Document:

EX-10.58

 Exhibit 10.58 

ELEVATE CREDIT, INC. 

June 30, 2016 
 VPC Specialty Lending
Investments Intermediate, L.P. 
 VPC Specialty Finance Fund I, L.P. 

VPC Investor Fund B, LLC 
 c/o Victory Park Capital Advisors, LLC

 227 W. Monroe Street, Suite 3900 
 Chicago, Illinois 60606

 Attention: Scott R. Zemnick, General Counsel 

RE: ELEVATE CREDIT, INC. – EQUITY SECURITIES 

To Whom It May Concern: 
 This letter agreement
(this “Letter Agreement”) memorializes an agreement by and among Elevate Credit, Inc., a Delaware corporation (the “Company”), and VPC Specialty Lending Investments Intermediate, L.P., VPC Specialty
Finance Fund I, L.P. and VPC Investor Fund B, LLC (each, an “Investor” and collectively, the “Investors”), in connection with (i) that certain Second Amended and Restated Financing Agreement,
dated as of the date hereof, by and among Rise SPV, LLC, a Delaware limited liability company (the “US Term Note Borrower”), Elevate Credit International Ltd., a company incorporated under the laws of England (the
“UK Borrower”), Elevate Credit Service, LLC, a Delaware limited liability company (the “US Last Out Term Note Borrower”), the Company, the Guarantors (as defined therein) party thereto, Victory Park
Management, LLC, as administrative agent and collateral agent (in such capacity, the “Agent”), and the Lenders (as defined therein) party thereto (together with all exhibits and schedules thereto and as may be amended,
restated, modified and supplemented from time to time, the “Financing Agreement”); and (ii) the issuance by the Company to each Investor of a Senior Secured Convertible Note, dated as of the date hereof, convertible into
New Equity Securities of the Company or shares of common stock, $0.001 par value per share, of the Company (the “Common Stock”) pursuant to the terms set forth therein (as each may be amended, restated, modified and
supplemented from time to time, the “Convertible Notes”). Capitalized terms used and not defined herein are defined in the Convertible Notes. 

1. Reserved. 
 2. Transfers to
Affiliates. Notwithstanding anything to the contrary in that certain Amended and Restated Certificate of Incorporation of the Company (the “Charter”), the Bylaws of the Company, that certain Investors’
Rights Agreement of the Company, dated as of May 1, 2014 (the “IRA”), that certain Voting Agreement of the Company, dated as of May 1, 2014, that certain Right of First Refusal and Co-Sale Agreement of the Company,
dated as of May 1, 2014 (the “Co-Sale Agreement”), and any other similar governing documents of the Company (as each may be amended, restated, modified and supplemented from time to time, collectively the
“Governing Documents”), any Investor may transfer all or a portion of any debt or equity security in the Company that such Investor holds from time to time, including such Investor’s Convertible Note and the equity
securities issued to such Investor upon the conversion of the same, and may transfer any rights, duties or obligations of such Investor under the Governing Documents, to (a) any of its members, partners, affiliates or affiliated investment
funds, (b) any Lender under the Financing Agreement or (c) any assignee or transferee of some or all of the rights and obligations of a Lender under the Financing Agreement (each transferee, a “Permitted

 
Transferee” and each transfer, a “Permitted Transfer”). For any Permitted Transfer, (i) no consent or approval shall be needed from the Company or
any of its subsidiaries, their respective board of directors or managers, or any other party; (ii) such transfer shall not be subject to any restriction, including any right of first refusal or tag-along right, other than any restriction set
forth in such Investor’s Convertible Note that is required to maintain such Convertible Note in “registered form” for U.S. federal income tax purposes; and (iii) no registration statement or legal opinion shall be required,
provided that such Investor provides written notice to the Company of such transfer. The Company agrees that the terms of each Convertible Note transferred hereunder and this Letter Agreement shall, as of the effective date of any such transfer,
apply to the Permitted Transferee as if the Company had issued such Convertible Note and this Letter Agreement to such transferee. 
 3. Information
Rights. For so long as the Convertible Note is outstanding, the Company agrees to deliver to the Investors any information provided to Major Holders (as defined in the IRA) under the IRA as of the date hereof, including but not limited to:
(a) annual audited financial statements within ninety (90) days following year-end; (b) quarterly unaudited financial statements within forty-five (45) days following quarter-end; and (c) monthly unaudited financial
statements within thirty (30) days following month-end. 
 4. Conversion Upon A Qualified Equity Financing. In connection with a Qualified
Equity Financing in which any Investor converts its Convertible Note (in whole or in part) and has received New Equity Securities of the Company, the Company agrees that such Investor shall, at a minimum, be entitled to the following rights (either
pursuant to the Governing Documents and any other agreements being entered into by such Investor in connection with such Qualified Equity Financing (collectively, the “Qualified Equity Financing Documents”), this Letter
Agreement or otherwise): 
 (a) Major Investor Rights. The Company agrees that such Investor shall be entitled to receive all of the
rights and privileges granted to a Major Holder (as defined in the IRA) under the IRA as of the date hereof, including but not limited to, information rights, inspection rights and preemptive rights. 

