Document:

Exhibit 10.1

 

AMENDMENT TO SPONSOR EARNOUT LETTER

 

May 9, 2019

 

This Amendment (this
“Amendment”) to the Sponsor Earnout Letter (as defined below) is made and entered into as of the date first
written above by and among Thunder Bridge Acquisition, Ltd., a Cayman Islands exempted company (“Parent”), Thunder
Bridge Acquisition LLC, a Delaware limited liability company (“Sponsor”), and Hawk Parent Holdings LLC, a Delaware
limited liability company (the “Company”). Capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Sponsor Earnout Letter (and to the extent not defined therein, the Merger Agreement).

 

WHEREAS, Parent, Sponsor
and the Company (collectively, the “Parties”) have entered into that certain letter agreement, dated as of January
21, 2019 (as amended, including by this Amendment, the “Sponsor Earnout Letter”); and

 

WHEREAS, the parties
to the Merger Agreement are entering into a Second Amendment to Agreement and Plan of Merger on or about the date hereof (the “Second
Merger Agreement Amendment”), and in connection with the Second Merger Agreement Amendment, Sponsor is willing to forfeit
additional Founder Shares, subject additional Founder Shares to vesting, and forfeit the 8,480,000 Parent Warrants (the “Sponsor
Warrants”) initially purchased by Sponsor in a private placement in connection with Parent’s IPO that are otherwise
owned by Sponsor as of the Closing after giving effect to any transfers in connection with any Additional Equity Financing.

 

WHEREAS, the Parties
now desire to amend the Sponsor Earnout Letter on the terms and conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
and in accordance with the terms of the Sponsor Earnout Letter, the Parties hereto, intending to be legally bound, do hereby acknowledge
and agree as follows:

 

1. Amendments
to Sponsor Earnout Letter.

 

(a) Section
1 of the Sponsor Earnout Letter is hereby amended to delete such section in its entirety and replace it with the following:

 

		“1.	Sponsor hereby agrees that prior to the Closing it shall enter into an Escrow Agreement with Surviving
Pubco and Continental Stock Transfer and Trust, as escrow agent (the “Escrow Agent”), in substantially the form
attached as Exhibit A hereto (the “Sponsor Escrow Agreement”), and upon and subject to the Closing, Sponsor
shall (i) deliver to the Surviving Pubco for cancellation by the Surviving Pubco (x) 2,335,000 of the Founder Shares and (y) any
of the 8,480,000 Parent Warrants (“Sponsor Warrants”) initially purchased by Sponsor in a private placement
in connection with Parent’s IPO that are otherwise owned by Sponsor as of the Closing after giving effect to any transfers
in connection with any Additional Equity Financing and (ii) deposit 2,965,000 of the Founder Shares (together with any equity securities
paid as dividends or distributions with respect to such shares or into which such shares are exchanged or converted, and in each
case only to the extent held in the Sponsor Escrow Account, the “Sponsor Escrow Shares”) into a segregated escrow
account (the “Sponsor Escrow Account”) with the Escrow Agent, to be held, along with any other dividends, distributions
or other income on the Sponsor Escrow Shares (“Escrow Earnings”), in the Sponsor Escrow Account and disbursed
in accordance with the terms of this Agreement and the Sponsor Escrow Agreement. The number of Founder Shares and Sponsor Warrants
to be cancelled and/or deposited into escrow pursuant to this Section 1 shall be equitably adjusted for stock splits, stock dividends,
reorganizations, combinations, recapitalizations and similar transactions affecting the Surviving Pubco Class A Shares, Sponsor
Warrants or Successor Shares after the date of this Agreement.”

 

     

     

    

 

(b) Section
7 of the Sponsor Earnout Letter is hereby amended to increase the Parent Expense Cap from $20,000,000 to $21,750,000.

