Document:

Exhibit

Section 16 Grantee

ELEVATE CREDIT, INC. 2016 OMNIBUS INCENTIVE PLAN 
NOTICE OF STOCK OPTION AWARD 
	
		
	Grantee's Name and Address
	 

	 
	 

	 
	 

You (the “Grantee”) have been granted an option to purchase shares of Common Stock, subject to the terms and conditions of this Notice of Stock Option Award (the “Notice”), the Elevate Credit, Inc. 2016 Omnibus Incentive Plan, as amended from time to time (the “Plan”) and the Stock Option Award Agreement (the “Option Agreement”) attached hereto, as follows.  Unless otherwise provided herein, the terms in this Notice shall have the same meaning as those defined in the Plan. 
	
		
	Award Number
	 

	Date of Award
	 

	Vesting Commencement Date
	 

	Exercise Price per Share
	$

	Total Number of Shares Subject to the Option (the "Shares")
	 

	Total Exercise Price
	$

	Type of Option:
	______  Incentive Stock Option

	 
	______  Non-Qualified Stock Option

	Expiration Date:
	 

	Post-Termination Exercise Period:
	Three (3) Months

	 
	 

Vesting Schedule: 
[Subject to the Grantee’s Continuous Service and other limitations set forth in this Notice, the Option Agreement and the Plan, the Option may be exercised, in whole or in part, in accordance with the following schedule (the “Vesting Schedule”): 
[●] 
During any authorized leave of absence, the vesting of the Option as provided in this schedule shall be suspended after the leave of absence exceeds a period of three (3) months.  Vesting of the Option shall resume upon the Grantee’s termination of the leave of absence and return to service to the Company or a Related Entity.  The Vesting Schedule of the Option shall be extended by the length of the suspension. 
In the event of the Grantee’s change in status from Employee, Director or Consultant to any other status of Employee, Director or Consultant, the Option shall continue to vest in accordance with the Vesting Schedule set forth above. 
Vesting shall cease upon the date of termination of the Grantee’s Continuous Service for any reason, including death or Disability. 

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The Award shall be subject to the provisions of Section 11 of the Plan in the event of a Corporate Transaction or Change in Control. 
In the event of termination of the Grantee’s Continuous Service for Cause, the Grantee’s right to exercise the Option shall terminate concurrently with the termination of the Grantee’s Continuous Service, except as otherwise determined by the Administrator.] 
IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the Option is to be governed by the terms and conditions of this Notice, the Plan, and the Option Agreement. 
	
		
	Elevate Credit, Inc.,

	a Delaware corporation

	By:
	 

	Title:
	 

    
THE GRANTEE ACKNOWLEDGES AND AGREES THAT THE SHARES SUBJECT TO THE OPTION SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF THE GRANTEE’S CONTINUOUS SERVICE OR AS OTHERWISE SPECIFICALLY PROVIDED HEREIN (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER).  THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE OPTION AGREEMENT, OR THE PLAN SHALL CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO FUTURE AWARDS OR CONTINUATION OF THE GRANTEE’S CONTINUOUS SERVICE, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE RIGHT OF THE COMPANY OR RELATED ENTITY TO WHICH THE GRANTEE PROVIDES SERVICES TO TERMINATE THE GRANTEE’S CONTINUOUS SERVICE AT ANY TIME, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE.  THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT AGREEMENT WITH THE COMPANY TO THE CONTRARY, THE GRANTEE’S STATUS IS AT WILL. 
The Grantee acknowledges receipt of a copy of the Plan and the Option Agreement, and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts the Option subject to all of the terms and provisions hereof and thereof.  The Grantee has reviewed this Notice, the Plan, and the Option Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice, and fully understands all provisions of this Notice, the Plan and the Option Agreement. 
The Grantee further acknowledges that, from time to time, the Company may be in a “blackout period” and/or subject to applicable federal securities laws that could subject the Grantee to liability for engaging in any transaction involving the sale of the Shares.  The Grantee further acknowledges and agrees that, prior to the sale of any Shares acquired under the Option, it is the Grantee’s responsibility to determine whether or not the sale of the Shares will subject the Grantee to liability under insider trading rules or other applicable federal securities laws. 
The Company may, in its sole discretion, decide to deliver this Notice, the Agreement, the Plan and the Plan prospectus (collectively, the “Plan Documents”) to the Grantee by electronic means or request the Grantee’s consent to participate in the Plan by electronic means.  The Grantee hereby agrees to Company’s provision to the 

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Grantee of these documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. 
The Grantee acknowledges that the Grantee has access to the Company’s intranet and has either received electronic or paper copies of the Plan Documents. 
The Grantee hereby agrees that all questions of interpretation and administration relating to this Notice, the Plan and the Option Agreement shall be resolved by the Administrator in accordance with Section 14 of the Option Agreement.  The Grantee further agrees to the venue selection and waiver of a jury trial in accordance with Section 15 of the Option Agreement.  The Grantee further agrees to notify the Company upon any change in the residence address indicated in this Notice. 
The Grantee further acknowledges and agrees that by accepting the Award, the Grantee is agreeing to be bound by any existing or future recoupment, clawback or similar policy adopted by the Company that by its terms applies to the Grantee, and any amendments that may from time to time be made to such policy in the future by the Company in its discretion, and is further agreeing that such policy shall be applicable to the Award and all of the Grantee’s prior awards to the extent the policy is applicable to such types of awards, regardless of whether the Award or any prior awards were granted prior to the adoption or amendment of the policy.

	
		
	Dated: _______________________________________
	Signed: ______________________________________

	 
	Grantee

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Award Number:  ___________
ELEVATE CREDIT, INC. 2016 OMNIBUS INCENTIVE PLAN 
STOCK OPTION AWARD AGREEMENT 
1.Grant of Option.  Elevate Credit, Inc., a Delaware corporation (the “Company”), hereby grants to the Grantee (the “Grantee”) named in the Notice of Stock Option Award (the “Notice”), an option (the “Option”) to purchase the Total Number of Shares of Common Stock subject to the Option (the “Shares”) set forth in the Notice, at the Exercise Price per Share set forth in the Notice (the “Exercise Price”) subject to the terms and provisions of the Notice, this Stock Option Award Agreement (the “Option Agreement”) and the Company’s 2016 Omnibus Incentive Plan, as amended from time to time (the “Plan”), which are incorporated herein by reference.  Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Option Agreement.
If designated in the Notice as an Incentive Stock Option, the Option is intended to qualify as an Incentive Stock Option as defined in Section 422 of the Code.  However, notwithstanding such designation, the Option will qualify as an Incentive Stock Option under the Code only to the extent the $100,000 dollar limitation of Section 422(d) of the Code is not exceeded.  The $100,000 limitation of Section 422(d) of the Code is calculated based on the aggregate Fair Market Value of the Shares subject to options designated as Incentive Stock Options which become exercisable for the first time by the Grantee during any calendar year (under all plans of the Company or any Parent or Subsidiary of the Company).  For purposes of this calculation, Incentive Stock Options shall be taken into account in the order in which they were granted, and the Fair Market Value of the shares subject to such options shall be determined as of the grant date of the relevant option. 
2.    Exercise of Option.
(a)    Right to Exercise.  The Option shall be exercisable during its term in accordance with the Vesting Schedule set out in the Notice and with the applicable provisions of the Plan and this Option Agreement.  The Grantee shall be subject to reasonable limitations on the number of requested exercises during any monthly or weekly period as determined by the Administrator.  In no event shall the Company issue fractional Shares.
(b)    Method of Exercise.  The Option shall be exercisable by delivery of an exercise notice (a form of which is attached as Exhibit A) or by such other procedure as specified from time to time by the Administrator which shall state the election to exercise the Option, the whole number of Shares in respect of which the Option is being exercised, and such other provisions as may be required by the Administrator.  The exercise notice shall be delivered in person, by certified mail, or by such other method (including electronic transmission) as determined from time to time by the Administrator to the Company accompanied by payment of the Exercise Price and all applicable income and employment taxes required to be withheld.  The Option shall be deemed to be exercised upon receipt by the Company of such notice accompanied by the Exercise Price and all applicable withholding taxes, which, to the extent selected, shall be deemed to be satisfied by use of the broker-dealer sale and remittance procedure to pay the Exercise Price provided in Section 3(d) below to the extent such procedure is available to the Grantee at the time of exercise and such an exercise would not violate any Applicable Law.
(c)    Taxes.  No Shares will be delivered to the Grantee or other person pursuant to the exercise of the Option until the Grantee or other person has made arrangements acceptable to the Administrator for the satisfaction of applicable income tax and employment tax withholding obligations, including, without limitation, such other tax obligations of the Grantee incident to the receipt of Shares (the “Tax Withholding Obligation”).  Notwithstanding the foregoing, at any time not less than five (5) business days (or such fewer number of business days as determined by the Administrator) before any Tax Withholding Obligation arises (e.g., an exercise date), the 

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Grantee may elect to satisfy the Grantee’s Tax Withholding Obligation by, if permissible under Applicable Law, directing the Company to withhold from those Shares otherwise issuable to the Grantee a whole number of Shares to satisfy the applicable Tax Withholding Obligation.  The Grantee acknowledges that the withheld Shares may not be sufficient to satisfy the Grantee’s Tax Withholding Obligation.  Accordingly, the Grantee agrees to pay to the Company or any Related Entity as soon as practicable, including through additional payroll withholding, any amount of the Tax Withholding Obligation that is not satisfied by the withholding of Shares described above.  Upon exercise of the Option, the Company or the Grantee’s employer may offset or withhold (from any amount owed by the Company or the Grantee’s employer to the Grantee) or collect from the Grantee or other person an amount sufficient to satisfy the Tax Withholding Obligation.  Furthermore, in the event of any determination that the Company and/or a Related Entity has failed to withhold a sum sufficient to pay all withholding taxes due in connection with the Option, the Grantee agrees to pay the Company and/or the Related Entity the amount of such deficiency in cash within five (5) days after receiving a written demand from the Company and/or the Related Entity to do so, whether or not the Grantee is an employee of the Company and/or the Related Entity at that time.
(d)    Section 16(b).  Notwithstanding any provision of this Option Agreement to the contrary, other than termination of the Grantee’s Continuous Service for Cause, if a sale within the applicable time periods set forth in Sections 5, 6 or 7 herein of Shares acquired upon the exercise of the Option would subject the Grantee to suit under Section 16(b) of the Exchange Act, the Option shall remain exercisable until the earliest to occur of (i) the tenth (10th) day following the date on which a sale of such Shares by the Grantee would no longer be subject to such suit, (ii) the one hundred and ninetieth (190th) day after the Grantee’s termination of Continuous Service, or (iii) the date on which the Option expires.
3.    Method of Payment.  [Payment of the Exercise Price shall be made by any of the following, or a combination thereof, at the election of the Grantee; provided, however, that such exercise method does not then violate any Applicable Law and, provided further, that the portion of the Exercise Price equal to the par value of the Shares must be paid in cash or other legal consideration permitted by the Delaware General Corporation Law:
(a)    cash;
(b)    check;
(c)    surrender of Shares held for the requisite period, if any, necessary to avoid a charge to the Company’s earnings for financial reporting purposes, or delivery of a properly executed form of attestation of ownership of Shares as the Administrator may require which have a Fair Market Value on the date of surrender or attestation equal to the aggregate Exercise Price of the Shares as to which the Option is being exercised;
(d)    payment through a “net exercise” such that, without the payment of any funds, the Grantee may exercise the Option and receive the net number of Shares equal to (i) the number of Shares as to which the Option is being exercised, multiplied by (ii) a fraction, the numerator of which is the Fair Market Value per Share (on such date as is determined by the Administrator) less the Exercise Price per Share, and the denominator of which is such Fair Market Value per Share (the number of net Shares to be received shall be rounded down to the nearest whole number of Shares); or
(e)    payment through a broker-dealer sale and remittance procedure pursuant to which the Grantee (i) shall provide written instructions to a Company-designated brokerage firm to effect the immediate sale of some or all of the purchased Shares and remit to the Company sufficient funds to cover the aggregate exercise price payable for the purchased Shares and (ii) shall provide written directives to the Company to deliver the certificates for the purchased Shares directly to such brokerage firm in order to complete the sale transaction.]

