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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><SUP>&nbsp;</SUP></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>FORM 8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):<B><U>July
6, 2012</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B><U>Universal
Business Payment Solutions Acquisition Corporation</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;(Exact Name of Registrant as Specified
in Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 37%; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Delaware</TD>
    <TD STYLE="width: 4%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 25%; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">001-35170</TD>
    <TD STYLE="width: 4%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 30%; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">90-0632274</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or Other Jurisdiction of<BR> Incorporation or Organization)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(Commission<BR> File Number)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(I.R.S. Employer<BR> Identification No.)</TD></TR>
</TABLE>
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    <TD STYLE="width: 67%; vertical-align: top; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Radnor Financial Center</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>150 North Radnor-Chester Road, Suite
        F-200</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Radnor, PA</B></P></TD>
    <TD STYLE="width: 9%; vertical-align: top; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 24%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">19087</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>(610) 977-2482</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Not Applicable</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former Name of Former Address if Changed
Since Last Report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font: 10pt Wingdings"><B>&uml;</B></FONT>
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font: 10pt Wingdings"><B>x</B></FONT>
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR 240.14a-12)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font: 10pt Wingdings"><B>&uml;</B></FONT>
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font: 10pt Wingdings"><B>&uml;</B></FONT>
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.01</B>. <B>Entry into a Material Definitive Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Introduction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July 6, 2012, Universal Business Payment
Solutions Acquisition Corporation, a Delaware corporation (&ldquo;UBPSAC&rdquo;) entered into three definitive agreements to acquire
the following three companies: (i) JetPay, LLC, a Texas limited liability company (&ldquo;JetPay&rdquo;) and certain affiliated
entities; (ii) Francis David Corporation (d/b/a/ Electronic Merchant Systems), an Ohio corporation (&ldquo;EMS&rdquo;) and certain
affiliated entities; and (iii) AD Computer Corporation, a Pennsylvania corporation (&ldquo;ADC&rdquo;) and certain affiliated entities.
The agreements to acquire each of these entities are more fully described below. The board of directors of UBPSAC has approved
each of the agreements with JetPay, EMS and ADC and the transactions contemplated thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>JetPay</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>General</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July 6, 2012, UBPSAC, JP Merger Sub, LLC,
a Delaware limited liability company and a wholly-owned subsidiary of UBPSAC (the &ldquo;JetPay Merger Sub&rdquo;), JetPay, and
WLES, L.P., a Texas limited partnership (&ldquo;WLES&rdquo;) and Trent Voigt, entered into an Agreement and Plan of Merger (the
&ldquo;JetPay Agreement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the terms of the JetPay Agreement,
the JetPay Merger Sub will merge with and into JetPay, with JetPay surviving the merger as a wholly-owned subsidiary of UBPSAC
(the &ldquo;JetPay Merger&rdquo;) in exchange for consideration in the form of cash and common stock of UBPSAC, par value $0.001
(the &ldquo;Parent Common Stock&rdquo;) as further described below under the heading &ldquo;Consideration.&rdquo; Prior to the
closing of the transactions contemplated by the JetPay Agreement, JetPay will acquire all of the outstanding interests in two affiliated
entities, JetPay ISO Services, LLC, a Texas limited liability company, and JetPay Merchant Services, LLC, a Texas limited liability
company (such entities together with JetPay, the &ldquo;JetPay Entities&rdquo;), each of which will be wholly-owned subsidiaries
of JetPay following the JetPay Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The JetPay Agreement is described
below in greater detail. The description of the JetPay Agreement is qualified in its entirety by reference to the full text
of the JetPay Agreement which is attached hereto as Exhibit 2.1 and incorporated by reference herein. You are urged to read
the entire JetPay Agreement and the other exhibits attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Consideration</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the closing of the transactions contemplated
by the JetPay Agreement, WLES will receive aggregate consideration consisting of: (a) $28,000,000 in cash (the &ldquo;JetPay Cash
Merger Consideration&rdquo;); and (b) 2,000,000 shares of Parent Common Stock (the &ldquo;JetPay Stock Merger Consideration&rdquo;).
The JetPay Cash Merger Consideration is subject to certain adjustments relating to the net working capital, cash and indebtedness
of the JetPay Entities. In addition to the Closing Date Merger Consideration, WLES shall be entitled to receive $5,000,000 in cash
and 833,333 shares of Parent Common Stock upon a redemption of the warrants issued in connection with UBPSAC&rsquo;s initial public
offering and achievement of certain stock price targets based upon the trading price of the Parent Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Also at the closing of the transactions
contemplated by the JetPay Agreement, in accordance with the terms and conditions of the JetPay Agreement, UBPSAC will deposit
$10,000,000 of the JetPay Cash Merger Consideration and 1,666,667 shares of the JetPay Stock Merger Consideration, subject to certain
pre-closing adjustments, in an escrow fund, which shall be available to UBPSAC and JetPay as the surviving entity, as partial security
for WLES&rsquo;s obligations under the JetPay Agreement. UBPSAC has agreed to enter into an escrow agreement with JetPay and JP
Morgan, as escrow agent thereunder, to govern the rights and obligations of the parties thereto with respect to such funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Non-Compete</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WLES and each of the WLES partners agree
that, from the closing date for a period of five years, they will not, nor will they permit any of their affiliates to directly
or indirectly engage in any competing business in the United States or engage in certain activities in competition with the business
of UBPSAC, JetPay or their subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Representations, Warranties and Covenants
of the Parties</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The JetPay Agreement contains customary
representations, warranties and covenants of the parties. Subject to certain exceptions, the representations and warranties of
the parties contained in the JetPay Agreement will survive until the 18 month anniversary of the closing of the transactions contemplated
thereunder. The representations, warranties and covenants contained in the JetPay Agreement are qualified by information in confidential
disclosure schedules delivered together with the JetPay Agreement. The disclosure schedules contain information that modifies,
qualifies and creates exceptions to the representations, warranties and covenants set forth in the JetPay Agreement. Accordingly,
the representations, warranties and covenants should not be relied on as characterizations of the actual state of facts, since
they may be modified by the disclosure schedules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Additionally, the parties have agreed to
a variety of customary covenants and agreements, including with respect to confidentiality, cooperation and similar matters. In
addition, each of JetPay and WLES has agreed to continue to operate their business in the ordinary course prior to closing, subject
to specified exceptions and unless UBPSAC agrees otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Indemnification</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The JetPay Agreement provides the parties
standard indemnification rights with respect to breaches of the JetPay Agreement. UBPSAC is also receiving indemnification for
specific contingent liabilities disclosed by JetPay prior to signing. Except for certain of JetPay&rsquo;s representations and
warranties (including as to tax matters and certain &ldquo;fundamental representations&rdquo;), no indemnification amounts will
