Document:

Exhibit 10.7

 

NEITHER THESE SECURITIES NOR THE SECURITIES
ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I)
IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY AND ITS
TRANSFER AGENT OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER THE SECURITIES ACT.

 

CONVERSION
LABS, INC.

 

CLASS B WARRANT TO PURCHASE COMMON STOCK

 

Original Issue Date: _________, 2020

 

Conversion Labs, Inc., a Delaware corporation
(the “Company”), hereby certifies that, for value received, [●] , or its permitted registered assigns
(the “Holder”), is entitled to purchase from the Company up to a total of _____________ shares of common stock,
$0.0001 par value per share (the “Common Stock”), of the Company (the “Warrant Shares”)
at an exercise price per share equal to $________ per share (as adjusted from time to time as provided in Section 9 herein,
the “Exercise Price”), (i) with respect to ___________ shares of Common Stock (the “Tranche 1 Warrant
Shares”) at any time and from time to time following the date hereof (the “Original Issue Date”)
and through and including 5:30 p.m., New York City time, on ___________, 2025 (the “Expiration Date”), and
(ii) with respect to ______________ shares of Common Stock (the “Tranche 2 Warrant Shares”), at any time and
from time to time following the date that is six (6) months following the Original Issue Date (the “Tranche 2 Exercisability
Date”) and through and including the Expiration Date, subject to the following terms and conditions, including Section
4(c):

 

This Warrant (this “Warrant”)
is being issued pursuant to that certain Warrant Purchase Agreement, dated August 28, 2020, by and among the Company and the Holder
(the “Purchase Agreement”).

 

1.       Definitions.
In addition to the terms defined elsewhere in this Warrant, capitalized terms that are not otherwise defined herein have the meanings
given to such terms in the Purchase Agreement.

 

2.       Registration
of Warrants. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose, which
may be a third-party transfer agent (the “Warrant Register”), in the name of the record Holder (which shall
include the initial Holder or, as the case may be, any registered assignee to which this Warrant is permissibly assigned hereunder)
from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose
of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

3.       Registration
of Transfers. Subject to compliance with all applicable securities laws, the Company shall register the transfer of all or
any portion of this Warrant in the Warrant Register, upon surrender of this Warrant, with the Form of Assignment attached as Schedule
2 hereto duly completed and signed, to the Company’s transfer agent or to the Company at its address specified in the
Purchase Agreement and (x) delivery, at the request of the Company, of an opinion of counsel reasonably satisfactory to the Company
to the effect that the transfer of such portion of this Warrant may be made pursuant to an available exemption from the registration
requirements of the Securities Act and all applicable state securities or blue sky laws (other than in connection with any transfer
(i) pursuant to an effective registration statement, (ii) to the Company, (iii) pursuant to Rule 144 (provided that such Holder
provides the Company with reasonable assurances (in the form of seller and, if applicable, broker representation letters) that
the securities may be sold pursuant to such rule), and (y) delivery by the transferee of a written statement to the Company certifying
that the transferee is an “accredited investor” as defined in Rule 501(a) under the Securities Act and making the representations
and certifications set forth in Sections 4(c) 4(d) and 4(e) of the Purchase Agreement, to the Company at its address specified
in the Purchase Agreement. Upon any such registration or transfer, a new warrant to purchase Common Stock in substantially the
form of this Warrant (any such new warrant, a “New Warrant”) evidencing the portion of this Warrant so transferred
shall be issued to the transferee, and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any,
shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance
by such transferee of all of the rights and obligations in respect of the New Warrant that the Holder has in respect of this Warrant.
The Company shall prepare, issue and deliver at its own expense any New Warrant under this Section 3.

 

    	 

    	 

    

 

4.       Exercise
and Duration of Warrant; Repurchase.

 

(a)       All
or any part of the Tranche 1 Warrant Shares shall be exercisable by the registered Holder in any manner permitted by Section
10 of this Warrant at any time and from time to time on or after the Original Issue Date and through and including 5:30 p.m.
New York City time, on the Expiration Date. All or any part of the Tranche 2 Warrant Shares shall be exercisable by the registered
Holder in any manner permitted by Section 10 of this Warrant at any time and from time to time on or after the Tranche 2
Exercisability Date and through and including 5:30 p.m. New York City time, on the Expiration Date. At 5:30 p.m., New York City
time, on the Expiration Date, the portion (or all) of this Warrant not exercised prior thereto shall be and become void and of
no value and this Warrant shall be automatically terminated and no longer outstanding, provided, however, that if
the last reported Closing Sale Price immediately prior to the Expiration Date was greater than the Exercise Price, then this Warrant
shall be automatically deemed exercised on a cashless basis as of 4:01 p.m. (ET) on the Expiration Date.

 

(b)       The
Holder may exercise this Warrant by delivering to the Company (i) an exercise notice, in the form attached as Schedule 1
hereto (the “Exercise Notice”), completed and duly signed, and (ii) payment of the Exercise Price for the number
of Warrant Shares as to which this Warrant is being exercised (which may take the form of a “cashless exercise” if
so indicated in the Exercise Notice and if a “cashless exercise” may occur at such time pursuant to Section 10
below), and the date on which Exercise Notice is delivered to the Company (as determined in accordance with the notice provisions
hereof) is an “Exercise Date.” The delivery by (or on behalf of) the Holder of the Exercise Notice and the applicable
Exercise Price as provided above shall constitute the Holder’s certification to the Company that its representations contained
in Sections 4(c) 4(d) and 4(e) of the Purchase Agreement are true and correct as of the Exercise Date and the date on which Holder
pays the Company the Exercise Price as if remade in their entirety (or, in the case of any transferee Holder that is not a party
to the Purchase Agreement, such transferee Holder’s certification to the Company that such representations are true and correct
as to such assignee Holder as of the Exercise Date). The Holder shall not be required to deliver the original Warrant in order
to effect an exercise hereunder, but if it is not so delivered then such exercise shall constitute an agreement by the Holder to
deliver the original Warrant to the Company as soon as practicable thereafter. Execution and delivery of the Exercise Notice shall
have the same effect as cancellation of the original Warrant and issuance of a New Warrant evidencing the right to purchase the
remaining number of Warrant Shares.

 

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(c)       At
any time after the Original Issue Date and prior to the Tranche 2 Exercisability Date, the Company shall have the right, but not
the obligation, to elect in good faith to repurchase this Warrant solely with respect to all, but not less than all, of the Tranche
2 Warrant Shares (the “Repurchase”), for an aggregate purchase price of $___________ (the “Repurchase
Price”), by delivering written notice of such election (the “Repurchase Notice”) to the Holder. The
Repurchase Notice shall state the date on which such Repurchase shall occur, which date shall be the fifth (5th) business
day following the date such Repurchase Notice is deemed given pursuant to Section 13 (or, if such date falls on a day other
than a business day, the next day that is a business day) (the “Repurchase Date”). On the Repurchase Date, the
Company shall pay to the Holder the Repurchase Price, at its election, by (i) wire transfer of immediately available funds to a
bank account designated in writing by the Holder no later than two (2) days prior to the Repurchase Date, or (ii) issuing the Holder
a secured promissory note in form and substance to be mutually agreed upon by the Holder and the Company, which promissory
note shall accrue interest at the applicable federal rate as published in the Wall Street Journal and become due and payable upon
the earlier to occur of: (x) the one (1) year anniversary of the Repurchase Date and (y) a Fundamental Transaction.
Promptly following a Repurchase, a new warrant to purchase Common Stock, in substantially the form of this Warrant, evidencing
the portion of this Warrant not subject to the Repurchase, if any, shall be issued to the Holder.

 

5.       Delivery
of Warrant Shares.

 

(a)       Upon
exercise of this Warrant and delivery of the Exercise Price, the Company shall promptly (but in no event later than two Trading
Days after the later of the Exercise Date and delivery of the Exercise Price) issue or cause to be issued and cause to be delivered
to or upon the written order of the Holder and in such name or names as the Holder may designate, (i) a certificate for the Warrant
Shares issuable upon such exercise, free of restrictive legends, or (ii) an electronic delivery of the Warrant Shares to the Holder’s
account at the Depository Trust Company (“DTC”) or a similar organization, unless in the case of clause (i)
and (ii) a registration statement covering the resale of the Warrant Shares and naming the Holder as a selling stockholder thereunder
is not then effective or the Warrant Shares are not freely transferable without restriction under Rule 144 by Holders who are not
affiliates of the Company, in which case such Holder shall receive a certificate for the Warrant Shares issuable upon such exercise
with appropriate restrictive legends. The Holder, or any Person permissibly so designated by the Holder to receive Warrant Shares,
shall be deemed to have become the holder of record of such Warrant Shares as of the Exercise Date. Notwithstanding anything contained
herein to the contrary, if the Holder fails to deliver the documents required to register a transferee as set forth in Section
3 above or to provide the documents required under this Section 5(a) to issue a certificate or electronic delivery of
the Warrant Shares to any Person(s) other than the Holder, then determination of the two Trading Days shall be tolled until such
documents have been delivered to the Company. If the Warrant Shares are to be issued free of all restrictive legends, the Company
shall, upon the written request of the Holder, use its reasonable best efforts to deliver, or cause to be delivered, Warrant Shares
hereunder electronically through DTC or another established clearing corporation performing similar functions, if available; provided
that, the Company may, but will not be required to, change its transfer agent if its current transfer agent cannot deliver Warrant
Shares electronically through such a clearing corporation.

 

(b)       If
by the close of the second Trading Day after delivery of a properly completed Exercise Notice and the payment of the aggregate
Exercise Price in any manner permitted by Section 10 of this Warrant, the Company fails to deliver to the Holder a certificate
representing the required number of Warrant Shares in the manner required pursuant to Section 5(a), and if after such second
Trading Day and prior to the receipt of such Warrant Shares, the Holder is required to purchase (in an open market transaction
or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder
anticipated receiving upon such exercise (a “Buy-In”), then the Company shall, in its sole discretion, within
two Trading Days after the Holder’s request for payment, either (1) pay in cash to the Holder an amount equal to the Holder’s
total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased, at which point the
number of Warrant Shares underlying this Warrant equal to the number of shares of Common Stock so purchased shall be forfeited
and the Company’s obligation to deliver such certificate (and to issue such Warrant Shares) shall terminate or (2) promptly
honor its obligation to deliver to the Holder a certificate or certificates representing such Warrant Shares and pay cash to the
Holder in an amount equal to the excess (if any) of Holder’s total purchase price (including brokerage commissions, if any)
for the shares of Common Stock so purchased in the Buy-In over the product of (A) the number of shares of Common Stock purchased
in the Buy-In, multiplied by (B) the closing bid price of a share of Common Stock on the Exercise Date. The Holder shall
provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In, together with applicable
confirmations and other evidence reasonably requested by the Company.