 

(c) Section
8 of the Sponsor Earnout Letter is hereby amended to delete clause (iii) in the proviso thereof and replace it with the following:
“(iii) prior to the Closing, Sponsor may not transfer in excess of 1,462,335 Founder Shares in the aggregate without the
prior written consent of the Company”.

 

(d) Section
14(a) of the Sponsor Earnout Letter is hereby amended to replace the last sentence thereof and replace it with the following: “For
the avoidance of doubt, the Parent Transaction Expenses shall (i) exclude (A) any Transaction Expenses or other costs or expenses
incurred by the Company or any of its Subsidiaries, (B) any Parent Indebtedness and (C) incremental fees incurred specifically
in relation to the Delayed Draw Facility (as defined in the Registration Statement) (including legal fees incurred specifically
with respect to the negotiation of that agreement and not any other portion of the Debt Financing), and (ii) include the costs
and expenses payable to Chapman and Cutler LLP (subject to clause (i)(C) above), Ellenoff Grossman & Schole LLP, Grant Thornton
and Morgan Stanley;”

 

2. Transfer
of Sponsor Warrants. The Parties hereby acknowledge and agree that in connection with the Approved Equity Financing (as defined
in the Second Merger Agreement Amendment) the Sponsor has agreed pursuant to the Approved Lock-Up Agreements (as defined in the
Second Merger Agreement Amendment) to transfer a total of 8,000,000 Sponsor Warrants (after giving effect to the Parent Warrant
Amendment (as defined in the Second Merger Agreement Amendment) and Section 3 below) to the Approved Equity Investors (as
defined in the Second Merger Agreement Amendment) that are parties to the Approved Lock-Up Agreements, subject to the terms and
conditions set forth therein, and the Parties hereby approve and consent to such transfer of Sponsor Warrants.

 

3. Waiver
of Right to Cash from Parent Warrant Amendment. Subject to the effectiveness of the Parent Warrant Amendment, Sponsor hereby
waives any rights that it might otherwise have to receive any cash payment for the Sponsor Warrants (including any Sponsor Warrants
to be transferred to Approved Equity Investors as described in Section 2 above) pursuant to the Parent Warrant Amendment.

 

4. Miscellaneous.
The provisions of Section 13 and Section 14 of the Sponsor Earnout Letter shall apply mutatis mutandis to this Amendment.
Any reference to the Sponsor Earnout Letter in the Sponsor Earnout Letter or any other agreement, document, instrument or certificate
entered into or issued in connection therewith shall hereinafter mean the Sponsor Earnout Letter, as amended by this Amendment
(or as the Sponsor Earnout Letter may be further amended or modified after the date hereof in accordance with the terms thereof).

 

[Signature Pages Follow]

 

    2

     

    

 

IN WITNESS WHEREOF, the Parties have executed
this Amendment as of the day and year first written above.

 

	 	COMPANY:
	 	 
	 	

        HAWK
        PARENT HOLDINGS LLC

	 	 
	 	By:	/s/
    John A. Morris
	 	 	Name: John A.
    Morris
	 	 	Title: Chief Executive
    Officer

  

	 	PARENT:
	 	 
	 	THUNDER BRIDGE ACQUISITION, LTD.
	 	 
	 	By:	/s/ Gary A. Simanson
	 	 	Name: Gary A. Simanson
	 	 	Title: Chief Executive Officer

   

	 	SPONSOR:
	 	 
	 	THUNDER BRIDGE ACQUISITION LLC
	 	 
	 	By:	/s/ Gary A. Simanson
	 	 	Name: Gary A. Simanson
	 	 	Title: President

 

[Signature Page to Amendment to Sponsor
Earnout Letter]Exhibit 10.2

 

AMENDMENT
OF

WARRANT AGREEMENT

 

THIS
AMENDMENT OF WARRANT AGREEMENT (this “Agreement”), made as of _________, 2019, is by and among Thunder
Bridge Acquisition, Ltd., a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer
& Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”).

