certified certain financial statements of M I Acquisitions, Inc., is an independent registered public accounting
firm with respect to the Company and its subsidiaries within the applicable rules and regulations adopted by the Commission and
the Public Company Accounting Oversight Board, and as required by the Securities Act.

 

(x)              
RSM US LLP, which has certified certain financial statements of the Company and its subsidiaries, is an independent registered
public accounting firm with respect to the Company and its subsidiaries within the applicable rules and regulations adopted by
the Commission and the Public Company Accounting Oversight Board, and as required by the Securities Act.

 

(y)              
Nothing has come to the attention of the Company that has caused the Company to believe that the statistical and market-related
data included in the Offering Documents is not based on or derived from sources that are reliable and accurate in all material
respects.

 

(z)               
No forward-looking statements (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) included
in any of the Offering Documents have been made or reaffirmed without a reasonable basis or have been disclosed other than in
good faith.

 

(aa)             
The authorized, issued and outstanding share capital of the Company conforms in all material respects to the description thereof
contained in the Offering Documents; and all the outstanding shares of the Company have been duly and validly authorized and issued
and are fully paid and non-assessable and are not subject to any preemptive or similar rights; except as disclosed in the Offering
Documents, there are no outstanding rights (including preemptive rights), warrants or options to acquire, or instruments convertible
into or exchangeable for, any shares or other equity interest in the Company or any of its subsidiaries, or any contract, commitment,
agreement, understanding or arrangement of any kind relating to the issuance of any shares of the Company or any such subsidiary,
any such convertible or exchangeable securities or any such rights, warrants or options; and, except as disclosed in the Offering
Documents, there are no persons with registration rights or similar rights to have any securities registered under the Securities
Act by the Company or any of its subsidiaries.

 

    7

     

    

 

(bb)            
The Company and its subsidiaries, individually and on a consolidated basis, are not as of the date hereof, and upon consummation
of the Exchange Offers, will not be Insolvent. “Insolvent” means, with respect to any person, (i) the present
fair saleable value of such person’s assets is less than the amount required to pay such person’s total indebtedness,
(ii) such person is unable to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities
become absolute and matured, (iii) such person intends to incur or believes that it will incur debts that would be beyond its
ability to pay as such debts mature or (iv) such person has unreasonably small capital with which to conduct the business in which
it is engaged as such business is now conducted and is proposed to be conducted.

 

(cc)             
There is no action, suit, proceeding, inquiry or investigation before or brought by any court or governmental agency, authority
or body or any arbitrator, pending or, to the knowledge of the Company after reasonable inquiry, threatened, against or affecting
the Company or any subsidiary of the Company or any of their respective properties or assets, other than those disclosed in the
Offering Documents, or which, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse
Effect.

 

(dd)            
Except as would not reasonably be expected to have a Material Adverse Effect, (i) the Company and its subsidiaries own or have
the right to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark
registrations, domain names and other source indicators, copyrights and copyrightable works, know-how, trade secrets, systems,
procedures, proprietary or confidential information and similar rights (collectively, “Intellectual Property”)
used in the conduct of their respective businesses; (ii) the Company and its subsidiaries’ conduct of their respective businesses
does not infringe, misappropriate or otherwise violate any Intellectual Property of any person; (iii) the Company and its subsidiaries
have not received any written notice of any claim relating to Intellectual Property; and (iv) to the knowledge of the Company
after reasonable inquiry, the Intellectual Property of the Company and their subsidiaries is not being infringed, misappropriated
or otherwise violated by any person.

 

(ee)             
Except as would not reasonably be expected to have a Material Adverse Effect, the Company and its subsidiaries possess all licenses,
sub-licenses, certificates, permits and other authorizations necessary for the ownership or lease of their respective properties
and the conduct of their respective businesses as disclosed in the Offering Documents; and, except as disclosed in the Offering
Documents, neither the Company nor any of its subsidiaries has received notice of any revocation or modification of any such license,
sub-license, certificate, permit or authorization or has any reason to believe that any such license, sub-license, certificate,
permit or authorization will not be renewed in the ordinary course.

 

(ff)              
Except as would not reasonably be expected to have a Material Adverse Effect, (i) the Company and its subsidiaries have operated
their business in material compliance with all applicable privacy, data security and data protection laws and regulations applicable
to the receipt, collection, handling, processing, sharing, transfer, usage, disclosure and storage of personally identifiable
information, financial and other highly confidential information and data that the Company or its subsidiaries receive, collect,
handle, process, share, transfer, use, disclose, or store in the operation of their respective businesses (collectively, “Personal
and Device Data”); (ii) the Company and its subsidiaries have their own, and are in compliance with their own, policies
and procedures designed to ensure the Company and its subsidiaries comply in all material respects with such privacy, data security
and data protection laws and regulations; and (iii) to the knowledge of the Company after reasonable inquiry, the Company has
not experienced any security incident that has resulted in unauthorized third-party acquisition of, or access to, Personal and
Device Data.

