Document:

Exhibit 10.3

 

EXECUTION
VERSION

 

LIMITED GUARANTEE

 

This LIMITED GUARANTEE,
dated as of December 15, 2020 (as may be amended, restated, supplemented or otherwise modified, this “Limited Guarantee”),
by each of the parties listed on Exhibit A hereto (each, a “Guarantor” and collectively, the “Guarantors”),
is made in favor of Cardtronics plc, a public limited company incorporated in England and Wales (registered no. 10057418) (the
 “Guaranteed Party”). Reference is hereby made to that certain Acquisition Agreement, dated as of the date hereof
(as may be amended, restated, supplemented or otherwise modified, the “Acquisition Agreement”), by and between
the Guaranteed Party and Catalyst Holdings Limited, a private limited company incorporated in England and Wales (registered no.
13078098) (“BidCo”). Except as otherwise specified herein, each capitalized term used in this Limited Guarantee
and not defined herein shall have the meaning ascribed to such term in the Acquisition Agreement.

 

1.            Limited
Guarantee.

 

(a)            As
consideration for the Guaranteed Party entering into the Acquisition Agreement, each Guarantor hereby guarantees, severally and
not jointly, to the Guaranteed Party, on the terms and subject to the conditions set forth herein, the due and punctual payment
and performance of each of (but never more than any one of) a portion of BidCo’s obligation following the valid termination
of the Acquisition Agreement to pay to the Guaranteed Party (i) (x) the BidCo Termination Fee, if, when, and as due,
pursuant to Section 8.2(b)(iv) of the Acquisition Agreement, and (y) the amounts, if, when, and as due, pursuant
to Section 8.2(d) of the Acquisition Agreement (subject in all circumstances to a maximum aggregate amount of $500,000,
the “Enforcement Expenses Obligation”) or (ii) all amounts payable (and solely to the extent payable pursuant
to a final and non-appealable order of a court of competent jurisdiction) as damages (solely to the extent proven) as a result
of fraud by BidCo on or before the Effective Date under and in accordance with the terms of the Acquisition Agreement (subject
in all circumstances to a cap in the amount of the BidCo Termination Fee, the “Damages Obligation”) (the BidCo
Termination Fee, the Enforcement Expenses Obligation or the Damages Obligation, as applicable, the “Guaranteed Obligation”),
in each case, on the terms and subject to the conditions set forth in, the Acquisition Agreement (and subject in all respects to
the Maximum Liability Amount set forth therein) and this Limited Guarantee, in an amount equal to the percentage of the Maximum
Aggregate Amount (as defined below) set forth opposite such Guarantor’s name on Exhibit A hereto with respect
to either the BidCo Termination Fee (and, if applicable, the Enforcement Expenses Obligation) or the Damages Obligation, as applicable
(such amount with respect to each Guarantor is such Guarantor’s “Maximum Guarantor Amount” and such percentage
set forth opposite such Guarantor’s name on Exhibit A hereto with respect to either the BidCo Termination Fee
(and, if applicable, the Enforcement Expenses Obligation) or the Damages Obligation, as applicable, such Guarantor’s “Pro
Rata Percentage”); provided, that the maximum aggregate liability of each Guarantor hereunder shall not exceed
such Guarantor’s Maximum Guarantor Amount and the maximum aggregate liability of the Guarantors hereunder shall not exceed
$93,800,00 (such amount referred to herein as the “Maximum Aggregate Amount”). Notwithstanding anything herein
to the contrary, the Guaranteed Party agrees and acknowledges, on behalf of itself and its Related Persons (as defined below),
that (i) this Limited Guarantee may not be enforced without giving full and absolute effect to the provisions of this Limited
Guarantee limiting the Guarantors’ liability to the Maximum Aggregate Amount and limiting each Guarantor’s liability
to such Guarantor’s Maximum Guarantor Amount and (ii) the Guaranteed Party acknowledges and agrees that it will not,
directly or indirectly, seek to enforce this Limited Guarantee in violation thereof. The Guaranteed Party hereby, on behalf of
itself and its Related Persons, agrees and acknowledges that (A) the Guarantors shall in no event be required to pay to any
Person or Persons in the aggregate more than the Maximum Aggregate Amount (and that no Guarantor shall be required to pay to any
Person or Persons in the aggregate more than such Guarantor’s Maximum Guarantor Amount) under, in respect of, or in connection
with, this Limited Guarantee, the Acquisition Agreement, the Equity Commitment Letter, any other Transaction Document or any other
document or instrument delivered in connection herewith or therewith, or the transactions contemplated hereby or thereby (or the
termination or abandonment thereof) or otherwise, and (B) no Guarantor shall have any liability or obligation to any Person
under this Limited Guarantee, the Acquisition Agreement, the Equity Commitment Letter, any other Transaction Document or any other
document or instrument delivered in connection herewith or therewith, or the transactions contemplated hereby or thereby (or the
termination or abandonment thereof) or otherwise, other than as expressly set forth herein and solely to the extent thereof. In
addition, the Guaranteed Party hereby, on behalf of itself and its Related Persons, agrees and acknowledges that (a) no Guarantor
shall be required to pay (x) more than such Guarantor’s Pro Rata Percentage of the Maximum Aggregate Amount or (y) any
amounts required to be paid by any other Guarantor hereunder and (b) no demand by the Guaranteed Party shall be made, directly
or indirectly, on any Guarantor unless demand is also made on each other Guarantor in accordance with their respective Pro Rata
Percentages of the Guaranteed Obligation in accordance with the terms and conditions set forth herein. Notwithstanding anything
to the contrary contained in this Limited Guarantee, the Acquisition Agreement, the Equity Commitment Letter, any other Transaction
Document or any other document or instrument delivered in connection herewith or therewith or otherwise, the Guaranteed Party hereby
agrees, on behalf of itself and its Related Persons, that to the extent BidCo is relieved of all or any portion of its payment
or performance obligations under the Acquisition Agreement, by satisfaction or waiver thereof or pursuant to any other agreement
with the Guaranteed Party, the Guarantors shall be similarly relieved, to such extent, of their respective obligations under this
Limited Guarantee.