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4.    Restrictions on Exercise.  The Option may not be exercised if the issuance of the Shares subject to the Option upon such exercise would constitute a violation of any Applicable Laws.  In addition, the Option may not be exercised until such time as the Plan has been approved by the stockholders of the Company.  If the exercise of the Option within the applicable time periods set forth in Section 5, 6 and 7 of this Option Agreement is prevented by the provisions of this Section 4, the Option shall remain exercisable until one (1) month after the date the Grantee is notified by the Company that the Option is exercisable, but in any event no later than the Expiration Date set forth in the Notice.
5.    Termination or Change of Continuous Service.  In the event the Grantee’s Continuous Service terminates, other than for Cause, the Grantee may, but only during the Post-Termination Exercise Period, exercise the portion of the Option that was vested at the date of such termination (the “Termination Date”).  The Post-Termination Exercise Period shall commence on the Termination Date.  In the event of termination of the Grantee’s Continuous Service for Cause, the Grantee’s right to exercise the Option shall, except as otherwise determined by the Administrator, terminate concurrently with the termination of the Grantee’s Continuous Service (also the “Termination Date”).  In no event, however, shall the Option be exercised later than the Expiration Date set forth in the Notice.  With respect to any Incentive Stock Option that shall remain in effect after a change in status from Employee to Director or Consultant, such Incentive Stock Option shall cease to be treated as an Incentive Stock Option and shall be treated as a Non-Qualified Stock Option on the day three (3) months and one (1) day following such change in status.  Except as provided in Sections 6 and 7 below, to the extent that the Option was unvested on the Termination Date, or if the Grantee does not exercise the vested portion of the Option within the Post-Termination Exercise Period, the Option shall terminate.
6.    Disability of Grantee.  In the event the Grantee’s Continuous Service terminates as a result of his or her Disability, the Grantee may, but only within [twelve (12) months] commencing on the Termination Date (but in no event later than the Expiration Date), exercise the portion of the Option that was vested on the Termination Date; provided, however, that if such Disability is not a “disability” as such term is defined in Section 22(e)(3) of the Code and the Option is an Incentive Stock Option, such Incentive Stock Option shall cease to be treated as an Incentive Stock Option and shall be treated as a Non-Qualified Stock Option on the day three (3) months and one (1) day following the Termination Date.  To the extent that the Option was unvested on the Termination Date, or if the Grantee does not exercise the vested portion of the Option within the time specified herein, the Option shall terminate.  Section 22(e)(3) of the Code provides that an individual is permanently and totally disabled if he or she is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months.
7.    Death of Grantee.  In the event of the termination of the Grantee’s Continuous Service as a result of his or her death, or in the event of the Grantee’s death during the Post-Termination Exercise Period or during the [twelve (12) month] period following the Grantee’s termination of Continuous Service as a result of his or her Disability, the person who acquired the right to exercise the Option pursuant to Section 8 may exercise the portion of the Option that was vested at the date of termination within [twelve (12) months] commencing on the date of death (but in no event later than the Expiration Date).  To the extent that the Option was unvested on the date of death, or if the vested portion of the Option is not exercised within the time specified herein, the Option shall terminate.
8.    Transferability of Option.  The Option, if an Incentive Stock Option, may not be transferred in any manner other than by will or by the laws of descent and distribution and may be exercised during the lifetime of the Grantee only by the Grantee.  The Option, if a Non-Qualified Stock Option, may not be transferred in any manner other than by will or by the laws of descent and distribution, provided, however, that a Non-Qualified Stock Option may be transferred during the lifetime of the Grantee to the extent and in the manner authorized by the Administrator.  Notwithstanding the foregoing, the Grantee may designate one or more beneficiaries of the Grantee’s 

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Incentive Stock Option or Non-Qualified Stock Option in the event of the Grantee’s death on a beneficiary designation form provided by the Administrator.  Following the death of the Grantee, the Option, to the extent provided in Section 7, may be exercised (a) by the person or persons designated under the deceased Grantee’s beneficiary designation or (b) in the absence of an effectively designated beneficiary, by the Grantee’s legal representative or by any person empowered to do so under the deceased Grantee’s will or under the then applicable laws of descent and distribution.  The terms of the Option shall be binding upon the executors, administrators, heirs, successors and transferees of the Grantee.
9.    Term of Option.  The Option must be exercised no later than the Expiration Date set forth in the Notice or such earlier date as otherwise provided herein.  After the Expiration Date or such earlier date, the Option shall be of no further force or effect and may not be exercised.
10.    Tax Consequences.  The Grantee may incur tax liability as a result of the Grantee’s purchase or disposition of the Shares.  THE GRANTEE SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THE OPTION OR DISPOSING OF THE SHARES.
11.    Entire Agreement: Governing Law.  The Notice, the Plan and this Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by means of a writing signed by the Company and the Grantee.  Nothing in the Notice, the Plan and this Option Agreement (except as expressly provided therein) is intended to confer any rights or remedies on any persons other than the parties.  The Notice, the Plan and this Option Agreement are to be construed in accordance with and governed by the internal laws of the State of Delaware without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Delaware to the rights and duties of the parties.  Should any provision of the Notice, the Plan or this Option Agreement be determined to be illegal or unenforceable, such provision shall be enforced to the fullest extent allowed by law and the other provisions shall nevertheless remain effective and shall remain enforceable.
12.    Lock-Up Agreement.
(a)    Agreement.  The Grantee, if requested by the Company and the lead underwriter of any public offering of the Common Stock (the “Lead Underwriter”), hereby irrevocably agrees not to sell, contract to sell, grant any option to purchase, transfer the economic risk of ownership in, make any short sale of, pledge or otherwise transfer or dispose of any interest in any Common Stock or any securities convertible into or exchangeable or exercisable for or any other rights to purchase or acquire Common Stock (except Common Stock included in the public offering or acquired on the public market after the offering) during the 180-day period following the effective date of a registration statement of the Company filed under the Securities Act of 1933, as amended, or any shorter or longer period of time as the Lead Underwriter will specify.  The Grantee further agrees to sign all documents as may be requested by the Lead Underwriter to effect the foregoing and agrees that the Company may impose stop-transfer instructions with respect to the Common Stock subject to the lock-up period until the end of the applicable period.  The Company and the Grantee acknowledge that each Lead Underwriter of a public offering of the Company’s stock, during the period of the offering and for the lock-up period thereafter, is an intended beneficiary of this Section 12.
(b)    No Amendment Without Consent of Underwriter.  During the period from identification of a Lead Underwriter in connection with any public offering of the Company’s Common Stock until the earlier of (i) the expiration of the lock-up period specified in Section 12(a) in connection with the offering or (ii) the abandonment of the offering by the Company and the Lead Underwriter, the provisions of this Section 12 may not be amended or waived except with the consent of the Lead Underwriter.

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13.    Construction.  The captions used in the Notice and this Option Agreement are inserted for convenience and shall not be deemed a part of the Option for construction or interpretation.  Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular.  Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.
14.    Administration and Interpretation.  Any question or dispute regarding the administration or interpretation of the Notice, the Plan or this Option Agreement shall be submitted by the Grantee or by the Company to the Administrator.  The resolution of such question or dispute by the Administrator shall be final and binding on all persons.
15.    Venue and Waiver of Jury Trial.  The Company, the Grantee, and the Grantee’s assignees pursuant to Section 8 (the “parties”) agree that any suit, action, or proceeding arising out of or relating to the Notice, the Plan or this Option Agreement shall be brought in the United States District Court for Delaware (or should such court lack jurisdiction to hear such action, suit or proceeding, in a Delaware state court) and that the parties shall submit to the jurisdiction of such court.  The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such court.  THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING.  If any one or more provisions of this Section 15 shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable.
16.    Notices.  Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United States), with postage and fees prepaid, addressed to the other party at its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to the other party.
17.    Language.  If the Grantee has received this Option Agreement or any other document related to the Plan translated into a language other than English and if the translated version is different than the English version, the English version will control, unless otherwise prescribed by Applicable Law.
18.    Nature of Award.  In accepting the Award, the Grantee acknowledges and agrees that:
(a)    the Plan is established voluntarily by the Company, it is discretionary in nature, and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan and this Option Agreement;

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(b)    the Award is voluntary and occasional and does not create any contractual or other right to receive future awards, or benefits in lieu of awards, even if awards have been awarded repeatedly in the past;
(c)    all decisions with respect to future awards, if any, will be at the sole discretion of the Company;
(d)    the Grantee’s participation in the Plan is voluntary;
(e)    the Grantee’s participation in the Plan shall not create a right to any employment with the Grantee’s employer and shall not interfere with the ability of the Company or the employer to terminate the Grantee’s employment relationship, if any, at any time;
(f)    the Award is not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company or any Related Entity;
(g)    in the event that the Grantee is not an Employee of the Company or any Related Entity, the Award and the Grantee’s participation in the Plan will not be interpreted to form an employment or service contract or relationship with the Company or any Related Entity;
(h)    the future value of the underlying Shares is unknown and cannot be predicted with certainty;
(i)    in consideration of the Award, no claim or entitlement to compensation or damages shall arise from termination of the Award or diminution in value of the Award or Shares acquired upon vesting of the Award, resulting from termination of the Grantee’s Continuous Service by the Company or any Related Entity (for any reason whatsoever and whether or not in breach of local labor laws) and in consideration of the grant of the Award, the Grantee irrevocably releases the Company and any Related Entity from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by signing the Notice, the Grantee shall be deemed irrevocably to have waived his or her right to pursue or seek remedy for any such claim or entitlement;
(j)    in the event of termination of the Grantee’s Continuous Service (whether or not in breach of local labor laws), the Grantee’s right to receive Awards under the Plan and to vest in such Awards, if any, will (except as otherwise provided in the Notice or herein) terminate effective as of the date that the Grantee is no longer providing services and will not be extended by any notice period mandated under local law (e.g., providing services would not include a period of “garden leave” or similar period pursuant to local law); furthermore, in the event of termination of the Grantee’s Continuous Service (whether or not in breach of local labor laws), the Administrator shall have the exclusive discretion to determine when the Grantee is no longer providing services for purposes of this Award;
(k)    the Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Grantee’s participation in the Plan or the Grantee’s acquisition or sale of the underlying Shares; and
(l)    the Grantee is hereby advised to consult with the Grantee’s own personal tax, legal and financial advisers regarding the Grantee’s participation in the Plan before taking any action related to the Plan.
19.    Data Privacy.
(a)    The Grantee hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Grantee’s personal data as described in the Notice and this Option 