be payable with respect to breaches of the representations and warranties unless and until the aggregate amount of all indemnifiable
damages otherwise payable exceeds $125,000, at which point UBPSAC and the surviving entity can recover for all damages incurred,
and the maximum amount of indemnifiable damages recoverable with respect to such claims shall not exceed $6,000,000. All other
claims for indemnification, except for claims related to indemnifiable taxes, fraud or material misrepresentation and tax-related
representations and warranties are capped at the combined value of the JetPay Cash Merger Consideration and JetPay Stock Merger
Consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Conditions to Closing the JetPay Merger</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The obligations of the parties
to consummate the JetPay Agreement are subject to various closing conditions, including, among others: (a) no
governmental authority enacts, issues, promulgates, enforces or enters any law or order that is then in effect and has the
effect of making the consummation of the JetPay Merger illegal; (b) the approval of UBPSAC&rsquo;s stockholders; (c) holders
of less than 87.5% of the shares of Parent Common Stock issued in UBPSAC&rsquo;s initial public offering of securities
and outstanding immediately before the closing shall have exercised their rights to redeem their shares (a
&ldquo;Shareholder Redemption&rdquo;); (d) receipt of various ancillary documents to the JetPay Agreement; (e) receipt of the
financing by UBPSAC or the JetPay Merger Sub to consummate the transactions contemplated by the JetPay Agreement; and
(f) consummation of the transactions contemplated by the EMS  Agreement and the ADC Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Termination</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The JetPay Agreement may be terminated,
among other reasons, at any time prior to the Closing Date: (a) by mutual written consent of UBPSAC and JetPay; (b) by either UBPSAC
or JetPay if the closing has not occurred on or before November 1, 2012, (c) if any governmental authority enacts, enforces or
enters any order or law that has the effect of enjoining or otherwise preventing or prohibiting the JetPay Merger; or (d) if UBPSAC&rsquo;s
stockholders fail to approve and adopt the JetPay Agreement or a Shareholder Redemption occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Francis David Corporation d/b/a Electronic Merchant Systems</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>General</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July 6, 2012, UBPSAC, Enzo Merger Sub,
Inc., a Delaware limited liability company and a wholly-owned subsidiary of UBPSAC (the &ldquo;EMS Merger Sub&rdquo;), EMS, the
stockholders of EMS (the &ldquo;EMS Stockholders&rdquo;) and James Weiland, as Representative, entered into an Agreement and Plan
of Merger (the &ldquo;EMS Agreement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the terms of the EMS Agreement,
the EMS Merger Sub will merge with and into EMS, with EMS surviving the merger as a wholly-owned subsidiary of UBPSAC (the &ldquo;EMS
Merger&rdquo;) in exchange for consideration in the form of cash and common stock of UBPSAC, par value $0.001 (the &ldquo;Parent
Common Stock&rdquo;) as further described below under the heading &ldquo;Consideration.&rdquo; EMS Advertising and Promotions,
Inc., an Ohio corporation (&ldquo;EMS Advertising&rdquo;), will continue to be a wholly-owned subsidiary of EMS. Immediately subsequent
to the closing of the transactions contemplated by the EMS Agreement, EMS will acquire all of the outstanding interests of an affiliated
entity, Bizfunds, LLC, an Ohio limited liability company, (together with EMS and EMS Advertising, the &ldquo;EMS Entities&rdquo;)
pursuant to a unit purchase agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The EMS Agreement is described below
in greater detail. The description of the EMS Agreement is qualified in its entirety by reference to the full text of the EMS
Agreement which is attached hereto as Exhibit 2.2 and incorporated by reference herein. You are urged to read the entire
EMS Agreement and the other exhibits attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Consideration</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the closing of the transactions contemplated
by the EMS Agreement, the EMS Stockholders will receive aggregate consideration consisting of: (a) $60,000,000 in cash (the &ldquo;EMS
Cash Merger Consideration&rdquo;); and (b) 3,333,333 shares of Parent Common Stock (the &ldquo;EMS Stock Merger Consideration&rdquo;).
Additionally, on the 18 month anniversary of the closing of the transaction, the EMS Stockholders will be entitled to receive $10,000,000
(the &ldquo;EMS Deferred Merger Consideration&rdquo;) less any amounts disbursed as payment of certain of the EMS Stockholders&rsquo;
obligations under the EMS Agreement. The EMS Cash Merger Consideration is subject to certain adjustments relating to the net working
capital, cash and indebtedness of the EMS Entities. In addition to the Closing Date Merger Consideration, the EMS Stockholders
shall be entitled to receive $5,000,000 in cash and 1,666,666 shares of Parent Common Stock when UBPSAC becomes entitled to redeem
the warrants issued in connection with UBPSAC&rsquo;s initial public offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Also at the closing of the transactions
contemplated by the EMS Agreement, in accordance with the terms and conditions of the EMS Agreement, UBPSAC will deposit the Deferred
Merger Consideration in an escrow fund, which shall be available to UBPSAC and EMS as the surviving entity, as partial security
for the EMS Stockholders&rsquo; obligations under the EMS Agreement. UBPSAC has agreed to enter into an escrow agreement with EMS
and JP Morgan, as escrow agent thereunder, to govern the rights and obligations of the parties thereto with respect to such funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Non-Compete</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The EMS Stockholders agree that, from the
closing date for a period of three years, they will not, nor will they permit any of their affiliates to directly or indirectly
engage in any competing business in the United States or engage in certain activities in competition with the business of UBPSAC,
EMS or their subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Representations, Warranties and Covenants
of the Parties</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The EMS Agreement contains customary representations,
warranties and covenants of the parties. Subject to certain exceptions, the representations and warranties of the parties contained
in the EMS Agreement will survive until the 18 month anniversary of the closing of the transactions contemplated thereunder. The
representations, warranties and covenants contained in the EMS Agreement are qualified by information in confidential disclosure
schedules delivered together with the EMS Agreement. The disclosure schedules contain information that modifies, qualifies and
creates exceptions to the representations, warranties and covenants set forth in the EMS Agreement. Accordingly, the representations,
warranties and covenants should not be relied on as characterizations of the actual state of facts, since they may be modified
by the disclosure schedules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Additionally, the parties have agreed to
a variety of customary covenants and agreements, including with respect to confidentiality, cooperation and similar matters. In
addition, each of EMS and the EMS Stockholders has agreed to continue to operate their business in the ordinary course prior to
closing, subject to specified exceptions and unless UBPSAC agrees otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Board of Directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon consummation of the EMS Merger, the
number of members of the board of directors of UBPSAC will be increased to seven. Subject to UBPSAC&rsquo;s reasonable consent,
EMS will have the right to appoint one designee, which UBPSAC agrees to appoint to the board and nominate for reelection at the
first annual meeting of the stockholders following the closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Indemnification</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The EMS Agreement provides the parties standard
indemnification rights with respect to breaches of the EMS Agreement. UBPSAC is also receiving indemnification for specific contingent
liabilities disclosed by EMS prior to signing. Except for certain of EMS&rsquo;s representations and warranties (including as to
tax matters and certain &ldquo;fundamental representations&rdquo;), no indemnification amounts will be payable with respect to
breaches of the representations and warranties unless and until the aggregate amount of all indemnifiable damages otherwise payable
exceeds $500,000, and the maximum amount of indemnifiable damages recoverable with respect to such claims shall not exceed $10,000,000.