 

     

     

    

 

2.            Terms
of Limited Guarantee; Recovery Claim.

 

(a)            This
Limited Guarantee is a primary and original obligation of the Guarantors and is a guarantee of payment and performance (subject
to this Limited Guarantee’s terms and conditions and the terms and conditions of the Acquisition Agreement) and not of collection,
and the obligations of the Guarantors hereunder shall transfer, automatically and without any further action by the Guarantors
or BidCo, to any assignee of BidCo’s obligations under the Acquisition Agreement. Subject in all respects to Section 1
of this Limited Guarantee, a separate Proceeding may be brought and prosecuted against the Guarantors to enforce this Limited Guarantee
up to an amount equal to such Guarantor’s Maximum Guarantor Amount. Notwithstanding anything herein to the contrary, the
Guaranteed Party agrees and acknowledges, on behalf of itself and its Related Persons, that each Guarantor may assert, as a defense
to, or release or discharge of, any payment or performance by such Guarantor hereunder, any claim, set-off, deduction, defense
or release that BidCo or the Guarantors could assert against the Guaranteed Party under the terms of, or with respect to, the Acquisition
Agreement, or otherwise with respect to the Guaranteed Obligation.

 

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(b)            The
Guarantors agree and acknowledge that their respective obligations hereunder shall not be released or discharged in whole or in
part, or otherwise affected by:

 

(i)            any
change in the corporate existence, structure or ownership of BidCo or any Guarantor or any insolvency, bankruptcy, reorganization
or other similar proceeding of BidCo or any Guarantor or any of their Related Persons or affecting any of their respective assets;

 

(ii)            any
change in the manner, place or terms of payment or performance, or any change or extension of the time of payment or performance
of, renewal or alteration of, the Guaranteed Obligation, any liability or obligation incurred directly or indirectly in respect
thereof, or any amendment or waiver in accordance with the terms and conditions of the Acquisition Agreement or the documents entered
into in connection therewith, in each case, made in accordance with the terms thereof;

 

(iii)            the
existence of any claim, set-off or other right that the Guarantors may have at any time against BidCo or any of its Related Persons,
whether in connection with the Guaranteed Obligation or otherwise;

 

(iv)            the
right by statute or otherwise to require the Guaranteed Party to institute suit against BidCo or any of its Related Persons or
to exhaust any rights and remedies which the Guaranteed Party has or may have against BidCo or any of its Related Persons; or

 

(v)            the
failure or delay on the part of the Guaranteed Party to assert any claim or demand or to pursue or enforce any right, or remedy,
it may have against BidCo or any Guarantor.

 

Notwithstanding the foregoing or anything
to the contrary in this Limited Guarantee, the Guarantors shall be immediately fully released and discharged hereunder without
the need for any further action by any Person if the Guaranteed Obligation is paid by BidCo or any other Person.

