Document:

Exhibit 10.4

 

REGISTRATION
RIGHTS AGREEMENT

THIS REGISTRATION
RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of [●], 2020 by and between (i)
Megalith Financial Acquisition Corp., a Delaware corporation (“Purchaser”), and (ii) Customers
Bank, a Pennsylvania state-chartered bank (the “Investor”).

WHEREAS,
on August 6, 2020, (i) Purchaser, (ii) MFAC Merger Sub Inc., a Pennsylvania corporation and a wholly-owned subsidiary of the Purchaser
(“Merger Sub”), (iii) the Investor and (iv) BankMobile Technologies, Inc., a Pennsylvania corporation
(the “Company”), entered into that certain Agreement and Plan of Merger (as amended from time to time
in accordance with the terms thereof, the “Merger Agreement”);

WHEREAS,
pursuant to the Merger Agreement, subject to the terms and conditions thereof, upon the consummation of the transactions contemplated
thereby (the “Closing”), among other matters, the Company will merge with and into Merger Sub, with Merger
Sub continuing as the surviving entity and a wholly-owned subsidiary of Purchaser, and with the Investor, as the Company’s
sole stockholder, receiving a mix of cash and shares of the Purchaser’s Class A common stock (the “Merger Consideration
Shares”), all upon the terms and subject to the conditions set forth in the Merger Agreement and in accordance with
the provisions of applicable law;

WHEREAS,
in connection with the Closing, the Investor will enter into a lock-up agreement with Purchaser (as amended from time to time in
accordance with the terms thereof, a “Lock-Up Agreement”), pursuant to which Investor will agree not
to transfer the Merger Consideration Shares for a certain period of time after the Closing as stated in the Lock-Up Agreement;
and

WHEREAS,
the parties desire to enter into this Agreement to provide the Investor with certain rights relating to the registration of the
Merger Consideration Shares received by the Investor under the Merger Agreement, including any additional Merger Consideration
Shares issued after the Closing pursuant to Section 1.14 of the Merger Agreement.

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

1.
DEFINITIONS. Any capitalized term used but not defined in this Agreement will have the meaning ascribed to
such term in the Merger Agreement. The following capitalized terms used herein have the following meanings:

“Agreement”
means this Agreement, as amended, restated, supplemented, or otherwise modified from time to time.

“Closing”
is defined in the recitals to this Agreement.

“Company”
is defined in the recitals to this Agreement.

“Demand
Registration” is defined in Section 2.1.1.

“Demanding
Holder” is defined in Section 2.1.1.

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time.

    	 

    	 

    

 

“Founder
Registration Rights Agreement” means that certain Registration Rights Agreement, dated as of August 23, 2018, by
and among Purchaser, MFA Investor Holdings LLC and Chardan Capital Markets, LLC, as amended from time to time in accordance with
the terms thereof.

“Founder
Securities” means those securities included in the definition of “Registrable Security” specified in
the Founder Registration Rights Agreement.

“Indemnified
Party” is defined in Section 4.3.

“Indemnifying
Party” is defined in Section 4.3.

“Investor(s)”
is defined in the preamble to this Agreement, and includes any transferee of the Registrable Securities (so long as they remain
Registrable Securities) of the Investor permitted under this Agreement and the Lock-Up Agreement.

“Investor
Indemnified Party” is defined in Section 4.1.

“Lock-Up
Agreement” is defined in the recitals to this Agreement.

“Maximum
Number of Securities” is defined in Section 2.1.4.

“Merger
Agreement” is defined in the recitals to this Agreement.

“Piggy-Back
Registration” is defined in Section 2.2.1.

“PIPE
Investment” is defined in the Merger Agreement.

“Pro
Rata” is defined in Section 2.1.4.

“Proceeding”
is defined in Section 6.9.

“Purchaser”
is defined in the preamble to this Agreement, and shall include Purchaser’s successors by merger, acquisition, reorganization
or otherwise.

“Purchaser
Common Stock” means shares of Class A common stock, par value $0.0001 per share, of the Purchaser, and Class B common
stock, par value $0.0001 per share of the Purchaser, along with any equity securities paid as dividends or distributions after
the Closing with respect to such shares or into which such shares are exchanged or converted after the Closing.

“Register,”
“Registered” and “Registration” mean a registration or offering effected by
preparing and filing a registration statement or similar document in compliance with the requirements of the Securities Act, and
the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.

“Registrable
Securities” means all of the Merger Consideration Shares, including any shares of Purchaser Common Stock issued after
the Closing pursuant to Section 1.14 of the Merger Agreement. Registrable Securities include any warrants, capital shares or other
securities of Purchaser issued as a dividend or other distribution with respect to or in exchange for or in replacement of the
foregoing securities. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when:
(a) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and
such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (b)
such securities shall have been otherwise

 

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transferred, new certificates for them
not bearing a legend restricting further transfer shall have been delivered by Purchaser and subsequent public distribution of
them shall not require registration under the Securities Act; (c) such securities shall have ceased to be outstanding; or (d) such
securities are freely saleable under Rule 144 without volume limitations. Notwithstanding anything to the contrary contained herein,
securities shall only be “Registrable Securities” under this Agreement if they are held by the Investor or a transferee
of the Investor permitted under this Agreement and the Lock-Up Agreement.

“Registration
Statement” means a registration statement filed by Purchaser with the SEC in compliance with the Securities Act and
the rules and regulations promulgated thereunder for a public offering and sale of equity securities, or securities or other obligations
exercisable or exchangeable for, or convertible into, equity securities (other than a registration statement on Form S-4 or Form
S-8, or their successors, or any registration statement covering only securities proposed to be issued in exchange for securities
or assets of another entity).

“Rule
144” means Rule 144 promulgated under the Securities Act.

“SEC”
means the United States Securities and Exchange Commission or any successor thereto.

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect at the time.

“Short
Form Registration” is defined in Section 2.3.

“Specified
Courts” is defined in Section 6.9.

“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of
such dealer’s market-making activities.

2.
REGISTRATION RIGHTS.

2.1
Demand Registration.

2.1.1
Request for Registration. Subject to Section 2.4, at any time and from time to time after the Closing, Investors
holding a majority-in-interest of the Registrable Securities then issued and outstanding may make a written demand for registration
under the Securities Act of all or part of their Registrable Securities (a “Demand Registration”). Any
demand for a Demand Registration shall specify the number of Registrable Securities proposed to be sold and the intended method(s)
of distribution thereof. Within thirty (30) days following receipt of any request for a Demand Registration, Purchaser will notify
all other Investors holding Registrable Securities of the demand, and each Investor holding Registrable Securities who wishes to
include all or a portion of such Investor’s Registrable Securities in the Demand Registration (each such Investor including
shares of Registrable Securities in such registration, a “Demanding Holder”) shall so notify Purchaser
within fifteen (15) days after the receipt by the Investor of the notice from Purchaser. Upon any such request, the Demanding Holders
shall be entitled to have their Registrable Securities included in the Demand Registration, subject to Section 2.1.4 and the provisos
set forth in Section 3.1.1. Purchaser shall not be obligated to effect more than an aggregate of three (3) Demand Registrations
under this Section 2.1.1 in respect of all Registrable Securities. Notwithstanding anything in this Section 2.1 to the contrary,
Purchaser shall not be obligated to effect a Demand Registration, (i) if a Piggy-Back Registration had been available to the Demanding
Holder(s) within the one hundred twenty (120) days preceding the date of request for the Demand Registration, (ii) within sixty
(60) days after the effective date of a previous registration effected with respect to the Registrable Securities pursuant this
Section 2.1, or (iii) during any period (not to exceed one hundred eighty (180) days) following the closing

 

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of the completion of an offering of
securities by Purchaser if such Demand Registration would cause Purchaser to breach a “lock-up” or similar provision
contained in the underwriting agreement for such offering.

2.1.2
Effective Registration. A Registration will not count as a Demand Registration until the Registration Statement filed
with the SEC with respect to such Demand Registration has been declared effective and Purchaser has complied in all material respects
with its obligations under this Agreement with respect thereto; provided, however, that if, after such Registration Statement has
been declared effective, the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop
order or injunction of the SEC or any other governmental agency or court, the Registration Statement with respect to such Demand
Registration will be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed,
rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter elect to continue the offering;
provided, further, that Purchaser shall not be obligated to file a second Registration Statement until a Registration Statement
that has been filed is counted as a Demand Registration or is terminated.

2.1.3
Underwritten Offering. If a majority-in-interest of the Demanding Holders so elect and advise Purchaser as part of
their written demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration
shall be in the form of an underwritten offering. In such event, the right of any Demanding Holder to include its Registrable Securities
in such registration shall be conditioned upon such Demanding Holder’s participation in such underwritten offering and the
inclusion of such Demanding Holder’s Registrable Securities in the underwritten offering to the extent provided herein. All
Demanding Holders proposing to distribute their Registrable Securities through such underwritten offering shall enter into an underwriting
agreement in customary form with the Underwriter or Underwriters selected for such underwritten offering by a majority-in-interest
of the Investors initiating the Demand Registration and reasonably acceptable to Purchaser.

