Document:

EX-10.6

 Confidential Treatment Requested by Oportun Financial Corporation 

Pursuant to 17 C.F.R. Section 200.83 
  

 Exhibit 10.6 
  

 
 Re: Employment Terms 

Dear            : 

On behalf of Oportun, Inc. and Oportun Financial Corporation (collectively, the “Company”), I am pleased to confirm the terms of your
continuing employment with the Company pursuant to this letter agreement, including exhibits (the “Agreement”). 
 Employment Position;
Duties. You will continue to be employed as the Company’s                    . In this position, you will continue to report directly to the
Company’s Chief Executive Officer. Your primary work location will be the Company’s offices in San Carlos, California, and your position may require business travel. During the term of your employment with the Company you will devote your
best efforts and full business time, skill and attention to your duties and responsibilities. 
 Salary and Incentive Compensation. Your current
annual base salary is $            , which is payable on the Company’s normal payroll schedule. You will also be eligible to participate in the Company’s annual incentive program
for executive officers in accordance with its terms, with performance metrics that are established by the board of directors of the Company (the “Board”) or the compensation committee of the Board (the “Committee”)
in their sole discretion. Your target bonus is    % of your annual base salary. Whether you receive an annual bonus for a given year, and the actual amount of such bonus, will be determined by the Committee in its sole discretion
based on Company performance and your individual achievements. You must be an employee on the annual bonus payment date to be eligible to receive an annual bonus; no partial or prorated bonuses will be provided. The annual bonus, if earned, will be
paid no later than March 15 of the calendar year after the applicable bonus year. Your compensation will be subject to periodic review in accordance with Company practices. 

Employee Benefits. As a Company employee, you will continue to be eligible to participate in the Company’s employee benefit programs in accordance
with their terms. You will continue to accrue paid time off and sick leave in accordance with the Company’s policies. You will also continue to be entitled to indemnification in accordance with the Company’s Bylaws and the terms of the
Indemnity Agreement between you and the Company dated            (the “Indemnity Agreement”). 

Business Expenses. The Company will reimburse you for reasonable travel, entertainment or other expenses incurred by you in connection with the
performance of your duties, in accordance with the Company’s expense reimbursement policy and requirements of the Internal Revenue Code as in effect from time to time. 

Severance Benefits. You are eligible to receive severance benefits in accordance with the severance policy attached to this Agreement as Exhibit
A (the “Severance Policy”), which is made a part of this Agreement by reference. By executing this Agreement, you agree to be subject to the terms of the Severance Policy, and you acknowledge and agree that the Severance Policy
supersedes any other severance or change in control benefits contained in the Prior Agreements (defined below) or otherwise. 

  
  

Oportun, Inc. • 2 Circle Star Way • San Carlos, CA 94070 

www.oportun.com 

  

 Confidential Treatment Requested by Oportun Financial Corporation 

Pursuant to 17 C.F.R. Section 200.83 
  

 Equity Awards. Your existing equity awards will continue to be governed by the terms of the applicable
equity plan and award agreements. You may be eligible for future equity awards in the discretion of the Committee. 

At-Will Employment. Your employment with the Company is
“at-will.” This means that it is not for any specified period of time and can be terminated by you or by the Company at any time, with or without advance notice, and for any or no particular reason
or cause. It also means that your job duties, title, responsibility and reporting level, compensation and benefits, as well as the Company’s personnel policies and procedures, may be changed at any time in the sole discretion of the Company.
However, the “at-will” nature of your employment shall remain unchanged during your tenure as an employee of the Company and may not be changed, except in an express writing signed by you and a duly
authorized member of the Board. 
 Outside Activities. During your employment with the Company, you may engage in civic and not-for-profit activities and/or serve on the boards of directors of non-competitive private or public companies; so long as such
activities do not materially interfere with the performance of your duties or present a conflict of interest with the Company. You agree that you will not engage in any other employment, consulting, or other business activity for which you receive
remuneration, other than service that has been previously approved by the Company, without the prior written consent of the Board. You must also obtain the prior written consent of the Company’s Legal Department in order to engage in certain
activities with any competitors, customers or service providers of the Company, as provided in the Company’s Code of Business Conduct. The Board may rescind its consent to any outside board service or other such activities if the Board
determines that such activities compromise or threaten to compromise the Company’s business interests or conflict with your duties to the Company. In addition, you agree that you will not assist any person or entity in competing (or preparing
to compete) with the Company, or in hiring any employees or consultants of the Company. 
 Company Policies; Proprietary Information Agreement. You
are expected to continue complying with the Company’s policies and procedures, as adopted or modified by the Company and communicated in writing (including electronically) from time to time. Further, you remain subject to the terms of your
Proprietary Information and Inventions Agreement with the Company dated            (the “PIIA”). 

