Document:

EX-4.5

 Exhibit 4.5 

THIS WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR ANY
APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED UNLESS SUCH SALE OR TRANSFER IS IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE LAWS OR SOME OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH
ACT AND APPLICABLE LAWS IS AVAILABLE WITH RESPECT THERETO. 
 PREFERRED STOCK PURCHASE WARRANT 

 

			
	Warrant No.W-	  	Number of Shares:                     shares
		  	Series E Preferred Stock

 ON DECK CAPITAL, INC. 

Effective as of 
 Void after 

1. Issuance. This Preferred Stock Purchase Warrant (the “Warrant”) is issued to
                    by ON DECK CAPITAL, INC., a Delaware corporation (hereinafter
with its successors called the “Company”). 
 2. Purchase Price; Number of Shares. The registered holder of this
Warrant (the “Holder”), is entitled upon surrender of this Warrant with the subscription form annexed hereto duly executed, at the principal office of the Company, to purchase from the Company, at a price per share of $29.42 (the
“Purchase Price”), up to a maximum of         fully paid and nonassessable shares of the Company’s Series E Preferred Stock, $0.01 par value (the “Preferred Stock”). 

Until such time as this Warrant is exercised in full or expires, the Purchase Price and the securities issuable upon exercise of this Warrant are subject to
adjustment as hereinafter provided. The person or persons in whose name or names any certificate representing shares of Preferred Stock is issued hereunder shall be deemed to have become the holder of record of the shares represented thereby as at
the close of business on the date this Warrant is exercised with respect to such shares, whether or not the transfer books of the Company shall be closed. 

3. Payment of Purchase Price. The Purchase Price may be paid (i) in cash or by check, (ii) by the surrender by the Holder to
the Company of any promissory notes or other obligations issued by the Company, with all such notes and obligations so surrendered being credited against the Purchase Price in an amount equal to the principal amount thereof plus accrued interest to
the date of surrender, or (iii) by any combination of the foregoing. 
 4. Net Issue Election. The Holder may elect to receive,
without the payment by the Holder of any additional consideration, shares of Preferred Stock equal to the value of this Warrant or any portion hereof by the surrender of this Warrant or such portion to the Company, with the net issue election notice
annexed hereto duly executed, at the principal office of the Company. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable shares of Preferred Stock as is computed using the following formula: 

  
 1. 

 X= Y(A-B) 

    A 
  

					
	 where:
	  	X =	  	the number of shares of Preferred Stock to be issued to the Holder pursuant to this Section 4.
			
		  	Y =	  	the number of shares of Preferred Stock covered by this Warrant in respect of which the net issue election is made pursuant to this Section 4.
			
		  	A =	  	the Fair Market Value (defined below) of one share of Preferred Stock, as determined at the time the net issue election is made pursuant to this Section 4.
			
		  	B =	  	the Purchase Price in effect under this Warrant at the time the net issue election is made pursuant to this Section 4.

 “Fair Market Value” of a share of Preferred Stock (or fully paid and nonassessable shares of
the Company’s common stock, $0.01 par value (the “Common Stock”) if the Preferred Stock has been automatically converted into Common Stock) as of the date that the net issue election is made (the “Determination
Date”) shall mean: 
 (i) If the net issue election is made in connection with and contingent upon the closing of the sale of
the Company’s Common Stock to the public in a public offering pursuant to a Registration Statement under the 1933 Act (a “Public Offering”), and if the Company’s Registration Statement relating to such Public Offering
(“Registration Statement”) has been declared effective by the Securities and Exchange Commission, then the initial “Price to Public” specified in the final prospectus with respect to such offering multiplied by the number
of shares of Common Stock into which each share of Preferred Stock is then convertible. 
 (ii) If the net issue election is not made
in connection with and contingent upon a Public Offering, then as follows: 
 (a) If traded on a securities exchange or NASDAQ market
or system, the fair market value of the Common Stock shall be deemed to be the average of the closing or last reported sale prices of the Common Stock on such exchange or market over the five day period ending five trading days prior to the
Determination Date, and the fair market value of the Preferred Stock shall be deemed to be such fair market value of the Common Stock multiplied by the number of shares of Common Stock into which each share of Preferred Stock is then convertible;

 (b) If otherwise traded in an over-the-counter market, the fair market value of the Common Stock shall be deemed to be the average
of the closing ask prices of the Common Stock over the five day period ending five trading days prior to the Determination Date, and the fair market value of the Preferred Stock shall be deemed to be such fair market value of the Common Stock
multiplied by the number of shares of Common Stock into which each share of Preferred Stock is then convertible; and 
 (c) If there
is no public market for the Common Stock, then fair market value shall be determined in good faith by the Company’s Board of Directors. 

5. Partial Exercise. This Warrant may be exercised in part, and the Holder shall be entitled to receive a new warrant, which shall be
dated as of the date of this Warrant, covering the number of shares in respect of which this Warrant shall not have been exercised. 
 6.
Fractional Shares. In no event shall any fractional share of Preferred Stock be issued upon any exercise of this Warrant. If, upon exercise of this Warrant in its entirety, the Holder would, except as provided in this Section 6, be
entitled to receive a fractional share of Preferred Stock, then the Company shall issue the next higher number of full shares of Preferred Stock, issuing a full share with respect to such fractional share. 

  
 2. 

 7. Expiration Date; Automatic Exercise. This Warrant shall expire at the earliest to occur
of (the “Expiration Date”) (i) at the close of business on             ; and (ii) two years after the closing of the initial Public Offering; of the Company on
the NASDAQ or other stock exchange in the United States, and shall be void thereafter. 
 Notwithstanding the term of this Warrant fixed
pursuant to this Section 7, and provided Holder has received advance written notice of at least ten (10) days and has not earlier exercised this Warrant, and provided this Warrant has not been assumed by the successor entity (or
parent thereof), upon the consummation of a Merger (as defined below), this Warrant shall automatically be exercised pursuant to Section 4 hereof, without any action by Holder. “Merger” means: (i) a sale of all or
substantially all of the Company’s assets to an Unaffiliated Entity (as defined below), or (ii) the merger, consolidation or acquisition of the Company with, into or by an Unaffiliated Entity (other than a merger or consolidation for the
principle purpose of changing the domicile of the Company or a bona fide round of preferred stock equity financing), that results in the transfer of fifty percent (50%) or more of the outstanding voting power of the Company.
“Unaffiliated Entity” means any entity that is owned or controlled by parties who own less than twenty percent (20%) of the combined voting power of the voting securities of the Company immediately prior to such merger,
consolidation or acquisition. Notwithstanding the foregoing, in the event that any outstanding warrants to purchase equity securities of the Company (but excluding stock options that were granted to employees and service providers in connection with
their service to the Company) are assumed by the successor entity of a Merger (or parent thereof), this Warrant shall also be similarly assumed. The Company agrees to promptly give the Holder written notice of any proposed Merger and written notice
of termination of any proposed Merger. Notwithstanding anything to the contrary in this Warrant, the Holder may rescind any exercise of its purchase rights after a notice of termination of the proposed Merger if the exercise of this Warrant occurred
after the Company notified the Holder that the Merger was proposed or if the exercise was otherwise precipitated by such proposed Merger, provided, however that such rescission right must be exercised within ten (10) days of receipt of such
written notice of termination of the proposed Merger. In the event of such rescission, this Warrant will continue to be exercisable on the same terms and conditions. 

8. Reserved Shares; Valid Issuance. The Company covenants that it will at all times from and after the date hereof reserve and keep
available such number of its authorized shares of Preferred Stock and Common Stock free from all preemptive or similar rights therein, as will be sufficient to permit, respectively, the exercise of this Warrant in full and the conversion into shares
of Common Stock of all shares of Preferred Stock receivable upon such exercise. The Company further covenants that such shares as may be issued pursuant to such exercise and/or conversion will, upon issuance, be duly and validly issued, fully paid
and nonassessable and free from all taxes, liens and charges with respect to the issuance thereof. 
 9. Stock Splits and Dividends.
If after the date hereof the Company shall subdivide the Preferred Stock, by split-up or otherwise, or combine the Preferred Stock, or issue additional shares of Preferred Stock in payment of a stock dividend on the Preferred Stock, the number of
shares of Preferred Stock issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a combination, and the Purchase Price shall
forthwith be proportionately decreased in the case of a subdivision or stock dividend, or proportionately increased in the case of a combination. 

10. Adjustments for Diluting Issuances. The other antidilution rights applicable to the Preferred Stock of the Company are set forth in
the Amended and Restated Certificate of Incorporation, as amended from time to time and effective as of the date hereof (the “Articles”). Such rights shall not be restated, amended or modified in any manner which affects the Holder
differently than the holders of Preferred Stock without such Holder’s prior written consent. The Company shall promptly provide the Holder hereof with any restatement, amendment or modification to the Articles promptly after the same has been
made. 
 11. Mergers and Reclassifications. Subject to Section 7, if after the date hereof the Company shall enter into
any Reorganization (as hereinafter defined), then, as a condition of such Reorganization, lawful provisions shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the Holder, so that
the Holder shall thereafter have the right to purchase, at a total price not to exceed that payable upon the exercise of this Warrant in full, the kind and amount of shares of stock and other securities and property receivable upon such
Reorganization by a holder of the number of shares of Preferred Stock which might have been purchased by the Holder immediately prior to such Reorganization, and in any such case appropriate 

  
 3. 

 
provisions shall be made with respect to the rights and interest of the Holder to the end that the provisions hereof (including without limitation, provisions for the adjustment of the Purchase
Price and the number of shares issuable hereunder and the provisions relating to the net issue election) shall thereafter be applicable in relation to any shares of stock or other securities and property thereafter deliverable upon exercise hereof.
For the purposes of this Section 11, the term “Reorganization” shall include without limitation any reclassification, capital reorganization or change of the Preferred Stock (other than as a result of a subdivision,
combination or stock dividend provided for in Section 9 hereof), or any consolidation of the Company with, or merger of the Company into, another corporation or other business organization (other than a merger in which the Company is the
surviving corporation and which does not result in any reclassification or change of the outstanding Preferred Stock), or any sale or conveyance to another corporation or other business organization of all or substantially all of the assets of the
Company. 
 12. Certificate of Adjustment. Whenever the Purchase Price is adjusted, as herein provided, the Company shall promptly
deliver to the Holder a certificate from one of the Company’s authorized officers setting forth the Purchase Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment. 

13. Notices of Record Date, Etc. In the event of: 

(a) any taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders thereof
who are entitled to receive any dividend or other distribution, or any right to subscribe for, purchase, sell or otherwise acquire or dispose of any shares of stock of any class or any other securities or property, or to receive any other right;

 (b) any reclassification of the capital stock of the Company, capital reorganization of the Company, consolidation or merger
involving the Company, or sale or conveyance of all or substantially all of its assets; or 
 (c) any voluntary or involuntary
dissolution, liquidation or winding-up of the Company; 
 then in each such event the Company will provide or cause to be provided to the Holder a written
notice thereof. Such notice shall be provided at least ten (10) business days prior to the date specified in such notice on which any such action is to be taken. 