2.1.4
Reduction of Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten
offering advises Purchaser and the Demanding Holders in writing that the dollar amount or number of Registrable Securities which
the Demanding Holders desire to sell, taken together with all other shares of Purchaser Common Stock or other securities which
Purchaser desires to sell and the shares of Purchaser Common Stock or other securities, if any, as to which Registration by Purchaser
has been requested pursuant to written contractual piggy-back registration rights held by other security holders of Purchaser who
desire to sell, exceeds the maximum dollar amount or maximum number of shares that can be sold in such offering without adversely
affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such
maximum dollar amount or maximum number of securities, as applicable, the “Maximum Number of Securities”),
then Purchaser shall include in such Registration: (i) first, the Registrable Securities as to which Demand Registration has been
requested by the Demanding Holders and the Founder Securities for the account of any Persons who have exercised demand registration
rights pursuant to the Founder Registration Rights Agreement during the period under which the Demand Registration hereunder is
ongoing (all pro rata in accordance with the number of securities that each applicable Person has requested be included in such
registration, regardless of the number of securities held by each such Person, as long as they do not request to include more securities
than they own (such proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding
the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the
foregoing clause (i), the shares of Purchaser Common Stock or other securities that Purchaser desires to sell that can be sold
without exceeding the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been
reached under the foregoing clauses (i) and (ii), the Registrable Securities of Investors as to which registration has been requested
pursuant to Section 2.2 and the Founder Securities as to which registration has been requested pursuant to the applicable written
contractual piggy-back registration rights of the Founder Registration

 

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Rights Agreement, Pro Rata among the
holders thereof based on the number of securities requested by such holders to be included in such registration, that can be sold
without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not
been reached under the foregoing clauses (i), (ii) and (iii), the shares of Purchaser Common Stock or other securities for the
account of other Persons that Purchaser is obligated to register pursuant to written contractual arrangements with such Persons
that can be sold without exceeding the Maximum Number of Securities. In the event that Purchaser securities that are convertible
into shares of Purchaser Common Stock are included in the offering, the calculations under this Section 2.1.4 shall include
such Purchaser securities on an as-converted to Purchaser Common Stock basis.

2.1.5
Withdrawal. If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwritten offering
or are not entitled to include all of their Registrable Securities in any offering, such majority-in-interest of the Demanding
Holders may elect to withdraw from such offering by giving written notice to Purchaser and the Underwriter or Underwriters of their
request to withdraw prior to the effectiveness of the Registration Statement filed with the SEC with respect to such Demand Registration.
If the majority-in-interest of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration in such
event, then such registration shall not count as a Demand Registration provided for in Section 2.1.

2.2
Piggy-Back Registration.

2.2.1
Piggy-Back Rights. Subject to Section 2.4, if at any time after the Closing Purchaser proposes to file a Registration
Statement under the Securities Act with respect to the Registration of or an offering of equity securities, or securities or other
obligations exercisable or exchangeable for, or convertible into, equity securities, by Purchaser for its own account or for security
holders of Purchaser for their account (or by Purchaser and by security holders of Purchaser including pursuant to Section 2.1),
other than a Registration Statement (i) filed in connection with any employee share option or other benefit plan, (ii) for an exchange
offer or offering of securities solely to Purchaser’s existing security holders, (iii) for an offering of debt that is convertible
into equity securities of Purchaser, or (iv) for a dividend reinvestment plan, then Purchaser shall (x) give written notice of
such proposed filing to Investors holding Registrable Securities as soon as practicable but in no event less than ten (10) days
before the anticipated filing date, which notice shall describe the amount and type of securities to be included in such Registration
or offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any,
of the offering, and (y) offer to Investors holding Registrable Securities in such notice the opportunity to register the sale
of such number of Registrable Securities as such Investors may request in writing within five (5) days following receipt of such
notice (a “Piggy-Back Registration”). To the extent permitted by applicable securities laws with respect
to such registration by Purchaser or another demanding security holder, Purchaser shall use its best efforts to cause (i) such
Registrable Securities to be included in such registration and (ii) the managing Underwriter or Underwriters of a proposed underwritten
offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration on the same terms and conditions
as any similar securities of Purchaser and to permit the sale or other disposition of such Registrable Securities in accordance
with the intended method(s) of distribution thereof. All Investors holding Registrable Securities proposing to distribute their
securities through a Piggy-Back Registration that involves an Underwriter or Underwriters shall enter into an underwriting agreement
in customary form with the Underwriter or Underwriters selected for such Piggy-Back Registration.

2.2.2
Reduction of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an
underwritten offering advises Purchaser and Investors holding Registrable Securities proposing to distribute their Registrable
Securities through such Piggy-Back Registration in writing that the dollar amount or number of shares of Purchaser Common Stock
or other Purchaser securities which Purchaser desires to sell, taken together with the shares of Purchaser Common Stock or other

 

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Purchaser securities, if any, as to
which registration has been demanded pursuant to written contractual arrangements with Persons other than the Investors holding
Registrable Securities hereunder, the Registrable Securities as to which registration has been requested under this Section 2.2,
and the shares of Purchaser Common Stock or other Purchaser securities, if any, as to which registration has been requested pursuant
to the written contractual piggy-back registration rights of other security holders of Purchaser, exceeds the Maximum Number of
Securities, then Purchaser shall include in any such registration:

(a)
If the registration is undertaken for Purchaser’s account: (i) first, the shares of Purchaser Common Stock or other
securities that Purchaser desires to sell that can be sold without exceeding the Maximum Number of Securities; (ii) second, to
the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities
of Investors as to which registration has been requested pursuant to this Section 2.2 and the Founder Securities as to which registration
has been requested pursuant to the applicable written contractual piggy-back registration rights under the Founder Registration
Rights Agreement, Pro Rata among the holders thereof based on the number of securities requested by such holders to be included
in such registration, that can be sold without exceeding the Maximum Number of Securities; and (iii) third, to the extent that
the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the shares of Purchaser Common
Stock or other equity securities for the account of other Persons that Purchaser is obligated to register pursuant to separate
written contractual arrangements with such Persons that can be sold without exceeding the Maximum Number of Securities;

(b)
If the registration is a “demand” registration undertaken at the demand of Demanding Holders pursuant to Section
2.1: (i) first, the shares of Purchaser Common Stock or other securities for the account of the Demanding Holders and the Founder
Securities for the account of any Persons who have exercised demand registration rights pursuant to the Founder Registration Rights
Agreement during the period under which the Demand Registration hereunder is ongoing, Pro Rata among the holders thereof based
on the number of securities requested by such holders to be included in such registration, that can be sold without exceeding the
Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clause (i), the shares of Purchaser Common Stock or other securities that Purchaser desires to sell that can be sold without exceeding
the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been reached under the
foregoing clauses (i) and (ii), the Registrable Securities of Investors as to which registration has been requested pursuant to
this Section 2.2 and the Founder Securities as to which registration has been requested pursuant to the applicable written contractual
piggy-back registration rights under the Founder Registration Rights Agreement, Pro Rata among the holders thereof based on the
number of securities requested by such holders to be included in such registration, that can be sold without exceeding the Maximum
Number of Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (i), (ii) and (iii), the shares of Purchaser Common Stock or other equity securities for the account of other Persons that
Purchaser is obligated to register pursuant to separate written contractual arrangements with such Persons that can be sold without
exceeding the Maximum Number of Securities;

(c)
If the registration is a “demand” registration undertaken at the demand of holders of Founder Securities under
the Founder Registration Rights Agreement: (i) first, the Founder Securities for the account of the demanding holders and the Registrable
Securities for the account of Demanding Holders who have exercised demand registration rights pursuant to Section 2.1 during the
period under which the demand registration under the Founder Registration Rights Agreement is ongoing, Pro Rata among the holders
thereof based on the number of securities

 

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requested by such holders to be
included in such registration, that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent
that the Maximum Number of Securities has not been reached under the foregoing clause (i), the shares of Purchaser Common Stock
or other securities that Purchaser desires to sell that can be sold without exceeding the Maximum Number of Securities; (iii) third,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the Registrable
Securities of Investors as to which registration has been requested pursuant to this Section 2.2 and the Founder Securities as
to which registration has been requested pursuant to the applicable written contractual piggy-back registration rights under the
Founder Registration Rights Agreement, Pro Rata among the holders thereof based on the number of securities requested by such holders
to be included in such registration, that can be sold without exceeding the Maximum Number of Securities; and (iv) fourth, to the
extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i), (ii) and (iii), the shares of
Purchaser Common Stock or other equity securities for the account of other Persons that Purchaser is obligated to register pursuant
to separate written contractual arrangements with such Persons that can be sold without exceeding the Maximum Number of Securities;
and

(d)
If the registration is a “demand” registration undertaken at the demand of Persons other than either Demanding
Holders under Section 2.1 or the holders of Founder Securities exercising demand registration rights under the Founder Registration
Rights Agreement: (i) first, the shares of Purchaser Common Stock or other securities for the account of the demanding Persons
that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clause (i), the shares of Purchaser Common Stock or other securities that Purchaser desires
to sell that can be sold without exceeding the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number
of Securities has not been reached under the foregoing clauses (i) and (ii), the Registrable Securities of Investors as to which
registration has been requested pursuant to this Section 2.2 and the Founder Securities as to which registration has been requested
pursuant to the applicable written contractual piggy-back registration rights under the Founder Registration Rights Agreement,
Pro Rata among the holders thereof based on the number of securities requested by such holders to be included in such registration,
that can be sold without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clauses (i), (ii) and (iii), the shares of Purchaser Common Stock or other
equity securities for the account of other Persons that Purchaser is obligated to register pursuant to separate written contractual
arrangements with such Persons that can be sold without exceeding the Maximum Number of Securities.

In the event that
Purchaser securities that are convertible into shares of Purchaser Common Stock are included in the offering, the calculations
under this Section 2.2.2 shall include such Purchaser securities on an as-converted to Purchaser Common Stock basis. Notwithstanding
anything to the contrary above, to the extent that the registration of an Investor’s Registrable Securities would prevent
Purchaser or the demanding shareholders from effecting such registration and offering, such Investor shall not be permitted to
exercise Piggy-Back Registration rights with respect to such registration and offering.