Taxes. All payments and benefits provided for in this Agreement (including under the Severance Policy) will be subject to applicable tax withholdings
and deductions. The payments and benefits under the Agreement and the Severance Policy are intended to qualify for an exemption from, or to comply with, Section 409A of the Internal Revenue Code of 1986, as amended and the terms of this
Agreement will be interpreted accordingly. 
 Agreement to Arbitrate. You acknowledge that you remain subject to the terms of your Mutual Agreement
to Arbitrate between you and the Company dated            (the “Arbitration Agreement”). 

  
  

Oportun, Inc. • 2 Circle Star Way • San Carlos, CA 94070 

www.oportun.com 

  

 Confidential Treatment Requested by Oportun Financial Corporation 

Pursuant to 17 C.F.R. Section 200.83 
  

 Entire Agreement; Other Terms. This Agreement, together with your PIIA, Arbitration Agreement and
Indemnity Agreement, form the complete and exclusive statement of your agreement with the Company regarding your employment terms, and they supersede and replace Offer Letter between you and the Company
dated            (the “Prior Agreements”) and all other or prior agreements, whether oral or written, with respect to your employment terms with the Company. This Agreement
will be governed by and construed in accordance with the laws of the State of California. This Agreement may not be amended, modified or waived (except with respect to changes that are reserved in this Agreement to the discretion of the Company or
the Board) unless agreed to in writing by you and a member of the Board. The invalidity of any provision of this Agreement will not affect the validity of any other provision of this Agreement. This Agreement and any other related agreement between
you and the Company may be delivered in counterparts 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 will be deemed to have been duly and validly delivered and be valid and effective for all purposes. 
 Please confirm your
acceptance of these terms by signing and dating this Agreement. 
  

	
	Sincerely,
	
	
                     

	Oportun Financial Corporation

  

	
	Agreed and Accepted:
	
	
                     

	
	
                     

	Date

  
  

Oportun, Inc. • 2 Circle Star Way • San Carlos, CA 94070 

www.oportun.com 

  

 Confidential Treatment Requested by Oportun Financial Corporation 

Pursuant to 17 C.F.R. Section 200.83 
  

 EXHIBIT A 

Executive Severance and Change in Control PolicyEX-10.7

 Confidential Treatment Requested by Oportun Financial Corporation 

Pursuant to 17 C.F.R. Section 200.83 
  

 Exhibit 10.7 

OPORTUN FINANCIAL CORPORATION 

EXECUTIVE SEVERANCE AND CHANGE IN CONTROL POLICY 

Oportun Financial Corporation (the “Company”) has established this Executive Severance and Change in Control Policy (this
“Policy”) as of November 29, 2018 (the “Effective Date”). The purpose of the Policy is to attract and retain key executives for the Company, to align their interests with those of the Company’s
stockholders, and to provide such individuals with an incentive to continue their service with the Company and to maximize the value of the Company upon a potential Change in Control for the benefit of its stockholders. This Policy is hereby adopted
by the Compensation Committee (the “Committee”) of the Company’s Board of Directors (the “Board”) and shall be administered by the Committee. 

 

	1.	 Eligible Individuals 

The following individuals will be subject to the terms of this Policy: (i) the Company’s Chief Executive Officer (the
“CEO”); (ii) any Company employee with a title above Senior Vice President (that is, CxO or EVP), and who is designated by the Committee (a “Tier I Participant”); and (iii) any Company employee in a position
with the title of Senior Vice President, and who is designated by the Committee (a “Tier II Participant”) (each such individual set forth in clauses (i), (ii), and (iii), a “Participant”). 

This Policy will not be effective with respect to any person designated as a Participant by the Committee unless and until such person agrees
in writing (whether in an employment agreement or by countersigning a participation notice in a form approved by the Committee) to be subject to this Policy and agrees to all of its terms and conditions. 

 

	2.	 Severance Benefits 

Subject to the terms of this Policy, if a Participant’s employment is terminated a result of a Qualifying Termination, the Company will
provide such Participant with the following benefits and payments (the “Severance Benefits”) determined as follows in the table below. 

In the case of Severance Benefits payable on a Qualifying Termination outside of the CIC Period, the amount of Severance Benefits will depend
on such Participant’s length of Continuous Service with the Company as of the date of such termination. 

  

 Confidential Treatment Requested by Oportun Financial Corporation 

Pursuant to 17 C.F.R. Section 200.83 
  

					
	 Participant

Category      
	  	 Qualifying Termination

(not within the CIC Period)
	  	
Qualifying Termination
within the CIC Period

	CEO	  	 Less than 5 years of Continuous Service:
  

•   12 months Salary Continuation

 
 •   12 months COBRA
Premium Benefit
	  	 •   18 months Salary Continuation

 
 •   18 months COBRA
Premium Benefit
  

•   1.5x Target Bonus
  

•   100% Vesting Acceleration

	  	 5+ years of Continuous Service:
  

•   18 months Salary Continuation

 
 •   18 months COBRA
Premium Benefit
  
 •   12
months Vesting Acceleration
	  	
			
	Tier I Participant	  	 Less than 5 years of Continuous Service:
  

•   9 months Salary Continuation

 
 •   9 months COBRA Premium
Benefit
	  	 •   12 months Salary Continuation

 
 •   12 months COBRA
Premium Benefit
  

•   1.0x Target Bonus
  

•   100% Vesting Acceleration

	  	 5+ years of Continuous Service:
  

•   12 months Salary Continuation

 
 •   12 months COBRA
Premium Benefit
	  	
			
	Tier II Participant	  	 Less than 5 years of Continuous Service:
  

•   6 months Salary Continuation

 
 •   6 months COBRA Premium
Benefit
	  	 •   9 months Salary Continuation

 
 •   9 months COBRA Premium
Benefit
  
 •   0.75x
Target Bonus
  
 •   100%
Vesting Acceleration

	  	 5+ years of Continuous Service:
  

•   9 months Salary Continuation

 
 •   9 months COBRA Premium
Benefit
	  	

  

	3.	 Conditions to Payment 

As a condition to payment of the Severance Benefits, a Participant must (a) execute, deliver, and allow to become effective, a general
release of all claims against the Company and its affiliates in a form provided by the Company (the “Release”) within the time frame provided for in the Release (not to exceed 60 days following such Participant’s termination
date, including any revocation period); (b) resign from all officer and director positions with the Company and its affiliates (unless otherwise requested by the Company); and (c) comply with such Participant’s obligations under any
applicable confidentiality, intellectual property assignment, and restrictive covenant agreement between the Company (or an affiliate of the Company) and such Participant, or similar obligation Participant owes to the Company. 

 

	4.	 Timing of Payment of Severance Benefits 

A Participant’s Severance Benefits will be payable in a single lump sum on the first regular payday for the Company’s salaried
employees within the 60-day period following the date of the Participant’s termination of employment on which the Participant’s executed Release is effective and enforceable. However, should such 60-day period span two taxable years, then such payment will be made during the portion of that period that occurs in the second taxable year if deemed necessary to comply with Section 409A of the Code. 

  

 Confidential Treatment Requested by Oportun Financial Corporation 

Pursuant to 17 C.F.R. Section 200.83 
  

	5.	 Certain Definitions 

The following definitions will apply for purposes of this Policy: 

“Base Salary” means the Participant’s base salary as of the effective date of Participant’s Qualifying Termination
(without taking into account any reduction in salary forming the basis for a Resignation for Good Reason). 
 “Cause” means
one or more of the following, as determined by the Committee in its sole discretion: 
 (i)    the Participant’s
habitual neglect of or willful failure to perform his or her duties (other than any such failure resulting from incapacity due to physical or mental illness); 

(ii)    the Participant’s commission of any act of dishonesty, illegal conduct or willful misconduct that results in
(or might have reasonably resulted in) material harm to the Company or its affiliates, or is intended to result in substantial personal enrichment; 

(iii)    the Participant’s embezzlement, misappropriation, or fraud, whether or not related to Participant’s
employment with the Company; 
 (iv)    the Participant’s failure to cooperate with the Company in any
investigation or formal proceeding initiated by a governmental authority or otherwise approved by the Board or the Audit Committee of the Board; 

(v)    the Participant’s conviction of or plea of guilty or nolo contendere to felony criminal conduct or
material misconduct involving moral turpitude; 
 (vi)    the Participant’s material breach of any obligation or
duty under any written employment or other agreement between the Company and Participant, including any material violation of Participant’s Proprietary Information and Inventions Agreement with the Company; or 

(vii)    Any material failure by Participant to comply with the Company’s written policies or rules, as they may be
in effect from time to time, including related to sexual harassment or sexual misconduct. 
 Except for a failure, breach, or refusal which,
by its nature, cannot reasonably be expected to be cured, a Participant will have 30 days from the delivery of written notice by the Company within which to cure any acts constituting Cause. 

