OppFi Inc 8-K/A, filed Feb 11, 2021

OppFi Inc. (OPFI)

8-K/A 2021-02-11 For: 2021-02-09

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Added on April 11, 2026

About this 8-K/A

OppFi Inc filed this 8-K/A on February 11, 2021, reporting on events of February 9, 2021.

Items reported

Item 1.01: Entered into a material agreement
Item 9.01: Financial statements and exhibits

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Units, each consisting of one share of Class A common stock and one-half of one redeemable warrant	FGNA.U	The New York Stock Exchange
Class A common stock, par value $0.0001 per share	FGNA	The New York Stock Exchange
Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share	FGNA WS	The New York Stock Exchange


Exhibit No.		Description
2.1*		Business Combination Agreement, dated as of February 9, 2021, by and among the Company, Opportunity Financial, LLC and Todd Schwartz, in his capacity as the Members’ Representative.


	FG NEW AMERICA ACQUISTION CORP.



	By:		/s/ Larry G Swets, Jr.
	Name:		Larry G. Swets, Jr.
	Title:		Chief Executive Officer

Article I CERTAIN DEFINITIONS	3
Section 1.1 Certain Definitions	3
Article II PURCHASE AND SALE TRANSACTIONS	23
Section 2.1 Purchase and Sale of Closing Company Units; Issuance of Buyer Class V Voting Stock	23
Section 2.2 Cash Consideration	24
Section 2.3 Final Consideration Adjustment	25
Section 2.4 Closing Transactions	27
Section 2.5 Closing Deliveries	27
Section 2.6 Earnout	28
Section 2.7 Withholding	31
Section 2.8 Equitable Adjustments	32
Article III REPRESENTATIONS AND WARRANTIES REGARDING THE OPPFI COMPANIES	32
Section 3.1 Organization; Authority; Enforceability	32
Section 3.2 Noncontravention	33
Section 3.3 Capitalization	33
Section 3.4 Financial Statements; No Undisclosed Liabilities	34
Section 3.5 No Material Adverse Effect	35
Section 3.6 Absence of Certain Developments	35
Section 3.7 Real Property	35
Section 3.8 Tax Matters	36
Section 3.9 Contracts	38
Section 3.10 Intellectual Property	41
Section 3.11 Data Security; Data Privacy	43
Section 3.12 Litigation	44
Section 3.13 Brokerage	44
Section 3.14 Labor Matters	44
Section 3.15 Employee Benefit Plans	46
Section 3.16 Insurance	48
Section 3.17 Compliance with Laws; Permits	48

Section 3.18 Title to and Sufficiency of Assets; No Bankruptcy	49
Section 3.19 Anti-Money Laundering Compliance	49
Section 3.20 Affiliate Transactions	50
Section 3.21 No Other Representations and Warranties	50
Article IV REPRESENTATIONS AND WARRANTIES OF THE BUYER	50
Section 4.1 Organization; Authority; Enforceability	50
Section 4.2 Capitalization	51
Section 4.3 Brokerage	53
Section 4.4 Trust Account	53
Section 4.5 Buyer SEC Documents; Controls	54
Section 4.6 Information Supplied; Proxy Statement	55
Section 4.7 Litigation	55
Section 4.8 Listing	56
Section 4.9 Investment Company	56
Section 4.10 Contracts; No Defaults	56
Section 4.11 Noncontravention	57
Section 4.12 Business Activities	57
Section 4.13 Investment Intent	58
Section 4.14 Tax Matters	58
Section 4.15 Compliance with Laws	60
Section 4.16 Inspections; Company and Members’ Representations	60
Section 4.17 Title to Property	60
Section 4.18 Takeover Statutes and Charter Provisions	60
Article V PRE-CLOSING AGREEMENTS	61
Section 5.1 Interim Operating Covenants (Company)	61
Section 5.2 Interim Operating Covenants (Buyer)	64
Section 5.3 Commercially Reasonable Efforts; Further Assurances	65
Section 5.4 Trust & Closing Funding	66
Section 5.5 Listing	66
Section 5.6 LTIP	67
Section 5.7 Confidential Information	67
Section 5.8 Access to Information	67
Section 5.9 Notification of Certain Matters	68