 

WHEREAS,
the Company and the Warrant Agent are parties to that certain Warrant Agreement, dated as of June 18, 2018 and filed with
the United States Securities and Exchange Commission on June 22, 2018 (the “Existing Warrant Agreement”), pursuant
to which the Company has issued 25,800,000 warrants (the “Public Warrants”) in its initial public offering and
8,830,000 private placement warrants (collectively, the “Warrants”), each representing the right to purchase
one Class A ordinary share, par value $0.0001, of the Company (“Ordinary Shares”); and

 

WHEREAS,
the terms of the Warrants are governed by the Existing Warrant Agreement and capitalized terms used herein, but not otherwise defined,
shall have the meanings given to such terms in the Existing Warrant Agreement; and

 

WHEREAS,
effective as of January 21, 2019, the Company, TB Acquisition Merger Sub LLC, a Delaware limited liability company and wholly-owned
subsidiary of Thunder Bridge (“Merger Sub”), Hawk Parent Holdings, LLC, a Delaware limited liability company
(“Repay”), and CC Payment Holdings L.L.C., solely in its capacity as the securityholder representative, entered
into a Second Amended and Restated Agreement and Plan of Merger (as amended from time to time, the “Merger Agreement”);
and

 

WHEREAS,
the Merger Agreement provides, among other things, (i) that the Company will domesticate from a Cayman Islands exempted company
to a Delaware corporation (the “Domestication”) and (ii) Merger Sub will merge with and into Repay with Repay
continuing as the surviving entity and a subsidiary of the Company (the “Merger” and together with the Domestication
and the other transactions contemplated by the Merger Agreement, the “Transactions”), and pursuant to which,
(A) each Ordinary Share issued and outstanding immediately prior to the Domestication shall remain outstanding and shall be
automatically converted into one validly issued, fully paid and non-assessable Surviving Pubco Class A Share (as defined in the
Merger Agreement), and (B) each Warrant that is outstanding immediately prior to the Domestication, shall represent the right
to acquire Surviving Pubco Class A Shares, on the same contractual terms and conditions as were in effect immediately prior to
the Domestication, under the terms of the Existing Warrant Agreement as amended by this Agreement;

 

WHEREAS,
upon consummation of the Domestication, as provided in Section 4.4 of the Existing Warrant Agreement, the Warrants will no
longer be exercisable for Ordinary Shares but instead will be exercisable (subject to the terms and conditions of the Existing
Warrant Agreement as amended hereby) for a number of Surviving Pubco Class A Shares equal to the number of Ordinary Shares for
which the Warrants were exercisable immediately prior to the Domestication (subject to the terms and conditions of the Existing
Warrant Agreement as amended hereby); and

 

WHEREAS,
the Board of Directors of the Company has determined that the consummation of the Transactions will constitute a Business Combination
(as defined in Section 3.2 of the Existing Warrant Agreement); and

 

WHEREAS,
it is a condition to the closing of the Transactions, among other things, the Parent Warrantholders’ Approval (as defined
in the Merger Agreement) has been obtained; and

 

WHEREAS,
Section 9.8 of the Existing Warrant Agreement provides that the Existing Warrant Agreement may be amended with the vote or
written consent of the registered holders of 65% of the then outstanding Public Warrants.

 

WHEREAS,
at the Parent Warrantholder Meeting (as defined in the Merger Agreement), holders of at least 65% of the Public Warrants approved
that, immediately prior to the Domestication, each Warrant shall become exercisable for one-quarter of one Ordinary Share with
an exercise price of $2.875 per one-quarter share ($11.50 per whole share) and each holder of a Warrant shall receive a special
distribution of $1.50 per Warrant; and

 

    1

     

    

 

NOW,
THEREFORE, in consideration of the mutual agreements contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows:

 

1.
Amendment of Existing Warrant Agreement. The Company and the Warrant Agent hereby amend the Existing Warrant
Agreement as provided in this Section 1, effective as of the Effective Time.