“Change in Control” means a Corporate Transaction that also qualifies as a Change in Control, each as defined in the Equity
Plan. 
 “CIC Period” means the period beginning on the date that is 90 days prior to the consummation of a Change in
Control and ending on the date that is twelve (12) months following the consummation of a Change in Control. 

  

 Confidential Treatment Requested by Oportun Financial Corporation 

Pursuant to 17 C.F.R. Section 200.83 
  

 “COBRA Premium Benefit” means that if (a) the Participant was enrolled
in a group health plan (i.e., medical, dental, or vision plan) sponsored by the Company or an affiliate immediately prior to the Qualifying Termination, (b) the Participant is eligible to continue coverage under such group health plan
under the Consolidated Omnibus Budget Reconciliation Act of 1985 (together with any state law of similar effect, “COBRA”) at the time of the Participant’s termination of employment, and (c) the Participant timely elects
COBRA coverage, then the Company will pay COBRA premiums for the Participant and his or her eligible dependents covered under the Company’s group health plan (or waive the cost of coverage under any self-funded group health plan, if applicable)
for a number of months equal to the lesser of (i) the duration of the period in which the Participant and his or her eligible dependents are enrolled in such COBRA coverage (and not otherwise covered by another employer’s group health plan
that does not impose an applicable preexisting condition exclusion) and (ii) the number of months provided in the table above. In addition, in lieu of such COBRA premium payments, the Company may in its sole discretion pay to the Participant,
on the first day of each month during the COBRA Premium Benefit period, a fully taxable cash payment equal to the applicable COBRA premiums for that month, subject to applicable tax withholdings. 

For purposes of this Policy, any applicable insurance premiums that are paid (or deemed paid in the case of self-insured plans) by the Company
shall not include any amounts payable by the Participant under a Code Section 125 health care reimbursement plan. 

“Continuous Service” has the meaning defined in the Equity Plan. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Equity Awards” means any Company equity awards, including but not limited to stock options, stock appreciation
rights, restricted stock and restricted stock units. 
 “Equity Plan” means the Company’s 2015 Equity Incentive Plan,
as amended from time to time. 
 “Good Reason” mean the occurrence of any of the following events or conditions without a
Participant’s written consent: 
 (i)    a material adverse change in the Participant’s title (solely in the
case of the CEO), authority, duties or responsibilities (other than temporarily while the Participant is physically or mentally incapacitated or as required by applicable law); 

(ii)    a material diminution in the Participant’s Base Salary other than a general reduction in Base Salary that
affects all similarly situated executives in substantially the same proportions; 
 (iii)    the Company’s
requirement that the Participant relocate Participant’s primary work location to a location that increases the Participant’s one-way commute by more than 25 miles; or 

  

 Confidential Treatment Requested by Oportun Financial Corporation 

Pursuant to 17 C.F.R. Section 200.83 
  

 (iv)    any material breach by the Company or any successor or affiliate
of its obligations to the Participant under any material provision on any agreement between the Participant and the Company. 
 A
Participant must provide written notice to the Company of the occurrence of any of the foregoing events or conditions without Participant’s written consent within 30 days of the occurrence of such event. The Company or any successor or
affiliate shall have a period of 30 days to cure such event or condition after receipt of written notice of such event from Participant. Any resignation for Good Reason following such 30 day cure period must occur no later than the date that is
90 days following the initial occurrence of one of the foregoing events or conditions without Participant’s written consent. 

“Performance Condition” means any provision in an applicable award agreement for an Equity Award that conditions vesting, or
determines the number of shares eligible to vest, on the occurrence of a liquidity event condition or the achievement of any other business or individual performance-based milestone. 

“Qualifying Termination” means a termination of a Participant’s employment by the Company without Cause or such
Participant’s voluntary resignation for Good Reason, and in either case provided such termination also qualifies as a “separation from service” (as defined in Section 1.409A-1(h) of
the Treasury Regulations). 
 “Target Bonus” means the target annual incentive bonus, expressed in dollars, which the
Participant is eligible to earn in the fiscal year in which (A) the Change in Control occurs or (B) the Qualifying Termination occurs, whichever of (A) or (B) is greater. 

