Document:

Backup and Successor Servicing Agreement

 Exhibit 10.26 
 [***] Confidential Treatment Requested 
 BACKUP AND SUCCESSOR SERVICING
AGREEMENT 
  

					
	DATE:	  	as of September 15, 2011	  	(“Effective Date”)
			
	BETWEEN:	  	Portfolio Financial Servicing Company	  	(“PFSC”)
		  	2121 S.W. Broadway, Suite 200	  	
		  	Portland, OR 97201	  	
			
	AND:	  	Lendingclub Corporation	  	(“Client”)
		  	370 Convention Way	  	
		  	Redwood City, CA. 94063	  	

 Whereas, Client provides financial products and services for certain accounts, including the servicing of
borrower member loan accounts and the remittance of payments due on other obligations associated with such borrower member loan accounts to Client lender member payment accounts (Client’s borrower member loan accounts and lender member payment
accounts, collectively, the “Client Portfolio”); 
 Whereas, PFSC is engaged in the business of primary and
backup servicing of leases and loans as well as providing technology and other consulting services; 
 Whereas, Client wishes to
engage PFSC to provide backup servicing for the Client Portfolio under the terms and conditions in this Servicing Agreement (“Agreement”). 
 NOW, THEREFORE, in consideration of the parties’ mutual promises and for other consideration, the sufficiency of which is hereby acknowledged, the parties agree as follows: 

1. Services. 
 1.1
Services Provided. PFSC shall provide all services reasonably necessary to service the Client Portfolio, including without limitation those services set forth on Schedule 1 (collectively, the “Services”). 

1.2 Successor Servicing. With fifteen (15) business days prior written notice from Client or Client’s designated
indenture trustee (the “Transfer Notice”), PFSC shall service the Client Portfolio; 
 It is hereby acknowledged and
agreed that, notwithstanding the delivery of a Transfer Notice, PFSC shall not be obliged to complete the transfer of servicing and assume the role of successor servicer for so long as Client or any other person fails to provide

  
 1 

 Ex 10.26 

 

 
access to its facilities or items and information necessary to begin servicing the receivables in the Client Portfolio or PFSC’s ability to take on such servicing role is otherwise
frustrated in a continuing and material manner. 
 Notwithstanding anything contained herein or in any documents or agreements
to the contrary, the delivery of a Transfer Notice in connection with the appointment of PFSC as successor servicer is subject to the understanding that (i) PFSC shall have no obligation of Client in any other capacity (including without
limitation in its individual capacity) and (ii) PFSC’s obligations as successor servicer shall be solely as set forth in this Agreement and PFSC as successor servicer shall have no duties or obligations under any other documents or
agreements. Additionally, Client agrees to use commercially reasonable efforts to reasonably cooperate with PFSC in connection with PFSC’s performance of its obligations hereunder, including without limitation, during any transition, if
applicable, from backup servicer to successor servicer. 
 In the event that a Transfer Notice is delivered, it is hereby agreed
that unless and until the transfer of servicing to PFSC is completed, Client shall continue to perform all servicing functions to the extent not being performed by PFSC. 
 1.3 Standard of Care. In providing the Services, PFSC shall use a standard of care and diligence reasonable in the consumer loan servicing industry. 

1.4 Exclusions from Services. PFSC shall have no obligation to originate, underwrite, book or service new loans once it is
designated the successor servicer, nor extend credit to any Client borrower member or to Client in performance of its obligations under this Agreement. PFSC acknowledges that it is the intent of the parties that this Agreement not be deemed a
“financial accommodation” for purposes of the United States Bankruptcy Code, 11 U.S.C. § 101 et seq. 
 2. Compensation.

 2.1 Fees. PFSC shall receive the amounts listed in Schedule 2 in exchange for the Services. PFSC shall be
promptly reimbursed for all bank, clearing house, or any other third party fees, costs or expenses arising from or relating to the provision of the Services. 
 2.2 Costs. PFSC shall have no obligation to pay or advance on behalf of Client any third-party costs and expenses incurred out of the ordinary course in providing the Services, but Client may
request that PFSC advance such third-party costs and expenses. If in the exercise of PFSC’s sole discretion PFSC elects to pay such third-party costs and expenses on behalf of Client, Client shall reimburse PFSC for all reasonable third-party
costs and expenses incurred or otherwise advanced by PFSC as a direct result of providing the Services. 
 2.3 Invoices.
PFSC’s invoices for the fees listed in Schedule 2 and third-party costs and expenses incurred by PFSC under this Agreement shall be due from Client within fifteen (15) calendar days of invoice receipt (whether paper or electronic),
and in readily collectible 

  
 2 

 Ex 10.26 

 

 
U.S. Dollars. Upon request, PFSC will provide to Client copies of documents showing that third-party costs and expenses invoiced have been incurred by PFSC. 