 

    8

     

    

 

(gg)            
The Company and its subsidiaries maintain a system of “disclosure controls and procedures” (as defined in Rule 13a-15(e)
of the Exchange Act) that, except as disclosed in the Offering Documents, complies with the requirements of the Exchange Act and
that has been designed to ensure that information required to be disclosed by the Company in reports that it files or submits
under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s
rules and forms, including controls and procedures designed to ensure that such information is accumulated and communicated to
the Company’s management as appropriate to allow timely decisions regarding required disclosure. The Company and its subsidiaries
have carried out evaluations of the effectiveness of their disclosure controls and procedures as required by Rule 13a-15 of the
Exchange Act.

 

(hh)             
Accounting Controls. Except as disclosed in the Offering Documents, the Company and its subsidiaries maintain systems of
“internal control over financial reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that comply with the
requirements of the Exchange Act and have been designed by, or under the supervision of, their respective principal executive
and principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Except as disclosed
in the Offering Documents, the Company and its subsidiaries maintain internal accounting controls sufficient to provide reasonable
assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability;
(iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the
recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken
with respect to any differences. Based on the Company’s most recent evaluation of its internal controls over financial reporting
pursuant to Rule 13a-15(c) of the Exchange Act, except as disclosed in the Offering Documents, there are no material weaknesses
in the Company’s internal controls. The Company’s auditors and the Audit Committee of the Board of Directors of the
Company have been advised of: (i) all significant deficiencies and material weaknesses in the design or operation of internal
controls over financial reporting which have adversely affected or are reasonably likely to adversely affect the Company’s
ability to record, process, summarize and report financial information; and (ii) any fraud, whether or not material, that involves
management or other employees who have a significant role in the Company’s internal controls over financial reporting.

 

(ii)              
The Company and its subsidiaries have insurance covering their respective properties, operations, personnel and businesses, which
insurance is in such amounts and insures against such losses and risks as are generally deemed adequate to protect the Company
and its subsidiaries and their respective businesses; and neither the Company nor any of its subsidiaries has (i) received written
notice from any insurer or agent of such insurer that capital improvements or other expenditures are required or necessary to
be made in order to continue such insurance or (ii) any reason to believe that it will not be able to renew its existing insurance
coverage as and when such coverage expires or to obtain similar coverage at reasonable cost from similar insurers as may be necessary
to continue its business.

 

(jj)              
The operations of the Company and its subsidiaries are and have been conducted at all times in compliance with applicable financial
recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting Act of 1970, as amended,
and the applicable money laundering statutes of all jurisdictions where the Company or any of its subsidiaries conducts business,
together with the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any governmental agency (collectively, “Anti-Money Laundering Laws”), and no action, suit, proceeding
inquiry or investigation by or before any court or governmental agency, authority or body or any arbitrator involving the Company
or any of its subsidiaries with respect to Anti-Money Laundering Laws is pending or, to the knowledge of the Company after reasonable
inquiry, threatened.

 

    9

     

    

 

(kk)            
Neither the Company nor any of its subsidiaries, directors, officers or employees nor, to the knowledge of the Company, any agent,
representative or affiliate of the Company or any other person acting on behalf of the Company or any of its subsidiaries, is
an individual or entity that is, or is owned or controlled by an individual or entity that is, the subject or target of any sanctions
imposed, administered or enforced by the United States government (including the Department of the Treasury’s Office of
Foreign Assets Control or the Department of State), the United Nations Security Council, the European Union, Her Majesty’s
Treasury or any other relevant sanctions authority, including, among other sanctions, the designation of individuals as “specially
designated nationals” or “blocked persons” (collectively, “Sanctions”); nor is the Company
or any of its subsidiaries located, organized or resident in a country or territory that is the subject or target of Sanctions,
including Cuba, Iran, North Korea, Sudan, Syria and the Crimea region (each, a “Sanctioned Country”); nor shall
the Company directly or indirectly use any proceeds of the Exchange Offers, or lend, contribute or otherwise make available any
such proceeds to any other person, to fund or facilitate any activities or business of or with any person or in any country or
territory that, at the time of such funding or facilitation, is the subject of Sanctions, or in any other manner that will result
in a violation of Sanctions by any person (including any person participating in the Exchange Offers as advisor, investor or otherwise); and
none of the Company and its subsidiaries has or is knowingly engaged, and none will engage, in any dealings or transactions with
any individual or entity that at the time of the dealing or transaction was or is the subject or target of Sanctions, or in any
dealings or transactions in or with any Sanctioned Country.

 

(ll)              
No relationship, direct or indirect, exists between or among the Company on the one hand, and the directors, officers, stockholders
(or analogous interest holders), customers or suppliers of the Company or any of its affiliates on the other hand, which is required
to be described in Offering Documents and is not so described.

 

(mm)          
The Company is not a party to any contract, agreement or understanding with any person (other than with the Dealer Manager in
this Agreement) that would give rise to a valid claim against the Company or the Dealer Manager for a brokerage commission, finder’s
fee or similar payment in connection with any transaction contemplated in the Offering Documents.

 

The
representations and warranties set forth in this Section shall remain operative and in full force and effect regardless of (i)
any investigation made by or on behalf of any Indemnified Person (as defined in Annex A attached hereto) or (ii) any termination,
expiration or cancellation of this Agreement.