All other claims for indemnification, except for claims related to indemnifiable taxes, fraud or material misrepresentation and
tax-related representations and warranties are capped at $105,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Conditions to Closing the EMS Merger</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The obligations of the parties to
consummate the EMS Agreement are subject to various closing conditions, including, among others: (a) no governmental
authority enacts, issues, promulgates, enforces or enters any law or order that is then in effect and has the effect of
making the consummation of the EMS Merger illegal; (b) the approval of UBPSAC&rsquo;s stockholders; (c) holders of less than
87.5% of the shares of Parent Common Stock issued in UBPSAC&rsquo;s initial public offering of securities and outstanding
immediately before the closing shall have exercised their rights to redeem their shares (a &ldquo;Shareholder
Redemption&rdquo;); (d) receipt of various ancillary documents to the EMS Agreement; (e) receipt of the financing by UBPSAC
or the  EMS Merger Sub to consummate the transactions contemplated by the EMS Agreement; (f) appointment of the EMS
designee to the UBPSAC board of directors; and (g) consummation of the transactions contemplated by the JetPay
Agreement and the ADC Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Termination</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The EMS Agreement may be terminated, among
other reasons, at any time prior to the Closing Date (a) by mutual written consent of UBPSAC and EMS; (b) by either UBPSAC or EMS
if the closing has not occurred on or before December 31, 2012, (c) if any governmental authority enacts, enforces or enters any
order or law that has the effect of enjoining or otherwise preventing or prohibiting the EMS Merger; (d) by UBPSAC if EMS suffers
in excess of $5,000,000 in indemnifiable losses prior to the closing or (e) if UBPSAC&rsquo;s stockholders fail to approve and
adopt the EMS Agreement or a Shareholder Redemption occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>AD Computer Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>General</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July 6, 2012, UBPSAC, ADC Merger Sub,
Inc., a Delaware limited liability company and a wholly-owned subsidiary of UBPSAC (the &ldquo;ADC Merger Sub&rdquo;), ADC, Payroll
Tax Filing Services, Inc. (&ldquo;PTFS&rdquo;) Carol and C. Nicholas Antich as Joint Tenants, C. Nicholas Antich, Carol Antich,
Eric Antich, Lynn McCausland, the B N McCausland Trust, Joel E. Serfass (collectively, the &ldquo;ADC Stockholders&rdquo;) and
C. Nicholas Antich, as Representative, entered into an Agreement and Plan of Merger (the &ldquo;ADC Agreement&rdquo; and together
with the JetPay Agreement and the EMS Agreement, the &ldquo;Acquisition Agreements&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the terms of the ADC Agreement,
the ADC Merger Sub will merge with and into ADC, with ADC surviving the merger as a wholly-owned subsidiary of UBPSAC (the &ldquo;ADC
Merger&rdquo;) in exchange for consideration in the form of cash and common stock of UBPSAC, par value $0.001 (the &ldquo;Parent
Common Stock&rdquo;) as further described below under the heading &ldquo;Consideration.&rdquo; Immediately prior to the closing
of the transactions contemplated by the ADC Agreement, ADC will acquire all of the outstanding interests in PTFS, (together with
ADC, the &ldquo;ADC Entities&rdquo;), which will remain a wholly-owned subsidiary of ADC following the ADC Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The ADC Agreement is described below
in greater detail. The description of the ADC Agreement is qualified in its entirety by reference to the full text of the ADC
Agreement which is attached hereto as Exhibit 2.3 and incorporated by reference herein. You are urged to read the entire
ADC Agreement and the other exhibits attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Consideration</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the closing of the transactions contemplated
by the ADC Agreement, the ADC Stockholders will receive aggregate consideration consisting of: (a) $16,000,000 in cash (the &ldquo;ADC
Cash Merger Consideration&rdquo;); and (b) 1,000,000 shares of Parent Common Stock (the &ldquo;ADC Stock Merger Consideration&rdquo;).
Additionally, on the 24 month anniversary of the closing of the transaction, the ADC Stockholders are entitled to receive $2,000,000. The ADC Cash Merger Consideration is subject to certain adjustments relating
to the net working capital, cash and indebtedness of the ADC Entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Non-Compete</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The ADC Stockholders agree that, from the
closing date for a period of five years, they will not, nor will they permit any of their affiliates to directly or indirectly
engage in any competing business in the United States or engage in certain activities in competition with the business of UBPSAC,
ADC or their subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Representations, Warranties and Covenants
of the Parties</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The ADC Agreement contains customary representations,
warranties and covenants of the parties. Subject to certain exceptions, the representations and warranties of the parties contained
in the ADC Agreement will survive until the 18 month anniversary of the closing of the transactions contemplated thereunder. The
representations, warranties and covenants contained in the ADC Agreement are qualified by information in confidential disclosure
schedules delivered together with the ADC Agreement. The disclosure schedules contain information that modifies, qualifies and
creates exceptions to the representations, warranties and covenants set forth in the ADC Agreement. Accordingly, the representations,
warranties and covenants should not be relied on as characterizations of the actual state of facts, since they may be modified
by the disclosure schedules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Additionally, the parties have agreed to
a variety of customary covenants and agreements, including with respect to confidentiality, cooperation and similar matters. In
addition, each of ADC and the ADC Stockholders has agreed to continue to operate their business in the ordinary course prior to
closing, subject to specified exceptions and unless UBPSAC agrees otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Indemnification</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The ADC Agreement provides the parties standard
indemnification rights with respect to breaches of the ADC Agreement. UBPSAC is also receiving indemnification for specific contingent
liabilities disclosed by ADC prior to signing. Except for certain of ADC&rsquo;s representations and warranties (including as to
tax matters and certain &ldquo;fundamental representations&rdquo;), no indemnification amounts will be payable with respect to
breaches of the representations and warranties unless and until the aggregate amount of all indemnifiable damages otherwise payable
exceeds $100,000, and the maximum amount of indemnifiable damages recoverable with respect to such claims shall not exceed $2,160,000.