2.4 Late Charge. If Client fails to pay any amounts owed by Client when due, Client shall pay to PFSC a late charge equal to the
greater of one and one-half percent (1.5%) per month (or the daily prorated amount thereof) on any past-due amounts, or $150.00. 
 3.
Agent and Power of Attorney. Client hereby appoints PFSC as Client’s agent to execute, file, prepare, or record documents and otherwise perform on Client’s behalf all actions reasonably necessary for PFSC to perform the Services.
Client hereby appoints PFSC as Client’s attorney-in-fact to act in the name of Client to perform the Services, if PFSC commences the servicing of the Client Portfolio. Without limiting the generality of the foregoing, Client’s agency and
attorney-in-fact appointment authorizes PFSC to execute UCC documents, vehicle title or registration documents, or bills of sale or prepare or file any other document PFSC deems necessary or desirable to perform the Services. Upon PFSC’s
request, Client shall execute and deliver to PFSC a revocable and limited power of attorney to further authorize PFSC to perform the Services. 

4. Term of Agreement. 

4.1 Initial Term and Renewals. This Agreement shall commence on the Effective Date and continue for a period of three
(3) years after the Effective Date (the “Initial Term”). This Agreement shall automatically renew for consecutive one (1) year periods (each, a “Renewal Term” and, together with the Initial Term, the
“Term”), unless either party provides written notice of that party’s intent not to renew at least one hundred twenty (120) calendar days prior to expiration of the Initial Term or any Renewal Term. 

4.2 Early Termination. 
 4.2.1 Early Termination by Client for Cause. Client may terminate this Agreement for cause by giving at least thirty (30) calendar days’ written notice to PFSC, upon the occurrence of any
of the following: 
 (a) PFSC commits a material breach of this Agreement, which breach is not cured within ten
(10) business days of written notice from Client; or 
 (b) Any gross negligence or willful misconduct of PFSC. 

4.2.2 Early Termination by PFSC for Cause. PFSC may terminate this Agreement for cause by giving at least thirty (30) calendar
days’ written notice to Client, upon the occurrence of any of the following: 
 (a) Client commits a material breach of
this Agreement, which breach is not cured within ten (10) business days of written notice from PFSC; or 
 (b) Any gross
negligence or willful misconduct of Client. 

  
 3 

 Ex 10.26 

 

 (c) PFSC determines that the performance of its duties hereunder is no longer
permissible or practicable under any laws, rules, or regulations applicable to it or if termination of the Services is required by governmental or regulatory authorities. 
 4.2.3 Early Termination by Client for Convenience. In addition to Client’s rights not to renew this Agreement under Section 4.1, Client may terminate this Agreement for convenience by:

 (a) Providing PFSC with one hundred twenty (120) calendar days’ prior written notice (the “Early
Termination Notice”) of its intention to terminate the Agreement prior to its stated Initial Term or any Renewal Term; and 
 (b) Paying to PFSC a fee equal to (i) *** (the “Early Termination Fee”). If the Early Termination Notice is given within four (4) months of the date on which this Agreement
would otherwise expire, the Early Termination Fee shall be pro-rated for the time remaining until this Agreement would otherwise expire. The Early Termination Fee is due and payable at such time as the Early Termination Notice is delivered to PFSC,
and the notice period shall not commence until such Early Termination Fee has been received by PFSC in readily collectible U.S. Dollars. 
 4.2.4 Early Termination by PFSC for Convenience. PFSC shall not terminate this Agreement for convenience. 
 5. Termination and Expiration. 
 5.1 Return of Confidential
Information. Within fifteen (15) days after termination or expiration of this Agreement for any reason, including the expiration of the Initial Term or of any Renewal Term, and upon Client’s payment to PFSC of any and all amounts due
under this Agreement, PFSC shall return to Client or destroy (and certify as to the destruction thereof, without retaining any copies) all originals and duplicates of any Confidential Information, as defined in Section 15.1, in any form or
medium. Upon request by Client, PFSC shall promptly send such materials as Client may specify in the manner and format reasonably requested by Client to Client and to any third party designated by Client. Notwithstanding the foregoing, PFSC shall
not be responsible for destroying Client Portfolio data contained on PFSC’s archived backup tapes. 
 5.2 Payment upon
Termination. Prior to PFSC’s delivery of final Client Portfolio data, Client shall prepay to PFSC the expected fees of the Services and all expenses for the final month that PFSC provides the Services. Client shall also pay PFSC for all
out-of-pocket costs and expenses incurred by PFSC in connection with the transfer of Client’s files, books, and records and of servicing of the Client Portfolio, including those costs and expenses incurred after termination and expiration.
Without limiting the generality of the foregoing, Client shall pay PFSC’s hourly rate of $150.00 per hour for any programming or IT support and $105.00 per hour for all other administrative support services requested by Client in

  
 4 

 Ex 10.26 

 

 
connection with Client’s request for the return of documents or files and transition assistance in connection with the transfer of Client’s files, books, and records and of servicing of
the Client Portfolio. Within thirty (30) calendar days after the termination date, PFSC shall provide Client with a final accounting of fees and expenses and shall either invoice Client for any remaining charges or refund the necessary amount
to the Client, as appropriate. 
 6. Representations and Warranties of PFSC. PFSC represents and warrants the following: 

6.1 Business Entity; Authority. PFSC is a corporation duly organized, validly existing, and in good standing under the laws of the
State of Delaware, and is authorized to conduct business in the State of Oregon and has obtained all necessary licenses and approvals in all jurisdictions where failure to be so qualified and in good standing would have a material adverse effect on
PFSC’s business and operations or its ability to provide the Services contemplated by this Agreement. 
 6.2
Authorization; Binding Agreement. The execution, delivery, and performance of this Agreement have been duly authorized by all necessary action by PFSC. This Agreement has been duly and validly executed and delivered on behalf of PFSC and is
binding upon and enforceable against PFSC in accordance with its terms, except as enforceability may be limited or affected by applicable bankruptcy, insolvency, reorganization, or other laws of general application relating to or affecting the
rights of creditors, and except as enforceability may be limited by equitable principles including specific performance and injunctive relief (whether sought in a proceeding in equity or at law). 

6.3 No Adverse Consequences. The execution and delivery of this Agreement by PFSC, the consummation of the transactions
contemplated hereby, and the provision of the Services will not (i) violate any applicable law, judgment, order, decree, regulation, or ruling of any governmental authority or violate any provision of the Articles of Incorporation of PFSC, or
(ii) either alone or with the giving of notice or the passage of time or both, conflict with, constitute grounds for termination of, or result in the breach of the terms, conditions, or provisions of or constitute a default under any agreement,
instrument, license, or permit to which PFSC is a party or by which it is bound. 
 6.4 FCPA. PFSC is aware of and familiar with
the provisions of the Foreign Corrupt Practices Act of 1977, as amended, (“FCPA”) and will act in compliance with and take no action and make no payment in violation of or which might cause it or Client and each of their respective
directors, officers, employees, or agents to be in violation of the FCPA. 
 6.5 No Ownership Interest by PFSC. PFSC does
not have any ownership or other interest in the underlying assets, payment streams, equipment, legal documents, or other tangible or intangible assets of the Client Portfolio. All materials delivered by Client to PFSC in connection with the Services
shall be the property of Client, and Client shall have good and clear title to all such materials. 
 6.6 Preservation of
Security Interests. PFSC will defend the Client Portfolio against all persons, claims, and demands whatsoever. PFSC shall not assign, sell, pledge, or exchange, 

  
 5 

 Ex 10.26 

 

 
or in any way encumber or otherwise dispose of the Client Portfolio, except as expressly permitted under this Agreement and only with permission of Client. 