2.2.3
Withdrawal. Any Investor holding Registrable Securities may elect to withdraw such Investor’s request for inclusion
of Registrable Securities in any Piggy-Back Registration by giving written notice to Purchaser of such request to withdraw prior
to the effectiveness of the Registration Statement. Purchaser (whether on its own determination or as the result of a withdrawal
by Persons making a demand pursuant to written contractual obligations) may withdraw a Registration Statement at any time prior
to the effectiveness of such Registration Statement without any liability to the applicable Investor, subject to the next sentence
and the provisions of Section 4. Notwithstanding any such withdrawal,

 

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Purchaser shall pay all expenses incurred
in connection with such Piggy-Back Registration as provided in Section 3.3 (subject to the limitations set forth therein) by Investors
holding Registrable Securities that requested to have their Registrable Securities included in such Piggy-Back Registration.

2.3
Short Form Registrations. After the Closing, subject to Section 2.4, Investors holding Registrable Securities may
at any time and from time to time, request in writing that Purchaser register the resale of any or all of such Registrable Securities
on Form S-3 or any similar short-form registration which may be available at such time and applicable to such Investor’s
Registrable Securities (“Short Form Registration”); provided, however, that Purchaser shall not be obligated
to effect such request through an underwritten offering. Upon receipt of such written request, Purchaser will promptly give written
notice of the proposed registration to all other Investors holding Registrable Securities, and, as soon as practicable thereafter,
effect the registration of all or such portion of such Investors’ Registrable Securities as are specified in such request,
together with all or such portion of the Registrable Securities, if any, of any other Investors joining in such request as are
specified in a written request given within fifteen (15) days after receipt of such written notice from Purchaser; provided, however,
that Purchaser shall not be obligated to effect any such registration pursuant to this Section 2.3: (i) if Short Form Registration
is not available to Purchaser for such offering; or (ii) if Investors holding Registrable Securities, together with the holders
of any other securities of Purchaser entitled to inclusion in such registration, propose to sell Registrable Securities and such
other securities (if any) at any aggregate price to the public of less than $1,000,000. Registrations effected pursuant to this
Section 2.3 shall not be counted as Demand Registrations effected pursuant to Section 2.1.

2.4
Restriction of Offerings. Notwithstanding anything to the contrary contained in this Agreement, the Investors shall
not be entitled to request, and Purchaser shall not be obligated to effect, or to take any action to effect, any registration (including
any Demand Registration or Piggy-Back Registration) pursuant to this Section 2 with respect to any Registrable Securities that
are subject to the transfer restrictions under the Lock-Up Agreement.

3.
REGISTRATION PROCEDURES.

3.1
Filings; Information. Whenever Purchaser is required to effect the registration of any Registrable Securities pursuant
to Section 2, Purchaser shall use its best efforts to effect the registration and sale of such Registrable Securities in accordance
with the intended method(s) of distribution thereof as expeditiously as practicable, and in connection with any such request:

3.1.1
Filing Registration Statement. Purchaser shall use its best efforts to, as expeditiously as possible after receipt
of a request for a Demand Registration pursuant to Section 2.1, prepare and file with the SEC a Registration Statement on any form
for which Purchaser then qualifies or which counsel for Purchaser shall deem appropriate and which form shall be available for
the sale of all Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution thereof,
and shall use its reasonable efforts to cause such Registration Statement to become effective and use its reasonable efforts to
keep it effective for the period required by Section 3.1.3; provided, however, that Purchaser shall have the right
to defer any Demand Registration for up to ninety (90) days, and any Piggy-Back Registration for such period as may be applicable
to deferment of any demand registration to which such Piggy-Back Registration relates, in each case if Purchaser shall furnish
to Investors requesting to include their Registrable Securities in such registration a certificate signed by the Chief Executive
Officer, Chief Financial Officer or Chairman of Purchaser stating that, in the good faith judgment of the Board of Directors of
Purchaser, it would be materially detrimental to Purchaser and its shareholders for such Registration Statement to be effected
at such time or the filing would require premature disclosure of material information which is not in the interests of Purchaser
to disclose at such time; provided further,

 

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however, that Purchaser shall not have
the right to exercise the right set forth in the immediately preceding proviso more than twice in any 365-day period in respect
of a Demand Registration hereunder.

3.1.2
Copies. Purchaser shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto,
furnish without charge to Investors holding Registrable Securities included in such registration, and such Investors’ legal
counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement
(in each case including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such
Registration Statement (including each preliminary prospectus), and such other documents as Investors holding Registrable Securities
included in such registration or legal counsel for any such Investors may request in order to facilitate the disposition of the
Registrable Securities owned by such Investors.

3.1.3
Amendments and Supplements. Purchaser shall prepare and file with the SEC such amendments, including post-effective
amendments, and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary
to keep such Registration Statement effective and in compliance with the provisions of the Securities Act until all Registrable
Securities and other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s)
of distribution set forth in such Registration Statement or such securities have been withdrawn or until such time as the Registrable
Securities cease to be Registrable Securities as defined by this Agreement.

3.1.4
Notification. After the filing of a Registration Statement, Purchaser shall promptly, and in no event more than five
(5) Business Days after such filing, notify Investors holding Registrable Securities included in such Registration Statement of
such filing, and shall further notify such Investors promptly and confirm such advice in writing in all events within five (5)
Business Days after the occurrence of any of the following: (i) when such Registration Statement becomes effective; (ii) when any
post-effective amendment to such Registration Statement becomes effective; (iii) the issuance or threatened issuance by the SEC
of any stop order (and Purchaser shall take all actions required to prevent the entry of such stop order or to remove it if entered);
and (iv) any request by the SEC for any amendment or supplement to such Registration Statement or any prospectus relating thereto
or for additional information or of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus
so that, as thereafter delivered to the purchasers of the securities covered by such Registration Statement, such prospectus will
not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein not misleading, and promptly make available to Investors holding Registrable Securities included
in such Registration Statement any such supplement or amendment; except that before filing with the SEC a Registration Statement
or prospectus or any amendment or supplement thereto, including documents incorporated by reference, Purchaser shall furnish to
Investors holding Registrable Securities included in such Registration Statement and to the legal counsel for any such Investors,
copies of all such documents proposed to be filed sufficiently in advance of filing to provide such Investors and legal counsel
with a reasonable opportunity to review such documents and comment thereon; provided that such Investors and their legal counsel
must provide any comments promptly (and in any event within five (5) Business Days) after receipt of such documents.

3.1.5
State Securities Laws Compliance. Purchaser shall use its reasonable efforts to (i) register or qualify the Registrable
Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in
the United States as Investors holding Registrable Securities included in such Registration Statement (in light of their intended
plan of distribution) may reasonably request and (ii) take such action necessary to cause such Registrable Securities covered by
the Registration Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue
of the business and operations of Purchaser and do any and all other acts and things that may be necessary or advisable to enable
Investors holding Registrable Securities included in such Registration

 

    	9 

    	 

    

 

Statement to consummate the disposition
of such Registrable Securities in such jurisdictions; provided, however, that Purchaser shall not be required to
qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph
or take any action to which it would be subject to general service of process or to taxation in any such jurisdiction where it
is not then otherwise subject.

3.1.6
Agreements for Disposition. To the extent required by the underwriting agreement or similar agreements, Purchaser
shall enter into reasonable customary agreements (including, if applicable, an underwriting agreement in customary form) and take
such other actions as are reasonably required in order to expedite or facilitate the disposition of such Registrable Securities.
The representations, warranties and covenants of Purchaser in any underwriting agreement which are made to or for the benefit of
any Underwriters, to the extent applicable, shall also be made to and for the benefit of Investors holding Registrable Securities
included in such Registration Statement. No Investor holding Registrable Securities included in such Registration Statement shall
be required to make any representations or warranties in the underwriting agreement except, if applicable, with respect to such
Investor’s organization, good standing, authority, title to Registrable Securities, lack of conflict of such sale with such
Investor’s material agreements and organizational documents, and with respect to written information relating to such Investor
that such Investor has furnished in writing expressly for inclusion in such Registration Statement.

3.1.7
Cooperation. The principal executive officer of Purchaser, the principal financial officer of Purchaser, the principal
accounting officer of Purchaser and all other officers and members of the management of Purchaser shall reasonably cooperate in
any offering of Registrable Securities hereunder, which cooperation shall include the preparation of the Registration Statement
with respect to such offering and all other offering materials and related documents, and participation in meetings with Underwriters,
attorneys, accountants and potential investors.

3.1.8
Records. Purchaser shall make available for inspection by Investors holding Registrable Securities included in such
Registration Statement, any Underwriter participating in any disposition pursuant to such Registration Statement and any attorney,
accountant or other professional retained by any Investor holding Registrable Securities included in such Registration Statement
or any Underwriter, all financial and other records, pertinent corporate documents and properties of Purchaser, as shall be reasonably
necessary to enable them to exercise their due diligence responsibility, and cause Purchaser’s officers, directors and employees
to supply all information reasonably requested by any of them in connection with such Registration Statement; provided that Purchaser
may require execution of a reasonable confidentiality agreement prior to sharing any such information.

3.1.9
Opinions and Comfort Letters. Purchaser shall request its counsel and accountants to provide customary legal opinions
and customary comfort letters, to the extent so reasonably required by any underwriting agreement.

3.1.10    
Earnings Statement. Purchaser shall comply with all applicable rules and regulations of the SEC and the Securities
Act, and make available to its shareholders if reasonably required, as soon as reasonably practicable, an earnings statement covering
a period of twelve (12) months, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and
Rule 158 thereunder.

