Document:

EX-10.4

 Exhibit 10.4 

OPEN LENDING CORPORATION 

SENIOR EXECUTIVE CASH INCENTIVE BONUS PLAN 
  

	1.	 Purpose 

This Senior Executive Cash Incentive Bonus Plan (the “Incentive Plan”) is intended to provide an
incentive for superior work and to motivate eligible executives of Open Lending Corporation (the “Company”) and its subsidiaries toward even higher achievement and business results, to tie their goals and interests to those
of the Company and its stockholders and to enable the Company to attract and retain highly qualified executives. The Incentive Plan is for the benefit of Covered Executives (as defined below). 

 

	2.	 Covered Executives 

From time to time, the Compensation Committee of the Board of Directors of the Company (the “Compensation
Committee”) may select certain key executives (the “Covered Executives”) to be eligible to receive bonuses hereunder. Participation in the Incentive Plan does not change the “at
will” nature of a Covered Executive’s employment or other service provider relationship with the Company. 
  

	3.	 Administration 

The Compensation Committee shall have the sole discretion and authority to administer and interpret the Incentive Plan. 

 

	4.	 Bonus Determinations 

(a)    Corporate Performance Goals. A Covered Executive may receive a bonus payment under the Incentive Plan based
upon the attainment of one or more performance objectives that are established by the Compensation Committee and relate to financial and operational metrics with respect to the Company or any of its subsidiaries (the “Corporate
Performance Goals”), including the following: cash flow (including, but not limited to, operating cash flow and free cash flow); research and development, publication, clinical and/or regulatory milestones; revenue; earnings before
interest, taxes, depreciation and amortization; net income (loss) (either before or after interest, taxes, depreciation and/or amortization); changes in the market price of the Company’s common stock; economic value-added; acquisitions or
strategic transactions; operating income (loss); return on capital, assets, equity, or investment; return on sales; total shareholder return; gross or net profit levels; productivity; expense efficiency; margins; operating efficiency; customer
satisfaction; working capital; earnings (loss) per share of the Company’s common stock; bookings, new bookings or renewals; sales or market share; coverage decisions; leadership development, employee retention, recruiting, diversity and
inclusion and other human resources matters; number of customers, number of new customers or customer references; performance of insurance programs, operating income and/or net annual recurring revenue, any of which may be (A) measured in
absolute terms or compared to any incremental increase, (B) measured in terms of growth, (C) compared to another company or companies or to results of a peer group, (D) measured against the market as a whole and/or as 

 compared to applicable market indices and/or (E) measured on a
pre-tax or post-tax basis (if applicable). Further, any Corporate Performance Goals may be used to measure the performance of the Company as a whole or a business unit
or other segment of the Company, or one or more product lines or specific markets. The Corporate Performance Goals may differ from Covered Executive to Covered Executive.  

(b)    Calculation of Corporate Performance Goals. At the beginning of each applicable performance period, the
Compensation Committee will determine whether any significant element(s) will be included in or excluded from the calculation of any Corporate Performance Goal with respect to any Covered Executive. In all other respects, Corporate Performance Goals
will be calculated in accordance with the Company’s financial statements, generally accepted accounting principles, or under a methodology established by the Compensation Committee at the beginning of the performance period and which is
consistently applied with respect to a Corporate Performance Goal in the relevant performance period. 

(c)    Target; Minimum; Maximum. Each Corporate Performance Goal shall have a “target” (i.e.,
100 percent attainment of the Corporate Performance Goal) and may also have a “minimum” hurdle and/or a “maximum” amount. 

(d)    Bonus Requirements; Individual Goals. Except as otherwise set forth in this Section 4(d): (i) any
bonuses paid to Covered Executives under the Incentive Plan shall be based upon objectively determinable bonus formulas that tie such bonuses to one or more performance targets relating to the Corporate Performance Goals, (ii) bonus formulas
for Covered Executives shall be adopted in each performance period by the Compensation Committee and communicated to each Covered Executive at the beginning of each performance period and (iii) no bonuses shall be paid to Covered Executives
unless and until the Compensation Committee makes a determination with respect to the attainment of the performance targets relating to the Corporate Performance Goals. Notwithstanding the foregoing, the Compensation Committee may adjust bonuses
payable under the Incentive Plan based on achievement of one or more individual performance objectives or pay bonuses (including, without limitation, discretionary bonuses) to Covered Executives under the Incentive Plan based on individual
performance goals and/or upon such other terms and conditions as the Compensation Committee may in its discretion determine. 

(e)    Individual Target Bonuses. The Compensation Committee shall establish a target bonus opportunity for each
Covered Executive for each performance period. For each Covered Executive, the Compensation Committee shall, in its discretion, have the authority to apportion the target award so that a portion of the target award shall be tied to attainment of
Corporate Performance Goals and a portion of the target award shall be tied to attainment of individual performance objectives, if desired. 

(f)    Service Requirement. Subject to any additional terms contained in a written agreement between the Covered
Executive and the Company, the payment of a bonus to a Covered Executive with respect to a performance period shall be conditioned upon the Covered Executive’s continuous service with the Company on the bonus payment date, unless otherwise
determined by the Compensation Committee. If an executive becomes a Covered Executive and participant in the Incentive Plan during a performance period and was not employed or providing services for the entire performance period, the Compensation
Committee may pro rate the bonus based on the number of days employed or providing services during such period. 

