Document:

EX-10.16

 Exhibit 10.16 

TRANSUNION MASTER AGREEMENT 

FOR CONSUMER REPORTING AND ANCILLARY SERVICES 

This TransUnion Master Agreement for Consumer Reporting and Ancillary Services (“Agreement”) is made and entered as of this
    20     date of     March     20 15 (the “Effective Date”), by and between Trans
Union LLC, with its principal place of business at 555 West Adams, Chicago, Illinois 60661 (“TransUnion”), and     Upstart Network, Inc.     with its principal place of business
at     345 Yale Street, Palo Alto, CA 94306                 (“Subscriber). In consideration of
the promises and mutual covenants hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, TransUnion and Subscriber hereby agree as follows: 

 

	1.	 Scope of Agreement. This Agreement applies to any of those information services which
Subscriber may desire to receive from TransUnion and which TransUnion offers to Subscriber. Such information services shall herein be collectively referred to as “Services” and all information derived therefrom shall be collectively
referred to as “Services Information”. 

 Subscriber enters into this Agreement on behalf of itself and its
affiliates under common ownership and control, as identified on the attached Exhibit A (“Affiliates”), which may be amended by Subscriber from time to time to add and/or delete Affiliates upon written notice to TransUnion. Subscriber and
all said Affiliates shall hereinafter be referred to collectively as “Subscriber”. 
 This Agreement consists of the general terms
and conditions set forth in the body of this Agreement (“General Terms”), Exhibit A (“Affiliates”) and Exhibit B (“Fair Isaac Scores”). If there is a conflict between the General Terms and the terms of Exhibit A, the
General Terms shall prevail; if there is a conflict between the General Terms and the terms of Exhibit B, Exhibit B shall prevail solely with respect to the FICO Scores as defined in Exhibit B. 

 

	2.	 Subscriber’s Business. Subscriber certifies that the nature of Subscriber’s
business is as described by Subscriber in Subscriber’s customer membership materials. Subscriber certifies that Subscriber is not a telephone solicitor doing business in Massachusetts or Connecticut and using the data provided by TransUnion for
the initiation of a telephone call or message to encourage the purchase or rental of, or investment in, property, goods or services, that is transmitted to a consumer. 

 

	3.	 Consumer Reporting Services. 

 

	3.1	 Consumer Report Information. TransUnion makes certain consumer report information services from its
consumer reporting database (“Consumer Report Information”) available to its customers who have a permissible purpose for receiving such information in accordance with the Fair Credit Reporting Act (15 U.S.C. §1681 et seq.) including,
without limitation, all amendments thereto (“FCRA”). 

  

	3.2	 FCRA Penalties. THE FCRA PROVIDES THAT ANY PERSON WHO KNOWINGLY AND WILLFULLY OBTAINS INFORMATION ON A
CONSUMER FROM A CONSUMER REPORTING AGENCY UNDER FALSE PRETENSES SHALL BE FINED UNDER TITLE 18, OR IMPRISONED NOT MORE THAN TWO YEARS, OR BOTH. 

  

	3.3	 Subscriber Certifications. Subscriber certifies that it shall request Consumer Report Information solely
for Subscriber’s exclusive one-time use and use such information solely for the permissible purpose(s) set forth below in Sections 3.4 — 3.7, and for no other purpose, subject however, to the
additional restrictions set forth herein. If requested by TransUnion, and in addition to the general 

  

			
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certification set forth herein, Subscriber agrees to, and shall, individually certify the permissible purpose for each Consumer Report Information it requests. Such individual certification shall
be made by Subscriber pursuant to instructions provided from time to time by TransUnion. For purposes of this Agreement, the term “adverse action” shall have the same meaning as that term is defined in the FCRA. 

 

	3.4	 Consumer Report Information—Permissible Purpose(s): 

 

	 	•	 	 In connection with a credit transaction involving the consumer on whom the information is to be furnished and
involving the extension of credit to, or review or collection of an account of the consumer. 

  

	 	•	 	 In connection with the underwriting of insurance involving the consumer. 

 

	 	•	 	 Pursuant to the written authorization of the consumer who is the subject of the Consumer Report Information.
Subscriber certifies that each such written authorization will expressly authorize Subscriber to obtain the Consumer Report Information, and will contain at a minimum the subject’s name, address, social security number (where available) and
signature. Subscriber further agrees to retain copies of all such written authorizations for a minimum of five (5) years from the date of inquiry, and make such written authorizations available to TransUnion upon request. Nothing in this
certification, or elsewhere in this Agreement, is intended to allow Subscriber to purchase Consumer Report Information for the purpose of selling or giving the report, or information contained in or derived from it, to the subject of the report, or
to any other third party, and Subscriber expressly agrees to refrain from such conduct. 

  

	 	•	 	 For employment purposes, in which case Subscriber shall request only a TransUnion service expressly designed for
employment purposes (“Employment Report”). Subscriber further certifies that it shall not request an Employment Report unless and subject to the following conditions: 

 

	 	A.	 A clear and conspicuous disclosure is first made in writing to the consumer before the Consumer Report
Information is obtained, in a document that consists solely of the disclosure, that a consumer report may be obtained for employment purposes; 

  

	 	B.	 The consumer has authorized in writing the procurement of the Employment Report; 

 

	 	C.	 Information from the Employment Report will not be used in violation of any applicable federal or state equal
employment opportunity law or regulation; 

  

	 	D.	 The Employment Report will only be used once; and, 

 

	 	E.	 Before taking adverse action in whole or in part based on the Employment Report, Subscriber shall provide the
consumer with a copy of the Employment Report and shall provide the consumer with a copy of the consumer’s rights, in the format approved by the Consumer Financial Protection Bureau (“CFPB”), which form notice shall be supplied to
Subscriber by TransUnion either with each report, or one time in print format, in which case Subscriber agrees to duplicate and provide said form notice to the consumer as required hereunder. 

  

			
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	 	•	 	 To use the Consumer Report Information as a potential investor or servicer, or current insurer, in connection
with a valuation of, or an assessment of, the credit or prepayment risks associated with an existing credit obligation. 

  

	 	•	 	 To use the Consumer Report Information in connection with Subscriber’s legitimate business need for the
information in connection with a business transaction that is initiated by a consumer. 

  

	 	•	 	 To use the Consumer Report Information in connection with Subscriber’s legitimate business need for the
information to review an account to determine whether the consumer continues to meet the terms of the account. 

 **
The following certifications are available for use by Government Agencies only ** 
  

	 	•	 	 To use the Consumer Report Information in connection with a determination of the consumer’s eligibility for
a license or other benefit granted by a governmental instrumentality required by law to consider an applicant’s financial responsibility or status. 

  

	 	•	 	 Subscriber is the head of a state or local child support enforcement agency (or state or local government
official authorized by the head of such an agency), and on each request the Subscriber certifies that: 

  

	 	A.	 The Consumer Report Information is needed for the purpose of establishing an individual’s capacity to make
child support payments or determining the appropriate level of such payments; 

  

	 	B.	 The paternity of the consumer for the child to which the obligation relates has been established or
acknowledged by the consumer in accordance with state laws under which the obligation arises (if required by those laws); 

  

	 	C.	 The Subscriber has provided at least 10 days’ prior notice to the consumer whose report is requested, by
certified or registered mail to the last known address of the consumer, that the report will be requested; and, 

  

	 	D.	 The Consumer Report Information will be kept confidential, will be used solely for a purpose described in
subparagraph (a) above, and will not be used in connection with any other civil, administrative, or criminal proceeding, or for any other purpose; 

  

	 	•	 	 Subscriber is an agency administering a state plan under Section 454 of the Social Security Act (42 U.S.C.
654) and will use the information to set an initial or modified child support award. 

  

	3.5	 Account Review/Account Monitoring Certification. In the event that Subscriber requests Consumer Report
Information for account review or monitoring purposes, whether batch or on-line, Subscriber shall make such requests solely for review or monitoring of Subscriber’s own open accounts and/or closed
accounts with balances owing, and for no other purpose. Subscriber shall notify TransUnion in a mutually acceptable format of the review or monitoring methods and criteria desired, and of any desired changes to or deletion of any individual
monitoring set, and shall delete individual monitoring sets on any consumers if Subscriber ceases to have a permissible purpose to receive Consumer Report Information on such consumers. When Subscriber requests information as a potential investor or
servicer, or current insurer, in connection with a valuation of or an assessment of the credit or prepayment risks associated with an existing credit obligation (“Valuation Account Reviews”), Subscriber shall first obtain the prior written
consent of the current account owner or servicer of such accounts and make a copy of such consent available to TransUnion. 

  

			
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	3.6	 Prescreening Certifications. Provided that Subscriber meets all TransUnion reporting requirements for
prescreening customers as may be established by TransUnion from time to time, TransUnion, upon request by Subscriber, agrees to extract names from TransUnion’s central computer file of credit information, or to screen names of individuals
contained on a base list mutually acceptable to TransUnion and Subscriber, in accordance with selection criteria as specified by Subscriber and acceptable to TransUnion (“Prescreen Services”). Prescreen Services may include scores,
attributes and/or other appends as mutually agreed. Each such request for prescreened names, including, but not limited to, such criteria associated with each such request, is hereby incorporated into this Agreement by reference.

  

	3.6.1	 Format and Delivery. TransUnion shall supply, and deliver to Subscriber, such Prescreen Services in the
form of prescreened lists (“Prescreened Lists”), in a mutually agreed upon format. TransUnion will be responsible for the computer programming of the selection criteria specified by Subscriber. 

 

	3.6.2	 Third Party Processors. Subscriber shall notify TransUnion, in writing, whether it intends to have a
designated third party processor (“Processor”) perform further processing of Prescreened Lists to further refine the selection. Upon such notification, TransUnion shall deliver such Prescreened Lists to Subscriber’s designated
Processor provided said Processor has been approved by TransUnion and has executed an agreement for processing with TransUnion. Subscriber shall so notify TransUnion in writing in conjunction with each prescreen request as to whether Subscriber
intends to so utilize Processor. Subscriber certifies that neither the criteria used to select the names nor the tape nor media layout description of the attributes will be disclosed by Subscriber to Processor. Subscriber certifies that it will not
request or receive from Processor any names of consumers other than those to which it will make a firm offer of credit or insurance, as defined by the FCRA (“Firm Offer). Moreover, Subscriber shall require that Processor provide to TransUnion,
in a mutually agreed upon format, clearly labeled media identifying all consumers on such refined Prescreened List so that TransUnion can post inquiries to its files on such consumers as required by law. Subscriber shall require that Processor
provide such media to TransUnion upon completion of such further processing but in no event later than seventy-five (75) days after Processor’s receipt of the media from TransUnion. 

 

	3.6.3	 Subscriber Solicitation and Use of the Prescreened Lists. Except as otherwise mutually agreed,
Subscriber will be responsible for preparation of solicitation materials and all other communications to be made with prescreened individuals. Subscriber hereby certifies that it will extend a Firm Offer of credit or insurance to each and every
individual named on the Prescreened List, or Processor-refined Prescreened List, and that such offer will not be withdrawn or withheld after the offer is made, except as permitted by the FCRA. Subscriber further agrees to make available to
TransUnion upon request a sample or draft of the mail piece or telemarketing script in which the Firm Offer will be made, and TransUnion may refuse to provide Prescreened Lists if TransUnion has a good faith belief that the proposed offer is not a
Firm Offer of credit or insurance. However, notwithstanding this right to review the mail piece or script, TransUnion shall have no liability for failure of such mail piece or script to comply with applicable law, including, but not limited to, the
FCRA. 