 

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(c)       To
the extent permitted by law, the Company’s obligations to issue and deliver Warrant Shares in accordance with and subject
to the terms hereof (including the limitations set forth in Section 11 below) are absolute and unconditional, irrespective
of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery
of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination,
or any breach or alleged breach by the Holder or any other Person of any obligation to the Company (other than breaches related
to this Warrant or the Purchase Agreement) or any violation or alleged violation of law by the Holder or any other Person, and
irrespective of any other circumstance that might otherwise limit such obligation of the Company to the Holder in connection with
the issuance of Warrant Shares. Nothing herein shall limit the Holder’s right to pursue any other remedies available to it
hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect
to the Company’s failure to timely deliver certificates representing shares of Common Stock upon exercise of the Warrant
as required pursuant to the terms hereof.

 

6.       Charges,
Taxes and Expenses. Issuance and delivery of certificates for shares of Common Stock upon exercise of this Warrant shall be
made without charge to the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense in respect
of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however,
that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the registration
of any certificates for Warrant Shares or the Warrants in a name other than that of the Holder or an Affiliate thereof. The Holder
shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving
Warrant Shares upon exercise hereof.

 

7.       Replacement
of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange
and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon
receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and, in each case, a customary and
reasonable indemnity and surety bond, if requested by the Company. Applicants for a New Warrant under such circumstances shall
also comply with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company
may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated
Warrant to the Company as a condition precedent to the Company’s obligation to issue the New Warrant.

 

8.       Reservation
of Warrant Shares. The Company covenants that as soon as practical after the date hereof, but no later than December 31, 2020,
the Company will cause a sufficient number of shares of Common Stock to be available to
effect the exercise of this Warrant. Thereafter, the Company will at all times during the period this Warrant is outstanding reserve
and keep available out of the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose
of enabling it to issue Warrant Shares upon exercise of this Warrant as herein provided, the number of Warrant Shares that are
initially issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other contingent
purchase rights of persons other than the Holder (taking into account the adjustments and restrictions of Section 9). The
Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise
Price in accordance with the terms hereof, be duly and validly authorized, issued and fully paid and nonassessable and free from
all taxes, liens and charges created by the Company in respect of the original issuance thereof (other than taxes in respect of
any transfer occurring contemporaneously with such issue). The Company further covenants that its issuance of this Warrant shall
constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the
necessary certificates for the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company represents
and warrants that the Warrant Shares, when issued and paid for in accordance with the terms of the Offering Documents and the Warrants,
will be issued free and clear of all security interests, claims, liens and other encumbrances other than restrictions imposed by
applicable securities laws. The Company will take all such action as may be reasonably necessary to assure that such shares of
Common 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 Common Stock may be listed.

 

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9.       Certain
Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment
from time to time as set forth in this Section 9.

 

(a)       Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common
Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides
its outstanding shares of Common Stock into a larger number of shares, (iii) combines (by combination, reverse stock split or otherwise)
its outstanding shares of Common Stock into a smaller number of shares or (iv) issues by reclassification of shares of Common Stock
any shares of capital stock of the Company, then in each such case the Exercise Price shall be adjusted to a price determined by
multiplying the Exercise Price in effect immediately prior to the effective date of such event by a fraction, the numerator of
which shall be the number of shares of Common Stock outstanding on such effective date immediately before giving effect to such
event and the denominator of which shall be the number of shares of Common Stock outstanding immediately after giving effect to
such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record date
for the determination of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause
(ii), (iii) or (iv) of this paragraph shall become effective immediately after the effective date of such subdivision, combination
or reclassification.

 

(b)       Pro
Rata Distributions. If the Company, at any time while this Warrant is outstanding, distributes to all holders of Common Stock
for no consideration (i) evidences of its indebtedness, (ii) any security (other than a distribution of Common Stock covered by
the preceding paragraph) or (iii) rights or warrants to subscribe for or purchase any security, or (iv) any other asset, including
cash (in each case, “Distributed Property”), except, for any distributions pursuant to a shareholders’
rights plan or similar takeover defense agreement or plan adopted by the Company, then, upon any exercise of this Warrant that
occurs after the record date fixed for determination of stockholders entitled to receive such distribution, the Holder shall be
entitled to receive, in addition to the Warrant Shares otherwise issuable upon such exercise (if applicable), the Distributed Property
that such Holder would have been entitled to receive in respect of such number of Warrant Shares had the Holder been the record
holder of such Warrant Shares immediately prior to such record date.

 

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(c)       Fundamental
Transactions. If, at any time while this Warrant is outstanding (i) the Company effects (A) any merger of the Company with
(but not into) another Person, in which stockholders of the Company immediately prior to such transaction own less than a majority
of the outstanding stock of the surviving entity, or (B) any merger or consolidation of the Company into another Person, (ii) the
Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (iii) any tender
offer or exchange offer approved or authorized by the Company’s Board of Directors is completed pursuant to which holders
of at least a majority of the outstanding Common Stock tender or exchange their shares for other securities, cash or property,
or (iv) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common
Stock is effectively converted into or exchanged for other securities, cash or property (other than as a result of a subdivision
or combination of shares of Common Stock covered by Section 9(a) above or as a result of a transaction, the primary purpose
of which is to change the jurisdiction of incorporation of the Company) (in any such case, a “Fundamental Transaction”),
then the Holder shall have the right thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities,
cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been,
immediately prior to such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full
of this Warrant without regard to any limitations on exercise contained herein (the “Alternate Consideration”),
and the Holder shall no longer have the right to receive Warrant Shares upon exercise of this Warrant. The Company shall not effect
any such Fundamental Transaction unless prior to or simultaneously with the consummation thereof, any successor to the Company,
surviving entity or the corporation purchasing or otherwise acquiring such assets or other appropriate corporation or Person shall
assume the obligation to deliver to the Holder, such Alternate Consideration as, in accordance with the foregoing provisions, the
Holder may be entitled to receive, and the other obligations under this Warrant. The provisions of this Section 9(c) shall
similarly apply to subsequent transactions of an analogous type to any Fundamental Transaction. Notwithstanding anything to the
contrary, in the event of a Fundamental Transaction, the Company or any successor to the Company, surviving entity or the corporation
purchasing or otherwise acquiring such assets or other appropriate corporation or Person shall, at the Holder’s option, exercisable
at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction, purchase this Warrant
from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value of the remaining unexercised portion
of this Warrant on the date of the consummation of such Fundamental Transaction. As used herein, “Black Scholes Value”
means the value of this Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV” function
on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction
for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to
the time between the date of the public announcement of the applicable Fundamental Transaction and the Expiration Date, (B) an
expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the
Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per
share used in such calculation shall be the sum of the price per share being offered in cash, if any, plus the value of any non-cash
consideration, if any, being offered in such Fundamental Transaction, and (D) a remaining option time equal to the time between
the date of the public announcement of the applicable Fundamental Transaction and the Expiration Date.

 

(d)       Number
of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to Section 9(a), the number of
Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after
such adjustment the aggregate Exercise Price payable hereunder for the increased or decreased number of Warrant Shares shall be
the same as the aggregate Exercise Price in effect immediately prior to such adjustment.

 

(e)       Calculations.
All calculations under this Section 9 shall be made to the nearest cent or the nearest share, as applicable.

 

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(f)       Notice
of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 9, the Company at its expense will promptly
compute such adjustment, in good faith, in accordance with the terms of this Warrant and prepare a certificate setting forth such
adjustment, including a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities
issuable upon exercise of this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing
in reasonable detail the facts upon which such adjustment is based. Upon written request, the Company will promptly deliver a copy
of each such certificate to the Holder and to the Company’s transfer agent.

 

(g)       Notice
of Corporate Events. If, while this Warrant is outstanding, the Company (i) declares a dividend or any other distribution of
cash, securities or other property in respect of its Common Stock, including, without limitation, any granting of rights or warrants
to subscribe for or purchase any capital stock of the Company, (ii) authorizes or approves, enters into any agreement contemplating
or solicits stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or
winding up of the affairs of the Company, then, except if such notice and the contents thereof shall be deemed to constitute material
non-public information, the Company shall deliver to the Holder a notice of such transaction at least five (5) Trading Days prior
to the applicable record or effective date on which a Person would need to hold Common Stock in order to participate in or vote
with respect to such transaction; provided, however, that the failure to deliver such notice or any defect therein
shall not affect the validity of the corporate action required to be described in such notice.

 

10.       Payment
of Exercise Price. The Holder shall either pay the Exercise Price in immediately available funds or by way of a “cashless
exercise”, in which event the Company shall issue to the Holder the number of Warrant Shares determined as follows:

 

X = Y [(A-B)/A]

 

where:

 

X = the number of Warrant Shares
to be issued to the Holder.

 

Y = the total number of Warrant
Shares with respect to which this Warrant is being exercised.

 

A = the average of the Closing Sale
Prices of the shares of Common Stock for the five consecutive Trading Days ending on the date immediately preceding the Exercise
Date.

 

B = the Exercise Price then in
effect for the applicable Warrant Shares at the time of such exercise.

 

For purposes of this Warrant, “Closing
Sale Price” means, for any security as of any date, the price determined by the first of the following clauses that applies:
(a) if the Common Stock is then listed or quoted on a National Securities Exchange, the last trade price of the Common Stock for
such date (or the nearest preceding date) on a National Securities Exchange on which the Common Stock is then listed or quoted
as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)
if the Common Stock is not then listed or quoted on a National Securities Exchange, the last closing price of a share of Common
Stock for such date (or the nearest preceding date) on the OTCQB or the OTCQX as applicable, (c) if the Common Stock is not then
listed or quoted for trading on the OTCQB or the OTCQX and if prices for the Common Stock are then reported in the “Pink
Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value
of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable
to the Company, the fees and expenses of which shall be paid by the Company.