“Vesting Acceleration” means the service-based vesting (but not performance-based) of the shares subject to any Equity Awards
held by a Participant on the date of termination of a Participant’s employment will be accelerated either in full or as to a number of months as provided in the table above. In the case of Equity Awards that are options or stock appreciation
rights, such awards will also remain exercisable for the applicable post-termination exercise period contained in the award documents for options were granted prior to the Effective Date and qualify as incentive stock options. For clarity, the
Vesting Acceleration severance benefit provided in the Policy does not waive the satisfaction of any Performance Condition contained in an Equity Award, and the requirements to satisfy any Performance Condition or calculate the number of shares
eligible to vest tied to a Performance Condition will remain subject to the terms and conditions of the award agreement evidencing the particular Equity Award. Participant’s Equity Awards shall otherwise remain subject to the terms of the
applicable plan and award documents under which such Equity Award was granted (including but not limited to any provisions with respect to forfeiture on a termination for Cause) and, notwithstanding the foregoing provisions of this Policy, no Equity
Award shall remain outstanding later than the last day of its original full term. 
  

	6.	 Additional Terms 

(a)    Accrued Obligations. Except as set forth in this Policy, rights arising from the terms of the Company’s
benefit plans shall be governed by the terms of such plans. 

  

 Confidential Treatment Requested by Oportun Financial Corporation 

Pursuant to 17 C.F.R. Section 200.83 
  

 (b)    Withholding Taxes. All forms of compensation payable to the
Participants by the Company, whether in cash, common stock or other property, are subject to reduction to reflect applicable withholding and payroll taxes. 

(c)    Clawback. Any amounts paid or payable to a Participant pursuant to this Policy or the Company’s equity
or compensation plans will be subject to recovery or clawback to the extent required by any applicable law or any applicable securities exchange listing standards. 

(d)    Section 409A. This Policy is intended to comply with Section 409A of the Code
(“Section 409A”) or an exemption thereunder and accordingly, to the maximum extent permitted, this Policy will be interpreted and administered in accordance with such intent. Any payments to be made under this
Policy upon a termination of employment may only be made upon a “separation from service” under Section 409A, and may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any
nonqualified deferred compensation payments under this Policy that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to
the maximum extent possible. Each installment payment provided under this Policy shall be treated as a separate payment. To the extent required in order to avoid an accelerated or additional tax under Section 409A, amounts that would otherwise
be payable and benefits that would otherwise be provided pursuant to this Policy during the six-month period immediately following a separation from service will instead be paid on the first business day after
the date that is six months following separation from service. In no event will any expense be reimbursed later than the end of the calendar year following the calendar year in which that expense is incurred, and the amounts reimbursed in any one
calendar year will not affect the amounts reimbursable in any other calendar year. A Participant’s right to receive such reimbursements may not be exchanged or liquidated for any other benefit. 

(e)    Section 280G. If any payment or benefit received or to be received by a Participant (including any payment
or benefit received pursuant to this Policy or otherwise) would be (in whole or part) subject to the excise tax imposed by Section 4999 of the Code, or any successor provision thereto, or any similar tax imposed by state or local law, or any
interest or penalties with respect to such excise tax (such tax or taxes, together with any such interest and penalties, are hereafter collectively referred to as the “Excise Tax”), then the cash payments provided to the
Participant under this Policy will first be reduced, with each such payment to be reduced pro-rata but without any change in the payment date, and then, if necessary, any accelerated vesting of the
Participant’s equity awards arising from the terms of such awards shall be reduced in the same chronological order in which those awards were made, but only to the extent necessary to assure that the Participant receives only the greater
of (i) the amount of those payments and benefits which would not constitute a parachute payment under Section 280G of the Code or (ii) the amount which yields the Participant the greatest
after-tax amount of benefits after taking into account any Excise Tax imposed on the payments and benefits provided to the Participant hereunder (or on any other payments or benefits to which the Participant
may become entitled in connection with any change in control or ownership of the Company or the subsequent termination of the Participant’s employment with the Company). Calculations required by this paragraph will be performed by a national
accounting firm designated by the Company. 

  

 Confidential Treatment Requested by Oportun Financial Corporation 

Pursuant to 17 C.F.R. Section 200.83 
  

 (f)    Amendment and Termination of Policy. The Committee may
amend or terminate this Policy at any time, provided that such action is effected by written resolution. Moreover, the Committee reserves the right to amend this Policy as may be necessary or appropriate to avoid adverse tax consequences under
Section 409A. However, no amendment or termination of this Policy that is adverse to any individual who is a Participant (other than pursuant to the prior sentence) shall apply to such Participant without his or her written consent.

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