Section 5.10 Regulatory Approvals; Efforts	68
Section 5.11 Communications; Press Release; SEC Filings	69
Section 5.12 Expenses	73
Section 5.13 Releases	74
Section 5.14 Directors and Officers	75
Section 5.15 Buyer Second A&R Certificate of Incorporation and Buyer A&R Bylaws	77
Section 5.16 Name Change	77
Section 5.17 Exclusivity	77
Article VI ADDITIONAL AGREEMENTS	78
Section 6.1 Access to Books and Records	78
Article VII TAX MATTERS	79
Section 7.1 Certain Tax Matters	79
Article VIII CONDITIONS TO CLOSING	84
Section 8.1 Conditions to the Obligations of the Parties	84
Article IX TERMINATION	87
Section 9.1 Termination	87
Section 9.2 Effect of Termination	88
Article X MISCELLANEOUS	88
Section 10.1 Amendment and Waiver	88
Section 10.2 Waiver of Remedies; Survival of Representations and Warranties	88
Section 10.3 Members’ Representative	89
Section 10.4 Notices	90
Section 10.5 Assignment	91
Section 10.6 Severability	91
Section 10.7 Interpretation	91
Section 10.8 Entire Agreement	92
Section 10.9 Counterparts; Electronic Delivery	92
Section 10.10 Governing Law; Waiver of Jury Trial; Jurisdiction	93
Section 10.11 Trust Account Waiver	93
Section 10.12 Specific Performance	94
Section 10.13 No Third-Party Beneficiaries	94
Section 10.14 Disclosure Letters and Exhibits	94

Section 10.15 No Recourse	95
Section 10.16 Legal Representation	96
Section 10.17 Acknowledgements	97

Article I DEFINED TERMS	1
Section 1.1 Definitions	1
Section 1.2 Interpretation	14
Article II GENERAL PROVISIONS	15
Section 2.1 Formation	15
Section 2.2 Name	15
Section 2.3 Principal Place of Business; Other Places of Business	15
Section 2.4 Designated Agent	15
Section 2.5 Term	15
Section 2.6 No State Law Partnership; Federal Income Tax Status	15
Section 2.7 Business Purpose	16
Section 2.8 Powers	16
Section 2.9 Certificates; Filings	16
Section 2.10 Representations and Warranties by the Members	16
Section 2.11 References to Certain Equity Securities	18
Article III Recapitalization	18
Section 3.1 Recapitalization	18
Article IV CLASSES OF COMPANY INTERESTS; CAPITAL CONTRIBUTIONS	18
Section 4.1 Classes of Company Interests; Capital Contributions of the Members	18
Section 4.2 Issuances of Additional Company Interests	19
Section 4.3 Additional Funds and Capital Contributions	20
Section 4.4 Issuances; Repurchases and Redemptions; Recapitalizations	20
Section 4.5 No Interest; No Return	23
Section 4.6 Capital Accounts	23
Article V DISTRIBUTIONS	24
Section 5.1 Distributions Generally	24
Section 5.2 Tax Distributions	24
Section 5.3 Distributions in Kind	24
Section 5.4 Distributions to Reflect Additional Company Units	25
Section 5.5 Restricted Distributions	25
Section 5.6 Use of Distributions	25
Article VI ALLOCATIONS	26
Section 6.1 General Allocations	26
Section 6.2 Additional Allocation Provisions	26
Section 6.3 Tax Allocations	28
Section 6.4 Other Allocation Rules	29
Section 6.5 Earnout Company Units	29

Article VII OPERATIONS	30
Section 7.1 Management	30
Section 7.2 Compensation and Advances	33
Section 7.3 Outside Activities	34
Section 7.4 Transactions with Affiliates	34
Section 7.5 Liability of Members; Fiduciary and Other Duties; Indemnification	35
Section 7.6 Indemnification	36
Article VIII RIGHTS AND OBLIGATIONS OF MEMBERS	37
Section 8.1 Return of Capital	37
Section 8.2 Rights of Members Relating to the Company	38
Article IX BOOKS AND RECORDS	38
Section 9.1 Books and Records	38
Section 9.2 Inspection	38
Article X TAX MATTERS	38
Section 10.1 Preparation of Tax Returns	38
Section 10.2 Tax Elections	39
Section 10.3 Partnership Representative	39
Section 10.4 Withholding Tax Indemnification.	40
Article XI MEMBER TRANSFERS AND WITHDRAWALS	41
Section 11.1 Transfer	41
Section 11.2 Transfer of Managing Member’s Company Interest	42
Section 11.3 Members’ Rights to Transfer	42
Section 11.4 Substituted Members	43
Section 11.5 Assignees	44
Section 11.6 General Provisions	44
Article XII DISSOLUTION, LIQUIDATION AND TERMINATION	46
Section 12.1 No Dissolution	46
Section 12.2 Events Causing Dissolution	46
Section 12.3 Distribution upon Dissolution	46
Section 12.4 Rights of Holders	47
Section 12.5 Termination	47
Section 12.6 Reasonable Time for Winding-Up	48
Article XIII AMENDMENTS; MEETINGS	48
Section 13.1 Amendments	48
Section 13.2 Procedures for Meetings and Actions of the Members	48
Article XIV EXCHANGE RIGHTS	50
Section 14.1 Exchange Rights of the Members	50