 

SECTION
5.          Further Agreements.

 

(a)              
The Company shall arrange for firms of recognized market standing, reasonably acceptable to the Deal Manager, to act as information
agent (the “Information Agent”) and exchange agent (the “Exchange Agent”) in connection
with the Exchange Offers. Such firms shall be available at least daily to communicate with the Dealer Manager with respect to
matters relating to the Exchange Offers and to provide information reasonably requested by the Dealer Manager. The Company hereby
authorizes the Dealer Manager, the Information Agent and the Exchange Agent to so communicate, and authorizes the Information
Agent and the Exchange Agent to so provide information. 

 

(b)              
The Company shall furnish the Dealer Manager, or cause the Warrant registrars or agents to furnish the Dealer Manager, as soon
as practicable, with cards or lists or copies thereof showing the names of persons who were the Holders of record of Warrants
as of the date or dates specified by the Dealer Manager and, to the extent reasonably available to the Company, the beneficial
Holders of the Warrants as of such date or dates, together with their addresses and the amounts of Warrants held by them. In addition,
the Company shall update such information from time to time during the term of this Agreement as reasonably requested by the Dealer
Manager and to the extent such information is reasonably available to the Company within the time constraints specified. 

 

    10

     

    

 

(c)              
The Company shall furnish to the Dealer Manager, without charge, during the period beginning on the Commencement Date and continuing
to and including the Exchange Date, copies of the Offering Documents and any amendments and supplements thereto in such quantities
as the Dealer Manager may reasonably request.

 

(d)              
Prior to the date on which the Exchange Offers expire or are earlier terminated in accordance with their terms, the Company shall
not file or deliver any Offering Documents, or any amendment or supplement to any Offering Documents (other than an amendment
or supplement as a result of filings by the Company under the Exchange Act of documents incorporated by reference therein) unless
the Company has furnished the Dealer Manager a copy of such proposed document, amendment or supplement, as applicable, for its
review prior to filing or delivery, and shall not file or deliver any such proposed document, amendment or supplement to which
the Dealer Manager reasonably objects.

 

(e)              
The Company shall use its reasonable best efforts to cause the Registration Statement to become effective as soon as practicable
and as much in advance of the Expiration Date as practicable, and shall cause the Preliminary Prospectus and the Prospectus, properly
completed, and any supplement thereto to be filed with the Commission pursuant to the applicable paragraph of Rule 424(b) or in
an amendment to the Registration Statement, whichever is applicable, within the time period prescribed. The Company shall promptly
advise the Dealer Manager (i) when the Registration Statement, and any amendment thereto, shall have been filed and shall have
become effective, and when any document incorporated therein shall have been filed, (ii) when the Preliminary Prospectus and the
Prospectus, and any supplement thereto and any document incorporated therein, shall have been filed (if such filing is required)
and (iii) of any request by the Commission or its staff for any amendment of the Pre-Effective Registration Statement or the Registration
Statement or any supplement to the Preliminary Prospectus or the Prospectus or for any additional information.

 

(f)               The Company shall promptly advise the Dealer Manager of the occurrence of any event which, in the reasonable judgment of the Company
or its counsel, could cause or require the Company to withdraw, rescind or modify the Offering Documents. In the event of the
issuance of any stop order or other order, injunction or denial of an application for approval, preventing or suspending the use
of any of the Offering Documents, the Company shall use its reasonable best efforts to obtain its withdrawal. If any event occurs
as a result of which it shall be necessary to amend or supplement any Offering Documents in order to correct any untrue statement
of a material fact or any omission to state a material fact necessary in order to make the statements made, in the light of the
circumstances under which they were made, not misleading, the Company shall (i) promptly upon becoming aware of any such event,
advise the Dealer Manager of such event, (ii) as promptly as practicable under the circumstances, prepare such amendments or supplements
as may be necessary so that the statements in such Offering Documents, as so amended or supplemented, will not contain any untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of
the circumstances under which they were made, not misleading, (iii) furnish copies of such amendments or supplements to the Dealer
Manager for its review prior to filing or other use and (iv) not file or otherwise use any such proposed amendment or supplement
to which the Dealer Manager reasonably objects. 

 

(g)              
Except as otherwise required by law or regulation, the Company shall not use or publish any material in connection with the Exchange
Offers, or refer to the Dealer Manager in any such material, without the prior approval of the Dealer Manager (which shall not
be unreasonably withheld). The Company, upon receiving such approval, will promptly furnish the Dealer Manager with as many copies
of such approved material as the Dealer Manager may reasonably request. The Company shall promptly inform the Dealer Manager of
any litigation or administrative or similar proceeding (of which it becomes aware) which is initiated or threatened with respect
to the Exchange Offers. The Dealer Manager agrees that it will not make any statements in connection with the Exchange Offers
other than the statements that are set forth in, or derived from, the Offering Documents, without the prior consent of the Company.

 

    11

     

    

 

(h)              
The Company shall make generally available to its security holders and the Dealer Manager as soon as practicable an earning statement
that satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 under the Securities Act covering a period of
at least twelve months beginning with the first fiscal quarter of the Company occurring after the “effective date”
(as defined in Rule 158) of the Registration Statement.