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Agreement by and among, as applicable, the Grantee’s employer, the Company and any Related Entity for the exclusive purpose of implementing, administering and managing the Grantee’s participation in the Plan.
(b)    The Grantee understands that the Company and the Grantee’s employer may hold certain personal information about the Grantee, including, but not limited to, the Grantee’s name, home address and telephone number, date of birth, social insurance or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Awards or any other entitlement to Shares awarded, canceled, vested, unvested or outstanding in the Grantee’s favor, for the exclusive purpose of implementing, administering and managing the Plan (“Data”).
(c)    The Grantee understands that Data will be transferred to any third party assisting the Company with the implementation, administration and management of the Plan.  The Grantee understands that the recipients of the Data may be located in the Grantee’s country, or elsewhere, and that the recipients’ country may have different data privacy laws and protections than the Grantee’s country.  The Grantee understands that the Grantee may request a list with the names and addresses of any potential recipients of the Data by contacting the Grantee’s local human resources representative.  The Grantee authorizes the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing the Grantee’s participation in the Plan.  The Grantee understands that Data will be held only as long as is necessary to implement, administer and manage the Grantee’s participation in the Plan.  The Grantee understands that the Grantee may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Grantee’s local human resources representative.  The Grantee understands, however, that refusal or withdrawal of consent may affect the Grantee’s ability to participate in the Plan.  For more information on the consequences of the Grantee’s refusal to consent or withdrawal of consent, the Grantee understands that the Grantee may contact the Grantee’s local human resources representative.
20.    Clawback.   This Award will be subject to any clawback,recoupment or similar policy adopted by the Company and any amendments that may from time to time be made to such policy in the future by the Company to the extent such policy applies to the Grantee and to this type of award.  

  
END OF AGREEMENT

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EXHIBIT A
ELEVATE CREDIT, INC. 2016 OMNIBUS INCENTIVE PLAN 
EXERCISE NOTICE
[COMPANY 
ADDRESS] 
Attention: Secretary 
1.    Exercise of Option.  Effective as of today, , the undersigned (the “Grantee”) hereby elects to exercise the Grantee’s option to purchase shares of the Common Stock (the “Shares”) of Elevate Credit, Inc.  (the “Company”) under and pursuant to the Company’s 2016 Omnibus Incentive Plan, as amended from time to time (the “Plan”) and the [ ] Incentive [ ] Non-Qualified Stock Option Award Agreement (the “Option Agreement”) and Notice of Stock Option Award (the “Notice”) dated , .  Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Exercise Notice. 
2.    Representations of the Grantee.  The Grantee acknowledges that the Grantee has received, read and understood the Notice, the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions. 
3.    Rights as Stockholder.  Until the stock certificate evidencing such Shares is issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Shares, notwithstanding the exercise of the Option.  The Company shall issue (or cause to be issued) such stock certificate promptly after the Option is exercised.  No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided in Section 10 of the Plan. 
4.    Delivery of Payment.  The Grantee herewith delivers to the Company the full Exercise Price for the Shares, which, to the extent selected, shall be deemed to be satisfied by use of the broker-dealer sale and remittance procedure to pay the Exercise Price provided in Section 3(e) of the Option Agreement. 
5.    Tax Consultation.  The Grantee understands that the Grantee may suffer adverse tax consequences as a result of the Grantee’s purchase or disposition of the Shares.  The Grantee represents that the Grantee has consulted with any tax consultants the Grantee deems advisable in connection with the purchase or disposition of the Shares and that the Grantee is not relying on the Company for any tax advice. 
6.    Taxes.  The Grantee agrees to satisfy all applicable foreign, federal, state and local income and employment tax withholding obligations and herewith delivers to the Company the full amount of such obligations or has made arrangements acceptable to the Company to satisfy such obligations.  In the case of an Incentive Stock Option, the Grantee also agrees, as partial consideration for the designation of the Option as an Incentive Stock Option, to notify the Company in writing within thirty (30) days of any disposition of any shares acquired by exercise of the Option if such disposition occurs within two (2) years from the Date of Award or within one (1) year from the date the Shares were transferred to the Grantee. 
7.    Successors and Assigns.  The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this agreement shall inure to the benefit of the successors and assigns of the Company.  This Exercise Notice shall be binding upon the Grantee and his or her heirs, executors, administrators, successors and assigns. 

1
sf-4050718 

Section 16 Grantee

8.    Construction.  The captions used in this Exercise Notice are inserted for convenience and shall not be deemed a part of this agreement for construction or interpretation.  Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular.  Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise. 
9.    Administration and Interpretation.  The Grantee hereby agrees that any question or dispute regarding the administration or interpretation of this Exercise Notice shall be submitted by the Grantee or by the Company to the Administrator.  The resolution of such question or dispute by the Administrator shall be final and binding on all persons. 
10.    Governing Law; Severability.  This Exercise Notice is to be construed in accordance with and governed by the internal laws of the State of Delaware without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Delaware to the rights and duties of the parties.  Should any provision of this Exercise Notice be determined by a court of law to be illegal or unenforceable, such provision shall be enforced to the fullest extent allowed by law and the other provisions shall nevertheless remain effective and shall remain enforceable. 
11.    Notices.  Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United States), with postage and fees prepaid, addressed to the other party at its address as shown below beneath its signature, or to such other address as such party may designate in writing from time to time to the other party. 
12.    Further Instruments.  The parties agree to execute such further instruments and to take such further action as may be reasonably necessary to carry out the purposes and intent of this agreement. 
13.    Entire Agreement.  The Notice, the Plan and the Option Agreement are incorporated herein by reference and together with this Exercise Notice constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by means of a writing signed by the Company and the Grantee.  Nothing in the Notice, the Plan, the Option Agreement and this Exercise Notice (except as expressly provided therein) is intended to confer any rights or remedies on any persons other than the parties. 
	
		
	Submitted by:
	Accepted by:

	GRANTEE:
	ELEVATE CREDIT, INC.

	 
	By: _________________________________________

	 
	Title: ________________________________________

	(Signature)
	 

	Address:
	Address:

	 
	 

	 
	[COMPANY ADDRESS] 

2
sf-4050718Exhibit

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

JOINT MARKETING AGREEMENT
This JOINT MARKETING AGREEMENT (this “Agreement”), effective as of October 15, 2018 (“Effective Date”), between FinWise Bank, a Utah state chartered bank (“FB”) and EF Marketing, LLC, a Delaware limited liability company (“EM”). FB and EM are individually referred to as a “Party” and, collectively, the “Parties.” Certain other capitalized terms used herein shall have the meanings ascribed thereto in Exhibit A.
Recitals
WHEREAS, FB desires to extend Loans to consumers nationwide (“Borrowers”);
WHEREAS, FB desires to engage EM to provide marketing services as more particularly described herein, to offer Loans on FB’s behalf upon the terms and conditions stated herein; and
WHEREAS, FB and EM agree that (a) EM’s services under this Agreement are designed only to provide access to prospects to whom FB might consider offering a Loan and (b) FB retains the exclusive authority to determine whether to approve a Loan and all other business decisions inherent in offering and originating the Loans.
NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Parties agree as follows:
Agreement
1.FB Responsibilities.
(a)    Offering of Loans. FB may offer Loans to Applicants (as defined in Section 2(a)) who apply at one or more websites, direct mail or other marketing channels operated or identified by EM and approved by FB and who meet applicable credit standards and other qualifications established by FB. FB may change the terms and conditions applicable to the Loans, fees charged to Borrowers, maximum amount of credit lines, the Program Guidelines, the Credit Policy, the Credit Model Policies and the Underwriting Criteria. If EM wishes to recommend any changes to the Credit Policy or Underwriting Criteria, then FB shall cause its personnel to review such changes and respond with its approval and implementation timeline or disapproval within five (5) Business Days with respect to any non-material changes and within thirty (30) days with respect to any material changes. If FB does not approve within the time frames set forth in the preceding sentence, then such requested changes shall be deemed disapproved.
(b)    Modification of Program Guidelines. FB may modify the Program Guidelines in its reasonable discretion, upon not less than twenty one (21) days’ prior written notice to EM (or such other notice period as the Parties may mutually agree to in writing), provided that the foregoing prior notice shall not be required in the event such modification is the result of a change in the Laws or by request of a Governmental Authority, provided further, however, that FB shall provide as much prior written notice as reasonably practicable with respect to a change in the Program Guidelines arising from a change in the Laws.
(c)    Servicing of Loans. FB will service, or arrange for a Third Party Service Provider to service, the Loans. In performing its duties as servicer of the Loans, FB or the third party designated by 

15651.036 4822-1787-4004.3     1

FB shall service and administer the Loans in accordance with applicable Law and the Program Guidelines, and in connection therewith, shall follow customary servicing procedures.
2.    Other Responsibilities of the Parties.
(a)    EM Responsibilities. EM shall perform services reasonably required to market the Program within parameters established by FB through one or more websites or other marketing channels through which applicants (“Applicants”) may submit applications developed by EM and approved by FB (“Applications”) to obtain Loans. Such services shall include (A) acquiring, scrubbing and managing lead lists, (B) preparing and distributing product offerings and associated marketing materials, including pre-qualified offers, as approved by FB, (C) developing and placing internet, print media, radio and television advertising, (D) designing and developing websites, (E) compensating third parties that provide marketing services in relation to the Program, (F) subject to FB’s approval, delivering all notices and disclosures required by applicable Law with each solicitation, and (G) contracting with mutually agreed third parties to offer the Program to their clients. In connection therewith, EM shall comply with the Program Guidelines and applicable Law including, without limitation, the CAN-SPAM Act of 2003. It is expected that EM will commence marketing the Program not later than October 1, 2018, unless otherwise agreed by the Parties. EM has the sole discretion not to market Loans to residents of designated states or portions thereof, provided that EM agrees not to market Loans to residents of designated states or portions thereof to which FB has determined to not offer or originate Loans.
(b)    Marketing of Loans.
(i)    The Parties shall jointly create and regularly update a marketing plan that includes an outline of the product launch, post-launch campaigns and other marketing and public relations activities with respect to the Loans. Marketer shall promote, advertise and market the Loans to prospective Borrowers.
(ii)    Applicants will be directed to the applicable website where the Applicant will complete and submit an Application, which Application shall, at a minimum, include the Applicant’s first and last name, address, date of birth, income, general expense information, and other information required to verify the Applicant’s identity in accordance with applicable Law. For purposes of clarification, all applicants will be required to submit a digital Application. All Applicants shall be screened for fraud detection purposes as well as screened against the prohibited persons list maintained by the Office of Foreign Assets Control ("OFAC"). FB has the sole discretion to determine whether to approve any Applicant for a Loan including, without limitation, the right not to offer or originate Loans to residents of designated states or portions thereof. FB reserves the right not to offer or originate Loans to residents of designated states or portions thereof if FB, in its sole discretion, determines that it is not in FB’s best interest to offer any such Loans. As of the Effective Date, it is expected that the website referenced above will be hosted by Elevate Decision Sciences, LLC ("EDS") pursuant to that certain Technology and Support Agreement of even date herewith by and between FB and EDS ("Technology Agreement").
(iii)    FB hereby grants EM a non-exclusive license to reproduce the name, trade name, trademarks and logos of FB (collectively, the “FB Properties”) during the Term in connection with the Program on letters, print advertisements, the internet, television and radio communications and other advertising and promotional materials (all such letters, websites, advertising and promotional materials incorporating FB Properties and all related designs, artwork, logos, slogans, copy, telemarketing scripts and other similar materials shall be referred to collectively herein as the “Promotional Materials”); provided, 