(b) Registration Rights. The Company agrees that such Investor shall be entitled to receive registration rights with respect to such
New Equity Securities that are (i) no less favorable to such Investor than the registration rights provided to any other holder of New Equity Securities and (ii) no less favorable to such Investor than the registration rights provided to a
Holder (as defined in the IRA) under Section 2 of the IRA as of the date hereof. 
 (c) Redemption Rights. The Company agrees
that such Investor shall be entitled to receive redemption rights that are no less favorable to such Investor than the redemption rights provided to any other holder of New Equity Securities. 

(d) Drag-Along Protections. In connection with a proposed Change of Control (as defined below) of the Company or other similar
transaction in which the Company has “drag along” rights (a “Required Sale”), the Company agrees that (i) such Investor shall not be required to make any representations and warranties other than with respect
to its organization, valid ownership of its equity in the Company, free and clear of all liens (other than those arising under applicable securities laws), and authority, power and right to enter into and consummate

  
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the Required Sale; (ii) any representations, warranties, covenants and indemnities required to be made by such Investor as a result of the Required Sale shall be on a several, and not joint,
basis, based on its proportionate share of the sale proceeds; (iii) such Investor shall not be required to enter into any non-competition or non-solicitation obligation, or other restrictive covenant in connection with the Required Sale;
(iv) such Investor shall receive the same form of consideration and the same consideration per share as the other stockholders of the Company holding the same class or series of shares of the Company as such Investor, and if such stockholders
are given an option as to the form and amount of consideration to be received, such Investor shall be given the same option; and (v) such Investor shall be entitled to receive cash or other marketable securities as consideration for its New
Equity Securities in connection with a Required Sale. 
 For purposes hereof, a “Change of Control” shall mean
(i) an acquisition of the Company by another entity by means of any transaction or series of related transactions to which the Company is party (including, without limitation, any stock acquisition, reorganization, merger or consolidation but
excluding any sale of stock primarily for capital raising purposes), other than a transaction or series of transactions in which the holders of the voting securities of the Company outstanding immediately prior to such transaction continue to retain
(either by such voting securities remaining outstanding or by such voting securities being converted into voting securities of the surviving entity), as a result of shares in the Company held by such holders prior to such transaction, at least fifty
percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such transaction or series of transactions; and (ii) a sale, lease or other conveyance of
all or substantially all of the assets of the Company. 
 (e) Right of First Refusal; Co-Sale Rights. 

(i) The Company agrees that such Investor shall be entitled to receive a right of first refusal and a co-sale right with respect to any
transfer or sale of shares of capital stock of the Company that are no less favorable to such Investor than the right of first refusal and co-sale right provided to any other holder of New Equity Securities. 

(ii) In connection with any such transfer or sale of shares of capital stock of the Company in which such Investor has exercised its co-sale
right (a “Co-Sale Transaction”), the Company shall not consent to, approve or facilitate such Co-Sale Transaction unless, and the Company shall use commercially reasonable efforts to cause the stockholder initiating the
Co-Sale Transaction to ensure that (1) such Investor shall not be required to make any representations and warranties other than with respect to its organization, valid ownership of its equity in the Company, free and clear of all liens (other
than those arising under applicable securities laws), and authority, power and right to enter into and consummate the Co-Sale Transaction; (2) any representations, warranties, covenants and indemnities required to be made by such Investor as a
result of the Co-Sale Transaction shall be on a several, and not joint, basis, based on its proportionate share of the sale proceeds; (3) such Investor shall not be required to enter into any non-competition or non-solicitation obligation, or
other restrictive covenant in connection with the Co-Sale Transaction; (4) such Investor shall receive the same form of consideration and the same consideration per share as the stockholder participating in the sale or transfer, and if the
stockholders are given an option as to the form and amount of consideration 