 

(i)               
The Company shall arrange, if necessary, for the qualification of the Common Stock for offer or sale in connection with the Exchange
Offers under the laws of such jurisdictions as the Dealer Manager may designate and will maintain such qualifications in effect
so long as required for such offer or sale; provided that in no event shall the Company be obligated to qualify to do business
in any jurisdiction in which it is not now so qualified or to take any action that would subject it to service of process in suits,
other than those arising out of the offering or sale of the Common Stock in connection with the Exchange Offers, in any jurisdiction
in which it is not now so subject.

 

(j)               
The Company shall cause all Warrants accepted in the Exchange Offers to be cancelled.

 

(k)              
The Company shall cooperate with the Dealer Manager to permit the Common Stock to be eligible for clearance and settlement through
The Depository Trust Company.

 

(l)               
The Company agrees not to exchange any Warrants during the period beginning on the Commencement date and ending on the Exchange
Date, except pursuant to and in accordance with the Exchange Offers or as otherwise agreed to in writing by the parties hereto
and permitted under applicable laws and regulations.

 

(m)             
None of the Company, its affiliates or any person acting on its or their behalf will take, directly or indirectly, any action
designed to cause or result, or which might reasonably be expected to cause or result, under the Exchange Act or otherwise, in
and stabilization or manipulation of the price of any security of the Company to facilitate the exchange of Common Stock for Warrants
in the Exchange Offers.

 

(n)              
The Company shall promptly supply the Dealer Manager with copies of all correspondence to and from, and all documents issued to
and by, the Commission in connection with the Exchange Offers.

 

(o)              
At all times through the completion, expiration or other termination of the Exchange Offers, the Company shall not directly or
indirectly issue any press release or hold any press conference with respect to the Exchange Offers, without the prior consent
of the Deal Manager, unless in the judgment of the Company and its legal counsel, and after notification to the Dealer Manager,
such press release or press conference is required by law.

 

(p)              
At all times through the completion, expiration or other termination of the Exchange Offers, the Company shall not, and shall
cause its affiliated purchasers (as such term is defined in Regulation M under the Exchange Act) not to, either alone or with
one or more other persons, bid for, purchase or attempt to induce any person to bid for or purchase, any Common Stock for the
purpose of creating actual or apparent active trading in, or of raising the price of, the Common Stock, or otherwise in violation
of Regulation M under the Exchange Act.

 

    12

     

    

 

(q)              
To use its best efforts to maintain the listing of the Common Stock on the NASDAQ Global Market (the “Exchange”).

 

SECTION
6.           Conditions and Obligations. The obligations of the Dealer
Manager hereunder shall at all times be subject, in its discretion, to the conditions that: 

 

(a)              
All representations and warranties of the Company contained herein or in any certificate or writing delivered hereunder shall
be true, correct and not misleading, and the Company shall have performed, in all material respects, all of its obligations hereunder
required as of such time to have been performed by it.

 

(b)              
The Registration Statement shall have become effective on or prior to the Expiration Date.

 

(c)              
Counsel for the Company shall have delivered to the Dealer Manager, on each of the Commencement Date and the Exchange Date and
dated as of such dates, respectively, a negative assurance or “10b-5” letter, and a legal opinion covering the matters
set forth in Annex B hereto, in each case form and substance reasonably satisfactory to the Dealer Manager. 

 

(d)              
RSM US LLP shall have delivered to the Dealer Manager, on each of the Commencement Date and the Exchange Date and dated as of
such dates, respectively, a “comfort” letter in form and substance reasonably satisfactory to the Dealer Manager.

 

(e)              
The Company shall have furnished to the Dealer Manager, on each of the Commencement Date and on the Exchange Date and dated as
of such dates, respectively, a certificate of its chief financial officer, with respect to certain financial data contained in
the Preliminary Prospectus and the Prospectus, providing “management comfort” with respect to such information, in
form and substance reasonably satisfactory to the Dealer Manager.

 

(f)               
The Company shall have furnished to the Dealer Manager, on the Exchange Date and dated as of such date, a certificate of the Chairman,
Chief Executive Officer or President, and of the Chief Financial Officer, of the Company, stating that: (i) the representations
and warranties set forth in Section 4 hereof are true and correct as if made on such date; (ii) no stop order or other order,
injunction or denial of an application for approval, preventing or suspending the use of any of the Offering Documents, shall
have been issued or occurred, and no proceedings, litigation or investigations shall have been initiated or threatened, by or
before the Commission or any other agency or any court; and (iii) since the date of the most recent financial statements included
or incorporated by reference in the Offering Documents (exclusive of any amendment or supplement thereto), there has been no material
adverse change in or affecting the business, properties, management, condition (financial or otherwise), general affairs, shareholders’
equity, results of operations or prospects of the Company and its subsidiaries taken as a whole, except as set forth in the Offering
Documents (exclusive of any amendment or supplement thereto). 

 

(g)              
The Company shall have furnished to the Dealer Manager, on the Exchange Date and dated as of such date, a Secretary’s Certificate
of the Company, in form and substance reasonably satisfactory to Dealer Manager.