14. Representations, Warranties and Covenants. This Warrant is issued and delivered by the Company and accepted by each Holder on the
basis of the following representations, warranties and covenants made by the Company: 
 (a) The Company has all necessary authority
to issue, execute and deliver this Warrant and to perform its obligations hereunder. This Warrant has been duly authorized issued, executed and delivered by the Company and is the valid and binding obligation of the Company, enforceable in
accordance with its terms. 
 (b) The shares of Preferred Stock issuable upon the exercise of this Warrant have been duly authorized
and reserved for issuance by the Company and, when issued in accordance with the terms hereof, will be validly issued, fully paid and nonassessable. 

(c) The issuance, execution and delivery of this Warrant do not, and the issuance of the shares of Preferred Stock upon the exercise of
this Warrant in accordance with the terms hereof will not, (i) violate or contravene the Company’s Articles or by-laws, or any law, statute, regulation, rule, judgment or order applicable to the Company, (ii) violate, contravene or
result in a breach or default under any contract, agreement or instrument to which the Company is a party or by which the Company or any of its assets are bound or (iii) require the consent or approval of or the filing of any notice or
registration with any person or entity. 
 (d) As of the date hereof, the authorized capital stock of the Company consists of
(i)         shares of Common Stock, of which                     shares are issued and outstanding
and                     shares             are reserved for issuance upon the exercise of
this Warrant with respect to Common Stock and the conversion of the 

  
 4. 

 
Preferred Stock into Common Stock if this Warrant is exercised with respect to Preferred Stock, (ii)        shares of Series A Preferred Stock, all of
which are issued and outstanding; (iii)         shares of Series B Preferred Stock, of which         are issued and outstanding shares;
(iv)         shares of Series C Preferred Stock, all of which are issued and outstanding; (v)        shares of Series C-1 Preferred Stock, of which are issued and
outstanding shares; (vi)         shares of Series D Preferred Stock, all of which are issued and outstanding; and (vii)         shares of Series E Preferred Stock,
of which         are issued and outstanding shares and shares are reserved for issuance upon the exercise of this Warrant. 

15. Amendment. The terms of this Warrant may be amended, modified or waived only with the written consent of the Holder and the Company.

 16. Representations and Covenants of the Holder. This Warrant has been entered into by the Company in reliance upon the following
representations and covenants of the Holder, which by its execution hereof the Holder hereby confirms: 
 (a) Investment Purpose. The
right to acquire Preferred Stock, the Preferred Stock issuable upon exercise of the Holder’s rights contained herein and the Common Stock issuable upon the conversion thereof (collectively, the “Securities”) will be acquired
for investment and not with a view to the sale or distribution of any part thereof, and the Holder has no present intention of selling or engaging in any public distribution of the same except pursuant to a registration or exemption. 

(b) Accredited Investor. Holder is an “accredited investor” within the meaning of the Securities and Exchange Rule 501 of
Regulation D, as presently in effect. 
 (c) Private Issue. The Holder understands (i) that the Preferred Stock issuable upon
exercise of the Holder’s rights contained herein is not registered under the 1933 Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Warrant will be exempt from the registration and
qualifications requirements thereof, and (ii) that the Company’s reliance on such exemption is predicated on the representations set forth in this Section 16. 

(d) Financial Risk. The Holder has such knowledge and experience in financial and business matters as to be capable of evaluating the
merits and risks of its investment and has the ability to bear the economic risks of its investment. 
 17. Legends.  

(a) Securities Law Legend. The certificates representing the Securities shall (unless otherwise permitted by the provisions of this
Warrant) be stamped or imprinted with a legend substantially similar to the following (in addition to any legend required by state securities laws): 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR
ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED UNLESS SUCH SALE OR TRANSFER IS IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF SUCH ACT AND APPLICABLE LAWS OR SOME OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
SUCH ACT AND APPLICABLE LAWS IS AVAILABLE WITH RESPECT THERETO. 
 (b) Market Stand-off Legend. The certificates representing the
Preferred Stock issued upon exercise hereof and the Common Stock issued upon conversion thereof shall also be stamped or imprinted with a legend in substantially the following form: 

  
 5. 

 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND
RESALE, INCLUDING A LOCK-UP PERIOD IN THE EVENT OF A PUBLIC OFFERING, AS SET FORTH IN THE WARRANT PURSUANT TO WHICH THESE SHARES WERE ISSUED, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. 

18. Market Stand-off. The Holder hereby agrees that the Holder shall not sell or otherwise transfer, make any short sale of, grant any
option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, of any securities of the Company held by the Holder (other than those included in the registration) during the one hundred eighty
(180) day period following the effective date of a registration statement of the Company filed under the Securities Act, provided that all officers and directors of the Company and holders of at least one percent (1%) of the Company’s
voting securities are bound by and have entered into similar agreements. The obligations described in this section shall not apply to a registration relating solely to employee benefit plans on Form S-l or Form S-8 or similar forms that may be
promulgated in the future, or a registration relating solely to a transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions and may stamp each certificate with a legend as
substantially set forth in Section 17(b) with respect to the securities subject to the foregoing restriction until the end of such one hundred eighty (180) day (or other) period. The Holder agrees to execute a market stand-off agreement
with the underwriters in the offering in customary form consistent with the provisions of this section. 
 19. Notices, Transfers,
Etc. 
 (a) Any notice or written communication required or permitted to be given to the Holder may be given by certified mail or
delivered to the Holder at the address most recently provided by the Holder to the Company. 
 (b) Subject to compliance with
applicable federal and state securities laws, this Warrant may be transferred by the Holder with respect to any or all of the shares purchasable hereunder. Upon surrender of this Warrant to the Company, together with the assignment notice annexed
hereto duly executed, for transfer of this Warrant as an entirety by the Holder, the Company shall issue a new warrant of the same denomination to the assignee. Upon surrender of this Warrant to the Company, together with the assignment hereof
properly endorsed, by the Holder for transfer with respect to a portion of the shares of Preferred Stock purchasable hereunder, the Company shall issue a new warrant to the assignee, in such denomination as shall be requested by the Holder hereof,
and shall issue to such Holder a new warrant covering the number of shares in respect of which this Warrant shall not have been transferred. 