  
 3 

 
to be received, such Investor shall be given the same option; and (5) such Investor shall be entitled to receive cash or other marketable securities as consideration for its equity in
connection with a Co-Sale Transaction. 
 (f) Permitted Transfers. The Company agrees that such Investor shall be entitled to
transfer all or a portion of any New Equity Securities and all rights, duties and obligations of such Investor under the Qualified Equity Financing Documents pursuant to a Permitted Transfer. For any such Permitted Transfer, (i) no consent or
approval shall be needed from the Company or any of its subsidiaries, their respective board of directors or managers, or any other party; (ii) such transfer shall not be subject to any restriction, including any right of first refusal or
tag-along right; and (iii) no registration statement or legal opinion shall be required, provided that such Investor provides written notice to the Company of such transfer. The Company agrees that the Qualified Equity Financing Documents shall
provide the same. 
 (g) Amendments. The Company agrees that the rights and protections set forth in this Section 4 shall
not be amended or waived without the prior written consent of the Investors. The Company agrees that it will not consent to any amendments to or waivers of the provisions of the Qualified Equity Financing Documents and it will not enter into any new
agreement that would have the effect of amending or waiving the rights and protections set forth in this Section 4 without the prior written consent of the Investors. 

5. Conversion Upon A Qualified Acquisition. In connection with a Qualified Acquisition in which any Investor converts its Convertible Note (in whole or
in part) and has received Common Stock of the Company, the Company agrees that such Investor shall be entitled to the protections set forth in Section 4(d) above and the rights and protections set forth in Section 4(e) above
in connection with such Qualified Acquisition regardless of whether such Investor has previously converted any portion of its Convertible Note as part of a Qualified Equity Financing and received similar rights in connection therewith. 

6. Conversion Upon A Qualified IPO. In connection with a Qualified IPO in which any Investor converts its Convertible Note (in whole or in part) and
has received Common Stock of the Company, the Company agrees that such Investor shall have the same registration rights with respect to such Common Stock that are provided to a Holder (as defined in the IRA) under Section 2 of the IRA as of the
date hereof, regardless of whether such Investor has previously converted any portion of its Convertible Note as part of a Qualified Equity Financing and received similar rights in connection therewith. The Company further agrees that such Investor
shall be entitled to transfer all or a portion of any such Common Stock and the corresponding registration rights pursuant to a Permitted Transfer (subject to compliance with applicable securities laws and regulations). For any such Permitted
Transfer, (i) no consent or approval shall be needed from the Company or any of its subsidiaries, their respective board of directors or managers, or any other party; (ii) such transfer shall not be subject to any restriction, including
any right of first refusal or tag-along right; and (iii) no registration statement or legal opinion shall be required, provided that such Investor provides written notice to the Company of such transfer. 

7. Right to Conduct Activities. The Company hereby agrees and acknowledges that the Investors (together with their respective members and
partners and their respective affiliates and 

  
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affiliated investment funds, the “Fund Investors”) are professional investment funds, and as such invest debt and/or equity in numerous companies, some of which may be
deemed competitive with the Company’s business (as currently conducted or as currently proposed to be conducted). The Company hereby agrees that, to the maximum extent permitted under applicable law, the Fund Investors shall not be liable
to the Company for any claim arising out of, or based upon, (a) the debt or equity investment by a Fund Investor in any entity competitive with the Company, or (b) actions taken by any partner, officer or other representative of a Fund
Investor to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company.
Notwithstanding anything to the contrary in the Governing Documents, the Convertible Notes, the Qualified Equity Financing Documents or otherwise, none of Investors’ rights, privileges or preferences (including an informational or inspection
rights) shall be reduced, impaired, terminated or amended as a result of any Fund Investor being a debt or equity investor in a competitor of the Company or otherwise having a business relationship with a competitor of the Company. 