3.1.11    
Listing. Purchaser shall use its best efforts to cause all Registrable Securities that are shares of Purchaser Common
Stock included in any registration to be listed on such national security exchange as similar securities issued by Purchaser are
then listed or, if no such similar securities are then listed, in a manner satisfactory to Investors holding a majority-in-interest
of the Registrable Securities included in such registration.

 

    	10 

    	 

    

 

3.1.12    
 Road Show. If the registration involves the registration of Registrable Securities involving gross proceeds in excess
of $50,000,000, Purchaser shall use its reasonable efforts to make available senior executives of Purchaser to participate in customary
“road show” presentations that may be reasonably requested by the Underwriter in any underwritten offering.

3.2
Obligation to Suspend Distribution. Upon receipt of any notice from Purchaser of the happening of any event of the
kind described in Section 3.1.4(iv), or in the event that the financial statements contained in the Registration Statement become
stale, or in the event that the Registration Statement or prospectus included therein contains a misstatement of material fact
or omits to state a material fact due to a bona fide business purpose, or, in the case of a resale registration on Short Form Registration
pursuant to Section 2.3 hereof, upon any suspension by Purchaser, pursuant to a written insider trading compliance program adopted
by Purchaser’s Board of Directors, of the ability of all “insiders” covered by such program to transact in Purchaser’s
securities because of the existence of material non-public information, each Investor holding Registrable Securities included in
any registration shall immediately discontinue disposition of such Registrable Securities pursuant to the Registration Statement
covering such Registrable Securities until such Investor receives the supplemented or amended prospectus contemplated by Section
3.1.4(iv) or the Registration Statement is updated so that the financial statements are no longer stale, or the restriction on
the ability of “insiders” to transact in Purchaser’s securities is removed, as applicable, and, if so directed
by Purchaser, each such Investor will deliver to Purchaser all copies, other than permanent file copies then in such Investor’s
possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice.

3.3
Registration Expenses. Subject to Section 4, Purchaser shall bear all reasonable costs and expenses incurred in connection
with any Demand Registration pursuant to Section 2.1, any Piggy-Back Registration pursuant to Section 2.2, and any registration
on Short Form Registration effected pursuant to Section 2.3, and all reasonable expenses incurred in performing or complying with
its other obligations under this Agreement, whether or not the Registration Statement becomes effective, including: (i) all registration
and filing fees; (ii) fees and expenses of compliance with securities or “blue sky” laws (including fees and disbursements
of counsel in connection with blue sky qualifications of the Registrable Securities); (iii) printing expenses; (iv) Purchaser’s
internal expenses (including all salaries and expenses of its officers and employees); (v) the fees and expenses incurred in connection
with the listing of the Registrable Securities as required by Section 3.1.11; (vi) Financial Industry Regulatory Authority fees;
(vii) fees and disbursements of counsel for Purchaser and fees and expenses for independent certified public accountants retained
by Purchaser (including the expenses or costs associated with the delivery of any opinions or comfort letters requested pursuant
to Section 3.1.9); (viii) the reasonable fees and expenses of any special experts retained by Purchaser in connection with such
registration; and (ix) the reasonable fees and expenses (up to a maximum of $15,000 in the aggregate in connection with such registration)
of one legal counsel selected by Investors holding a majority-in-interest of the Registrable Securities included in such registration
for such legal counsel’s review, comment and finalization of the proposed Registration Statement and other relevant documents.
Purchaser shall have no obligation to pay any underwriting discounts or selling commissions attributable to the Registrable Securities
being sold by the holders thereof, which underwriting discounts or selling commissions shall be borne by such holders. Additionally,
in an underwritten offering, all selling security holders and Purchaser shall bear the expenses of the Underwriter pro rata in
proportion to the respective amount of securities each is selling in such offering.

3.4
Information. Investors holding Registrable Securities included in any Registration Statement shall provide such information
as may reasonably be requested by Purchaser, or the managing Underwriter, if any, in connection with the preparation of such Registration
Statement, including amendments and supplements thereto, in order to effect the registration of any Registrable Securities under
the Securities Act pursuant to Section 2 and in connection with the obligation to comply with federal and applicable state securities
laws. Investors selling Registrable Securities in any offering must provide all

 

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questionnaires, powers of attorney,
custody agreements, stock powers, and other documentation reasonably requested by Purchaser or the managing Underwriter.

4.
INDEMNIFICATION AND CONTRIBUTION.

4.1
Indemnification by Purchaser. Subject to the provisions of this Section 4.1 below, Purchaser agrees to indemnify
and hold harmless each Investor, and each Investor’s officers, employees, affiliates, directors, partners, members, attorneys
and agents, and each Person, if any, who controls an Investor (within the meaning of Section 15 of the Securities Act or Section
20 of the Exchange Act) (each, an “Investor Indemnified Party”), from and against any expenses, losses,
judgments, claims, damages or liabilities, whether joint or several, arising out of or based upon any untrue statement of a material
fact contained in any Registration Statement under which the sale of such Registrable Securities was registered under the Securities
Act, any preliminary prospectus, final prospectus or summary prospectus contained in the Registration Statement, or any amendment
or supplement to such Registration Statement, or arising out of or based upon any omission to state a material fact required to
be stated therein or necessary to make the statements therein not misleading, or any violation by Purchaser of the Securities Act
or any rule or regulation promulgated thereunder applicable to Purchaser and relating to action or inaction required of Purchaser
in connection with any such registration (provided, however, that the indemnity agreement contained in this Section 4.1 shall not
apply to amounts paid in settlement of any such claim, loss, damage, liability or action if such settlement is effected without
the consent of Purchaser, such consent not to be unreasonably withheld, delayed or conditioned); and Purchaser shall promptly reimburse
the Investor Indemnified Party for any legal and any other expenses reasonably incurred by such Investor Indemnified Party in connection
with investigating and defending any such expense, loss, judgment, claim, damage, liability or action; provided, however,
that Purchaser will not be liable in any such case to the extent that any such expense, loss, claim, damage or liability arises
out of or is based upon any untrue statement or omission made in such Registration Statement, preliminary prospectus, final prospectus,
or summary prospectus, or any such amendment or supplement, in reliance upon and in conformity with information furnished to Purchaser,
in writing, by such selling holder or Investor Indemnified Party expressly for use therein. Purchaser also shall indemnify any
Underwriter of the Registrable Securities, their officers, affiliates, directors, partners, members and agents and each Person
who controls such Underwriter on substantially the same basis as that of the indemnification provided above in this Section 4.1.

4.2
Indemnification by Holders of Registrable Securities. Subject to the provisions of this Section 4.2 below, each Investor
selling Registrable Securities will, in the event that any registration is being effected under the Securities Act pursuant to
this Agreement of any Registrable Securities held by such selling Investor, indemnify and hold harmless Purchaser, each of its
directors and officers and each Underwriter (if any), and each other selling holder and each other Person, if any, who controls
another selling holder or such Underwriter within the meaning of the Securities Act, against any losses, claims, judgments, damages
or liabilities, whether joint or several, insofar as such losses, claims, judgments, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement of a material fact contained in any Registration Statement under which
the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or
summary prospectus contained in the Registration Statement, or any amendment or supplement to the Registration Statement, or arise
out of or are based upon any omission to state a material fact required to be stated therein or necessary to make the statement
therein not misleading, if the statement or omission was made in reliance upon and in conformity with information furnished in
writing to Purchaser by such selling Investor expressly for use therein (provided, however, that the indemnity agreement contained
in this Section 4.2 shall not apply to amounts paid in settlement of any such claim, loss, damage, liability or action if such
settlement is effected without the consent of the indemnifying Investor, such consent not to be unreasonably withheld, delayed
or conditioned), and shall reimburse Purchaser, its directors and officers, each Underwriter and each other selling holder or controlling
Person for any legal or other expenses reasonably

 

    	12 

    	 

    

 

incurred by any of them in connection
with investigation or defending any such loss, claim, damage, liability or action. Each selling Investor’s indemnification
obligations hereunder shall be several and not joint and shall be limited to the amount of any net proceeds actually received by
such selling Investor.

4.3
Conduct of Indemnification Proceedings. Promptly after receipt by any Person of any notice of any loss, claim, damage
or liability or any action in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such Person (the “Indemnified
Party”) shall, if a claim in respect thereof is to be made against any other Person for indemnification hereunder,
notify such other Person (the “Indemnifying Party”) in writing of the loss, claim, judgment, damage,
liability or action; provided, however, that the failure by the Indemnified Party to notify the Indemnifying Party shall not relieve
the Indemnifying Party from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and
solely to the extent the Indemnifying Party is actually prejudiced by such failure. If the Indemnified Party is seeking indemnification
with respect to any claim or action brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate
in such claim or action, and, to the extent that it wishes, jointly with all other Indemnifying Parties, to assume control of the
defense thereof with counsel satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified
Party of its election to assume control of the defense of such claim or action, the Indemnifying Party shall not be liable to the
Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense
thereof other than reasonable costs of investigation; provided, however, that in any action in which both the Indemnified Party
and the Indemnifying Party are named as defendants, the Indemnified Party shall have the right to employ separate counsel (but
no more than one such separate counsel) to represent the Indemnified Party and its controlling Persons who may be subject to liability
arising out of any claim in respect of which indemnity may be sought by the Indemnified Party against the Indemnifying Party, with
the fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon the written opinion of counsel of such
Indemnified Party, representation of both parties by the same counsel would be inappropriate due to actual or potential differing
interests between them. No Indemnifying Party shall, without the prior written consent of the Indemnified Party (acting reasonably),
consent to entry of judgment or effect any settlement of any claim or pending or threatened proceeding in respect of which the
Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless
such judgment or settlement includes an unconditional release of such Indemnified Party from all liability arising out of such
claim or proceeding.