Article XV MISCELLANEOUS	55
Section 15.1 Company Counsel	55
Section 15.2 Appointment of Managing Member as Attorney-in-Fact	55
Section 15.3 Arbitration	56
Section 15.4 Accounting and Fiscal Year	57
Section 15.5 Entire Agreement	58
Section 15.6 Further Assurances	58
Section 15.7 Notices	58
Section 15.8 Governing Law	58
Section 15.9 Construction	58
Section 15.10 Binding Effect	58
Section 15.11 Severability	59
Section 15.12 Confidentiality	59
Section 15.13 Consent to Use of Name	61
Section 15.14 Consent by Spouse	61
Section 15.15 Counterparts	62
Section 15.16 Survival	62
Section 15.17 Anti-Money Laundering	62
Section 15.18 Third Party Beneficiary	62

	OPPFI INC.


	Name:
	Title:


	FOUNDER

	Name:
	Title:


	[ORIGINAL MEMBERS]


	Name:
	Title:

ARTICLE I DEFINITIONS	2
Section 1.1 Definitions	2
ARTICLE II DETERMINATION OF CERTAIN REALIZED TAX BENEFIT	11
Section 2.1 Basis Schedule	11
Section 2.2 Tax Benefit Schedule	12
Section 2.3 Procedures, Amendments	13
Section 2.4 Section 754 Election	14
ARTICLE III TAX BENEFIT PAYMENTS	14
Section 3.1 Payments	14
Section 3.2 No Duplicative Payments	15
Section 3.3 Pro Rata Payments	16
Section 3.4 Payment Ordering	16
Section 3.5 Overpayments	16
ARTICLE IV TERMINATION	16
Section 4.1 Early Termination of Agreement; Breach of Agreement	16
Section 4.2 Early Termination Notice	19
Section 4.3 Payment upon Early Termination	19
ARTICLE V SUBORDINATION AND LATE PAYMENTS	20
Section 5.1 Subordination	20
Section 5.2 Late Payments by the Corporate Taxpayer	20
ARTICLE VI ARTICLE VINO DISPUTES; CONSISTENCY; COOPERATION	20
Section 6.1 Participation in the Corporate Taxpayer’s and OpCo’s Tax Matters	20
Section 6.2 Consistency	21
Section 6.3 Cooperation	21
ARTICLE VII ARTICLE VIIMISCELLANEOUS	22
Section 7.1 Notices	22
Section 7.2 Counterparts	23
Section 7.3 Entire Agreement; No Third Party Beneficiaries	23
Section 7.4 Governing Law	24
Section 7.5 Severability	24
Section 7.6 Successors; Assignment; Amendments; Waivers	24
Section 7.7 Interpretation	25
Section 7.8 Waiver of Jury Trial; Jurisdiction	26
Section 7.9 Reconciliation	27
Section 7.10 Withholding	28
Section 7.11 Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets	28
Section 7.12 Confidentiality	29
Section 7.13 TRA Party Representative	30

	TRANSFEROR:
	By:
	Name:
	Title:

	TRANSFEREE:
	By:
	Name:
	Title:
	Address for notices:

Equity Securities of PubCo Beneficially Owned by the SCG Holders Representing the Percentage Voting Power Entitled to Vote in the Election of Directors		Number of Member Directors
50% or greater		5
40% to less than 50%		4
30% to less than 40%		3
20% to less than 30%		2
5% to less than 20%		1
Less than 5%		0

	PUBCO:
	OPPFI, INC.


	By:
	Name:
	Title:


	SPONSOR:
	FG NEW AMERICA INVESTORS LLC.


	By:
	Name:
	Title: