Document:

Document

Exhibit 10.17
			
	

	875 Stevenson Street, 5th Floor, San Francisco, CA 94103

November 23, 2020
Lauren StClair Waugh
[***]

Re:       Employment Terms
Dear Lauren:
NerdWallet, Inc. (“NerdWallet” or the “Company”) is pleased to offer you employment in the position of Chief Financial Officer on the following terms.
You will report to our CEO, Tim Chen.  You will work at our facility located in San Francisco, CA once we are able to return to the office.  Of course, the Company may change your position, duties, and work location from time to time in its discretion.
This offer will be contingent upon a background check clearance, satisfactory reference check, and satisfactory proof of your right to work in the United States being provided within three (3) business days of your date of hire. You agree provide any documentation or information at the Company’s request to facilitate these processes.
Compensation; Benefits
You will receive an annual salary of $500,000.00, less payroll deductions and with holdings, payable on the Company’s ordinary payroll cycle.   As an exempt salaried employee, you will be expected to work the Company’s normal business hours as well as additional hours as required by the nature of your work assignments, and you will not be entitled to overtime compensation.  During your employment, you will be eligible to participate in the standard benefits plans offered to similarly situated employees by the Company from time to time, subject to plan terms and generally applicable Company policies. Details about these benefits are available for your review.
The Company may change compensation and benefits from time to time in its discretion.
Equity
Subject to approval by the Company’s Board of Directors (the “Board”) and upon execution of the Company’s RSU Grant Notice, the Company, will recommend that you be granted a Restricted Stock Unit Award covering 315,000 shares of the Company’s Class A Common Stock (the “RSU Award”).  The RSU Award will be governed by the terms and conditions of the Restricted Stock Unit Award Agreement (which you are required to sign) and the Company’s 2012 Equity Incentive Plan (the “Plan”). Your RSU Award will vest over approximately four years, subject to a one-year vesting cliff (meaning none of the RSU Award will vest for approximately one year as measured from the date of grant of the RSU Award) and will generally vest quarterly thereafter, subject to your continuing to be a Service Provider as of each vesting date.
Subject to approval by the Board and upon execution of the Company’s Option Grant Notice, the Company will recommend that you be granted an option to purchase 630,000 shares of the Company’s Class A Common Stock at a price per share equal to the fair market value per share of the Common Stock on the date of grant, as determined by the Company’s Board of Directors. Twenty-five percent of the shares subject to the option shall vest twelve months after the date your employment begins, subject to 
NerdWallet | 875 Stevenson Street, 5th Floor, San Francisco, CA 94103 | nerdwallet.com

your continuing employment with the Company, and no shares shall vest before such date. The remaining shares shall vest monthly over the next thirty-six (36) months in equal monthly amounts subject to your continuing employment with the Company. This option grant shall be subject to the terms and conditions of the Company’s Equity Incentive Plan and Stock Option Agreement, including vesting requirements. No right to any stock is earned or accrued until such time that vesting occurs, nor does the grant confer any right to continue vesting or employment.
Terms of Employment
As a Company employee, you will be expected to abide by Company rules and policies (including but not limited to the Company’s employee handbook), as adopted or modified by the Company from time to time. As a condition of employment, you must sign and comply with the Confidential Information, Inventions Assignment and Arbitration Agreement set forth in Attachment A, which prohibits unauthorized use or disclosure of the Company’s proprietary information, among other obligations.
At-will Employment
Your employment relationship with the Company will be at-will.   Accordingly, you may terminate your employment with the Company at any time and for any reason whatsoever simply by notifying the Company; and the Company may terminate your employment at any time, with or without cause or advance notice.  Any contrary representations that may have been made to you are superseded by this offer. This is the full and complete agreement between you and the Company on this term.  Notwithstanding the foregoing, upon certain termination events, you will be entitled to the severance benefits as set forth in Attachment B.
Arbitration
To ensure the rapid and economical resolution of disputes that may arise in connection with your employment with the Company, you and the Company agree that any and all controversies, claims, or disputes with anyone (including the Company and any employee, officer, director, shareholder, or benefit plan of the company, in their capacity as such or otherwise), arising out of, relating to, or resulting from your employment with the Company or the termination of your employment with the Company shall be subject to binding arbitration  per the terms of the  attached Confidential Information, Inventions Assignment and Arbitration Agreement.
This letter, including Attachments A and B, forms the complete and exclusive statement of your employment agreement with the Company. It supersedes any other agreements or promises made to you by anyone, whether oral or written. Changes in your employment terms, other than those changes expressly reserved to the Company’s discretion in this letter, require a written modification signed by an officer of the Company. If any provision of this offer letter agreement is determined to be invalid or unenforceable, in whole or in part, this determination shall not affect any other provision of this offer letter agreement and the provision in question shall be modified so as to be rendered enforceable in a manner consistent with the intent of the parties insofar as possible under applicable law.  This letter may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

Please sign and date this letter, and the enclosed Employee Confidential Information, Inventions Assignment and Arbitration Agreement and return them to me by November 24, 2020, if you wish to accept employment at the Company under the terms described above. If you accept our offer, we would like you to start on December 16, 2020.
We look forward to your favorable reply and to a productive and enjoyable work relationship. 
Sincerely,
												
				
	/s/ Tim Chen			
	Tim Chen			
	Chief Executive Officer			
				
	Understood, Accepted and Agreed:			
	/s/ Lauren StClair Waugh
		11/24/2020	
				
	Lauren StClair Waugh		Date	
				
				
	[***]			

Attachments
Attachment A: Confidential Information, Inventions Assignment and Arbitration Agreement
Attachment B: Severance and Change in Control 

			
	

	875 Stevenson Street, 5th Floor, San Francisco, CA 94103

SCHEDULE B
SEVERANCE AND CHANGE IN CONTROL BENEFITS
1.    Severance.  If (i) your employment with the Company or its successor is involuntarily terminated without Cause (as defined below) or (ii) you resign your employment for Good Reason (as defined below), and in either case other than as a result of death or disability (an “Involuntary Termination”), subject to your delivery of an effective release agreement as described in Section 4(a) below, the Company will provide you with the following benefits (collectively, the “Severance”):
(a) cash severance equal to six (6) months of your then-current regular Base Salary (as defined below);
(b) reimbursement of the cost of COBRA coverage for six (6) months for you and your eligible dependents  provided  you  timely elect  coverage pursuant  to  the Consolidated  Omnibus Reconciliation Act of 1985, as amended (“COBRA”), within the time period prescribed pursuant to COBRA (or if COBRA coverage is not available or if the reimbursement of such premiums would cause the Company to potentially incur financial costs or penalties under applicable law, payment in a lump sum equal to the monthly cost of what the COBRA coverage would have been for such time period); and
(c) if such Involuntary Termination occurs within one month before or twelve (12) months following a Change in Control (as defined below), twelve (12) months of additional vesting, beyond your termination date, on the portion of any stock options, restricted share units or shares of the Company’s equity securities held by you that are then unvested or subject to a repurchase option in favor of the Company (the “Unvested Shares”), pursuant to vesting terms then applicable to such Unvested Shares.
2.    Exceptions. For the avoidance of doubt, you will not be entitled to Severance in any of the following circumstances: (a) your employment is terminated for Cause, (b) you voluntarily terminate employment and such termination does not constitute a Good Reason (voluntary terminations include, but are not limited to, resignation, retirement or failure to return from a leave of absence on the scheduled return date), or (c) your employment with the Company is terminated in order for you to accept employment with another entity that is wholly or partly owned (directly or indirectly) by the Company or an affiliate of the Company, provided, however, that this subsection (c) shall not be interpreted to limit your rights in the event of a Good Reason resignation.
3.    Severance Payments.
(a)    General Rules. Cash severance will be paid in equal bi-monthly installments paid over the applicable severance period on the Company’s regularly scheduled payroll periods, with such payment(s) occurring or commencing as soon as practicable following the effective date of your Involuntary Termination.  Severance payments shall be paid subject to applicable withholding for federal, state and local taxes.  In no event shall payment of the Severance begin prior to the effective date of the Release described in Section 4(a) below.

			
	

	875 Stevenson Street, 5th Floor, San Francisco, CA 94103

(b)    Application of Section 409A.  It is intended that any benefits under this letter satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), provided under Treasury Regulations Sections 1.409A 1(b)(4), and 1.409A 1(b)(9), and this letter will be construed to the greatest extent possible as consistent with those provisions, and to the extent not so exempt, this letter (and any definitions hereunder) will be construed in a manner that complies with Section 409A.  For purposes of Section 409A  (including,  without  limitation,  for  purposes  of  Treasury  Regulations  Section  1.409A 2(b)(2)(iii)), your right to receive any installment payments under this letter (whether severance payments, if any, or otherwise) shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment. A termination of employment shall not be deemed to have occurred for purposes of any provision of this letter providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement, references to a “resignation,” “termination,” “termination of employment” or like terms shall mean separation from service.  Notwithstanding any provision to the contrary in this Agreement, if you are deemed by the Company at the time of a separation from service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i), and if any  payments or benefits that you become entitled to under this letter on account of such separation from service are deemed to be “deferred compensation,” then to the extent delayed commencement of any portion of such payments or benefits is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) and the related adverse taxation under Section 409A, such payments shall not be provided prior to the earliest of (i) the expiration of the six-month period measured from the date of separation from service, (ii) the date of your death or (iii) such earlier date as permitted under Section 409A without the imposition of adverse taxation.   Upon the first business day following the expiration of such period, all payments deferred pursuant to this paragraph shall be paid in a lump sum, and any remaining payments due shall be paid as otherwise provided herein.  No interest shall be due on any amounts so deferred.
4.    Limitation of Benefits.
(a)    Release.  As a condition to your receipt of the Severance benefits described herein, you are required to comply with your continuing obligations (including the obligations of confidentiality and assignment of intellectual property rights, and return of any Company property) and resign from all positions you hold with the Company or its successors. In addition, as a condition to your receipt of the Severance benefits described herein, you are required to execute, and allow to become effective, the Company’s or the successor’s standard form of Release Agreement releasing any and all claims you may have against the Company and its successor within the time frame set forth therein (the “Release”), but not later than the 50th day following the date of your Separation from Service (the “Release Deadline”).  In the event that the Release Deadline falls in the calendar year following the year of your Involuntary Termination, the Severance payments will not begin until the start of the second calendar year.   The Company’s current form of release is set forth in Appendix B-1. 

			
	

	875 Stevenson Street, 5th Floor, San Francisco, CA 94103

(b)    WARN Act Offsets.  The Company, in its sole discretion, shall have the authority to reduce the cash severance benefits hereunder, in whole or in part, by any other severance benefits, pay in lieu of notice, or other similar benefits payable in connection with termination of employment pursuant to any applicable legal requirement, including, without limitation, the Worker Adjustment and Retraining Notification Act (the “WARN Act”).
(c)    Parachute Payments. If any payment or benefit in connection with a Change in Control or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be equal to the Reduced Amount.
The “Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in your receipt, on an after-tax basis, of the greater amount of the Payment, notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the following order: reduction of cash payments; cancellation of accelerated vesting of stock options; reduction of employee benefits. In the event that acceleration of vesting of stock options is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of such options (i.e., earliest granted option cancelled last) unless you elect in writing a different order for cancellation.
The accounting firm engaged by the Company for general audit purposes as of the day prior to the effective date of the Change in Control shall perform the foregoing calculations.  If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the Change in Control, the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder.
The accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and you within fifteen (15) calendar days after the date on which your right to a Payment is triggered (if requested at that time by the Company or you) or such other time as requested by the Company or you. If the accounting firm determines that no Excise Tax is payable with respect to a Payment, either before or after the application of the Reduced Amount, it shall furnish the Company and you with an opinion reasonably acceptable to you that no Excise Tax will be imposed with respect to such Payment.  Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and you.

			
	

	875 Stevenson Street, 5th Floor, San Francisco, CA 94103

5.    Definitions. As used herein, the following capitalized terms shall have their respective definitions set forth below: 
“Base Salary” shall mean your annual base pay (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation).
“Cause” shall mean any of the following: (1) conviction of any felony or any crime involving moral turpitude or dishonesty, (2) participation in a material fraud or material act of dishonesty against the Company, (3) willful and material breach of your duties that has not been cured within thirty (30) days after written notice from the Company of such breach, (4) intentional and material damage to the Company’s property, or (5) material breach of your Confidential Information and Inventions Assignment Agreement.
“Change in Control” means the occurrence of any of the following events:
(a)    Change in Ownership of the Company.   A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group ("Person"), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company, except that any change in the ownership of the stock of the Company as a result of a private financing of the Company that is approved by the Board will not be considered a Change in Control; or
(b)    Change in Effective Control of the Company.  If the Company has a class of securities registered pursuant to Section 12 of the Exchange Act, a change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this clause (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or
(c)    Change in Ownership of a Substantial Portion of the Company's Assets.  A change in the ownership of a substantial portion of the Company's assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions. For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.
For purposes of the definition of Change in Control, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.   Notwithstanding the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning of Code Section 409A, as it 

			
	

	875 Stevenson Street, 5th Floor, San Francisco, CA 94103

has been and may be amended from time to time, and any proposed or final Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time.  Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the jurisdiction of the Company's incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company's securities immediately before such transaction.
“Good Reason” shall mean any of the following actions taken by the Company or a successor corporation or entity without your consent: (w) reduction of your base compensation by 10% or more (excluding any such reduction that is replaced with a bonus plan of comparable value); (x) material reduction in your authority, duties or responsibilities, provided, however, that a change in job position (including a change in title) shall not be deemed a “material reduction” unless your new authority, duties or responsibilities are materially reduced from the prior authority, duties or responsibilities; (y) failure or refusal of a successor to the Company to materially assume the Company’s obligations under this Agreement in the event of a Change in Control as defined below; or (z) relocation of your principal place of employment that results in an increase in your one-way driving distance by more than fifty (50) miles from your then current principal residence.  In order to resign for Good Reason, you must provide written notice of the event giving rise to Good Reason to the Company within ninety (90) days after the condition arises, allow the Company thirty (30) days to cure such condition, and if the Company fails to cure the condition within such period, then your resignation from all positions you then hold with the Company must be effective not later than ninety (90) days after the end of the Company’s cure period. 

			
	

	875 Stevenson Street, 5th Floor, San Francisco, CA 94103

Appendix B-1
Form Release
1.    Release of Claims.  In exchange for separation payment, additional vesting and other consideration under this Agreement to which  you would not otherwise be entitled, you hereby generally and completely release the Company and its affiliated, related, parent and subsidiary corporations, and its and their present and former directors, officers, employees, shareholders, predecessors, successors, attorneys, insurers, agents and assigns (collectively, the “Released Parties”) from any and all claims, liabilities and obligations of any kind, both known and unknown, which you may now have or have ever had against any of them, that arise out of or are in any way related to events, acts, conduct, or omissions occurring at any time prior to your signing this Release Agreement (the “Released Claims”).  The Released Claims include, but are not limited to: (1) all claims arising out of or in any way related to your employment with the Company or the termination of that employment; (2) all claims related to your compensation or benefits from the Company, including salary, bonuses, commissions, vacation, expense reimbursements, severance pay, fringe benefits, stock, stock options or any other ownership interest in the Company; (3) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (5) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, and other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act (as amended), the federal Family and Medical Leave Act of 1993 (as amended), the federal Employee Retirement Income Security Act of 1974 (as amended), the federal Age Discrimination in Employment Act of 1967 (as amended) (the “ADEA”), the Older Workers Benefit Protection Act of 1990 (as amended), the California Fair Employment and Housing Act (as amended), and the California Family Rights Act (as amended).  Notwithstanding the foregoing, this Release shall not waive any rights or benefits that may not be waived pursuant to applicable law, including, without limitation, any right to indemnification pursuant to California Labor Code Section 2800 or Section 2802.  Nothing in this agreement prohibits  you from reporting possible violations of federal law or regulation to any governmental agency or regulatory authority, including but not limited to the Securities and Exchange Commission (the “SEC”), or from making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Moreover, you understand that this Release does not prohibit you from filing a charge with the Equal Employment Opportunity Commission (the “EEOC”) or equivalent state agency or participating in an EEOC or state agency investigation.  However, you hereby waive your right to monetary or other recovery should any claim be pursued with the EEOC, state agency, or any other federal, state or local administrative agency on your behalf arising out of or related to your employment or separation from employment with the Company, except to the extent, if any, such waiver is prohibited by applicable law.
2.    ADEA Waiver and Release.  You   acknowledge   that   you   are   knowingly   and voluntarily waiving and releasing any rights you may have under the ADEA.  You also acknowledge that the consideration given for the waiver and release in the preceding paragraph 