  
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	5.	 Timing of Payment 

(a)    With respect to Corporate Performance Goals established and measured on a basis more frequently than annually (e.g.,
quarterly or semi-annually), the Corporate Performance Goals will be measured at the end of each performance period after the Company’s financial reports with respect to such period(s) have been published. If the Corporate Performance Goals
and/or individual goals for such period are met, payments will be made as soon as practicable following the end of such period, but not later than March 15 of the year following the fiscal year in which such performance period ends. 

(b)    With respect to Corporate Performance Goals established and measured on an annual or multi-year basis, Corporate
Performance Goals will be measured as of the end of each such performance period (e.g., the end of each fiscal year) after the Company’s financial reports with respect to such period(s) have been published. If the Corporate Performance Goals
and/or individual goals for any such period are met, bonus payments will be made as soon as practicable, but not later than two and one half
(2-1/2) months after the end of the relevant fiscal year. 

(c)    For the avoidance of doubt bonuses earned at any time in a fiscal year must be paid no later than two and one half
(2-1/2) months after the last day of such fiscal year. 
  

	6.	 Amendment and Termination 

The Company reserves the right to amend or terminate the Incentive Plan at any time in its sole discretion. 

  
 3EX-10.5

 Exhibit 10.5 

OPEN LENDING CORPORATION 

NON-EMPLOYEE DIRECTOR COMPENSATION 

POLICY 
 The purpose of this Non-Employee Director Compensation Policy (the “Policy”) of Open Lending Corporation (the “Company”), is to provide a total compensation package that enables the Company to attract
and retain, on a long-term basis, high-caliber directors who are not employees or officers of the Company or its subsidiaries (“Outside Directors”). Members of the Board who are employed by or otherwise affiliated with any private
equity firm or company which is an investor in the Company (“Investor Directors”) will not be eligible to receive any cash retainers or other form of compensation in connection with their service on the Board. This Policy will
become effective as of the effective time of the registration statement for the Company’s initial public offering of equity securities (the “Effective Date”). 

In furtherance of the purpose stated above, all Outside Directors, except for any Investor Directors, shall be paid compensation for services provided to the
Company as set forth below: 
 Cash Retainers 

The Company shall pay cash retainers to the members of its Board (the “Board”) and the committees thereof as set forth below, such retainers
to be (i) paid for the directors’ general availability and participation in meetings and conference calls, (ii) paid quarterly in arrears and (iii) pro-rated based on the number of actual
days served by the director on the Board or applicable committee during such calendar quarter or year. 
  

					
	 Annual Retainer for Board Membership:
	  	$	50,000	 
	 Additional Annual Retainers for Committee Chairs:
	  			
	 Audit Committee Chair:
	  	$	15,000	 
	 Compensation Committee Chair:
	  	$	10,000	 
	 Nominating and Corporate Governance Committee Chair:
	  	$	10,000	 

 Note: Committee chair retainers are in addition to retainers for members of the Board. No additional
compensation will be paid for attending any Board meetings or other individual committee meetings of the Board. 
 Equity Retainers 

Initial Award: An initial, one-time restricted stock unit award (the “Initial Award”) with a
Value (as defined below) of $50,000 will be granted to each new Outside Director upon his or her election to the Board, which shall vest in full on the first anniversary of the date of grant, provided, however, that all vesting shall cease if the
director resigns from the Board or otherwise ceases to serve as a director of the Company and the Initial Award will be forfeited. This Initial Award applies only to Outside Directors who are first elected to the Board subsequent to the 

  
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 Effective Date. If a new Outside Director joins the Board on a date other than the date of the Annual
Meeting of Stockholders of the Company following the Effective Date (the “Annual Meeting”), then such Outside Director will be granted a pro-rata portion of the Initial Award based on the time
between such Outside Director’s appointment and the next Annual Meeting (provided, that for any Outside Director who served on the Board during the calendar year that this Policy is adopted, no such proration shall apply to the Initial Award).
Such grant shall occur as soon as administratively practicable following such Outside Director’s appointment to the Board. 
 Annual Award: On
each date of each Annual Meeting following the Effective Date, each continuing Outside Director, other than a director receiving an Initial Award, will receive an annual restricted stock unit award (the “Annual Award”) with a Value
of $50,000, which shall vest in full upon the earlier of (i) the first anniversary of the date of grant or (ii) the date of the next Annual Meeting; provided, however, that all vesting shall cease if the director resigns from the Board or
otherwise ceases to serve as a director, unless the Board determines that the circumstances warrant continuation of vesting. 
 Value: For purposes
of this Policy, “Value” means with respect to any award of restricted stock or restricted stock units the product of (A) the closing market price on Nasdaq Global Market (or such other market on which the Company’s common
stock is then principally listed) of one share of the Company’s common stock on the grant date, and (B) the aggregate number of shares of common stock underlying such award. 

Sale Event Acceleration: All outstanding Initial Awards and Annual Awards held by an Outside Director shall become fully vested and nonforfeitable upon
a Sale Event (as defined in the Company’s 2020 Stock Option and Incentive Plan). 
 Expenses 

The Company will reimburse all reasonable out-of-pocket expenses incurred by non-employee directors in attending meetings of the Board or any committee thereof. 
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Adopted: November 5, 2020. 

  
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