 

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For purposes of Rule 144, it is intended, understood
and acknowledged that the provisions above permitting “cashless exercise” are intended, in part, to ensure that a full
or partial exchange of this Warrant pursuant to such provisions will qualify as a conversion, within the meaning of paragraph (d)(3)(ii)
of Rule 144, and the holding period for the Warrant Shares shall be deemed to have commenced as to such original Holder, on the
Original Issue Date.

 

11.       Limitations
on Exercise. The Company shall not effect the exercise of this Warrant, and the Holder shall not have the right to exercise
this Warrant, to the extent that after giving effect to such exercise, the Holder (together with the Holder’s Affiliates)
would beneficially own in excess of 4.99% (the “Beneficial Ownership Limitation”) of the shares of Common Stock
outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares
of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable
upon the exercise of this Warrant, but shall exclude shares of Common Stock which would be issuable upon exercise or conversion
of the unexercised or unconverted portion of any other securities of the Company beneficially owned by the Holder and its affiliates
(including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion
or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph,
beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act of 1934, as amended. For purposes
of this Warrant, in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding
shares of Common Stock as reflected in the most recent of (1) the Company’s most recent Form 10-K, Form 10-Q, Current Report
on Form 8-K or other public filing with the Securities and Exchange Commission, as the case may be, (2) a more recent public announcement
by the Company or (3) any other notice by the Company or its transfer agent setting forth the number of shares of Common Stock
outstanding. For any reason at any time, upon the written or oral request of the Holder, the Company shall within two days confirm
to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock
shall be determined after giving effect to the conversion or exercise of securities of the Company by the Holder thereof and its
Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. By written notice to the
Company, the Holder may from time to time increase or decrease the Beneficial Ownership Limitation to any other percentage specified
in such notice; provided that (i) any such increase will not be effective until the sixty-first (61st) day after such notice
is delivered to the Company, and (ii) any such increase or decrease will apply only to the Holder. The provisions of this paragraph
shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 11 to
correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation
herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation.

 

12.       Piggyback
Registration. If the Company proposes to register (including, for this purpose, a registration effected by the Company for
stockholders other than the Holder) any of its securities under the Securities Act in connection with the public offering of such
securities solely for cash (other than a registration on Form S-4 or Form S-8), the Company shall, at such time, promptly give
the Holder notice of such registration. Upon the request of the Holder given within twenty (20) days after such notice is given
by the Company, the Company shall cause to be registered all of the Registrable Securities that the Holder has requested to be
included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under
this Section 12 before the effective date of such registration, whether or not the Holder has elected to include Registrable
Securities in such registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings,
or qualifications pursuant to this Section 12, including all registration, filing, and qualification fees; printers’
and accounting fees; and fees and disbursements of counsel for the Company, shall be borne and paid by the Company. As used herein,
“Registrable Securities” means the Common Stock issuable or issued upon exercise of this Warrant. As used herein,
“Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable
to the sale of Registrable Securities.

 

    	8

    	 

    

 

13.       No
Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of
any fractional shares that would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded down to the
next whole number and the Company shall pay the Holder in cash the fair market value (based on the Closing Sale Price) for any
such fractional shares.

 

14.       Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be deemed given and effective
on the earliest of: (a) the date of transmission, if such notice or communication is delivered via electronic mail to the e-mail
address specified in this Section 13 prior to 5:00 p.m., New York City time, on a Trading Day, (b) the next Trading Day
after the date of transmission, if such notice or communication is delivered via electronic mail to the e-mail address specified
in this Section 13 on a day that is not a Trading Day or later than 5:00 p.m., New York City time, on any Trading Day, (c)
the Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service with next day delivery
specified, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and
communications shall be as follows:

 

If to the Company,
to:

 

Conversion Labs,
Inc.

800 Third Avenue,
Suite 2800

New York, NY 10022

Attention:
Justin Schreiber, CEO,

justin@conversionlabs.com

 

With a copy (which
shall not constitute notice to the Company) to:

 

If to the Holder,
to the address set forth on the signature page hereto.

 

15.       Warrant
Agent. The Company shall serve as warrant agent under this Warrant. Upon 15 days’ notice to the Holder, the Company may
appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting
from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or
any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be a successor
warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession
as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown
on the Warrant Register.

 

    	9

    	 

    

 

16.       Miscellaneous.

 

(a)       No
Rights as a Stockholder. The Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be entitled
to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained
in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this Warrant, any
of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any
reorganization, issue of stock, reclassification of stock, consolidation, merger, amalgamation, conveyance or otherwise), receive
notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant
Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this
Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities, whether such liabilities are asserted
by the Company or by creditors of the Company.

 

(b)       Authorized
Shares.

 

(i)       The
Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein
without violation of any applicable law or regulation or of any requirements of the National Securities Exchange upon which the
Common Stock may be listed.

 

(ii)       Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, 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 all such
actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without
limiting the generality of the foregoing, the Company will (A) not increase the par value of any Warrant Shares above the amount
payable therefor upon such exercise immediately prior to such increase in par value, (B) take all such action as may be necessary
or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise
of this Warrant, and (C) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any
public regulatory body having jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this
Warrant.

 

(iii)       Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.

 

(c)       Successors
and Assigns. Subject to the restrictions on transfer set forth in this Warrant and compliance with applicable securities laws,
this Warrant may be assigned by the Holder. This Warrant may not be assigned by the Company without the written consent of the
Holder except to a successor in the event of a Fundamental Transaction. This Warrant shall be binding on and inure to the benefit
of the Company and the Holder and their respective successors and assigns. Subject to the preceding sentence, nothing in this Warrant
shall be construed to give to any Person other than the Company and the Holder any legal or equitable right, remedy or cause of
action under this Warrant.

 

(d)       Amendment
and Waiver. Except as otherwise provided herein, the provisions of the Warrants may be amended and the Company may take any
action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the
written consent of the Holders of Warrants representing no less than a majority of the Warrant Shares obtainable upon exercise
of the Warrants then outstanding.

 

    	10

    	 

    

 

(e)       Acceptance.
Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained
herein.

 

(f)       Governing
Law; Jurisdiction; Waiver of Jury Trial. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION
OF THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD
TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. EACH OF THE PARTIES (A) IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ANY PROCEEDINGS,
AT LAW OR EQUITY, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY AGREEMENTS OR TRANSACTIONS CONTEMPLATED HEREBY SHALL BE HEARD
AND DETERMINED BY THE FEDERAL OR STATE COURTS LOCATED IN NEW YORK COUNTY IN THE STATE OF NEW YORK; (B) IRREVOCABLY SUBMITS TO THE
JURISDICTION OF SUCH COURTS IN ANY SUCH PROCEEDING; (C) CONSENTS THAT ANY SUCH PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND WAIVES
ANY OBJECTION THAT SUCH PARTY MAY NOW OR HEREAFTER HAVE TO THE VENUE OR JURISDICTION OF SUCH COURTS OR THAT SUCH PROCEEDING WAS
BROUGHT IN AN INCONVENIENT FORUM; AND (D) AGREES THAT SERVICE OF PROCESS IN ANY SUCH PROCEEDING MAY BE EFFECTED BY PROVIDING A
COPY THEREOF BY ANY OF THE METHODS OF DELIVERY PERMITTED BY SECTION 13 TO SUCH PARTY AT ITS ADDRESS AS PROVIDED IN SECTION
13 (PROVIDED THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW).
EACH OF THE PARTIES HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY). EACH OF THE PARTIES HERETO HEREBY (A) CERTIFIES THAT
NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT,
IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 15.

 

(g)       Headings.
The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect
any of the provisions hereof.

 

(h)       Severability.
In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby, and the Company and
the Holder will attempt in good faith to agree upon a valid and enforceable provision which as closely as possible reflects the
intent of the parties hereto, and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK;
SIGNATURE PAGE FOLLOWS]

 

    	11

    	 

    

 

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

 

	 	CONVERSION LABS, INC.
	 	 
	 	By:	                                        
	 	Name: Justin Schreiber
	 	Title: President and Chief Executive Officer  
	 	 
	 	Accepted and acknowledged:
	 	 
	 	By:	 
	 	Name: 
	 	Title: Authorized Person
	 	 
	 	Address:
	 	 
	 	With a copy (which shall not constitute notice) to:

 

[Signature Page to Class B Warrant]

 

    	 

    	 

    

 

SCHEDULE 1

 

CONVERSION
LABS, INC.

 

FORM OF EXERCISE NOTICE

 

[To be executed by the Holder to purchase shares
of Common Stock under the Warrant]

 

Ladies and Gentlemen:

 

(1)       The
undersigned is the Holder of Warrant No. __________ (the “Warrant”) issued by Conversion Labs, Inc., a Delaware
corporation (the “Company”). Capitalized terms used herein and not otherwise defined herein have the respective
meanings set forth in the Warrant.

 

(2)       The
undersigned hereby exercises its right to purchase __________ Warrant Shares pursuant to the Warrant.

 

(3)       The
Holder intends that payment of the Exercise Price shall be made as (check one):

 

[  ]      Cash Exercise

 

[  ]      “Cashless
Exercise” under Section 10 of the Warrant

 

(4)       If
the Holder has elected a Cash Exercise, the Holder shall pay the sum of $_______ in immediately available funds to the Company
in accordance with the terms of the Warrant.

 

(5)       Pursuant
to this Exercise Notice, the Company shall deliver to the Holder Warrant Shares determined in accordance with the terms of the
Warrant. Please issue (check applicable box):

 

[  ]      A certificate of
certificates representing the Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

                                                                                                                              

 

[  ]      The Warrant
Shares in electronic form to the following account:

 

Name and Contact for Broker:
                                                                        

 

Broker no:                                                                                                           

 

Account no:                                                                                                       

 

Account holder:                                                                                                 

 

(6)       By
its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving effect to the exercise
evidenced hereby the Holder will not beneficially own in excess of the number of shares of Common Stock (as determined in accordance
with Section 13(d) of the Securities Exchange Act of 1934, as amended) permitted to be owned under Section 11 of the Warrant to
which this notice relates.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 

    	 

    

 

Dated:                                       ,               

 

Name of Holder:                                                 

 

By:                                                   (Signature must conform
in all respects to name of Holder as specified on the face of the Warrant)

Name:

Title:

 

[Signature Page to Warrant Exercise Notice]

 

    	 

    	 

    

 

SCHEDULE 2

 

Conversion
labs, INC.