All other claims for indemnification, except for claims related to indemnifiable taxes, fraud or intentional misrepresentation
and tax-related representations and warranties are capped $24,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Conditions to Closing the ADC Merger</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The obligations of the parties
to consummate the ADC Agreement are subject to various closing conditions, including, among others: (a) no
governmental authority enacts, issues, promulgates, enforces or enters any law or order that is then in effect and has the
effect of making the consummation of the ADC Merger illegal; (b) the approval of UBPSAC&rsquo;s stockholders; (c) holders of
less than 87.5% of the shares of Parent Common Stock issued in UBPSAC&rsquo;s initial public offering of securities and
outstanding immediately before the closing shall have exercised their rights to redeem their shares (a
&ldquo;Shareholder Redemption&rdquo;); (d) receipt of various ancillary documents to the ADC Agreement; (e) receipt of the
financing by UBPSAC or the ADC Merger Sub to consummate the transactions contemplated by the ADC Agreement; and (f)
consummation of the transactions contemplated by the JetPay Agreement and the EMS Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Termination</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The ADC Agreement may be terminated, among
other reasons, at any time prior to the Closing Date (a) by mutual written consent of UBPSAC and ADC; (b) by either UBPSAC or ADC
if the closing has not occurred on or before December 15, 2012, (c) if any governmental authority enacts, enforces or enters any
order or law that has the effect of enjoining or otherwise preventing or prohibiting the ADC Merger; or (d) if UBPSAC&rsquo;s stockholders
fail to approve and adopt the ADC Agreement or a Shareholder Redemption occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Proxy Statement and Stockholders&rsquo; Meeting. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">UBPSAC has agreed to prepare and file a
proxy statement with the U.S. Securities and Exchange Commission and any other filing required under the securities laws or any
other federal, foreign or blue sky laws, and to call and hold a meeting of its stockholders for the purpose of seeking the approval
of the transactions contemplated by the Acquisition Agreements by its stockholders. Each of JetPay, EMS, and ADC has agreed to
provide information with respect to its business in the proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3.02. Unregistered Sales of Equity Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At closing, the UBPSAC will issue the following
shares of Parent Common Stock in connection with the transaction contemplated by the Acquisition Agreements: 2,000,000 shares to
WLES, 3,333,333 shares to the EMS Stockholders and 1,000,000 shares to the ADC Stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, 833,333 and 1,666,666 shares of Parent
Common Stock will be issuable to each of WLES and the EMS Stockholders, respectively, upon the achievement of certain targets
more fully described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The shares will be issued in a private placement not involving
a public offering under the Securities Act of 1933 pursuant to Section 4(2) of the Securities Act of 1933 and/or Regulation D promulgated
under the Securities Act of 1933. UBPSAC has not engaged in general solicitation or advertising with regard to the issuance of
its shares of common stock and has not offered securities to the public in connection with this issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>In addition to historical information, this Current Report
on Form 8-K may contain a number of &ldquo;forward-looking statements&rdquo; as defined in the Private Securities Litigation Reform
Act of 1995. Words such as anticipate, expect, project, intend, plan, believe, and words and terms of similar substance used in
connection with any discussion of future plans, actions, or events identify forward-looking statements. Forward-looking statements
relating to the proposed transaction include, but are not limited to: statements about the benefits of the proposed transactions
involving UBPSAC and JetPay, EMS, and ADC, including future financial and operating results; UBPSAC&rsquo;s and JetPay&rsquo;s,
EMS&rsquo;s, and ADC&rsquo;s plans, objectives, expectations and intentions; the expected timing of completion of the transaction;
and other statements relating to the transaction that are not historical facts. Forward-looking statements involve estimates, expectations
and projections and, as a result, are subject to risks and uncertainties. There can be no assurance that actual results will not
materially differ from expectations. Important factors could cause actual results to differ materially from those indicated by
such forward-looking statements. With respect to the proposed transactions, these factors include, but are not limited to: approval
of the transactions by the UBPSAC stockholders; the satisfaction of the closing conditions to the transactions; the risk that a
Shareholder Redemption occurs; the length of time necessary to consummate the proposed transaction; changing legislation and regulatory
environments; changing interpretations of generally accepted accounting principles; continued compliance with government regulations;
the risk that a condition to closing of the transaction may not be realized or may take longer to realize than expected; disruption
from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; a reduction in
industry profit margin; the inability to continue the development of the JetPay, EMS and ADC brands; the ability to meet the NASDAQ
Stock Market listing standards, including having the requisite number of round lot holders or shareholders; a lower return on investment;
the inability to manage rapid growth; requirements or changes affecting the business in which JetPay, EMS and ADC are engaged;
general economic conditions; and the diversion of management time on transaction-related issues. These risks, as well as other
risks associated with the transaction, will be more fully discussed in the preliminary proxy statement that will be filed with
the SEC in connection with the transaction. Additional risks and uncertainties are identified and discussed in UBPSAC&rsquo;s reports
filed with the SEC and available at the SEC&rsquo;s website at www.sec.gov. Forward-looking statements included in this Current
Report on Form 8-K speak only as of the date of this Current Report on Form 8-K. Neither UBPSAC nor JetPay, EMS, or ADC undertakes
any obligation to update its forward-looking statements to reflect events or circumstances after the date of this Current Report
on Form 8-K.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Information and Where to Find It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the Acquisition Agreements, UBPSAC will
file a proxy statement and other relevant documents concerning the Acquisition Agreements with the Securities and Exchange
Commission (&ldquo;SEC&rdquo;). The definitive proxy statement will be mailed to stockholders of UBPSAC.&nbsp;Investors and
stockholders of UBPSAC are urged to read the definitive proxy statement and other relevant documents when they become
available because they will contain important information about the transactions.&nbsp;Copies of these documents (when they
become available) may be obtained free of charge by making a request to UBPSAC in writing to UBPSAC, 150 North Radnor-Chester
Road, Suite F-200, Radnor, PA 19087. In addition, documents filed with the SEC by UBPSAC may be obtained free of charge at
the SEC&rsquo;s website at www.sec.gov or by clicking on &ldquo;SEC Filings&rdquo; or on UBPSAC&rsquo;s website at
www.ubpsac.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Information Regarding Participants </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UBPSAC and its directors, executive officers and certain employees
may be deemed to be participants in the solicitation of proxies from UBPSAC&rsquo;s stockholders in respect of the transactions.