 

    13

     

    

 

(h)               
The Company shall have furnished to the Dealer Manager, on the Exchange Date, satisfactory evidence of the good standing of the
Company in Delaware and its good standing as a foreign entity in such other jurisdictions as the Dealer Manager may reasonably
request, in each case in writing or in any standard form of telecommunication from the appropriate governmental authorities of
such jurisdictions.

 

(i)                
Prior to the Exchange Date, the shares of Common Stock to be exchanged for Warrants shall have been approved for listing on the
Exchange, subject to notice of issuance.

 

(j)                
The Company shall have promptly advised the Dealer Manager of (i) the occurrence of any event which could cause the Company to
withdraw, rescind or terminate the Exchange Offers or would permit the Company to exercise any right not to exchange Common Stock
for Warrants tendered under the Exchange Offers, (ii) the occurrence of any event, or the discovery of any fact, the occurrence
or existence of which it believes would make it necessary or advisable to make any change in the Offering Documents being used
or would cause any representation or warranty contained in this Agreement to be untrue or inaccurate, (iii) any proposal by the
Company or requirement to make, amend or supplement any Offering Document or any filing in connection with the Exchange Offers
pursuant to the Exchange Act or any applicable law, rule or regulation, (iv) its awareness of the issuance by any regulatory authority
of any comment or order or the taking of any other action concerning the Exchange Offers (and, if in writing, will have furnished
the Dealer Manager with a copy thereof) and (v) its awareness of any material developments in connection with the Exchange Offers
or the financing thereof, including the commencement of any lawsuit relating to the Exchange Offers.

 

(k)               
None of the Registration Statement or any amendment thereto will contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein not misleading, and none of the Prospectus
or any supplement or amendment thereto will contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however,
that this condition shall not apply to any statements or omissions made in reliance upon and in conformity with the Dealer
Manager Information.

 

(l)                
No law, statute, rule, regulation, injunction, stop order or other order or denial of an application for approval shall have been
enacted, adopted or issued, and no proceedings, litigation or investigations shall have been initiated or threatened by or before
the Commission or any other agency or any court, preventing or suspending the use of any of the Offering Documents, or otherwise
relating to (i) the making or the consummation of the Exchange Offers, (ii) the execution, delivery or performance by the Company
of this Agreement or (iii) any of the transactions contemplated in the Offering Documents, which the Dealer Manager or its legal
counsel in good faith believe makes it inadvisable for the Exchange Offers to continue or for the Dealer Manager to continue to
render services pursuant hereto; and it shall not otherwise have become unlawful under any law, statute, rule, regulation, injunction
or order for the Dealer Manager so to act, or continue so to act. 

 

(m)              
Since the date of the most recent financial statements included or incorporated by reference in the Offering Documents (exclusive
of any amendment or supplement thereto): (i) the Company shall not have sustained any loss or interference with its business from
fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental
action, order or decree, otherwise than as set forth in the Offering Documents; and (ii) there shall not have been any change
in the capital stock or long-term debt of the Company, or any change, or any development involving a prospective change, in or
affecting the business, properties, general affairs, management, financial position, stockholders’ equity, results of operations
or prospects of the Company, otherwise than as set forth in the Offering Documents, the effect of which, in each case described
in clause (i) or (ii) of this paragraph, is, in the judgment of the Dealer Manager, so material and adverse as to make it impracticable
or inadvisable to proceed with the Exchange Offers on the terms and in the manner contemplated in the Offering Documents.

 

    14

     

    

 

(n)               
There shall not have occurred any of the following: (i) trading in any of the Company’s securities shall have been suspended
or materially limited by the Commission or the Exchange, or trading in securities generally on the New York Stock Exchange, NYSE
American, NASDAQ Global Select Market, NASDAQ Capital Market, or the Exchange or in the over-the-counter market, or trading in
any securities of the Company on any exchange or in the over-the-counter market, shall have been suspended or materially limited,
or minimum or maximum prices or a maximum range for prices shall have been established on any such exchange or in such market
by the Commission, by such exchange or market or by any other regulatory body or governmental authority having jurisdiction; (ii)
a banking moratorium shall have been declared by Federal or state authorities or a material disruption shall have occurred in
commercial banking or securities settlement or clearance services in the United States; (iii) the United States shall have become
engaged in hostilities, or the subject of an act of terrorism, or there shall have been an outbreak of or escalation in hostilities
involving the United States, or there shall have been a declaration of a national emergency or war by the United States; or (iv)
there shall have occurred such a material adverse change in general economic, political or financial conditions (or the effect
of international conditions on the financial markets in the United States shall be such) as to make it, in each such case in the
judgment of the Dealer Manager, impracticable or inadvisable to proceed with the Exchange Offers on the terms and in the manner
contemplated in the Offering Documents.

 

(o)               
The Company shall have provided all other documents and other information relating to the Exchange Offers, the Offering Documents
or this Agreement which the Dealer Manager may from time to time reasonably request.

 

SECTION
7.          Indemnification. In consideration of the engagement hereunder,
the Company shall indemnify and hold the Dealer Manager harmless to the extent set forth in Annex A hereto, which provisions are
incorporated by reference herein and constitute a part hereof. Annex A hereto is an integral part of this Agreement and shall
survive any termination, expiration or cancellation of this Agreement. 