  

	3.6.4	 One Time Use. All information received from Prescreened Services is for Subscriber’s exclusive one-time use. Such information shall not be revealed or made available, in whole or in part, to any 

  

			
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person except employees of Subscriber or Processor who have a need to know as expressly authorized under this Agreement. In no event shall the Prescreened Services be used for the processing of
credit applications or underwriting insurance in the normal course of business. Except solely to the extent necessary to utilize such Prescreened Lists pursuant to the terms and conditions of this Agreement, Subscriber shall not copy the Prescreened
Lists, or any portion thereof, without TransUnion’s prior written consent, nor grant any other person or entity the right to do so. Moreover, Subscriber is not granted any ownership rights or title to the Prescreened Lists nor to any
information contained in any and all such Prescreened Lists. 

  

	3.7	 Instant Decision Processing. TransUnion offers a suite of automated instant decision processing tools
that: (i) determine whether a consumer qualifies for requested products or service, made available subject to the permissible certifications in Section 3.4, above; (ii) reviews existing customers for possible action on an account,
made available subject to Section 3.5, above; or, (iii) performs a prescreen of an individual’s consumer credit file against pre-determined credit criteria, made available subject to
Section 3.6, above (collectively, “Instant Decision Processing”). When a Subscriber desires to receive any Instant Decision Processing services, the delivery specifications and decision criteria shall be set forth in a separate
written Schedule to be attached thereto. 

  

	3.7.1	 TransUnion has developed a service that allows its customers electing Instant Decision Processing services to
retrieve, through the Internet, the instant decision screen and Consumer Report Information, if applicable, generated as a result of a previously processed instant credit decision transaction (“Previous Instant Credit Decision”). Consumer
Report Information will be limited for decisions relating to prescreening. 

 TransUnion may make the Previous Instant
Credit Decision available to subscribers electing Instant Decision Processing services. TransUnion, for each individual instant credit decision transaction requested by Subscriber, shall exercise reasonable efforts to retain, on behalf of
Subscriber, the Previous Instant Credit Decision which was originally delivered to Subscriber for a period of thirty-five (35) days from such instant credit decision transaction. 

Subscriber hereby represents and warrants that, for each individual instant credit decision transaction for which Subscriber utilized Previous
Instant Credit Decision, Subscriber shall use the Previous Instant Credit Decision solely: (i) one time for the specific permissible purpose, pursuant to the FCRA, for which Subscriber requested such individual instant credit decision
transaction; and, (ii) solely in conjunction with such particular individual instant credit decision transaction. Subscriber shall not use Previous Instant Credit Decision for any other purpose whatsoever. 

 

	3.8	 California Certification. If Subscriber is a retailer who uses Consumer Report Information in connection
with in-person credit applications, subject to the California Consumer Credit Reporting Agencies Act and all amendments thereto, then Subscriber shall instruct its employees responsible for receiving in-person credit applications from California consumers, including point of sale applications, to inspect the applicant’s photo identification prior to requesting Consumer Report Information. Subscriber shall
identify to TransUnion, either by subscriber code or by flag on the affected inquiry when it requests Consumer Report Information for an in-person credit application. 

 

	3.9	 Vermont Certification. Subscriber agrees to comply with Vermont law when requesting a consumer report on
a Vermont resident. Subscriber expressly agrees to obtain the consumer’s consent before requesting a consumer report to the extent and in the manner required by Vermont law. 

  

			
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	4.	 Ancillary Services. 

 

	4.1	 Fraud Prevention Services. TransUnion offers several fraud prevention services that evaluate inquiry
input elements against other input elements and/or against proprietary databases to identify potential discrepancies and/or inaccuracies. Fraud prevention service messages may be delivered with Consumer Report Information as a convenience, but are
not part of a consumer’s file nor are they intended to be consumer reports. In the event Subscriber obtains any fraud prevention services from TransUnion in conjunction with Consumer Report Information or as a stand-alone service, Subscriber
shall not use the fraud prevention services, in whole or in part, as a factor in establishing an individual’s creditworthiness or eligibility for credit, insurance, employment, or for any other purposes under the FCRA. Moreover, Subscriber
shall not take any adverse action against any consumer that is based in whole or in part on the fraud prevention services. As a result of information obtained from the fraud prevention services, it is understood that Subscriber may choose to obtain
additional information from one or more additional independent sources. Any action or decision as to any individual, which is taken or made by Subscriber based solely on such additional information obtained from such additional independent source(s)
shall not be deemed prohibited by this paragraph. 

  

	4.2	 Reference Services. 

 

	4.2.1	 TransUnion offers a suite of reference services from sources other than its Consumer Reporting Database (“Non-CRD Reference Services”), which it may make available to Subscriber under the terms of this Agreement. Subscriber shall not use Non-CRD Reference Services for
marketing purposes without the prior written consent of TransUnion. 

  

	4.2.2	 TransUnion also offers the suite of reference services from its Consumer Reporting Database (“CRD
Reference Services”). If Subscriber desires to receive CRD Reference Services, Subscriber hereby certifies that the specific purpose(s) for which the CRD Reference Services will be requested, obtained and used by Subscriber is one or more of
the following uses as described in, and as may be interpreted from time to time, by competent legislative, regulatory or judicial authority, and as being encompassed by Section (6802)(e) of the Gramm-Leach-Bliley Act, Title V, Subtitle A, Financial
Privacy (15 U.S.C. § 6801-6809) (“GLB”) and the United States Federal Trade Commission rules promulgated thereunder. Subscriber shall not request, obtain or use such CRD Reference Services for any other purpose. 

 

	 	•	 	 As necessary to effect, administer, or enforce a transaction requested or authorized by the consumer, or in
connection with servicing or processing a financial product or service requested or authorized by the consumer; 

  

	 	•	 	 As necessary to effect, administer, or enforce a transaction requested or authorized by the consumer, or in
connection with maintaining or servicing the consumer’s account with Subscriber and Subscriber is a financial institution; 

  

	 	•	 	 With the consent or at the direction of the consumer; 

 

	 	•	 	 To protect against or prevent actual or potential fraud, unauthorized transactions, claims, or other liability;

  

	 	•	 	 For use solely in conjunction with a legal or beneficial interest held by Subscriber and relating to the
consumer; or, 

  

	 	•	 	 For use solely in Subscriber’s fiduciary or representative capacity on behalf of the consumer.

  

			
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	4.2.3	 For purposes of this Agreement, the term “Reference Services” shall be deemed to include both Non-CRD Reference Services and CRD Reference Services. Subscriber shall not take any adverse action against any consumer that is based in whole or in part on the Reference Services. 

 

	4.3	 Depersonalized Data Services. From time to time, Subscriber may desire to obtain depersonalized data
(“Data Services”) identified in a Data Services request form or other mutually agreed upon document signed by an authorized representative of Subscriber (“Data Services Request” or “DSR”). Subscriber represents and
warrants that Subscriber shall use any and all Data Services received pursuant to this Agreement solely for one or more of the following purposes: 

  

	 	A.	 Determination of the validity of an existing risk score model or of certain data attributes, when such model or
attributes will be used in conjunction with the evaluation of consumer credit information received and used under this Agreement; 

  

	 	B.	 Building Subscriber’s own consumer credit information-based model which model shall be used solely in
conjunction with the evaluation of consumer credit information received and used under this Agreement; 

  

	 	C.	 Review and validation of Subscriber’s policies relating to credit eligibility or any other permissible
purpose under the FCRA, which policies Subscriber shall use in conjunction with evaluating consumer credit information received and used under this Agreement; 

 

	 	D.	 Determination of the qualitative value of consumer credit information TransUnion provides under this Agreement;
or, 

  

	 	E.	 Other appropriate purpose as agreed to by TransUnion and Subscriber in an applicable DSR.

  

	4.3.1	 Subscriber shall not use Data Services for any other purpose and shall take no action as to any individual
consumer as the result of the Data Services received under this Agreement. With respect to each request for Data Services, Subscriber represents and warrants that: (i) it does not have the ability to match the Data Services to the identity of
any consumer; (ii) it shall make no attempt to obtain data permitting it to match the Data Services to the identity of any consumer; (iii) it will not accept any information from any third party that permits such a match; and, (iv) it
will make no such match. 

  

	4.4	 TransUnion Scores. Subscriber may request, in writing, that TransUnion provide TransUnion Scores to
Subscriber, which shall include the Vantage Score, in connection with the delivery of a consumer report obtained hereunder or in connection with the delivery of Data Services under Section 4.3. TransUnion agrees to perform such processing as
reasonably practicable. Subscriber shall use TransUnion Scores provided in connection with the delivery of a consumer report only in accordance with its permissible purpose under the FCRA certified at the time of its request for such TransUnion
Scores. Subscriber will request Scores only for Subscriber’s exclusive use. Subscriber may store Scores solely for Subscriber’s own use in furtherance of Subscriber’s original purpose for obtaining the Scores 

 

	4.4.1	 Adverse Action Factors. Subscriber recognizes that factors other than the TransUnion Score may be
considered in making a decision as to a consumer. Such other factors include, but are not limited to, the credit report, the individual account history, application information, and economic factors.

  

			
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TransUnion may provide score reason codes to Subscriber, which are designed to indicate the principal factors that contributed to the TransUnion Score, and may be disclosed to consumers as the
reasons for taking adverse action, as required by the Equal Credit Opportunity Act (“ECOA”) and its implementing Regulation (“Reg. B”). The TransUnion Score itself, when accompanied by the corresponding reason codes, may also be
disclosed to the consumer who is the subject of the TransUnion Score. However, the TransUnion Score itself may not be used as the reason for adverse action under Reg. B. 

 

	4.4.2	 Use of TransUnion Scores for Model Development or Model Calibration. TransUnion Scores, including the
Vantage Score, obtained in conjunction with Data Services under Section 4.3 for the purpose of model development or model calibration, may be used for model development or model calibration in compliance with the following conditions:
(i) the Scores may only be used as an independent variable in custom models; (ii) only the raw depersonalized Score and Score segment identifier may be used in modeling (i.e. no other Score information may be used, including, but not
limited to, adverse action reasons, documentation, or scorecards may be used); and, (iii) Subscriber’s depersonalized analytics and/or depersonalized third party modeling analytics performed on behalf of Subscriber, using Scores, will be
kept confidential and not disclosed to any third party except to: (a) Subscriber’s third party processing agents and other contractors of Subscriber who have executed an agreement that limits the use of the Scores by the third party only
to the use permitted to Subscriber and contains the prohibitions set forth herein regarding model development, model calibration, reverse engineering and confidentiality; (b) to governmental regulatory agencies; and/or, (c) as required by
law. In no event may Subscriber reverse engineer the TransUnion Scores. 