8. No Public Statements. The Company hereby agrees that it shall not issue any announcement or press release or make any statement or other disclosure
relating, directly or indirectly, to the matters contemplated by this Letter Agreement or the identity of any Investor (or its members, partners, affiliates or affiliated investment funds), unless such announcement or release is agreed to by the
Investors in writing. 
 9. No Effect Upon Lending Relationships. Notwithstanding anything to the contrary, nothing contained in the Governing
Documents, the Convertible Notes, the Qualified Equity Financing Documents or otherwise shall affect, limit or impair the rights and remedies of Victory Park Management, LLC or each of the Lenders party to the Financing Agreement (individually, a
“Subject Entity” and collectively, the “Subject Entities”), any of their respective affiliates, funding or financing sources or any other lenders in their capacities as lenders to the Company or any of
its subsidiaries pursuant to any agreement under which the Company or any of its subsidiaries has or from time to time will have borrowed money, including, without limitation, the Financing Agreement. Without limiting the generality of the
foregoing, neither any Subject Entity nor any such other person, in exercising its rights, remedies or claims as a lender or other creditor, including making its decision on whether to foreclose on any collateral security, shall have any duty to
consider (a) its status as a direct or indirect equity holder of the Company, (b) the interests of the Company or any of its subsidiaries, or (c) any duty it may have to any other direct or indirect equity holder of the Company,
except, with respect to the foregoing clauses (b) and (c), as may be required under the applicable loan documents or by nonwaivable commercial law applicable to creditors generally. 

10. Validity of Letter Agreement; Entire Agreement. This Letter Agreement constitutes a valid and binding agreement of the Company. This Letter
Agreement supplements the Financing Agreement, the Convertible Notes and the Governing Documents and, in the event of a conflict between the provisions of this Letter Agreement and the Financing Agreement, the Convertible Notes or the Governing
Documents, the provisions of this Letter Agreement shall control. This Letter Agreement, the Financing Agreement, the Convertible Notes and the Governing Documents and the documents referred to herein and therein constitute the entire agreement
between the parties hereto relating to Investors’ investment in the Company. 

  
 5 

 11. Miscellaneous. This Letter Agreement and any controversy arising out of or relating to this Letter
Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of law. No amendment, alteration, modification of, or
addition to this Letter Agreement will be valid or binding unless expressed in writing and signed by the parties. This Letter Agreement may be executed in any number of counterparts, each of which need not contain the signature of more than one
party but all such counterparts taken together shall constitute one and the same agreement. Counterparts may be delivered via facsimile, electronic mail (including pdf) or other transmission method and any counterpart so delivered shall be deemed to
have been duly and validly delivered and be valid and effective for all purposes. The provisions of this Letter Agreement are severable, and the invalidity or unenforceability of any provision will not affect the validity or enforceability of any
other provision hereof. 
 [Signature page follows] 

  
 6 

 If the foregoing accurately sets forth our agreement regarding the foregoing matters, please indicate so by
signing this Letter Agreement in the space provided, whereupon this Letter Agreement shall become a binding agreement by and among the Investors and the Company with respect to the subject matter thereof. 

Sincerely, 
  

			
	ELEVATE CREDIT, INC.,
	a Delaware corporation
		
	By:	 	 /s/ Kenneth E. Ress

		 	Name: Kenneth E. Rees
		 	Title: CEO

 [Letter Agreement] 

 
			
	ACKNOWLEDGED AND AGREED:
	
	VPC SPECIALTY LENDING INVESTMENTS INTERMEDIATE, L.P.
		
	By:	 	 /s/ Scott R. Zemnick

	Name:	 	Scott R. Zemnick
	Title:	 	Authorized Signatory
	
	VPC SPECIALTY FINANCE FUND I, L.P.
		
	By:	 	VPC Specialty Finance Fund GP I, L.P.
	Its:	 	General Partner
		
	By:	 	VPC Specialty Finance Fund UGP I, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Scott R. Zemnick

	Name:	 	Scott R. Zemnick
	Title:	 	General Counsel
	
	VPC INVESTOR FUND B, LLC
		
	By:	 	VPC Investor Fund GP B, L.P.
	Its:	 	Managing Member
		
	By:	 	VPC Investor Fund UGP B, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Scott R. Zemnick

	Name:	 	Scott R. Zemnick
	Title:	 	General Counsel

 [Letter Agreement]EX-10.59

 Exhibit 10.59 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THIS NOTE MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THIS NOTE UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS, OR (B) AN OPINION OF COUNSEL, IN A FORM
REASONABLY ACCEPTABLE TO THE BORROWER, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAWS OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THIS NOTE MAY BE
PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THIS NOTE, PROVIDED SUCH PLEDGE IS MADE IN COMPLIANCE WITH APPLICABLE FEDERAL AND STATE SECURITIES LAWS. 