 

(c)            The
Guarantors hereby expressly waive any and all rights or defenses arising by reason of any Law which would otherwise require any
election of remedies by the Guaranteed Party. The Guarantors waive promptness, diligence, notice of acceptance of this Limited
Guarantee and of the Guaranteed Obligation, presentment, demand for payment, notice of nonperformance, default, dishonor and protest,
notice of the incurrence of any Guaranteed Obligation and all other notices of any kind (except for notices to be provided to BidCo
pursuant to the Acquisition Agreement), all defenses which may be available by virtue of any stay, moratorium Law or other similar
Law now or hereafter in effect, any right to require the marshaling of assets of BidCo or any other Person interested in the transactions
contemplated by the Acquisition Agreement, and all suretyship defenses generally (in each case, other than (i) fraud, gross
negligence, bad faith or willful breach by the Guaranteed Party or any of its Related Persons, (ii) defenses to the payment
of the Guaranteed Obligation that are available to BidCo under the Acquisition Agreement or any other Transaction Document (other
than defense arising from the bankruptcy or insolvency of BidCo), (iii) breach by the Guaranteed Party of this Limited Guarantee
or (iv) payment in full of the Guaranteed Obligation).

 

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(d)            The
Guaranteed Party shall not be obligated to file any claim relating to any Guaranteed Obligation in the event that BidCo becomes
subject to a bankruptcy, reorganization or similar proceeding, and the failure of the Guaranteed Party to so file shall not affect
the Guarantors’ obligations hereunder.

 

3.            Sole
Remedy.

 

(a)            The
Guaranteed Party acknowledges and agrees, on behalf of itself and its Related Persons, that:

 

(i)            the
sole cash asset of BidCo is cash in a de minimis amount, and that no additional funds are expected to be contributed to
BidCo unless and until the Effective Date occurs in accordance with the terms and conditions of the Acquisition Agreement, and
that, without limiting the rights of the Guaranteed Party under this Limited Guarantee, and subject to all of the terms, conditions
and limitations herein and therein, the Guaranteed Party shall not have any right to cause any assets to be contributed to BidCo
by the Guarantors, any of the Guarantors’ Related Persons (as defined below) or any other Person;

 

(ii)            notwithstanding
anything that may be expressed or implied in this Limited Guarantee, the Acquisition Agreement, the Equity Commitment Letter, any
other Transaction Document or any other document or instrument delivered in connection herewith or therewith or the transactions
contemplated hereby or thereby, the Guarantors shall not have any liability or obligation to any Person relating to, arising out
of or in connection with, this Limited Guarantee, the Acquisition Agreement, the Equity Commitment Letter, any other Transaction
Document or any other document or instrument delivered in connection herewith or therewith or the transactions contemplated hereby
or thereby (or the termination or abandonment thereof), other than as expressly set forth herein or therein, and that no Person
other than the Guarantors shall have any liability or obligation hereunder; and

 

(iii)            notwithstanding
that each Guarantor is a partnership, limited partnership or limited liability company, the Guaranteed Party has no and shall have
no right of remedy, recourse or recovery (whether at Law or equity or in tort, contract or otherwise) against the Guarantors or
any Guarantor’s Related Persons (or any Related Person of such Persons), and no personal liability or obligation whatsoever
shall attach to any Guarantor’s Related Persons (or any Related Person of such Persons) (including, without limitation, any
liabilities or obligations arising under, or in connection with, this Limited Guarantee, the Acquisition Agreement, the Equity
Commitment Letter, any other Transaction Document or any other document or instrument delivered in connection herewith or therewith
or the transactions contemplated hereby or thereby (or the termination or abandonment thereof) or otherwise, or in respect of any
oral representations made or alleged to be made in connection therewith or herewith, including in the event BidCo breaches (whether
willfully, intentionally, unintentionally or otherwise) its obligations under this Limited Guarantee, the Acquisition Agreement,
the Equity Commitment Letter, any other Transaction Document or any other document or instrument delivered in connection herewith
or therewith or otherwise, whether or not any such breach is caused by the Guarantors breach (whether willfully, intentionally,
unintentionally or otherwise) of their obligations under this Limited Guarantee), in each case, whether by or through any Guarantor,
BidCo or any other Person, whether by or through attempted piercing of the corporate, limited liability company or limited partnership
veil or similar action, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute,
regulation or applicable Law, by or through a claim (whether at Law or equity or in tort, contract or otherwise) by or on behalf
of BidCo against the Guarantors or any Related Person of any Guarantor (or any Related Person of such Persons), or otherwise, except
for (and, in each case, solely to the extent of) its rights against the Guarantors expressly provided under this Limited Guarantee
pursuant to the terms and subject to the conditions hereof, and in no event shall the Guaranteed Party or any of its Related Persons
(or any Related Person of such Persons) seek any damages of any kind or any other recovery, judgment, or remedies of any kind (including
any multiple, consequential, indirect, special, statutory, exemplary or punitive damages) in excess of the Maximum Aggregate Amount
against the Guarantors or any Related Person of any Guarantor (or any Related Person of such Persons) pursuant to the terms and
subject to the conditions hereof (or, with respect to each Guarantor, more than the lesser of (x) such Guarantor’s Maximum
Guarantor Amount, if any and (y) such Guarantor’s Pro Rata Percentage of the Maximum Aggregate Amount).