			
	

	875 Stevenson Street, 5th Floor, San Francisco, CA 94103

hereof is in addition to anything of value to which you were already entitled. You further acknowledge that you have been advised by this writing, as required by the ADEA, that:  (a) your waiver and release do not apply to any rights or claims that may arise after the execution date of this Agreement; (b) you have been advised hereby that you have the right to consult with an attorney prior to executing this Agreement; (c) you have up to twenty-one (21) days after the date you receive this Agreement within which to consider this Agreement (although you may choose to voluntarily execute this Agreement earlier); (d) you have seven (7) days following the date you sign this Agreement to revoke the Agreement (the “Revocation Period”) and (e) this Agreement will not be effective until the date upon which the Revocation Period has expired, which will be the eighth day after this Agreement is signed by you, provided that the Company has also executed this Agreement by that date.  If you choose to revoke this Agreement, you must deliver notice of such revocation in writing to the Company, by personal delivery or mail, to NerdWallet Inc., Attention General Counsel, 875 Stevenson Street, San Francisco, CA 94103. If mailed, the revocation must be properly addressed to the above addressee and postmarked no later than the last day of the Revocation Period.
3.    Section 1542 Waiver.  You understand that this Agreement includes a release of all known and unknown claims. In granting this release herein, which includes claims that may be unknown to you at present, you acknowledge that you have read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” You hereby expressly waive and relinquish all rights and benefits under that section and any law or legal principle of similar effect in any jurisdiction with respect to your release granted herein, including but not limited to the release of unknown and unsuspected claims granted in this Agreement.
4.    No Pending Actions or Lawsuits. You represent that you have no lawsuits, claims or actions pending in your name, or on behalf of yourself or any other person or entity, against any of the Released Parties.
5.    Acknowledgments and Representations.  You acknowledge and represent that you have not suffered any discrimination or harassment by any of the Released Parties on account of race, gender, age, national origin, religion, marital or registered domestic partner status, sexual orientation, disability, genetic information, veteran or military status, medical condition or any other characteristic protected by applicable law. You acknowledge and represent that you have not been denied any leave, benefits or rights to which you may have been entitled under any federal, state or local law, and that you have not suffered any job-related wrongs or injuries for which you have not already filed a claim. You further acknowledge and represent that your employment relationship with the Company was at- will and that you were not promised, explicitly or implicitly, employment for any specified period of time. You represent and warrant that all of the factual representations made herein, all of which induce the Company to enter into this agreement, are true in all material respects.
6.    Nondisparagement.  You agree not to disparage any of the Released Parties in any manner likely to be harmful to any of them or their business, business reputation or personal 

			
	

	875 Stevenson Street, 5th Floor, San Francisco, CA 94103

reputation, provided that you may respond accurately and fully to any question, inquiry or request for information when required by legal process. For purposes of this Agreement, “disparage” shall mean to make, publish or communicate any negative, belittling or derogatory statement, whether oral or written. You agree that the obligations under this Paragraph include (without limitation) refraining from publishing any disparaging remark on any blog, online social network or any other website, whether or not such comments are made anonymously. Notwithstanding the foregoing, this provision shall not in any way limit your right to file a charge with the EEOC or equivalent state or local agencies, to disclose any suspected violation of law to governmental entities, or to cooperate with investigations by any federal, state or local agencies or entities.Document

Exhibit 10.18

NerdWallet, Inc.
875 Stevenson Street, 5th Floor 
San Francisco, CA 94103
April 2, 2020 
VIA EMAIL
Laura Onopchenko 
[***]

Dear Laura:
This letter sets forth our agreement (the “Agreement”) in connection with the termination of your employment with NerdWallet, Inc. (the “Company”).
1.    Separation Date. Your last day of work and employment with the Company will be April 1, 2020 (the “Separation Date”) unless you resign your employment with the Company or the Company terminates your employment for Cause (as defined in the Stock Option Agreements) prior to that date.
2.    Payment of Earned Compensation. On the Separation Date, the Company will pay you all compensation and benefits due through the Separation Date as a result of services performed for the Company, subject to standard payroll deductions and withholdings. You are entitled to this payment regardless of whether or not you sign this Agreement.
3.    Transition Period. You acknowledge that your last day in the office was March 13, 2020. You acknowledge that between March 13, 2020 and the Separation Date (the “Transition Period”) the Company continued to pay you your current base salary, less standard payroll deductions and withholdings and your employee benefits continued through the Transition Period. You agree that during the Transition Period you did not represent or purport to represent the Company in any manner whatsoever to any third party and you did not enter into any contract or commitment on behalf of the Company.
4.    Separation Payment. The Company will pay you, as separation pay, the following amount: two hundred fifty thousand dollars ($250,000.00), which is equal to twenty-six (26) week’s salary, subject to standard payroll deductions and withholdings (the “Separation Payment”). To be eligible to receive the Separation Payment, on or within twenty-one (21) days after your receipt of this Agreement you must sign and return the Agreement to the Company, and you must allow the Agreement to become effective as described in Paragraph 13 below, and on or within twenty-one (21) days after the Separation Date, you must sign and return to the Company the Separation Date Release attached here to as Exhibit A and you must allow the Separation Date Release to become effective as described in Exhibit A. The Company will pay you the Separation Payment in thirteen (13) equal installments on the Company’s regular payroll dates, beginning with the first payroll date that is at least 5 business days after the effective date of the Separation Date Release, provided that you have returned all Company property as specified in Paragraph 10 below and that you continue to comply with all of your other obligations under this Agreement. If you resign your employment any time before the Separation Date for any reason or you are terminated for Cause, you will not be entitled to receive any compensation or benefits under this Agreement after the Separation Date. In addition, in the event that you are rehired by the Company during the period that you are receiving Separation Payment installments under the terms of this Agreement, as of the date 
1

you resume employment with the Company, you will no longer be entitled to receive Separation Payment installments under this Agreement and the Company shall cease making such payments to you. In addition, you may complete the executive coaching sessions already paid for by the Company, without costs to you.
5.    NerdWallet New Hire Equity. Pursuant to the Company’s 2012 Equity Incentive Plan (the “Plan”) and the Stock Option Agreements between you and the Company attached as Exhibit B (the “Stock Option Agreements”), all vesting in NerdWallet equity will cease on the Separation Date. Pursuant to the Stock Option Agreements, the Company granted you the stock options to purchase shares of the Company’s Class A Common Stock (taking your participation in the 2020 Secondary into account) set forth in Exhibit C. Exhibit C sets forth the number stock options that will have vested as of the Separation Date, subject to the other terms and conditions of the Stock Option Agreement. Other than the 585,713 vested and unexercised stock options set forth in Exhibit C (the “Vested Options”) and the 183,190 options described in Section 6 below, all other options will lapse on the Separation Date. Your options are subject to the terms of the Plan and the Stock Option Agreements. You are entitled to the Vested Options regardless of whether you sign this Separation Agreement. Provided that on or within twenty-one (21) days after your receipt of this Agreement you sign it and return it to the Company, and you allow the Agreement to become effective as described in Paragraph 13 below, and on or within twenty-one (21) days after the Separation Date, you sign and return to the Company the Separation Date Release attached here to as Exhibit A and you allow the Separation Date Release to become effective as described in Exhibit A, the period of time following the Separation Date during which you may exercise all vested stock options will be modified upon execution of the Amendment to Stock Option Agreement attached hereto as Exhibit D. You agree that you have no other stock options or equity holdings in the Company other than as set forth in Exhibit B and in Section 6 below.
6.    MTL Incentive Plan. You are a participant in the Company’s MTL Incentive Plan. While the MTL Incentive Plan has not yet vested, the Company will, subject to Board approval which condition is satisfied, partially accelerate your vesting under the MTL Incentive Plan such that you will receive two hundred thousand dollars ($200,000.00) under the MTL Cash Incentive Plan and an option award to purchase one hundred eighty three thousand and one hundred ninety (183,190) shares of the Company’s Class A Common Stock under the MTL Equity Incentive Plan (the “MTL Options”), provided that on or within twenty-one (21) days after your receipt of this Agreement you sign it and return it to the Company, and you allow the Agreement to become effective as described in Paragraph 13 below, and on or within twenty-one (21) days after the Separation Date, you sign and return to the Company the Separation Date Release attached here to as Exhibit A and you allow the Separation Date Release to become effective as described in Exhibit A. The foregoing cash amount will be paid in thirteen (13) equal installments over the same period of time as the Separation Payment in Section 4 above. Following the vesting of your MTL Options, the Company will enter into an Option Cancellation Agreement in the form attached as Exhibit E. No other stock options or cash bonuses under the MTL Incentive Compensation Program will vest and all other stock options shall lapse and no other cash bonus payments shall be made.
7.    Health Insurance. Your health insurance benefits will continue through the last day of the month in which the Separation Date occurs, provided that you remain eligible under the terms and conditions of the applicable plans. After your NerdWallet health insurance benefits end, to the extent provided by the federal COBRA law or, if applicable, state insurance laws, and by the Company’s current group health insurance policies, you will be eligible to continue your group health insurance benefits at your own expense. Later, you may be able to convert to an individual policy through the provider of the Company’s health insurance, if you wish. You may also be eligible for health insurance through one of the state marketplaces implementing the federal Patient Protection and Affordable Care Act (the “Affordable Care Act”) (in California, this is through Covered California). Soon after the Separation Date, a separate notice of your COBRA rights will be mailed to your home address on file with the Company. These 
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materials will also contain information about your options under the Affordable Care Act. The materials will inform you of the time limits for you to waive or elect coverage under both options. Provided you enter into and comply with this Agreement and you timely elect coverage under COBRA or the Affordable Care Act, the Company will pay the monthly cost of your COBRA premiums or up to an equivalent amount for premiums for health insurance coverage under the Affordable Care Act through October 31, 2020 (the “Health Insurance Assistance”).
8.    Other Compensation or Benefits. You acknowledge that, except as expressly provided in this Agreement, you will not have earned and will not receive any additional compensation, separation pay, or benefits after the Separation Date, with the exception of any vested right you may have under the express terms of a written ERISA-qualified benefit plan (e.g., 401(k) account).
9.    Expense Reimbursements. You agree that, within thirty (30) days after the Separation Date, you will submit your final documented expense reimbursement statement reflecting all business expenses you incurred through the Separation Date, if any, for which you seek reimbursement. The Company will reimburse you for these expenses pursuant to its regular business practice.
10.    Return Of Company Property. You must immediately upon the Company’s request, and no later than your Separation Date, return to the Company all Company documents (and all copies thereof) and other Company property in your possession or control that can be located upon a reasonable and diligent search, including, but not limited to: Company files, notes, memoranda, correspondence, agreements, draft documents, notebooks, logs, drawings, records, plans, proposals, reports, forecasts, financial information, sales and marketing information, research and development information, personnel information, specifications, code, software, databases, computer-recorded information, tangible property and equipment (including, but not limited to, computers, mobile phones, smartphones, PDAs, flash drives, external hard drives, and discs), credit cards, entry cards, identification badges and keys, and any materials of any kind that contain or embody any proprietary or confidential information of the Company (and all reproductions thereof in whole or in part). You represent that you have made a diligent search to locate any such documents, property and information. In addition, if you have used any non-Company computer, server, or e-mail system to receive, store, review, prepare or transmit any Company confidential or proprietary data, materials or information, you have provided the Company with a computer-useable copy of such information and permanently deleted and expunged such Company confidential or proprietary information from those systems. You agree to provide the Company access to such systems as requested to verify that the necessary copying and/or deletion is completed. You agree that, after the Separation Date, you will neither use nor possess Company property. You may retain a copies of your contacts, PST file, all compensation records, and such other documents you are allowed to retained under law, provided you do not use any trade secrets of the Company in the process. Your compliance with the terms of this Paragraph is a condition precedent to your eligibility to receive the Separation Payment described above.
