CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS
BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY
DISCLOSED. SUCH PORTIONS ARE MARKED AS INDICATED WITH BRACKETS (“[***]”) BELOW

FIRST AMENDMENT TO PARTICIPATION AGREEMENT

THIS FIRST AMENDMENT TO PARTICIPATION AGREEMENT (this “Amendment”), effective as
of August 1, 2019 (“Amendment Effective Date”), is by and between EF SPV, Ltd.,
a Cayman Islands exempted company incorporated with limited liability (“EFSPV”)
and FinWise Bank, a Utah state chartered bank (“FB”).

Recitals

A.    EFSPV and FB entered into that certain Participation Agreement, dated
October 15, 2018 (“Original Agreement”).

B.    The Parties mutually wish to amend the Original Agreement as set forth in
this Amendment.

NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the Parties agree as follows.

Agreement

1.Definitions.
(a)    Section 1(cc) of the Original Agreement is hereby deleted, in its
entirety, and replaced with the following:
“(cc)    “Participation Interest” means, with respect to a Loan, an undivided
ninety six percent (96%) participation interest in the Receivables and
Collections related thereto.”
(b)    Section 1(ee) of the Original Agreement is hereby deleted, in its
entirety, and replaced with the following:
“(ee)    “Participation Percentage” means ninety six percent (96%).”
(c)    Section 1(oo) of the Original Agreement is hereby deleted, in its
entirety, and replaced with the following:
“(oo)    “Retained Interest” means, with respect to a Loan, up to an undivided
four percent (4%) participation interest in the Receivables and Collections
related thereto.”
(d)    Section 1(pp) of the Original Agreement is hereby deleted, in its
entirety, and replaced with the following:
“(pp)    “Retained Percentage” means, with respect to a Participated Loan, at
least four percent (4%).”

15651.036 4813-6095-6318.1     1

--------------------------------------------------------------------------------

(e)    Except as otherwise set forth herein, all capitalized terms used in this
Amendment shall have the same meanings as set forth in Original Agreement. The
Agreement means the Original Agreement as amended by this Amendment.
2.Cash Collateral. The reference to [***] ([***]%) in the second to last
sentence of Section 2(m) of the Original Agreement is hereby revised to read
[***] percent ([***]%).
3.Termination. The reference to [***] percent ([***]%) in Section 17(b)(xi) of
the Original Agreement is hereby revised to read [***] percent ([***]%).
4.Form of Daily Remittance Report. The reference to (a) [***] percent ([***]%)
in the Form of Daily Remittance Report set forth on Exhibit B is hereby revised
to read [***] percent ([***]%) and (b) [***] percent ([***]%) in the Form of
Daily Remittance Report set forth on Exhibit B is hereby revised to read [***]
percent ([***]%).
5.Form of Monthly Remittance Report. The reference to (a) [***] percent ([***]%)
in the Form of Monthly Remittance Report set forth on Exhibit C is hereby
revised to read [***] percent ([***]%) and (b) [***] percent ([***]%) in the
Form of Monthly Remittance Report set forth on Exhibit C is hereby revised to
read [***] percent ([***]%).
6.Entire Agreement. The Original Agreement, as amended by this Amendment,
constitutes the entire understanding and agreement among the parties regarding
the specific subject matter hereof. Except as specifically amended by this
Amendment, the Original Agreement is ratified and confirmed in all respects.
7.Signatures. This Amendment may be executed in multiple counterparts, all of
which together shall constitute one and the same instrument. Signatures received
by facsimile, PDF file or other electronic format shall be deemed to be original
signatures.
[Remainder of page is intentionally left blank]
 

15651.036 4813-6095-6318.1     2

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the undersigned have executed this Amendment with an
effective date as of the Amendment Effective Date.

EF SPV:
EF SPV, Ltd.
By:
/s/ Andrew Dean
Name:
Andrew Dean
Title:
Director
 
 
FB:
FinWise Bank
By:
/s/ David Tilis
Name:
David Tilis
Title:
SVP