 

FORM OF ASSIGNMENT

 

[To be completed and executed by the Holder
only upon transfer of the Warrant]

 

FOR VALUE RECEIVED, the undersigned
hereby sells, assigns and transfers unto _______________ (the “Transferee”) the right represented by the
within Warrant to purchase __________ shares of Common Stock of Conversion Labs, Inc., a Delaware corporation (the
“Company”) to which the within Warrant relates and appoints _________________ attorney to transfer said
right on the books of the Company with full power of substitution in the premises. In connection therewith, the undersigned
represents, warrants, covenants and agrees to and with the Company that:

 

	(a)	the offer and sale of the Warrant contemplated hereby is being made in compliance with Section
4(1) of the United States Securities Act of 1933, as amended (the “Securities Act”), or another valid exemption
from the registration requirements of Section 5 of the Securities Act and in compliance with all applicable securities laws of
the states of the United States;

 

	(b)	the undersigned has not offered to sell the Warrant by any form of general solicitation or general
advertising, including, but not limited to, any advertisement, article, notice or other communication published in any newspaper,
magazine or similar media or broadcast over television or radio, and any seminar or meeting whose attendees have been invited by
any general solicitation or general advertising;

 

	(c)	the undersigned has read the Transferee’s investment letter included herewith, and to its
actual knowledge, the statements made therein are true and correct; and

 

	(d)	the undersigned understands that the Company may condition the transfer of the Warrant contemplated
hereby upon the delivery to the Company by the undersigned or the Transferee, as the case may be, of a written opinion of counsel
(which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect
that such transfer may be made without registration under the Securities Act and under applicable securities laws of the states
of the United States.

 

	Dated:	                                     	 	 
	 	 	                                    
	 	 	(Signature must conform in all respects to name of

holder as specified on the face of the Warrant)
	 	 	 
	 	 	 
	 	 	 
	 	 	Address of Transferee
	In the presence of:EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is made by and between Open Lending Corporation, a Delaware corporation (the
“Company”), and Ross Jessup (the “Executive”), and is effective as of August 28, 2020 (the “Effective Date”). 

WHEREAS, effective as of the Effective Date, the parties intend this Agreement to replace in all respects any other prior agreements between
the Executive and the Company regarding the subject matter herein, including without limitation any offer letter, employment agreement or severance agreement; and 

WHEREAS, the Company desires to continue to employ the Executive and the Executive desires to continue to be employed by the Company on the
terms and conditions contained herein; 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 1.
Employment. 
 (a) Term. The Company shall continue to employ the Executive and the Executive shall continue to
be employed by the Company pursuant to this Agreement commencing as of the Effective Date and continuing until such employment is terminated in accordance with the provisions hereof (the “Term”). The Executive’s employment with
the Company will continue to be “at will,” meaning that the Executive’s employment may be terminated by the Company or the Executive at any time and for any reason subject to the terms of this Agreement. 

(b) Position and Duties. During the Term, the Executive shall serve as the President and Chief Operating Officer of the
Company, and shall have such powers and duties as may from time to time be prescribed by the Chief Executive Officer of the Company (the “CEO”) or another authorized executive, provided that such duties are consistent with
the Executive’s position or other positions that the Executive may hold from time to time. The Executive shall devote the Executive’s full working time and efforts to the business and affairs of the Company. Notwithstanding the foregoing,
the Executive may serve on other boards of directors, with the prior written approval of the Board of Directors of the Company (the “Board”), or engage in religious, charitable or other community activities as long as such services
and activities are disclosed to the Board and do not materially interfere with the Executive’s performance of the Executive’s duties or obligations to the Company (whether under this Agreement, the Restrictive Covenant, any other
agreement, applicable law or otherwise). To the extent applicable, the Executive shall be deemed to have resigned from all officer and board members positions that the Executive holds with the Company or any or its respective subsidiaries and
affiliates upon the termination of the Executive’s employment for any reason and by which ever party. The Executive shall execute any documents in reasonable form as may be requested by the Company to confirm or effectuate any such
resignations. 

 2. Compensation and Related Matters. 

(a) Base Salary. The Executive’s initial base salary rate shall be based on the annualized rate of $500,000 per
annum. The Executive’s base salary may be subject to periodic review by the Board or the Compensation Committee of the Board (the “Compensation Committee”). The Executive’s base salary in effect at any given time is
referred to herein as “Base Salary.” The Base Salary shall be payable in a manner that is consistent with the Company’s usual payroll practices and schedule for senior executives. 

(b) Incentive Compensation. Commencing in fiscal year 2021, the Executive shall be eligible to receive cash incentive
compensation as determined by the Board or the Compensation Committee in its discretion. The Executive’s target annual incentive compensation for fiscal year 2021 shall be eighty percent (80%) of the Executive’s Base Salary. The
Executive’s target annual incentive for future fiscal years shall be in such percentage as determined from time to time by the Board or Compensation Committee in its discretion (Executive’s target annual incentive as the same may be
adjusted from year to year shall be referred to herein as, the “Target Incentive Compensation”). The actual amount of the Executive’s annual incentive compensation, if any, shall be determined in the sole discretion of the
Board or the Compensation Committee, subject to the terms of any applicable incentive compensation plan that may be in effect from time to time. Except as otherwise provided herein or in any applicable incentive compensation plan, to earn any
incentive compensation in respect of a given calendar year, the Executive must be employed by the Company in good standing on the day such incentive compensation is paid. Subject to the foregoing, annual incentive compensation in respect of a given
calendar year shall be paid to the Executive no later than March 15 of the year following the year to which such annual incentive compensation relates. 

(c) Expenses. The Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by
the Executive during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its senior executive officers. 

(d) Other Benefits. During the Term, the Executive shall be eligible to participate in or receive benefits under the
Company’s employee benefit plans in effect from time to time, subject to the terms and conditions of such plans. The Company’s employee benefit plans may be modified or terminated at any time in the Company’s sole discretion. 

(e) Paid Time Off. The Executive shall be entitled to paid time-off in
accordance with the Company’s applicable paid time off/paid vacation policy for executives, as may be in effect and/or which may be modified or adjusted from time to time. The Executive shall also be entitled to all paid holidays given by the
Company to its executives. Unless otherwise required by applicable Company policy or applicable law, any accrued unused vacation days or paid time off remaining at the end of a given year or when the Executive’s employment terminates shall be
forfeited and not paid out. 

  
 2 

 (f) Long-Term Incentive Compensation. Commencing in fiscal year 2021,
the Executive will be eligible for long-term incentive awards commensurate with the Executive’s position and performance, in the discretion of the Board or the Compensation Committee (an “LTI Award”). The Executive’s
annual long-term incentive target award amount for the fiscal year 2021 will be $1,250,000. Subject to the approval of the Board or the Compensation Committee, the Company will grant such LTI Award to the Executive in the form of restricted stock
units, of which (a) 40% will vest ratably over four (4) years from the grant date (“Time-Based RSUs”), and (b) 60% will vest subject to the achievement of certain performance criteria over a
3-year performance period (“Performance-Based RSUs”), as determined by the Board or the Compensation Committee in its discretion. The Time-Based RSUs and Performance-Based RSUs shall be
subject to the provisions of the Company’s 2020 Stock Option and Incentive Plan and the applicable restricted stock unit agreements (each, a “RSU Agreement”), including but not limited to the vesting schedule or conditions
(including any applicable performance metrics), acceleration provisions and employment termination provisions of the Plan and the RSU Agreement. The Plan and the RSU Agreement(s) are referred collectively to as the “Equity
Documents.” The size, type, and terms of any future LTI Award shall be determined by the Board or the Compensation Committee in its discretion. 

3. Termination. During the Term, the Executive’s employment hereunder may be terminated without any breach of this Agreement under
the following circumstances: 
 (a) Death. The Executive’s employment hereunder shall terminate upon the
Executive’s death. 
 (b) Disability. The Company may terminate the Executive’s employment if the executive
experiences a Disability. For purposes of this Agreement, “Disability” shall mean he is disabled and unable to perform the essential functions of the Executive’s then existing position or positions under this Agreement with or
without reasonable accommodation for a period of 120 days (which need not be consecutive) in any 12-month period. If any question shall arise as to whether, during any period, the Executive is disabled so as to be unable to perform the essential
functions of the Executive’s then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician
selected by the Company to whom the Executive or the Executive’s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall, for the purposes
of this Agreement, be deemed to be conclusive of the issue. The Executive shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such
certification, the Company’s determination of whether the Executive is disabled shall be binding on the Executive. Nothing in this Section 3(b) shall be construed to waive the Executive’s rights, if any, under existing law
including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq. 

  
 3 

 (c) Termination by Company for Cause. The Company may terminate the
Executive’s employment hereunder for Cause. For purposes of this Agreement, “Cause” shall mean any of the following: (i) conduct by the Executive constituting a material act of misconduct in connection with the performance of the
Executive’s duties, including, without limitation, (A) willful failure or refusal to perform material responsibilities that have been requested by the CEO or other duly authorized or supervising executive, (B) dishonesty to the CEO or
other supervising executive with respect to any material matter, or (C) misappropriation of funds or property of the Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of Company
property for personal purposes; (ii) the commission by the Executive of, or plea of guilty or no lo contendere to, (A) any felony or (B) a misdemeanor involving moral turpitude, deceit, dishonesty or fraud; (iii) any conduct by
the Executive, regardless of whether or not in the course of the Executive’s employment, that would reasonably be expected to result in material injury or material reputational harm to the Company or any of its subsidiaries and affiliates if
the Executive were to continue to be employed in the Executive’s position; (iv) continued unsatisfactory performance or non-performance by the Executive of the Executive’s duties hereunder
(other than by reason of the Executive’s physical or mental illness, incapacity or Disability) that has continued for more than 30 days following written notice of such unsatisfactory performance or
non-performance from the CEO; (v) a breach by the Executive of any of the provisions contained in Section 7 of this Agreement, the Restrictive Covenants Agreement (as defined below) or any other
Continuing Obligations (as defined below); (vi) a breach by the Executive of any fiduciary duty and/or duty of loyalty to the Company or any of its subsidiaries or affiliates; (vii) a material violation by the Executive of the Company’s
written employment policies (including, but not limited to, any violation of any written equal employment opportunity policy or any written policy prohibiting discrimination, harassment or retaliation) or corporate governance policies; or
(viii) the Executive’s failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities after being instructed by the Company to cooperate, or the willful destruction or
failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation. 