  

	4.4.3	 Confidentiality of TransUnion Scores. The TransUnion Score is proprietary to TransUnion and shall not be
disclosed to any other third party without TransUnion’s prior written consent, except as expressly permitted herein or where clearly required by law. All TransUnion Scores provided hereunder will be held in strict confidence and may never be
sold, licensed, copied, reused, or reproduced, and may never be disclosed, revealed or made accessible, in whole or in part, to any Person, except: (i) to those employees of Subscriber with a need to know and in the course of their employment;
(ii) to those third party processing agents and other contractors of Subscriber who have a need to know in connection with Subscriber’s use of the TransUnion Scores as permitted hereunder and who have executed a written agreement that
limits the use of the TransUnion Scores by the third party only to the use permitted to Subscriber and contains the prohibitions set forth herein regarding model development, model calibration, reverse engineering and confidentiality;
(iii) when accompanied by the corresponding reason codes, to the consumer who is the subject of the score, when in connection with an adverse action notice; (iv) to governmental regulatory agencies; (v) to ratings agencies, dealers,
investors and other third parties for the purpose of evaluating assets or investments (e.g., securities) containing or based on obligations of the consumers to which the Scores apply (e.g., mortgages, student loans, auto loans, credit cards),
provided that (a) Subscriber may disclose Scores only in aggregated formats (e.g., averages and comparative groupings) that do not reveal individual Scores, (b) Subscriber shall not provide any information that would enable a recipient to
identify the individuals to whom the Scores apply, and (c) Subscriber shall enter into an agreement with each recipient that limits the use of the Scores to evaluation of such assets or investments; or, (vi) as required by law. Subscriber
shall not, nor permit any third party to, publicly disseminate any results of the validations and/or other reports derived from the TransUnion Scores without TransUnion’s prior written consent. For the purpose of this Section 4.4.3,
“Person” shall mean an individual, a partnership, a corporation, a limited liability company, a trust, a joint venture, an unincorporated organization and any Government Authority. For the purpose of this Section 4.4.3,
“Government Authority” means any national, provincial, state, municipal, local or foreign government, ministry, department, commission, board, bureau, agency, authority, instrumentality, unit, or taxing authority thereof.

  

			
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	4.4.4	 Predictive Triggers Models. TransUnion’s Predictive Triggers Models may be made available to
Subscriber in conjunction with Subscriber’s Prescreen and Account Review requests. Subscriber hereby represents and warrants that when Subscriber requests Predictive Triggers Models in conjunction with its Account Review requests, Subscriber
shall not use Predictive Triggers Models, nor any information derived therefrom: (i) to take any adverse action as to any individual consumer; or, (ii) for any other reason including, but not limited to, in connection with the collection
of an account. 

  

	4.4.5	 TransUnion Score Performance. Certain TransUnion Scores are implemented with standard minimum exclusion
criteria. TransUnion shall not be liable to Subscriber for any claim, injury, or damage suffered directly or indirectly by Subscriber as a result of any Subscriber requested changes to the exclusion criteria which result in normally excluded records
being scored by such TransUnion Scores. TransUnion warrants that the scoring algorithms used in the computation of the scoring services provided under this Agreement (“Models”), are empirically derived from credit data and are a
demonstrably and statistically sound method of rank-ordering candidate records with respect to the purpose of the TransUnion Scores when applied to the population for which they were developed, and that no scoring algorithm used by a TransUnion
Score uses a “prohibited basis” as defined in ECOA and Reg. B promulgated thereunder. The TransUnion Score may appear on a credit report for convenience only, but is not a part of the credit report nor does it add to the information in the
report on which it is based. 

  

	4.5	 Third Party Scores and Other Third Party Services. TransUnion has the capability to offer certain non-TransUnion owned scores derived from models built jointly with third parties, and other services provided by third parties, which are subject to separate warranties offered or terms imposed by such third
parties. If desired by Subscriber, such third party scores and services shall be made available pursuant to a separate agreement or pursuant to an addendum or Exhibit to this Agreement. For the avoidance of doubt, those Fair Isaac Scores provided by
TransUnion to Subscriber pursuant to Exhibit B are third party scores and do not constitute TransUnion-owned Services. 

  

	4.6	 OFAC Name Screen. TransUnion, as a stand-alone service, in conjunction with Consumer Report Information
or as an append to an ancillary service, has the capability to offer an indicator in the event a consumers name, as supplied by Subscriber to TransUnion on input and not as may be found on TransUnion’s database(s), appears on the United States
Department of Treasury Office of Foreign Asset Control File (“OFAC File”). In the event Subscriber obtains OFAC Name Screen services from TransUnion in conjunction with Consumer Report Information or as an append to an ancillary service,
Subscriber shall be solely responsible for taking any action that may be required by federal law as a result of a potential match to the OFAC File, and shall not deny or otherwise take any adverse action against any consumer which is based, in whole
or in part, on TransUnion’s OFAC Name Screen services. 

  

	5.	 Additional Terms and Conditions. 

 

	5.1	 Confidentiality. Subscriber shall hold all Services Information in confidence and shall not disclose
such information, in whole or in part, to any person except: (i) as required by law (e.g., an order of a court or data request from an administrative or governmental agency with competent jurisdiction) to be disclosed; provided however, that
Subscriber shall provide TransUnion with ten (10) days prior written notice before the disclosure of such information pursuant to this Paragraph 5.1; (ii) its employees that have a need to know in connection with its use of the Services
Information as 

  

			
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permitted under this Agreement; or, (iii) its authorized agents who have a need to know in connection with its use of the Services Information as permitted under this Agreement and who are
bound by written obligations sufficient to limit use of such Services Information strictly for Subscriber’s benefit in accordance with the use and other restrictions contained in this Agreement. However, none of the foregoing restrictions shall
prohibit Subscriber from disclosing to the subject of the Consumer Report Information, who is the subject of an adverse action, the content of the Consumer Report Information as it relates to any such adverse action. The forgoing obligations of
confidentiality with respect to Services Information shall in all instances prevail over contrary or less stringent obligations of confidentiality entered between the parties. 

 

	5.2	 Safeguards. Each party shall implement, and shall take measures to maintain, reasonable and appropriate
administrative, technical, and physical security safeguards (“Safeguards”) designed to: (i) insure the security and confidentiality of non-public personal information; (ii) protect against
anticipated threats or hazards to the security or integrity of non-public personal information; and, (iii) protect against unauthorized access or use of non-public
personal information that could result in substantial harm or inconvenience to any consumer. When a consumer’s first name or first initial and last name is used in combination with both: (i) a social security number, driver’s license
or identification card number, or account number, credit or debit card number, and, (ii) any required security code, access code, or password that would permit access to an individual’s financial account (“Personal Information”),
and such combined information is delivered to Subscriber unencrypted, Subscriber shall implement and maintain reasonable security procedures and practices appropriate to the nature of the information and to protect the Personal Information from
unauthorized access, destruction, use, modification, or disclosure including without limitation, ensuring any Subscriber intentional deletion, destruction and/or disposal of Personal Information (whether in paper, electronic, or any other form, and
regardless of medium on which such Personal Information is stored) is performed in a manner so as to reasonably prevent its misappropriation or other unauthorized use including, but not limited to, cross-shredding printed information and pulverizing
or incinerating tapes, disks and other such non-paper media. 

  

	5.3	 Authorized Requests. Subscriber shall use the Services and Services Information: (i) solely for the
Subscriber’s certified use(s); (ii) solely for Subscriber’s exclusive one-time use; and, (iii) subject to the terms and conditions of this Agreement. Subscriber shall not request, obtain or use
Services for any other purpose including, but not limited to, for the purpose of selling, leasing, renting or otherwise providing information obtained under this Agreement to any other party, whether alone, in conjunction with Subscriber’s own
data, or otherwise in any service which is derived from the Services. Services shall be requested by, and Services Information shall only disclosed by Subscriber to, Subscriber’s designated and authorized employees and agents having a need to
know and only to the extent necessary to enable Subscriber to use the Services and Services Information in accordance with this Agreement, and, with respect to agents, only those who are bound by written obligations sufficient to limit use of such
Services and Services Information strictly for Subscriber’s benefit in accordance with the use and other restrictions contained in this Agreement. Subscriber shall ensure that such Subscriber designated and authorized employees and agents shall
not attempt to obtain any Services on themselves, associates, or any other person except in the exercise of their official duties. 

  

	5.4	 Rights to Services. Subscriber shall not attempt, directly or indirectly, to reverse engineer,
decompile, or disassemble Services and Services Information, or any confidential or proprietary developed or such written notice or if such breach is not curable, the non-breaching party shall have the right
to immediately suspend its performance, in whole or in part, under this Agreement, immediately terminate this Agreement, or both. 

  

			
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	5.4.1	 The foregoing notwithstanding, TransUnion reserves the right, at TransUnion’s sole option, to immediately
suspend its performance, in whole or in part, under this Agreement, or immediately terminate this Agreement, if TransUnion, in good faith and in its sole discretion, determines that: (i) the requirements of any law, regulations and/or judicial
action have not been met; (ii) as a result of any new, or changes in existing, laws, regulations, and/or judicial actions, that the requirements of any law, regulation and/or judicial action will not be met; (iii) the use of the Services
is the subject of litigation or threatened litigation by any governmental agency; (iv) any product, process, or both, including, without limitation, any software, information, data, or other material, as well as any intellectual property rights
embodied by any or all of the foregoing (whether licensed to, owned by, or otherwise controlled by, TransUnion), and necessary (as reasonably demonstrated by TransUnion) for the provision of the Services to Subscriber is/are enjoined, likely to be
enjoined (in TransUnion’s counsel’s written opinion), or the licenses thereto is/are otherwise terminated by the licensing entity; and/or, (v) any combination of the foregoing. 

 

	5.4.2	 With the exception of TransUnion’s obligation, if any, to provide Services under this Agreement, all
provisions of this Agreement shall survive any such termination of this Agreement including, but not limited to, all restrictions on Subscriber’s use of Services Information. Moreover, any such termination shall not relieve Subscriber of any
fees or other payments due to TransUnion through the date of any such termination nor affect any rights, duties or obligations of either party that accrue prior to the effective date of any such termination. 

 

	5.5	 Warranty. 

  

	5.5.1	 TransUnion Limited Warranty. TransUnion represents and warrants that the Services will be provided in a
professional and workmanlike manner consistent with industry standards. In the event of any breach of this warranty, TransUnion shall exercise commercially reasonable efforts to re-perform the applicable
Services which are not in compliance with the above warranty, provided that: (i) TransUnion receives written notice of such breach within ten (10) days after performance of the applicable Services; and (ii) the Services are able to be
re-performed. TransUnion, in the event it cannot re-perform such Services, shall refund the fees paid by Subscriber for the applicable Services which are not in
compliance with the above warranty. SUBSCRIBER ACKNOWLEDGES AND AGREES THAT TRANSUNION’S SOLE AND EXCLUSIVE OBLIGATION, AND SUBSCRIBER’S SOLE AND EXCLUSIVE REMEDY, IN THE EVENT OF ANY BREACH OF THE FOREGOING WARRANTY IS AS SET FORTH IN
THIS PARAGRAPH. TRANSUNION DOES NOT WARRANT THE SERVICES TO BE UNINTERRUPTED OR ERROR-FREE OR THAT THE SERVICES WILL MEET SUBSCRIBER’S REQUIREMENTS. THE WARRANTY SET FORTH IN THIS SECTION 5.8.1 IS IN LIEU OF ALL OTHER WARRANTIES, WHETHER
STATUTORY, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, WARRANTIES THAT MIGHT BE IMPLIED FROM A COURSE OF PERFORMANCE OR DEALING OR TRADE USAGE OR WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. NO REPRESENTATIVE OF
TRANSUNION IS AUTHORIZED TO GIVE ANY ADDITIONAL WARRANTY. 

  

	5.5.2	 Subscriber represents and warrants that: (i) it has the authority to enter into and perform under this
Agreement; (ii) it has the right to give to TransUnion the rights set forth in this Agreement; and, (iii) it has the right to provide any and all information including, but not limited to, data obtained from third parties, to TransUnion,
and to allow TransUnion to provide the same to TransUnion’s subcontractors, for use in performance of the Services. 