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however, EM shall submit all Promotional Materials to FB for its approval prior to any use thereof and FB shall not unreasonably withhold, delay or condition such approval. If any modifications are required, FB shall submit such modifications to EM within ten (10) Business Days of the date the Promotional Materials are submitted to FB. The form of each of the FB Properties is attached hereto on Exhibit B-1.
(iv)    Regardless of whether they incorporate any FB Properties, the advertising and promotional materials for the Program shall (A) prominently identify the originator of the Loans, (B) not be misleading, deceptive, fraudulent or abusive and (C) comply with applicable Law and governmental requirements. As applicable, FB shall be identified to Applicants and to Borrowers as lender and the creditor for all credit extended with respect to the Loans. FB and EM shall use commercially reasonable efforts to ensure that all advertising and promotional materials for the Loans comply with all applicable Laws.
(v)    Except for the FB Properties, EM shall own all right, title and interest in and to any trademarks, trade names, service markets and domain names used in connection with the Program (“Program Marks”), the registrations thereof, and all text, graphics, photographs, video, audio and/or other data or information appearing on the website operated at such domain names as well as all intellectual property rights and goodwill associated therewith or incorporated therein. The form of each of the Program Marks is attached hereto on Exhibit B-2.
(vi)    EM shall be responsible for all costs and expenses associated with advertising and developing any Promotional Materials including (A) acquisition, scrubbing and management of lead lists, (B) preparation and distribution of product offerings and associated marketing materials, (C) development and placement of internet, print media, radio and television advertising, (D) website design and development, and (E) payment of compensation owed to a Third Party Service Provider. All material Third Party Service Providers, as determined by FB in its reasonable discretion, shall be subject to the prior written approval of FB, which approval shall not be unreasonably withheld or delayed.
(vii)    EM hereby grants FB a non-exclusive license to reproduce the Program Marks during the Term in connection with the Program on letters, print advertisements, websites, the internet, television and radio communications and other advertising and promotional materials (all such letters, websites, advertising and promotional materials incorporating Program Marks and all related designs, artwork, logos, slogans, copy, telemarketing scripts and other similar materials shall be referred to collectively herein as the “Program Promotional Materials”); provided, however, FB shall submit all Program Promotional Materials to EM for its approval prior to any use thereof and EM shall not unreasonably withhold, delay or condition such approval.
(viii)    EM acknowledges that the relationship established by this Agreement is exclusive with respect to RISE-branded installment loans to be originated by third-party financial institutions. Accordingly, other than FB, EM shall not utilize any other financial institution to originate RISE-branded installment loans. For purposes of clarification, EM or any of its Affiliates may originate RISE-branded installment loans directly to borrowers.
(c)    Reports; Access to Books and Records and Employees.
(i)    Within ten (10) Business Days after request from FB, EM shall provide FB with (A) reports reasonably required by FB and (B) access to EM's systems in order for FB to maintain effective internal controls and to monitor the marketing results under this Agreement.

15651.036 4832-8497-9304.9    3

(ii)    Unless accessible online from the United States Securities and Exchange Commission or its successor, EM shall provide FB with Elevate Credit, Inc.'s quarterly unaudited financial statements not later than thirty (30) calendar days from the end of each calendar quarter and audited annual financial statements not later than one hundred twenty (120) calendar days from the end of each calendar year.
(iii)    FB, any Governmental Authority and/or external auditors shall have the right to conduct onsite audits and/or compliance reviews of (A) EM and its Affiliates which are performing services to EM (for purposes of clarification, EDS is an Affiliate), (B) each Third Party Service Provider, (C) the operation of the Program, (D) the services provided by EM and any Third Party Service Provider thereunder, and (E) the records generated thereunder; provided, that the exercise of such onsite audit and compliance review rights by FB shall be conducted during normal business hours in a manner which does not unreasonably interfere with EM’s or such Third Party Service Provider’s normal business operations and customer and employee relations; provided, further, that such onsite audit shall not occur more than two (2) times per year, unless FB determines in its reasonable discretion that, based on the results of the onsite audit, EM is in material non-compliance with this Agreement. EM shall pay all costs and expenses (including travel and lodging) in connection with FB’s onsite audit and/or compliance review, not to exceed [***] ($[***]) dollars per onsite audit. EM, its Affiliates which are performing services to EM, and each Third Party Service Provider shall provide reasonable cooperation to FB in connection with such audits and/or compliance reviews.
(iv)    All written consumer complaints sent from, or copied to any state or federal agency (including FB’s regulators) or the Better Business Bureau, and all material written consumer complaints received by EM, its Affiliates which are performing services to EM, or any Third Party Service Provider relating to the Program or EM’s, its Affiliates which are performing services to EM, or FB’s performance, will be immediately (within five (5) Business Days) reported to FB by EM. Such report shall include the name and address of the complaining Borrower, a brief summary of the Borrower’s complaint, and, if resolved, a brief summary of how the complaint was resolved. FB shall further report such consumer complaints as determined by FB.
(v)    Within the first seventy five (75) days after the Effective Date and, thereafter, in the intervals set forth in Schedule 2(c)(iv), FB may perform or cause to be performed such internal audits, reviews and validations as it shall determine in connection with the EM duties hereunder. Such internal audits, reviews and validations shall be performed by FB or its designee and shall be at FB's sole cost and expense; provided that EM or an Affiliate of EM shall reimburse FB for an aggregate of up to $[***] per calendar quarter ("Cap") for such internal audits, reviews and validations regarding the Program, which Cap shall be reduced to up to $[***] per calendar quarter at such time that the application program interface (API) connecting the Software to FB's systems is operational. In no event shall the aggregate liability of EM and its Affiliates for the fees and costs of such internal audits, reviews and validations in any calendar quarter (including, without limitation, pursuant to the Technology Agreement) exceed the applicable Cap.
(d)    Marketing Fee. In exchange for performing the marketing services for and on behalf of FB, FB will pay EM a marketing fee equal to $[***] per each new Loan that is approved, accepted and funded during the Term; provided that no marketing fee shall be applicable to any Loan that is refinancing a current Loan for which a marketing fee was already paid or a subsequent Loan to a Borrower who already received and repaid a Loan for which a marketing fee was paid. Further, if the aggregate principal amount 

15651.036 4832-8497-9304.9    4

of the Loans funded during such month was less than $[***], then EM shall pay FB an amount equal to $[***]. FB shall pay or cause to be paid the aggregate marketing fees to EM on a monthly basis within ten (10) Business Days after receipt of an invoice from EM at the end of each month with respect to all Loans originated during the prior month. If FB does not make any payment as and when due then, in addition to paying such amount, FB shall also pay to EM a late charge equal to the lesser of (i) [***] percent ([***]%) of the unpaid amount per month or portion thereof or (ii) the maximum late charge permitted by applicable Law until the unpaid amount is paid in full.
(e)    Maximum Loans Originated. EM shall limit marketing of the Loans so that the maximum aggregate principal amount of Loans outstanding under the Program during the calendar years 2019 and 2020 does not exceed $[***] and $[***], respectively, without the prior written consent of FB.
(f)    Reserved.
(g)    Covenants of FB.
(i)    Unless prohibited by Law or any Governmental Authority, FB will deliver to EM, within five (5) Business Days of the date of receipt, (A) any notice of actual or threatened adverse action directly affecting the offering, origination and/or servicing of Loans issued by any Governmental Authority and (B) notice of any actual or threatened litigation or arbitration with respect to any third party with respect to the Loans (collectively, the "Loan Notice"). If such delivery of the actual notice is prohibited by applicable Law or Governmental Authority, then, if allowable by Law or the Governmental Authority, FB shall provide EM with written notice of such action and summary thereof. FB shall provide reasonable cooperation in connection with any examination of EM or any of its Affiliates regarding the Program.
(ii)    Unless prohibited by Law or any Governmental Authority, FB will deliver to EM:
A.    promptly after submission to any Governmental Authority, directly related to the Program, copies of all documents and information furnished to such Governmental Authority in connection with any investigation of FB (other than any routine inquiry) that if resolved adversely would materially affect FB's ability to perform its obligations under this Agreement; and
B.    copies of such other information, documents and data with respect to FB as from time to time may be reasonably requested by EM as it may materially affect FB's ability to perform its obligations under this Agreement.
If such delivery of the actual Loan Notice is prohibited by applicable Law or Governmental Authority, then, if allowable by Law or the Governmental Authority, FB shall provide EM with written notice of such action and summary thereof. All such information provided by FB to EM hereunder is considered Confidential Information of FB, subject to protection under Section 6.
(iii)    FB shall comply with all Laws applicable to FB and the Program.
(iv)    If FB becomes aware of any situation which may result in the loss or unauthorized disclosure of Customer Information, FB may request assistance from EM with respect to such loss or unauthorized disclosure and, in connection therewith, may provide EM with (A) a list of the names of persons whose Customer Information has been disclosed or that may be disclosed, (B) a description of the type and categories of the Customer Information that has been or may be disclosed and (C) the 