4.4
Contribution.

4.4.1
If the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in
respect of any loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying
such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim,
damage, liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the
Indemnifying Parties in connection with the actions or omissions which resulted in such loss, claim, damage, liability or action,
as well as any other relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party
shall be determined by reference to, among other things, whether the untrue statement of a material fact or the omission to state
a material fact relates to information supplied by such Indemnified Party or such Indemnifying Party and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

4.4.2
The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined
by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred
to in the immediately preceding Section 4.4.1.

 

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4.4.3
 The amount paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability or action referred
to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or
other expenses incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding
the provisions of this Section 4.4, no Investor holding Registrable Securities shall be required to contribute any amount in excess
of the dollar amount of the net proceeds (after payment of any underwriting fees, discounts, commissions or taxes) actually received
by such Investor from the sale of Registrable Securities which gave rise to such contribution obligation. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation.

5.
RULE 144.

5.1
Rule 144. Purchaser covenants that it shall file any reports required to be filed by it under the Securities Act
and the Exchange Act and shall take such further action as Investors holding Registrable Securities may reasonably request, all
to the extent required from time to time to enable such Investors to sell Registrable Securities without registration under the
Securities Act within the limitation of the exemptions provided by Rule 144 under the Securities Act, as such Rule 144 may be amended
from time to time, or any similar rule or regulation hereafter adopted by the SEC.

6.
MISCELLANEOUS.

6.1
Other Registration Rights. Purchaser represents and warrants that as of the date of this Agreement, no Person, other
than the holders of (i) Registrable Securities, (ii) Founder Securities and (iii) securities acquired in the PIPE Investment, has
any right to require Purchaser to register any of Purchaser’s share capital for sale or to include Purchaser’s share
capital in any registration filed by Purchaser for the sale of share capital for its own account or for the account of any other
Person.

6.2
Assignment; No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of Purchaser hereunder
may not be assigned or delegated by Purchaser in whole or in part, unless Purchaser first provides Investors holding Registrable
Securities at least ten (10) Business Days prior written notice; provided that no assignment or delegation by Purchaser will relieve
Purchaser of its obligations under this Agreement unless Investors holding a majority-in-interest of the Registrable Securities
provide their prior written consent, which consent must not be unreasonably withheld, delayed or conditioned. This Agreement and
the rights, duties and obligations of Investors holding Registrable Securities hereunder may be freely assigned or delegated by
such Investor in conjunction with and to the extent of any transfer of Registrable Securities by such Investor which is permitted
by the Lock-Up Agreement; provided that no assignment by any Investor of its rights, duties and obligations hereunder shall be
binding upon or obligate Purchaser unless and until Purchaser shall have received (i) written notice of such assignment and (ii)
the written agreement of the assignee, in a form reasonably satisfactory to Purchaser, to be bound by the terms and provisions
of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). This Agreement and the
provisions hereof shall be binding upon and shall inure to the benefit of each of the parties, to the permitted assigns of the
Investors or of any assignee of the Investors. This Agreement is not intended to confer any rights or benefits on any Persons that
are not party hereto other than as expressly set forth in Section 4 and this Section 6.2.

6.3
Notices. All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed
to have been duly given when delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation
of receipt, (iii) one Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv)
three (3) Business Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in
each case to the

 

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applicable party at the following addresses
(or at such other address for a party as shall be specified by like notice):

	
        If to Purchaser, to:

        BM Technologies, Inc.

        1015 Penn Avenue, Suite 103

        Wyomissing, PA 19610

        Attn: Board of Directors
	
        With copies to (which shall not constitute notice):

        Nelson Mullins Riley & Scarborough

        101 Constitution Avenue, NW, Suite 900

        Washington, DC 20001

        Attn: Jonathan H. Talcott, Esq.

        Facsimile No.: (202) 689-2862

        Telephone No.: (202) 689-2806

        Email: jon.talcott@nelsonmullins.com

	
        If to Investor, to:

        Customers Bank

        1015 Penn Avenue, Suite 103

        Wyomissing, PA 19610

        Attn: Carla Leibold, CFO

        Telephone No.: (484) 923-8802

        Email: cleibold@customersbank.com
	
        With copies to (which shall not constitute notice):

        Nelson Mullins Riley & Scarborough

        101 Constitution Avenue, NW, Suite 900

        Washington, DC 20001

        Attn: Jonathan H. Talcott, Esq.

        Facsimile No.: (202) 689-2862

        Telephone No.: (202) 689-2806

        Email: jon.talcott@nelsonmullins.com

6.4
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 that is valid and
enforceable. Notwithstanding anything to the contrary contained in this Agreement, in the event that a duly executed copy of this
Agreement is not delivered to Purchaser by a Person receiving Exchange Shares in connection with the Closing, such Person failing
to provide such signature shall not be a party to this Agreement or have any rights or obligations hereunder, but such failure
shall not affect the rights and obligations of the other parties to this Agreement as amongst such other parties.

6.5
Entire Agreement. This Agreement (together with the Merger Agreement, and the Lock-Up Agreement to the extent incorporated
herein, and including all agreements entered into pursuant hereto or thereto or referenced herein or therein and all certificates
and instruments delivered pursuant hereto and thereto) constitutes the entire agreement of the parties with respect to the subject
matter hereof and supersedes all prior and contemporaneous agreements, representations, understandings, negotiations and discussions
between the parties, whether oral or written, relating to the subject matter hereof; provided, that, for the avoidance of
doubt, the foregoing shall not affect the rights and obligations of the parties under the Merger Agreement or any other Ancillary
Document or the rights or obligations of the parties under the Founder Registration Rights Agreement.

6.6
Interpretation. Titles and headings of sections of this Agreement are for convenience only and shall not affect the
construction of any provision of this Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used
in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns
and verbs shall include the plural and vice versa; (ii) “including” (and with correlative meaning “include”)
means including without limiting the generality of any description preceding or succeeding such term and shall be deemed in each

 

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case to be followed by the words “without
limitation”; (iii) the words “herein,” “hereto,” and “hereby” and other words of similar
import in this Agreement shall be deemed in each case to refer to this Agreement as a whole and not to any particular section or
other subdivision of this Agreement; and (iv) the term “or” means “and/or”. The parties have participated
jointly in the negotiation and drafting of this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation
arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall
arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.

6.7
Amendments; Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may
be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written agreement
or consent of Purchaser (after the Closing by a majority of the Disinterested Independent Directors) and Investors holding a majority-in-interest
of the Registrable Securities; provided, that any amendment or waiver of this Agreement which affects an Investor in a manner materially
and adversely disproportionate to other Investors will also require the consent of such Investor. No failure or delay by a party
in exercising any right hereunder shall operate as a waiver thereof. No waivers of or exceptions to any term, condition, or provision
of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such
term, condition, or provision.

6.8
Remedies Cumulative. In the event a party fails to observe or perform any covenant or agreement to be observed or
performed under this Agreement, the other parties may proceed to protect and enforce its rights by suit in equity or action at
law, whether for specific performance of any term contained in this Agreement or for an injunction against the breach of any such
term or in aid of the exercise of any power granted in this Agreement or to enforce any other legal or equitable right, or to take
any one or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred under
this Agreement shall be mutually exclusive, and each such right, power or remedy shall be cumulative and in addition to any other
right, power or remedy, whether conferred by this Agreement or now or hereafter available at law, in equity, by statute or otherwise.

6.9
Governing Law; Jurisdiction. This Agreement shall be governed by, construed and enforced in accordance with the Laws
of the State of New York without regard to the conflict of laws principles thereof. Each party hereto hereby (i) submits to
the exclusive jurisdiction of any state or federal court located in the County of New York in the State of New York (or in any
appellate court thereof) (the “Specified Courts”) for the purpose of any claim, action, litigation or
other legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby (a “Proceeding”),
and (b) irrevocably waives, and agrees not to assert by way of motion, defense or otherwise, in any such Proceeding, any claim
that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment
or execution, that the Proceeding is brought in an inconvenient forum, that the venue of the Proceeding is improper, or that this
Agreement or the transactions contemplated hereby may not be enforced in or by any Specified Court. Each party agrees that a final
judgment in any Proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by applicable Law. Each party irrevocably consents to the service of the summons and complaint and any other process
in any Proceeding, on behalf of itself, or its property, by personal delivery of copies of such process to such party at the applicable
address set forth in Section 6.3. Nothing in this Section 6.9 shall affect the right of any party to serve legal
process in any other manner permitted by applicable Law.

6.10
WAIVER OF TRIAL BY JURY. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN
ANY ACTION, SUIT, COUNTERCLAIM OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH
OR RELATING TO THIS AGREEMENT,

 

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THE TRANSACTIONS CONTEMPLATED HEREBY,
OR THE ACTIONS OF THE INVESTORS IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.

6.11
Authorization to Act on Behalf of Purchaser. The parties acknowledge and agree that from and after the Closing, the
Disinterested Independent Directors, by vote, consent, approval or determination of a majority of the Disinterested Independent
Directors, is authorized and shall have the sole right to act on behalf of Purchaser under this Agreement, including the right
to enforce Purchaser’s rights and remedies under this Agreement. Without limiting the foregoing, in the event that an Investor
serves as a director, officer, employee or other authorized agent of Purchaser, such Investor shall have no authority, express
or implied, to act or make any determination on behalf of Purchaser in connection with this Agreement or any dispute or Action
with respect hereto.

6.12
Termination of Merger Agreement. This Agreement shall be binding upon each party upon such party’s execution
and delivery of this Agreement, but this Agreement shall only become effective upon the Closing. In the event that the Merger Agreement
is validly terminated in accordance with its terms prior to the Closing, this Agreement shall automatically terminate and become
null and void and be of no further force or effect, and the parties shall have no obligations hereunder.