Information concerning the ownership of UBPSAC&rsquo;s securities by UBPSAC&rsquo;s directors and executive officers is&nbsp;included
in their SEC filings on Forms 3, 4 and 5. Information regarding UBPSAC&rsquo;s directors, executive officers and other persons
who may, under rules of the SEC, be considered participants in the solicitation of proxies in connection with the transaction,
including their respective interests in the transaction by security holdings or otherwise, will be set forth in the definitive
proxy statement concerning the transaction when it is filed with the SEC. Each of these documents is, or will be, available as
described above</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8.01. Other Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July 9, 2012, UBPSAC, EMS, JetPay and
ADC issued a joint press release announcing the execution of the Acquisition Agreements. A copy of the press release is attached
hereto as Exhibit 99.1 and is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Attached hereto as Exhibit 99.2 to this
Current Report is the form of presentation that UBPSAC expects to use in connection with the proposed transaction. Exhibit 99.2
is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01. Financial Statements and Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 8%; border-bottom: windowtext 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Number</B></P></TD>
    <TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 90%; border-bottom: windowtext 1pt solid; font-weight: bold">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">2.1</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agreement and Plan of Merger, dated as of July 6, 2012, by and
        among UBPSAC, the JetPay Merger Sub, JetPay, WLES and Trent Voigt.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">2.2</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agreement and Plan of Merger, dated as of July 6, 2012, by and
        among UBPSAC, the EMS Merger Sub, EMS, the stockholders of EMS and James Weiland, as Representative.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">2.3</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agreement and Plan of Merger, dated as of July 6, 2012, by and
        among UBPSAC, the ADC Merger Sub, ADC, PTFS, Carol and C. Nicholas Antich as Joint Tenants, C. Nicholas Antich, Carol Antich, Eric
        Antich, Lynn McCausland, the B N McCausland Trust, Joel E. Serfass and C. Nicholas Antich, as Representative.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">99.1</TD>
    <TD>&nbsp;</TD>
    <TD>Joint press release dated July 9, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">99.2</TD>
    <TD>&nbsp;</TD>
    <TD>Investor presentation in connection with the proposed transaction</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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{"company-data": {"conformed-name": "Universal Business Payment Solutions Acquisition Corp", "cik": "0001507986", "assigned-sic": "6770", "irs-number": "900632274", "state-of-incorporation": "DE", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-35170", "film-number": "12951968"}, "business-address": {"street1": "150 NORTH RADNOR-CHESTER ROAD", "street2": "SUITE F-200", "city": "RADNOR", "state": "PA", "zip": "19087", "phone": "6109772482"}, "mail-address": {"street1": "150 NORTH RADNOR-CHESTER ROAD", "street2": "SUITE F-200", "city": "RADNOR", "state": "PA", "zip": "19087"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July
6, 2012
Universal
Business Payment Solutions Acquisition Corporation
(Exact Name of Registrant as Specified
in Charter)
Delaware
001-35170
90-0632274
(State or Other Jurisdiction of
Incorporation or Organization)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
Radnor Financial Center
150 North Radnor-Chester Road, Suite
        F-200
Radnor, PA
19087
(Address of Principal Executive Offices)
(Zip Code)
(610) 977-2482
(Registrant's telephone number, including
area code)
Not Applicable
(Former Name of Former Address if Changed
Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
x
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01
.
Entry into a Material Definitive Agreement
Introduction
On July 6, 2012, Universal Business Payment
Solutions Acquisition Corporation, a Delaware corporation ("UBPSAC") entered into three definitive agreements to acquire
the following three companies: (i) JetPay, LLC, a Texas limited liability company ("JetPay") and certain affiliated
entities; (ii) Francis David Corporation (d/b/a/ Electronic Merchant Systems), an Ohio corporation ("EMS") and certain
affiliated entities; and (iii) AD Computer Corporation, a Pennsylvania corporation ("ADC") and certain affiliated entities.
The agreements to acquire each of these entities are more fully described below. The board of directors of UBPSAC has approved
each of the agreements with JetPay, EMS and ADC and the transactions contemplated thereby.
JetPay
General
On July 6, 2012, UBPSAC, JP Merger Sub, LLC,
a Delaware limited liability company and a wholly-owned subsidiary of UBPSAC (the "JetPay Merger Sub"), JetPay, and
WLES, L.P., a Texas limited partnership ("WLES") and Trent Voigt, entered into an Agreement and Plan of Merger (the
"JetPay Agreement").
Pursuant to the terms of the JetPay Agreement,
the JetPay Merger Sub will merge with and into JetPay, with JetPay surviving the merger as a wholly-owned subsidiary of UBPSAC
(the "JetPay Merger") in exchange for consideration in the form of cash and common stock of UBPSAC, par value $0.001
(the "Parent Common Stock") as further described below under the heading "Consideration." Prior to the
closing of the transactions contemplated by the JetPay Agreement, JetPay will acquire all of the outstanding interests in two affiliated
entities, JetPay ISO Services, LLC, a Texas limited liability company, and JetPay Merchant Services, LLC, a Texas limited liability
company (such entities together with JetPay, the "JetPay Entities"), each of which will be wholly-owned subsidiaries
of JetPay following the JetPay Merger.
The JetPay Agreement is described
below in greater detail. The description of the JetPay Agreement is qualified in its entirety by reference to the full text
of the JetPay Agreement which is attached hereto as Exhibit 2.1 and incorporated by reference herein. You are urged to read
the entire JetPay Agreement and the other exhibits attached hereto.
2
Consideration
Upon the closing of the transactions contemplated
by the JetPay Agreement, WLES will receive aggregate consideration consisting of: (a) $28,000,000 in cash (the "JetPay Cash
Merger Consideration"); and (b) 2,000,000 shares of Parent Common Stock (the "JetPay Stock Merger Consideration").
The JetPay Cash Merger Consideration is subject to certain adjustments relating to the net working capital, cash and indebtedness
of the JetPay Entities. In addition to the Closing Date Merger Consideration, WLES shall be entitled to receive $5,000,000 in cash
and 833,333 shares of Parent Common Stock upon a redemption of the warrants issued in connection with UBPSAC's initial public
offering and achievement of certain stock price targets based upon the trading price of the Parent Common Stock.
Also at the closing of the transactions
contemplated by the JetPay Agreement, in accordance with the terms and conditions of the JetPay Agreement, UBPSAC will deposit
$10,000,000 of the JetPay Cash Merger Consideration and 1,666,667 shares of the JetPay Stock Merger Consideration, subject to certain
pre-closing adjustments, in an escrow fund, which shall be available to UBPSAC and JetPay as the surviving entity, as partial security
for WLES's obligations under the JetPay Agreement. UBPSAC has agreed to enter into an escrow agreement with JetPay and JP
Morgan, as escrow agent thereunder, to govern the rights and obligations of the parties thereto with respect to such funds.
Non-Compete
WLES and each of the WLES partners agree
that, from the closing date for a period of five years, they will not, nor will they permit any of their affiliates to directly
or indirectly engage in any competing business in the United States or engage in certain activities in competition with the business
of UBPSAC, JetPay or their subsidiaries.
Representations, Warranties and Covenants
of the Parties
The JetPay Agreement contains customary
representations, warranties and covenants of the parties. Subject to certain exceptions, the representations and warranties of
the parties contained in the JetPay Agreement will survive until the 18 month anniversary of the closing of the transactions contemplated
thereunder. The representations, warranties and covenants contained in the JetPay Agreement are qualified by information in confidential
disclosure schedules delivered together with the JetPay Agreement. The disclosure schedules contain information that modifies,
qualifies and creates exceptions to the representations, warranties and covenants set forth in the JetPay Agreement. Accordingly,
the representations, warranties and covenants should not be relied on as characterizations of the actual state of facts, since
they may be modified by the disclosure schedules.
Additionally, the parties have agreed to
a variety of customary covenants and agreements, including with respect to confidentiality, cooperation and similar matters. In
addition, each of JetPay and WLES has agreed to continue to operate their business in the ordinary course prior to closing, subject
to specified exceptions and unless UBPSAC agrees otherwise.