(d) Termination by the Company Without Cause. The Company may terminate the Executive’s employment hereunder at any
time without Cause. Any termination by the Company of the Executive’s employment under this Agreement that does not constitute a termination for Cause under Section 3(c) and does not result from the death or Disability of the Executive
under Section 3(a) or (b) shall be deemed a termination without Cause. 
 (e) Termination by the Executive.
The Executive may terminate the Executive’s employment hereunder at any time for any reason including, but not limited to, Good Reason. For purposes of this Agreement, “Good Reason” shall mean that the Executive has complied
with and completed all steps of the “Good Reason Process” 

  
 4 

 
(hereinafter defined) following the occurrence of any of the following events without the Executive’s consent (each a “Good Reason Condition”): (i) a material
diminution in the Executive’s responsibilities, authority or duties; (ii) a material diminution in the Executive’s Base Salary, except for
across-the-board salary reductions based on the Company’s financial performance similarly affecting all or substantially all senior management employees of the
Company; (iii) a requirement that the Executive work primarily from an office or geographic location that is beyond a 50 mile radius from the office or geographic location at which the Executive primarily provides services to the Company; or
(iv) a material breach of this Agreement by the Company. 
 The “Good Reason Process” means and consists of the
following steps: (i) the Executive reasonably determines in good faith that a Good Reason Condition has occurred; (ii) the Executive notifies the Company in writing of Executive learning the first occurrence of the Good Reason Condition within
60 days of the first occurrence of such condition; (iii) the Executive cooperates in good faith with the Company’s efforts, for a period of not less than 30 days following such notice (the “Cure Period”), to remedy
the Good Reason Condition; (iv) notwithstanding such efforts, the Good Reason Condition continues to exist; and (v) the Executive terminates the Executive’s employment within 30 days after the end of the Cure Period. If the
Company cures the Good Reason Condition during the Cure Period, Good Reason shall be deemed not to have occurred. 
 (f)
Notice of Termination. Except for termination as specified in Section 3(a), any termination of the Executive’s employment by the Company or any such termination by the Executive shall be communicated by written Notice of Termination
to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice that shall indicate the specific termination provision in this Agreement being relied upon. 

(g) Date of Termination. “Date of Termination” shall mean: (i) if the Executive’s employment
is terminated due to the Executive’s death, the date of the Executive’s death; (ii) if the Executive’s employment is terminated on account of Disability under Section 3(b) or by the Company for Cause under
Section 3(c), the date on which Notice of Termination is given; (iii) if the Executive’s employment is terminated by the Company without Cause under Section 3(d), 30 days after the date on which a
Notice of Termination is given or the date specified by the Company in the Notice of Termination provided it is more than 30 days after the date on which the Notice of Termination is given; (iv) if the Executive’s employment is
terminated by the Executive under Section 3(e) other than for Good Reason, 30 days after the date on which a Notice of Termination is given; and (v) if the Executive’s employment is terminated by the
Executive under Section 3(e) for Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to the
Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in or constitute a termination by the Company for purposes of this Agreement; provided, however, that in such event, the Company shall
continue to pay the Executive his Base Salary for such 30-day period in lieu of the Executive’s active employment during such period (or any portion thereof as determined by the Company). 

  
 5 

 4. Compensation Upon Termination. 

(a) Termination Generally. If the Executive’s employment with the Company is terminated for any reason and by
whichever party, the Company shall pay or provide to the Executive (or to the Executive’s authorized representative or estate) (i) any Base Salary earned but not yet paid through the Date of Termination; (ii) unpaid expense
reimbursements (subject to, and in accordance with, Section 2(c) of this Agreement); and (iii) any vested benefits the Executive may have under any employee benefit plan of the Company through the Date of Termination, which
vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the “Accrued Benefits”). 

(b) Executive’s Death or Termination by Company as a Result of Executive’s Disability. If the Executive dies
or the Executive’s employment hereunder is terminated by Company as a result of the Executive’s Disability, then, in addition to the Accrued Benefits, the Executive shall be entitled to a pro rata portion of the Executive’s Target
Incentive Compensation set forth in Section 2(b) hereof, based upon the number of days the Executive was employed during the Company’s fiscal year for which such Target Incentive Compensation is computed, to the extent the goals
applicable to such Target Incentive Compensation are actually met for the fiscal year in question, which shall be payable at the same time such Target Incentive Compensation would have been paid under Section 2(b) hereof. 

(c) Termination by the Company without Cause or by the Executive for Good Reason Outside the Change in Control Period.
During the Term, if the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates the Executive’s employment for Good Reason as provided in
Section 3(e), each outside the Change in Control Period (as defined below), then, in addition to the Accrued Benefits, and subject to (i) the Executive signing, not revoking and complying with a separation agreement, in a
form and manner satisfactory to the Company, which shall include, among other provisions, a general release of claims against the Company and all related persons and entities, confidentiality, return of property and
non-disparagement obligations, a reaffirmation of all of the Executive’s Continuing Obligations (as defined below), and shall provide that if the Executive breaches any of the Continuing Obligations, all
payments of the Severance Amount (as defined below) shall immediately cease (the “Separation Agreement and Release”) and (ii) the Separation Agreement and Release becoming effective and irrevocable, all within
60 days after the Date of Termination (or such shorter period as set forth in the Separation Agreement and Release), the Company will pay or provide (as applicable) the following (collectively, the “Severance Pay and
Benefits”): 
 (i) the Company shall pay the Executive an amount equal to twenty-four (24) months of the
Executive’s Base Salary (the “Severance Amount”). Notwithstanding the foregoing, if the Executive breaches any of the Continuing Obligations (as defined below), all payments of the Severance Amount may be terminated by the
Company without affecting the other provisions of the Separation Agreement and Release; and 

  
 6 

 (ii) if the Executive was participating in the Company’s group health,
dental and/or vision plans immediately prior to the Date of Termination and properly elects to continue health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), then, subject to the
Executive’s copayment of the premium amounts at the applicable active employees’ rate, the Company shall pay to the group health plan provider, the COBRA provider or the Executive a monthly payment equal to the monthly employer
contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company until the earliest of the following: (i) the eighteen-month anniversary of the Date of Termination;
(ii) the Executive’s eligibility for group medical plan benefits under any other employer’s group medical plan or otherwise through other employment; or (iii) the cessation of the Executive’s continuation
coverage rights under COBRA. Notwithstanding the foregoing, if the Company determines at any time that its payments pursuant to this paragraph may be taxable income to the Executive or that it cannot pay such amounts to the group health plan
provider or the COBRA provider (if applicable) without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then the Company may convert such payments to payroll payments
directly to the Executive for the time period specified above; and such payments shall be subject to tax-related deductions and withholdings and shall be paid on the Company’s regular payroll dates. Any other premiums or costs of COBRA
continuation coverage not provided above (including, without limitation, for any COBRA coverage after the time period set forth above) shall be at the sole expense of the Executive. 

(iii) The amounts payable under this Section 4(c) shall be paid out in substantially equal installments in accordance with
the Company’s payroll practice over six (6) months commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second
calendar year, the Severance Amount shall begin to be paid in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to
the day immediately following the Date of Termination. The Company shall pay the amounts contemplated by Section 4(c)(ii) each month at the time the Company normally pays the Company’s group health provider on behalf of its
remaining active employees, except as otherwise provided in Section 4(c)(ii) if such payments are made directly to the Employee. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of
Treasury Regulation Section 1.409A-2(b)(2). 
 5. Change in Control Payment and Benefits. The provisions of this
Section 5 set forth certain terms of an agreement reached between the Executive and the Company regarding the Executive’s rights and obligations upon the occurrence of a Change in Control of the Company. These provisions are intended to
assure and encourage in advance the Executive’s continued attention and dedication to the Executive’s assigned duties and the Executive’s objectivity during the pendency and after the occurrence of any such event. The provisions of
this Section 5 shall apply in lieu of, and expressly supersede, the provisions of Section 4(c) if (i) the Executive’s employment is terminated either by the Company without Cause as provided in Section 3(d) or by the
Executive for Good Reason as provided in Section 3(e) and (ii) the Date of 

  
 7 

 
Termination occurs upon, immediately prior to or within twelve (12) months after the occurrence of the first event constituting a Change in Control (such period, the “Change in
Control Period”). These provisions shall terminate and be of no further force or effect immediately after the end of the Change in Control Period. 

(a) Change in Control. During the Term, if the Executive’s employment is terminated by the Company without Cause as
provided in Section 3(d) or the Executive terminates the Executive’s employment for Good Reason as provided in Section 3(e) and in each case the Date of Termination occurs during the Change in Control Period, then, in addition
to the Accrued Benefits, and subject to the Executive signing, not revoking and complying with the Separation Agreement and Release and the Separation Agreement and Release becoming irrevocable, all within 60 days after the Date of
Termination, the Company will pay or provide (as applicable) the following (collectively, the “Change in Control Payment and Benefits”): 

(i) the Company shall pay the Executive a lump sum in cash in an amount equal to one and a half (1.5) times the sum of
(A) the Executive’s then current Base Salary (or the Executive’s Base Salary in effect immediately prior to the Change in Control, if higher) plus (B) the Executive’s Target Incentive Compensation for the then-current
year (or the Executive’s Target Incentive Compensation in effect immediately prior to the Change in Control, if higher); and 

(ii) if the Executive was participating in the Company’s group health, dental and/or vision plans immediately prior to the
Date of Termination and properly elects to continue health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), then, subject to the Executive’s copayment of premium amounts at the
applicable active employee’s rate, the Company shall pay to the group health plan provider, the COBRA provider or the Executive a monthly payment equal to the monthly employer contribution that the Company would have made to provide health
insurance to the Executive if the Executive had remained employed by the Company until the earliest of the following: (i) the eighteen (18) month anniversary of the Date of Termination; (ii) the Executive’s
eligibility for group medical plan benefits under any other employer’s group medical plan or otherwise through other employment; or (iii) the cessation of the Executive’s continuation coverage rights under COBRA.
Notwithstanding the foregoing, if the Company determines at any time that its payments pursuant to this paragraph may be taxable income to the Executive or that it cannot pay such amounts to the group health plan provider or the COBRA provider (if
applicable) without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then the Company may convert such payments to payroll payments directly to the Executive for the
time period specified above; and such payments shall be subject to tax-related deductions and withholdings and shall be paid on the Company’s regular payroll dates. Any other premiums or costs of COBRA
continuation coverage not provided above (including, without limitation, for any COBRA coverage after the time period set forth above) shall be at the sole expense of the Executive. 