 

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(b)            The
recourse against the Guarantors under this Limited Guarantee shall be the sole and exclusive remedy (whether at Law, in equity,
in contract, in tort or otherwise) of the Guaranteed Party and all of its Related Persons against the Guarantors and any Guarantor’s
Related Persons (and any Related Person of such Related Persons), and none of the Guarantors nor any Guarantor’s Related
Persons (nor any Related Person of such Persons) will have any liability or obligation to any Person, in each case, in respect
of any breaches, losses, damages, liabilities or obligations arising under, or in connection with, this Limited Guarantee, the
Acquisition Agreement, the Equity Commitment Letter, any other Transaction Document or any other document or instrument delivered
in connection herewith or therewith or the transactions contemplated hereby or thereby (or the termination or abandonment thereof)
or otherwise, including in respect of any oral representations made or alleged to be made in connection herewith or therewith.
The Guaranteed Party hereby unconditionally and irrevocably covenants and agrees that it shall not institute, directly or indirectly,
and shall cause its Related Persons (and any Related Person of such Persons) not to institute, directly or indirectly, any proceeding
or bring any other claim (whether at Law, in equity, in contract, in tort or otherwise) arising under, or in connection with, this
Limited Guarantee, the Acquisition Agreement, the Equity Commitment Letter, any other Transaction Document or any other document
or instrument delivered in connection herewith or therewith or the transactions contemplated hereby or thereby (or the termination
or abandonment thereof) or otherwise, or in respect of any oral representations made or alleged to be made in connection herewith
or therewith, against any Guarantor or any Guarantor’s Related Person (or any Related Person of such Persons), except for
claims of the Guaranteed Party against the Guarantors solely pursuant to the terms and subject to the conditions of this Limited
Guarantee. As used in this Limited Guarantee, the term “Related Person” shall mean, with respect to any Person,
any former, current or future direct or indirect equity holder, controlling person, general or limited partner, officer, director,
employee, investment professional, manager, stockholder, member, agent, affiliate, assignee, representative or financing source
of any of the foregoing; provided, that the definition of “Related Person” shall exclude the undersigned in
respect of its express obligations hereunder and BidCo in respect of its express obligations under the Acquisition Agreement.

 

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(c)            The
Guaranteed Party further unconditionally and irrevocably covenants and agrees that, notwithstanding anything contained herein or
otherwise, the Guaranteed Party has no right to recover, and shall not recover, and the Guaranteed Party shall not institute, directly
or indirectly, and shall cause its Related Persons (and any Related Person of such Persons) not to institute, directly or indirectly,
any Proceeding or bring any other claim in the name of or on behalf of the Guaranteed Party to recover more than the Maximum Aggregate
Amount in respect of any breaches, losses, damages, liabilities or obligations arising under, or in connection with, this Limited
Guarantee, the Acquisition Agreement, the Equity Commitment Letter, any other Transaction Document or any other document or instrument
delivered in connection herewith or therewith or the transactions contemplated hereby or thereby (or the termination or abandonment
thereof) or otherwise, and the Guaranteed Party shall promptly return all monies paid to it or its Related Persons in excess of
the Maximum Aggregate Amount or applicable Maximum Guarantor Amount to the applicable Guarantor or Guarantors.

 

(d)            Nothing
set forth in this Limited Guarantee shall confer or give to any Person other than the Guaranteed Party any rights, remedies or
recourse against any Person, including the Guarantors and their Related Persons (and any Related Person of such Persons), except
as expressly set forth herein. The Guaranteed Party acknowledges and agrees, on behalf of itself and its Related Persons, that
each Guarantor is agreeing to enter into this Limited Guarantee in reliance on the provisions set forth in this Section 3.
This Section 3 shall survive the termination of this Limited Guarantee.

 

4.            Representations
and Warranties. Each Guarantor, severally and not jointly, and not jointly and severally, hereby represents and warrants with
respect to itself that:

 

(a)            it
has all the power and authority to execute, deliver and perform this Limited Guarantee;

 

(b)            the
execution, delivery and performance of this Limited Guarantee have been duly and validly authorized and approved by all necessary
action by such Guarantor, and this Limited Guarantee has been duly and validly executed and delivered by such Guarantor;

 

(c)            this
Limited Guarantee constitutes a legal, valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance
with its terms (except to the extent that enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium or similar Laws relating to or affecting creditors’ rights generally, or by general principles
of equity); and

 

(d)            such
Guarantor has available funds or unfunded capital commitments in an amount not less than such Guarantor’s Maximum Guarantor
Amount or has such other financial means at its disposal to enable such Guarantor to pay such Guarantor’s Maximum Guarantor
Amount when due pursuant to the terms and subject to the conditions of this Limited Guarantee.

