Document:

Services Agreement

 Exhibit 10.11 

EXECUTION COPY 
 SERVICES
AGREEMENT 
 THIS SERVICES AGREEMENT (this “Agreement”), dated as of October 6, 2008 (the
“Effective Date”), is by and between FOLIOfn Investments, Inc., a Virginia corporation registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (“Folio”), and LendingClub
Corporation, a Delaware corporation (“Lending Club”). 
 RECITALS 

WHEREAS, Lending Club and Folio have entered into a License Agreement whereby Lending Club has agreed to license to Folio certain software and
technology that Folio will use to operate an alternative trading system (“Software”) for the secondary trading of certain notes issued by Lending Club (“Notes”) and held by members of the Lending Club Internet-based
social lending platform who also are customers of Folio (“Folio’s Business”); 
 WHEREAS, Lending Club and Folio have
entered into a Hosting Services Agreement whereby Lending Club has agreed to host such Software for Folio’s exclusive use; and 

WHEREAS, in connection with Folio’s Business, Lending Club has agreed to provide to Folio, for the exclusive benefit of Folio, certain
services, in accordance with the terms and conditions set forth herein; 
 NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants contained in this Agreement, subject to the satisfaction of the terms and conditions set forth herein, and intending to be legally bound, the parties hereto agree as follows: 

ARTICLE I 
 SERVICES

 SECTION 1.1 Provision of Services. Subject to the terms and conditions of this Agreement, Lending Club shall provide to
Folio the services as listed and described on Exhibit A, or as otherwise described in this Agreement (collectively, the “Services”). 

(a) Scope. The Services (i) shall include the services set forth in Exhibit A, as amended from time to time, and
(ii) shall be provided (A) in a manner and with reasonable care consistent with the manner and reasonable care used by Lending Club in the conduct of its own business, and (B) in a manner consistent with laws and regulations
applicable to Lending Club and Folio. Subject to the first sentence of this paragraph and Section 1.4, the parties may agree from time to time that in addition to the existing Services, other services are necessary for the conduct of
Folio’s Business and subject further to the requirements of applicable law, statute, order, rule, regulation, policy or guideline (“Applicable Law”) of any United States or foreign government, any state or other political
subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including the U.S. Securities and Exchange Commission (“Commission”), or any other
authority, agency, department, board, commission or instrumentality of the United States, any State of the United States or any political subdivision thereof or any foreign jurisdiction, and any court, tribunal or arbitrator(s), and any United
States or foreign governmental or non-governmental 

  
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self-regulatory organization, agency or authority (including the Financial Industry Regulatory Authority, Inc.) (“SRO”), in each case, having competent jurisdiction or authority
(collectively, “Governmental Authority”). Such other services will be included in the Services upon the written agreement of the parties. 

(b) Review of Scope. If one of the parties wishes to conduct a review of, or make changes to, the Services, that party shall request in
writing that a services review meeting be held within ten (10) business days, to discuss the provision of Services; provided that no changes to the Services will be made without the prior written consent of all parties. For the avoidance of
doubt, Lending Club may choose to use different facilities, equipment, software programs, and employees to provide the Services without the prior approval of Folio. 

(c) Relationship of the Parties. Lending Club acknowledges that it is an independent contractor. Nothing herein contained shall be
deemed or construed (i) to constitute the parties as partners, joint venturers, co-owners or otherwise as participants in a joint or common undertaking or (ii) to allow either party to create or assume any obligation on behalf of the other
party. The duties and responsibilities of the parties hereto shall be rendered by each as an independent contractor and not as an agent for the other party. Folio acknowledges that, notwithstanding the provision of the Services by Lending Club to
Folio, Folio shall remain responsible to any relevant Governmental Authority for the continued performance by Lending Club of the Services under this Agreement. 

(d) Regulatory Requirements relating to Services. Lending Club shall file an undertaking with the Commission, in the form attached as
Exhibit C to this Agreement, within seven (7) days after execution of this Agreement, and provide a copy to Folio. 
 (e)
Consideration to Folio. For each Note sold, Folio will charge the seller a percentage of the proceeds received from such sale (“Transaction Fee”). Further, the parties acknowledge that Lending Club has an interest in the
establishment and successful operation of Folio’s Business because of the shared customers of Lending Club and Folio. As such, Lending Club shall pay to Folio no later than fifteen (15) days after the end of each calendar month during the
Term (as defined below) or any Renewed Term (as defined below) an amount equal to a flat fee (as set forth below) minus the aggregate Transaction Fees received by Folio for the preceding calendar month. Lending Club shall pay a flat fee of five
thousand dollars ($5,000) per month for the Term of this Agreement, seven thousand five hundred dollars ($7,500) per month for the first Renewed Term of this Agreement and ten thousand dollars ($10,000) per month for any subsequent Renewed Term.
Further, for any period for which Folio conducts Folio’s Business that is less than one calendar month, Lending Club shall pay for that period of time only, a pro rata portion of the flat fee minus the aggregate Transaction Fee received by
Folio for the same period of time. 
 (f) Marketing. For the Term (as defined below), Lending Club shall showcase Folio through the
use of its corporate name or trademark, if any, in a manner mutually agreeable to the parties on either Lending Club’s homepage or any homepage through which a lender member would access the Lending Club website. In addition, the parties agree
to facilitate the marketing campaign calendar set forth in Exhibit D. 

  
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 (g) Audit. Once during the Term (as defined below) and once during the Renewed Term
(as defined below), Folio shall have the right to conduct (or direct an agent to conduct) at Lending Club’s expense not to exceed twenty thousand dollars ($20,000) per audit, an audit of any appropriate site, facility or performance
documentation of Lending Club, as directly related to the Services, and as may be reasonably necessary for compliance purposes under Applicable Law. Such audits shall be conducted during normal business hours and in a manner so as not to cause
Lending Club to be in violation of any Applicable Law or contracts or other rights of third parties. Lending Club shall provide to Folio or any auditor or attorney acting on Folio’s behalf with respect to conducting an audit of the Services
such assistance as they reasonably require, including installing and operating audit software. With respect to any agreement between Folio and any auditor or attorney acting on Folio’s behalf under this paragraph, Folio shall require such
auditor or attorney to maintain any confidential information created or received relating to Lending Club in accordance with Section 4.1 of this Agreement. 

SECTION 1.2 No Employment Relationship. At all times during the performance of the Services, all persons performing Services
shall be in the employ and/or under the control of Lending Club (including agents, contractors, temporary employees and consultants) and shall be independent from Folio and shall not be considered to be employees of Folio or its affiliates and shall
not be entitled to any payment, benefit or perquisite directly from Folio or its affiliates on account of the Services received. Lending Club agrees that no person acting as an employee of Lending Club who performs Services under this Agreement may,
at such time and in the exclusive capacity as a Lending Club employee, make any representation regarding Folio, hold himself or herself out as an agent or employee of Folio, bind, or attempt to bind, Folio or take any similar action. 

SECTION 1.3 No Conflicts. Notwithstanding any other provision of this Agreement, Lending Club shall not be required to provide
or to cause to be provided Services hereunder that conflict with any Applicable Law, contract, rule, regulation, order, license, authorization, certification or permit. 

SECTION 1.4 Limitation of Services. Except as otherwise expressly contemplated by Exhibit A, Lending Club shall not be obligated
to (a) make modifications to its existing systems, or (b) acquire additional assets, equipment, rights or properties (including computer equipment, software, furniture, furnishings, fixtures, machinery, vehicles, tools or other tangible
personal property) or hire additional personnel in connection with this Agreement. 
 SECTION 1.5 Exclusivity. The parties
acknowledge that Folio has developed an alternative trading system for notes or securities and that it is constantly modifying that system. The parties agree that Folio (or any affiliate of Folio) may, in its sole discretion, operate an alternative
trading system (or similar exchange or system) for the trading of notes or securities by members, participants, subscribers (or persons of a similar nature) of an Internet-based social lending platform (howsoever described) that directly or
indirectly competes with Lending Club. 

  
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 ARTICLE II 

TERM OF THE AGREEMENT 

SECTION 2.1 Term of the Agreement. 

(a) The term of this Agreement shall commence on the Effective Date and shall continue until the first anniversary of the Effective Date,
unless terminated earlier in accordance with Section 2.2 (“Term”). 
 (b) If no notice of termination is given in
accordance with Section 2.2 prior to the expiration of the Term, this Agreement shall automatically renew for a period of one (1) year (“Renewed Term”) and the consideration to Folio shall increase as described in
Section 1.1(e). 
 SECTION 2.2 Termination. 

(a) The following parties may terminate this Agreement: 

(i) Lending Club in writing, without cause, effective nine (9) months’ after notice is sent to Folio; provided, however, that
Lending Club may terminate in writing, without cause, effective three (3) months after notice to Folio and Folio shall be entitled to receive liquidated damages in the amount of forty-five thousand dollars ($45,000) minus any monies paid to
Folio by Lending Club during the term of the Agreement pursuant to Section 1.1(e); 
 (ii) Folio in writing, effective immediately, if
Lending Club commits a breach of Applicable Law that materially affects Folio’s ability to provide brokerage services to customers of Folio (“Folio Customers”) in compliance with any federal or state securities laws, rules or
regulations or any rules of a self-regulatory organization of which Folio is a member, provided, however, that Lending Club shall provide the Services for a commercially reasonable period of time to allow Folio to close out any outstanding
transactions relating to Folio’s Business at the time of termination; 
 (iii) Folio in writing, without cause, effective nine
(9) months’ after such notice is sent to Lending Club; 
 (iv) Either party, in writing, effective immediately, in the event of
any material breach of any warranty, representation or covenant of this Agreement by the other party which remains uncured thirty (30) days after written notice of such breach to such other party; or 

(v) Either party, upon mutual agreement of the parties. 

(b) Notwithstanding the foregoing, this Agreement shall terminate immediately upon the effective termination of the License Agreement between
the parties, dated October 6, 2008 (“License Agreement”) or the Hosting Services Agreement between the parties, dated October 6, 2008. 