  
 8 

 (iii) The amounts payable under this Section 5(a) shall be paid or
commence to be paid within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such payment shall be paid or commence to be paid in the
second calendar year by the last day of such 60-day period. 
 (b) Additional Limitation. 

(i) Notwithstanding anything in this Agreement to the contrary, if the amount of any compensation, payment or distribution by
the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Code and the applicable
regulations thereunder (the “Aggregate Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments shall be reduced (but not below zero) so that the sum of all of the
Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only occur if it would result in the Executive
receiving a higher After Tax Amount (as defined below) than the Executive would receive if the Aggregate Payments were not subject to such reduction. In such event, the Aggregate Payments shall be reduced in the following order, in each case, in
reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G of the Code: (1) cash payments not subject to
Section 409A of the Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits; provided that in the
case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c) shall be reduced before any amounts that are subject to calculation under
Treas. Reg. §1.280G-1, Q&A- 24(b) or (c). 
 (ii) For purposes of this Section 5(b), the “After Tax
Amount” means the amount of the Aggregate Payments less all federal, state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive’s receipt of the Aggregate Payments. For purposes of
determining the After Tax Amount, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state
and local income taxes at the highest marginal rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes that could be obtained from deduction of such state and local taxes. 

(iii) The determination as to whether a reduction in the Aggregate Payments shall be made pursuant to Section 5(b)(i)
shall be made by a nationally recognized accounting firm selected by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days
of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. Any determination by the Accounting Firm shall be binding upon the Company and the Executive, absent manifest error or
omission. 

  
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 (c) Definitions. For purposes of this Section 5, the term
“Change in Control” shall mean a “Sale Event” as defined in the Company’s 2020 Stock Option and Incentive Plan. 

6. Section 409A. 

(a) Notwithstanding anything in this Agreement to the contrary, if at the time of the Executive’s separation from service
within the meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that
the Executive becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred compensation otherwise subject to the twenty percent (20%) additional tax imposed pursuant to
Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of
(A) six months and one day after the Executive’s separation from service, or (B) the Executive’s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include
a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule. 

(b) All in-kind benefits provided and expenses eligible for reimbursement under this
Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid
after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not
affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses). This
right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

(c) To the extent that any payment or benefit described in this Agreement constitutes
“non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such
payments or benefits shall be payable only upon the Executive’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in
Treasury Regulation Section 1.409A-1(h). 

  
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 (d) The parties intend that this Agreement will be administered in
accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply
with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). The parties agree that this Agreement may be amended, as reasonably
requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.

 (e) The Company makes no representation or warranty and shall have no liability to the Executive or any other person if
any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 

7. Restrictive Covenants and Continuing Obligations. For purposes of this Section 7, unless otherwise expressly indicated,
references to the Company shall include, individually and collectively, the Company, its subsidiaries and affiliates, and its and their predecessors (including Open Lending, LLC), successors and assigns. For purposes of this Agreement, the
Executive’s obligations, covenants and restrictions in this Section 7 and those that arise in any other agreement relating to (or containing provisions relating to) confidentiality, assignment of inventions,
non-competition, non-solicitation and/or any other restrictive covenants, and/or that arise, under applicable law, shall collectively be referred to as the
“Continuing Obligations.” For avoidance of doubt, this Section 7 is in addition to and supplements (and is supplemented by) and does not supersede or limit (and is not superseded or limited by) any such other agreements and
Continuing Obligations; provided, however, this Section 7 shall be deemed to fully amend and restate (and thereby supersede and replace) that certain Employee Confidentiality & Non-Competition
Agreement, dated [Date], by and between the Executive and Open Lending, LLC. 
 (a) Proprietary Information. The
Executive acknowledges, understands and agrees that, in the course of the Executive’s employment he will be informed of, provided with, utilize on the Company’s behalf, develop and will have access to information concerning the Company and
its businesses, customers, business relationships, plans, technology, trade secrets, and financial, business and legal affairs which the Company has not released to the general public, is not generally known to the public or in the industry, has
been and will be developed by the Company at great expense, is a valuable competitive asset of the Company, constitutes a “trade secret” under applicable law and/or the disclosure of which or use of which (other than for the benefit of the
Company) could result in a competitive disadvantage to the Company or otherwise could negatively affect the Company (collectively, “Proprietary Information”). The Executive understands that all Proprietary Information (and all
materials that constitute, comprise or contain such information) is and will be the exclusive property of the Company. By way of illustration and not limitation, Proprietary Information includes such information and materials regarding or
constituting: (i) corporate, legal and financial information, including plans, strategies, developments, methods, policies, resolutions, negotiations, contracts, litigation, claims, performance data, debt arrangements, equity structure,
investors and holdings, and purchasing, pricing and sales data; (ii) customer and client information, including prices, terms and conditions of the 

  
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Company’s arrangements or contracts with its clients and customers, the identities, needs, preferences and requirements of the Company’s clients and customers and their use of the
Company’s systems, products and/or services, the nature, extent and particulars of the business dealings between the Company and its clients and customers, client and customer lists and contact information, and any other information provided to
the Company by its clients and customers under obligation of confidentiality; (iii) marketing and performance information, including strategies, methods, pricing policies and price lists, cost and performance data, financial
results, planning data, customers, clients and prospects contacts, lists and preferences, referral sources and information, vendor and supplier lists, contacts and preferences, and market or sales analyses, projections, reports, or forecasts;
(iv) operational, technological, product and service information, including plans, specifications, manuals, forms, templates, software, source code, object code, designs, research, developments, methods, procedures, formulas,
algorithms, discoveries, inventions, improvements, intellectual property, innovations, concepts, ideas, and system, product and/or service specifications, features, advantages, disadvantages and/or limitations; and (v) personnel
information, including personnel lists, reporting or organizational structure, resumes, personnel data, compensation structure, performance evaluations and termination arrangements or documents. Proprietary Information also includes
(x) any and all information received in confidence by the Company from its clients, customers, distributors or suppliers or other third parties; (y) any and all information which the Company instructs the Executive to keep
confidential and/or not to discuss with or disclose to anyone outside the Company (including customers); and (z) any and all information received in confidence by the Company from its customers or suppliers or other third parties.
Notwithstanding the foregoing, Proprietary Information does not include any information that is in the public domain, unless due to breach of the Executive’s duties and restrictions under this Section 7 hereof or otherwise owing to
the Company. 
 (b) Confidentiality. The Executive understands, acknowledges and agrees that the Executive’s
employment creates a relationship of confidence and trust between the Executive and the Company with respect to all Proprietary Information; and that the Company is hereby agreeing to provide the Executive with access Proprietary Information as and
in consideration of the Executive’s agreement to the Executive’s restrictions, covenants and obligations under this Section 7. At all times, both during and after the Executive’s employment with the Company, the Executive will
keep in confidence and trust all such Proprietary Information, and will not use or disclose any such Proprietary Information without the written consent of the Board, except as may be authorized by the Board or necessary in the ordinary course of
performing the Executive’s duties for the Company or as may be required by law or legal process. The Executive agrees to take reasonable security measures to prevent accidental or unauthorized use or disclosure of Proprietary Information. 

(c) Documents, Records, and Other Company Property. All documents, records, files, data, computer files, software, all
copies of the foregoing (in any form or format, whether hard-copy, electronic, digital or otherwise), apparatus, computers, cell phones, tablets, personal data assistants (PDAs) and similar devices, equipment, keys, access cards, credit cards, and
other physical property, whether or not pertaining to, 

  
 12 

 
constituting or containing Proprietary Information, which are furnished to the Executive by the Company, to which the Executive otherwise has access, or which are produced by the Executive in
connection with the Executive’s employment are, will be and remain the sole property of the Company. The Executive will return to the Company all such materials and property (and all copies) as and when requested by the Company. In any event,
the Executive will return all such materials and property in the Executive’s possession, custody or control immediately upon any termination of the Executive’s employment for any reason (whether terminated by the Company or the Executive).
The Executive will not retain with the Executive any such material or property or any copies thereof after such termination except as expressly authorized by the Company in writing (signed by a duly authorized representative of the Board). 

(d) Ownership and Assignment of Inventions and Developments. 

(i) The Executive has made and will make full and prompt disclosure to the Company of all inventions, discoveries, designs,
developments, methods, processes, modifications, improvements, algorithms, software code, databases, computer programs, formulae, techniques, trade secrets, graphics or images, audio or visual works, and other works of authorship (collectively
“Developments”), whether or not patentable or copyrightable, created, made, conceived or reduced to practice by the Executive (alone or jointly with others) or under the Executive’s direction during the Executive’s
employment with the Company (whether under this Agreement or any other prior or subsequent employment with the Company). The Executive acknowledges that all work performed by the Executive during his/her employment or any other service relationship
with the Company has been, is and will be on a “work for hire” basis, and the Executive has assigned and hereby does assign and transfer (and to the extent any such assignment cannot be made at present, will and assign and transfer) to the
Company, its successors and assigns, all of the Executive’s right, title and interest in all Developments described above, that (A) relate to the business of the Company or any of the products, systems or services being researched,
developed, manufactured, marketed, provided or sold by the Company or which may be used with such products, systems or services; or (B) result from tasks assigned or delegated to the Executive by the Company; or (C) result
from the use of premises or personal property (whether tangible or intangible) owned, leased or contracted for by the Company (“Company-Related Developments”), and all related patents, patent applications, trademarks and trademark
applications, copyrights and copyright applications, and other intellectual property rights in all countries and territories worldwide and under any international conventions (“Intellectual Property Rights”). 

(ii) To preclude any possible uncertainty, the Executive has set forth on Exhibit A a complete list of Developments that
the Executive has, alone or jointly with others, conceived, developed or reduced to practice prior to the commencement of the Executive’s employment or other service relationship with the Company that the Executive considers to be the
Executive’s property or the property of third parties and that the Executive wishes to have excluded from the scope of this Agreement (“Prior Inventions”). If disclosure of any such Prior Inventions would cause the Executive to
violate any prior confidentiality agreement, the Executive understands that the Executive 

  
 13 

 
is not to list such Prior Inventions in Exhibit A but is only to disclose a cursory name for each such invention, a listing of the party(ies) to whom it belongs and the fact that full
disclosure as to such inventions has not been made for that reason. The Executive has also listed on Exhibit A all patents and patent applications in which the Executive is named as an inventor, other than those which have been assigned to
the Company (“Other Patent Rights”). If no such disclosure is attached, the Executive represents that there are no Prior Inventions or Other Patent Rights. If, in the course of the Executive’s employment with the Company, the
Executive has incorporated or incorporates a Prior Invention into a Company product, process or machine or other work done for the Company, the Executive hereby grants to the Company a nonexclusive, royalty-free,
paid-up, irrevocable, worldwide license (with the full right to sublicense) to make, have made, modify, use, sell, offer for sale and import such Prior Invention. Notwithstanding the foregoing, the Executive
will not incorporate, or permit to be incorporated, Prior Inventions in any Company-Related Development without the Company’s prior written consent (from a duly authorized member of the Board). 