  

			
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	5.6	 Indemnification for Intellectual Property Infringement. TransUnion, subject to the limitations of
liability contained herein, will defend and indemnify Subscriber against a third party claim that any TransUnion-owned Services infringe a United States patent, copyright, trademark, trade secret or other United States intellectual property rights
of a third party, provided that: (i) Subscriber gives TransUnion prompt written notice of any such claim of which it has knowledge; (ii) TransUnion is given full control over the defense of such claim and all related settlement
negotiations; and, (iii) Subscriber provides TransUnion with the assistance, information and authority necessary to perform TransUnion’s obligations under this paragraph. Reasonable out-of-pocket expenses incurred by Subscriber in providing such assistance will be reimbursed by TransUnion. 

If any such claim of infringement has occurred or in TransUnion’s opinion is likely to occur, then TransUnion may, at its option and
expense: (i) use commercially reasonable efforts to procure for Subscriber the right to use the infringing Services; (ii) replace or modify the infringing portion of the Services so that it is no longer subject to any infringement claim,
or, (iii) if the foregoing, in TransUnion’s reasonable determination, is not practicable, TransUnion shall so notify Subscriber of such determination and Subscriber shall have the right to immediately terminate this Agreement. TransUnion
shall have no obligation under this Section to indemnify or defend Subscriber against a lawsuit or claim of infringement to the extent any such claim or lawsuit results from: (i) other material which is combined with or incorporated into the
Services; (ii) any substantial changes or alterations to the information provided as part of the Services by Subscriber; (iii) any misuse or unauthorized use of the Services which, but for Subscriber’s misuse or unauthorized use of
the Services, such claim would not have occurred; or, (iv) required compliance by TransUnion with design documentation or specifications originating with, specified by or furnished by or on behalf of Subscriber. THE FOREGOING PROVISIONS
STATE THE ENTIRE LIABILITY OF TRANSUNION AND THE SOLE AND EXCLUSIVE REMEDY OF SUBSCRIBER WITH RESPECT TO ANY PROCEEDINGS, CLAIMS, DEMANDS, LOSS, DAMAGE OR EXPENSES INCURRED BY SUBSCRIBER RELATING TO THE INFRINGEMENT OF THIRD PARTY INTELLECTUAL
PROPERTY RIGHTS RESULTING FROM THE SERVICES AND THIS AGREEMENT. 
  

	5.7	 Limitation of Liability. TRANSUNION’S SOLE LIABILITY, AND SUBSCRIBER’S SOLE REMEDY, FOR
BREACHES OF THIS AGREEMENT BY TRANSUNION ARISING FROM TRANSUNION’S NEGLIGENCE SHALL BE THE CORRECTION OF ANY DEFECTIVE SERVICE OR THE REFUND OF FEES PAID FOR SAME. SUBSCRIBER’S SOLE LIABILITY, AND TRANSUNION’S SOLE REMEDY, FOR
BREACHES OF THIS AGREEMENT BY SUBSCRIBER ARISING FROM SUBSCRIBER’S NEGLIGENCE SHALL BE CAPPED AT THE FEES BILLED UNDER THIS AGREEMENT FOR THE SERVICES GIVING RISE TO THE CLAIM. FOR ALL OTHER CLAIMS BY EITHER PARTY AGAINST THE OTHER ARISING OUT
OF SUCH OTHER PARTY’S BREACH OF THIS AGREEMENT, THE CULPABLE PARTY’S AGGREGATE TOTAL LIABILITY SHALL BE CAPPED AT SIX (6) TIMES THE AVERAGE MONTHLY REVENUE BILLED UNDER THIS AGREEMENT PRIOR TO THE CLAIM(S) ARISING.

  

	5.7.1	 IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, SPECIAL, OR PUNITIVE
DAMAGES INCURRED BY THE OTHER PARTY AND ARISING OUT OF THE PERFORMANCE OF THIS AGREEMENT, INCLUDING BUT NOT LIMITED TO LOSS OF GOOD WILL AND LOST PROFITS OR REVENUE, WHETHER OR NOT SUCH LOSS OR DAMAGE IS BASED IN CONTRACT, WARRANTY, TORT,
NEGLIGENCE, STRICT LIABILITY, INDEMNITY, OR OTHERWISE, EVEN IF A PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THESE LIMITATIONS SHALL APPLY NOTWITHSTANDING ANY FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED REMEDY.

  

			
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	5.7.2	 ADDITIONALLY, NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY AND ALL CLAIMS ARISING OUT OF OR IN
CONNECTION WITH THIS AGREEMENT BROUGHT MORE THAN TWO (2) YEARS AFTER THE CAUSE OF ACTION HAS ACCRUED. 

  

	5.8	 Assignment and Subcontracting. Neither party may assign or otherwise transfer this Agreement, in whole
or in part, without the prior written consent of the other, and such consent shall not be unreasonably withheld. Notwithstanding the foregoing, TransUnion may assign or transfer this Agreement to a wholly-owned subsidiary, in the event of a purchase
of substantially all of TransUnion’s assets, or in the event of a corporate form reorganization (e.g., LLC to C-Corporation), and Subscriber may assign or transfer its rights and/or obligations under this
Agreement to any Affiliate of Subscriber identified on Exhibit A attached hereto. Moreover, TransUnion shall have the unrestricted right to subcontract the Services to be provided to Subscriber by TransUnion under this Agreement; provided however,
that such subcontracting shall not relieve TransUnion of its obligations under this Agreement. The limited warranty and limitation of liability provisions set forth in this Agreement shall also apply for the benefit of TransUnion’s licensors,
subcontractors and agents. 

  

	5.9	 Security. Subscriber represents and warrants that: (i) all TransUnion-supplied identification codes
(each a “User ID”) and associated passwords (each a “Password”) shall be kept confidential and secure (e.g., Subscriber shall ensure that Passwords are not stored on any desktop and/or portable workstation/terminal nor other
storage and retrieval system and/or media, that Internet browser caching functionality is not used to store Passwords and that appropriate firewalls or other electronic barriers are in place); and, (ii) each User ID and Password shall be used
solely by individuals Subscriber has authorized to use such User IDs and Passwords. In the event of any unauthorized use, misappropriation or other compromise of User IDs and/or Passwords, Subscriber shall promptly (but in no event later than
forty-eight (48) hours after the occurrence of any of the foregoing) notify TransUnion by phone and in writing. 

Subscriber shall fully cooperate with TransUnion in mitigating any damages due to any misappropriation or unauthorized use or disclosure of any
non-public personal information (including, but not limited to, Personal Information and other consumer credit information). Such cooperation shall include, but not necessarily be limited to, allowing
TransUnion to participate in the investigation of the cause and extent of such misappropriation and/or unauthorized use or disclosure. Such cooperation shall not relieve Subscriber of any liability it may have as a result of such a misappropriation
and/or unauthorized use or disclosure. 
 Subscriber agrees, that to the extent any such unauthorized use, unauthorized disclosure,
misappropriation, or other event is due to Subscriber’s (including, without limitation, its employee’s, agent’s or contractor’s) negligence, intentional wrongful conduct, or breach of this Agreement, Subscriber shall be
responsible for any required consumer, public and/or other notifications, and all costs associated therewith; provided however, that other than except to the extent required to comply with applicable law, Subscriber shall make no public
notification, including but not limited to press releases or consumer notifications, of the potential or actual occurrence of such misappropriation and/or unauthorized disclosure without TransUnion’s prior written consent, and, with respect to
any such notifications required by law, Subscriber shall not use any TransUnion trade name, trademark, service mark, logo, in any such notifications without the prior written approval of TransUnion. 

  

			
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	5.10	 In the event Subscriber will utilize a third party intermediary (e.g., application service provider, Internet
service provider or other network provider) for the purpose of transmitting requests for, receiving, archiving, storing, hosting, or otherwise performing processing of any kind related to, Services and/or Services Information, Subscriber shall
ensure it has first entered into an agreement with such third party prohibiting such third party’s use of, and access to, the Services and Services Information for any purpose other than to the extent necessary to provide such application or
network services to Subscriber. Subscriber shall be solely liable for any of its, such third parties, or other Subscriber agent’s or contractor’s, actions or omissions, including, but not limited to, any misappropriation or other
compromise of User ID’s and/or Passwords, any misappropriation and/or unauthorized disclosure of Services Information (including, but not limited to, consumer credit information), any security breaches, or any misuse of the Services Information
in violation of this Agreement or applicable law. Furthermore, Subscriber understands and agrees that its third party intermediaries, agents and/or contractors shall not be entitled as a third party beneficiary or otherwise, to take any action or
have any recourse against TransUnion in respect of any claim based upon any actual or alleged failure to perform under this Agreement. 

  

	5.11	 No Waiver. No failure or successive failures on the part of either party, or its respective successors
or permitted assigns, to enforce any covenant or agreement, and no waiver or successive waivers on the part of either party, or its respective successors or permitted assigns, of any condition of this Agreement, shall operate as a discharge of such
covenant, agreement, or condition, or render the same invalid, or impair the right of either party, its respective successors or permitted assigns, to enforce the same in the event of any subsequent breach or breaches by the other party, its
successors or permitted assigns. 

  

	5.12	 Independent Contractors. This Agreement is not intended to create or evidence any employer-employee
arrangement, agency, partnership, joint venture, or similar relationship of any kind whatsoever between TransUnion and Subscriber. Moreover, no party shall, by virtue of this Agreement, have any right or power to create any obligation, express or
implied, on behalf of any other party. 

  

	5.13	 Construction and Severability. All references in this Agreement to the singular shall include the plural
where applicable. Titles and headings to sections or paragraphs in this Agreement are inserted for convenience of reference only and are not intended to affect the interpretation or construction of this Agreement. If any term or provision of this
Agreement is held by a court of competent jurisdiction be invalid, void, or unenforceable, the remainder of the provisions shall remain in full force and effect and shall in no way be affected, impaired or invalidated. 

 

	5.14	 Force Majeure. Neither party shall be liable to the other for failure to perform or delay in performance
under this Agreement if, and to the extent, such failure or delay is caused by conditions beyond its reasonable control and which, by the exercise of reasonable diligence, the delayed party is unable to prevent or provide against. Such conditions
include, but are not limited to, acts of God; strikes, boycotts or other concerted acts of workers; failure of utilities; laws, regulations or other orders of public authorities; military action, state of war, acts of terrorism, or other national
emergency; fire or flood. The party affected by any such force majeure event or occurrence shall give the other party written notice of said event or occurrence within five (5) business days of such event or occurrence. 

  

			
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	5.15	 Audit Rights. During the term of this Agreement and for a period of three (3) years thereafter,
TransUnion may, upon reasonable notice and during normal business hours, audit Subscriber’s policies, procedures and records which pertain to this Agreement to ensure compliance with this Agreement. 

 

	5.16	 No Presumption against Drafter. Each of the parties has jointly participated in the negotiation and
drafting of this Agreement. In the event of any ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by each of the parties and no presumptions or burdens of proof shall arise favoring
any party by virtue of the authorship of any of the provisions of this Agreement. 

  

	5.17	 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
State of Illinois regardless of the laws that might otherwise govern under applicable Illinois principles of conflicts of law. 