  
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 SECTION 2.3 Consequences of Termination, Expiration of the Term or Expiration of the
Renewed Term. Upon termination, for any reason, expiration of the Term or expiration of any Renewed Term of this Agreement, (i) Lending Club shall maintain the Books and Records for the terms outlined in Exhibit A on behalf of, and for
the benefit of, Folio; and (ii) either party shall, if required by the other (disclosing) party, return or destroy all Confidential Information (as defined below), subject to Applicable Law. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

SECTION 3.1 Representations and Warranties. Each party represents and warrants to the other party that: 

(a) it is a company duly incorporated and validly existing under the laws of the jurisdiction of its establishment; 

(b) it has the full power and authority to enter into this Agreement and to perform its obligations under this Agreement; 

(c) it has obtained all material consents and approvals and taken all actions necessary for it to validly enter into and give effect to this
Agreement; 
 (d) this Agreement will, when executed, constitute lawful, valid and binding obligations on it, enforceable in accordance with
its terms; and 
 (e) it has since June 30, 2008, in all material respects, carried on and is carrying on its business in compliance
with all Applicable Law, and since June 30, 2008 has complied and is able to comply with the rules and requirements of all relevant Governmental Authorities. It has not breached, and there are no breaches, of its organizational documents. To
its actual knowledge, there has not been and there is no investigation or inquiry by, or order, decree, decision or judgment of, any Governmental Authority outstanding or anticipated against it, which, in each case, would have a material adverse
effect on its ability to enter into or perform its obligations under this Agreement. 
 SECTION 3.2 Continuing Effect. The
representations and warranties set out in Section 3.1 shall be deemed to be repeated throughout the term of this Agreement. 

ARTICLE IV 

CONFIDENTIALITY 

SECTION 4.1 Folio’s Confidentiality Obligation. For so long as this Agreement remains in effect and for a period of ten
(10) years after any expiration or termination of this Agreement, Folio agrees that it and its managers, employees, consultants, agents and advisors shall treat confidentially and not disclose, or permit any affiliate of it or their respective
advisors, employees, agents or representatives to disclose, to any third party any non-public or proprietary information received from or on behalf of Lending Club or about Lending Club (“Confidential Information”). Confidential
Information will include all information in tangible or intangible form that is marked or designated as confidential or that, under the circumstances of 

  
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its disclosure, should be considered confidential. Further, for the avoidance of doubt, such Confidential Information shall include any personally identifiable information about any borrower or
lender member of the Lending Club Internet-based social lending platform, excluding personally identifiable lender information received by Folio in the course of establishing or maintaining an account for any such member or relating to executing a
transaction for any such member. Folio agrees not to use such Confidential Information for any purpose other than for the purposes contemplated under this Agreement, without obtaining the prior written consent of Lending Club, except
(a) portions of such information that are or become generally available to the public other than as a result of disclosure by Folio in violation of this Agreement, (b) portions of such information received on a non-confidential basis from
a third party who, to such recipient’s knowledge, is not prohibited from disclosing the information pursuant to a confidentiality agreement with, or fiduciary obligations to, Lending Club, and (c) for the purpose of making any disclosures
required by Applicable Law. In the event that such Confidential Information is disclosed in accordance with this paragraph, Folio agrees to contractually require each person to whom it has provided such Confidential Information as expressly
permitted hereunder or with the prior written consent of Lending Club to keep such information confidential and to use and disclose it only in connection with its performance under this Agreement. 

SECTION 4.2 Lending Club’s Confidentiality Obligation. For so long as this Agreement remains in effect and for a period of
ten (10) years after any expiration or termination of this Agreement, Lending Club agrees that it and its directors, employees, consultants, agents, representatives and advisors shall treat confidentially and will not disclose to any third
party any Confidential Information received from or on behalf of Folio or any of its affiliates, or use such Confidential Information for any purpose other than providing the Services or for the fulfillment of Lending Club’s obligations under
this Agreement without obtaining the prior written consent of Folio, except (a) portions of such information that are or become generally available to the public other than as a result of disclosure by Lending Club in violation of this
Agreement, (b) portions of such information received on a non-confidential basis from a third party who, to such recipient’s knowledge, is not prohibited from disclosing the information pursuant to a confidentiality agreement with, or
fiduciary obligations to, Folio, and (c) for the purpose of making any disclosures required by Applicable Law. 
 SECTION 4.3
Protection of Customer Information. For purposes of complying with their obligations under Applicable Law relating to the protection of consumer personal information, if any, the parties will comply with the terms and conditions set forth
in Exhibit B attached hereto. 
 SECTION 4.4 Permitted Disclosure. Notwithstanding the foregoing provisions of ARTICLE
IV, either party may disclose Confidential Information received from the other if: 
 (a) such information is disclosed, in compliance with
Applicable Law, by the receiving party to its advisors, representatives, agents and employees, acting in their capacity as such, who have a need to know such Confidential Information in connection with the performance of this Agreement;
provided, however, that such advisors, representatives, agents and employees shall be required to agree to abide by the requirements of this ARTICLE IV and the receiving party shall be liable to the other party for any breach of these
requirements by its advisors, employees, agents and representatives; or 

  
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 (b) either party determines that it is required by Applicable Law to disclose information not
otherwise permitted to be disclosed pursuant hereto. In advance of any such disclosure (to the extent legally permitted and reasonably practicable), the receiving party shall consult with the other party regarding such disclosure and seek
confidential treatment for such portions of the disclosure as may be requested by the other party. Such receiving party shall have no liability hereunder if, prior to the required disclosure, the receiving party receives a written opinion from its
counsel opining that such disclosure is required by law or regulation. In addition, notwithstanding any other provision of this Agreement, either party shall be permitted to file a copy of this Agreement with any Governmental Authority or securities
regulatory body. 
 SECTION 4.5 Damages Not an Adequate Remedy. Without prejudice to any other rights or remedies of a party,
the parties acknowledge and agree that damages would not be an adequate remedy for any breach of this ARTICLE IV and the remedies of prohibitory injunctions and other relief are appropriate and may be sought for any threatened or actual breach of
any provision of this ARTICLE IV. No proof of special damages shall be necessary for the enforcement of any party’s rights under this ARTICLE IV. 

ARTICLE V 
 LIMITATION OF
DAMAGES 
 SECTION 5.1 Folio’s Liability to Lending Club. EXCEPT TO THE EXTENT (A) INCLUDED IN A FINAL AWARD
AGAINST LENDING CLUB RESULTING FROM A THIRD PARTY CLAIM FOR WHICH LENDING CLUB IS INDEMNIFIED PURSUANT TO SECTION 6.1, OR (B) RELATING TO OR ARISING FROM THE WILLFUL OR INTENTIONAL MISCONDUCT OF FOLIO, IN NO EVENT SHALL FOLIO OR ITS AFFILIATES
BE LIABLE TO LENDING CLUB FOR ANY LOST OR PROSPECTIVE PROFITS OR ANY OTHER SPECIAL, CONSEQUENTIAL, PUNITIVE, INCIDENTAL, OR INDIRECT LOSSES OR DAMAGES FROM THEIR PERFORMANCE UNDER THIS AGREEMENT, OR, EXCEPT AS OTHERWISE SPECIFICALLY SET FORTH
HEREIN, FOR ANY FAILURE OF OR DEFECT IN PERFORMANCE HEREUNDER OR RELATED HERETO, WHETHER ARISING OUT OF BREACH OF CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. IN NO EVENT SHALL THE LIABILITY OF FOLIO OR ITS AFFILIATES UNDER THIS AGREEMENT EXCEED
IN ANY GIVEN CALENDAR YEAR ONE PERCENT OF THE TOTAL DOLLAR AMOUNT OF TRANSACTIONS EXECUTED ON THE ALTERNATIVE TRADING SYSTEM OPERATED BY FOLIO IN CONJUNCTION WITH FOLIO’S BUSINESS. 

SECTION 5.2 Lending Club’s Liability to Folio. EXCEPT TO THE EXTENT (A) INCLUDED IN A FINAL AWARD AGAINST FOLIO
RESULTING FROM A THIRD PARTY CLAIM FOR WHICH FOLIO IS INDEMNIFIED PURSUANT TO SECTION 6.2, OR (B) RELATING TO OR ARISING FROM THE WILLFUL OR INTENTIONAL MISCONDUCT OF LENDING CLUB, IN NO EVENT SHALL LENDING CLUB BE LIABLE TO FOLIO OR ITS
AFFILIATES FOR ANY LOST OR PROSPECTIVE PROFITS OR ANY OTHER SPECIAL, CONSEQUENTIAL, PUNITIVE, INCIDENTAL, OR INDIRECT LOSSES 

  
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OR DAMAGES FROM ITS PERFORMANCE UNDER THIS AGREEMENT, OR, EXCEPT AS OTHERWISE SPECIFICALLY SET FORTH HEREIN, FOR ANY FAILURE OF OR DEFECT IN PERFORMANCE HEREUNDER OR RELATED HERETO, WHETHER
ARISING OUT OF BREACH OF CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. 
 ARTICLE VI 

INDEMNIFICATION 

SECTION 6.1 Folio’s Indemnification of Lending Club. Folio shall defend, indemnify and hold Lending Club harmless from and
against any and all claims, demands, causes of action, or suits of any nature or character based on any legal theory, including products liability, strict liability, violation of any federal, state or local law, rule or regulation, or the sole or
concurrent negligence of any person (“Claims”) to which Lending Club may become subject (including any legal or other expenses reasonably incurred by it in connection with investigating any Claim against it and defending any action
and any amounts paid in settlement or compromise, provided Folio shall have given its prior written approval of such settlement or compromise, which approval shall not be unreasonably withheld or delayed) that arise, directly or indirectly, from
(i) any third party Claim resulting from any breach by Folio (or its affiliates) of this Agreement or the failure to perform any activities necessary to facilitate the operation of Folio’s Business by any employee of Folio, (ii) any
grossly negligent act or omission to act by any employee of Folio with respect to facilitating the operation of Folio’s Business, or (iii) Folio’s (or its affiliates’) willful misconduct or fraud. 