 

SECTION
8.          Survival. The agreements contained in Sections 2, 3, 5, 6, 7,
8, 9, 10, 12 and 13 hereof and Annex A hereto and the representations and warranties of the Company set forth in Section 4 hereof
shall survive any termination, expiration or cancellation of this Agreement, any completion of the engagement provided by this
Agreement and any investigation made on behalf of the Company, the Dealer Manager or any Indemnified Person and shall survive
the expiration or other termination of the Exchange Offers. 

 

SECTION
9.          Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the State of New York applicable to contracts to be performed wholly within the State of New York.
The parties hereto consent to the exclusive jurisdiction of the courts of the State of New York and the federal courts located
in the Borough of Manhattan, City of New York in any action or proceeding related to this Agreement (except that a judgment obtained
in such courts may be enforced in any jurisdiction). Each of the parties hereto hereby waives any right to trial by jury in any
suit or proceeding arising out of or relating to this Agreement.

 

    15

     

    

 

SECTION
10.        Notices. Except as otherwise expressly provided in this Agreement, whenever
notice is required by the provisions of this Agreement to be given, such notice shall be in writing addressed as follows and effective
when received:

 

If
to the Company:

Priority Technology Holdings, Inc. 

2001
Westside Parkway, Suite 155 

Alpharetta
GA 30004

Attention: Christopher Prince, General Counsel 

Email:
chris.prince@prth.com

 

With
a copy to:

 

Schulte
Roth & Zabel LLP 

919
Third Avenue 

New
York, NY 10022 

Attention:
John Mahon 

Email:
John.Mahon@srz.com

 

If
to the Dealer Manager:

Cowen and Company, LLC 

599
Lexington Avenue

New York, New York 10022

Fax: (646) 562-1124

Attention: Bradley Friedman 

Email:
bradley.friedman@cowen.com

 

With
a copy to:

Ellenoff Grossman & Schole LLP 

1345
Avenue of the Americas 

New
York, NY 10105 

Attention:
Richard Baumann 

Email:
rbaumann@egsllp.com

 

SECTION
11.         Advertisements. The Company agrees that the Dealer Manager shall have
the right to place advertisements in financial and other newspapers and journals at its own expense describing its services to
the Company hereunder, subject to the Company’s prior approval, which approval shall not be unreasonably withheld or delayed.

 

SECTION
12.         Miscellaneous. 

 

(a)               
This Agreement contains the entire agreement between the parties relating to the subject matter hereof and supersedes all oral
statements and prior writings with respect thereto, including. This Agreement may not be amended or modified except by a writing
executed by each of the parties hereto. Section headings herein are for convenience only and are not a part of this Agreement.

 

(b)              
This Agreement is solely for the benefit of the Company and the Dealer Manager, and the Indemnified Persons to the extent set
forth in Annex A hereto, and their respective successors, heirs and assigns, and no other person shall acquire or have any rights
under or by virtue of this Agreement. 

 

    16

     

    

 

(c)               
The Dealer Manager may share any information or matters relating to the Company, the Exchange Offers and the transactions contemplated
in the Offering Documents with its affiliates and such affiliates may likewise share information relating to the Company with
the Dealer Manager. 

 

(d)              
If any term, provision, covenant or restriction contained in this Agreement is held by a court of competent jurisdiction to be
invalid, void or unenforceable or against public policy, the remainder of the terms, provisions, covenants and restrictions contained
herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated. The Company and the Dealer
Manager shall endeavor in good faith negotiations to replace the invalid, void or unenforceable provisions with valid provisions,
the economic effect of which comes as close as possible to that of the invalid, void or unenforceable provisions. 

 

(e)               
This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which, taken together, will
constitute one and the same instrument.

 

SECTION
13.        Definitions. The following terms, when used in this Agreement, shall have
the meanings indicated.

 

“Affiliate”
shall have the meaning specified in Rule 501(b) of Regulation D under the Securities Act.

 

“Commencement
Date” shall mean the date of commencement (as defined in Rule 13e-4 under the Exchange Act) of the Exchange Offers.

 

“Commission”
shall mean the U.S. Securities and Exchange Commission.

 

“Dealer
Manager Information” shall mean the written information furnished to the Company by such Dealer Manager expressly for
use in the Offering Documents, which in this case, shall be solely the name and address of such Dealer Manager as provided on
the back cover of the Offering Documents.

 

“Effective
Date” shall mean the time the Registration Statement becomes effective under the Securities Act.

 

“Exchange
Act” shall mean the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
thereunder.

 

“Exchange
Date” shall mean the date on which the Company issues the Common Stock in exchange for the Warrants pursuant to the
Exchange Offers.

 

 “Expiration
Date” shall mean 11:59 p.m., Eastern Time on January 25, 2019, as may be extended by the Company in its sole discretion. 

 

“FINRA”
shall mean the Financial Industry Regulatory Authority, Inc.

 

“including”
shall mean including without limitation.