(c) In case this Warrant shall be mutilated, lost, stolen or destroyed, the Company shall issue a new warrant of like tenor and
denomination and deliver the same (i) in exchange and substitution for and upon surrender and cancellation of any mutilated Warrant, or (ii) in lieu of any Warrant lost, stolen or destroyed, upon receipt of an affidavit of the Holder or
other evidence reasonably satisfactory to the Company of the loss, theft or destruction of such Warrant 
 20. No Impairment. The
Company will not, by amendment of its Articles or through any reclassification, capital reorganization, consolidation, merger, sale or conveyance of assets, dissolution, liquidation, issue or sale of securities or any other voluntary action, avoid
or seek to avoid the observance of performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to
protect the rights of the Holder. 
 21. Governing Law. The provisions and terms of this Warrant shall be governed by and construed in
accordance with the internal laws of the State of New York without giving effect to its principles regarding conflicts of laws. 
 22.
Successors and Assigns. This Warrant shall be binding upon the Company’s successors and assigns and shall inure to the benefit of the Holder’s successors, legal representatives and permitted assigns. 

  
 6. 

 23. Business Days. If the last or appointed day for the taking of any action required or
the expiration of any rights granted herein shall be a Saturday or Sunday or a legal holiday in New York, then such action may be taken or right may be exercised on the next succeeding day which is not a Saturday or Sunday or such a legal holiday.

 24. Qualifying Public Offering. If the Company shall effect a firm commitment underwritten public offering of shares of Common
Stock which results in the conversion of the Preferred Stock into Common Stock pursuant to the Company’s Articles in effect immediately prior to such offering, then, effective upon such conversion, this Warrant shall change from the right to
purchase shares of Preferred Stock to the right to purchase shares of Common Stock, and the Holder shall thereupon have the right to purchase, at a total price equal to that payable upon the exercise of this Warrant in full, the number of shares of
Common Stock which would have been receivable by the Holder upon the exercise of this Warrant for shares of Preferred Stock immediately prior to such conversion of such shares of Preferred Stock into shares of Common Stock, and in such event
appropriate provisions shall be made with respect to the rights and interest of the Holder to the end that the provisions hereof (including, without limitation, the provisions for the adjustment of the Purchase Price and of the number of shares
purchasable upon exercise of this Warrant and the provisions relating to the net issue election) shall thereafter be applicable to any shares of Common Stock deliverable upon the exercise hereof. 

25. Value. The Company and the Holder agree that the value of this Warrant on the date of grant is
$            . 
  

			
	ON DECK CAPITAL, INC.
		
	 By:
	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 

  
 7. 

 Subscription 
  

			
	To:	 	 
		
	 Date:
	 	 

 The undersigned hereby subscribes for
                    shares of Preferred Stock covered by this Warrant. The certificate(s) for such shares shall be issued in the name of the
undersigned or as otherwise indicated below: 
  

	
	 
	Signature
	
	 
	 Name for Registration

	
	 
	 Mailing Address

  
 1. 

 Net Issue Election Notice 

 

			
	To:
                                         
               	  	Date:                            

 The undersigned hereby elects under Section 4 to surrender the right to purchase shares of Preferred Stock
pursuant to this Warrant. The certificate(s) for such shares issuable upon such net issue election shall be issued in the name of the undersigned or as otherwise indicated below: 

 

	
	 
	Signature
	
	 
	 Name for Registration

	
	 
	 Mailing Address

  
 1. 

 Assignment 

For value received
                                hereby sells, assigns and transfers unto
                                         
                                        

 
  
  

 
 [Please print or typewrite name and address of
Assignee] 
  
  

the within Warrant, and does hereby irrevocably constitute and appoint
                                     its attorney to transfer the
within Warrant on the books of the within named Company with full power of substitution on the premises. 
  

			
	Dated:	 	 
	
	 
	 Signature

	
	 
	 Name for Registration

	
	 In the Presence of:

 

	 

  
 1.EX-4.6

 Exhibit 4.6 

THIS WARRANT AND THE SHARES OF CAPITAL STOCK ISSUED UPON ANY EXERCISE HEREOF HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR THE SECURITIES LAWS OF ANY STATE, AND MAY BE OFFERED AND SOLD ONLY IN ACCORDANCE WITH THE TERMS HEREOF, AND IF REGISTERED AND QUALIFIED PURSUANT TO THE RELEVANT PROVISIONS OF FEDERAL AND STATE SECURITIES LAWS OR IF THE COMPANY IS
PROVIDED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION AND QUALIFICATION UNDER FEDERAL AND STATE SECURITIES LAWS IS NOT REQUIRED. THIS WARRANT AND THE SHARES OF CAPITAL STOCK ISSUED UPON ANY EXERCISE HEREOF ARE SUBJECT TO
RESTRICTIONS ON TRANSFER AND OTHER CONDITIONS. 
 WARRANT TO PURCHASE COMMON STOCK 

OF 
 ON DECK CAPITAL, INC. 