 

1.2
Private Placement Warrants, Working Capital Warrants and Forward Purchase Warrants. Section 2.5 of the
Existing Warrant Agreement is hereby deleted and replaced with the following:

 

“2.5 Private
Placement Warrants, Working Capital Warrants and Forward Purchase Warrants. The Private Placement Warrants,
the Working Capital Warrants and the Forward Purchase Warrants shall be identical to the Public Warrants, except that so long
as they are held by the Sponsor, Cantor, Monroe or any of their Permitted Transferees (as defined below), as applicable, the
Private Placement Warrants, the Working Capital Warrants and the Forward Purchase Warrants and any Ordinary Shares held by
the Sponsor, Cantor, Monroe or any of their Permitted Transferees, as applicable, and issued upon exercise of the Private
Placement Warrants, the Working Capital Warrants and the Forward Purchase Warrants, may not be transferred, assigned or sold
until thirty (30) days after the completion by the Company of an initial Business Combination (as defined below) other
than:

 

(a) to
the Company’s, Cantor’s or Monroe’s officers or directors, any affiliates or family members of any of Cantor,
Monroe or the Company’s officers or directors, any members of Cantor, Monroe or the Sponsor, or any affiliates of Cantor,
Monroe or the Sponsor;

 

(b) in
the case of an individual, by gift to a member of the individual’s immediate family or to a trust, the beneficiary of which
is a member of the individual’s immediate family or an affiliate of such person, or to a charitable organization;

 

(c) in
the case of an individual, by virtue of laws of descent and distribution upon death of the individual;

 

(d) in
the case of an individual, pursuant to a qualified domestic relations order;

 

(e) by
private sales or transfers made with any forward purchase agreement or similar arrangement or in connection with the consummation
of the Company’s Business Combination at prices no greater than the price at which the Warrants were originally purchased;

 

(f) in
the event of the Company’s, Monroe’s or Cantor’s liquidation prior to consummation of the Company’s initial
Business Combination;

 

(g) in
the event that, subsequent to the consummation of the Company’s initial Business Combination, the Company consummates a merger,
share exchange, reorganization or other similar transaction that results in all of the holders of the Company’s equity securities
issued in the Offering having the right to exchange their Ordinary Shares for cash, securities or other property; or

 

(h) by
virtue of the laws of the Cayman Islands or the Sponsor’s operating agreement upon dissolution of the Sponsor or Cantor’s
organizational documents upon dissolution of Cantor;

 

provided,
however, that, in the case of clauses (a) through (e) or (h), these transferees (the “Permitted Transferees”) must
enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement.”

 

    2

     

    

 

1.2 Warrant
Price. Section 3.1 of the Existing Warrant Agreement is hereby deleted and replaced with the following:

 

“3.1 Warrant
Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof, subject
to the provisions of such Warrant and of this Agreement, to purchase from the Company one-quarter of the number of Ordinary Shares
stated therein, at the price of $2.875 per one-quarter share ($11.50 per whole share), subject to the adjustments provided in Section 4
hereof and in the last sentence of this Section 3.1; provided however, that a Warrant may not be exercised for a fractional
share, so that only a multiple of four Warrants may be exercised at a given time. The term “Warrant Price” as used
in this Agreement shall mean the price per one-quarter share at which Ordinary Shares may be purchased at the time a Warrant is
exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined
below) for a period of not less than twenty (20) Business Days, provided, that the Company shall provide
at least twenty (20) days prior written notice of such reduction to Registered Holders of the Warrants and, provided further
that any such reduction shall be identical among all of the Warrants.”