6.13
Counterparts. This Agreement may be executed in multiple counterparts (including by facsimile or pdf or other electronic
document transmission), each of which shall be deemed an original, and all of which taken together shall constitute one and the
same instrument.

{REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK; SIGNATURE PAGES FOLLOW}

 

 

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IN WITNESS WHEREOF,
the parties have caused this Registration Rights Agreement to be executed and delivered as of the date first written above.

 

	 	Purchaser:
	 	 
	 	MEGALITH FINANCIAL ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	 	 
	 	Investor:
	 	 
	 	CUSTOMERS BANK
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

    	{Signature Page to Seller Registration
Rights Agreement}Exhibit 10.1

  

  

  
    SECURITIES PURCHASE AGREEMENT

    

    

    by and between

    

    

    THE UNITED STATES DEPARTMENT OF THE TREASURY

    

    

    and

    

    

    CARVER BANCORP, INC.

    

    

    

    

    Dated as of August 6, 2020

     

    

     

    

     

    

     

    

     

    

    
      
        

    

    
    
                                                                                               TABLE OF CONTENTS

       

      

    

    

    

    
       

      

      	 	 	 Page
	 	
               ARTICLE I

              

              DEFINITIONS

              

            	 
	 	 	 
	 Section 1.01

            	
               Definitions of Certain Terms

            	 1
	 Section 1.02

            	 Interpretation	 3
	 	 	 
	 	
              ARTICLE II

              

              THE SECURITIES PURCHASE

              

            	 
	 	 	 
	 Section 2.01

            	 Purchase and Sale of the Shares 

            	 4
	 Section 2.02

            	 Closing of the Securities Purchase

            	 4
	 	 	 
	 	
               ARTICLE III

              

              REPRESENTATIONS AND WARRANTIES

              

            	 
	 	 	 
	 Section 3.01

            	 Representations and Warranties of the Company

            	 4
	 	 	 
	 	
               ARTICLE IV

              

              COVENANTS

              

            	 
	 	 	 
	 Section 4.01

            	 Forbearances of the Seller

            	 5
	 Section 4.02

            	 Further Action

            	 6
	 Section 4.03

            	 Remaining Certification and Disclosure Requirements

            	 6
	 Section 4.04

            	 Transferability Restrictions Related to Long-Term Restricted Stock

            	 6
	 Section 4.05

            	 Executive Compensation

            	 6
	 	 	 
	 	
               ARTICLE V

              

              CONDITIONS TO THE CLOSING

              

            	 
	 	 	 
	 Section 5.01

            	 Conditions to Each Party's Obligations

            	 7
	 Section 5.02

            	 Conditions to Obligations of the Seller

            	 7

      

      

      

      

      

      

      

      

      

      

      

      

      

       

      

       

      

       

      

       

      

      
        i

        
          

      

      

    

    

    

    
      	 	 	 
	 	
               ARTICLE VI

              

              TERMINATION

              

            	 
	 	 	 
	 Section 6.01

            	 Termination Events

            	 9
	 Section 6.02

            	 Effect of Termination

            	 9
	 	 	 

    

    
      	 	
               ARTICLE VII

              

              MISCELLANEOUS

              

            	 
	 	 	 
	 Section 7.01

            	 Waiver: Amendment

            	 9
	 Section 7.02	 Counterparts

            	 9
	 Section 7.03	 Governing Law; Choice of Forum; Waiver of Jury Trial

            	 10
	 Section 7.04	 Expenses	 10
	 Section 7.05	 Notices	 10
	 Section 7.06	 Entire Understanding; No Third Party Beneficiaries

            	 11
	 Section 7.07	 Assignmenet	 11
	 Section 7.08	 Severability	 11
	 	 	 
	 	 	 

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

    

    
      ii

      
        

    

  

  
    

    

  

  
    SECURITIES PURCHASE AGREEMENT

    THIS SECURITIES PURCHASE AGREEMENT (as amended, supplemented or otherwise modified from time to time, this “Agreement”)

      is dated as of August 6, 2020, and is entered into by and between the United States Department of the Treasury (the “Seller”) and Carver Bancorp, Inc., a Delaware corporation (the “Company”).

    RECITALS

    WHEREAS, the Seller is currently the owner of and holds 2,321,286 shares of Company Common Stock, as defined below;
      and

    WHEREAS, the Seller desires to sell to the Company, and the Company desires to purchase from the Seller, 2,321,286 shares of
      Company Common Stock (the “Shares”) subject to the terms and conditions contained in this Agreement (the “Securities Purchase”).

    NOW, THEREFORE, in consideration of the premises, and of the various representations, warranties, covenants and other
      agreements and undertakings of the parties hereto, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

     

      

    ARTICLE I
      

      

      DEFINITIONS

    Section 1.01 Definitions of Certain
          Terms.  For purposes of this Agreement, the following terms are used with the meanings assigned below (such definitions to be equally applicable to both the singular and plural forms of the terms herein defined):

    “Affiliate” means, with respect to any person, any person directly or indirectly controlling, controlled by or under common control with, such other person. 
      For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”) when used with respect to any person, means the possession, directly or indirectly, of the power to cause the
      direction of management and/or policies of such person, whether through the ownership of voting securities, by contract or otherwise.

    “Agreement” has the meaning set forth in the introductory paragraph of this agreement.

    “Business Day” means any day that is not a Saturday, a Sunday or other day on which banking organizations in the State of New York are required or authorized
      by Law to be closed.

    “Closing” has the meaning set forth in Section 2.02(A).

     

    

     

    

    
      
        

    

    
    “Closing Date” has the meaning set forth in Section 2.02(A).

    “Company” has the meaning set forth in the introductory paragraph to this Agreement.

    “Company Common Stock” means the common stock, $0.01 par value, of the Company.

    “Company Material Adverse Effect” means a material adverse effect on the business, results of operations or financial condition of the Company and its
      consolidated Subsidiaries taken as a whole; provided, however, that Company Material Adverse Effect shall not be deemed to include the effects of (i) changes after the date hereof in general
      business, economic or market conditions (including changes generally in prevailing interest rates, credit availability and liquidity, currency exchange rates and price levels or trading volumes in the United States or foreign securities or credit
      markets), or any outbreak or escalation of hostilities, declared or undeclared acts of war or terrorism, in each case generally affecting the industries in which the Company and its Subsidiaries operate, (ii) changes or proposed changes after the
      date hereof in United States generally accepted accounting principles or regulatory accounting requirements, or authoritative interpretations thereof, (iii) changes or proposed changes after date hereof in securities, banking and other Laws of
      general applicability or related policies or interpretations of Governmental Entities (in the case of each of these clauses (i), (ii) and (iii), other than changes or occurrences to the extent that such changes or occurrences have or would reasonably
      be expected to have a materially disproportionate adverse effect on the Company and its consolidated Subsidiaries taken as a whole relative to comparable United States banking or financial services organizations), or (iv) changes in the market price
      or trading volume of the Company Common Stock or any other equity, equity-related or debt securities of the Company or its consolidated Subsidiaries (it being understood and agreed that the exception set forth in this clause (iv) does not apply to
      the underlying reason giving rise to or contributing to any such change).

    “Compensation Regulations” means any guidance, rule or regulation, as the same shall be in effect from time to time, promulgated pursuant to or implementing
      Section 111 of the Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009 or otherwise from time to time.

    “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.

    “Governmental Entity” means any court, administrative agency or commission or other governmental or regulatory authority or instrumentality or
      self-regulatory organization.

    “Law” means any law, statute, code, ordinance, rule, regulation, judgment, order, award, writ, decree or injunction issued, promulgated or entered into by or
      with any Governmental Entity.

    “Liens” means any liens, licenses, pledges, charges, encumbrances, adverse rights or claims and security interests whatsoever.

    “Purchase Price” has the meaning set forth in Section 2.01.

     

    

     

    

    
      2

      
        

    

    “Regulatory Event” means, with respect to the Company, that (i) the Federal Deposit Insurance Corporation or any other applicable Governmental Entity shall
      have been appointed as conservator or receiver for the Company or any Subsidiary; (ii) the Company or any Subsidiary shall have been considered in “troubled condition” for the purposes of 12 U.S.C. Sec. 1831i or any regulation promulgated thereunder;
      (iii) the Company or any Subsidiary shall qualify as “Undercapitalized,” “Significantly Undercapitalized,” or “Critically Undercapitalized” as those terms are defined in 12 U.S.C. Sec. 1831o or other applicable Law; or (iv) the Company or any
      Subsidiary shall have become subject to any formal or informal regulatory action requiring the Company or any Subsidiary to materially improve its capital, liquidity or safety and soundness.

    “Relevant Period” means the period in which any obligation of the Company arising from financial assistance under the Troubled Asset Relief Program remains
      outstanding, as it may be further described in the Compensation Regulations.

    “Securities Purchase” has the meaning set forth in the recitals to this Agreement.

    “Seller” has the meaning set forth in the introductory paragraph to this Agreement.

    “Shares” has the meaning set forth in the recitals to this Agreement.

    “Subsidiary” means, with respect to any person, any bank, corporation, partnership, joint venture, limited liability company or other organization, whether
      incorporated or unincorporated, (i) of which such person or a subsidiary of such person is a general partner or managing member or (ii) at least a majority of the securities or other interests of which having by their terms ordinary voting power to
      elect a majority of the board of directors or persons performing similar functions with respect to such entity is directly or indirectly owned by such person and/or one or more subsidiaries thereof.