SECTION 6.2 Lending Club’s Indemnification of Folio. Lending Club shall defend, indemnify and hold Folio and its affiliates
harmless from and against any and all Claims to which Folio and its affiliates may become subject (including any legal or other expenses reasonably incurred by it in connection with investigating any Claim against it and defending any action and any
amounts paid in settlement or compromise, provided Lending Club shall have given its prior written approval of such settlement or compromise, which approval shall not be unreasonably withheld or delayed) that arise, directly or indirectly, from any
third party Claim arising from the operation of Folio’s Business (including, for the avoidance of doubt, any action or claim brought by a regulator or self-regulatory organization under federal or state securities laws, rules or regulations),
except to the extent such Claim is a result of Folio’s negligence, willful misconduct or fraud (or the negligence, willful misconduct or fraud of any Folio employee) with respect to facilitating the operation of Folio’s Business. 

SECTION 6.3 Exclusivity of Remedies. Subject to ARTICLE V, absent actual fraud or willful misconduct by any of the parties to
this Agreement, and except for matters for which the remedy of specific performance, injunctive relief or other non-monetary equitable remedies are available, the indemnification rights provided above shall be the sole and exclusive remedy of the
parties under this Agreement. 

  
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 ARTICLE VII 

MISCELLANEOUS 
 SECTION
7.1 Successors and Assigns. Neither party shall assign or transfer this Agreement or any of the rights, interests or obligations hereunder without the prior written consent of the other party. A purported assignment of this Agreement or
any of the rights, interests or obligations hereunder not in compliance with the provisions of this Agreement shall be null and void ab initio. 

SECTION 7.2 Cooperation. Each party shall cooperate with the other party as is reasonably necessary to assist in the performance
of the other party’s obligations under this Agreement. 
 SECTION 7.3 Entire Agreement; Amendment. This Agreement,
including the exhibits referred to herein, which are hereby incorporated in and made a part of this Agreement, constitutes the entire contract between the parties with respect to the subject matter covered by this Agreement. This Agreement
supersedes all previous agreements and understandings, if any, by and between the parties with respect to the subject matter covered by this Agreement. This Agreement may not be amended, changed or modified except by a writing duly executed by the
parties hereto. 
 SECTION 7.4 Governing Law. This Agreement, and the rights and liabilities of the parties hereunder, shall
be governed by the substantive laws of the Commonwealth of Virginia to the exclusion of its rules of conflict of laws and the parties agree to submit to the exclusive jurisdiction of the state and federal courts located in the Commonwealth of
Virginia for the resolution of all disputes arising out of this Agreement or in connection with the Services. 
 SECTION 7.5
Survival. The following provisions will survive any expiration or termination of the Agreement: Sections Section 2.3, ARTICLE IV, ARTICLE V, ARTICLE VI, Section 7.4, and Section 7.6. 

SECTION 7.6 Notices. All notices, requests, demands or other communications hereunder shall be in writing and shall be deemed to
have been duly given when transmitted by facsimile during business hours with proof of confirmation from the transmitting machine, or delivered by courier or other hand delivery, as follows: 

If to Lending Club: 

LendingClub Corporation: 
 440
North Wolfe Road 
 Sunnyvale, CA 94085 

Attn: 
 If to Folio: 

FOLIOfn Investments, Inc. 

8000 Towers Crescent Drive 

Suite 1500 
 Vienna, VA 22182

 Attn: 

  
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 SECTION 7.7 Third Party Beneficiaries. Nothing expressed or implied in this
Agreement is intended or shall be construed to confer upon or give any person, firm, or corporation other than the parties, any rights or remedies under or by reason of this Agreement. 

SECTION 7.8 Force Majeure. Neither party shall incur liability to the other party due to any delay or failure in performance
hereunder caused by reason of any occurrence or contingency beyond its reasonable control, including but not limited to failure of suppliers, strikes, lockouts or other labor disputes, riots, acts of war or civil unrest, earthquake, fire, the
elements or acts of God, novelty of product manufacture, unanticipated product development problems, or governmental restrictions or other legal requirements; provided, that such party notifies the other party in writing immediately upon
commencement of such event and makes diligent efforts to resume performance immediately upon cessation of such event. 
 SECTION 7.9
Severability. In the event that any provision of this Agreement is declared by any court or other judicial or administrative body of competent jurisdiction to be null, void or unenforceable, such provision shall survive to the extent it
is not so declared, and all of the other provisions of this Agreement shall remain in full force and effect. IT IS EXPRESSLY UNDERSTOOD AND AGREED THAT EACH AND EVERY PROVISION OF THIS AGREEMENT WHICH PROVIDES FOR A LIMITATION OF LIABILITY,
DISCLAIMER OF WARRANTIES OR EXCLUSION OF DAMAGES, IS INTENDED BY THE PARTIES TO BE SEVERABLE AND INDEPENDENT OF ANY OTHER PROVISION AND TO BE ENFORCED AS SUCH. 

SECTION 7.10 Headings. The headings contained in this Agreement are for convenience only and are not a part of this Agreement,
and do not in any way interpret, limit or amplify the scope, extent or intent of this Agreement, or any of the provisions of this Agreement. 

SECTION 7.11 Counterparts and Facsimile. This Agreement may be executed in counterparts, each of which shall constitute an
original, but all of which together shall constitute one and the same agreement. Transmission of facsimile copies of signed original signature pages of this Agreement shall have the same effect as delivery of the signed originals. 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties have caused their respective names to be subscribed to
this Services Agreement as of the date and year first above written. 
  

					
	LendingClub Corporation
		
	By:	 	 /s/ Renaud Laplanche

		 	Name:	 	Renaud Laplanche
		 	Title:	 	Chief Executive Officer
	
	FOLIOfn Investments, Inc.
		
	By:	 	 /s/ Michael J. Hogan

		 	Name:	 	Michael J. Hogan
		 	Title:	 	Chief Executive Officer and President

  
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 Exhibits 

Exhibit A: Description of Services 
 Exhibit B:
Protection of Consumer Information 
 Exhibit C: Written Undertaking to Create and Maintain Certain Books and Records 

Exhibit D: Marketing Campaign Calendar 

  
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 Exhibit A 

Description of Services 
 On behalf of
Folio, Lending Club agrees to perform the following services:  
 New Account Opening 

1. Lending Club will collect information regarding prospective Folio Customers via an online automated process, as required by Folio and in the form determined
by Folio, necessary to open a customer account with Folio. Folio will review such information and approve all new accounts prior to opening. 
 2. Lending
Club will collect such information from prospective Folio Customers, as required by Folio, and in the form agreed to by Folio, relating to anti-money laundering and customer identification laws, rules and regulations, and will have that information
processed by Folio approved vendors to implement the Folio anti-money laundering and customer identification programs. 
 Creation and Maintenance of
Books and Records 
 1. The books and records to be created and maintained for the specified period of time by Lending Club on behalf of Folio
(collectively “Books and Records”), in the medium agreed to by the parties, shall be as follows: 
  

	•	 	Account agreements between Folio and Folio Customers (must be preserved for a period of not less than ten (10) years, the first two (2) years in an easily accessible place); 

 

	•	 	Records relating to the terms and conditions with respect to the opening and maintenance of a Folio Customer account (must be preserved for a period of not less than ten (10) years after the closing of the relevant
Folio Customer account); 

  

	•	 	A memorandum of each order, and of any other instruction given to Folio or received by Folio for the purchase or sale of Notes, whether executed or unexecuted, including the terms and conditions of the order or
instructions and of any modification or cancellation thereof and the movement of funds related to such order, the account for which the order or instruction was entered, the time the order or instruction was received, the time of entry, the price at
which executed, a notation indicating that a customer entered the order or instruction on an electronic system, and, to the extent feasible, the time of execution or cancellation (must be preserved for a period of not less than ten (10) years,
the first two (2) years in an easily accessible place); 

  

	•	 	Copies of confirmations of all purchases and sales of Notes for the account of Folio Customers (must be preserved for a period of not less than ten (10) years, the first two (2) years in an easily accessible
place); 

  
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	•	 	A record in respect of each Folio Customer account indicating the name and address of the beneficial owner (and in the event there are multiple beneficial owners, each beneficial owner) of such account (must be
preserved for a period of not less than ten (10) years, the first two (2) years in an easily accessible place); 

  

	•	 	A record indicating that, for each Folio Customer account record updated to reflect a change in the name, address or email address of the customer, a notification of that change has been furnished to the customer’s
old address, or to each joint owner on or before the 5th day after the date notice of the change was received (must be preserved in an easily accessible place until at least ten (10) years after the earlier of the date the account was closed or
the date on which the information was replaced or updated); 

  

	•	 	A record for each Folio Customer account indicating that each customer was furnished with a copy of each written agreement entered into pertaining to that account and that, if requested by the customer, the customer was
furnished with a fully executed copy of each agreement (must be preserved in an easily accessible place until at least ten (10) years after the earlier of the date the account was closed or the date on which the information was replaced or
updated); and 

  

	•	 	A record of any written (to include email) communications from a Folio Customer sent to a Lending Club address including specifically any communications expressing any complaint (must be preserved in an easily
accessible place until at least ten (10) years after the earlier of the date the account was closed or the date on which the information was replaced or updated). 