3
Indemnification
The JetPay Agreement provides the parties
standard indemnification rights with respect to breaches of the JetPay Agreement. UBPSAC is also receiving indemnification for
specific contingent liabilities disclosed by JetPay prior to signing. Except for certain of JetPay's representations and
warranties (including as to tax matters and certain "fundamental representations"), no indemnification amounts will
be payable with respect to breaches of the representations and warranties unless and until the aggregate amount of all indemnifiable
damages otherwise payable exceeds $125,000, at which point UBPSAC and the surviving entity can recover for all damages incurred,
and the maximum amount of indemnifiable damages recoverable with respect to such claims shall not exceed $6,000,000. All other
claims for indemnification, except for claims related to indemnifiable taxes, fraud or material misrepresentation and tax-related
representations and warranties are capped at the combined value of the JetPay Cash Merger Consideration and JetPay Stock Merger
Consideration.
Conditions to Closing the JetPay Merger
The obligations of the parties
to consummate the JetPay Agreement are subject to various closing conditions, including, among others: (a) no
governmental authority enacts, issues, promulgates, enforces or enters any law or order that is then in effect and has the
effect of making the consummation of the JetPay Merger illegal; (b) the approval of UBPSAC's stockholders; (c) holders
of less than 87.5% of the shares of Parent Common Stock issued in UBPSAC's initial public offering of securities
and outstanding immediately before the closing shall have exercised their rights to redeem their shares (a
"Shareholder Redemption"); (d) receipt of various ancillary documents to the JetPay Agreement; (e) receipt of the
financing by UBPSAC or the JetPay Merger Sub to consummate the transactions contemplated by the JetPay Agreement; and
(f) consummation of the transactions contemplated by the EMS  Agreement and the ADC Agreement
Termination
The JetPay Agreement may be terminated,
among other reasons, at any time prior to the Closing Date: (a) by mutual written consent of UBPSAC and JetPay; (b) by either UBPSAC
or JetPay if the closing has not occurred on or before November 1, 2012, (c) if any governmental authority enacts, enforces or
enters any order or law that has the effect of enjoining or otherwise preventing or prohibiting the JetPay Merger; or (d) if UBPSAC's
stockholders fail to approve and adopt the JetPay Agreement or a Shareholder Redemption occurs.
Francis David Corporation d/b/a Electronic Merchant Systems
General
On July 6, 2012, UBPSAC, Enzo Merger Sub,
Inc., a Delaware limited liability company and a wholly-owned subsidiary of UBPSAC (the "EMS Merger Sub"), EMS, the
stockholders of EMS (the "EMS Stockholders") and James Weiland, as Representative, entered into an Agreement and Plan
of Merger (the "EMS Agreement").
4
Pursuant to the terms of the EMS Agreement,
the EMS Merger Sub will merge with and into EMS, with EMS surviving the merger as a wholly-owned subsidiary of UBPSAC (the "EMS
Merger") in exchange for consideration in the form of cash and common stock of UBPSAC, par value $0.001 (the "Parent
Common Stock") as further described below under the heading "Consideration." EMS Advertising and Promotions,
Inc., an Ohio corporation ("EMS Advertising"), will continue to be a wholly-owned subsidiary of EMS. Immediately subsequent
to the closing of the transactions contemplated by the EMS Agreement, EMS will acquire all of the outstanding interests of an affiliated
entity, Bizfunds, LLC, an Ohio limited liability company, (together with EMS and EMS Advertising, the "EMS Entities")
pursuant to a unit purchase agreement.
The EMS Agreement is described below
in greater detail. The description of the EMS Agreement is qualified in its entirety by reference to the full text of the EMS
Agreement which is attached hereto as Exhibit 2.2 and incorporated by reference herein. You are urged to read the entire
EMS Agreement and the other exhibits attached hereto.
Consideration
Upon the closing of the transactions contemplated
by the EMS Agreement, the EMS Stockholders will receive aggregate consideration consisting of: (a) $60,000,000 in cash (the "EMS
Cash Merger Consideration"); and (b) 3,333,333 shares of Parent Common Stock (the "EMS Stock Merger Consideration").
Additionally, on the 18 month anniversary of the closing of the transaction, the EMS Stockholders will be entitled to receive $10,000,000
(the "EMS Deferred Merger Consideration") less any amounts disbursed as payment of certain of the EMS Stockholders'
obligations under the EMS Agreement. The EMS Cash Merger Consideration is subject to certain adjustments relating to the net working
capital, cash and indebtedness of the EMS Entities. In addition to the Closing Date Merger Consideration, the EMS Stockholders
shall be entitled to receive $5,000,000 in cash and 1,666,666 shares of Parent Common Stock when UBPSAC becomes entitled to redeem
the warrants issued in connection with UBPSAC's initial public offering.
Also at the closing of the transactions
contemplated by the EMS Agreement, in accordance with the terms and conditions of the EMS Agreement, UBPSAC will deposit the Deferred
Merger Consideration in an escrow fund, which shall be available to UBPSAC and EMS as the surviving entity, as partial security
for the EMS Stockholders' obligations under the EMS Agreement. UBPSAC has agreed to enter into an escrow agreement with EMS
and JP Morgan, as escrow agent thereunder, to govern the rights and obligations of the parties thereto with respect to such funds.
5
Non-Compete
The EMS Stockholders agree that, from the
closing date for a period of three years, they will not, nor will they permit any of their affiliates to directly or indirectly
engage in any competing business in the United States or engage in certain activities in competition with the business of UBPSAC,
EMS or their subsidiaries.
Representations, Warranties and Covenants
of the Parties
The EMS Agreement contains customary representations,
warranties and covenants of the parties. Subject to certain exceptions, the representations and warranties of the parties contained
in the EMS Agreement will survive until the 18 month anniversary of the closing of the transactions contemplated thereunder. The
representations, warranties and covenants contained in the EMS Agreement are qualified by information in confidential disclosure
schedules delivered together with the EMS Agreement. The disclosure schedules contain information that modifies, qualifies and
creates exceptions to the representations, warranties and covenants set forth in the EMS Agreement. Accordingly, the representations,
warranties and covenants should not be relied on as characterizations of the actual state of facts, since they may be modified
by the disclosure schedules.
Additionally, the parties have agreed to
a variety of customary covenants and agreements, including with respect to confidentiality, cooperation and similar matters. In
addition, each of EMS and the EMS Stockholders has agreed to continue to operate their business in the ordinary course prior to
closing, subject to specified exceptions and unless UBPSAC agrees otherwise.
Board of Directors
Upon consummation of the EMS Merger, the
number of members of the board of directors of UBPSAC will be increased to seven. Subject to UBPSAC's reasonable consent,
EMS will have the right to appoint one designee, which UBPSAC agrees to appoint to the board and nominate for reelection at the
first annual meeting of the stockholders following the closing.
Indemnification
The EMS Agreement provides the parties standard
indemnification rights with respect to breaches of the EMS Agreement. UBPSAC is also receiving indemnification for specific contingent
liabilities disclosed by EMS prior to signing. Except for certain of EMS's representations and warranties (including as to
tax matters and certain "fundamental representations"), no indemnification amounts will be payable with respect to
breaches of the representations and warranties unless and until the aggregate amount of all indemnifiable damages otherwise payable
exceeds $500,000, and the maximum amount of indemnifiable damages recoverable with respect to such claims shall not exceed $10,000,000.