 

“Material
Adverse Effect” shall mean a material adverse effect on the business, properties, management, condition (financial or
otherwise), general affairs, shareholders’ equity, results of operations or prospects of the Company and its subsidiaries
taken as a whole

 

    17

     

    

 

“Offering
Documents” shall mean the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus,
the Prospectus, the accompanying letter of transmittal and consent, the Schedule TO, the Rule 165 Material, the notice of guaranteed
delivery, and all other documents filed or to be filed with any federal, state or local government or regulatory agency or authority
or delivered or to be delivered to Holders of Warrants in connection with the Exchange Offers, each as prepared or approved by
the Company.

 

“Pre-Effective
Registration Statement” shall mean the registration statement filed by the Company with the Commission registering the
Exchange Offers under the Securities Act, including exhibits thereto and any documents incorporated therein by reference or deemed
part of such registration statement pursuant to Rule 430C under the Securities Act, in the form in which it is initially filed
with the Commission and as it may be amended from time to time prior to the Effective Date.

 

“Preliminary
Prospectus” shall mean the preliminary prospectus that is used prior to the filing of the Prospectus, as amended or
supplemented from time to time, including any documents incorporated therein by reference.

 

“Prospectus”
shall mean the final prospectus included in the Registration Statement (including any documents incorporated therein by reference),
except that if the final prospectus furnished to the Dealer Manager for use in connection with the Exchange Offers differs from
the prospectus set forth in the Registration Statement (whether or not such prospectus is required to be filed pursuant to Rule
424(b) under the Securities Act), the term “Prospectus” shall refer to the final prospectus furnished to the Dealer
Manager for such use.

 

“Registration
Statement” shall mean the registration statement filed by the Company with the Commission registering the Exchange Offers
under the Securities Act, including exhibits thereto and any documents incorporated therein by reference or deemed part of such
registration statement pursuant to Rule 430C under the Securities Act, in the form in which it becomes effective and, in the event
of any amendment or supplement thereto or the filing of any abbreviated registration statement pursuant to Rule 462(b) under the
Securities Act relating thereto after the Effective Date, shall also mean such registration statement as so amended or supplemented,
together with any such abbreviated registration statement.

 

“Rule
165 Material” shall mean any written communication made in connection with or relating to the Exchange Offers in reliance
on Rule 165 of the Securities Act, and filed by the Company with the Commission pursuant to Rule 425 under the Securities Act.

 

“Schedule
TO” shall mean the tender offer statement filed with the Commission on Schedule TO, including any documents incorporated
therein by reference, with respect to the Exchange Offers, including any amendments thereto.

 

“Securities
Act” shall mean the U.S. Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder.

 

“Testing-the-Waters
Communications” shall mean any communication made in reliance on Section 5(d) of the Securities Act, and “Written
Testing-the-Waters Communications” shall mean any such communication that is written, within the meaning of Rule 405
under the Securities Act.

 

    18

     

    

 

If the foregoing correctly sets forth our understanding, please indicate your acceptance of the terms hereof by signing in the
appropriate space below and returning to the Dealer Manager the enclosed duplicate originals hereof, whereupon this letter shall
become a binding agreement between you and Cowen.

 

	   	 Very
    truly yours, 
	   	   	   
	   	 COWEN
    and Company, LLC 
	   	   	   
	   	 By: 	 /s/
    James Kissane  
	   	   	 Name:
    James Kissane 
	   	   	 Title:
    Managing Director, Co-Head of Information & Technology Services 

 

	Accepted
    and agreed to as	   
	of
    the date first written above:	   
	   	   	   
	PRIORITY
    TECHNOLOGY HOLDINGS, INC.	   
	   	   	   
	By:
    	 /s/
    Thomas C. Priore 	   
	   	Name:
    Thomas C. Priore	   
	   	Title:
    Chairman and CEO	   

 

    19

     

    

  

ANNEX
A

 

To
Dealer Manager Agreement,

dated December 26, 2018 (the “Agreement”),
between 

Cowen and Company, LLC and

Priority Technology Holdings, Inc.

 

The
Company shall indemnify and hold harmless the Dealer Manager, its affiliates and their respective officers, directors, employees,
agents and controlling persons (each, an “Indemnified Person”) from and against any and all losses, claims,
damages, liabilities and expenses, joint or several, to which any such Indemnified Person may become subject, arising out of or
based upon (a) any untrue statement or alleged untrue statement of a material fact contained in the Offering Documents or in any
amendment or supplement to any of the foregoing, or the omission or alleged omission to state therein a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except,
in the case of this clause (a), with respect solely to information relating to the Dealer Manager Information, (b) any breach
by the Company of any representation or warranty or failure to comply with any of the agreements set forth in the Agreement or
(c) the transactions contemplated by the Agreement or the performance by the Dealer Manager thereunder, or any action, claim,
litigation, investigation (including any governmental or regulatory investigation) or proceeding relating to the foregoing (each
and collectively, “Proceedings”), except, in the case of this clause (c), to the extent such losses, claims,
damages, liabilities or expenses are finally judicially determined to have resulted from the gross negligence or willful misconduct
of such Indemnified Person, regardless of whether any of such Indemnified Persons is a party thereto, and to reimburse such Indemnified
Persons for any reasonable legal or other out-of-pocket expenses as they are incurred in connection with investigating or defending
any of the foregoing.