 

			
	Warrant No.: W-            	  	Dated:                    

 This certifies that             (the
“Holder”), for value received, is entitled to purchase from On Deck Capital, Inc., a Delaware corporation (the “Company”), up to an aggregate            
fully paid and nonassessable shares of common stock of the Company, par value $0.01 per share (the “Stock”), at a price of $         per share (the “Stock Purchase Price”), at
any time or from time to time in accordance with the terms and conditions of this Warrant (the “Warrant”), but not later than 5:00 p.m. (New York time) on             (the
“Expiration Date”). The Stock Purchase Price and the number of shares purchasable hereunder (wherever expressed herein as a particular number) are subject to adjustment as provided in Section 4 of this Warrant. This Warrant is
one of a series of similar warrants being issued pursuant to that certain Note and Warrant Purchase Agreement, dated as of             , among the Company and the other parties named
therein (the “Purchase Agreement”). All Warrants issued under the Purchase Agreement are referred to herein, collectively, as the “Warrants.” The Holder, collectively with all Holders of other Warrants, are
sometimes referred to collectively as the “Holders.” 
 This Warrant is subject to the following terms and conditions: 

1. Exercise. This Warrant is exercisable at the option of the Holder at any time or from time to time on or after the date hereof but
not later than the Expiration Date, for all or a portion of the shares of Stock which the Holder is entitled to purchase hereunder, by delivery to the Company of an exercise notice in the form of Exhibit A hereto (an “Exercise
Notice”). 
 2. Payment; Certificates; Issuance of Stock. 

2.1. Payment. The purchase rights under this Warrant may be exercised by the Holder, in whole or in part, by surrender of this Warrant
at the principal office of the Company and by the payment to the Company by certified check or wire transfer in an amount equal to the aggregate purchase price of the shares being purchased. 

  
 1. 

 2.2. Net Issue Exercise. In the event that the fair market value (as defined below) of
one share of Stock exceeds the Stock Purchase Price (at the date of such calculation as set forth below), then in lieu of exercising this Warrant pursuant to Section 2.1, the Holder may elect to receive shares of Stock equal to the value of the
portion of this Warrant being exercised by surrender of this Warrant at the principal office of the Company together with notice of such election, in which event the Company shall issue to the Holder a number of shares of Stock computed using the
following formula: 
 X= Y(A-B) 

    A 
  

					
	 where:
	  	X =	  	the number of shares of Stock to be issued to the Holder;
			
		  	Y =	  	the number of shares of Stock as to which this Warrant is to be deemed to have been exercised
			
		  	A =	  	the fair market value of one share of Stock (at the date of such calculation); and
			
		  	B =	  	Stock Purchase Price (as adjusted to the date of such calculation).

 2.3. Fair Market Value. For purposes of this Section 2, the “fair market value” of one
share of Stock shall be determined as follows: 
 2.3.1. If the Stock is traded in the over-the-counter market or on an exchange, the fair
market value of the Stock per share shall be the average of the closing bid and asked prices of the Stock in the over-the-counter market or the closing sale price quoted on any exchange on which the Stock is listed as published in The Wall Street
Journal, in each case for the ten (10) trading days prior to the date of determination of fair market value; provided, however, that in the event that this Warrant is exercised pursuant to Section 2.2 in connection with the Company’s
initial public offering of its Common Stock, the fair market value per share of Stock shall be the per share offering price to the public of the Company’s initial public offering of its Common Stock. 

2.3.2. If the Stock is not traded in the over-the-counter market or on an exchange, the fair market value of the Stock per share shall be the
price per share which the Company could obtain from a willing buyer for shares sold by the Company from authorized but unissued shares, as reasonably determined by the Company’s Board of Directors in their sole discretion. 

2.4. Upon any exercise of this Warrant, the Company shall issue and deliver to the Holder, shares of Stock as provided herein. The Company
agrees that the shares of Stock to be purchased under this Warrant shall be and are deemed to be issued to the Holder as the record owner of such shares as of the close of business on the date on which this Warrant shall have been surrendered and
payment made for such shares on the terms and conditions provided herein. Subject to the provisions of Sections 3 and 7, certificates for shares of Stock so purchased, together with any other securities or property to which the Holder is entitled
upon such exercise, shall be delivered to the Holder by the Company or the Company’s transfer agent at the Company’s expense within a reasonable time (but in no event more than ten days) after rights represented by this Warrant have been
exercised. Each stock certificate so delivered shall be in such denominations of Stock as may be requested by the Holder and shall be registered in the name of the Holder or such other name as shall be designated by the Holder, subject to the
limitations contained in Sections 3, 6 and 7. If, upon exercise of this Warrant, fewer than all of the shares of Stock evidenced by this Warrant are purchased prior to the Expiration Date, one or more new warrants substantially in the form of, and
on the terms in, this Warrant will be issued for the remaining number of shares of Stock and the provisions hereof will be modified to reflect the prior exercise(s) hereof. 

  
 2. 

 3. Shares to be Fully Paid; Reservation of Shares. The Company covenants and agrees that
all shares of Stock which may be issued upon the exercise of the rights represented by this Warrant will be, upon payment of the Stock Purchase Price therefor and issuance thereof, duly authorized, validly issued, fully paid and nonassessable and
free from all preemptive rights of any stockholder and free of all taxes, liens and charges with respect to the issue thereof. The Company further covenants and agrees that during the period within which the rights represented by this Warrant may be
exercised, the Company will at all times have authorized and reserved, for the purpose of issue or transfer upon exercise of the subscription rights evidenced by this Warrant, a sufficient number of shares of authorized but unissued Stock for such
exercise. The Company will take all such action as may be necessary to assure that such shares of Stock may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of any securities exchange or
automated quotation system upon which the Stock may be listed. 
 4. Adjustment of Stock Purchase Price and Number of Shares. The
Stock Purchase Price and the number of shares purchasable upon the exercise of this Warrant shall be subject to adjustment from time to time upon the occurrence of certain events described in this Section 4. 