All other claims for indemnification, except for claims related to indemnifiable taxes, fraud or material misrepresentation and
tax-related representations and warranties are capped at $105,000,000.
6
Conditions to Closing the EMS Merger
The obligations of the parties to
consummate the EMS Agreement are subject to various closing conditions, including, among others: (a) no governmental
authority enacts, issues, promulgates, enforces or enters any law or order that is then in effect and has the effect of
making the consummation of the EMS Merger illegal; (b) the approval of UBPSAC's stockholders; (c) holders of less than
87.5% of the shares of Parent Common Stock issued in UBPSAC's initial public offering of securities and outstanding
immediately before the closing shall have exercised their rights to redeem their shares (a "Shareholder
Redemption"); (d) receipt of various ancillary documents to the EMS Agreement; (e) receipt of the financing by UBPSAC
or the  EMS Merger Sub to consummate the transactions contemplated by the EMS Agreement; (f) appointment of the EMS
designee to the UBPSAC board of directors; and (g) consummation of the transactions contemplated by the JetPay
Agreement and the ADC Agreement.
Termination
The EMS Agreement may be terminated, among
other reasons, at any time prior to the Closing Date (a) by mutual written consent of UBPSAC and EMS; (b) by either UBPSAC or EMS
if the closing has not occurred on or before December 31, 2012, (c) if any governmental authority enacts, enforces or enters any
order or law that has the effect of enjoining or otherwise preventing or prohibiting the EMS Merger; (d) by UBPSAC if EMS suffers
in excess of $5,000,000 in indemnifiable losses prior to the closing or (e) if UBPSAC's stockholders fail to approve and
adopt the EMS Agreement or a Shareholder Redemption occurs.
AD Computer Corporation
General
On July 6, 2012, UBPSAC, ADC Merger Sub,
Inc., a Delaware limited liability company and a wholly-owned subsidiary of UBPSAC (the "ADC Merger Sub"), ADC, Payroll
Tax Filing Services, Inc. ("PTFS") Carol and C. Nicholas Antich as Joint Tenants, C. Nicholas Antich, Carol Antich,
Eric Antich, Lynn McCausland, the B N McCausland Trust, Joel E. Serfass (collectively, the "ADC Stockholders") and
C. Nicholas Antich, as Representative, entered into an Agreement and Plan of Merger (the "ADC Agreement" and together
with the JetPay Agreement and the EMS Agreement, the "Acquisition Agreements").
Pursuant to the terms of the ADC Agreement,
the ADC Merger Sub will merge with and into ADC, with ADC surviving the merger as a wholly-owned subsidiary of UBPSAC (the "ADC
Merger") in exchange for consideration in the form of cash and common stock of UBPSAC, par value $0.001 (the "Parent
Common Stock") as further described below under the heading "Consideration." Immediately prior to the closing
of the transactions contemplated by the ADC Agreement, ADC will acquire all of the outstanding interests in PTFS, (together with
ADC, the "ADC Entities"), which will remain a wholly-owned subsidiary of ADC following the ADC Merger.
7
The ADC Agreement is described below
in greater detail. The description of the ADC Agreement is qualified in its entirety by reference to the full text of the ADC
Agreement which is attached hereto as Exhibit 2.3 and incorporated by reference herein. You are urged to read the entire
ADC Agreement and the other exhibits attached hereto.
Consideration
Upon the closing of the transactions contemplated
by the ADC Agreement, the ADC Stockholders will receive aggregate consideration consisting of: (a) $16,000,000 in cash (the "ADC
Cash Merger Consideration"); and (b) 1,000,000 shares of Parent Common Stock (the "ADC Stock Merger Consideration").
Additionally, on the 24 month anniversary of the closing of the transaction, the ADC Stockholders are entitled to receive $2,000,000. The ADC Cash Merger Consideration is subject to certain adjustments relating
to the net working capital, cash and indebtedness of the ADC Entities.
Non-Compete
The ADC Stockholders agree that, from the
closing date for a period of five years, they will not, nor will they permit any of their affiliates to directly or indirectly
engage in any competing business in the United States or engage in certain activities in competition with the business of UBPSAC,
ADC or their subsidiaries.
Representations, Warranties and Covenants
of the Parties
The ADC Agreement contains customary representations,
warranties and covenants of the parties. Subject to certain exceptions, the representations and warranties of the parties contained
in the ADC Agreement will survive until the 18 month anniversary of the closing of the transactions contemplated thereunder. The
representations, warranties and covenants contained in the ADC Agreement are qualified by information in confidential disclosure
schedules delivered together with the ADC Agreement. The disclosure schedules contain information that modifies, qualifies and
creates exceptions to the representations, warranties and covenants set forth in the ADC Agreement. Accordingly, the representations,
warranties and covenants should not be relied on as characterizations of the actual state of facts, since they may be modified
by the disclosure schedules.
Additionally, the parties have agreed to
a variety of customary covenants and agreements, including with respect to confidentiality, cooperation and similar matters. In
addition, each of ADC and the ADC Stockholders has agreed to continue to operate their business in the ordinary course prior to
closing, subject to specified exceptions and unless UBPSAC agrees otherwise.
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Indemnification
The ADC Agreement provides the parties standard
indemnification rights with respect to breaches of the ADC Agreement. UBPSAC is also receiving indemnification for specific contingent
liabilities disclosed by ADC prior to signing. Except for certain of ADC's representations and warranties (including as to
tax matters and certain "fundamental representations"), no indemnification amounts will be payable with respect to
breaches of the representations and warranties unless and until the aggregate amount of all indemnifiable damages otherwise payable
exceeds $100,000, and the maximum amount of indemnifiable damages recoverable with respect to such claims shall not exceed $2,160,000.
All other claims for indemnification, except for claims related to indemnifiable taxes, fraud or intentional misrepresentation
and tax-related representations and warranties are capped $24,000,000.
Conditions to Closing the ADC Merger
The obligations of the parties
to consummate the ADC Agreement are subject to various closing conditions, including, among others: (a) no
governmental authority enacts, issues, promulgates, enforces or enters any law or order that is then in effect and has the
effect of making the consummation of the ADC Merger illegal; (b) the approval of UBPSAC's stockholders; (c) holders of
less than 87.5% of the shares of Parent Common Stock issued in UBPSAC's initial public offering of securities and
outstanding immediately before the closing shall have exercised their rights to redeem their shares (a
"Shareholder Redemption"); (d) receipt of various ancillary documents to the ADC Agreement; (e) receipt of the
financing by UBPSAC or the ADC Merger Sub to consummate the transactions contemplated by the ADC Agreement; and (f)
consummation of the transactions contemplated by the JetPay Agreement and the EMS Agreement.