 

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5.            Termination.
This Limited Guarantee shall terminate and be of no further force and effect and the Guarantors shall have no further liability
or obligation under this Limited Guarantee, the Acquisition Agreement, the Equity Commitment Letter, any other Transaction Document
or any other document or instrument delivered in connection herewith or therewith or in respect of the transactions contemplated
hereby or thereby (or the termination or abandonment thereof), as of the earliest to occur of: (i) the Effective Date; (ii) the
payment in full of the Guaranteed Obligation; (iii) the valid termination of the Acquisition Agreement in accordance with
its terms in any circumstances other than pursuant to which BidCo would be required pursuant to the terms and subject to the conditions
of the Acquisition Agreement to make any payment of any Guaranteed Obligation; (iv) the date that is sixty (60) days after
the termination of the Acquisition Agreement if the Acquisition Agreement is terminated in any of the circumstances pursuant to
which BidCo would be required pursuant to the terms and subject to the conditions of the Acquisition Agreement to make a payment
of the Guaranteed Obligation described in Section 1(a) if (A) by such date the Guaranteed Party shall have
made a claim in writing with respect to such Guaranteed Obligation during such sixty (60)-day period and (B) the Guaranteed
Party shall have commenced a Proceeding during such sixty (60)-day period in accordance with Section 15 against the
Guarantors alleging that BidCo is liable for such Guaranteed Obligation, in which case, this Limited Guarantee shall survive solely
with respect to amounts claimed or alleged to be so owing; provided, that with respect to this clause (iv), the Guarantors
shall not have any further liability or obligation under this Limited Guarantee from and after the earlier of (A) the entry
of a final, non-appealable Order of a court of competent jurisdiction and (B) the execution and delivery of a written agreement
between the Guarantors, on the one hand, and the Guaranteed Party, on the other hand, and, in either case, the payment by the Guarantors
to the Guaranteed Party of all amounts payable by the Guarantors pursuant to such Order or agreement; and (v) the termination
of this Limited Guarantee by mutual written agreement of the Guarantors and the Guaranteed Party. Upon any termination of this
Limited Guarantee, no Person shall have any rights or claims (whether at Law, in equity, in contract, in tort or otherwise) against
BidCo, the Guarantors or their respective Related Persons (and any Related Person of such Persons) under this Limited Guarantee,
the Acquisition Agreement, the Equity Commitment Letter, any other Transaction Document or any other document or instrument delivered
in connection herewith or therewith or in connection with, the transactions contemplated hereby or thereby (or the termination
or abandonment thereof) or otherwise, or in respect of any oral representations made or alleged to be made in connection herewith
or therewith, whether at Law or equity, in contract, in tort or otherwise, and none of BidCo the Guarantors or their respective
Related Persons (or any Related Person of such Persons) shall have any further liability or obligation relating to or arising from
this Limited Guarantee, the Acquisition Agreement, the Equity Commitment Letter, any other Transaction Document or any other document
or instrument delivered in connection herewith or therewith or the transactions contemplated hereby or thereby (or the termination
or abandonment thereof) or otherwise, or in respect of any oral representations made or alleged to be made in connection herewith
or therewith, whether at Law or equity, in contract, in tort or otherwise except that Section 3, this Section 5,
Section 6, Section 7 and Section 9 through and including Section 16 will survive
termination of this Limited Guarantee in accordance with their respective terms and conditions. In the event that the Guaranteed
Party, any Related Person of the Guaranteed Party or any other Person who could be a beneficiary of this Limited Guarantee, or
any other Person who is acting on behalf of, or at the direction of, any of the foregoing, asserts, directly or indirectly, in
any litigation or any other Proceeding (whether at Law, in equity, in contract, in tort or otherwise) (a) that the provisions
of Section 1 hereof limiting the Guarantors’ aggregate liability to the Maximum Aggregate Amount (or, with respect
to each Guarantor, the lesser of (x) such Guarantor’s Maximum Guarantor Amount, if any and (y) such Guarantor’s
Pro Rata Percentage of the Maximum Aggregate Amount) or the provisions of Section 3 hereof or the provisions of this
Section 5 are illegal, invalid or unenforceable, in whole or in part or (b) any theory of liability against any
Guarantor or any of its Related Persons (or any Related Person of such Persons) with respect to the transactions contemplated by
this Limited Guarantee, the Acquisition Agreement, the Equity Commitment Letter, any other Transaction Document or any other document
or instrument delivered in connection herewith or therewith, or any of the transactions contemplated hereby or thereby (or the
termination or abandonment thereof) or otherwise (including, in each case, in respect of any oral representations made or alleged
to be made in connection herewith or therewith) other than, solely with respect to this clause (b), any claim by the Guaranteed
Party against the Guarantors in respect of such Guarantor’s obligation to fund its portion of any Guaranteed Obligation up
to its Maximum Guarantor Amount in accordance with, and solely to the extent permitted by, this Limited Guarantee, then (x) the
obligations of the Guarantors under this Limited Guarantee shall immediately terminate without the need for any further action
by any Person and shall thereupon be null and void ab initio and of no further force and effect, (y) if any Guarantor has
previously made any payments under this Limited Guarantee, such Guarantor shall be entitled to recover such payments from the Guaranteed
Party and (z) none of BidCo, nor the Guarantors nor any of their respective Related Persons (nor any Related Person of such
Persons) shall have any liability or obligation to the Guaranteed Party or any of its Related Persons (or any Related Person of
such Persons) with respect to the transactions contemplated by the Acquisition Agreement, the Equity Commitment Letter, this Limited
Guarantee, any other Transaction Document or any other document or instrument delivered in connection herewith or therewith or
the transactions contemplated hereby or thereby (including in respect of any oral representations made or alleged to be made in
connection therewith), or the termination or abandonment thereof.