 

The
Dealer Manager agrees to indemnify and hold harmless the Company, and each of its officers, directors, employees, agents and controlling
persons to the same extent as the indemnity from the Company to the Dealer Manager, but only with reference to the Dealer Manager
Information. This indemnity agreement will be in addition to any liability that the Dealer Manager may otherwise have.

 

In
case any Proceedings shall be brought or asserted against any Indemnified Person with respect to which indemnity may be sought
from the Company hereunder, such Indemnified Person shall promptly notify the Company in writing; provided that (a) the
failure to give such notice shall not relieve the Company of its obligations pursuant to this Annex A unless and only to the extent
it is finally judicially determined that such failure to give notice results in the loss or compromise of any material rights
or defenses of the Company, and (b) such failure to notify the Company shall not relieve the Company from any liability which
it may have to such Indemnified Person otherwise than on account of this Annex A. Upon receiving such notice, the Company shall
be entitled to participate in any such Proceedings and to assume at its sole expense the defense thereof, with counsel satisfactory
to such Indemnified Person (who shall not, except with the consent of the Indemnified Person, be counsel to the Company or an
affiliate thereof) and after written notice from the Company to such Indemnified Person of its election so to assume the defense
thereof within 15 business days after receipt of the notice from the Indemnified Person of such Proceedings, the Company shall
not be liable to such Indemnified Person hereunder for legal expenses of other counsel subsequently incurred by such Indemnified
Person in connection with the defense thereof (other than reasonable costs of investigation) unless (i) the Company shall not
have employed counsel satisfactory to such Indemnified Person to represent such Indemnified Person within a reasonable time after
notice of commencement of the Proceedings, or (ii) the Company agrees in writing to pay such fees and expenses, or (iii) the Company
fails to assume such defense within the 15 business days specified above, (iv) representation of the Indemnified Person by counsel
chosen by the Company would present such counsel with an actual or potential conflict of interest or (v) the named parties to
any such Proceedings (including any impleaded parties) include both such Indemnified Person and the Company or its affiliates
and such Indemnified Person shall have reasonably concluded that there may be legal defenses available to it which are different
from or additional to those available to the Company or its affiliates (in which case, if such Indemnified Person notifies the
Company in writing, the Company shall not have the right to assume the defense thereof); it being understood, however, that the
Company shall not, in connection with any such Proceedings or separate but substantially similar or related Proceedings in the
same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses
of more than one separate firm of attorneys (in addition to any local counsel) at any time for all Indemnified Persons, which
firm shall be designated in writing by Cowen. The Company shall not effect, without the prior written consent of Cowen, any settlement
of any pending or threatened Proceedings unless such settlement includes an unconditional release from the party bringing such
Proceedings of each Indemnified Person and does not include a statement as to, or an admission of, fault, culpability or a failure
to act by or on behalf, of any Indemnified Person. The Company shall not be liable for any settlement of any Proceedings effected
by an Indemnified Person without the Company’s written consent, but if settled with such consent, the Company agrees, subject
to the provisions of this Annex A, to indemnify the Indemnified Person from and against any loss, damage or liability by reason
of such settlement.

 

    A-1

     

    

 

If
for any reason the foregoing indemnification is unavailable to any Indemnified Person or insufficient to hold it harmless (other
than in accordance with the terms of this Annex A) then the Company shall contribute to the amount paid or payable by such Indemnified
Person as a result of such loss, claim, damage, liability or expense in such proportion as is appropriate to reflect (a) the relative
benefits received by the Company on the one hand and such Indemnified Person on the other hand, or (b) if the allocation provided
by clause (a) above is not available, the relative fault of the Company on the one hand and such Indemnified Person on the other
hand, as well as any relevant equitable considerations. It is hereby agreed that the relative benefits to the Company (including
its affiliates, officers, directors, employees, agents and controlling persons) on the one hand and the Dealer Manager (including
its affiliates, officers, directors employees, agents and controlling persons) on the other hand shall be deemed to be in the
same proportion as (i) the maximum possible consideration proposed to be offered by the Company in connection with the Exchange
Offers bears to (ii) the fee actually paid to the Dealer Manager pursuant to the Agreement. The relative fault of the Company
on the one hand and the Indemnified Person on the other hand relating to an untrue or alleged untrue statement of material fact
or the omission or alleged omission to state a material fact shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates
to information supplied by, or relating to, the Company or its affiliates or the Indemnified Person and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

The
indemnity, reimbursement and contribution obligations of the Company under this Annex A shall be in addition to any liability
which the Company may otherwise have to an Indemnified Person, and shall be binding upon and inure to the benefit of any successors,
assigns, heirs and personal representatives of the Company and any such Indemnified Person. Notwithstanding the foregoing, in
no event shall any Dealer Manager be liable under the foregoing indemnity, reimbursement and contribution provisions in an amount
in excess of the fees actually received by such Dealer Manager pursuant to the Agreement.

 

Capitalized
terms used but not defined in this Annex A have the meanings assigned to such terms in the Agreement.

 

    A-2

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