2. Under no circumstances shall Lending Club destroy, delete or otherwise eliminate any or all or any part of such Books and Records without the prior written
approval of Folio. 
 3. At all times, the Books and Records, including all copies thereof, whether electronic or otherwise, are the property of Folio and,
as such, will be surrendered to Folio promptly upon Folio’s request. 
 4. Lending Club hereby undertakes to permit examination of such Books and
Records at any time or from time to time during business hours by representatives or designees of the Commission or relevant SRO, and to promptly furnish to said Commission or relevant SRO or their designee true, correct, complete and current hard
copies of any or all or any part of such Books and Records. 
 5. The parties acknowledge that the Agreement shall not relieve Folio from the responsibility
to prepare and maintain such Books and Records as specified in Exchange Act Rule 17a-4(i) or in Rule 17a-3. 
 6. To the extent that Lending Club receives a
demand from the United States federal government, any United States SRO of which Folio is a member but is not the designated examining authority as defined under the Exchange Act or any United States state government, United States state securities
regulator or federal or state court having jurisdiction over Folio or is otherwise required by operation of law to permit examination of or to furnish a copy of any or all or any part of such Books and Records, Lending Club must immediately notify
Folio. 

  
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 7. Lending Club shall maintain and preserve the Books and Records in electronic form in accordance with the
electronic storage media requirements outlined in Exchange Act Rule 17a-4(f)(2). Specifically the electronic storage media must: (a) preserve the records exclusively in a non-rewriteable, non-erasable format; (b) verify automatically the
quality and accuracy of the storage media recording process; (c) serialize the original and, if applicable, duplicate units of storage media, and time-date for the required period of retention the information placed on such electronic storage
media; and (d) have the capacity to readily download indexes and records preserved on the electronic storage media as agreed to between the parties, as required by the Commission or the SRO of which Folio is a member. 

8. Lending Club shall, 
 (a) at all times have
available, for examination by Folio, the staffs of the Commission and any SRO of which Folio is a member, facilities for immediate, easily readable projection or production of electronic storage media images of the Books and Records and facilities
for producing easily readable images of the Books and Records; 
 (b) be ready at all times to provide, and immediately provide, any
facsimile enlargement which Folio, the staffs of the Commission, any SRO of which Folio is a member, or any State securities regulator having jurisdiction over Folio may request; 

(c) store separately from the original, a duplicate copy of the Books and Records for the specified period of time; 

(d) organize and index accurately all Books and Records maintained on both original and any duplicate storage media. At all times, Lending
Club shall make available such indexes for examination by the Firm, the staffs of the Commission and any SRO of which Folio is a member. Each index must be duplicated and the duplicate copies must be stored separately from the original copy of each
index and the original and duplicate indexes must be preserved for a period of not less than ten (10) years, the first two (2) in an easily accessible place; 

(e) have in place an audit system providing for accountability regarding the inputting of Books and Records to electronic storage media and
inputting of any changes made to every original and duplicate record of the Books and Records. At all times, Lending Club must be able to have the results of such audit system available for examination by Folio, the staffs of the Commission and any
SRO of which Folio is a member. Further, the audit results must be preserved for a period of not less than ten (10) years, the first two (2) in an easily accessible place; and 

(f) keep current, and provide promptly upon request by Folio, the staffs of the Commission and any SRO of which Folio is a member all
information necessary to access records and indexes stored on the electronic storage media; or place in escrow and keep current a copy of the physical and logical file format of the electronic storage media, the field format of all Books and Records
written on the electronic storage media and the source code, together with the appropriate documentation and information necessary to access records and indexes. 

  
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 9. Annually, Folio (or a third party auditor) may review the audit system established by Lending Club
pursuant to this Agreement for the purpose of ascertaining the effectiveness of such audit system for accountability regarding inputting of the Books and Records and inputting of any changes made to every original and duplicate record. 

10. Lending Club shall provide Folio with access to and the ability to download information from Lending Club’s electronic storage media, maintained on
behalf of Folio, to any medium permitted under Section 17(a) of the Exchange Act and Rule 17a-4 thereunder. Further, Lending Club shall submit the following undertakings to the Financial Industry Regulatory Association, Inc.: 

(a) Lending Club hereby undertakes to furnish promptly to FOLIOfn Investments, Inc. (“Folio”), the U.S.
Securities and Exchange Commission (“Commission”), its designees or representatives, any self-regulatory organization of which Folio is a member, or any State securities regulator having jurisdiction over Folio, upon reasonable request,
such information as is deemed necessary by Folio, the staffs of the Commission, any self-regulatory organization of which Folio is a member, or any State securities regulator having jurisdiction over Folio to download information kept on Lending
Club’s electronic storage media, maintained on behalf of Folio, to any medium acceptable under Securities Exchange Act of 1934 Rule 17a-4. 

(b) Furthermore, Lending Club hereby undertakes to take reasonable steps to provide access to information contained on Lending
Club’s electronic storage media, maintained on behalf of Folio, including, as appropriate, arrangements for the downloading of any record required to be maintained and preserved by Folio pursuant to Rules 17a-3 and 17a-4 under the Securities
Exchange Act of 1934 in a format acceptable to the staffs of the Commission, any self-regulatory organization of which Folio is a member, or any State securities regulator having jurisdiction over Folio. Such arrangements will provide specifically
that in the event of a failure on the part of Folio to download the record into a readable format and after reasonable notice to Lending Club acting on behalf of Folio, upon being provided with the appropriate electronic storage medium, Lending Club
will undertake to do so, as the staffs of the Commission, any self-regulatory organization of which Folio is a member, or any State securities regulator having jurisdiction over Folio may request. 

11. All Folio files and records shall be maintained segregated, separate and apart from the files and records of Lending Club. 

Good Control Location for Purposes of Rule 15c3-3 under the Exchange Act 

1. Lending Club, as a “good control location” for Folio in compliance with Rule 15c3-3 under the Exchange Act, will maintain records regarding the
uncertificated Notes issued by Lending Club and held by Folio Customers. 

  
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 2. Lending Club shall ensure and warrant that the Notes held in each Folio Customer’s account are not
subject to any right, charge, security interest, lien, or claim of any kind in favor of Lending Club or any person claiming through Lending Club. 
 3. As
part of the Books and Records, Lending Club shall maintain separate records on behalf of Folio that reflect all positions in the Notes in each Folio Customer’s account. 

Trade Confirmations and Monthly Statements for Folio Customers 

Lending Club shall provide trade confirmations and monthly account statements to Folio Customers substantially in the form required by Folio. Such trade
confirmations and monthly account statements will be provided to each Folio Customer by electronic delivery. 
 Error Correction 

On behalf of, and for the benefit of, Folio, Lending Club shall use commercially reasonable efforts to assist Folio in correcting transaction errors by
assigning an initial severity category to the error in accordance with the description set out below (“Service Levels”): 
  

					
	 Category
	  	 Definition
	  	 Target Action

	1-Critical	  	Production use of any of the Software is not possible and no reasonable workaround exists. Folio requires resolution urgently due to financial, legal, and public risk.	  	Initial response within two hours of notice. Resource assigned immediately thereafter and remains assigned until resolution.
	2-Severe	  	Production use of any of the Software is possible, but a business function is disabled and no reasonable workaround exists. This category also applies to errors and problems that severely impact the progress of an implementation
project where no reasonable workaround exists.	  	Initial response within one business day of notice. Resource assigned within one business day thereafter and remains until resolution.
	3-Medium	  	 Production use of any of the Software is

possible, but a workaround is unacceptable for more than a short period due to frequency of the affected function’s usage and the criticality of the
function. This category also applies to errors and problems that severely impact implementation projects where there is an unacceptable long-term workaround.
	  	Initial response within two (2) business days of notice. Resource assigned within one (1) business day of initial response. Target resolution: 80% within 20 business days, the remainder resolved within 60 business days.
	4-Low	  	 All others. Production and/or implementation is not impacted severely for one of the following reasons:

 
 A.     a reasonably
acceptable workaround exists;
  

B.     the error or problem is resolved onsite;

 
 C.     the error or
problem is not severe; or
  

D.     the extent of the error or problem is limited.
	  	Response and resolution as time permits or indefinitely postponed. Any resolutions made available as part of next scheduled Update.

  
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 A new severity category to the error may be assigned, after research, if the initial description was not
accurate or after provision of a reasonable workaround if the provision of the workaround lessens the severity of the error. 
 Email Reporting System

 Lending Club shall maintain an email reporting system that permits Folio Customers to report Errors and seek assistance with the use of any of the
Software, and Folio shall monitor and respond to such reports and requests for assistance in accordance with the Service Levels. 
 Scope 

Lending Club shall provide the Services for the then-current version of the Software. 

  
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 Exhibit B 

Protection of Consumer Information 

For purposes of complying with their obligations relating to the protection of consumer personal information, if any, each party represents,
warrants and covenants to the other that: 
  

	•	 	it will process, use, maintain and disclose personal information only as necessary for the specific purpose for which this information was disclosed to it and only in accordance with the terms of this Agreement;

  

	•	 	subject to ARTICLE IV of the Agreement it will not disclose any personal information to any third party (including to the subject of such information) or any employee, agent or representative who does not have a need to
know such personal information; 

  

	•	 	it will implement and maintain an appropriate security program to (a) ensure the security and confidentiality of all information provided to it by the other party, including personal information (collectively, the
“Confidential Information” as such term is defined in Section 4.1 of this Agreement), (b) protect against any threats or hazards to the security or integrity of the Confidential Information, including unlawful destruction or
accidental loss, alteration and any other form of unlawful processing and (c) such prevent unauthorized access to, use or disclosure of the Confidential Information; 

 

	•	 	it will immediately notify the other party in writing if it becomes aware of (a) any disclosure or use of any of the Confidential Information by it or any of its employees, agents or representatives in breach of
this Agreement, (b) any disclosure of any Confidential Information to it or its employees, agents or representatives where the purpose of such disclosure is not known, and (c) any request for disclosure or inquiry regarding the
Confidential Information from a third party; 

  

	•	 	it will cooperate with the other party and the relevant supervisory authority in the event of any apparent unauthorized access to or use of Confidential Information, litigation or a regulatory inquiry concerning the
Confidential Information, provided, however, it will not communicate with the other party’s customers or members concerning a security breach unless required by applicable law without the written consent of the other party; 

 

	•	 	it will enter into further agreements as reasonably requested by the other party to comply with Applicable Law from time to time; and 

 

	•	 	it will cause any employee, agent or representatives to act in accordance with this Exhibit C. 