(iii) This Agreement does not obligate the Executive to assign to the Company any Development which, in the sole judgment of
the Company reasonably exercised, was or is developed entirely on the Executive’s own time and does not relate to the business efforts or research and development efforts in which, during the period of the Executive’s employment (or other
relationship) with the Company, the Company actually is engaged or reasonably would be engaged, and does not result from the use of premises or equipment owned or leased by the Company. However, the Executive will also promptly disclose to the
Company any such Developments for the purpose of determining whether they qualify for such exclusion. The Executive understand that, to the extent this Agreement is required to be construed in accordance with the laws of any state which precludes a
requirement in an employee agreement to assign certain classes of inventions made by an employee, this Section 7 will be interpreted not to apply to any invention which a court rules and/or the Company agrees falls within such classes.
The Executive also hereby waives all claims to any moral rights or other special rights which the Executive may have or accrue in any Company-Related Developments. 

(iv) Both during and after the Executive’s employment with the Company, the Executive will cooperate fully with the
Company with respect to the procurement, maintenance and enforcement of Intellectual Property Rights in Company-Related Developments. The Executive will sign, both during and after the Term, all papers, including without limitation copyright
applications, patent applications, declarations, oaths, assignments of priority rights, and powers of attorney, which the Company may deem necessary or desirable in order to protect its rights and interests in any Company-Related Development. If the
Company is unable, after reasonable effort, to secure the Executive’s signature on any such papers, the Executive hereby irrevocably designates and appoints each officer of the Company and the Chairman of the Board as the Executive’s agent
and attorney-in-fact to execute any such papers on the Executive’s behalf, and to take any and all actions as the Company may deem necessary or desirable in order
to protect its rights and interests in any Company-Related Development. 

  
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 (e) Non-Competition. 

(i) During the Executive’s employment with the Company and during the twenty-four (24) month period immediately after
the termination of such employment (regardless of the reason for the termination, and regardless of whether such termination is by the Executive or the Company) (the “Non-Competition Period”),
the Executive shall not (without the prior written consent of the Company, in writing signed by a duly authorized representative of the Board), directly or indirectly, whether on the Executive’s own behalf or on behalf of any person or entity,
whether as an owner, partner, shareholder, consultant, agent, employee, director, advisor, volunteer, co-venturer or otherwise, engage, participate, assist or invest in, or be employed or engaged with or by any person or entity engaged in, any
Competing Business (as hereinafter defined). 
 (ii) For purpose of the foregoing, a person or entity is or is engaged in a
“Competing Business” is if he/she or it is engaged (or actively seeking or planning to engage) in any way in the business of developing, manufacturing, producing, offering, selling, marketing, providing, distributing, performing,
licensing, supporting, or soliciting business for (A) automated lending services through loan analytics, risk-based pricing, risk modeling and/or automated decision technology, and/or (B) any product, service or system that is
competitive with, the same as, similar to, performs, serves or provides a similar function as, or can be used as a reasonable or competitive substitute or replacement for, any product, service or system offered, sold, provided, marketed,
distributed, developed, manufactured, produced, performed, supported, licensed, or that is being developed or is the subject of active planning by the Company at any time during my employment with the Company (each a “Competitive Product or
Service”) 
 (iii) The foregoing restrictions under this Section 7(e) shall be limited to (A) the
United States and (B) those foreign countries in which the Company (itself or through its subsidiaries, affiliates or related entities) develops, produces, manufactures, performs, provides, sell or solicits business for its products,
services or systems at any time during the Executive’s employment with the Company. Nothing herein shall preclude the Executive from owning up to one percent (1%) of the outstanding stock of a publicly held corporation which is engaged in a
Competing Business. 
 (f) Non-Solicitation. During the Executive’s
employment with the Company and during the twenty-four (24) month period immediately after the termination of such employment (regardless of the reason for the termination, and regardless of whether such termination is by the Executive or the
Company) (the “Non-Solicitation Period”), the Executive shall not (without the prior written consent of the Company, in writing signed by a duly authorized representative of the Board),
directly or indirectly, whether on the Executive’s own behalf or on behalf of any person or entity: 
 (i) (A) solicit,
induce, encourage, persuade, or procure any customer, active prospective customer or supplier of the Company to terminate, reduce, postpone, not enter, divert, or otherwise modify adversely to the Company its business relationship or dealings with
or patronage of the Company, or otherwise interfere with such customer’s, prospect’s or contracts, relationship or dealings with the Company, (B) contact or solicit any such customer, prospective customer or supplier of the Company in
connection with a Competing Business and/or any Competitive Product or Service, or (C) sell, provide, perform, offer, accept or promote any service, product or system to any such customer or prospective customer of the Company that is a Competitive
Product or Service or that otherwise competes with the Company or any of its products, services or systems; or 

  
 15 

 (ii) (A) hire, employ, engage or solicit for hire, employment or engagement
any officer, director, executive, employee, consultant, contractor or agent of the Company (or any person who was employed or engaged by the Company at any time during the final six (6) months of the Executive’s employment with the
Company); or (B) solicit, induce, encourage, persuade or procure any employee, consultant, contractor, vendor, supplier, distributor or agent of the Company to cease, give up, terminate, limit, postpone, divert, reduce or not to commence
or continue his/her or its employment, engagement, business, dealings, or other business relationship with the Company, or otherwise interfere with such person or entity’s contract or business relationship with the Company. 

(g) Third-Party Agreements and Rights. The Executive hereby confirms that the Executive is not bound by the terms of any
agreement with any previous employer or other party that restricts in any way the Executive’s use or disclosure of information or the Executive’s engagement in any business in a manner that would interfere with or inhibit the
Executive’s ability to perform the Executive’s duties to the Company. The Executive represents to the Company that the Executive’s execution of this Agreement, the Executive’s employment with the Company and the performance of
the Executive’s proposed duties for the Company will not violate any obligations the Executive may have to any such previous employer or other party. In the Executive’s work for the Company, the Executive will not disclose or make use of
any information in violation of any agreements with or rights of any such previous employer or other party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of
non-public information belonging to or obtained from any such previous employment or other party. 

(h) Litigation and Regulatory Cooperation. During and after the Executive’s employment, the Executive shall
cooperate fully with the Company in (i) the defense or prosecution of any claims or actions now in existence or that may be brought in the future against or on behalf of the Company that relate to events or occurrences that transpired while the
Executive was employed by the Company, and (ii) the investigation, whether internal or external, of any matters about which the Company believes the Executive may have knowledge or information. The Executive’s full cooperation in
connection with such claims, actions or investigations shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During
and after the Executive’s employment, the Executive also shall cooperate fully with the Company in connection with any investigation or review of any federal, state or local regulatory authority that relates to events or occurrences that
transpired while the Executive was employed by the Company. The Company shall reimburse the Executive for any reasonable, pre-approved out-of-pocket expenses incurred in connection with the Executive’s performance of obligations pursuant to
this Section 7(h). 

  
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 (i) Reasonableness of Restrictive Covenants. The Executive
understands, acknowledges and agrees that he is being employed in a significant, senior and high-level position of the utmost trust and confidence; that his services to the Company are special, unique and of extraordinary value; and that, by virtue
of his employment, position, duties and responsibilities, he will be provided with, have access to, learn, develop and use (all on the Company’s behalf) the Company’s trade secrets and its other Proprietary Information, has duties and
responsibilities to develop, enhance and preserve the Company’s customer and other business relationships and good will, and will derive significant personal value and opportunities by virtue of such information, employment, duties,
responsibilities and access. The Executive further understands, acknowledges and agrees that the covenants, obligations and restrictions contained in Sections 7(a)-(f) (the “Restrictive Covenants”) (i) are intended to protect the
Company’s legitimate business interests including, without limitation, its Proprietary Information, customer, employee and business relationships, and goodwill; and agrees that such obligations and restrictions (and the scope of precluded
activities, geographic scope and duration thereof) are necessary, reasonable and appropriate for this purpose; (ii) were and are a material condition and inducement for the Company to employ the Executive, to enter into (and to perform the
Company’s obligations under) this Agreement and to provide the Executive with Proprietary Information; and (iii) are in consideration of and ancillary to the Company’s agreement to provide the Executive with such Proprietary
Information and of the Executive’s employment with the Company under this Agreement and the additional good and valuable consideration and opportunities provided to the Executive as set forth in this Agreement. 

(j) Enforcement; Injunctive Relief. The Executive also understands, acknowledges and agrees that (i) it would be
difficult to measure any damages caused to the Company which might result from any breach by the Executive of the Restrictive Covenants, that the Company would be irreparably harmed by such breach, and that, in any event, money damages would be an
inadequate remedy for any such breach; (ii) without the restrictions set forth in the Restrictive Covenants, the Executive would be in a position to compete unfairly with the Company, and (iii) the Executive’s education and
experience are such that the restrictions set forth in the Restrictive Covenants will not interfere with the Executive’s ability to earn a livelihood nor impose an undue or unreasonable hardship on the Executive. Accordingly, the Executive
agrees and consents that, in addition to all other remedies (in law or equity, for monetary damages or otherwise), the Company shall be entitled to temporary, preliminary and permanent injunctive relief or other appropriate equitable relief to
restrain or enjoin any such breach or threatened breach without showing or proving any actual damage to the Company; and that, notwithstanding anything to the contrary in Section 8 below, the Company may seek any such temporary, preliminary
or permanent injunctive relief in and from a court of competent jurisdiction. In any such action to enforce any of the Continuing Obligations, the prevailing party shall be entitled to an award of its reasonable attorneys’ fees and costs. 