SENIOR SECURED CONVERTIBLE TERM NOTE 

Note # 06/30/16B-1 
  

			
	 June 30, 2016
	  	Principal: U.S. $[****]

 FOR VALUE RECEIVED, Elevate Credit, Inc., a Delaware corporation (the “Borrower”),
hereby promises to pay to VPC Investor Fund B, LLC or its registered assigns (the “Holder”) the amount set out above as the Principal or, if less, the aggregate unpaid principal amount of all draws funded by the Holder to the
Borrower pursuant to the terms of that certain Second Amended and Restated Financing Agreement, dated as of June 30, 2016, by and among Rise SPV, LLC, a Delaware limited liability company (the “US Term Note Borrower”), Elevate
Credit International Ltd., a company incorporated under the laws of England (the “UK Borrower”), Elevate Credit Service, LLC, a Delaware limited liability company (the “US Last Out Term Note Borrower”), the
Borrower, the Guarantors (as defined therein) party thereto, Victory Park Management, LLC, as administrative agent and collateral agent (in such capacity, the “Agent”), and the Lenders (as defined therein) party thereto (together
with all exhibits and schedules thereto and as may be amended, restated, modified and supplemented from time to time, the “Financing Agreement”). The Borrower hereby promises to pay accrued and unpaid interest and premium, if any,
on the draws under this Note (as defined below) on the dates, rates and in the manner provided for in the Financing Agreement. This Senior Secured Convertible Term Note (including all Senior Secured Convertible Term Notes issued in exchange,
transfer, or replacement hereof) is one of the Notes issued pursuant to the Financing Agreement (collectively, the “Notes”). Capitalized terms used and not defined herein are defined in the Financing Agreement. 

1. Redemption or Prepayment. This Note is subject to optional and mandatory redemption and mandatory prepayment, in each case, on the terms specified
in the Financing Agreement. At any time an Event of Default exists, the draws under this Note, together with all accrued and unpaid interest and any applicable premium due, if any, may be declared or otherwise become due and payable in the manner,
at the price and with the effect, all as provided in the Financing Agreement. 

  
 [****] = CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT
TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 

 2. Conversion. 

2.1 Conversion Into New Equity Securities. 

(a) Beginning on each date Holder receives or should have received a Qualified Equity Financing Notice (as defined below) and ending upon the
consummation of the first closing of the applicable Qualified Equity Financing (as defined below), this Note may, at the Holder’s option, be converted in whole or in part into New Equity Securities (as defined below). The number of New Equity
Securities issuable upon such conversion shall equal (i) the outstanding Principal and accrued, but unpaid, interest of this Note being converted, divided by (ii) the Financing Per Share Conversion Price. The “Financing Per
Share Conversion Price” shall be equal to, (A) in the event of a 2016 Equity Financing (as defined below) that (x) yields total proceeds to the Borrower of less than twenty-five million dollars ($25,000,000) and (y) pursuant
to which at least fifty percent (50%) of the New Equity Securities issued or sold as part of such 2016 Equity Financing are to be issued or sold to investors that are not equity holders of the Borrower as of the date Holder receives or should
have received a Qualified Equity Financing Notice or affiliates of such equity holders, the lowest price per share for New Equity Securities paid by another investor in the applicable 2016 Equity Financing; and (B) in the event of any other
Qualified Equity Financing, the product of (1) 0.8, multiplied by (2) the lowest price per share for New Equity Securities paid by another investor in the applicable Qualified Equity Financing. 

(b) The “New Equity Securities” shall mean shares of capital stock of the Borrower or securities conferring the right
to purchase such capital stock or securities convertible, exchangeable or exercisable into or for (with or without additional consideration) such capital stock, in each case issued or sold by the Borrower to investors (i) during the period
commencing on the date hereof and ending on December 31, 2016 in connection with any equity financing (a “2016 Equity Financing”) or (ii) during the period commencing on January 1, 2017 and thereafter in connection
with an equity financing yielding total proceeds to the Borrower of not less than twenty-five million dollars ($25,000,000) (each of the financings specified in (i) and (ii) above, a “Qualified Equity Financing”).