15651.036 4832-8497-9304.9    5

circumstances underlying the unauthorized or potentially unauthorized disclosure. FB shall notify such customer or customers and shall take any other remedial action required by applicable Law. If the unauthorized access is the result of FB’s act, error or omission, then FB shall bear all expenses of this notification and any out of pocket costs incurred by FB including outside counsel fees and any other costs related thereto.
(v)    FB shall require in its contract with any third party with which it contracts to perform or assist FB in connection with this Agreement or the Loans to comply with all applicable Laws.
(vi)    Throughout the Term, FB (or its Affiliates on its behalf) shall maintain in full force and effect comprehensive general liability (including contractual liability), errors and omissions, bodily injury, property damage, the limit of which shall not be less than a combined single limit of $[***] per occurrence, and employee theft and dishonesty insurance coverage of $[***] per occurrence. On or about the Effective Date and upon the request of EM not more than once per calendar year, FB shall provide a certificate of insurance coverage to EM evidencing FB’s compliance with the provisions hereof.
(h)    Covenants of EM.
(i)    Unless prohibited by Law or any Governmental Authority, EM will deliver to FB, within five (5) Business Days of the date of receipt, (A) any notice of actual or threatened adverse action issued by any Governmental Authority and (B) notice of any actual or threatened litigation or arbitration with respect to any third party with respect to the Loans. If such delivery of the actual notice is prohibited by applicable Law or Governmental Authority, then, if allowable by Law or the Governmental Authority, EM shall provide FB with written notice of such action and summary thereof. EM shall provide reasonable cooperation in connection with any examination of FB or any of its Affiliates regarding the Program.
(ii)    Unless prohibited by Law or any Governmental Authority, EM will deliver to FB:
A.    promptly after submission to any Governmental Authority, all documents and information furnished to such Governmental Authority in connection with any investigation of EM (other than any routine inquiry); and
B.    such other information, documents and data with respect to EM as may be reasonably requested by FB from time to time.
If such delivery of the actual notice is prohibited by applicable Law or Governmental Authority, then, if allowable by Law or the Governmental Authority, EM shall provide FB with written notice of such action and summary thereof.
(iii)    EM shall comply with all Laws applicable to EM and the Program.
(iv)    EM shall require in its contract with any Third Party Service Provider which contracts with EM to perform or assist EM in connection with this Agreement or the Loans to comply with all applicable Laws and that EM shall cause any Third Party Service Providers to comply with the applicable terms of this Agreement in any contract between EM and such Third Party Service Provider.

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(v)    EM shall promptly notify FB of any situation which may result in the loss or unauthorized disclosure of Customer Information and shall immediately provide FB with (A) a list of the names of persons whose Customer Information has been disclosed or that may be disclosed, (B) a description of the type and categories of the Customer Information that has been or may be disclosed, and (C) the circumstances underlying the unauthorized or potentially unauthorized disclosure. EM shall cooperate with FB and, at the direction of FB, shall assist in notifying such customer or customers and shall take any other remedial action recommended by FB and/ or required by applicable Law. If the unauthorized access is the result of EM’s act, error or omission, then EM shall bear all expenses of this notification and any out of pocket costs incurred by FB including outside counsel fees and any other costs related thereto.
(vi)    Throughout the Term, EM (or its Affiliates on its behalf) shall maintain in full force and effect (A) comprehensive general liability (including contractual liability), bodily injury, property damage and advertising injury, the limit of which shall not be less than a combined single limit of $[***] per occurrence, (B) statutorily required workers compensation coverage of $[***], (C) employee theft and dishonesty insurance coverage with respect to EM's premises only of $[***] per occurrence, (D) umbrella liability coverage with a limit of at least $[***] per occurrence and aggregate, and (E) professional liability/errors and omissions coverage with a limit of not less than $[***] per occurrence and aggregate. Depending on the number of Loans originated by FB under the Program, the foregoing policy limits shall be increased to such amount as required or requested by any Governmental Authority, as is commercially reasonable based on market conditions, market practice and good faith estimates by the parties of necessary insurance coverage. On or about the Effective Date and upon the request of FB not more than once per calendar year, EM shall provide a certificate of insurance coverage to FB evidencing EM’s compliance with the provisions hereof.
(vii)    EM shall adequately train all personnel performing services on behalf of EM hereunder and will make available to FB information relating to how it trains and oversees its employees that have consumer contact or compliance responsibilities.
(viii)    On or before the Effective Date, EM shall establish and maintain an average monthly minimum balance of $[***] in a working capital account held at FB.
(i)    Compliance and Program Features; Program Managers.
(i)    Unless waived by FB in writing, on a quarterly basis, representatives of the Parties shall meet in person in Manhattan, New York or Salt Lake City, Utah or telephonically to review processes and procedures used by the Parties to ensure that all marketing and promotional materials with respect to the Accounts and customer communications comply with all applicable Laws, which meetings may include legal counsel to the respective Parties.
(ii)    Each Party shall at all times have a designated program manager to coordinate the management of the Program with the other Party. Each Party shall make such program manager available to meet either in person or telephonically with representatives of the other Party on a monthly basis to discuss the performance of the Program. Each Party shall give the other Party prompt written notice of any change of the program manager including as arising out of any termination of employment.

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(iii)    The Parties shall jointly develop a compliance plan to ensure that the Program remains in compliance with all applicable Laws. FB shall have at least two (2) qualified compliance managers and EM shall have at least one (1) dedicated full time compliance resource, each of whom shall be familiar with all aspects of the Program. The program managers and the compliance managers shall cooperate with each other and, among other tasks, review such compliance plan on a monthly basis.
(iv)    Reserved.
(v)    To assist each Party in their efforts to comply with all applicable Laws, each Party shall make its systems and records related to the Program, as well as relevant executive and operations personnel, reasonably accessible to the other Party during regular business hours.
(j)    Reserved.
(k)    Security. EM and FB shall comply with, implement and maintain administrative, technical and physical safeguards designed to ensure the security of Customer Information pursuant to Appendix B to 12 CFR Part 30 (the “Interagency Guidelines”), all other applicable Law and the Program Guidelines, including, but not limited to, the following:
(i)    access controls on information systems, including controls to authenticate and permit access only to authorized individuals and controls to prevent its representatives from providing Customer Information to unauthorized individuals who may seek to obtain this information through fraudulent means;
(ii)    access restrictions at physical locations containing Customer Information, such as buildings, computer facilities, and records storage facilities to permit access only to authorized individuals;
(iii)    encryption of electronic Customer Information, including while in transit or in storage on networks or systems to which unauthorized individuals may have access;
(iv)    procedures designed to ensure that information system modifications are consistent with the information security measures;
(v)    dual control procedures and segregation of duties for representatives with responsibilities for or access to Customer Information;
(vi)    monitoring systems and procedures to detect actual and attempted attacks on or intrusions into information systems;
(vii)    response programs that specify actions to be taken when EM detects unauthorized access to information systems, including immediate reports to FB;
(viii)    measures to protect against destruction, loss or damage of Customer Information due to potential environmental hazards, such as fire and water damage or technological failures; and
(ix)    training of staff to implement the information security measures; regular testing of key controls, systems and procedures of the information security measures by independent third 

15651.036 4832-8497-9304.9    8

parties or staff independent of those that develop or maintain the security measures; and appropriate measures to completely and permanently destroy “consumer information” (as defined in the Interagency Guidelines) by shredding, permanently erasing, or otherwise permanently rendering consumer information inaccessible and illegible. EM shall respond promptly and thoroughly to FB’s requests for information concerning the respective information security measures implemented by EM.
(l)    Disaster Recovery. Each Party shall at all times maintain a disaster recovery/business resumption plan ("DRP") which shall be compliant with applicable Law and which will allow such Party to recover and continue to perform the services required under this Agreement in a reasonably timely manner after the occurrence of computer problems, acts of nature, acts of terrorism or similar events. In addition, EM shall cause each Third Party Service Provider to maintain a DRP consistent with the terms hereof. EM and its Third Party Service Providers shall be responsible for backing up and otherwise protecting any relevant data files stored by it and for protecting its equipment. EM shall provide its DRP to FB at least sixty (60) days prior to the commencement of the Program.
(m)    Electronic Data Storage. EM shall maintain, in accordance with commercially reasonable standards customarily in place in the banking industry but not less than applicable Law, offsite back-up storage for all electronic data and other information pertaining to the performance of its services pursuant to the Agreement.
3.    Representations and Warranties.
(a)    FB. FB represents and warrants to EM as of the Effective Date that:
(i)    FB is a Utah state chartered bank, validly existing and in good standing under the laws of the State of Utah. FB has all power and authority and all requisite consents, approvals, licenses, permits and authorizations under applicable Law to execute and deliver this Agreement and perform its obligations as contemplated hereunder.
(ii)    FB is authorized under applicable Law to establish the Loan accounts and originate the Loans thereunder, and is not prohibited by applicable Law to contract with a third party to provide the marketing services which EM will provide under this Agreement.
(iii)    This Agreement has been duly authorized, executed, and delivered by FB and constitutes a legal, valid and binding agreement, enforceable against FB in accordance with its terms.
(iv)    The execution, delivery and performance of this Agreement by FB does not violate or conflict with any (A) provision of its charter, bylaws or other governance documents of FB or (B) or any order, arbitration award, judgment or decree to which FB is a party or by which FB or any of its assets may be bound.
(v)    There is no litigation or administrative proceeding before any court or governmental body presently pending or, to its knowledge, threatened against FB or any of its officers or directors which would have a material adverse effect on the transactions contemplated by, or FB’s ability to perform its obligations under this Agreement.
(vi)    EM acknowledges that it has access to the financial statements of FB through the filing of its CALL Reports. Such financial statements were applied on a consistent basis throughout the periods indicated.

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(vii)    FB is an FDIC insured bank.
(b)    EM. EM represents and warrants to FB as of the Effective Date that:
(i)    EM is duly organized, validly existing and in good standing under the laws of the State of Delaware and, prior to performing duties under this Agreement, shall be duly qualified to do business in all necessary jurisdictions as contemplated under this Agreement, shall have all requisite consents, approvals, licenses, permits and authorizations under applicable Law to execute and deliver this Agreement and perform its obligations as contemplated hereunder.
(ii)    EM has all limited liability company power and authority and all requisite licenses, permits and authorizations to execute and deliver this Agreement and to perform its obligations hereunder. This Agreement has been duly authorized, executed and delivered by EM and constitutes a legal, valid and binding agreement, enforceable against EM in accordance with its terms.
(iii)    The execution, delivery and performance of this Agreement by EM does not violate or conflict with any (A) provision of the governance documents of EM or (B) applicable Law, or any order, arbitration award, judgment or decree to which EM is a party or by which EM or any of its assets may be bound.
(iv)    Except as licensed or otherwise permitted, EM has not, and will not, use the intellectual property, trade secrets or other confidential business information of any third party.
(v)    None of EM, any of its Affiliates or any of their respective officers, directors or members is a Person (or to EM’s knowledge, is owned or controlled by a Person) that (i) is listed on any Government Lists, (ii) has been previously indicted for or convicted of any felony involving a crime or crimes of moral turpitude or (iii) is currently under investigation by any Governmental Authority for alleged felony involving a crime of moral turpitude.
(vi)    EM has developed and implemented a compliance management system (“CMS”) to provide an internal control process for the business functions and processes directed towards Applicants and Borrowers, the elements of which CMS shall include (i) an overall policy statement governing the CMS, (ii) specific procedures for approvals of additions or changes to the CMS, including a description of items subject to the CMS, a process for internal review and approval by EM and its legal counsel, and a process for internal review and approval by FB and its legal counsel, and (iii) documentation of EM’s testing process, including testing/review of EM’s website and user acceptance testing (UAT); the scope of the CMS shall include, at a minimum, any material used in connection with the offering of Loans to Applicants, all policy changes, new products, advertisements, press releases, and the website(s) used in connection with the Program.
(vii)    The execution, delivery, and performance of this Agreement does not violate, conflict with, permit the cancellation of, or constitute a default under any agreement to which EM is a party or by which EM is bound.
(viii)    There is no litigation or administrative proceeding before any court or governmental body presently pending or, to its knowledge, threatened against EM or any of its officers or directors which would have a material adverse effect on the transactions contemplated by, or EM’s ability to perform its obligations under this Agreement.