The provisions of this Exhibit supplement, are in addition to, and will not be construed to limit any other confidentiality obligations under
the Agreement. For purposes of this Agreement, “personal consumer information” means personally identifiable information about or relating to any former or current members of the Lending Club Internet-based social lending platform and any
Folio Customer, in each case, that the other party receives or otherwise has access to; provided, however, personally identifiable information independently obtained by 

  
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Lending Club about any Lending Club member or independently obtained by Folio about any Folio Customer shall be excluded from the definition of “personal consumer information” with
respect to the relevant party for purposes of the Agreement. 

  
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 Exhibit C 

Written Undertaking to Maintain Certain Books and Records 

[DATE] 
 U.S. Securities and Exchange Commission 

 

	 	RE:	Written Undertaking to Maintain Certain Books and Records on behalf of FOLIOfn Investments, Inc. 

Pursuant to Section 17(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”) and Rules 17a-3 and 17a-4
promulgated thereunder, FOLIOfn Investments, Inc. (“Firm”) is required to create, maintain and preserve (or contract with a third party to create, maintain and preserve) certain books and records for prescribed periods of time.
Accordingly, the undersigned undertakes to maintain such books and records on behalf of the Firm and stipulates that: 
 1. At all times,
such books and records, including all copies thereof, whether electronic or otherwise, are the property of the Firm and, as such, will be surrendered to the Firm promptly upon the Firm’s request. 

2. With respect to the books and records maintained or preserved on behalf of the Firm, the undersigned hereby undertakes to permit
examination of such books and records at any time or from time to time during business hours by representatives or designees of the Securities and Exchange Commission (“Commission”), and to promptly furnish to said Commission or its
designee true, correct, complete and current hard copies of any or all or any part of such books and records. 
 3. The agreement between
the Firm and the undersigned shall not relieve the Firm from the responsibility to prepare and maintain records as specified in Exchange Act Rule 17a-4(i) or in Rule 17a-3. 

 

			
	Sincerely,
	
	LendingClub Corporation
		
	By	 	  

		
	Name:	 	  

		
	Title:	 	  

  
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 Exhibit D 

Marketing Campaign Calendar 
 Folio plans
to send one email per quarter to those Lending Club lender members who opened an account with Folio in order to become a trading member and participate in the Trading System to inform them of the availability of other Folio investments. 

Folio also will send on email per quarter to all its members to inform them of the availability of the Trading System. 

Folio will display a link on the home page or the lender start page of the Lending Club Website. This will be a crawlable, indexable, HTML link. Folio will
propose text for the Folio link and can request changes to that text on an as needed basis. Changes will become effective after they are approved by Lending Club, which approval will not be unreasonably withheld. 

Folio will determine what landing page the Folio link will link to. 

Folio will have final approval on all placements or changes to Folio’s logo or corporate name. 

Folio can request changes to this Marketing Calendar at any time. Changes will become effective after they are approved by Lending Club, which approval will
not be unreasonably withheld. 

  
 22Backup and Successor Servicing Agreement

 Exhibit 10.13 

BACKUP AND SUCCESSOR SERVICING AGREEMENT 
  

					
	DATE:	  	September 15, 2011	  	(“Effective Date”)
			
	BETWEEN:	  	 Portfolio Financial Servicing Company
 2121 S.W.
Broadway, Suite 200
 Portland, OR 97201
	  	(“PFSC”)
			
	AND:	  	 Lendingclub Corporation
 370 Convention Way

Redwood City, CA. 94063
	  	(“Client”)

 Whereas, Client provides financial products and services for certain accounts, including the servicing of
borrower member loan accounts and the remittance of payments due on other obligations associated with such borrower member loan accounts to Client lender member payment accounts (Client’s borrower member loan accounts and lender member payment
accounts, collectively, the “Client Portfolio”); 
 Whereas, PFSC is engaged in the business of primary and backup
servicing of leases and loans as well as providing technology and other consulting services; 
 Whereas, Client wishes to engage PFSC to
provide backup servicing for the Client Portfolio under the terms and conditions in this Servicing Agreement (“Agreement”). 

NOW, THEREFORE, in consideration of the parties’ mutual promises and for other consideration, the sufficiency of which is hereby
acknowledged, the parties agree as follows: 
 1. Services. 

1.1 Services Provided. PFSC shall provide all services reasonably necessary to service the Client Portfolio, including without
limitation those services set forth on Schedule 1 (collectively, the “Services”). 
 1.2 Successor Servicing. With
fifteen (15) business days prior written notice from Client or Client’s designated indenture trustee (the “Transfer Notice”), PFSC shall service the Client Portfolio; 

It is hereby acknowledged and agreed that, notwithstanding the delivery of a Transfer Notice, PFSC shall not be obliged to complete the
transfer of servicing and assume the role of successor servicer for so long as Client or any other person fails to provide access to its facilities or items and information necessary to begin servicing the receivables in the Client Portfolio or
PFSC’s ability to take on such servicing role is otherwise frustrated in a continuing and material manner. 

  
 1 

 Notwithstanding anything contained herein or in any documents or agreements to the contrary, the
delivery of a Transfer Notice in connection with the appointment of PFSC as successor servicer is subject to the understanding that (i) PFSC shall have no obligation of Client in any other capacity (including without limitation in its
individual capacity) and (ii) PFSC’s obligations as successor servicer shall be solely as set forth in this Agreement and PFSC as successor servicer shall have no duties or obligations under any other documents or agreements. Additionally,
Client agrees to use commercially reasonable efforts to reasonably cooperate with PFSC in connection with PFSC’s performance of its obligations hereunder, including without limitation, during any transition, if applicable, from backup servicer
to successor servicer. 
 In the event that a Transfer Notice is delivered, it is hereby agreed that unless and until the transfer of
servicing to PFSC is completed, Client shall continue to perform all servicing functions to the extent not being performed by PFSC. 
 1.3
Standard of Care. In providing the Services, PFSC shall use a standard of care and diligence reasonable in the consumer loan servicing industry. 

1.4 Exclusions from Services. PFSC shall have no obligation to originate, underwrite, book or service new loans once it is designated
the successor servicer, nor extend credit to any Client borrower member or to Client in performance of its obligations under this Agreement. PFSC acknowledges that it is the intent of the parties that this Agreement not be deemed a “financial
accommodation” for purposes of the United States Bankruptcy Code, 11 U.S.C. § 101 et seq. 
 2. Compensation. 

2.1 Fees. PFSC shall receive the amounts listed in Schedule 2 in exchange for the Services. PFSC shall be promptly reimbursed for
all bank, clearing house, or any other third party fees, costs or expenses arising from or relating to the provision of the Services. 
 2.2
Costs. PFSC shall have no obligation to pay or advance on behalf of Client any third-party costs and expenses incurred out of the ordinary course in providing the Services, but Client may request that PFSC advance such third-party costs and
expenses. If in the exercise of PFSC’s sole discretion PFSC elects to pay such third-party costs and expenses on behalf of Client, Client shall reimburse PFSC for all reasonable third-party costs and expenses incurred or otherwise advanced by
PFSC as a direct result of providing the Services. 
 2.3 Invoices. PFSC’s invoices for the fees listed in Schedule 2 and
third-party costs and expenses incurred by PFSC under this Agreement shall be due from Client within fifteen (15) calendar days of invoice receipt (whether paper or electronic), and in readily collectible U.S. Dollars. Upon request, PFSC will
provide to Client copies of documents showing that third-party costs and expenses invoiced have been incurred by PFSC. 
 2.4 Late
Charge. If Client fails to pay any amounts owed by Client when due, Client shall pay to PFSC a late charge equal to the greater of one and one-half percent (1.5%) per month (or the daily prorated amount thereof) on any past-due amounts, or
$150.00. 

  
 2 

 3. Agent and Power of Attorney. Client hereby appoints PFSC as Client’s agent to execute, file,
prepare, or record documents and otherwise perform on Client’s behalf all actions reasonably necessary for PFSC to perform the Services. Client hereby appoints PFSC as Client’s attorney-in-fact to act in the name of Client to perform the
Services, if PFSC commences the servicing of the Client Portfolio. Without limiting the generality of the foregoing, Client’s agency and attorney-in-fact appointment authorizes PFSC to execute UCC documents, vehicle title or registration
documents, or bills of sale or prepare or file any other document PFSC deems necessary or desirable to perform the Services. Upon PFSC’s request, Client shall execute and deliver to PFSC a revocable and limited power of attorney to further
authorize PFSC to perform the Services. 
 4. Term of Agreement. 

4.1 Initial Term and Renewals. This Agreement shall commence on the Effective Date and continue for a period of three (3) years
after the Effective Date (the “Initial Term”). This Agreement shall automatically renew for consecutive one (1) year periods (each, a “Renewal Term” and, together with the Initial Term, the
“Term”), unless either party provides written notice of that party’s intent not to renew at least one hundred twenty (120) calendar days prior to expiration of the Initial Term or any Renewal Term. 

4.2 Early Termination. 

4.2.1 Early Termination by Client for Cause. Client may terminate this Agreement for cause by giving at least thirty (30) calendar
days’ written notice to PFSC, upon the occurrence of any of the following: 
 (a) PFSC commits a material breach of this Agreement,
which breach is not cured within ten (10) business days of written notice from Client; or 
 (b) Any gross negligence or willful
misconduct of PFSC. 
 4.2.2 Early Termination by PFSC for Cause. PFSC may terminate this Agreement for cause by giving at least
thirty (30) calendar days’ written notice to Client, upon the occurrence of any of the following: 
 (a) Client commits a material
breach of this Agreement, which breach is not cured within ten (10) business days of written notice from PFSC; or 
 (b) Any gross
negligence or willful misconduct of Client. 
 (c) PFSC determines that the performance of its duties hereunder is no longer permissible or
practicable under any laws, rules, or regulations applicable to it or if termination of the Services is required by governmental or regulatory authorities. 