 (c) The Borrower shall provide written notice to the Holder (the “Qualified Equity Financing Notice”) as soon
as possible, but in no event less than five (5) business days, before issuing any New Equity Securities in a Qualified Equity Financing. Each Qualified Equity Financing Notice shall set forth (i) the number of New Equity Securities
proposed to be issued and sold, (ii) the purchase price per share for the New Equity Securities, (iii) the name and affiliation of the other investors in the Qualified Equity Financing and (iv) the anticipated closing date of the sale
of the New Equity Securities. 
 2.2 Conversion Into Common Stock. 

(a) In the event this Note has not been previously converted in whole pursuant to Section 2.1, beginning on each date Holder first
receives or should have received a Liquidity 

  
 2 

[****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES
ACT OF 1933, AS AMENDED. 

 
Event Notice (as defined below) and ending, (i) in the event of a Qualified Acquisition (as defined below), immediately prior to and contingent upon the consummation of such Qualified
Acquisition or (ii) in the event of a Qualified IPO (as defined below), immediately prior to and contingent upon the effectiveness of the Borrower’s registration statement in connection with such Qualified IPO, this Note may, at the
Holder’s option, be converted in whole or in part into shares of common stock, $0.001 par value per share, of the Borrower (the “Common Stock”). The number of shares of Common Stock issuable upon such conversion, shall equal
(i) the outstanding Principal and accrued, but unpaid, interest of this Note being converted, divided by (ii) the Liquidity Per Share Conversion Price. The “Liquidity Per Share Conversion Price” shall be equal to
the product of (1) 0.8, multiplied by (2) (A) in the event of a Qualified Acquisition, the price per share for Common Stock paid to a holder thereof in connection with such Qualified Acquisition (assuming for
purposes of such calculation that the Holder and all affiliates thereof have converted all Senior Secured Convertible Term Notes issued by the Borrower to the Holder and its affiliates in full and received shares of Common Stock in connection
therewith) or (B) in the event of Qualified IPO, the initial per share sale price to the investors in such Qualified IPO. 

(b) The Borrower shall provide written notice (the “Liquidity Event Notice”) to the Holder as soon as possible, but in
no event less than five (5) business days, before (i) the anticipated consummation of an acquisition of the Borrower by another entity by means of any transaction or series of related transactions to which the Borrower is party (including,
without limitation, any stock acquisition, reorganization, merger or consolidation but excluding any sale of stock primarily for capital raising purposes) yielding total proceeds of not less than twenty-five million dollars ($25,000,000);
(ii) the anticipated consummation of a sale, lease or other conveyance of all or substantially all of the assets of the Borrower yielding total proceeds to the Borrower of twenty-five million dollars ($25,000,000) (each of the events set forth
in (i) and (ii) above, a “Qualified Acquisition”); and (iii) the anticipated commencement of a firm commitment underwritten public offering pursuant to an effective registration statement filed under the Securities
Act of 1933, as amended (the “Securities Act”), covering the offering and sale of Common Stock and yielding total proceeds to the Borrower of not less than twenty-five million dollars ($25,000,000) (a “Qualified
IPO” and together with a Qualified Acquisition, a “Liquidity Event”). The Liquidity Event Notice shall specify the effective date on which such Liquidity Event is to take place and shall describe such transaction in
reasonable detail. The Borrower shall provide Holder with regular updates regarding the Liquidity Event process. 
 2.3 Manner of
Conversion. The conversion rights represented by this Note are exercisable by the surrender of this Note and the Notice of Conversion annexed hereto, duly executed, at the offices of the Borrower located at 4150 International Plaza, Suite 300,
Fort Worth, Texas 76109 (or such other office or agency of the Borrower as it may designate by notice in writing to the registered Holder in accordance with Section 3.1 hereof). Upon receipt by the Borrower of the foregoing items, the
Holder shall be entitled to receive a certificate for New Equity Securities or shares of Common Stock, as the case may be, within a reasonable time, but not later than five (5) business days after the date on which this Note shall have been
converted as aforesaid. The New Equity Securities or the shares of Common Stock, as the case may be, shall be deemed to be issued to such Holder as the record owner of such New Equity Securities or shares Common Stock, as applicable, as of the close
of business on the date on which this Note shall have been converted as aforesaid. 