  

	5.18	 Trademarks. Both Subscriber and TransUnion shall submit to the other party for written approval, prior
to use, distribution, or disclosure, any material including, but not limited to, all advertising, promotion, or publicity in which any trade name, trademark, service mark, and/or logo (hereinafter collectively referred to as the “Marks”)
of the other party are used (the “Materials”). Such party, from whom approval is being requested, shall not unreasonably withhold its approval. Both parties shall have the right to require, at each party’s respective discretion and as
communicated in writing, the correction or deletion of any misleading, false, or objectionable material from any Materials. Moreover, when using the other party’s Marks pursuant to this Agreement, a party shall take all reasonable measures
required to protect the other party’s rights in such Marks, including, but not limited to, the inclusion of a prominent legend identifying such Marks as the property of the other party. In using each other’s Marks pursuant to this
Agreement, each party acknowledges and agrees that: (i) the other party’s Marks are and shall remain the sole properties of the other party; (ii) nothing in this Agreement shall confer in a party any right of ownership in the other
party’s Marks; and, (iii) neither party shall contest the validity of the other party’s Marks. Notwithstanding anything in this Agreement to the contrary, TransUnion shall have the right to disclose to third parties Subscriber’s
marks to the extent they appear in consumer credit reports containing Subscriber’s account information and/or inquiries without the prior written approval of Subscriber. 

 

	5.19	 CFPB Notices. By signing this Agreement, Subscriber acknowledges receipt of a copy of the Consumer
Financial Protection Bureau’s “Notice to Users of Consumer Reports: Obligations of Users Under the FCRA” and a copy of the Consumer Financial Protection Bureau’s “Notices to Furnishers of Information: Obligations of
Furnishers Under the FORA”. Any future updates to the forgoing notices will be accessible by Subscriber on TransUnion’s website. 

  

	5.20	 Entire Agreement. THIS AGREEMENT INCLUDING, WITHOUT LIMITATION, ALL EXHIBITS AND ATTACHMENTS HERETO,
CONSTITUTES THE ENTIRE AGREEMENT BETWEEN TRANSUNION AND SUBSCRIBER AND SUPERSEDES ALL PREVIOUS AGREEMENTS AND UNDERSTANDINGS, WHETHER ORAL OR WRITTEN, EXPRESS OR IMPLIED, SOLELY WITH RESPECT TO THE SUBJECT MATTER OF THIS AGREEMENT. THIS AGREEMENT
MAY NOT BE ALTERED, AMENDED, OR MODIFIED EXCEPT BY WRITTEN INSTRUMENT SIGNED BY THE DULY AUTHORIZED REPRESENTATIVES OF BOTH PARTIES. THIS AGREEMENT SHALL NOT BE BINDING ON EITHER PARTY UNTIL SIGNED BY TRANSUNION. THE INDIVIDUAL EXECUTING THIS
AGREEMENT ON BEHALF OF SUBSCRIBER HAS DIRECT KNOWLEDGE OF ALL FACTS CERTIFIED AND THE AUTHORITY TO BIND SUBSCRIBER TO THE TERMS OF THIS AGREEMENT. 

  

			
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 IN WITNESS WHEREOF, the parties, intending to be legally bound, have caused this Agreement to be
executed by their duly authorized representatives as of the Effective Date, The parties hereto agree that a facsimile or other electronic transmission of an unmodified image (e.g., transmission in a portable document format “pdf”) of this
fully executed Agreement shall constitute an original and legally binding document. 
  

									
	 TRANS UNION LLC
	 		 		 	Upstart Network, Inc.
		 		 		 		 	Subscriber Name
					
	By:	 	/s/Christopher Fehring, V.P.	 		 	By:	 	/s/ Dave Girouard
		 	TransUnion Representative	 		 		 	Subscriber Representative
					
		 	Christopher Fehring, V.P.	 		 		 	Dave Girouard, CEO
		 	Name and Title of Signer (please print)	 		 		 	Name and Title of Signer (please print)
					
		 	3/25/15	 		 		 	March 20, 2015
		 	Date Signed	 		 		 	Date Signed
				
		 		 		 	 
		 		 		 		 	Subscriber Code Number Assigned

  

			
	TransUnion Confidential Information (March 2015)	 	Page 16 of 20

 EXHIBIT A 

AFFILIATES 
 Affiliates means, with
respect to Subscriber, any entity at any time controlling, controlled by or under common control with such Subscriber, where such control means: (i) for corporate entities, direct ownership of 51% or more of the stock or shares entitled to vote
for the election of the board of directors or other governing body of the entity; and, (ii) for non-corporate entities, direct ownership of 51% or more of the equity interest. Subscriber has such
Affiliates, as listed on this Exhibit A, which Affiliates are authorized by Subscriber to access TransUnion consumer credit reports and/or ancillary services under Subscriber’s code(s), pursuant to the terms and conditions of the Master
Agreement. Subscriber shall notify TransUnion in writing of any additions to or deletions from this Exhibit A. Subscriber represents and warrants that it has the authority to enter into this Agreement on behalf of its Affiliates. Moreover,
Subscriber represents and warrants that it shall insure that it has appropriate legal authority from each such Affiliate that binds each such Affiliate to the provisions of this Agreement, including, without limitation, all attachments hereto, as if
each such Affiliate were a signatory to this Agreement. Subscriber certifies that all Affiliates participating under the Master Agreement shall be instructed as to their obligations under the Master Agreement, including but not limited to the
certification of permissible purpose contained therein, if applicable. Therefore, Subscriber and each Affiliate shall be jointly and severally liable under the terms of this Agreement. 

In the event Subscriber, or subsequently any Affiliate, assigns this Agreement to an Affiliate, then upon any and each such assignment, such assignee
Affiliate hereby represents and warrants that it has the authority to assume all rights and obligations under this Agreement on behalf of itself and all other Affiliates listed below and that such assignee Affiliate further represents and warrants
that it shall insure that it has appropriate legal authority from each of its Affiliates listed below that binds each such Affiliate to the provisions of this Agreement, including, without limitation, all attachments hereto, as if each such
Affiliate were a signatory to this Agreement. Subscriber (or any such Affiliate, as applicable) shall promptly notify TransUnion in writing of any and each such assignment. 

Date:
                                         
                            

Subscriber Name:
                                         
        
 Subscriber Code:
                                         
        
 Affiliate
Name                                        
                                         
                   Physical Address, City, State and Zip Code 

  

			
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 EXHIBIT B 

FAIR ISAAC SCORES 
 This Exhibit for
Fair Isaac Scores is entered into pursuant to the terms of that certain TransUnion Master Agreement for Consumer Reporting and Ancillary Services entered between TransUnion and Subscriber. In the event of a conflict between this Exhibit and the
Agreement, the terms of this Exhibit shall govern solely with respect to FICO Scores. 
 1.    This Exhibit governs the use by
Subscriber of credit risk scores or insurance risk scores of Fair Isaac Corporation (“Fair Isaac”) (“FICO Scores”) Subscriber receives from TransUnion. From time to time, Subscriber may request that TransUnion
provide FICO Scores (other than Archive Scores, as defined below), and TransUnion agrees to perform such processing as reasonably practicable, for each one of the following purposes requested: (a) in connection with the review of an on-line consumer report it is obtaining from TransUnion; (b) for the review of the portion of its own open accounts and/or closed accounts with balances owing that it designates; (c) as a potential
investor or servicer, or current insurer, in connection with a valuation of, or an assessment of the credit or prepayment risks associated with, an existing credit obligation; (d) for use as a selection criteria to deliver a list of names to
Subscriber, or Subscriber’s designated third party processor agent, for transactions not initiated by the consumer for the extension of a firm offer of credit or insurance; or (e) [with respect to the insurance risk scores only], for use
in connection with the underwriting of insurance involving the consumer. Subscriber shall use each such FICO Score only once and, with respect to FICO Scores other than Archive Scores, only in accordance with the permissible purpose under the FCRA
for which Subscriber obtained the FICO Scores. 
 2.    Subscriber may also request that TransUnion provide FICO Scores that utilize
archived, depersonalized, consumer report information (“Archive Scores”) and TransUnion agrees to perform such processing as reasonably practicable. Subscriber shall use the Archive Scores solely to determine the validity of the
FICO Scores for the benefit of Subscriber for the single project for which the Archive Scores were acquired, but for no other purpose and for no other entity. Determining validity of the FICO Scores consists solely of: (a) internal validation
on Subscriber’s own account performance data; (b) internal evaluation of the predictive strength of the FICO Scores as compared to other scores, (c) internal evaluation of the value of the FICO Scores as an internal component of
custom models; and/or (d) establishing score cut-offs and strategies, as they relate to Subscriber’s portfolios. Subscriber shall not make any attempt to link the Archive Scores to any information
which identifies the individual consumers. 
 3.    Subscriber acknowledges that the FICO Scores are proprietary to Fair Isaac and that
Fair Isaac retains all intellectual property rights in the FICO Scores and the Model(s) (defined below) used by TransUnion to generate the FICO Scores. Fair Isaac grants to Subscriber, effective during the term of this Exhibit, a personal, non-exclusive, non-transferable, limited license to use, internally, the FICO Scores solely for the particular purpose set forth in Section 1 or 2 above for which the
FICO Scores were obtained, subject to the limitations set forth in this Exhibit, including, but not limited to the single use restrictions set forth above. Subscriber’s use of the FICO Scores must comply at all times with applicable federal,
state and local law and regulations, and Subscriber hereby certifies that it will use each FICO Score (other than Archive Scores) only for a permissible purpose under the FCRA. Subscriber shall not attempt to discover, reverse engineer, or similar
or emulate the functionality of the FICO Scores, Models or other proprietary information of Fair Isaac, or use the FICO Scores in any manner not permitted under this Exhibit, including, without limitation, for resale to third parties, model
development, model validation (except as expressly set forth above in Paragraph 2 of this Exhibit), model benchmarking, model calibration or any other purpose that may result in the replacement of or discontinued use of the FICO Scores.
“Model” means Fair Isaac’s proprietary scoring algorithm(s) embodied in its proprietary scoring software delivered to and operated by TransUnion. 

  

			
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 4.    Subscriber shall not disclose the FICO Scores nor the results of any validations
or other reports derived from the FICO Scores to any third party (other than a consumer as expressly provided for below in this Section 4) unless: (a) such disclosure is clearly required by law; (b) Fair Isaac provides written consent
in advance of such disclosure; and/or (c) such third party Subscriber’s designated third party processor agent aforementioned above in Section 1; provided however that in either (i.e., (b) or (c) above) event, Subscriber may
make such disclosure (or in the event of (c), direct TransUnion to deliver such lists) only after Subscriber has entered into an agreement with the third party that (i) limits use of the FICO Scores to only the use permitted to Subscriber
hereunder; (ii) obligates the third party provider to otherwise comply with the terms of this Exhibit; and (iii) names Fair Isaac as an intended third party beneficiary of such agreement. Subscriber shall not disclose a FICO Score to the
consumer to which it pertains unless such disclosure is required by law or is in connection with an adverse action (as defined by the FCRA) and then only when accompanied by the corresponding reason codes. For the avoidance of doubt, Subscriber is
expressly prohibited from disclosing FICO Scores to consumers for any other purpose whatsoever, including, without limitation, in conjunction with any FICO Open Access program or any “scores on statements” type program. 