4.1. Subdivision or Combination of Stock. In case the Company shall at any time subdivide its outstanding shares of Stock into a
greater number of shares, the Stock Purchase Price in effect immediately prior to such subdivision shall be proportionately reduced, and the number of shares issuable upon exercise of this Warrant shall be proportionately increased. Conversely, in
case the outstanding shares of Stock of the Company shall be combined into a smaller number of shares, the Stock Purchase Price in effect immediately prior to such combination shall be proportionately increased and the number of shares issuable upon
exercise of this Warrant shall be proportionately reduced. 
 4.2. Certain Dividends and Distributions. In case the Company shall at
any time declare or pay a dividend upon its Stock payable in shares of Stock, the Stock Purchase Price in effect immediately prior to such dividend shall be proportionately reduced and the number of shares issuable upon exercise of this Warrant
shall be proportionately increased. 
 4.3. Issuance of Stock or Common Stock Equivalents below Reference Price. 

4.3.1. If the Company shall at any time or from time to time prior to the exercise of this Warrant, issue or sell any shares of Stock or
Common Stock Equivalents at a price per share of Stock that is less than the Reference Price (as defined below) then in effect as of the record date or Issue Date (as defined below), as the case may be (the “Relevant Date”)
(treating the price per share of Stock, in the case of the issuances of any Common Stock Equivalent, as equal to (i) the sum of the price for such Common Stock Equivalent plus any additional consideration payable (without regard to any
anti-dilution adjustments) upon the conversion, exchange or exercise of such Common Stock Equivalent divided by (ii) the number of shares of Stock initially underlying such Common Stock Equivalent), other than issuances of any Exempted
Securities (as defined in the Company’s Amended and Restated Certificate of Incorporation, as may be amended from time to time), then, and in each such case, the Stock Purchase Price then in effect shall be reduced to the price determined by
multiplying the Stock Purchase Price in effect on the day immediately prior to the Relevant Date by a fraction (1) the numerator of which shall be the sum of the number of shares of Fully Diluted Outstanding Stock (as defined below) as of the
Relevant Date immediately prior to the issuance or sale plus the number of shares of Stock which the aggregate consideration received by the Company for the total number of such 

  
 3. 

 
additional shares of Stock so issued would purchase at the Exercise Price on the Relevant Date (or, in the case of Common Stock Equivalents, the number of shares of Stock which the aggregate
consideration received by the Company upon the issuance of such Common Stock Equivalents and receivable by the Company upon the conversion, exchange or exercise of such Common Stock Equivalents would purchase at the Stock Purchase Price on the
Relevant Date), and (2) the denominator of which shall be the sum of the number of shares of Fully Diluted Outstanding Stock as of the Relevant Date immediately prior to the issuance or sale plus the number of additional shares of Stock
issued or to be issued (or, in the case of Common Stock Equivalents, the maximum number of shares of Stock into which such Common Stock Equivalents initially may convert, exchange or be exercised). 

4.3.2. Such adjustment shall be made whenever such shares of Stock or Common Stock Equivalents are issued, and shall become effective
retroactively (i) in the case of an issuance to the stockholders of the Company, as such, to a date immediately following the close of business on the record date for the determination of stockholders entitled to receive such shares of Stock or
Common Stock Equivalents, and (ii) in all other cases, on the date (the “Issue Date”) of such issuance; provided, however, that the determination as to whether an adjustment is required to be made pursuant to this
Section 4.3 shall only be made upon the issuance of such shares of Stock or Common Stock Equivalents, and not upon the issuance of any security into which the Common Stock Equivalents convert, exchange or may be exercised. Simultaneously with
any adjustments to the Stock Purchase Price pursuant to this Section 4.3, the number of shares issuable upon exercise of this Warrant shall be proportionately increased, so that after such adjustment the aggregate Stock Purchase Price payable
hereunder for the increased number of shares issuable upon exercise of this Warrant shall be the same as the aggregate Stock Purchase Price in effect immediately prior to such adjustment. 

4.3.3. In case at any time any shares of Stock or Common Stock Equivalents or any rights or options to purchase any shares of Stock or Common
Stock Equivalents shall be issued or sold for cash, the consideration received therefor shall be deemed to be the amount received by the Company therefor, without deduction therefrom of any expenses incurred or any underwriting commissions or
concessions or discounts paid or allowed by the Company in connection therewith. In case any shares of Stock or Common Stock Equivalents or any rights or options to purchase any Stock or Common Stock Equivalents shall be issued or sold for a
consideration other than cash, the amount of the consideration other than cash received by the Company shall be deemed to be the “fair market value” (as defined in Section 2.3) of such consideration, without deduction therefrom of any
expenses incurred or any underwriting commissions or concessions or discounts paid or allowed by the Company in connection therewith. 

4.3.4. The following terms used in this Section 4.3 shall be construed to have the meanings set forth or referenced below: 

“Common Stock Equivalent” means any security or obligation which is by its terms, directly or indirectly, convertible into or
exchangeable or exercisable for shares of common stock, preferred stock or any other capital stock of the Company, and any option, warrant or other subscription or purchase right with respect to Company’s common stock or any Common Stock
Equivalent. 
 “Fully Diluted Outstanding Stock” shall mean, as of any time of measurement, all shares of Stock outstanding,
treating as outstanding all shares of Stock issuable upon conversion, exercise or exchange, as applicable, of all Common Stock Equivalents then outstanding. 

“Reference Price” shall mean $            , subject to adjustment
as provided herein. 

  
 4. 