 

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6.            Entire
Agreement. This Limited Guarantee, together with the Acquisition Agreement and Equity Commitment Letter, constitute the entire
agreement among the parties with respect to the subject matter hereof and thereof and supersede and cancel any and all prior or
contemporaneous discussions, negotiations, proposals, undertakings, understandings and agreements, whether written or oral, express
or implied, among BidCo and the Guarantors or any of their Related Persons (or any Related Person of such Persons), on the one
hand, and the Guaranteed Party or any of its Related Persons (or any Related Person of such Persons), on the other hand regarding
the subject matter hereof. Except as expressly provided in this Limited Guarantee, no representation or warranty has been made
or relied upon by any of the parties to this Limited Guarantee with respect to this Limited Guarantee.

 

7.            Amendments
and Waivers. No amendment or waiver of any provision of this Limited Guarantee will be valid and binding unless it is in writing
and signed, in the case of an amendment, by each of the Guarantors and the Guaranteed Party or, in the case of a waiver, by the
party or each of the parties against whom the waiver is to be effective (with any waiver of any Guarantor being applicable to all
Guarantors). No waiver by any party of any breach or violation of, or default under, this Limited Guarantee, whether intentional
or not, will be deemed to extend to any prior or subsequent breach, violation or default hereunder or affect in any way any rights
arising by virtue of any prior or subsequent such occurrence. No delay or omission on the part of any party in exercising any right,
power or remedy under this Limited Guarantee will operate as a waiver thereof.

 

8.            Payments.
All payments to be made hereunder by each Guarantor shall be made in lawful money of the United States of America at the time of
payment, and shall be made in immediately available funds.

 

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9.            Counterparts;
Notices.

 

(a)            Counterparts.
This Limited Guarantee agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts
(and may be delivered by facsimile transmission or via email as a portable document format), each of which when so executed shall
be deemed to be an original and all of which taken together shall constitute one and the same instrument.

 

(b)     Notices.     All
notices, requests, claims, demands and other communications hereunder shall be in writing and shall be deemed given (x) when
delivered personally by hand (with written confirmation of receipt by other than automatic means, whether electronic or otherwise),
(y) when sent by e-mail (with non-automated written confirmation of receipt) or (z) one (1) Business Day following
the day sent by an internationally recognized overnight courier (with written confirmation of receipt), in each case, at the following
addresses or e-mail addresses (or to such other address or e-mail address as a party may have specified by notice given to the
other party pursuant to this provision):

 

If to any Guarantor, to:

 

c/o Apollo Management IX, L.P.

9 West 57th Street, 43rd Floor

New York, NY 10019

Attn:       Robert Kalsow-Ramos,
Partner

Jim Elworth, Deputy General Counsel

Email:   
rkalsow-ramos@apollo.com

jelworth@apollo.com

 

with a copy (which shall not constitute
actual or constructive notice) to:

 

Paul, Weiss, Rifkind, Wharton &
Garrison LLP

1285 Avenue of the Americas

New York, NY 10019

Attn:      Taurie M.
Zeitzer, Esq.

Brian Scrivani, Esq.