11.    Proprietary Information Obligations. You acknowledge and reaffirm your obligations under your Confidential Information, Invention Assignment, and Arbitration Agreement (a copy of which is attached hereto as Exhibit D), which obligations shall continue during the Transition Period and after the Separation Date. Such obligations include, without limitation, the following: (1) you will refrain from any unauthorized use or disclosure of the Company’s Confidential Information or materials, unless otherwise permitted by applicable law; and (2) for a period of twelve (12) months after the Separation Date, you will not use unlawful means, including the use of Confidential Information, to directly or indirectly solicit any of the Company’s employees to leave their employment with the Company. Nothing in this Agreement or the Confidential Information, Invention Assignment, and Arbitration Agreement is intended to interfere with or discourage a good faith disclosure to any governmental entity related to a suspected violation of the law. You cannot and will not be held criminally or civilly liable under any federal or state trade secret law for disclosing 
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otherwise protected trade secrets and/or confidential or proprietary information as long as the disclosure is made in (i) confidence to a federal, state, or local government official, directly or indirectly, or to an attorney and solely for the purpose of reporting or investigating a suspected violation of law; or (ii) a complaint or other document filed in a lawsuit or other proceeding, as long as such filing is made under seal.
12.    Release of Claims. In exchange for Transition Period, Separation Payment, Health Insurance Assistance and other consideration under this Agreement to which you would not otherwise be entitled, you hereby generally and completely release the Company and its affiliated, related, parent and subsidiary corporations, and its and their present and former directors, officers, employees, shareholders, predecessors, successors, attorneys, insurers, agents and assigns (collectively, the “Released Parties”) from any and all claims, liabilities and obligations of any kind, both known and unknown, which you may now have or have ever had against any of them, that arise out of or are in any way related to events, acts, conduct, or omissions occurring at any time prior to your signing this Release Agreement (the “Released Claims”). The Released Claims include, but are not limited to: (1) all claims arising out of or in any way related to your employment with the Company or the termination of that employment; (2) all claims related to your compensation or benefits from the Company, including salary, bonuses, commissions, vacation, expense reimbursements, severance pay, fringe benefits, stock, stock options or any other ownership interest in the Company; (3) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (5) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, and other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act (as amended), the federal Family and Medical Leave Act of 1993 (as amended), the federal Employee Retirement Income Security Act of 1974 (as amended), the federal Age Discrimination in Employment Act of 1967 (as amended) (the “ADEA”), the Older Workers Benefit Protection Act of 1990 (as amended), the California Fair Employment and Housing Act (as amended), and the California Family Rights Act (as amended).
13.    ADEA Waiver and Release. You acknowledge that you are knowingly and voluntarily waiving and releasing any rights you may have under the ADEA. You also acknowledge that the consideration given for the waiver and release in the preceding paragraph hereof is in addition to anything of value to which you were already entitled. You further acknowledge that you have been advised by this writing, as required by the ADEA, that: (a) your waiver and release do not apply to any rights or claims that may arise after the execution date of this Agreement; (b) you have been advised hereby that you have the right to consult with an attorney prior to executing this Agreement; (c) you have up to twenty-one (21) days after the Separation Date to consider this Agreement; (d) you have seven (7) days following the date you sign this Agreement to revoke the Agreement (the “Revocation Period”) and (e) this Agreement will not be effective until the date upon which the Revocation Period has expired, which will be the eighth day after this Agreement is signed by you, provided that the Company has also executed this Agreement by that date. If you choose to revoke this Agreement, you must deliver notice of such revocation in writing to the Company, by personal delivery or mail, to NerdWallet Inc., Attention General Counsel, 875 Stevenson Street, San Francisco, CA 94103. If mailed, the revocation must be properly addressed to the above addressee and postmarked no later than the last day of the Revocation Period.
14.    Section 1542 Waiver. You understand that this Agreement includes a release of all known and unknown claims. In granting this release herein, which includes claims that may be unknown to you at present, you acknowledge that you have read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her would have materially affected his or her settlement with the debtor or released party.” You hereby expressly waive and relinquish all rights and benefits under that section and any law or legal principle of similar effect in any jurisdiction with respect to your release granted herein, including but not limited to the release of unknown and unsuspected claims granted in this 
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Agreement. Notwithstanding anything to the contrary in this Agreement, the following are not included in the Released Claims (the “Excluded Claims”): (i) any rights or claims for indemnification you may have pursuant to any written indemnification agreement with the Company or its affiliates to which you are a party or third party beneficiary, the charter, bylaws, or operating agreements of the Company or its affiliates, or under applicable law; (ii) any rights under the Company’s director and officer insurance policy, and any other Company insurance policy; (iii) any rights or claims which are not waivable as a matter of law, including without limitation claims under the California Fair Employment and Housing Act, to the extent such claims are not waivable as a matter of law with this release; (iv) any rights you have to file or pursue a claim for workers’ compensation or unemployment insurance; and (v) any claims for breach of this Agreement. Company hereby warrants and represents that it does not know or suspect of any misconduct by you that would or could allow it to argue it may not have to perform as contemplated under this Agreement.
15.    Separation Date Release. In exchange for the Transition Period, Separation Payment and other consideration under this Agreement to which you would not otherwise be entitled, you must sign and return to the Company the Separation Date Release attached hereto as Exhibit A on or within twenty-one (21) days after the Separation Date and you must allow the Separation Date Release to become effective as described in Exhibit A.
16.    No Interference with Rights. Nothing in this Agreement is intended to waive claims (i) for unemployment or workers’ compensation benefits, (ii) for vested rights under ERISA-covered employee benefit plans as applicable on the date you sign this Agreement, (iii) that may arise after you sign this Agreement, (iv) for reimbursement of expenses under the Company’s expense reimbursement policies, or (v) which cannot be released by private agreement. In addition, nothing in this Agreement including but not limited to the acknowledgments, release of claims, proprietary information obligations, non- disparagement, and confidentiality provisions, waives your right to testify in an administrative, legislative, or judicial proceeding concerning alleged criminal conduct or alleged sexual harassment on the part of the Company, or on the part of the agents or employees of the Company, when you have been required or requested to attend such a proceeding pursuant to a court order, subpoena, or written request from an administrative agency or the legislature, prevents you from communicating with, filing a charge or complaint with or from participating in an investigation or proceeding conducted by the Equal Employment Opportunity Commission, National Labor Relations Board, the Securities and Exchange Commission, or any other any federal, state or local agency charged with the enforcement of any laws, including providing documents or any other information, or limits you from exercising rights under Section 7 of the NLRA to engage in protected, concerted activity with other employees, although by signing this Agreement you are waiving rights to individual relief (including backpay, frontpay, reinstatement or other legal or equitable relief) in any charge, complaint, or lawsuit or other proceeding brought by you or on your behalf by any third party, except for any right you may have to receive a payment or award from a government agency (and not the Company) for information provided to the government agency or otherwise where prohibited.