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4.    Term and Termination.
a.Unless terminated earlier in accordance with this Agreement, the term of this Agreement shall commence as of the Effective Date and shall continue for a period of four (4) years (the “Initial Term”). If not earlier terminated, this Agreement will automatically renew for subsequent two (2) year periods (each a “Renewal Term” and, together with the Initial Term, collectively, the "Term") unless either Party provides written notice of termination at least one hundred twenty (120) calendar days prior to the expiration of the Initial Term or any Renewal Term.
b.This Agreement may be terminated upon the occurrence of one or more of the following events, within the time periods set forth below:
(i)    If either Party breaches this Agreement in any material respect including, without limitation, any breach of any representation, warranty or covenant contained herein, the non-breaching Party may immediately terminate this Agreement by providing written notice thereof to the breaching Party if such breaching Party does not cure such breach within sixty (60) calendar days after receipt of the written notice of the breach.
(ii)    Upon the occurrence of an Insolvency Event (as defined below) by either Party, this Agreement shall automatically and immediately terminate upon written notice from the solvent Party to the insolvent Party. It shall constitute an insolvency event (“Insolvency Event”) by a Party hereunder if such Party shall file for protection under any chapter of the federal Bankruptcy Code, an involuntary petition is filed against such Party under any such chapter and is not dismissed within sixty (60) calendar days of such filing, or a receiver or any Governmental Authority takes control of such Party.
(iii)    If at any time EM determines that FB does not have sufficient financial resources to support the reasonably anticipated growth of the Program, as mutually agreed by the Parties during the subsequent twelve (12) months, EM shall have the right to terminate this Agreement by sending written notice to FB.
(iv)    Upon the termination of the Technology Agreement, either Party shall have the right to terminate this Agreement by sending written notice to the other provided, however, that if this Agreement is terminated following the termination of the Technology Agreement pursuant to Section 9.2(a) thereof, then provisions of Section 2(d) shall remain in full force during the notice period and for five (5) months thereafter.
(v)    Either Party has the right to terminate this Agreement upon thirty (30) days written notice to the other Party if a force majeure event, as set forth in Section 10(g), occurs and continues for more than ninety (90) days.
(vi)    After twelve (12) months from the Effective Date, EM may terminate this Agreement in its discretion for any reason, upon six (6) months prior written notice to FB. For purposes of clarification, the provisions of Section 2(d) shall remain in full force and effect during such six (6) month period.
(vii)    If a Party’s performance hereunder is determined to be illegal, or if a Party is advised in writing by any Governmental Authority having or asserting jurisdiction over such Party that the Loans or the performance of its obligations under this Agreement is unlawful and as a result a Party is unable to perform its obligations under this Agreement, then the Party unable to perform, or whose 

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performance is determined to be (each, a “Triggering Event”) and such Triggering Event cannot be remedied without causing a material adverse effect on either Party, may terminate this Agreement by giving written notice at least sixty (60) calendar days in advance of termination to the other Party, unless such changes in applicable Law or communication from such Governmental Authority require earlier termination, in which case termination shall be effective upon such earlier required date.
(viii)    Any verbal or written notice from any Governmental Authorities prohibiting the offering and origination of the Loans by FB or any change or modification to the Program or this Agreement required by any Governmental Authority which, in either Party’s discretion, materially limits or unreasonably reduces the commercial viability or profitability of the Program. Either Party shall also have the right to terminate this Agreement upon the other Party’s failure to prevent violations of Law or engaging in unfair, deceptive or abusive acts or practices.
(ix)    Any change in applicable Law or interpretation of Law that makes the Program illegal or, in the reasonable discretion of either Party, undesirable or inadvisable provided, however, that if FB terminates this Agreement due to any change in applicable Law or an interpretation of Law, then FB will use its best commercial efforts to lawfully continue the Program for at least six (6) months from the date of termination or shorter time period if EM is able to replace FB with another financial institution.
(b)    Upon termination or expiration of this Agreement, FB shall pay EM all fees that are then due and payable.In order to preserve the goodwill of each Party with its customers, both Parties shall act in good faith and cooperate in order to ensure a smooth and orderly termination of their relationship and the transition and transfer of the Loans (including all customer data) from FB to a financial institution designated by EM.
(c)    Upon termination of this Agreement, but subject to compliance with applicable Law, EM may market financial products to Borrowers or Applicants who have not exercised their right to “opt-out” of marketing of such financial products. Unless jointly agreed upon in writing, FB may not directly market any products to Borrowers or Applicants.
(d)    Upon the termination or expiration of this Agreement, neither Party shall have any further liability with respect thereto, except that any payment obligations which accrued prior to termination or expiration hereof and the provisions of Sections 2(c)(iii), 4(c)-(e), 5, 6, 7, 8, 9, 10 and 11 shall survive the termination of this Agreement.
(e)    If either Party breaches this Agreement and such breach is continuing, then the non-defaulting Party shall be entitled to pursue, either before or after termination, such rights and remedies as may be available at law and in equity, in addition to those rights and remedies specifically provided for under this Agreement.
5.    Notices.
All notices pursuant hereto shall be in writing and shall be deemed to have been properly given, served and received (a) if delivered by messenger, when delivered, (b) if mailed, on the fifth (5th) Business Day after deposit in the United States mail certified, postage prepaid, return receipt requested, or (c) if delivered by reputable overnight express courier, freight prepaid, the next Business Day after delivery to such courier. Notices shall be addressed to the parties as set forth below:
If to EM:

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EF Marketing, LLC
4150 International Plaza, Suite 300
Fort Worth, Texas 76109
Attention:    Chief Executive Officer
Email:        

with a copy (for informational purposes only) to:

Coblentz Patch Duffy & Bass LLP
One Montgomery Street, Suite 3000
San Francisco, California 94104
Attention:    Paul J. Tauber, Esq.
Email:        pjt@cpdb.com

If to FB:

FinWise Bank
820 East 9400 South
Sandy, UT 84094
Attention:    David Tilis
Email:        

with a copy to:

Wachtel Missry LLP
885 Second Avenue, 47th Floor
New York, New York 10017
Attention:     Allan J. Weiss, Esq.
Email:        weiss@wmllp.com

6.    Confidentiality and Use of Confidential Information.
(a)    Ownership and Joint Marketing.
(i)    FB shall own all Customer Information, provided that use of such Customer Information by either Party shall be consistent with the limitations imposed by the Gramm Leach Bliley Act (“GLBA”) and the regulations promulgated thereunder including, without limitation, 12 CFR Part 364, Appendix B, and other privacy Laws applicable to the Parties.
(ii)    EM and FB consider themselves to be in a joint marketing relationship under this Agreement as defined in Section 216.13 of the Federal Reserve Regulation P (“Reg. P”). EM and FB shall describe the existence of such joint marketing relationship as required by Section 216.6(a)(5) of Reg. P in their initial, annual and/or revised privacy notices, as applicable. Consistent with Section 216.13 of Reg. P, EM and its Affiliates and Third Party Service Providers shall not disclose or use any Customer Information provided by FB other than to carry out the purposes designing, developing, and administering the Program, for the purposes described in Section 216.6(a) of Reg. P or as permitted pursuant to Reg. P.

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(iii)    EM shall not rent, sell, disclose or otherwise use Customer Information other than to perform such Party’s obligations pursuant to this Agreement. However, for purposes of clarification, EM may use any such information in non-personally identifiable format, either individually or comingled with other data, for purposes of reporting, marketing, making credit policy and underwriting decisions, and for other business purposes of EM.
(iv)    Notwithstanding the provisions of Section 6(a)(iii), subject to compliance with applicable Law, EM shall have the right and license to (A) co-mingle Customer Information with other data owned or used by EM and share such co-mingled data with other financial institutions working with EM or any of its Affiliates and (B) share all account data regarding Borrowers (excludes credit data) for use by EM and its Affiliates for underwriting purposes when an Affiliate of EM will be the lender. In addition, subject to compliance with applicable Law, EM shall have a right and license to use all Customer Data for its internal business purposes to monitor and improve the Program (including the security thereof) and any of the other programs sponsored or supported by EM or any of its Affiliates. The foregoing right and licenses shall be non-exclusive, perpetual and royalty-free. EM shall revise and maintain its privacy policy applicable to the Program to permit the foregoing.
(b)    FB and EM shall treat in confidence this Agreement and all non-public documents, materials, and all other information related to this Agreement including, but not limited to, all proprietary information, data, trade secrets, business information and other information of any kind whatsoever which (i) a Party (“Discloser”) discloses in writing to the other Party (“Recipient”) or to which Recipient obtains access in connection with the negotiation and performance of this Agreement, and which (ii) relates to (A) the Discloser or (B) consumers who have made confidential or proprietary information available to FB, EM or a Third Party Service Provider, that was obtained during the course of negotiations leading to, and during the performance of, this Agreement including, without limitation, Customer Information (collectively “Confidential Information”). Neither Party shall disclose Confidential Information to any third party, except that Confidential Information may be provided to a Governmental Authority having or asserting jurisdiction over a Party or a Party’s Affiliates, counsel, accountants, financial or tax advisors without the consent of the other Party; provided that, except for any Governmental Authority, such parties agree to hold such Confidential Information in confidence. As used herein, and for the avoidance of doubt, the term “Confidential Information” does not include information which (v) becomes generally available to the public other than as a result of a disclosure by a Party receiving such information, (w) is independently developed by a Recipient without violating this Agreement, (x) was available to the Recipient on a non-confidential basis prior to its disclosure to the Recipient, (y) becomes available to the Recipient on a non-confidential basis from a source other than the other Party; provided that such source is not bound by a confidentiality agreement with the other Party or otherwise prohibited from transmitting the information to the Recipient by a contractual, legal or fiduciary obligation, or (z) is required by Law to be disclosed.
(c)    If a Recipient is requested or required (by oral questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process) to disclose any Confidential Information, then such Recipient will provide the other Party with prompt notice of such request(s) so that the other Party may seek an appropriate protective order or other appropriate remedy and/or waive the Recipient’s compliance with the provisions of this Agreement. If the other Party does not seek such a protective order or other remedy, or such protective order or other remedy is not obtained, or the other Party grants a waiver hereunder, then the Recipient may furnish that portion (and only that portion) of the Confidential Information which the Recipient is legally compelled to disclose and will exercise such efforts to obtain reasonable assurance that confidential treatment will be accorded any Confidential Information so furnished as the Recipient would reasonably exercise in assuring the confidentiality of any 