  
 3 

 4.2.3 Early Termination by Client for Convenience. In addition to Client’s rights not
to renew this Agreement under Section 4.1, Client may terminate this Agreement for convenience by: 
 (a) Providing PFSC with one
hundred twenty (120) calendar days’ prior written notice (the “Early Termination Notice”) of its intention to terminate the Agreement prior to its stated Initial Term or any Renewal Term; and 

(b) Paying to PFSC a fee equal to (i) the sum of all invoices for Services billed by PFSC to Client for the preceding four (4) month
period immediately prior to delivery of the Early Termination Notice (the “Early Termination Fee”). If the Early Termination Notice is given within four (4) months of the date on which this Agreement would otherwise expire, the
Early Termination Fee shall be pro-rated for the time remaining until this Agreement would otherwise expire. The Early Termination Fee is due and payable at such time as the Early Termination Notice is delivered to PFSC, and the notice period shall
not commence until such Early Termination Fee has been received by PFSC in readily collectible U.S. Dollars. 
 4.2.4 Early Termination by
PFSC for Convenience. PFSC shall not terminate this Agreement for convenience. 
 5. Termination and Expiration. 

5.1 Return of Confidential Information. Within fifteen (15) days after termination or expiration of this Agreement for any reason,
including the expiration of the Initial Term or of any Renewal Term, and upon Client’s payment to PFSC of any and all amounts due under this Agreement, PFSC shall return to Client or destroy (and certify as to the destruction thereof, without
retaining any copies) all originals and duplicates of any Confidential Information, as defined in Section 15.1, in any form or medium. Upon request by Client, PFSC shall promptly send such materials as Client may specify in the manner and
format reasonably requested by Client to Client and to any third party designated by Client. Notwithstanding the foregoing, PFSC shall not be responsible for destroying Client Portfolio data contained on PFSC’s archived backup tapes. 

5.2 Payment upon Termination. Prior to PFSC’s delivery of final Client Portfolio data, Client shall prepay to PFSC the expected
fees of the Services and all expenses for the final month that PFSC provides the Services. Client shall also pay PFSC for all out-of-pocket costs and expenses incurred by PFSC in connection with the transfer of Client’s files, books, and
records and of servicing of the Client Portfolio, including those costs and expenses incurred after termination and expiration. Without limiting the generality of the foregoing, Client shall pay PFSC’s hourly rate of $150.00 per hour for any
programming or IT support and $105.00 per hour for all other administrative support services requested by Client in connection with Client’s request for the return of documents or files and transition assistance

  
 4 

 
in connection with the transfer of Client’s files, books, and records and of servicing of the Client Portfolio. Within thirty (30) calendar days after the termination date, PFSC shall
provide Client with a final accounting of fees and expenses and shall either invoice Client for any remaining charges or refund the necessary amount to the Client, as appropriate. 

6. Representations and Warranties of PFSC. PFSC represents and warrants the following: 

6.1 Business Entity; Authority. PFSC is a corporation duly organized, validly existing, and in good standing under the laws of the State
of Delaware, and is authorized to conduct business in the State of Oregon and has obtained all necessary licenses and approvals in all jurisdictions where failure to be so qualified and in good standing would have a material adverse effect on
PFSC’s business and operations or its ability to provide the Services contemplated by this Agreement. 
 6.2 Authorization; Binding
Agreement. The execution, delivery, and performance of this Agreement have been duly authorized by all necessary action by PFSC. This Agreement has been duly and validly executed and delivered on behalf of PFSC and is binding upon and
enforceable against PFSC in accordance with its terms, except as enforceability may be limited or affected by applicable bankruptcy, insolvency, reorganization, or other laws of general application relating to or affecting the rights of creditors,
and except as enforceability may be limited by equitable principles including specific performance and injunctive relief (whether sought in a proceeding in equity or at law). 

6.3 No Adverse Consequences. The execution and delivery of this Agreement by PFSC, the consummation of the transactions contemplated
hereby, and the provision of the Services will not (i) violate any applicable law, judgment, order, decree, regulation, or ruling of any governmental authority or violate any provision of the Articles of Incorporation of PFSC, or
(ii) either alone or with the giving of notice or the passage of time or both, conflict with, constitute grounds for termination of, or result in the breach of the terms, conditions, or provisions of or constitute a default under any agreement,
instrument, license, or permit to which PFSC is a party or by which it is bound. 
 6.4 FCPA. PFSC is aware of and familiar with the
provisions of the Foreign Corrupt Practices Act of 1977, as amended, (“FCPA”) and will act in compliance with and take no action and make no payment in violation of or which might cause it or Client and each of their respective
directors, officers, employees, or agents to be in violation of the FCPA. 
 6.5 No Ownership Interest by PFSC. PFSC does not have any
ownership or other interest in the underlying assets, payment streams, equipment, legal documents, or other tangible or intangible assets of the Client Portfolio. All materials delivered by Client to PFSC in connection with the Services shall be the
property of Client, and Client shall have good and clear title to all such materials. 
 6.6 Preservation of Security Interests. PFSC
will defend the Client Portfolio against all persons, claims, and demands whatsoever. PFSC shall not assign, sell, pledge, or exchange, or in any way encumber or otherwise dispose of the Client Portfolio, except as expressly permitted under this
Agreement and only with permission of Client. 
 6.7 Obligations with Respect to Loans. PFSC shall use commercially reasonable efforts
to duly fulfill and comply with all non-monetary obligations on the part of Client or its assigns in connection with each loan or note that comprises the Client Portfolio. 

  
 5 

 7. Representations and Warranties of Client. Client represents and warrants the following: 

7.1 Business Entity; Authority. Client is a duly organized, validly existing corporation or limited liability company and in good
standing under the laws of the state of its organization and has obtained all necessary licenses and approvals in all jurisdictions where failure to be so qualified and in good standing would have a material adverse effect on Client’s business
and operations or on PFSC’s ability to provide the Services contemplated by this Agreement. 
 7.2 Authorization; Binding
Agreement. The execution, delivery, and performance of this Agreement have been duly authorized by all necessary corporate action by Client and its directors and shareholders. This Agreement has been duly and validly executed and delivered on
behalf of Client and is binding upon and enforceable against Client in accordance with its terms, except as enforceability may be limited or affected by applicable bankruptcy, insolvency, reorganization, or other laws of general application relating
to or affecting the rights of creditors, and except as enforceability may be limited by equitable principles including specific performance and injunctive relief (whether sought in a proceeding in equity or at law). 

7.3 No Adverse Consequences. Neither the execution and delivery of this Agreement by Client nor the consummation of the transactions
contemplated hereby will (i) violate any applicable law, judgment, order, decree, regulation, or ruling of any governmental authority or violate any provision of the Articles of Incorporation of Client, or (ii) either alone or with the
giving of notice or the passage of time or both, conflict with, constitute grounds for termination of, or result in the breach of the terms, conditions, or provisions of or constitute a default under any agreement, instrument, license, or permit to
which Client is a party or by which it is bound. 
 7.4 FCPA. Client is aware of and familiar with the provisions of the FCPA, and
will act in compliance with and take no action and make no payment in violation of or which might cause it or PFSC and each of their respective directors, officers, employees, or agents to be in violation of the FCPA. 

8. Compliance with Laws. In connection with the performance of this Agreement and its performance and provision of the Services, PFSC and Client shall
comply with all applicable federal, state, and local laws, regulations, and rules (“Applicable Law”). Each party is responsible for (i) monitoring, interpreting and complying with Applicable Law, (ii) determining the
particular actions, disclosures, notices, formulas, calculations, and procedures required to ensure the Services are provided in compliance with Applicable Law, (iii) maintaining an ongoing program for compliance with Applicable Law, and
(iv) maintaining all necessary state licenses, bonds and business registrations for each state in which the Services are offered or 

  
 6 

 
provided. For the avoidance of doubt, if Client is subject to a provision of or an amendment to Applicable Law, compliance with which requires a certain procedure or process be employed by PFSC,
PFSC shall duly comply. PFSC shall modify its procedures as necessary to keep them in compliance with any changes to Applicable Law. PFSC shall implement such changes as soon as reasonably practicable. 

9. [Reserved] 
 10. [Reserved] 

11. Independent Contractor. PFSC is an independent contractor and shall perform the Services hereunder as such, and not as the agent, employee, or
servant of Client. PFSC and Client shall remain fully responsible for their respective employee’s actions, salaries, benefits, taxes, worker’s compensation, unemployment insurance, and any other employee costs or benefits. Nothing in this
Agreement shall create a partnership or joint venture between PFSC and Client. Client does not have and shall not acquire any ownership interest or any other rights whatsoever in any of PFSC’s assets, including without limitation PFSC’s
computer systems (hardware and software), electronic and written reports or other data, web sites or URLs, telecommunications systems, toll-free phone numbers, policies, procedures, process and flow charts, business practices, trade names,
trademarks, depository accounts, post office boxes, or any other tangible or intangible asset of PFSC. Any computer programming, reporting customization, or other business practices, improvements, or work adopted for the benefit of Client shall at
all times remain the exclusive property of PFSC, regardless of whether Client compensated PFSC for such practices, improvements, or work. 
 12.
Insurance. PFSC at its sole expense agrees to maintain the following insurance coverage during the Term: 
 (a) All insurance coverage
required by federal, state, or local law and statute, including Worker’s Compensation Insurance; and 
 (b) Employer’s general
liability insurance of $2,000,000 per claim and in the aggregate; and 
 (c) Errors & Omissions insurance of $2,000,000 per claim
and in the aggregate. 
 13. Employee Non-Solicitation. During the Term and for a period of eighteen (18) months thereafter, neither party shall
directly, or indirectly through the use of third parties, hire or solicit for purposes of employment the other party’s employees, it being understood that an advertisement or general solicitation for employment shall not be deemed to breach
this Section 13. 
 14. Access to Information. 

14.1 Client. Upon giving at least two (2) business days’ written notice, PFSC shall give Client and its counsel, accountants,
and other representatives reasonable access, during normal business hours, to all of PFSC’s files, books, and records (including computer records) relating to the Client Portfolio, the Services, and any amounts PFSC charged and collected from
Client or deducted from payments made to Client’s lender members. 