17.    No Pending Actions or Lawsuits. You represent that you have no lawsuits, claims or actions pending in your name, or on behalf of yourself or any other person or entity, against any of the Released Parties.
18.    Acknowledgments and Representations. You acknowledge and represent that you have not suffered any discrimination or harassment by any of the Released Parties on account of race, gender, age, national origin, religion, marital or registered domestic partner status, sexual orientation, disability, genetic information, veteran or military status, medical condition or any other characteristic protected by applicable law. You acknowledge and represent that you have not been denied any leave, benefits or rights to which you may have been entitled under any federal, state or local law, and that you have not suffered any job-related wrongs or injuries for which you have not already reported to the Company. You have not raised a claim of sexual harassment or abuse with the Company. You have had the opportunity to provide the Company with written notice of any and all concerns regarding suspected ethical and 
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compliance issues or violations on the part of the Company. You further acknowledge and represent that your employment relationship with the Company was at-will and that you were not promised, explicitly or implicitly, employment for any specified period of time. You represent and warrant that all of the factual representations made herein, all of which induce the Company to enter into this agreement, are true in all material respects.
19.    Nondisparagement. You agree not to disparage, defame, libel or slander the Company or its C-level executives or any of the Released Parties in any manner likely to be harmful to any of them or their business, business reputation or personal reputation, provided that you may respond accurately and fully to any question, inquiry or request for information when required by legal process. For purposes of this Agreement, “disparage” shall mean to make, publish or communicate any negative, belittling or derogatory statement, whether oral or written. You agree that the obligations under this Paragraph include (without limitation) refraining from publishing any disparaging remark on any blog, online social network or any other website, whether or not such comments are made anonymously. Notwithstanding the foregoing, this provision shall not in any way limit your right to file a charge with the EEOC or equivalent state or local agencies, to disclose any suspected violation of law to governmental entities, or to cooperate with investigations by any federal, state or local agencies or entities. Nothing in this Non-Disparagement paragraph or this Agreement in general shall be construed to prevent the disclosure of factual information related to any acts of sexual assault, sexual harassment, workplace harassment or discrimination based on sex, failure to prevent an act of workplace harassment or discrimination based on sex, or act of retaliation against a person for reporting harassment or discrimination based on sex or impose any restraint or limit beyond what is allowed under California Business and Professions Code Section 16600. The Company agrees that its C-level executives and Robert Lattuga will not, during the period of time while they are employees of Company, disparage, defame, libel or slander  you.
20.    Non-Admission. This Agreement shall not be construed as an admission by any Released Party of any liability or acts of wrongdoing or unlawful discrimination, nor shall it be considered to be evidence of such liability, wrongdoing, or unlawful discrimination.
21.    Job References. You should direct any job reference inquiries to the Company at voe@nerdwallet.com. Pursuant to Company policy, in response to any such inquiries, the Company will disclose only the position you held and the dates of employment. The Company will confirm your salary in response to any such inquiry only if you submit a signed request to the Company to disclose such information.
22.    Unemployment Benefits.       You may be eligible to receive unemployment benefits after the Separation Date. Whether you receive benefits will be determined by the State.
23.    Confidentiality. The provisions of this Agreement will be held confidential by you; provided, however, that: (a) you may disclose this Agreement to your immediate family; (b) you may disclose this Agreement in confidence to your attorneys, accountants, auditors, tax preparers, and financial advisors; and (c) you may disclose this Agreement insofar as such disclosure may be necessary to enforce its terms or as otherwise required by law. In particular, and without limitation, you agree not to disclose the terms of this Agreement to any current or former Company employee, consultant, or independent contractor. Nothing in this Confidentiality paragraph or this Agreement in general shall be construed to prevent the disclosure of factual information related to any acts of sexual assault, sexual harassment, workplace harassment or discrimination based on sex, failure to prevent an act of workplace harassment or discrimination based on sex, or act of retaliation against a person for reporting harassment or discrimination based on sex. The provisions of this Agreement will be held confidential by Company; provided, however, that: Company may disclose this Agreement: (a) to legal counsel, auditors, accountants and advisors; (b) to accountants, banks, and financing sources and their advisors for the purposes of a financial transaction; (c) in connection with the enforcement of this Agreement or rights under this Agreement; (d) in connection with an actual or proposed merger, acquisition, or similar transaction for use in the due diligence investigation in connection with such transaction; (e) to 
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government agencies, as required by law as determined by Company counsel, including without limitation public filings to the Securities and Exchange Commission (SEC).
24.    Applicable Law and General Provisions. This Agreement, including Exhibit A and Exhibit B, constitutes the complete, final and exclusive embodiment of the entire agreement between you and the Company with regard to its subject matter. It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties, or representations. This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company. This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, and your and its heirs, successors and assigns. Any waiver of a breach of this Agreement shall be in writing and shall not be deemed to be a waiver of any successive breach. For purposes of construing this Agreement, any ambiguities shall not be construed against either party as the drafter. If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Agreement and the provision in question will be modified so as to be rendered enforceable in a manner consistent with the intent of the parties insofar as possible. This Agreement will be deemed to have been entered into and will be construed and enforced in accordance with the laws of the State of California as applied to contracts made and to be performed entirely within California. This agreement may be executed in counterparts which shall be deemed to be part of one original, and facsimile signatures shall be equivalent to original signatures. 
If you wish to accept the offer set forth in this Agreement you must sign and return this Agreement to the Company on or within twenty-one days after the date you receive the Agreement and allow it to become effective, as described in Paragraph 13 above, and you must sign and return the Separation Date Release attached as Exhibit A to the Company on or within twenty-one (21) days after the Separation Date and allow the Separation Date Release to become effective, as described in Exhibit A.
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If this Agreement is acceptable to you, please sign below and return the original to me. 
Laura, we wish you the best in your future endeavors.
Sincerely,
NERDWALLET, INC.
			