  
 17 

 (k) Severability. Each covenant, restriction, provision and sub-part
of this Section 7 (including, without limitation each of sub-sections 7(a)-(f) and the sub-parts thereof) is and is intended to be a separate and severable covenant and restriction. If any covenant, restriction, portion or provision of this
Section 7 shall to any extent be declared illegal or unenforceable by a court or arbitrator of competent jurisdiction, then it is the intention and the desire of the Parties that such covenant, restriction, portion or provision shall be
severed from the remainder of this Agreement and the remainder of this Agreement and this Section 7, and the application of such covenant, restriction, portion or provision in circumstances other than those as to which it is so declared
illegal or unenforceable, shall not be affected thereby and shall be valid, enforceable and enforced to the fullest extent permitted by law. In the event that any covenant, restriction, portion or provision of this Section 7 is
determined by a court or arbitrator of competent jurisdiction to be unenforceable by reason of excessive duration, geographic scope, or scope of activities covered/prohibited, it is the intent of the Parties (and the Parties request) that such court
or arbitrator shall (unless otherwise prohibited by law) modify or interpret such restriction, covenant, provision or portion so that it will be deemed to extend only over the maximum duration, geographic scope and scope of activities as to which it
may be enforceable and shall be so enforced. It is the intent of the Parties that all of the covenants, restrictions, portions and provisions of this Section 7 shall be enforceable to the full extent permitted by applicable law. 

(l) Protected Disclosures and Other Protected Action; Defend Trade Secret Act Notice. Nothing in this Agreement shall be
interpreted or applied to prohibit the Executive from making any good faith report to any governmental agency or other governmental entity (a “Government Agency”) concerning any act or omission that the Executive reasonably believes
constitutes a possible violation of federal or state law or making other disclosures that are protected under the anti-retaliation or whistleblower provisions of applicable federal or state law or regulation. In addition, nothing contained in this
Agreement limits the Executive’s ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including the Executive’s ability to provide
documents or other information, without notice to the Company. In addition, for the avoidance of doubt, pursuant to the federal Defend Trade Secrets Act of 2016, the Executive shall not be held criminally or civilly liable under any federal or state
trade secret law or under this Agreement or the Restrictive Covenant Agreement for the disclosure of a trade secret that (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly,
or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made
under seal. 
 8. Arbitration of Disputes. 

(a) Arbitration Generally. Any controversy or claim arising out of or relating to this Agreement or the breach thereof
or otherwise arising out of the Executive’s employment, the terms and conditions of such employment or the termination of that employment (including, without limitation, any claims of unlawful employment discrimination or retaliation, whether
based on race, religion, national origin, sex, gender, age, disability, sexual orientation, or any other protected class under applicable law) shall, to the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon
by the parties or, in the absence of such an agreement, under the 

  
 18 

 
auspices of the JAMS in Austin, Texas in accordance with the JAMS Employment Arbitration Rules and Procedures (currently available at www.jamsadr.com/rules-employment-arbitration) (the
“JAMS Rules”), including, but not limited to, the rules and procedures applicable to the selection of arbitrators. If any person or entity other than the Executive or the Company may be a party with regard to any such controversy or
claim, such controversy or claim shall be submitted to (or compelled to) arbitration subject to such other person or entity’s consent or agreement. The Executive understands and agrees that the Executive may only bring claims in the
Executive’s individual capacity, and not as a plaintiff or class member in any purported class or collective action or proceeding or any purported representative action proceeding. The Executive further understands and agrees that, by signing
this Agreement, the Company and the Executive are waiving and giving up any right they may have to a jury trial on all claims they may have against each other. Judgment upon the award rendered by the arbitrator may be entered in any court having
jurisdiction thereof. This Section 8 shall be specifically enforceable. Notwithstanding the foregoing, this Section 8 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a temporary
restraining order or a preliminary injunction in circumstances in which such relief is appropriate including, without limitation, relief sought under Section 7 or any of the other Continuing Obligations; provided that any other relief
shall be pursued through an arbitration proceeding pursuant to this Section 8. 
 (b) Arbitration Fees and
Costs. If the Executive initiates a claim in arbitration, the Executive shall be required to pay any applicable initial arbitration filing fee which, if such arbitration is administered by JAMS, shall be to the extent provided by the JAMS Rules
(and include the JAMS initial case management fee); provided, however, such fees will be capped at the lesser of the applicable fees required under the JAMS Rules or the amount the Executive would have been charged by a court in the Executive’s
state of residence to file a judicial complaint for the same claims in court. The Company shall be responsible for any employer/Company filing or case management fee (including any remaining balance of the individual/employee filing/case management
fee above the cap) and any other fees or costs charged by JAMS and the arbitrator. However, to the extent permissible under law and following or as part of the arbitrator’s ruling on the matter, the arbitrator may rule that the arbitration fees
and costs be distributed or apportioned in an alternative manner. Each party shall be entitled to be represented by their own independent attorneys in connection with any arbitration hereunder, and each party shall pay his/her or its own
attorneys’ fees and costs; provided, however, if any party prevails on a statutory or contractual claim that affords the prevailing party attorneys’ fees or costs, the arbitrator may award reasonable attorneys’ fees and
costs to the prevailing party to the extent permitted by law. 
 9. Consent to Jurisdiction. To the extent that any court action is
permitted consistent with this Agreement, the parties hereby consent to the jurisdiction of the state courts of Texas and the United States District Court for the Western District of Texas. Accordingly, with respect to any such court action, the
Executive (a) submits to the personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal
jurisdiction or service of process. 

  
 19 

 10. Indemnification. The Company and the Executive hereby agree to execute the
Company’s standard indemnification agreement for senior executives. 
 11. Integration. Except as otherwise provided, this
Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes in all respects all prior agreements between the parties concerning the subject matter hereof (including, without limitation,
compensation, severance pay and benefits) and supersedes in all respects all prior agreements between the parties concerning the subject matter hereof, provided that the Equity Documents, any indemnification agreement, and any other agreement
relating to confidentiality, noncompetition, nonsolicitation or assignment of inventions shall not be superseded by this Agreement (including as provided in Section 7 above) and the Executive acknowledges and agrees that any such agreements
remain in full force and effect. 
 12. Withholding; Tax Effect. All payments made by the Company to the Executive under this
Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law. Nothing in this Agreement shall be construed to require the Company to make any payments to compensate the Executive for any adverse tax
effect or consequences associated with any payments or benefits or for any deduction or withholding from any payment or benefit. 
 13.
Enforceability. If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent
jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and
provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 
 14. Survival. The provisions of
this Agreement shall survive the termination of this Agreement and/or the termination of the Executive’s employment to the extent necessary to effectuate the terms contained herein. 

15. Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of
any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any
subsequent breach. 
 16. Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be
sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed
in writing with the Company or, in the case of the Company, at its main offices, attention of the Board. During the Term, any notice, requests, demand and other communications to the Executive shall be sufficient if in writing and delivered via
email to the Executive’s applicable Company email address. 

  
 20 

 17. Amendment. This Agreement may be amended or modified only by a written instrument
signed by the Executive and by a duly authorized representative of the Company. 
 18. Effect on Other Plans and Agreements. An
election by the Executive to resign for Good Reason under the provisions of this Agreement shall not be deemed a voluntary termination of employment by the Executive for the purpose of interpreting the provisions of any of the Company’s benefit
plans, programs or policies. Nothing in this Agreement shall be construed to limit the rights of the Executive under the Company’s benefit plans, programs or policies except as otherwise provided in Section 7 hereof, and except that the
Executive shall have no rights to any severance benefits under any Company severance pay plan, offer letter or otherwise. In the event that the Executive is party to an agreement with the Company providing for payments or benefits under such plan or
agreement and under this Agreement, the terms of this Agreement shall govern and the Executive may receive payment under this Agreement only and not both. Further, Section 4 and Section 5 of this Agreement are mutually exclusive and in no
event shall the Executive be entitled to payments or benefits pursuant to Section 4 and Section 5 of this Agreement. 
 19.
Governing Law. This is a Texas contract and shall be construed under and be governed in all respects by the laws of the State of Texas, without giving effect to the conflict of laws principles of such State. With respect to any disputes
concerning federal law, such disputes shall be determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the Fifth Circuit. 

20. Assignment. Neither the Executive nor the Company may make any assignment of this Agreement or any interest in it, by operation of
law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and obligations under this Agreement without the Executive’s consent to any affiliate or to any person or
entity with whom the Company shall hereafter effect a reorganization, consolidate with, or merge into or to whom it transfers all or substantially all of its properties or assets; provided further that if the Executive remains employed
or becomes employed by the Company, the purchaser or any of their affiliates in connection with any such transaction or event, then the Executive shall not be entitled to any Severance Pay and Benefits pursuant to Section 4 or any Change in
Control Payment and Benefits pursuant to Section 5. This Agreement shall inure to the benefit of and be binding upon the Executive and the Company, and each of the Executive’s and the Company’s respective successors, executors,
administrators, heirs and permitted assigns. 
 21. Counterparts. This Agreement may be executed in any number of counterparts, each
of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document. 

22. Gender Neutral. Wherever used herein, a pronoun in the masculine gender shall be considered as including the feminine gender unless
the context clearly indicates otherwise. 
 Signature Page(s) Follows. 

  
 21 

 IN WITNESS WHEREOF, the parties have executed this Agreement effective on the Effective
Date. 
  

			
	OPEN LENDING CORPORATION
		
	By:	 	/s/ John Flynn
	Its:	 	Chairman of the Board and Chief Executive Officer

 
			
	
	EXECUTIVE
		
		 	/s/ Ross Jessup
		 	Ross Jessup

 Exhibit A 

To: Open Lending Corporation 
 From: Ross Jessup (the
“Executive”) 
 Date: August 28, 2020 
 SUBJECT:
Prior Inventions 
 The following is a complete list of all inventions or improvements relevant to the subject matter of the
Executive’s employment by the Company that have been made or conceived or first reduced to practice by the Executive alone or jointly with others prior to the Executive’s engagement, employment or other service relationship by the Company
and/or its predecessors (including Open Lending LLC): 
  

					
	☒	  	No inventions or improvements	  	
			
	☐	  	See below:	  	
			
		  	  
	  	
			
		  	  
	  	
			
		  	  
	  	
			
	☐	  	Additional sheets attached	  	

 The following is a list of all patents and patent applications in which the Executive has been named as an
inventor: 
  

					
	☒	  	None	  	
			
	☐	  	See below:	  	
			
		  	  
	  	
			
		  	  
	  	
			
		  	  
	  	

  
 23

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