  
 7 

 14.2 Regulatory Agency. Upon a request for information made by a regulatory authority with
jurisdiction over a party to either party, the party receiving such request shall promptly inform the other party. Each party shall cooperate fully with the requesting regulatory authority, to the extent permitted by Applicable Law, including
(i) making available to the requesting regulatory authority any and all information relating to such Party’s compliance with the regulatory requirements; and (ii) if so requested, allowing the requesting regulatory authority to visit
and inspect the facilities of a party for purposes of evaluating compliance with any regulatory requirements. 
 15. Confidentiality. 

15.1 Confidential Information. All information disclosed by a party to the other party in the course of performing under this Agreement
or to which a party gains access in connection with this Agreement, including, without limitation, any information concerning the customers, trade secrets, methods, processes, or procedures, or any other confidential, financial, or business
information of the other party which it learns during the course of its performance of this Agreement, shall be deemed to be the property of the disclosing party and confidential (such information hereinafter referred to as “Confidential
Information”). Confidential Information shall include all information which is disclosed, made available, or as to which access is provided verbally, electronically, visually, or in a written, graphic or machine readable, via computer or
electronic media, or other tangible form or otherwise, whether directly or indirectly, whether or not identified as confidential or proprietary, obtained by a recipient or any person on its behalf. Confidential Information shall also include all
personal, financial, and account information of Client’s borrower and lender members (“Client Portfolio Information”). 

15.2 Treatment of Confidential Information. Confidential Information shall be treated as strictly confidential by the receiving
party. Confidential Information may not be used except as necessary to carry out obligations of the receiving party and shall not be disclosed to any third party. Notwithstanding any other provision of this Agreement, Client may file this Agreement
with the U.S. Securities and Exchange Commission and any state securities regulator. In addition, this Agreement imposes no obligation upon the parties with respect to Confidential Information which either party can establish by legally sufficient
evidence: (a) was in the possession of, or was rightfully known by the receiving party without an obligation to maintain its confidentiality prior to receipt from the other party; (b) is or becomes generally known to the public without
violation of this Agreement; (c) is obtained by the receiving party in good faith from a third party having the right to disclose it without an obligation of confidentiality; (d) is independently developed by the receiving party without
the participation of individuals who have had access to the Confidential Information; or (e) is required to be disclosed by Applicable Law, provided notice is promptly given to the other party and provided further that diligent efforts are
undertaken to limit disclosure. With regard to disclosures under (e), where disclosure is required by law, by a court or administrative body of competent jurisdiction, or by any regulatory body which regulates the

  
 8 

 
conduct of receiving party, or is required in defense of any claims or causes of action asserted against it, provided that, to the extent permitted, receiving party shall: (i) give the other
party as much notice as is practicable of any such requirement so that a protective order or other appropriate remedy may be sought; attempt to obtain the other party’s consent to such disclosure; not disclose any more Confidential Information
than is reasonably necessary in the circumstances; assist and cooperate in any appropriate action which the other party may decide to take in an effort to limit the nature and scope of any required disclosure of Confidential Information.
Notwithstanding the above exceptions, PFSC shall not disclose Client Portfolio Information except under the circumstances described in subsection (e). 

15.3 Protection of Information. The receiving party agrees and understands that it is obligated to protect the other party’s
Confidential Information. The receiving party will maintain appropriate internal, technical, security and physical safeguards and other reasonably appropriate measures to protect the security, confidentiality and integrity of Confidential
Information against unauthorized or unlawful access and accidental destruction or loss. 
 15.4 Security Event. If a party learns or
has reason to believe that the other party’s Confidential Information has been disclosed or accessed by an unauthorized party (each, a “Security Event”), such party will immediately give notice of such event to the other party
to the extent permitted by law or law enforcement authorities. In such notification, the party will report on the nature of the incident, the estimated impact on the other and investigative action taken or planned. Security Events shall include,
without limitation, violations of Applicable Law. Notwithstanding anything in this provision, each party will also comply fully with all federal, state or local laws applicable to security breaches. Except as may be required by law or law
enforcement authorities, to the extent the breach involves Client Portfolio Information, PFSC will not notify any of Client’s customers or potential customers of unauthorized access of such Security Event without Client’s express consent
or upon Client’s specific instruction. The party that experiences the Security Event will be responsible for the costs of any required notifications. 

15.5 Security Commitments. Each party shall take all reasonable steps to ensure that no unauthorized persons have access to Confidential
Information, and to ensure that no persons authorized to have such access take any action which would be in violation of this Agreement. Such steps shall include, but shall not be limited to, imposing strong password restrictions on systems
containing Confidential Information, securing networks through which Confidential Information will be accessed from outside intrusion, preventing the making of unauthorized copies of Confidential Information, and closely administering and monitoring
use of Confidential Information. 
 15.6 Additional PFSC Security Commitments. 

(a) PFSC shall maintain a written information security program applicable to the performance of the Services reasonably designed to
(i) ensure the security and confidentiality of Confidential Information; (ii) protect against any anticipated threats or hazards to the security or integrity of such information; (iii) protect against unauthorized

  
 9 

 
access to or use of such information that could result in substantial harm or inconvenience to any customer; and (iv) ensure the proper disposal of Confidential Information. 

(b) PFSC shall maintain a designated individual to coordinate its information security program. Such individual shall ensure that regular risk
assessments are conducted concerning each relevant area of operations concerning the Services, and that appropriate internal and external controls are established to mitigate risks identified. 

(c) PFSC shall regularly test and monitor the effectiveness of the controls established by its information security program and shall modify
such controls to reflect the results of such testing and monitoring to enhance the security of the Confidential Information. 
 15.7
Reporting. PFSC shall promptly report to Client any actual or suspected violation of Section 16 hereof and shall take such further steps as may reasonably be requested by Client to prevent or remedy any such violation. 

16. Ad Hoc Requests. During the Term, Client may make requests of PFSC that are not included in the scope of Services set forth in this Agreement. In
such instances, all requests must be made by Client in writing, and PFSC shall respond to such requests in writing with a time and cost estimate to fulfill Client’s request. Only after obtaining Client’s written approval to the time and
cost estimate will PFSC fulfill Client’s request and invoice Client for the agreed-upon amount. 
 17. Indemnity. 

17.1 Indemnity by Client. Client shall defend, indemnify, and hold PFSC, and its shareholders, directors, affiliates, assignees, agents,
and employees, harmless from and against any and all claims, counterclaims, liabilities, losses, damages, court costs, attorneys’ fees, and other expenses arising from or connected in any way with any third-party claim (the
“Claims”) concerning in any way the Services, but excepting Claims arising from, or connected in any way to, PFSC’s gross negligence, willful misconduct, or breach of this Agreement. 

17.2 Indemnity by PFSC. PFSC shall defend, indemnify, and hold Client and its shareholders, directors, affiliates, assignees, agents,
and employees harmless from and against any and all Claims arising from, or connected in any way to, PFSC’s gross negligence, willful misconduct, or breach of this Agreement. 

18. Limitation of PFSC Liability and Limitation of Client’s Remedies. Neither PFSC nor any of its directors, officers, members, partners,
employees, auditors, accountants, or agents shall be liable for any action taken, suffered, or omitted by it in good faith and believed to be authorized or within the discretion, rights, or powers conferred upon it by this Agreement, or for errors
in judgment; provided, however, that this provision shall not protect any such person against liability which would otherwise be imposed on such person by reason of such person’s gross negligence or willful misconduct. No liability shall accrue
to PFSC when: 
 (a) PFSC takes any action, refrains from the taking of any action, or offers any advice or suggested course of action for
Client or the Client Portfolio in accordance with customary industry standards for servicing loans of the type which comprise the Client Portfolio pursuant to this Agreement; 

  
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 (b) Client fails to provide necessary, timely, or accurate information in order for PFSC to
fulfill the Services described in this Agreement; or 
 (c) PFSC relies, in good faith, on any document of any kind which, prima facie, is
properly provided by an appropriate person of Client respecting any matters arising hereunder; 
 IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER
FOR ANY INDIRECT, INCIDENTAL, OR CONSEQUENTIAL DAMAGES, OR ANY LOST REVENUES OR PROFITS (with the exception of Section 4.2.3 as otherwise provided for within this Agreement), ARISING IN ANY WAY FROM THE PERFORMANCE, NON- PERFORMANCE, OR BREACH
OF THIS AGREEMENT, OR ARISING FROM ANY CLAIMS OF NEGLIGENCE, IN TORT OR ANY OTHER THEORY OF RECOVERY BY CLIENT, INCLUDING, WITHOUT LIMITATION, ANY CLAIM OF LOSS OR DAMAGES RESULTING FROM ANY LOSS OF DATA, REVENUE, OR PROFITS. IN NO EVENT SHALL
EITHER PARTY BE LIABLE OR SUBJECT TO PUNITIVE DAMAGES UNDER ANY THEORY OF RECOVERY BY THE OTHER. 
 19. Force Majeure. No party to this Agreement
shall be liable for any failure to perform its obligations where such failure is a result of acts of nature (including fire, flood, earthquake, storm, hurricane, or other natural disaster), war, invasion, act of foreign enemies, hostilities (whether
war is declared or not), civil war, rebellion, revolution, insurrection, military or usurped power of confiscation, terrorist activities, nationalization, government sanction, blockage, embargo, labor dispute, strike, lockout, or interruption or
breakdown of public or private or common carrier communications or transmission facilities or equipment failure, or the failure of any financial institution or clearing house to execute properly-formatted instructions provided by PFSC in the course
of performing the Services. 
 20. Urgency. Time is of the essence for the provision of the Services by PFSC and Client’s payment obligations
under this Agreement. 
 21. Amendment. No modification, amendment, or waiver of any provision of, or consent required by, this Agreement, nor any
consent to any departure herefrom, shall be effective unless it is in writing and signed by authorized officers of the parties hereto. Such modification, amendment, waiver, or consent shall be effective only in the specific instance and for the
purpose for which given. 
 22. No Assignment. Neither party may assign this Agreement or its rights hereunder, or delegate its obligations
hereunder, without the prior written consent of the other party. Subject to the foregoing, this Agreement shall be binding upon and shall inure to the benefit of the parties and their respective permitted successors and assigns. 