	By: /s/Tim Chen

Tim Chen 
CEO
Exhibit A – Separation Date Release 
Exhibit B – Stock Option Agreements 
Exhibit C – Equity Information
Exhibit D – Stock Option Agreement Amendment
Exhibit E – Option Cancellation Agreement
Exhibit F – Confidential Information Invention Assignment and Arbitration Agreement
In exchange for the Separation Payment and other consideration under this Agreement to which I would not otherwise be entitled, I am entering into this Agreement voluntarily, deliberately, and with all information needed to make an informed decision to enter this Agreement, and have been given the opportunity to ask any questions regarding this Agreement and given notice of and an opportunity to retain an attorney or am already represented by an attorney.
															
	DocuSigned by:				
					
	/s/ Laura Onopchenko		DATE:	4/3/2020	
	Laura Onopchenko				

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EXHIBIT D
AMENDMENT TO STOCK OPTION AGREEMENT
This Amendment to Stock Option Agreement (this “Amendment”) is made and entered into between NerdWallet, Inc., a Delaware corporation (the “Company”) and Laura Onopchenko (the “Participant”). Capitalized terms used in this Amendment but not otherwise defined in this Amendment shall the meanings ascribed to such terms in the respective Award Agreements (as defined below).
RECITALS
WHEREAS, Company and Participant are parties to those certain Stock Option Agreements under the NerdWallet, Inc. 2012 Equity Incentive Plan (together, the “Award Agreements”), pursuant to which the Company has granted the Participant the non-qualified stock options (“NQSOs”) and incentive stock options (“ISOs”) respectively set forth on Appendix A hereto;
WHEREAS, Participant’s options ceased vesting on April 1, 2020 and as shown on Appendix A, Participant holds vested and unexercised stock options as of April 1, 2020 (the “Vested Options”); and
WHEREAS, in connection with the Separation Agreement to which this Amendment is attached (the “Separation Agreement”), the Company and Participant desire to modify the post-termination exercise period of the Vested Options as set forth herein.
NOW, THEREFORE, the parties hereto hereby agree to amend each respective Award Agreement as follows:
1.    AMENDMENT.
(a)    The section of the Award Agreements for the Vested Options titled “Termination Period” shall be deleted in its entirety and replaced with the following:
“This Option shall be exercisable until the earlier of (i) April 1, 2022 or (ii) the term of the Option set forth above; provided that this Option may be subject to earlier termination as provided in Section 13 of the Plan.”
2.    MISCELLANEOUS.
(a)    This Amendment shall go into effect upon execution by both the Company and the Participant. This Amendment is made a part of, and is incorporated into the Award Agreements and is subject to all provisions therein (as amended hereby), including the amendments, waivers, notices, governing law and entire agreement provisions thereof.
(b)    Facsimile transmission of any signed original document and/or retransmission of any signed facsimile transmission will be deemed the same as delivery of an original. This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.
IN WITNESS WHEREOF, the Company and the Participant have executed and delivered this Amendment as of the date set forth below.
Date:  __________________

															
		NERDWALLET, INC.		
					
				
		By: 	Tim Chen		
			President & CEO		
					
		PARTICIPANT		
					
				
		By: 	Laura Onopchenko		

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