 

1.3 Duration
of Warrants. Section 3.2 of the Existing Warrant Agreement is hereby deleted and replaced with the following:

 

“3.2 Duration of Warrants. A Warrant may be exercised only during the period (the
“Exercise Period”) commencing on the later of the date that is: (i) thirty (30) days after the first date on which
the Company completes a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination,
involving the Company and one or more businesses (a “Business Combination”), or (ii) twelve (12) months from the date
of the closing of the Offering, and terminating at 5:00 p.m., New York City time on the earlier to occur of: (x) the date that
is five (5) years after the date on which the Company completes its initial Business Combination, (y) the liquidation of the Company
in accordance with the Company’s amended and restated memorandum and articles of association, as amended from time to time,
if the Company fails to complete a Business Combination, or (z) the Redemption Date (as defined below) as provided in Section 6.2
hereof (the “Expiration Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction
of any applicable conditions, as set forth in subsection 3.3.2 below with respect to an effective registration statement. Except
with respect to the right to receive the Redemption Price (as defined below) in the event of a redemption (as set forth in Section
6 hereof), each outstanding Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder
and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The
Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, that the Company
shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided
further that any such extension shall be identical in duration among all the Warrants.”

 

1.4 Exercise
of Warrants. Section 3.3.1(c) of the Existing Warrant Agreement is hereby deleted.

 

1.5 Exclusion
of Private Placement Warrants, the Working Capital Warrants and the Forward Purchase Warrants; Mandatory Cash Distribution. Section
6.4 of the Existing Warrant Agreement is hereby deleted and replaced with the following:

 

“6.4 Mandatory
Cash Distribution. Notwithstanding anything contained in this Agreement to the contrary, at the Effective
Time (as defined in the Merger Agreement), each Warrant issued and outstanding immediately prior to the Effective Time shall, automatically
and without any action by the Registered Holder thereof, be entitled to receive a cash distribution payable by or at the direction
of the Company as soon as reasonably practicable following the Effective Time, upon receipt of any documents as may reasonably
be required by the Warrant Agent, in the amount of $1.50.”

 

    3

     

    

 

1.6 Form
of Warrant Certificate. The second and third paragraphs of Exhibit A to the Existing Warrant Agreement are hereby
deleted and replaced with the following:

 

“Each
Warrant is initially exercisable for one-quarter of one fully paid and non-assessable Ordinary Share. No fractional shares will
be issued upon exercise of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest
in an Ordinary Share, the Company will, upon exercise, round down to the nearest whole number. The number of Ordinary Shares issuable
upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.

 

The
initial Exercise Price per Ordinary Share for any Warrant is equal to $2.875 per one-quarter share ($11.50 per whole share); provided
however, that a Warrant may not be exercised for a fractional share, so that only a multiple of four Warrants may be exercised
at a given time. The Exercise Price is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.”

 

2. Miscellaneous
Provisions.

 

2.1 Effectiveness
of Warrant. Each of the parties hereto acknowledges and agrees that the effectiveness of this Agreement
shall be expressly subject to the occurrence of the Transactions and shall automatically be terminated and shall be null and void
if the Merger Agreement shall be terminated for any reason.

 

2.2 Successors. All
the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to
the benefit of their respective successors and assigns.

 

2.3 Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed
in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in
the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim
against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of
New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum.

 

2.4 Counterparts. This
Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

2.5 Effect
of Headings. The section headings herein are for convenience only and are not part of this Agreement
and shall not affect the interpretation thereof.

 

2.6 Severability. This
Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

2.7 Entire
Agreement. The Existing Warrant Agreement, as modified by this Agreement, constitutes the entire understanding
of the parties and supersedes all prior agreements, understandings, arrangements, promises and commitments, whether written or
oral, express or implied, relating to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises
and commitments are hereby canceled and terminated.

 

[Signature page
follows]

 

    4

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

	 	THUNDER BRIDGE ACQUISITION, LTD.
	 	 
	 	By:	
	 	 	Name:    
	 	 	Title:  
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By:	 
	 	 	Name:   
	 	 	Title:  

 

[Signature Page
to Amendment of Warrant Agreement]

 

 

5

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