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of its own Confidential Information. Notwithstanding the foregoing, the Recipient shall be permitted to disclose any Confidential Information, without notice to the Discloser, where such disclosure is in connection with a routine audit or examination by, or blanket document request from, a governmental entity or regulatory authority in the ordinary course of its supervisory or regulatory authority and not on its face focused on the Discloser.
(d)    The Recipient of Confidential Information shall not disclose or use such Confidential Information other than to carry out the purposes for which the Discloser has provided the Confidential Information, or for which one of its Affiliates or agents disclosed such Confidential Information to Recipient.
(e)    Recipient shall not disclose any Confidential Information other than on a “need to know” basis and then only, to the extent permitted by applicable Law, to: (i) Affiliates of Discloser, provided that such Affiliates shall be restricted in use and redisclosure of the Confidential Information to the same extent as Discloser; (ii) its employees, officers, auditors and attorneys; (iii) Affiliates of Recipient provided that such Affiliates shall be restricted in use and redisclosure of the Confidential Information to the same extent as Recipient; (iv) carefully selected subcontractors provided that such subcontractors shall have entered into a confidentiality agreement no less restrictive than the provisions of this Section 6; or (v) carefully selected independent contractors, agents, and consultants hired or engaged by Recipient, provided that all such persons are subject to a confidentiality agreement which shall be no less restrictive than the provisions of this Section 6. The restrictions set forth herein shall apply during the Term and shall continue following the termination hereof.
(f)    Upon the termination or expiration of this Agreement, or at any time upon the reasonable request of FB, EM shall return (or destroy) all FB Confidential Information in its possession or in the possession of any of its representatives, contractors or third parties. Any FB Confidential Information maintained in an electronic format shall be destroyed or returned to FB in a format as directed by FB or, in the event no directions have been received, in an industry standard format. Notwithstanding the foregoing, if EM is in possession of tangible property containing the FB Confidential Information, then EM may retain one archived copy of such material, subject to the terms of this Agreement, which may be used solely for regulatory or litigation purposes and may not be used for any other purpose. Compliance with this Section 6(f) shall be certified in writing, including a statement that no copies of FB Confidential Information have been retained, except as necessary for regulatory or litigation purposes.
7.    Specific Performance in the Event of Breach.
The Parties agree that monetary damages would not be adequate compensation in the event of a breach by the Recipient of its obligations under Section 6. Therefore, in the event of any such breach by the Recipient, in addition to its other remedies at law or in equity, the other Party shall be entitled to an order requiring the Recipient to specifically perform its obligations under Section 6 or enjoining the Recipient from breaching Section 6 without the necessity of posting a bond or other security, and the Recipient shall not plead in defense thereto that there would be an adequate remedy at law.
8.    Indemnification.
(a)    EM hereby agrees to indemnify and to hold harmless FB, its Affiliates and each of their respective officers, directors, managers, members, shareholders, employees, representatives, agents, attorneys, successors and permitted assigns of such entities (the “FB Indemnified Parties”) against any and 

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all claims, losses, liabilities, damages, penalties, demands, suits, judgments, settlements, costs, expenses and disbursements of any kind or nature whatsoever (collectively, “Losses”) suffered or incurred and as incurred by any such FB Indemnified Parties as a result of, or with respect to, or arising from any: (i) act, omission or failure by EM and/or any Third Party Service Provider retained by EM to fulfill any of its obligations under this Agreement; (ii) material inaccuracy of any representation or warranty made by EM or any Third Party Service Provider retained by EM pursuant to this Agreement; (iii) failure of EM or any Third Party Service Provider retained by EM to comply with the Program Guidelines, applicable Law or the organizational documents of EM; (iv) unlawful use of any Customer Information by EM or any Third Party Service Provider retained by EM; (v) any claim that the Promotional Material or any other aspect of the Program violates applicable Law; (vi) any infringement or alleged infringement by EM or by any of its Third Party Service Providers of any FB properties; and (vii) demands and claims made by any person or entity or representative thereof, either individually or as part of a class action by or on behalf of Borrowers and/or other persons, and any inquiries, investigation or action by any Governmental Authorities, in each case solely with respect to any act, omission or failure by EM and/or any Third Party Service Provider retained by EM in connection with the marketing of the Program in accordance with this Agreement; provided, however, in no event shall EM be liable to any FB Indemnified Party for the non-payment of principal, interest or fees by Borrowers on the Loans or for any Losses arising out of any of the foregoing to the extent arising from any (x) act of fraud, embezzlement or criminal activity of FB or any of its employees, agents or representatives, (y) negligence, gross negligence, willful misconduct or bad faith by FB or any of its employees, agents or representatives, or (z) failure of FB or any of its employees, agents or representatives to comply with, or perform, its obligations pursuant to this Agreement.
(b)    FB hereby agrees to indemnify and hold harmless EM, its Affiliates, and each of their respective officers, directors, managers, members, shareholders, employees, representatives, agents, attorneys, successors and permitted assigns of such entities (the “EM Indemnified Parties”) against any and all Losses suffered or incurred and as incurred by any such EM Indemnified Parties as a result of, or with respect to, or arising from any: (i) misrepresentation, breach of warranty or failure to fulfill a covenant of FB contained in this Agreement; (ii) act or omission of FB or any Third Party Service Provider retained by FB which violates any Law (except in the case of any actions or class actions as referenced in Section 8(a)(vi)), or the bylaws of FB; (iii) breach of any obligation under this Agreement by FB or any Third Party Service Provider retained by FB; or (iv) act or omission of FB or any Third Party Service Provider retained by FB which is contrary to any recommendation provided in writing by EM or any of its Affiliates; provided, however, in no event shall FB be liable to any EM Indemnified Party for any Losses arising out of any of the foregoing to the extent arising from any (x) act of fraud, embezzlement or criminal activity of EM or any of its employees, agents or representatives, (y) negligence, gross negligence, willful misconduct or bad faith by EM or any of its employees, agents or representatives, or (z) failure of EM or any of its employees, agents or representatives to comply with, or perform, its obligations pursuant to this Agreement.
(c)    The FB Indemnified Parties and the EM Indemnified Parties are sometimes referred to herein as the “Indemnified Parties” and EM or FB, as indemnitor hereunder, is sometimes referred to herein as the “Indemnifying Party.” An Indemnified Party shall not be entitled to indemnity from an Indemnifying Party for its own costs and expenses incurred in defending itself against a claim brought against it by an Indemnifying Party.
(d)    Any Indemnified Party seeking indemnification hereunder shall promptly notify the Indemnifying Party, in writing, of any indemnified Loss hereunder, specifying in reasonable detail the nature of the Loss, and, if known, the amount, or an estimate of the amount, of the Loss, provided that failure to promptly give such notice shall only limit the liability of the Indemnifying Party to the extent of 

15651.036 4832-8497-9304.9    16

the actual prejudice, if any, suffered by such Indemnifying Party as a result of such failure. The Indemnified Party shall provide to the Indemnifying Party as promptly as practicable thereafter information and documentation reasonably requested by such Indemnifying Party to support and verify the claim asserted.
(e)    Except in the case of Section 8(a)(v), in which case FB may at its option assume control of the defense of the matter and choose counsel appropriate to handle the matter, the Indemnifying Party may assume the defense of a claim which it is indemnifying, or prosecute a claim resulting from such indemnified claim, and may employ counsel chosen by the Indemnifying Party (which counsel shall be reasonably acceptable to the Indemnified Party) at the Indemnifying Party’s sole cost and expense. The Indemnified Party shall have the right, at its own expense, to reasonably employ counsel separate from counsel employed by the Indemnifying Party in any such action and to participate therein. The Indemnified Party shall not be liable for any settlement of any claim effected without its prior written consent, which shall not be unreasonably withheld or delayed, it being understood that the Indemnifying Party shall have no right to object to any equitable relief the Indemnified Party may agree to provide. However, if the Indemnifying Party does not assume the defense or prosecution of a claim within thirty (30) calendar days after notice thereof, the Indemnified Party may settle such claim without the Indemnifying Party’s consent. The Indemnifying Party shall not settle any claim which provides for any relief other than the payment of monetary damages by the Indemnifying Party without the Indemnified Party’s prior written consent, which shall not be unreasonably withheld or delayed. Whether or not the Indemnifying Party chooses to so defend or prosecute such claim, the Parties shall cooperate in the defense or prosecution thereof and shall furnish such records, information and testimony, and attend such conferences, discovery proceedings, hearings, trials and appeals, as may be reasonably requested in connection therewith, all at the Indemnifying Party’s sole cost and expense.
9.    Expenses.
Except as expressly provided in this Agreement, each Party shall be responsible for all expenses incurred in connection with this Agreement including, without limitation, the negotiation and drafting hereof and all expenses incurred in performing its respective duties set forth in Sections 1 and 2. If EM (a) requests that FB modify this Agreement or enter into another agreement with EM or (b) requires that FB enter into an agreement with a third party (other than a Third Party Service Provider) with respect to the Program, then EM shall reimburse FB for its reasonable legal fees and costs incurred in connection with the review and negotiation of such agreement.
10.    Miscellaneous.
(a)    Relationship. Neither the existence of this Agreement or any related agreements, nor their execution, is intended to be, nor shall it be construed to be, the formation of a partnership, joint venture or agency relationship between FB and EM. No employee of EM shall be deemed to be an employee of FB, nor shall any employee of FB be deemed an employee of EM.
(b)    Entire Agreement; Amendments. This Agreement supersedes any negotiations, discussions or communications between FB and EM and constitute the entire agreement of FB and EM with respect to the specific subject matter hereof. This Agreement may not be amended except by a written instrument duly executed on behalf of both Parties.
(c)    Waiver. Failure of any Party to insist, in one or more instances, on performance by any other Party in accordance with the terms and conditions of this Agreement shall not be deemed a waiver 