  
 11 

 23. Waiver. No delay or omission on the part of any party in exercising any right hereunder shall operate
as a waiver of any such right or any other right. All waivers must be in writing. 
 24. Severability. If any provisions of this Agreement are found
to be unenforceable as to any person or circumstance, such finding shall not render such a provision invalid or unenforceable as to any other person or circumstance and shall not invalidate any other provision or provisions of this Agreement. If
feasible, the term or provision which is found to be invalid or unenforceable shall be deemed to be modified to be within the limits of validity or enforceability. 

25. Choice of Law; Arbitration; Attorney Fees. 

25.1 Choice of Law. This Agreement shall be governed, construed, and enforced in accordance with the laws of the State of Oregon. 

25.2 Arbitration. Any conflict, claim, or dispute between the parties arising under or related in any way to this Agreement, or any
breach of this Agreement, or any claim that any of this Agreement is invalid, illegal, voidable, or void, or any other claim relating to either party’s performance or non-performance of this Agreement, shall be subject to mandatory, binding
arbitration under the authority of the American Arbitration Association. The arbitration shall be conducted before a panel of three arbitrators using the Commercial Arbitration Rules. The location of the arbitration shall be in Portland, Oregon. The
arbitrators’ award may be entered in any court with jurisdiction. At the request of either party prior to the arbitration award, the arbitrators shall make written findings of fact and conclusions of law as part of their award. Each party shall
pay all applicable fees and costs billed by the American Arbitration Association prior to arbitration, including without limitation the arbitrators’ fees and expenses. 

25.3 Attorney Fees. The prevailing party as determined by the arbitrators shall be entitled to an award against the non-prevailing party
of the prevailing party’s reasonable attorney fees, together with all other costs, fees, expert fees, deposition costs, or other costs incurred in connection with the arbitration. 

26. Survival. Sections 15, 17, 18, 22, 23, and 25 shall survive the expiration, cancellation, or other termination of this Agreement. 

27. Notices. All notices, requests, demands, or other communications given hereunder shall be in writing and shall be deemed to have been duly given
(i) when deposited in the United States mail, postage prepaid, as registered or certified mail, (ii) when sent by courier service, or (iii) when sent by facsimile, to the parties at their addresses or phone numbers set forth in this
Agreement or to such other addresses or phone numbers as the parties may designate by written notice to the other party in accordance with this section. If such notice, demand, or other communication is given by mail, it shall be conclusively deemed
given seventy-two (72) hours after the deposit thereof in the United States mail addressed to the party to whom such notice, demand, or other communication is to be given. If such notice, demand, or other communication is provided by courier
service, it shall be conclusively deemed made at the time of delivery of 

  
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such service to the party’s designated address. If such notice, demand or other communication is provided by facsimile, it shall be conclusively deemed made at the time of receipt by the
sender of an electronic receipt indicating successful transmission. 
 28. Further Assurances. Each of the parties hereto shall execute and deliver
any and all additional papers, documents, and other assurances, and shall do any and all acts and things reasonably necessary in connection with the performance of its duties and obligations hereunder and to carry out the intent of the parties
hereto. 
 29. Entire Agreement. This Agreement contains the entire understanding of, and supersedes all prior or contemporaneous agreements not
specifically referred to herein among, the parties with respect to the subject matter hereof. The Servicing Agreement between the parties dated September 15, 2008, and any associated amendments or understandings (collectively, the
“Prior Agreement”), is hereby expressly terminated and of no further force or effect. 
 30. Remedies Cumulative. All of a party’s
remedies for a breach of this Agreement shall be cumulative and the exercise of one or more remedies shall not be deemed an election or waiver of any other remedy. 

31. Counterparts. This Agreement may be executed simultaneously in one or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. 
 (Signature page immediately follows) 

  
 13 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

 

					
	Client:
	
	LENDINGCLUB CORPORATION
			
		 	By:	 	 /s/ John Donovan

			
		 	Print Name:	 	  

			
		 	Title:	 	  

	
	PFSC:
	
	PORTFOLIO FINANCIAL SERVICING COMPANY
			
		 	By:	 	 /s/ John Enyart

			
		 	Print Name:	 	John Enyart
			
		 	Title:	 	President

  
 14 

 Schedule 1 

Stand-by and Servicing 

Stand-by: PFSC shall provide the following Services during the term of this Agreement, except to the extent PFSC is actually providing the
servicing: 
  

	 	1.	On a daily basis, PFSC shall obtain from Client a comprehensive portfolio data file in a format mutually agreed upon between the parties. Such data file shall include, without limitation, bank account information
necessary to perform ACH debit and credit transactions for the Client Portfolio; loan information, borrower information, lender information and other information reasonably required in order for PFSC to perform its duties as successor servicer, in
PFSC’s reasonable judgment. 

  

	 	2.	PFSC IT staff shall receive and load Client’s comprehensive portfolio data file onto PFSC’s loan servicing system on a daily or weekly basis, in PFSC’s sole discretion. 

 

	 	3.	Within five (5) business days of each calendar month-end, Client shall provide PFSC with its month-end portfolio data file, properly labeled as such, and a second file containing document images for all newly
boarded loans during the prior month. 

  

	 	4.	PFSC IT staff shall receive and load Client’s portfolio data file onto PFSC’s loan servicing system and shall load Client’s new loan document images onto PFSC’s document imaging system.

  

	 	5.	PFSC Backup Servicing analysts shall perform a reconciliation between PFSC’s servicing system and Client’s month-end portfolio data file, within five (5) business days of receipt and provide such
reconciliation to Client. 

 Servicing: Upon initiation of the servicing of the Client Portfolio, PFSC shall perform the
following Services commencing within fifteen (15) business days of written notification: 
 1. General: PFSC shall: 

 

	 	•	 	Update the Client Portfolio information on its systems with the latest data available from Client; 

  

	 	•	 	Service and collect all amounts due under borrower notes in the Client Portfolio by ACH into a single-purpose clearing account controlled by PFSC in trust for the lender members of Client. PFSC shall not commingle any
funds of PFSC with the funds in the clearing account but shall have the right to charge the clearing account for its servicing fees and reimbursable third party costs and expenses. 

 

	 	•	 	Remit payments due to Client’s lender members in the Client Portfolio by ACH in a single monthly payment aggregating all the amounts due such lender members in a given month based on payments actually received from
the borrowers with loans of the series associated with the notes held by the lender members. Monitor all ACH transfers. 

  
 15 

	 	•	 	Process and contest chargebacks. 

  

	 	•	 	Correspond and communicate with Client borrower members, lender members, and their banks concerning the activity in the respective accounts affected by the Services. 

 

	 	•	 	Provide quarterly statements via regular mail to Client borrowers and lenders showing the status and activity of such accounts. Upon receipt of notice from Client or Client’s designated indenture trustee, pay all
funds held by PFSC pending payment to Client’s lender members to the indenture trustee Upon request by Client, return to Client any funds held by PFSC due to Client’s lender members that have not been able to be remitted to such lender
members and remain unclaimed for two years. 

  

	 	•	 	Provide monthly portfolio information to one or more of the three nationally recognized consumer credit reporting agencies. 

2. PFSC shall reconcile transfers, payment information and outstanding balances and take appropriate action to resolve any discrepancies or disagreements with
such information and make corrective adjustments to records. 
 3. PFSC shall make commercially reasonable efforts to collect payments on loans in the
Client Portfolio that are from 1 to 30 days delinquent. On the 31st day of delinquency, PFSC shall refer delinquent accounts to collection in accordance with the collection and charge-off policies and agreements established by Client and transfer
payments received in accordance with those same policies and agreements to the appropriate lender members. 
 4. While providing the servicing of the Client
Portfolio, PFSC shall provide to Client or its designated representative monthly servicer reports that confirm: 
  

	 	•	 	Monthly payments received from borrower members and remittances to lender members. 

  

	 	•	 	General ledger entries 

  

	 	•	 	Delinquent Accounts 

  

	 	•	 	Maturing Loans 

  

	 	•	 	Monthly Cash Receipts Journal 

  

	 	•	 	That such report is complete on its face. 

  
 16 

 Schedule 2 

Compensation 
 Stand-by 

1. Client shall pay PFSC $7,500 per month for each month, or portion thereof, that PFSC provides the standby portion of the Services. 

Servicing 
 1. Upon written notification that PFSC shall
become the successor servicer, Client shall pay PFSC a declaration fee in an amount which is the greater of (i) Fifteen Thousand Dollars ($15,000) and (ii) the product of the number of converted loans and $2.00. During any period in which
it services the Client Portfolio, PFSC shall also have the right to deduct and retain a service charge. The service charge will be applied by PFSC on a monthly basis against all open contracts prior to sending out the related lender payments. The
service charge will be billed to lenders as a percentage. That percentage will be calculated on a monthly basis by multiplying 
 the number of open
contracts by a flat fee of: $6.95 if between 0 and 10,000 contracts; $5.95 if between 10,001 and 20,000 contracts; and $4.95 if 20,001 or greater contracts, and then taking that sum and dividing it back into the dollar volume of payments received.
This will provide PFSC with the average percentage service charge which will be applied against all payments being sent to Client’s lender members. PFSC can recalculate that percentage every month; PFSC shall also assess a flat monthly fee of
$450.00 plus $0.49 per loan schedule for monthly reporting to credit reporting agencies. 
 2. In the course of providing the servicing, PFSC shall charge
and collect any other fees relating to the servicing that Client is entitled to charge and collect, including, without limitation, late fees and non-sufficient funds fees. PFSC shall retain such fees as additional compensation for the Services
provided. 

  
 17

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