5.    Subject to conditions which follow, Fair Isaac warrants that, as delivered to TransUnion, the Models used to produce the FICO Scores
delivered hereunder are empirically derived and demonstrably and statistically sound. These warranties are conditioned on: (a) Subscriber’s use of each FICO Score for the purposes for which the respective Model was designed, as applied to
the United States population used to develop the scoring algorithm, (b) Subscriber’s compliance with all applicable federal, state and local laws pertaining to use of the FICO Scores, including Subscriber’s duty (if any) to validate
or revalidate the use of credit scoring systems under the Equal Credit Opportunity Act and its implementing Regulation B (“Req. B”) and (c) Subscriber’s use of the FICO Scores otherwise remaining in compliance with the
terms of this Exhibit. Fair Isaac also warrants that the credit scoring algorithm does not consider any “prohibited basis” as defined or restricted by Reg. B. FOR ANY BREACH OF THIS WARRANTY, SUBSCRIBER’S SOLE AND EXCLUSIVE REMEDY,
AND FAIR ISAAC’S AND TRANSUNION’S ENTIRE LIABILITY, SHALL BE RECALCULATION OF THE FICO SCORES THAT FORMED THE BASIS OF SUCH BREACH. FAIR ISAAC AND TRANSUNION HEREBY DISCLAIM ALL OTHER WARRANTIES, WHETHER STATUTORY, EXPRESS OR IMPLIED
INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND OTHER WARRANTIES THAT MIGHT BE IMPLIED FROM A COURSE OF PERFORMANCE OR DEALING OR TRADE USAGE. 

6.    IN NO EVENT SHALL SUBSCRIBER, TRANSUNION OR FAIR ISAAC BE LIABLE FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, SPECIAL, OR PUNITIVE
DAMAGES INCURRED BY ANY PARTY AND ARISING OUT OF THE PERFORMANCE OF THIS EXHIBIT, INCLUDING BUT NOT LIMITED TO LOSS OF GOOD WILL AND LOST PROFITS OR REVENUE, WHETHER OR NOT SUCH LOSS OR DAMAGE IS BASED IN CONTRACT, WARRANTY, TORT, NEGLIGENCE, STRICT
LIABILITY, INDEMNITY, OR OTHERWISE, EVEN IF A PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES AND EVEN IF SUCH DAMAGES WERE REASONABLY FORESEEABLE. THESE LIMITATIONS SHALL APPLY NOTWITHSTANDING ANY FAILURE OF ESSENTIAL PURPOSE OF ANY
LIMITED REMEDY. THE FOREGOING LIMITATIONS SHALL NOT APPLY TO FAIR ISAAC’S OR TRANSUNION’S VIOLATION OF SUBSCRIBER’S INTELLECTUAL PROPERTY RIGHTS NOR SUBSCRIBER’S VIOLATION OF TRANSUNION’S OR FAIR ISAAC’S INTELLECTUAL
PROPERTY RIGHTS (INCLUDING THE USE OR DISCLOSURE OF FICO SCORES IN VIOLATION OF THE TERMS OF THIS EXHIBIT). ADDITIONALLY, NEITHER TRANSUNION NOR FAIR ISAAC SHALL BE LIABLE FOR ANY CLAIM ARISING OUT OF OR IN CONNECTION WITH THIS EXHIBIT BROUGHT MORE
THAN ONE (1) YEAR AFTER THE CAUSE OF ACTION HAS ACCRUED. IN NO EVENT SHALL TRANSUNION’S AND FAIR ISAAC’S COMBINED AGGREGATE TOTAL LIABILITY UNDER THIS EXHIBIT EXCEED THE AMOUNTS PAID UNDER THIS EXHIBIT DURING THE PRECEDING TWELVE
(12) MONTHS FOR THE FICO SCORES THAT ARE THE SUBJECT OF THE CLAIM(S) OR TEN THOUSAND DOLLARS ($10,000.00), WHICHEVER AMOUNT IS LESS. 

  

			
	TransUnion Confidential Information (March 2015)	 	Page 19 of 20

 7.    Upon prior written notice, Fair Isaac shall have the right to audit Subscriber to
verify Subscriber’s compliance with this Exhibit. Subscriber shall accommodate Fair Isaac in connection with such audit. Such accommodation shall include, but not be limited to on-site inspect of
Subscriber’s records, systems and such documentation as deemed reasonably necessary to demonstrate compliance with this Exhibit. TransUnion and Subscriber acknowledge and agree that Fair Isaac is a third party beneficiary hereunder with respect
to the Models, FICO Scores, and other Fair Isaac intellectual property and with fully enforceable rights. Subscriber further acknowledges and agrees that Fair Isaac’s rights with respect to the Models, FICO Scores, other Fair Isaac intellectual
property, and all works derived therefrom are unconditional rights that shall survive the termination for any reason. 
 8.    This
Exhibit constitutes the entire agreement among the parties hereto and supersedes all prior agreements, whether oral or written, express or implied, with respect to the FICO Scores. This Exhibit may not be amended except by written instrument signed
by the duly authorized representatives of all parties. 
  

			
		 	Acknowledged:
		
		 	 
		 	Subscriber Name
		
	By:	 	 
		 	Subscriber Representative
		
		 	 
		 	Name and Title of Signer (please print)
		
		 	 
		 	Date Signed

  

			
	TransUnion Confidential Information (March 2015)	 	Page 20 of 20

 PRICING ADDENDUM 

to 
 Master Agreement for
Consumer Reporting and Ancillary Services 
 and other service agreements (“Service Agreements”) in effect between 

Trans Union LLC (“TransUnion”) and Upstart Network, Inc. (“Subscriber”) 

Effective July 20, 2015 
  

	1.	 Subject to the terms and conditions of the Agreements, the following is the current pricing:

 Account Acquisition Prescreen Services Pricing: 

 

			
	Volume Range	  	Price per Name Mailed
	0- 500,000	  	$0.12
	500,001- 1,000,000	  	$0.11
	1,000,001- 3,000,000	  	$0.10
	3,000,001- 5,000,000	  	$0.09
	5,000,001- 7,500,000	  	$0.08
	
7,500,001 - 10,000,000
	  	$0.07

  

	 	a.	 Minimum order charge is $4,500 

 

	 	b.	 Pricing above includes one (1) FICO Risk Model and one (1) TransUnion or VantageScore Risk Model. If
Subscriber chooses to use additional Risk Models, see Optional Services below. 

  

	 	c.	 Pricing above includes up to 75 CreditVision Attributes and five (5) CreditVision Algorithms on each
prescreen order. 

  

	 	d.	 If required, TransUnion can deliver a Depersonalized Interim File with each prescreen order.

  

	 	e.	 Prices above do not include taxes (if applicable) 

Optional Services (additional charge) 
  

			
	Process	  	Price
	Custom Attribute Development	  	$400 one-time development charge per attribute
	Additional Risk Models / Per Model	  	$.035 per name mailed added to base Prescreen per name mailed rate above, or minimum charge of
$400
	CreditVision Income and Debt to Income Estimator Models	  	$.01 per name mailed added to base Prescreen per name mailed rate above, or minimum charge of $750 (Included
in first 3 orders at no additional charge)
	CreditVision Attributes or Algorithms (group of additional 15 Attributes and or Algorithms)	  	$.01 per name added to base Prescreen per name rate above or minimum charge of $750
	CreditVision Propensity Model/ Per Model	  	$.015 per name added to base Prescreen per name rate above or minimum charge of $700

 Pricing is based on a per name mailed (unit) and used basis, or the minimum Prescreen Services order charge;
whichever is greater. Order specification changes may subject this agreement to re-negotiation. 
 TransUnion will
support an initial ramp-up and use of TransUnion Prescreen Services by providing up to three (3) prescreen orders at a price per name mailed at $.09, or a minimum order charge of $4,500, whichever amount
is greater. The Prescreen Services will also include 1.a-e as defined above. Upon completion of Subscriber’s initial ramp-up period TransUnion will invoice
Subscriber at the per name mailed/unit in accordance with the Prescreen Services Pricing as defined above, at the Volume Range for each Prescreen Services order, unless otherwise committing to minimum annual volume as set forth below. 

At the completion of Subscriber’s initial ramp-up period, Subscriber hereby commits to purchase a minimum of
    $3,000,000     names mailed volume/units of Prescreen Services under this Addendum during each year of the Term, with each year of the Term being calculated as a twelve (12) month
period beginning on the Effective Date or the one-year anniversary thereof (each, a “Minimum Annual Commitment”).TransUnion will invoice Subscriber at the volume-tier price associated with its
Minimum Annual Commitment. If at any time Subscriber’s volume exceeds the volume-tier associated with its Minimum Annual Commitment, TransUnion shall invoice Subscriber at the next applicable volume-tier rate solely for those excess units. 

TransUnion, within thirty (30)-days of the anniversary of the Effective Date, will review Subscriber’s volume to determine whether Subscriber met its
Minimum Annual Commitment. If, as a result of the review, TransUnion determines that Subscriber failed to meet its Minimum Annual Commitment, but the volume of Prescreen Services purchased by Subscriber falls within in the volume-tier band
associated with its Minimum Annual Commitment, then TransUnion shall invoice Subscriber for the volume deficiency at the applicable per-unit rate. If, as a result of the review, TransUnion determines that
Subscriber failed to meet its Minimum Annual Commitment, and the volume of Prescreen Services purchased by Subscriber does not meet the minimum volume threshold of the volume-tier band associated with the Minimum Annual Commitment, then TransUnion
will reconcile the unit price invoiced for each unit of Prescreen Services during the previous twelve (12)-month period versus the price that should have been invoiced based on Subscriber’s actual annual volume in accordance with the
above-referenced volume tiers and will provide an invoice to Subscriber for the difference. Subscriber may terminate this Addendum or the Agreements prior to expiration of the Term only if Subscriber has paid to TransUnion an amount equal to the
then remaining Minimum Annual Commitments. 
  

	2.	 The pricing contained herein shall inure to the benefit of Subscriber and those subsidiaries and affiliates of
Subscriber if any identified below. 

  

	3.	 This pricing will begin on July 20, 2015 and shall expire on July 19, 2017. If upon expiration the
pricing has not been superseded by a new Pricing Addendum, then this pricing shall remain in effect on a month to month basis until so superseded as provided for in the Services Agreement. 

 

	4.	 In the event that Subscriber is acquired by or merged with another entity, or Subscriber acquires another
entity, and such acquisition or merger materially affects Subscriber’s anticipated volumes, then upon request by TransUnion, Subscriber and TransUnion shall negotiate, in good faith, mutually acceptable changes to this Pricing Addendum;
provided however, that if the parties cannot agree to such changes within sixty (60) days’ of such TransUnion request, then TransUnion shall have the right to terminate, without penalty of any kind whatsoever, the affected Service
Agreement(s) upon thirty (30) days’ prior written notification to Subscriber. 

  

	5.	 In addition, in the event that TransUnion’s cost of rendering service increases as a result of federal,
state or local laws, ordinances or other regulatory, administrative or governmental acts, then Trans Union 

  
 -2- 

	 	
may implement a surcharge subject to the following: (i) any surcharge will be applicable generally to Trans Union’s customers; (ii) TransUnion will provide sixty (60) days
prior written notice to Subscriber prior to implementing such surcharge; and (iii) any surcharge will be applied only to products and services pertaining to consumers in the geographic area affected by the change of law, ordinance or other
regulatory, administrative or governmental ordinance or other regulatory, administrative or governmental act. A legislative surcharge is imposed on certain types of reports pertaining to consumers residing in the United States, and an additional
surcharge is imposed on certain reports pertaining to only Colorado residents. 