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or relinquishment of any right granted hereunder or of the future performance of any such term or condition or of any other term or condition of this Agreement unless and to the extent that such waiver is in a writing signed by or on behalf of the Party alleged to have granted such waiver.
(d)    Assignment. This Agreement is for the sole and exclusive benefit of the Parties and shall not be deemed to be for the benefit of any third party, including any Borrower. Neither Party shall assign or encumber any of its rights or delegate any of its obligations hereunder without prior written consent of the other Party. Any assignment or encumbrance in violation of the foregoing shall be void.
(e)    Notice. Unless prohibited by Law or Governmental Authority, each party shall provide the other with written notice promptly (but not later than five (5) Business Days) after becoming aware of any threatened or actual investigation, regulatory action, arbitration, lawsuit, fees or penalties pertaining to the Loans, this Agreement or any similar marketing agreements of third parties, the effect of which may materially impact the obligations or rights of the Parties under this Agreement.
(f)    Security Breach. Each Party shall promptly disclose to the other Party any breaches in security with respect to its operations affecting Customer Information, the identity or information regarding any Borrower or Applicant, or any breach relating to databases or information maintained by either Party with respect to the Loans, Borrowers, or Applicants. Each Party shall promptly report to the other Party when any such material intrusion has occurred, the estimated effect of the intrusion on the other Party and the Borrowers and Applicants, and the specific corrective actions taken or planned to be taken. In addition, each Party agrees that no Party nor Third Party Service Provider will make any material changes to its security procedures and requirements affecting the performance of its obligations hereunder which would materially lessen the security of its operations or materially reduce the confidentiality of any databases and information maintained with respect to the other Party, Borrowers, and Applicants without the prior written consent of the other Party.
(g)    Force Majeure. If either Party fails to perform its obligations under this Agreement in whole or in part as a consequence of events beyond its reasonable control (including, without limitation, acts of God, fire, explosion, public utility failure, accident, floods, embargoes, epidemics, war, terrorist acts, nuclear disaster or riot), then such failure to perform shall not be considered a breach of this Agreement during the period of such disability.  If any force majeure occurrence as set forth in this Section 10(g), then the disabled Party shall use commercially reasonable efforts to meet its obligations as set forth in this Agreement. The disabled Party shall promptly and in writing advise the other Party if it is unable to perform due to a force majeure event, the expected duration of such inability to perform and of any developments (or changes therein) that appear likely to affect the ability of that Party to perform any of its obligations hereunder in whole or in part. To the extent that the unaffected Party is unable to carry out the whole or any part of its obligations under this Agreement because a prerequisite obligation of the disabled Party has not been performed, such unaffected Party shall be excused from such performance.
(h)    Headings. The headings and captions of the several sections and subsections of this Agreement are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Agreement.
(i)    Jurisdiction, Venue and Service of Process. Subject to the provisions of Section 11 the Parties hereby consent to the exercise of jurisdiction over its person and its property by any federal or state court situated in the County of Salt Lake, Utah for the enforcement of this Agreement or in any other controversy, dispute or question arising hereunder, and each Party hereby waives any and all personal or 

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other rights to object to such jurisdiction for such purposes. Each Party, for itself and its successors and assigns, hereby waives any objection which it may have to the laying of venue of any such action or suit at any time, each Party agrees that service of process may be made, and personal jurisdiction over such Party obtained, by service of a copy of the summons, complaint and other pleadings required to commence such litigation by personal delivery or by United States certified or registered mail, return receipt requested, addressed to such party at its address for notices as provided in this Agreement. Each Party waives all claims of lack of effectiveness or error by reasons of any such service.
(j)    Signatures. This Agreement may be executed in multiple counterparts, each of which is an original but all of which together shall constitute one and the same document. Signatures received by facsimile, PDF file or other electronic format shall be deemed to be originals.
(k)    Other Opportunities. EM will explore opportunities to add FB as a bank partner on EM's ELASTIC-branded product during 2019. For purposes of clarification, this Section 10(k) does not create any legal binding obligation on EM or any of its Affiliates and is expressly contingent on the success of the Program.
11.    Governing Law and Dispute Resolution.
(a)    Governing Law. This Agreement shall be a contract made under, and governed and enforced in every respect by, the internal laws of the State of Utah, except to the extent preempted by federal law, without giving effect to its conflicts of law principles. Any dispute, controversy, or claim, whether contractual or non-contractual, between the parties arising directly or indirectly out of or connected with this Agreement, including claims relating to the breach or alleged breach of any representation, warranty, agreement, or covenant under this Agreement, unless mutually settled by the parties and including the determination of the scope or applicability of this agreement to arbitrate, shall be determined by arbitration in Salt Lake County, Utah, provided, however, that the foregoing shall not include any claims for declaratory relief. The arbitration shall be administered by JAMS pursuant to its (Comprehensive Arbitration Rules and Procedures). Judgment on the award may be entered in any court having jurisdiction. This clause shall not preclude the parties from seeking provisional remedies in aid of arbitration from a court of appropriate, except that the parties agree that the arbitration, the arbitrators’ authority and the relief available shall be limited as follows:
(i)    The arbitrators shall be obligated to apply the rules of evidence and the substantive laws of the State of Utah applicable to actions litigated in the courts of the State of Utah; and
(ii)    The arbitrators shall be deemed to have exceeded their powers, authority or jurisdiction if the award they render is not correct under the applicable law and properly admitted evidence, if the arbitrators grant relief not expressly permitted under this Agreement or if the arbitrators otherwise fail to comply with the terms and limitations of this paragraph. In the event of any conflict between the rules of JAMS and this Agreement, this Agreement will control. Any arbitration shall be conducted by arbitrators approved by the JAMS and mutually acceptable to the parties. All such disputes, controversies, or claims shall be conducted by a single arbitrator, unless the dispute involves more than $[***] in the aggregate in which case the arbitration shall be conducted by a panel of three (3) arbitrators. If the parties are unable to agree on the arbitrator(s), then JAMS shall select the arbitrator(s). The resolution of the dispute by the arbitrator(s) shall be final, binding, nonappealable, and fully enforceable by a court of competent jurisdiction under the Federal Arbitration Act. The arbitration award shall be in writing and shall include a statement of the reasons for the award. The arbitrator(s) shall award reasonable attorneys’ 

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fees and costs to the prevailing party. Process in any such action may be served upon any party in the manner provided for giving of notices to it herein. Notwithstanding the foregoing, the parties hereby consent to the jurisdiction of the state and federal courts located in Salt Lake County, Utah with respect to any action (A) to obtain injunctive or other equitable relief and (B) to enforce or dispute any arbitration award or to obtain, enforce or dispute any judgment relating thereto.
(b)    Waiver of Rights to Trial by Jury. EACH PARTY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AGREEMENT OR IN ANYWAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES WITH RESPECT TO THIS AGREEMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT EITHER PARTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY THEREOF OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.
(c)    Proceedings. If EM or any of its Affiliates becomes a party to any lawsuit, investigation or any other formal or other proceeding with any Governmental Authority regarding the Loans or the Program and FB is not then a party thereto, then, upon reasonable request, FB cooperate with EM or any Affiliate thereof, including, if acceptable to FB, filing an amicus curiae, so long as EM pays all reasonable legal fees and costs incurred in connection therewith.
12.    Limitation of Liability. EXCEPT WITH RESPECT TO DAMAGES OR CLAIMS ARISING DUE TO A PARTY’S WILLFUL MISCONDUCT, GROSS NEGLIGENCE, BREACH OF CONFIDENTIALITY OBLIGATIONS UNDER THIS AGREEMENT, OR ALLEGED OR ACTUAL INFRINGEMENT OF INTELLECTUAL PROPERTY, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, CONSEQUENTIAL, OR EXEMPLARY DAMAGES OR LOST PROFITS (EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES) ARISING OUT OF OR IN CONNECTION WITH THE PROGRAM.
[Signature Page Follows]

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IN WITNESS WHEREOF, FB and EM, intending to be legally bound hereby, have caused this Agreement to be executed by their duly authorized officers as of the Effective Date. 

	
			
	FINWISE BANK ("FB")
	 
	EF MARKETING, LLC ("EM")

	 
	 
	 

	By:      /s/ David Tilis                                                       
	 
	By:      /s/ Kenneth E. Rees                                                 

	Name:      David Tilis                                                  
	 
	Name:      Kenneth E. Rees                                            

	Its:            SVP                                                                       
	 
	Its:            CEO                                                                         

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EXHIBIT A

CERTAIN DEFINED TERMS
“Affiliate” with respect to either party means any entity including, without limitation, any corporation, partnership or limited liability company, that directly, or indirectly through one or more intermediaries, wholly-owns or is wholly owned by such party.
“Business Day” shall mean a day other than a Saturday, Sunday or federal holiday.
"Credit Model Policies" means the policies and procedures regarding model risk management which shall include (a) development processes and procedures, (b) testing/validation processes, (c) validation frequency and (d) monitoring of Third-Party Service Providers, but in any event, no less restrictive than provided for in FDIC Financial Institution Letter 22-2017, as such guidance may be updated from time to time.
"Credit Policy" means the credit requirements of FB to be used in reviewing all Applications.
“Customer Information” means, with respect to any Borrower or Applicant, any nonpublic information including, without limitation, names, addresses, telephone numbers, e-mail addresses, credit information, account numbers, social security numbers, loan balances or other loan information, and lists derived therefrom and any other information required to be kept confidential by the Requirements.
“Government List” means (i) the Annex to Presidential Executive Order 13224 (Sept. 23, 2001), (ii) OFAC’s most current list of “Specifically Designated National and Blocked Persons” (which list may be published from time to time in various mediums including, but not limited to, the OFAC website, http://www.treasury.gov/ofac/ downloads/t11sdn.pdf or any successor website or webpage) and (iii) any other list of terrorists, terrorist organizations or narcotics traffickers maintained by a Governmental Authority that FB notifies EM in writing is now included in “Government List”.
“Governmental Authority” shall mean any federal or state government (or any political subdivision of any of the foregoing), and any agency, authority, commission, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government, whether or not any such Governmental Authority has jurisdiction over a Party.
“Law” shall mean all state and federal codes, statutes, laws, permits, rules, regulations, interpretations, regulatory guidance or any similar pronouncement, ordinances, orders, policies, determinations or any officially published regulatory interpretation of the foregoing, judgments, writs, injunctions, decrees and common law and equitable rules, causes of action, remedies and principles as the same may be amended, modified, supplemented or superseded from time to time, and any requirements of any Governmental Authority with appropriate jurisdiction applicable to the acts of FB, EM or any Third-Party Service Provider as they relate to the Program or a Party's performance of their respective obligations under this Agreement.
"Loan" means an unsecured installment loan originated by FB under the Program and pursuant to that certain Technology and Support Agreement, of even date herewith, between FB and Elevate Decision Sciences, LLC. A general description of the Loans as Effective Date is attached hereto as Exhibit C.

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“Person” means any individual, corporation, partnership, limited liability company, joint venture, estate, trust, unincorporated association, any other entity, any Governmental Authority and any fiduciary acting in such capacity on behalf of any of the foregoing.
“Program” shall mean a lending program for the solicitation, marketing, and origination of Loans pursuant to Program Guidelines.
“Program Guidelines” shall mean those guidelines proposed by EM and approved by FB for the administration of the Program, including, but not limited to, the Credit Policy or Underwriting Criteria for the Loans (which shall include, without limitation, specific criteria for evaluating an Applicant’s ability to repay the Loan), the Credit Model Policies, charge-off and collection policies for the Loans, and all other operating procedures for the Loans, as such guidelines may be amended, modified or supplemented from time to time by FB in accordance with the terms of this Agreement.
“Third Party Service Provider” shall mean any third party providing services that EM or FB (as the context may require) is required to provide under this Agreement.
"Underwriting Criteria" means the underwriting requirements of FB to be used in reviewing all Applications on behalf of FB.
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