  
 3 

[****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES
ACT OF 1933, AS AMENDED. 

 2.4 Partial Conversion. If this Note is converted with respect to less than all of the
Principal and interest, the Holder shall be entitled to receive a new Note, in this form, covering the remaining Principal and interest. 
 3.
Miscellaneous. 
 3.1 Notices. Any notice provided to the Borrower or the Holder shall be made in accordance with the notice
provisions set forth in Section 13.7 of the Financing Agreement. 
 3.2 Authorized Shares. During the period this Note is
outstanding, the Borrower shall reserve from its authorized and unissued shares a sufficient number of shares to provide for the issuance of shares of Common Stock upon the exercise of any conversion rights under this Note. This Note shall
constitute full authority to the officers of the Borrower who are charged with the duty of executing share certificates, to execute and issue the necessary certificates for New Equity Securities or shares of Common Stock, as applicable, upon the
exercise of the conversion rights under this Note. All New Equity Securities and shares of Common Stock that may be issued upon the exercise of rights represented by this Note will, upon such exercise or conversion, be validly issued and free from
all taxes, liens, and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 

3.3 No Dividends or Other Rights as a Stockholder. Except as expressly set forth herein, this Note does not entitle the Holder to any
distributions or voting rights or other rights as a holder of New Equity Securities or shares of Common Stock of the Borrower prior to the exercise hereof. 

3.4 Payments. All payments in respect of this Note are to be made in lawful money of the United States of America at the Agent’s
office in Chicago, Illinois or at such other place as the Agent or the Holder shall have designated by written notice to the Borrower as provided in the Financing Agreement. 

3.5 Acknowledgment. For the avoidance of doubt, it is acknowledged that the Holder will be entitled to the benefit of all adjustments
and changes made with regard to the Borrower’s capital stock as a result of splits, recapitalizations, combinations, reclassifications, capital reorganizations or other similar transactions affecting the Borrower’s capital stock underlying
this Note that occur prior to the conversion of this Note (including any of the foregoing transactions effectuated in connection with the Borrower’s initial public offering). 

3.6 Amendment. Any term of this Note may be amended or waived with the written consent of the Borrower and the Holder. 

3.7 Assignment. This Note may be offered, sold, assigned or transferred by the Holder without the consent of the Borrower, but subject
to applicable law and subject to the provisions of the Financing Agreement and Section 3.8 hereof. 

  
 4 

[****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES
ACT OF 1933, AS AMENDED. 

 3.8 Registered Note. This Note is registered as to both principal and any stated interest
with Borrower, and transfer of this Note or any rights hereunder may be effected only by surrender of the old instrument and either the reissuance by Borrower of the old instrument to the new holder or the issuance by Borrower of a new instrument to
the new holder. The foregoing requirements are intended to result in this Note being in “registered form” within the meaning of U.S. Treasury Regulations Section 1.871-14(c) and Sections 163(f), 871(h) and 881(c) of the U.S. Internal
Revenue Code of 1986, as amended, and shall be interpreted and applied in a manner consistent therewith. This Note is a registered Note and, as provided in the Financing Agreement, upon surrender of this Note for registration of transfer, duly
endorsed, or accompanied by a written instrument of transfer duly executed, by the registered Holder hereof or such Holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the
name of, the transferee. Prior to due presentment for registration of transfer, the Borrower may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the
Borrower will not be affected by any notice to the contrary. 
 3.9 Governing Law; Jurisdiction. This Note shall be construed and
enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Note and all disputes arising hereunder shall be governed by, the laws of the State of Delaware, without giving effect to
any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Delaware. The parties hereto
(a) agree that any legal action or proceeding with respect to this Note or any other agreement, document, or other instrument executed in connection herewith, shall be brought in any state or federal court located within Wilmington, Delaware,
(b) irrevocably waive any objections which either may now or hereafter have to the venue of any suit, action or proceeding arising out of or relating to this Note, or any other agreement, document, or other instrument executed in connection
herewith, brought in the aforementioned courts, and (c) further irrevocably waive any claim that any such suit, action, or proceeding brought in any such court has been brought in an inconvenient forum. 

3.10 WAIVER OF JURY TRIAL. THE HOLDER AND THE BORROWER IRREVOCABLY WAIVE THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING
BROUGHT TO ENFORCE ANY PROVISION OF THIS NOTE. 
 [Signature Page to Follow] 

  
 5 

[****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS
DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES
ACT OF 1933, AS AMENDED. 