  

	6.	 This Pricing Addendum contains TransUnion Confidential Information and is for the use by Subscriber only, and
Subscriber shall not share this Confidential Information with any third party without the prior written consent of TransUnion. 

  

	7.	 In further consideration of the pricing extended to Subscriber under this Pricing Addendum, notwithstanding
anything to the contrary in any of the Service Agreements, Subscriber shall not have the right to terminate the Service Agreements, to which this Pricing Addendum applies, except for breach by TransUnion of the applicable Service Agreement(s), which
such breach has not been cured by TransUnion within ten (10) business days by TransUnion. 

 Except as expressly revised by this
Pricing Addendum, all other terms and conditions of the Service Agreements shall remain in full force and effect. This Pricing Addendum is hereby approved and accepted, as of the above Effective Date, on behalf of the parties hereto as evidenced by
the signatures of their duly authorized representatives. The parties hereto agree that a facsimile or other electronic transmission of an unmodified image (e.g., transmission in a portable document format “pdf”) of this fully executed
Pricing Addendum shall constitute an original and legally binding document. 
  

									
	Trans Union LLC	 		 	Upstart Network, Inc.
					
	By:	 	/s/ Christopher Fehring	 		 	By:	 	/s/ Dave Girouard
					
	Print Name:	 	 Christopher A Fehring
	 		 	Print Name:	 	 Dave Girouard

					
	Title:	 	 Vice President
	 		 	Title:	 	 CEO

  
 -3-Exhibit 10.8
Y-MABS THERAPEUTICS, INC. 
2018 EQUITY INCENTIVE PLAN 
STOCK OPTION GRANT NOTICE 
Y-mAbs Therapeutics, Inc. a Delaware corporation, (the “Company”), pursuant to its 2018 Equity Incentive Plan, as may be amended from time to time (the “Plan”), hereby grants to the holder listed below (“Participant”), an option to purchase the number of shares of the Company’s Common Stock (the “Shares”), set forth below (the “Option”). This Option is subject to all of the terms and conditions set forth herein, as well as in the Plan and the Stock Option Agreement attached hereto as Exhibit A (the “Stock Option Agreement”), each of which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant Notice and the Stock Option Agreement. 
 
	Participant:
	  
	(                )
	  
	
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	Grant Date:
	  
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	Vesting Commencement Date:
	  
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	Exercise Price per Share:
	  
	$(                )
	  
	
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	Total Exercise Price:
	  
	$(                )
	  
	
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	Total Number of Shares
Subject to the Option:
	  
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	Expiration Date:
	  
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	Vesting Schedule:
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Twenty-five percent (25%) of the Shares subject to the Option shall vest and become exercisable on the twelve (12) month anniversary of the Vesting Commencement Date, and one forty-eighth (1/48th) of the Shares subject to the Option shall vest each month over the next three (3) years thereafter on the same day of the month as the Vesting Commencement Date (and if there is no corresponding day, on the last day of the month). 
Notwithstanding the foregoing, in the event of a Termination of Service caused by termination by the Company for Cause or termination by the Participant voluntarily (other than for Retirement), such vesting schedule shall terminate immediately, and the Shares subject to the Option which have not vested prior to such Termination of Service shall not vest and shall not become exercisable by the Participant. 
In the event of a Termination of Service caused by termination by the Company without Cause or by the Participant for Good Reason, or by the Participant’s Retirement, Disability or death, then the Shares subject to the Option shall continue to vest and become exercisable in accordance with the above vesting schedule provided, however, that upon the occurrence of an event constituting a Change of Control, all Shares (100%) subject to the Option shall vest and become immediately exercisable in full so long as the Participant’s employment relationship with the Company has not been terminated by the Company for Cause or by the Participant voluntarily (other than for Retirement) prior to the date of such Change of Control.

This Option will be exercisable with respect to the Shares which have vested as per the above vesting schedule until a date no later than the earlier of (1) the Option's original Term/Expiration Date set forth above, or (2) the 10th anniversary of the original Date of Grant set forth above. Notwithstanding the foregoing sentence, in no event may this Option be exercised after the Term/Expiration Date as provided above and may be subject to earlier termination as provided in the Plan.
Section 3.3 (c) and (d) of the Stock Option Agreement shall not apply to this Option.
“Cause” shall mean: (i) conviction of the Participant of any felony; (ii) conviction of the Participant of any lesser crime or offense involving fraud, misappropriation, theft or embezzlement of the property of the Company or its affiliates; (iii) gross negligence or willful misconduct by the Participant in connection with the performance of any material portion of his or her duties under any employment agreement or arrangement or other agreement between the Participant and the Company; (iv) conviction of a crime involving a violation of federal or state securities laws, a breach of a fiduciary duty or moral turpitude; (v) abuse of alcohol or another drug while performing his or her duties as an employee of the Company; or (vi) a breach of or a failure or refusal by Participant to comply with any material provision of his or her employment agreement or arrangement with the Company if not cured within ten (10) days after written notice thereof from the Company.
“Good Reason” shall mean the occurrence of any of the following, in each case during the term of the Participant’s employment relationship with the Company, without the Participant's written consent: (i) a material reduction in the Participant's base salary or compensation; (ii) a material reduction in the Participant's bonus opportunity; (iii) a relocation of the Participant's principal place of employment by more than 50 miles; (iv) any material breach by the Company of any provision of a Participant’s employment agreement or arrangement, or any material provision of any other agreement between the Participant and the Company; (v) the Company's failure to obtain an agreement from any successor to the Company to assume and agree to perform a Participant’s employment agreement or arrangement in the same manner and to the same extent that the Company would be required to perform if no succession had taken place, except where such assumption occurs by operation of law; (vi) a material, adverse change in the Participant's title, authority, duties, or responsibilities (other than temporarily while the Participant is physically or mentally incapacitated or as required by applicable law); or (vii) a material change in the reporting structure applicable to the Participant.
“Disability” shall mean total and permanent disability as defined in Code Section 22(e)(3), provided that in the case of Awards other than Incentive Stock Options, the Administrator in its discretion may determine whether a permanent and total disability exists in accordance with uniform and non-discriminatory standards adopted by the Administrator from time to time.
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Type of Option:          ☐    Incentive Stock Option                 ☐    Nonqualified Stock Option 
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By his or her signature and the Company’s signature below, Participant agrees to be bound by the terms and conditions of the Plan, the Stock Option Agreement, and this Grant Notice. Participant has reviewed the Stock Option Agreement, the Plan and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of this Grant Notice, the Stock Option Agreement and the Plan. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this Grant Notice or the Stock Option Agreement. 
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	Y-MABS THERAPEUTICS, INC.:
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	PARTICIPANT:

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	By:
	 
	    
	By:
	 

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	Print Name:
	 
		Print Name:
	 

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	Title:
	 
			 

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	Address:
	 
		Address:
	 

		 
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EXHIBIT A
STOCK OPTION AGREEMENT
Pursuant to the Stock Option Grant Notice (the “Grant Notice”) to which this Stock Option Agreement (this “Agreement”) is attached, Y-mAbs Therapeutics, Inc., a Delaware corporation (the “Company”), has granted to the Participant an Option under the Company’s 2018 Equity Incentive Plan, as may be amended from time to time (the “Plan”), to purchase the number of Shares indicated in the Grant Notice. 
ARTICLE 1.
GENERAL 
1.1 Defined Terms. Wherever the following terms are used in this Agreement they shall have the meanings specified below, unless the context clearly indicates otherwise. Capitalized terms not specifically defined herein shall have the meanings specified in the Plan and the Grant Notice. 
1.2 Incorporation of Terms of Plan. The Option is subject to the terms and conditions of the Plan which are incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control. 
ARTICLE 2.
GRANT OF OPTION 
2.1 Grant of Option. In consideration of the Participant’s past and/or continued employment with or service to the Company or any Subsidiary and for other good and valuable consideration, effective as of the Grant Date set forth in the Grant Notice (the “Grant Date”), the Company irrevocably grants to the Participant the Option to purchase any part or all of an aggregate of the number of Shares set forth in the Grant Notice, upon the terms and conditions set forth in the Plan and this Agreement, subject to adjustments as provided in Article IX of the Plan. Unless designated as a Nonqualified Stock Option in the Grant Notice, the Option shall be an Incentive Stock Option to the maximum extent permitted by law. 
2.2 Exercise Price. The exercise price of the Shares subject to the Option shall be as set forth in the Grant Notice, without commission or other charge; provided, however, that the price per share of the Shares subject to the Option shall not be less than 100% of the Fair Market Value of a Share on the Grant Date. Notwithstanding the foregoing, if this Option is designated as an Incentive Stock Option and the Participant is a Greater Than 10% Stockholder as of the Date of Grant, the exercise price per share of the Shares subject to the Option shall not be less than 110% of the Fair Market Value of a Share on the Grant Date. 
2.3 Consideration to the Company. In consideration of the grant of the Option by the Company, the Participant agrees to render faithful and efficient services to the Company or any Subsidiary. Nothing in the Plan or this Agreement shall confer upon the Participant any right to continue in the employ or service of the Company or any Subsidiary or shall interfere with or restrict in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of the Participant at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and the Participant. 
 
​

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ARTICLE 3.
PERIOD OF EXERCISABILITY 
3.1 Commencement of Exercisability. 
(a) Subject to Sections 3.2, 3.3, 5.11 and 5.17 hereof, the Option shall become vested and exercisable in such amounts and at such times as are set forth in the Grant Notice. 
(b) No portion of the Option which has not become vested and exercisable at the date of the Participant’s Termination of Service shall thereafter become vested and exercisable, except as may be otherwise provided by the Administrator or as set forth in a written agreement between the Company and the Participant. 
(c) Notwithstanding Section 3.1(a) hereof and the Grant Notice, but subject to Section 3.1(b) hereof, in the event of a Change in Control the Option shall be treated pursuant to Sections 9.2 and 9.3 of the Plan. 
3.2 Duration of Exercisability. The installments provided for in the vesting schedule set forth in the Grant Notice are cumulative. Each such installment which becomes vested and exercisable pursuant to the vesting schedule set forth in the Grant Notice shall remain vested and exercisable until it becomes unexercisable under Section 3.3 hereof. 
3.3 Expiration of Option. The Option may not be exercised to any extent by anyone after the first to occur of the following events: 
(a) The Expiration Date set forth in the Grant Notice, which shall in no event be more than ten (10) years from the Grant Date; 
(b) If this Option is designated as an Incentive Stock Option and the Participant, at the time the Option was granted, was a Greater Than 10% Stockholder, the expiration of five (5) years from the Grant Date; 
(c) The expiration of three (3) months from the date of the Participant’s Termination of Service, unless such termination occurs by reason of the Participant’s death or disability; or 
(d) The expiration of one (1) year from the date of the Participant’s Termination of Service by reason of the Participant’s death or disability. 
3.4 Special Tax Consequences. The Participant acknowledges that, to the extent that the aggregate Fair Market Value (determined as of the time the Option is granted) of all Shares with respect to which Incentive Stock Options, including the Option (if applicable), are exercisable for the first time by the Participant in any calendar year exceeds $100,000, the Option and such other options shall be Nonqualified Stock Options to the extent necessary to comply with the limitations imposed by Section 422(d) of the Code. The Participant further acknowledges that the rule set forth in the preceding sentence shall be applied by taking the Option and other “incentive stock options” into account in the order in which they were granted, as determined under Section 422(d) of the Code and the Treasury Regulations thereunder. The Participant also acknowledges that an Incentive Stock Option exercised more than three (3) months after the Participant’s Termination of Employment, other than by reason of death or disability, will be taxed as a Nonqualified Stock Option. 
 