 4.3.5. The provisions of this Section 4.3 shall not apply in the case of any event or other
action in respect of which the provisions of Sections 4.1 or 4.2 shall apply. 
 4.4. Notice of Adjustment. Upon any adjustment of
the Stock Purchase Price or any increase or decrease in the number of shares purchasable upon the exercise of this Warrant, the Company shall give written notice thereof, by first class mail, postage prepaid, addressed to the registered holder of
this Warrant at the address of such holder listed on the signature page hereto. The notice shall be signed by the Company’s chief executive officer and shall state the effective date of the adjustment and the Stock Purchase Price resulting from
such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of this Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is
based. 
 4.5. Other Notices. If at any time: 

(a) the Company shall propose to declare any cash dividend upon its Stock; 

(b) the Company shall propose to declare or make any dividend or other distribution to the holders of its Stock, whether in cash, property or
other securities; 
 (c) the Company shall propose to effect any reorganization or reclassification of the capital stock of the Company or
any consolidation or merger of the Company with or into another corporation in which the holders of Stock would receive any consideration for their shares of Stock, or any sale, lease or conveyance of all or substantially all of the assets of the
Company; or 
 (d) the Company shall propose to effect a voluntary or involuntary dissolution, liquidation or winding-up of the Company;
then, in any one or more of said cases, the Company shall give, by certified or registered mail, postage prepaid, addressed to the Holder at the address of the Holder listed on the signature page hereto, (i) at least 15 business days’
prior written notice of the date on which the books of the Company shall close or a record shall be taken for such dividend or distribution or for determining rights to vote in respect of any such reorganization, reclassification, consolidation,
merger, sale, lease, conveyance, dissolution, liquidation or winding-up, and (ii) in the case of any such reorganization, reclassification, consolidation, merger, sale, lease, conveyance, dissolution, liquidation or winding-up, at least 30
days’ written notice of the date when the same shall take place. Upon the occurrence of an event described in clause (c), the Holder shall be entitled thereafter to receive upon exercise of this Warrant, as and when exercised, the kind and
amount of shares of stock or other securities or assets which the Holder would have been entitled to receive after the occurrence of such event had this Warrant been exercised in full immediately prior to such event (assuming the entire amount of
this Warrant was fully exercisable at such time); and in any such case, appropriate provision shall be made with respect to the rights and interests of the Holder to the end that the provisions of this Warrant (including, without limitation,
provisions with respect to changes in and adjustments of the Stock Purchase Price and the number of shares purchasable upon the exercise of this Warrant) shall thereafter be applicable, as nearly as may be, in relation to any shares of stock, or
other securities or assets, thereafter deliverable upon the exercise of this Warrant. Unless the requirement is waived by the Requisite Holders (as defined in the Purchase Agreement), the Company will not effect any of the transactions described in
clause (c) above unless, prior to the consummation thereof, each person (other than the Company) that may be required to deliver any cash, stock, securities or other assets upon the exercise of this Warrant as provided herein shall assume, by
written instrument delivered to, and reasonably satisfactory to, the Requisite Holders on behalf of all Holders, (x) the obligations of the Company under this Warrant (and if the Company shall survive the consummation of any such

  
 5. 

 
transaction, such assumption shall be in addition to, and shall not release the Company from, any continuing obligations of the Company under this Warrant) and (y) the obligation to deliver
to the Holder such cash, stock, securities or other assets as such holder may be entitled to receive in accordance with the provisions of this Section 4. The provisions of this Section 4.5 shall similarly apply to successive transactions.

 5. Issue Tax. The issuance of certificates for shares of Stock upon the exercise of this Warrant shall be made without charge to
the Holder for any issue tax in respect thereof; provided, however, that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any certificate in a name other
than that of the then Holder of the Warrant being exercised. 
 6. No Voting Rights; Limitation of Liability. Nothing contained in
this Warrant shall be construed as conferring upon the Holder the right to vote or to consent or to receive notice as a stockholder in respect of meetings of stockholders for the election of directors of the Company or any other matters or any
rights whatsoever as a stockholder of the Company. No provisions hereof, in the absence of affirmative action by the Holder to purchase shares of Stock, and no mere enumeration herein of the rights or privileges of the Holder, shall give rise to any
liability of the Holder for the Stock Purchase Price or as a stockholder of the Company whether such liability is asserted by the Company or by its creditors. 

7. Restrictions on Transferability., Compliance With Securities Act. 

7.1. Restrictions on Transferability. This Warrant and the Stock issued hereunder (collectively, the “Securities”)
shall not be transferable in the absence of registration under the Act or an exemption therefrom. If the Holder is an entity that was formed for the sole purpose of holding Securities or that has no substantial assets other than the Securities or
other shares of capital stock of the Company, such Holder agrees that (a) shares of its capital stock or other instruments, certificates or documents reflecting equity interests in such entity (and the shares of capital stock or other equity
interests in any similar entities controlling such entity) will note the restrictions contained in this Warrant on the transfer of securities as if such Stock or other equity interests were Securities or other shares of capital stock of the Company,
as applicable, and (b) no shares of such capital stock or other equity interests may be transferred to any person or entity other than in accordance with the terms and provisions of this Warrant as if such capital stock or other equity
interests were Securities. 
 7.2. Restrictive Legend. Each certificate representing the Securities or any other securities issued in
respect of the Securities upon any stock split, stock dividend, recapitalization, merger, consolidation or similar event, or any other interests or securities restricted hereby, shall be stamped or otherwise imprinted with the legends substantially
in the following form (in addition to any legend required under applicable state securities laws), unless counsel shall advise the Company that any such legend is no longer required: 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“ACT”), OR ANY
STATE SECURITIES LAWS AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT AND SUCH LAWS AND THE RULES AND REGULATIONS THEREUNDER. 

  
 6. 