6.7 Obligations with Respect to Loans. PFSC shall use commercially reasonable efforts to duly fulfill and comply with all
non-monetary obligations on the part of Client or its assigns in connection with each loan or note that comprises the Client Portfolio. 
 7.
Representations and Warranties of Client. Client represents and warrants the following: 
 7.1 Business Entity;
Authority. Client is a duly organized, validly existing corporation or limited liability company and in good standing under the laws of the state of its organization and has obtained all necessary licenses and approvals in all jurisdictions
where failure to be so qualified and in good standing would have a material adverse effect on Client’s business and operations or on PFSC’s ability to provide the Services contemplated by this Agreement. 

7.2 Authorization; Binding Agreement. The execution, delivery, and performance of this Agreement have been duly authorized by all
necessary corporate action by Client and its directors and shareholders. This Agreement has been duly and validly executed and delivered on behalf of Client and is binding upon and enforceable against Client in accordance with its terms, except as
enforceability may be limited or affected by applicable bankruptcy, insolvency, reorganization, or other laws of general application relating to or affecting the rights of creditors, and except as enforceability may be limited by equitable
principles including specific performance and injunctive relief (whether sought in a proceeding in equity or at law). 
 7.3
No Adverse Consequences. Neither the execution and delivery of this Agreement by Client nor the consummation of the transactions contemplated hereby will (i) violate any applicable law, judgment, order, decree, regulation, or ruling of
any governmental authority or violate any provision of the Articles of Incorporation of Client, or (ii) either alone or with the giving of notice or the passage of time or both, conflict with, constitute grounds for termination of, or result in
the breach of the terms, conditions, or provisions of or constitute a default under any agreement, instrument, license, or permit to which Client is a party or by which it is bound. 

7.4 FCPA. Client is aware of and familiar with the provisions of the FCPA, and will act in compliance with and take no action and
make no payment in violation of or which might cause it or PFSC and each of their respective directors, officers, employees, or agents to be in violation of the FCPA. 
 8. Compliance with Laws. In connection with the performance of this Agreement and its performance and provision of the Services, PFSC and Client shall comply with all applicable federal, state, and
local laws, regulations, and rules (“Applicable Law”). Each party is responsible for (i) monitoring, interpreting and complying with Applicable Law, (ii) determining the particular actions, disclosures, notices, formulas,
calculations, and procedures required to ensure the Services are provided in compliance with Applicable Law, (iii) maintaining an ongoing program for compliance with Applicable Law, and (iv) maintaining all necessary state

  
 6 

 Ex 10.26 

 

 
licenses, bonds and business registrations for each state in which the Services are offered or provided. For the avoidance of doubt, if Client is subject to a provision of or an amendment to
Applicable Law, compliance with which requires a certain procedure or process be employed by PFSC, PFSC shall duly comply. PFSC shall modify its procedures as necessary to keep them in compliance with any changes to Applicable Law. PFSC shall
implement such changes as soon as reasonably practicable. 
 9. [Reserved] 
 10. [Reserved] 
 11. Independent Contractor. PFSC is an independent contractor and shall
perform the Services hereunder as such, and not as the agent, employee, or servant of Client. PFSC and Client shall remain fully responsible for their respective employee’s actions, salaries, benefits, taxes, worker’s compensation,
unemployment insurance, and any other employee costs or benefits. Nothing in this Agreement shall create a partnership or joint venture between PFSC and Client. Client does not have and shall not acquire any ownership interest or any other rights
whatsoever in any of PFSC’s assets, including without limitation PFSC’s computer systems (hardware and software), electronic and written reports or other data, web sites or URLs, telecommunications systems, toll-free phone numbers,
policies, procedures, process and flow charts, business practices, trade names, trademarks, depository accounts, post office boxes, or any other tangible or intangible asset of PFSC. Any computer programming, reporting customization, or other
business practices, improvements, or work adopted for the benefit of Client shall at all times remain the exclusive property of PFSC, regardless of whether Client compensated PFSC for such practices, improvements, or work. 

12. Insurance. PFSC at its sole expense agrees to maintain the following insurance coverage during the Term: 

(a) All insurance coverage required by federal, state, or local law and statute, including Worker’s Compensation Insurance; and

 (b) Employer’s general liability insurance of $[***] per claim and in the aggregate; and 

(c) Errors & Omissions insurance of $[***] per claim and in the aggregate. 