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3.5 Tax Indemnity. 
(a) The Participant agrees to indemnify and keep indemnified the Company, any Subsidiary and the Participant’s employing company, if different, from and against any liability for or obligation to pay any Tax Liability (a “Tax Liability” being any liability for income tax, withholding tax and any other employment related taxes or social security contributions in any jurisdiction) that is attributable to (1) the grant or exercise of, or any benefit derived by the Participant from, the Option, (2) the acquisition by the Participant of the Shares on exercise of the Option or (3) the disposal of any Shares. 
(b) The Option cannot be exercised until the Participant has made such arrangements as the Company may require for the satisfaction of any Tax Liability that may arise in connection with the exercise of the Option and/or the acquisition of the Shares by the Participant. The Company shall not be required to issue, allot or transfer Shares until the Participant has satisfied this obligation. 
(c) The Participant hereby acknowledges that the Company (i) makes no representations or undertakings regarding the treatment of any Tax Liabilities in connection with any aspect of the Option and (ii) does not commit to and is under no obligation to structure the terms of the grant or any aspect of any Award, including the Option, to reduce or eliminate the Participant’s liability for Tax Liabilities or achieve any particular tax result. Furthermore, if the Participant becomes subject to tax in more than one jurisdiction between the date of grant of an Award, including the Option, and the date of any relevant taxable event, the Participant acknowledges that the Company may be required to withhold or account for Tax Liabilities in more than one jurisdiction. 
ARTICLE 4.
EXERCISE OF OPTION 
4.1 Person Eligible to Exercise. Except as provided in Section 5.3 hereof, during the lifetime of the Participant, only the Participant may exercise the Option or any portion thereof, unless it has been disposed of pursuant to a DRO. After the death of the Participant, any exercisable portion of the Option may, prior to the time when the Option becomes unexercisable under Section 3.3 hereof, be exercised by the deceased the Participant’s personal representative or by any person empowered to do so under the deceased the Participant’s will or under the then applicable laws of descent and distribution. 
4.2 Partial Exercise. Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised in whole or in part at any time prior to the time when the Option or portion thereof becomes unexercisable under Section 3.3 hereof. However, the Option shall not be exercisable with respect to fractional Shares. 
4.3 Manner of Exercise. The Option, or any exercisable portion thereof, may be exercised solely by delivery to the Secretary of the Company (or any third party administrator or other person or entity designated by the Company; for the avoidance of doubt, delivery shall include electronic delivery), during regular business hours, of all of the following prior to the time when the Option or such portion thereof becomes unexercisable under Section 3.3 hereof: 
(a) An exercise notice in a form specified by the Administrator, stating that the Option or portion thereof is thereby exercised, such notice complying with all applicable rules established by the Administrator. The notice shall be signed by the Participant or other person then entitled to exercise the Option or such portion of the Option; 
 

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(b) The receipt by the Company of full payment for the Shares with respect to which the Option or portion thereof is exercised, including payment of any applicable withholding tax, which shall be made by deduction from other compensation payable to the Participant or in such other form of consideration permitted under Section 4.4 hereof that is acceptable to the Company; 
(c) Any other written representations or documents as may be required in the Administrator’s sole discretion to evidence compliance with the Securities Act, the Exchange Act or any other applicable law, rule or regulation; and 
(d) In the event the Option or portion thereof shall be exercised pursuant to Section 4.1 hereof by any person or persons other than the Participant, appropriate proof of the right of such person or persons to exercise the Option. 
Notwithstanding any of the foregoing, the Company shall have the right to specify all conditions of the manner of exercise, which conditions may vary by country and which may be subject to change from time to time. 
4.4 Method of Payment. Payment of the exercise price shall be by any of the following, or a combination thereof, at the election of the Participant: 
(a) Cash or check; 
(b) With the consent of the Administrator, surrender of Shares (including, without limitation, Shares otherwise issuable upon exercise of the Option) held for such period of time as may be required by the Administrator in order to avoid adverse accounting consequences and having a Fair Market Value on the date of delivery equal to the aggregate exercise price of the Option or exercised portion thereof; or 
(c) Other legal consideration acceptable to the Administrator (including, without limitation, through the delivery of a notice that the Participant has placed a market sell order with a broker with respect to Shares then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the Option exercise price; provided that payment of such proceeds is then made to the Company at such time as may be required by the Company, but in any event not later than the settlement of such sale). 
4.5 Conditions to Issuance of Shares. The Shares deliverable upon the exercise of the Option, or any portion thereof, may be either previously authorized but unissued Shares or issued Shares which have then been reacquired by the Company. Such Shares shall be fully paid and nonassessable. The Company shall not be required to issue or deliver any Shares purchased upon the exercise of the Option or portion thereof prior to fulfillment of all of the conditions in Section 10.7 of the Plan and following conditions: 
(a) The admission of such Shares to listing on all stock exchanges on which such Shares are then listed; 
(b) The completion of any registration or other qualification of such Shares under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or of any other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable; 
 
(c) The obtaining of any approval or other clearance from any state or federal governmental agency which the Administrator shall, in its absolute discretion, determine to be necessary or advisable; 
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(d) The receipt by the Company of full payment for such Shares, including payment of any applicable withholding tax, which may be in one or more of the forms of consideration permitted under Section 4.4 hereof; and 
(e) The lapse of such reasonable period of time following the exercise of the Option as the Administrator may from time to time establish for reasons of administrative convenience. 
4.6 Rights as Stockholder. The holder of the Option shall not be, nor have any of the rights or privileges of, a stockholder of the Company, including, without limitation, voting rights and rights to dividends, in respect of any Shares purchasable upon the exercise of any part of the Option unless and until such Shares shall have been issued by the Company and held of record by such holder (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Article IX of the Plan. 
ARTICLE 5.
OTHER PROVISIONS 
5.1 Administration. The Administrator shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon the Participant, the Company and all other interested persons. No member of the Committee or the Board shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, this Agreement or the Option. 
5.2 Whole Shares. The Option may only be exercised for whole Shares. 
5.3 Option Not Transferable. 
(a) Subject to Section 4.1 hereof, the Option may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution or, subject to the consent of the Administrator, pursuant to a DRO, unless and until the Option has been exercised and the Shares underlying the Option have been issued, and all restrictions applicable to such Shares have lapsed. Neither the Option nor any interest or right therein shall be liable for the debts, contracts or engagements of the Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy) unless and until the Option has been exercised, and any attempted disposition thereof prior to exercise shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence. 
(b) During the lifetime of the Participant, only the Participant may exercise the Option (or any portion thereof), unless it has been disposed of pursuant to a DRO; after the death of the Participant, any exercisable portion of the Option may, prior to the time when such portion becomes unexercisable under the Plan or this Agreement, be exercised by the Participant’s personal representative or by any person empowered to do so under the deceased the Participant’s will or under the then-applicable laws of descent and distribution. 
 

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 (c) Notwithstanding any other provision in this Agreement, the Participant may, in the manner determined by the Administrator, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to the Option upon the Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and this Agreement, except to the extent the Plan and this Agreement otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Administrator. If the Participant is married or a domestic partner in a domestic partnership qualified under Applicable Law and resides in a community property state, a designation of a person other than the Participant’s spouse or domestic partner, as applicable, as his or her beneficiary with respect to more than 50% of the Participant’s interest in the Option shall not be effective without the prior written consent of the Participant’s spouse or domestic partner. If no beneficiary has been designated or survives the Participant, payment shall be made to the person entitled thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or revoked by the Participant at any time provided the change or revocation is filed with the Administrator prior to the Participant’s death. 
5.4 Tax Consultation. The Participant understands that the Participant may suffer adverse tax consequences as a result of the grant, vesting and/or exercise of the Option, and/or with the purchase or disposition of the Shares subject to the Option. The Participant represents that the Participant has consulted with any tax consultants the Participant deems advisable in connection with the purchase or disposition of such Shares and that the Participant is not relying on the Company for any tax advice. 
5.5 Binding Agreement. Subject to the limitation on the transferability of the Option contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 
5.6 Adjustments Upon Specified Events. The Administrator may accelerate the vesting of the Option in such circumstances as it, in its sole discretion, may determine. In addition, upon the occurrence of certain events relating to the Shares contemplated by Article IX of the Plan (including, without limitation, an extraordinary cash dividend on such Shares), the Administrator shall make such adjustments the Administrator deems appropriate in the number of Shares subject to the Option, the exercise price of the Option and the kind of securities that may be issued upon exercise of the Option. The Participant acknowledges that the Option is subject to adjustment, modification and termination in certain events as provided in this Agreement and Article IX of the Plan. 
5.7 Notices. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the Company’s principal office, and any notice to be given to the Participant shall be addressed to the Participant at the Participant’s last address reflected on the Company’s records. By a notice given pursuant to this Section 5.7, either party may hereafter designate a different address for notices to be given to that party. Any notice which is required to be given to the Participant shall, if the Participant is then deceased, be given to the person entitled to exercise his or her Option pursuant to Section 4.1 hereof by written notice under this Section 5.7. Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service. 
5.8 Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 
 
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5.9 Governing Law. The laws of the State of Delaware shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws. 
5.10 Conformity to Securities Laws. The Participant acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act and any and all Applicable Law and regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Option is granted and may be exercised, only in such a manner as to conform to such Applicable Law. To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such Applicable Law. 
5.11 Amendment, Suspension and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board; provided, however, that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Option in any material way without the prior written consent of the Participant.
5.12 Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth in Section 5.3 hereof, this Agreement shall be binding upon the Participant and his or her heirs, executors, administrators, successors and assigns. 
5.13 Notification of Disposition. If this Option is designated as an Incentive Stock Option, the Participant shall give prompt notice to the Company of any disposition or other transfer of any Shares acquired under this Agreement if such disposition or transfer is made (a) within two (2) years from the Grant Date with respect to such Shares or (b) within one (1) year after the transfer of such Shares to the Participant. Such notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by the Participant in such disposition or other transfer. 
5.14 Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if the Participant is subject to Section 16 of the Exchange Act, the Plan, the Option and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 
5.15 Not a Contract of Service Relationship. Nothing in this Agreement or in the Plan shall confer upon the Participant any right to continue to serve as an employee or other service provider of the Company or any of its Subsidiaries or interfere with or restrict in any way with the right of the Company or any of its Subsidiaries, which rights are hereby expressly reserved, to discharge or to terminate for any reason whatsoever, with or without cause, the services of the Participant’s at any time. 
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5.16 Entire Agreement. The Plan, the Grant Notice and this Agreement constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and the Participant with respect to the subject matter hereof. 
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5.17 Section 409A. This Option is not intended to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code (together with any Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the date hereof, “Section 409A”). However, notwithstanding any other provision of the Plan, the Grant Notice or this Agreement, if at any time the Administrator determines that the Option (or any portion thereof) may be subject to Section 409A, the Administrator shall have the right in its sole discretion (without any obligation to do so or to indemnify the Participant or any other person for failure to do so) to adopt such amendments to the Plan, the Grant Notice or this Agreement, or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate either for the Option to be exempt from the application of Section 409A or to comply with the requirements of Section 409A.
5.18 Limitation on the Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. The Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Option, and rights no greater than the right to receive the Shares as a general unsecured creditor with respect to options, as and when exercised pursuant to the terms hereof. 
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