    Section 1.02 Interpretation. 
        The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section references are to this Agreement unless
        otherwise specified.  Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” The term “person” as used in this Agreement shall mean any individual,
        corporation, limited liability company, limited or general partnership, joint venture, government or any agency or political subdivision thereof, or any other entity or any group (as defined in Section 13(d)(3) of the Exchange Act) comprised of two
        or more of the foregoing.  The table of contents and headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.  In this Agreement, all references to
        “dollars” or “$” are to United States dollars.  This Agreement and any documents or instruments delivered pursuant hereto or in connection herewith shall be construed without regard to the identity of the person who drafted the various provisions
        of the same.  Each and every provision of this Agreement and such other documents and instruments shall be construed as though all of the parties participated equally in the drafting of the same.  Consequently, the parties acknowledge and agree
        that any rule of construction that a document is to be construed against the drafting party shall not be applicable either to this Agreement or such other documents and instruments.

     

      

     

      

    
      3

      
        

    

    ARTICLE II
      

      

      THE SECURITIES PURCHASE

    Section 2.01 Purchase and Sale of
          the Shares.  Subject to, and on the terms and conditions of, this Agreement, effective at the Closing, the Company will purchase from the Seller, and the Seller will sell, transfer, convey, assign and deliver to the Company, the Shares, free
        and clear of all Liens.  The aggregate purchase price for the Shares shall be an amount in cash equal to Two Million Five Hundred Thousand ($2,500,000) (the “Purchase Price”).

    Section 2.02 Closing of the
          Securities Purchase.  (A) Subject to Article V, the closing of the Securities Purchase (the “Closing”) shall be held at such time or date that is agreed to in writing by the Seller and the Company (the date on which the Closing
        occurs, the “Closing Date”).  The Closing shall be held at such place as the Seller and the Company shall mutually agree in writing.

    (B) At the Closing,
        or simultaneously therewith, the following shall occur:

    
      	
              (1)  

              

            	
              the Seller will deliver to the Company a certificate for the Shares, duly endorsed in blank or accompanied by stock powers duly endorsed in blank or
                other required instruments of transfer; and

            

    

    
      	
              (2)   

              

            	
              the Company will pay the aggregate Purchase Price to the Seller, by wire transfer in immediately available funds, to an account designated in writing
                by the Seller to the Company, such designation to be made not later than two Business Days prior to the Closing Date.

            

    

     

      

    ARTICLE III

    REPRESENTATIONS AND WARRANTIES

    Section 3.01 Representations and
          Warranties of the Company.  The Company hereby represents and warrants to the Seller as follows:

    (A) Existence and
          Power.  The Company is duly organized and validly existing as a corporation under the Laws of the State of Delaware and has all requisite power and authority to execute and deliver this Agreement and to consummate the transactions
        contemplated by this Agreement.

    (B) Authorization. 

        The execution and delivery of this Agreement, and the consummation by the Company of the transactions contemplated hereby, have been duly and validly approved by all necessary corporate action of the Company, and no other corporate or shareholder
        proceedings on the part of the Company are necessary to approve this Agreement or to consummate the transactions contemplated hereby.  This Agreement has been duly and validly executed and delivered by the Company, and (assuming the due
        authorization, execution and delivery of this Agreement by the Seller) this Agreement constitutes a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as enforcement may be limited by
        general principles of equity whether applied in a court of law or a court of equity and by bankruptcy, insolvency and similar Laws affecting creditors’ rights and remedies generally.

     

      

     

      

    
      4

      
        

    

    (C) Non-Contravention. 

        Neither the execution and delivery of this Agreement nor the consummation by the Company of the transactions contemplated hereby will violate any provision of the certificate of incorporation or bylaws or similar governing documents of the Company
        or, assuming that the consents, approvals, filings and registrations referred to in Section 3.01(D) are received or made (as applicable), applicable Law.

    (D) Consents and
          Approvals.  Except for the prior written approval of the Federal Reserve Bank of Philadelphia for the Company to purchase the Shares from the Seller, no consents or approvals of, or filings or registrations with, any Governmental Entity or of
        or with any other third party by and on behalf of the Company are necessary in connection with the execution and delivery by the Company of this Agreement and the consummation by the Company of the transactions contemplated hereby.

    (E) Securities
          Matters.  The Shares are being acquired by the Company for its own account and without a view to the public distribution or sale of the Shares.

    (F) Availability
          of Funds.  The Company will have, as of the Closing, sufficient funds available to consummate the transactions contemplated hereunder.

    (G) CDFI
          Designation.  The Company is a certified “community development financial institution” designated as such under the Community Development Banking and Financial Institutions Act of 1994, as amended (12 U.S.C. Sections 4701 et seq.)

    ARTICLE IV
      

      

      COVENANTS

    Section 4.01 Forbearances of the
          Seller.  From the date hereof until the Closing, without the prior written consent of the Company, the Seller will not:

    (A) directly or
        indirectly transfer, sell, assign, distribute, exchange, pledge, hypothecate, mortgage, encumber or otherwise dispose of, or engage in or enter into any hedging transactions with respect to, any of the Shares or any portion thereof or interest
        therein (other than pursuant to the Securities Purchase); or

    (B) agree, commit to
        or enter into any agreement to take any of the actions referred to in Section 4.01(A).

    Notwithstanding the foregoing, the Seller may undertake any of the actions set forth in Section 4.01(A) with an Affiliate of the Seller so long as this
      Agreement is assigned to such Affiliate in accordance with Section 7.07 of this Agreement.  For the avoidance of doubt, until the Closing, except as expressly set forth in this Section 4.01, the Seller shall continue to be able to
      exercise all rights and privileges with respect to the Shares.

     

    

     

    

    
      5

      
        

    

    Section 4.02 Further Action. 
        The Seller and the Company (A) shall each execute and deliver, or shall cause to be executed and delivered, such documents and other instruments and shall take, or shall cause to be taken, such further action as may be reasonably necessary to carry
        out the provisions of this Agreement and give effect to the transactions contemplated by this Agreement and (B) shall refrain from taking any actions that could reasonably be expected to impair, delay or impede the Closing or the consummation of
        the transactions contemplated by this Agreement.

    Section 4.03 Remaining
          Certification and Disclosure Requirements.  The Company acknowledges and agrees to comply with the certification and disclosure requirements set forth in the Compensation Regulations, including without limitation those submissions that are
        required with respect to the final portion of the Relevant Period (see, for example, Sections 30.7(c) and (d), Sections 30.11(b) and (c) and Section 30.15(a)(3) of the Compensation Regulations and FAQ-14 in the Frequently Asked Questions to the
        Compensation Regulations, available at www.financialstability.gov).

    Section 4.04 Transferability
          Restrictions Related to Long-Term Restricted Stock.  The Company acknowledges that any long-term restricted stock (as defined in Section 30.1 of the Compensation Regulations) awarded by the Company that has otherwise vested may not become
        transferable, or payable in the case of a restricted stock unit, at any time earlier than as permitted under the schedule set forth in the definition of long-term restricted stock in Section 30.1 of the Compensation Regulations.  For this purpose,
        aggregate financial assistance received (for purposes of the definition of long-term restricted stock) includes the full original liquidation amount with respect to 18,980 shares of the Company’s Fixed Rate Convertible Perpetual Preferred Stock,
        Series B (see FAQ-15 in the Frequently Asked Questions to the Compensation Regulations, available at www.financialstability.gov).  Upon the sale of the Shares to the Company, in the event that any long-term restricted stock awarded by the Company
        is not permitted to become transferable, or payable in the case of a restricted stock unit, under the schedule set forth in the definition of long-term restricted stock in Section 30.1 of the Compensation Regulations, the Company shall cancel such
        long-term restricted stock and/or restricted stock units.

    Section 4.05 Executive Compensation. 

        The Company shall not take any action that will result in, nor will the Company permit, directly or indirectly, the acceleration, vesting, enhancement or increase in the payments or benefits that would otherwise become due as a result of the
        consummation of the transactions contemplated in this Agreement to any current or former executive officers of the Company.

    ARTICLE V
      

      

      CONDITIONS TO THE CLOSING

    Section 5.01 Conditions to Each
          Party’s Obligations.  The respective obligations of the Company and the Seller to consummate the Securities Purchase are subject to the fulfillment, or written waiver by the Company and the Seller, prior to the Closing, of each of the
        following conditions:

     

      

     

      

    
      6

      
        

    

    (A) Company
          Regulatory Approvals.  All regulatory approvals required to consummate the Securities Purchase shall have been obtained and shall remain in full force and effect and all statutory waiting periods in respect thereof shall have expired or been
        terminated.

    (B) No Injunctions
          or Restraints; Illegality.  No order, injunction or decree issued by any court or agency of competent jurisdiction or other legal restraint or prohibition preventing the consummation of the Securities Purchase shall be in effect.  No Law
        shall have been enacted, entered, promulgated or enforced by any Governmental Entity which prohibits or makes illegal the consummation of the Securities Purchase.

    Section 5.02 Condition to
          Obligations of the Seller.  The obligation of the Seller to consummate the Securities Purchase is also subject to the fulfillment, or written waiver by the Seller, prior to the Closing, of the following conditions:

    (A) Other Events. 