 7.3. Transfer Restrictions. This Warrant may not be sold, or in any other way
transferred, assigned, pledged, distributed, encumbered or otherwise disposed of, either voluntarily or involuntarily, directly or indirectly, without the written consent of the Company. Notwithstanding the immediately preceding sentence, any shares
of capital stock of the Company when and if issued upon exercise of this Warrant shall be subject to the restrictions on transfer and such other terms and conditions as determined by the Company. This Warrant may be transferred only in compliance
with applicable federal and state securities laws and only upon surrender of the original Warrant for registration of transfer, duly endorsed, or accompanied by a duly executed written instrument of transfer in form satisfactory to the Company.
Thereupon, a new warrant on similar terms will be issued to, and registered in the name of, the transferee. 
 7.4. Effect of
Transfer. Subject to the provisions of Section 7.1 hereof and any other agreement relating to the transfer of this Warrant or Warrant Shares, the Holder may transfer all or any portion of this Warrant by surrendering this Warrant to the
Company together with a completed assignment in the form attached hereto as Exhibit B. Upon such surrender, the Company shall deliver a new Warrant or Warrants to the person or persons entitled thereto and, if applicable, shall deliver to the
Holder a new Warrant evidencing the right of the Holder to purchase the balance of the shares of Stock subject to purchase hereunder. The term “Holder” as used herein shall include any transferee to whom this Warrant has been transferred
in accordance with this Section 7.4. 
 8. Registration Rights. The shares of Stock purchasable hereunder constitute
“Registrable Securities” as defined in the Ninth Amended and Restated Investors’ Rights Agreement, dated as of March 13, 2014, by and among the Company, the Holder and the other parties thereto, and shall be entitled to
registration rights in accordance with such Agreement. 
 9. Modification and Waiver; No Impairment. This Warrant and any provision
hereof may be amended, changed, waived, discharged or terminated only by an instrument in writing signed by the Company and
Holders                     holding percent (    %) of the shares of Stock issuable upon exercise of the warrants issued
under the Purchase Agreement, assuming that all such warrants are exercised for cash (and not on a cashless basis). Prior to any such amendment, change or modification, the Company will not avoid or seek to avoid the observance or performance of any
of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of commercially reasonable actions to protect the rights of the Holder of this Warrant against impairment. 

10. Notices. All notices, demands, approvals, waivers, consents and other communications provided for or permitted hereunder shall be
made in the manner provided for the making of Notices set forth in the Purchase Agreement. 
 11. Descriptive Headings, Governing Law and
Jurisdiction. The descriptive headings of the several sections and paragraphs of this Warrant are inserted for convenience only and do not constitute a part of this Warrant. This Warrant shall be governed by and construed under the laws of the
State of New York as applied to agreements among New York residents entered into and to be performed entirely within New York. The jurisdiction and venue in any action brought by any party hereto pursuant to this Agreement shall properly and
exclusively lie in any federal or state court located in the State and City of New York. By execution and delivery of this Agreement, each party hereto irrevocably submits to the jurisdiction of such courts for himself or itself and in respect of
his or its property with respect to such action. The parties irrevocably agree that venue would be proper in such court, and hereby waive any objection that such court is an improper or inconvenient forum for the resolution of such action. The
parties further agree that the mailing by certified or registered mail, return receipt requested, of any process required by any such court shall constitute valid and lawful 

  
 7. 

 
service of process against them, without necessity for service by any other means provided by statute or rule of court. EACH OF THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY
WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, ANY OF THE OTHER AGREEMENTS OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER
ORAL OR WRITTEN) OR ACTIONS OF THE HOLDER. 
 12. Lost Warrants or Stock Certificates. The Company represents and warrants to, and
agrees with, the Holder that upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of any Warrant or stock certificate and, in the case of any such loss, theft or destruction, upon receipt of
an indemnity, or in the case of any such mutilation, upon surrender and cancellation of such Warrant or stock certificate, the Company at its expense will make and deliver a new Warrant or stock certificate, of like tenor, in lieu of the lost,
stolen, destroyed or mutilated Warrant or stock certificate. 
 13. Fractional Shares. No fractional shares shall be issued upon
exercise of this Warrant. The Company shall, in lieu of issuing any fractional share and notwithstanding anything to the contrary contained herein, round up the number of shares issuable to the Holder upon any exercise hereof to the next whole
number. 
 14. Counterpart Signatures. This Warrant may be executed in any number of counterparts, each of which shall be deemed to be
an original, and all of which together shall constitute one and the same document. This Warrant may be executed by facsimile signatures. 

[SIGNATURE PAGE FOLLOWS.] 

  
 8. 

 IN WITNESS WHEREOF, the Company has caused this Warrant to, be executed by a duly authorized
officer as of the date first indicated above. 
  

			
	ON DECK CAPITAL, INC.
		
	 By:
	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 

 (Signature Page to On Deck Capital, Inc. Warrant) 

 EXHIBIT A 

FORM OF EXERCISE NOTICE 

(To be signed only upon exercise of Warrant) 
 To:
                                 

The undersigned, the holder of the within Warrant, hereby irrevocably elects to exercise the purchase right represented by such Warrant for,
and to purchase thereunder,                      (        ) shares of common stock of On Deck Capital, Inc.
(the “Company”) and herewith [makes payment of                     Dollars ($        )
therefor [by wire transfer] [by delivery of the enclosed certified check]][elects to exercise this Warrant with respect to                     shares
of Stock pursuant to the Net Issue Exercise provisions of Section 2.2 thereof] and requests that the certificates for such shares be issued in the name of, and delivered to,
                    , whose address
is                                         
           . 
  

			
	By:	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 
		
	 DATED:
	 	 
	
	(Signature must conform in all respects to name of holder as specified on the face of the Warrant)
		
	 (Address)
	 	

  
 1. 

 EXHIBIT B 

FORM OF ASSIGNMENT 
 (To be
executed by the registered Holder if such Holder desires to transfer the attached Warrant.) 
 FOR VALUE RECEIVED,
                     hereby sells, assigns, and transfers unto
                    a Warrant to purchase
                     (        ) shares of common stock of On Deck Capital, Inc. (the
“Company”), together with all right, title, and interest therein, and does hereby irrevocably constitute and appoint attorney to transfer such Warrant on the books of the Company, with full power of substitution. 

 

			
	By:	 	 
		
	 Name:
	 	 
		
	 Title:
	 	 
		
	 Dated:
	 	 
	
	 (Address)

  
 1.

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