Termination
The ADC Agreement may be terminated, among
other reasons, at any time prior to the Closing Date (a) by mutual written consent of UBPSAC and ADC; (b) by either UBPSAC or ADC
if the closing has not occurred on or before December 15, 2012, (c) if any governmental authority enacts, enforces or enters any
order or law that has the effect of enjoining or otherwise preventing or prohibiting the ADC Merger; or (d) if UBPSAC's stockholders
fail to approve and adopt the ADC Agreement or a Shareholder Redemption occurs.
Proxy Statement and Stockholders' Meeting.
UBPSAC has agreed to prepare and file a
proxy statement with the U.S. Securities and Exchange Commission and any other filing required under the securities laws or any
other federal, foreign or blue sky laws, and to call and hold a meeting of its stockholders for the purpose of seeking the approval
of the transactions contemplated by the Acquisition Agreements by its stockholders. Each of JetPay, EMS, and ADC has agreed to
provide information with respect to its business in the proxy statement.
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Item 3.02. Unregistered Sales of Equity Securities
At closing, the UBPSAC will issue the following
shares of Parent Common Stock in connection with the transaction contemplated by the Acquisition Agreements: 2,000,000 shares to
WLES, 3,333,333 shares to the EMS Stockholders and 1,000,000 shares to the ADC Stockholders.
In addition, 833,333 and 1,666,666 shares of Parent
Common Stock will be issuable to each of WLES and the EMS Stockholders, respectively, upon the achievement of certain targets
more fully described above.
The shares will be issued in a private placement not involving
a public offering under the Securities Act of 1933 pursuant to Section 4(2) of the Securities Act of 1933 and/or Regulation D promulgated
under the Securities Act of 1933. UBPSAC has not engaged in general solicitation or advertising with regard to the issuance of
its shares of common stock and has not offered securities to the public in connection with this issuance.
Forward-Looking Statements
In addition to historical information, this Current Report
on Form 8-K may contain a number of "forward-looking statements" as defined in the Private Securities Litigation Reform
Act of 1995. Words such as anticipate, expect, project, intend, plan, believe, and words and terms of similar substance used in
connection with any discussion of future plans, actions, or events identify forward-looking statements. Forward-looking statements
relating to the proposed transaction include, but are not limited to: statements about the benefits of the proposed transactions
involving UBPSAC and JetPay, EMS, and ADC, including future financial and operating results; UBPSAC's and JetPay's,
EMS's, and ADC's plans, objectives, expectations and intentions; the expected timing of completion of the transaction;
and other statements relating to the transaction that are not historical facts. Forward-looking statements involve estimates, expectations
and projections and, as a result, are subject to risks and uncertainties. There can be no assurance that actual results will not
materially differ from expectations. Important factors could cause actual results to differ materially from those indicated by
such forward-looking statements. With respect to the proposed transactions, these factors include, but are not limited to: approval
of the transactions by the UBPSAC stockholders; the satisfaction of the closing conditions to the transactions; the risk that a
Shareholder Redemption occurs; the length of time necessary to consummate the proposed transaction; changing legislation and regulatory
environments; changing interpretations of generally accepted accounting principles; continued compliance with government regulations;
the risk that a condition to closing of the transaction may not be realized or may take longer to realize than expected; disruption
from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; a reduction in
industry profit margin; the inability to continue the development of the JetPay, EMS and ADC brands; the ability to meet the NASDAQ
Stock Market listing standards, including having the requisite number of round lot holders or shareholders; a lower return on investment;
the inability to manage rapid growth; requirements or changes affecting the business in which JetPay, EMS and ADC are engaged;
general economic conditions; and the diversion of management time on transaction-related issues. These risks, as well as other
risks associated with the transaction, will be more fully discussed in the preliminary proxy statement that will be filed with
the SEC in connection with the transaction. Additional risks and uncertainties are identified and discussed in UBPSAC's reports
filed with the SEC and available at the SEC's website at www.sec.gov. Forward-looking statements included in this Current
Report on Form 8-K speak only as of the date of this Current Report on Form 8-K. Neither UBPSAC nor JetPay, EMS, or ADC undertakes
any obligation to update its forward-looking statements to reflect events or circumstances after the date of this Current Report
on Form 8-K.
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Additional Information and Where to Find It
In connection with the Acquisition Agreements, UBPSAC will
file a proxy statement and other relevant documents concerning the Acquisition Agreements with the Securities and Exchange
Commission ("SEC"). The definitive proxy statement will be mailed to stockholders of UBPSAC. Investors and
stockholders of UBPSAC are urged to read the definitive proxy statement and other relevant documents when they become
available because they will contain important information about the transactions. Copies of these documents (when they
become available) may be obtained free of charge by making a request to UBPSAC in writing to UBPSAC, 150 North Radnor-Chester
Road, Suite F-200, Radnor, PA 19087. In addition, documents filed with the SEC by UBPSAC may be obtained free of charge at
the SEC's website at www.sec.gov or by clicking on "SEC Filings" or on UBPSAC's website at
www.ubpsac.com.
Information Regarding Participants
UBPSAC and its directors, executive officers and certain employees
may be deemed to be participants in the solicitation of proxies from UBPSAC's stockholders in respect of the transactions.
Information concerning the ownership of UBPSAC's securities by UBPSAC's directors and executive officers is included
in their SEC filings on Forms 3, 4 and 5. Information regarding UBPSAC's directors, executive officers and other persons
who may, under rules of the SEC, be considered participants in the solicitation of proxies in connection with the transaction,
including their respective interests in the transaction by security holdings or otherwise, will be set forth in the definitive
proxy statement concerning the transaction when it is filed with the SEC. Each of these documents is, or will be, available as
described above
Item 8.01. Other Information
On July 9, 2012, UBPSAC, EMS, JetPay and
ADC issued a joint press release announcing the execution of the Acquisition Agreements. A copy of the press release is attached
hereto as Exhibit 99.1 and is incorporated by reference herein.
Attached hereto as Exhibit 99.2 to this
Current Report is the form of presentation that UBPSAC expects to use in connection with the proposed transaction. Exhibit 99.2
is incorporated by reference herein.
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Item 9.01. Financial Statements and Exhibits
(d) Exhibits
Exhibit
Number
Description
2.1
Agreement and Plan of Merger, dated as of July 6, 2012, by and
        among UBPSAC, the JetPay Merger Sub, JetPay, WLES and Trent Voigt.
2.2
Agreement and Plan of Merger, dated as of July 6, 2012, by and
        among UBPSAC, the EMS Merger Sub, EMS, the stockholders of EMS and James Weiland, as Representative.
2.3
Agreement and Plan of Merger, dated as of July 6, 2012, by and
        among UBPSAC, the ADC Merger Sub, ADC, PTFS, Carol and C. Nicholas Antich as Joint Tenants, C. Nicholas Antich, Carol Antich, Eric
        Antich, Lynn McCausland, the B N McCausland Trust, Joel E. Serfass and C. Nicholas Antich, as Representative.
99.1
Joint press release dated July 9, 2012
99.2
Investor presentation in connection with the proposed transaction
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