Email:   
tzeitzer@paulweiss.com

bscrivani@paulweiss.com

 

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If to the Guaranteed Party, to:

 

Cardtronics plc

2050 W. Sam Houston
Parkway South

Suite 1300

Houston, TX 77042

Attention: General Counsel

Email: akilleen@cardtronics.com

 

with a copy (which shall not constitute actual or
constructive notice) to:

 

Weil, Gotshal &
Manges LLP

767 Fifth Avenue

New York, New York 10153

Attention: Michael J. Aiello

   Jackie Cohen

E-mail:     michael.aiello@weil.com

   jackie.cohen@weil.com

 

		and	

 

Ashurst LLP

London Fruit & Wool
Exchange

1 Duval Square, London, E1 6PW

Attention: Karen Davies

   Nick Williamson

E-mail:     Karen.davies@ashurst.com

   Nick.williamson@ashurst.com

 

10.            No
Assignment. This Limited Guarantee and all of the provisions hereof shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and permitted assigns, except that neither this Limited Guarantee nor any of the rights,
interests or obligations hereunder may be assigned or delegated by either the Guarantors or the Guaranteed Party to any other Person
without the prior written consent of the Guaranteed Party (in the case of an assignment by any Guarantor) or all of the Guarantors
(in the case of an assignment by the Guaranteed Party) and any purported assignment without such consent shall be null and void
and of no force and effect, except that if a portion of any Guarantor’s commitment under the Equity Commitment Letter is
assigned in accordance with the terms thereof, then a corresponding portion of the Guaranteed Obligation hereunder may be assigned
to the same assignee; provided, that any such assignment will not relieve such Guarantor of its obligations under this Limited
Guarantee.

 

11.            No
Third Party Beneficiaries. This Limited Guarantee is not intended to, and does not, confer upon any Person other than the parties
hereto any rights or remedies hereunder, except that each Related Person of any Guarantor (and any Related Person of such Persons)
shall be considered a third party beneficiary of the provisions of Section 3 and Section 5 hereof

 

12.            Interpretation.
The headings and titles contained in this Limited Guarantee are for convenience purposes only and will not in any way affect the
meaning or interpretation hereof The parties have participated jointly in negotiating and drafting this Limited Guarantee. If an
ambiguity or a question of intent or interpretation arises, this Limited Guarantee shall be construed as if drafted jointly by
the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of
any provision of this Limited Guarantee.

 

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13.            Confidentiality.
This Limited Guarantee is being provided to the Guaranteed Party solely in connection with the Acquisition Agreement and the transactions
contemplated thereby. The Guaranteed Party shall keep strictly confidential this Limited Guarantee and all information obtained
by it with respect to the Guarantors in connection with this Limited Guarantee, and will use such information solely in connection
with the transactions contemplated hereby. This Limited Guarantee may not be used, circulated, quoted or otherwise referred to
in any document, except with the prior written consent of each of the Guarantors, if required by applicable Law or by any Order
or by a recognized stock exchange, governmental department or agency or other supervisory or regulated body, or in connection with
court or other Proceedings to enforce the terms and conditions of this Limited Guarantee.

 

14.            Severability.
Any term or provision of this Limited Guarantee that is invalid or unenforceable in any situation in any jurisdiction will not
affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending
term or provision in any other situation or in any other jurisdiction; provided, however, that this Limited Guarantee may
not be enforced without giving full and absolute effect to the limitation of the amount payable by the Guarantors hereunder to
the Maximum Aggregate Amount and by each Guarantor to its Maximum Guarantor Amount and its Pro Rata Percentage limitations provided
in Section 1 hereof and to the provisions of Section 3 hereof.

 

15.            Governing
Law; Forum.

 

(a)            This
Limited Guarantee and all claims or causes of action (whether at Law, in contract or in tort or otherwise) that may be based upon,
arise out of or relate to this Limited Guarantee or the negotiation, execution or performance hereof shall be governed by, and
construed in accordance with, the Laws of the State of Delaware, without giving effect to conflicts of laws principles that would
result in the application of the Law of any other state.

 

(b)            To
the fullest extent permitted by applicable Law, each of the parties irrevocably (i) consents to submit itself, and hereby
submits itself, to the personal jurisdiction of the Court of Chancery of the State of Delaware, or solely in the case that the
Court of Chancery of the State of Delaware declines to accept jurisdiction over a particular matter, any state or federal court
located in the State of Delaware, in the event any dispute arises out of this Limited Guarantee or any of the transactions contemplated
by this Limited Guarantee, (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion, as
a defense, or other request for leave from any such court, and agrees not to plead or claim (or counterclaim) any objection to
the laying of venue in any such court or that any Proceeding in any such court has been brought in an inconvenient forum, (iii) agrees
that it will not bring any action relating to this Limited Guarantee or any of the transactions contemplated by this Limited Guarantee
in any court other than the Court of Chancery of the State of Delaware, or solely in the case that the Court of Chancery of the
State of Delaware declines to accept jurisdiction over a particular matter, any state or federal court located in the State of
Delaware, (iv) agrees not to assert that it and its property is exempt or immune from jurisdiction of any such court or from
any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid
of execution of judgment, execution of judgment or otherwise), (v) agrees that this Limited Guarantee, and the subject matter
hereof, may be enforced in or by such courts and (vi) consents to service of process being made through the notice procedures
set forth in Section 9(b); provided, that (A) nothing herein shall affect the right of any party to serve legal
process in any other manner permitted by Law and (B) each such party’s consent to jurisdiction and service contained
in this Section 15 is solely for the purpose referred to in this Section 15 and shall not be deemed to
be a general submission to said courts or in the State of Delaware other than for such purpose.