 IN WITNESS WHEREOF, the Borrower has caused this Note to be duly executed as of the date set out
above. 
  

			
	BORROWER:
	
	ELEVATE CREDIT, INC., a Delaware corporation
		
	By:	 	   /s/ Kenneth E. Rees

	Name:	 	  Kenneth E. Rees
	Title:	 	  CEO

  
 [****] = CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT
TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 

 NOTICE OF EXERCISE 

 

	To:	ELEVATE CREDIT, INC. (the “Borrower”) 

  

	    	[                                    
             ] 

	    	[                                    
             ] 

 Reference is hereby made to that
certain Senior Secured Convertible Term Note, dated as of June 30, 2016 (the “Note”). Capitalized terms used herein shall have the respective meanings set forth in the Note. 

(1) Pursuant to the terms of the Note, the undersigned hereby elects to convert
$            of Principal under the Note. 
 (2) Please issue
            shares of             of the Borrower in the name of the undersigned or in such other name as is specified below:

  

	
	  

	            (Name)
	  

	            (Address)

 (3) The undersigned represents that the aforesaid shares are being acquired for the account of the
undersigned for investment and not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention of distributing or reselling such shares. 

(4) The undersigned hereby represents and warrants that the undersigned: 

 

	 	(i)	is an “accredited investor” within the meaning of Rule 501 under the Securities Act of 1933, as amended (the “Securities Act”) and, if an entity, each individual, securityholder, limited partner or
other member of the undersigned’s organization, as applicable, is an “accredited investor” within the meaning of such Rule 501; 

  

	 	(ii)	has sufficient knowledge and experience in investing in companies similar to Borrower in terms of Borrower’s stage of development so as to be able to evaluate the risks and merits of its investment in Borrower and
it is able financially to bear the risks thereof; 

  

	 	(iii)	has had an opportunity to discuss Borrower and its subsidiaries’ business, management and financial affairs with Borrower’s management, and understands the nature of Borrower’s business affairs;

  
 [****] = CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT
TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 

	 	(iv)	agrees and acknowledges that any projections, estimates or forecasts regarding Borrower’s securities or Borrower’s business and financial affairs which the undersigned has received or reviewed do not
represent, and shall not be deemed to be, a warranty or guarantee as to the actual future results of Borrower or the likelihood or probability that such projections, estimates or forecasts will be met; 

 

	 	(v)	understands that: (a) Borrower’s securities have not been registered under the Securities Act by reason of their issuance in a transaction exempt from the registration requirements of the Securities Act
pursuant to Section 4(a)(2) thereof or Rule 505 or 506 promulgated under the Securities Act, (b) no public market now exists for any of the securities issued by Borrower and that there is no assurance that a public market will ever exist
for Borrower’s securities; (c) Borrower’s securities must be held indefinitely unless a subsequent disposition thereof is registered under the Securities Act and other applicable securities laws or is exempt from such registration;
(d) Borrower’s securities will bear a legend to such effect; and (e) Borrower’s will make a notation on its transfer books to such effect; 

  

	 	(vi)	has no contract, arrangement or understanding with any broker, finder or similar agent with respect to the transactions contemplated by this Agreement; and 

 

	 	(vii)	understands that Borrower’s securities are characterized as “restricted securities” under the applicable securities laws inasmuch as they are being acquired from Borrower in a transaction not involving a
public offering and that under such laws and applicable regulations, Borrower’s securities may be resold without registration under the Securities Act and other applicable securities law only in certain limited circumstances. The undersigned is
aware that the provisions of Rule 144 (the “Rule”) promulgated under the Securities Act are presently not available to exempt the sale of Borrower’s securities from the registration requirements of the Securities Act. Should the Rule
subsequently become available, the undersigned is aware that any sale of Borrower’s securities effected pursuant to the Rule may, depending upon the status of the undersigned as an “affiliate” or “non-affiliate” under the
Rule, be made only in limited amounts in accordance with the provisions of the Rule, and that in no event may any Borrower securities be sold pursuant to the Rule until the undersigned has held Borrower’s securities for the requisite holding
period following payment of the purchase price. 

  

					
	  
	 		  	  

	(Date)	 		  	(Signature)

  
 [****] = CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN
OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT
TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

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