        None of the following shall have occurred since the date hereof:

    
      	
              (1)   

              

            	
              the Company or any of its Subsidiaries shall have (a) dissolved (other than pursuant to a consolidation, amalgamation or merger); (b) become insolvent
                or unable to pay its debts or failed or admitted in writing its inability generally to pay its debts as they become due; (c) made a general assignment, arrangement or composition with or for the benefit of its creditors; (d) instituted or
                have instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or have a petition presented for its
                winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition shall have resulted in a judgment of insolvency or bankruptcy or the entry of an order for relief
                or the making of an order for its winding-up or liquidation; (e) had a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (f) sought or shall have
                become subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (g) had a secured party take possession of
                all or substantially all its assets or had a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets; (h) caused or shall have been subject to any
                event with respect to it which, under the applicable laws of any jurisdiction, had an analogous effect to any of the events specified in clauses (a) to (g) (inclusive); or (i) taken any action in furtherance of, or indicating its consent
                to, approval of, or acquiescence in, any of the foregoing acts;

            

    

    
      	
              (2)   

              

            	
              a Governmental Entity in any jurisdiction shall have (a) commenced an action or proceeding against the
                Company or any of its Subsidiaries; or (b) issued or entered a temporary restraining order, preliminary or permanent injunction or other order applicable to the Company or any of its Subsidiaries, which in the case of (a) and (b) shall have
                had or shall be reasonably expected to have a Company Material Adverse Effect;

            

    

    
       

      

       

      

       

      

       

      

      
        7

        
          

      

      	
              (3)   

              

            	
              any fact, circumstance, event, change, occurrence, condition or development shall have occurred that, individually or in the aggregate, shall have had
                or shall be reasonably likely to have a Company Material Adverse Effect; or

            

    

    
      	
              (4)   

              

            	
              any Regulatory Event not otherwise existing on the date hereof.

            

    

    (B) Representations

          and Warranties.  The representations and warranties set forth in Article III of this Agreement shall be true and correct as though made on and as of the Closing Date.

    (C) Consents and
          Approvals.  All consents and approvals of, and filings and registrations with, all Governmental Entities and of or with any other third party by and on behalf of the Company that are necessary in connection with the execution and delivery by
        the Company of this Agreement and the consummation by the Company of the transactions contemplated hereby shall have been obtained or made, as applicable, and shall remain in full force and effect.

    (D) Performance of
          Obligations.  The Company shall have performed in all material respects all obligations required to be performed by it under this Agreement at or prior to the Closing.

    (E) Closing
          Certificate.  The Company shall have delivered to the Seller a certificate, dated as of the Closing Date, signed on behalf of the Company by a senior executive officer thereof certifying to the effect that all conditions precedent to the
        Closing have been satisfied.

    ARTICLE VI
      

      

      TERMINATION

    Section 6.01 Termination Events. 

        This Agreement may be terminated at any time prior to the Closing:

    (A) by mutual written
        agreement of the Company and the Seller;

    (B) by the Company,
        upon written notice to the Seller, or by the Seller, upon written notice to the Company, in the event that the Closing Date does not occur on or before August 6, 2020; provided, however, that the respective rights to terminate this
        Agreement pursuant to this Section 6.01(B) shall not be available to any party whose failure to fulfill any obligation under this Agreement shall have been the cause of, or shall have resulted in, the failure of the Closing Date to occur on
        or prior to such date; or

    (C) by the Seller or
        the Company if there shall be in effect a final non-appealable order of a Governmental Entity of competent jurisdiction restraining, enjoining or otherwise prohibiting the consummation of the transactions contemplated hereby.

     

      

    Section 6.02 Effect of
          Termination.  In the event of termination of this Agreement as provided in Section 6.01, this Agreement shall forthwith become void and have no effect, and none of the Seller, the Company, any affiliates of the Seller or the Company
        or any officers, directors or employees of the Seller, Company or any of their respective affiliates shall have any liability of any nature whatsoever hereunder, or in connection with the transactions contemplated hereby, except that this Section

          6.02 and Sections 7.03, 7.04, 7.05 and 7.06 shall survive any termination of this Agreement.

     

      

     

      

    
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    ARTICLE VII
      

      

      MISCELLANEOUS

    Section 7.01 Waiver; Amendment. 

        (A) Any provision of this Agreement may be (A) waived in writing by the party benefiting by the provision, or (B) amended or modified at any time by an agreement in writing signed by each of the parties hereto.  Neither any failure nor any delay by
        any party in exercising any right, power or privilege under this Agreement or any of the documents referred to in this Agreement will operate as a waiver of such right, power or privilege, and no single or partial exercise of any such right, power
        or privilege will preclude any other or further exercise of such right, power or privilege.

    Section 7.02 Counterparts. 
        This Agreement may be executed by facsimile or other electronic means and in counterparts, all of which shall be considered an original and one and the same agreement and shall become effective when counterparts have been signed by each of the
        parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.

    Section 7.03 Governing Law; Choice
          of Forum; Waiver of Jury Trial.  (A) This Agreement and any claim, controversy or dispute arising under or related to this Agreement, the relationship of the parties, and/or the interpretation and enforcement of the rights and duties of the
        parties shall be enforced, governed, and construed in all respects (whether in contract or in tort) in accordance with the federal law of the United States if and to the extent such law is applicable, and otherwise in accordance with the laws of
        the State of New York applicable to contracts made and to be performed entirely within such State.  Each of the parties hereto agrees (a) to submit to the exclusive jurisdictions and venue of the United States District Court of the District of
        Columbia and the United States Court of Federal Claims for any and all civil actions, suits or proceedings arising out of or relating to this Agreement or the transactions contemplated hereby, and (b) that notice may be served upon (i) the Company
        at the address and in the manner set forth for notices to the Company in Section 7.05 and (ii) the Seller at the address and in the manner set forth for notices to the Seller in Section 7.05, but otherwise in accordance with federal
        law.

    (B) To the extent permitted by applicable Law, each of the parties hereto hereby unconditionally waives trial by jury in any civil legal action or proceeding relating to this Agreement or the transactions contemplated hereby.

    Section 7.04 Expenses.  If
        requested by the Seller, the Company shall pay all reasonable out of pocket and documented costs and expenses associated with this Agreement and the transactions contemplated by this Agreement, including, but not limited to, the reasonable fees,
        disbursements and other charges of the Seller’s legal counsel and financial advisors.

     

      

     

      

    
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    Section 7.05 Notices.  All
        notices and other communications hereunder shall be in writing and shall be deemed given on the date of delivery if delivered personally or telecopied (upon telephonic confirmation of receipt), on the first Business Day following the date of
        dispatch if delivered by a recognized next day courier service, or on the third Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid.  All notices hereunder shall be
        delivered as set forth below or pursuant to such other instructions as may be designated in writing by the party to receive such notice:

    If to the Company to:

      

      Carver Bancorp, Inc.

      75 West 125th Street

      New York, NY 10027

      Attention: Michael Pugh, President and Chief Executive Officer

    With a copy to:

      

      Luse Gorman PC

      5335 Wisconsin Avenue NW

      Washington, D.C.  20015

      Telephone: (202) 274-2037

      Facsimile:  (202) 362-2902

      Attention:  Larry Spaccasi

    If to the Seller to:

      

      United States Department of the Treasury

      Office of Financial Stability

      1500 Pennsylvania Avenue, NW, Room 2312

      Washington, D.C.  20220

      Facsimile:  (202) 622-2882

      Attention:  Assistant General Counsel (Banking and Finance)

    With a copy to:

      

      Cadwalader, Wickersham & Taft LLP

      200 Liberty Street

      New York, New York 10281

      Facsimile:  (212) 504-6666

      Attention:  William P. Mills

    Section 7.06 Entire Understanding;
          No Third Party Beneficiaries.  This Agreement (together with the documents, agreements and instruments referred to herein) represents the entire understanding of the parties with respect to the subject matter hereof and supersedes any and all
        other oral or written agreements heretofore made with respect to the subject matter hereof.  Nothing in this Agreement, expressed or implied, is intended to confer upon any person, other than the parties hereto, any rights or remedies hereunder.

     

      

     

      

    
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    Section 7.07 Assignment. 
        Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by any party hereto without the prior written consent of the other party, and any attempt to assign any right, remedy,
        obligation or liability hereunder without such consent shall be null and void; provided, however, that the Seller may assign this Agreement to an Affiliate of the Seller.  If the Seller assigns this Agreement to an Affiliate, the
        Seller shall be relieved of its obligations and liabilities under this Agreement but (i) all rights, remedies, obligations and liabilities of the Seller hereunder shall continue and be enforceable by and against and assumed by such Affiliate, (ii)
        the Company’s obligations and liabilities hereunder shall continue to be outstanding and (iii) all references to the Seller herein shall be deemed to be references to such Affiliate.  The Seller will give the Company notice of any such assignment;
        provided, that the failure to provide such notice shall not void any such assignment.

    Section 7.08 Severability.  Any
        term or provision of this Agreement which is determined by a court of competent jurisdiction to be invalid, illegal or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or
        unenforceability without rendering invalid, illegal or unenforceable the remaining terms and provisions of this Agreement or affecting the validity, legality or enforceability of any of the terms or provisions of this Agreement in any other
        jurisdiction, and if any provision of this Agreement is determined to be so broad as to be unenforceable, the provision shall be interpreted to be only so broad as is enforceable, in all cases so long as neither the economic nor legal substance of
        the transactions contemplated hereby is affected in any manner materially adverse to any party or its shareholders.  Upon any such determination, the parties shall negotiate in good faith in an effort to agree upon a suitable and equitable
        substitute provision to effect the original intent of the parties.

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      11

      
        

    

    
      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above
        written.

      

      

      	 	
              CARVER BANCORP, INC.

            
	 	 
	 	 
	 	
              By:     /s/ Michael Pugh

            
	 	
              Name:  Michael Pugh

            
	 	
              Title:  President and Chief Executive Officer

            
	 	 
	 	 
	 	
              UNITED STATES DEPARTMENT OF THE TREASURY

            
	 	 
	 	 
	 	
              By:     /s/ Danielle Christensen

            
	 	
              Name:  Danielle Christensen

            
	 	
              Title:  Acting Director, Office of Financial Stability

            

      

      

    

    

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  
    [Signature Page to Securities Purchase Agreement]

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