 

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16.            Waiver
of Trial by Jury. EACH OF THE PARTIES HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY IRREVOCABLY WAIVES ANY AND ALL RIGHTS
TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATED TO THIS LIMITED GUARANTEE OR THE TRANSACTIONS CONTEMPLATED HEREBY
(INCLUDING ANY ACTION, LEGAL PROCEEDING, CLAIM OR COUNTERCLAIM INVOLVING ANY FINANCING SOURCE).

 

[Remainder of Page Intentionally Left
Blank]

 

    12 

     

    

 

IN WITNESS WHEREOF,
the undersigned have duly executed and delivered this Limited Guarantee as of the date first set forth above.

 

	GUARANTORS:	 
	 	 
	APOLLO INVESTMENT FUND IX, L.P.	 
	 	 
	 	 
	By:	Apollo Advisors IX, L.P.,	 
	 	its general partner	 
	 	 
	By:	Apollo Capital Management IX, LLC,	 
	 	its general partner	 
	 	 
	By:	/s/ Laurie D. Medley	 
	 	Name: Laurie D. Medley	 
	 	Title: Vice President	 
	 	 
	APOLLO OVERSEAS PARTNERS (DELAWARE 892) IX, L.P.	 
	 	 
	 	 
	By:	Apollo Advisors IX, L.P.,	 
	 	its general partner	 
	 	 
	By:	Apollo Capital Management IX, LLC,	 
	 	its general partner	 
	 	 
	By:	/s/ Laurie D. Medley	 
	 	Name: Laurie D. Medley	 
	 	Title: Vice President	 
	 	 
	APOLLO OVERSEAS PARTNERS (DELAWARE) IX, L.P.	 
	 	 
	 	 
	By:	Apollo Advisors IX, L.P.,	 
	 	its general partner	 
	 	 
	By:	Apollo Capital Management IX, LLC,	 
	 	its general partner	 
	 	 
	By:	/s/ Laurie D. Medley	 
	 	Name: Laurie D. Medley	 
	 	Title: Vice President	 

 

     

     

    

 

	APOLLO OVERSEAS PARTNERS IX, L.P.	 
	 	 
	 	 
	By:	Apollo Advisors IX, L.P.,	 
	 	its general partner	 
	 	 
	By:	Apollo Capital Management IX, LLC,	 
	 	its general partner	 
	 	 
	By:	/s/ Laurie D. Medley	 
	 	Name: Laurie D. Medley	 
	 	Title: Vice President	 

 

	APOLLO OVERSEAS PARTNERS (LUX) IX, GP, S.A R.L., as general partner of	 
	 	 
	Apollo Overseas Partners (Lux) IX SCSp, acting by its alternative investment fund manager	 
	 	 
	Apollo Investment Management Europe LLP, acting by its delegate	 
	 	 
	Apollo Management IX, L.P., acting by its general partner	 
	 	 
	AIF IX Management LLC, acting by	 
	 	 
	By:	/s/ Laurie D. Medley	 
	 	Name: Laurie D. Medley	 
	 	Title: Vice President	 

 

[Signature
Page to Limited Guarantee]

 

     

     

    

 

GUARANTEED PARTY:

 

	Cardtronics plc	 
	 	 
	By:	/s/ Mark Rossi	 
	 	Name:	Mark Rossi	 
	 	Title:	Chairman of the Board of Directors	 

 

[Signature
Page to Limited Guarantee]Exhibit (10)(a)

    

    

    

    

    

    

    Consent of Independent Registered Public Accounting Firm

    

    

    

    

    We consent to the reference to our firm under the caption “Independent Registered Public Accounting Firm” in
      Post-Effective Amendment No. 58 to the 1933 Act Registration Statement (Form N-4 No. 333-138190) and Amendment No. 796 to the 1940 Act Registration
      Statement (Form N-4 No. 811-08517), and to the use therein of our reports dated (a) March 13, 2020, with respect to the consolidated financial statements of The Lincoln National Life Insurance Company and (b) April 15, 2020, with respect to the financial statements of Lincoln Life Variable Annuity Account
      N for the registration of interests in a separate account under individual flexible payment deferred variable annuity contracts.

    

    

    

    

    

    

    

    

    /s/ Ernst & Young LLP

    Philadelphia, Pennsylvania

    December 15, 2020

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