13. Employee Non-Solicitation. During the Term and for a period of eighteen (18) months thereafter, neither party shall directly, or
indirectly through the use of third parties, hire or solicit for purposes of employment the other party’s employees, it being understood that an advertisement or general solicitation for employment shall not be deemed to breach this
Section 13. 
 14. Access to Information. 
 14.1 Client. Upon giving at least two (2) business days’ written notice, PFSC shall give Client and its counsel, accountants, and other representatives reasonable access, during

  
 7 

 Ex 10.26 

 

 
normal business hours, to all of PFSC’s files, books, and records (including computer records) relating to the Client Portfolio, the Services, and any amounts PFSC charged and collected from
Client or deducted from payments made to Client’s lender members. 
 14.2 Regulatory Agency. Upon a request for
information made by a regulatory authority with jurisdiction over a party to either party, the party receiving such request shall promptly inform the other party. Each party shall cooperate fully with the requesting regulatory authority, to the
extent permitted by Applicable Law, including (i) making available to the requesting regulatory authority any and all information relating to such Party’s compliance with the regulatory requirements; and (ii) if so requested, allowing
the requesting regulatory authority to visit and inspect the facilities of a party for purposes of evaluating compliance with any regulatory requirements. 
 15. Confidentiality. 
 15.1 Confidential Information. All information
disclosed by a party to the other party in the course of performing under this Agreement or to which a party gains access in connection with this Agreement, including, without limitation, any information concerning the customers, trade secrets,
methods, processes, or procedures, or any other confidential, financial, or business information of the other party which it learns during the course of its performance of this Agreement, shall be deemed to be the property of the disclosing party
and confidential (such information hereinafter referred to as “Confidential Information”). Confidential Information shall include all information which is disclosed, made available, or as to which access is provided verbally,
electronically, visually, or in a written, graphic or machine readable, via computer or electronic media, or other tangible form or otherwise, whether directly or indirectly, whether or not identified as confidential or proprietary, obtained by a
recipient or any person on its behalf. Confidential Information shall also include all personal, financial, and account information of Client’s borrower and lender members (“Client Portfolio Information”). 

15.2 Treatment of Confidential Information. Confidential Information shall be treated as strictly confidential by the
receiving party. Confidential Information may not be used except as necessary to carry out obligations of the receiving party and shall not be disclosed to any third party. Notwithstanding any other provision of this Agreement, Client may file this
Agreement with the U.S. Securities and Exchange Commission and any state securities regulator. In addition, this Agreement imposes no obligation upon the parties with respect to Confidential Information which either party can establish by legally
sufficient evidence: (a) was in the possession of, or was rightfully known by the receiving party without an obligation to maintain its confidentiality prior to receipt from the other party; (b) is or becomes generally known to the public
without violation of this Agreement; (c) is obtained by the receiving party in good faith from a third party having the right to disclose it without an obligation of confidentiality; (d) is independently developed by the receiving party
without the participation of individuals who have had access to the Confidential Information; or (e) is required to be disclosed by Applicable Law, provided notice is promptly given to the other party and provided further that diligent efforts
are undertaken to limit disclosure. With regard to disclosures under (e), where disclosure is required by law, by a court or 

  
 8 

 Ex 10.26 

 

 
administrative body of competent jurisdiction, or by any regulatory body which regulates the conduct of receiving party, or is required in defense of any claims or causes of action asserted
against it, provided that, to the extent permitted, receiving party shall: (i) give the other party as much notice as is practicable of any such requirement so that a protective order or other appropriate remedy may be sought; attempt to obtain
the other party’s consent to such disclosure; not disclose any more Confidential Information than is reasonably necessary in the circumstances; assist and cooperate in any appropriate action which the other party may decide to take in an effort
to limit the nature and scope of any required disclosure of Confidential Information. Notwithstanding the above exceptions, PFSC shall not disclose Client Portfolio Information except under the circumstances described in subsection (e). 

15.3 Protection of Information. The receiving party agrees and understands that it is obligated to protect the other party’s
Confidential Information. The receiving party will maintain appropriate internal, technical, security and physical safeguards and other reasonably appropriate measures to protect the security, confidentiality and integrity of Confidential
Information against unauthorized or unlawful access and accidental destruction or loss. 
 15.4 Security Event. If a party
learns or has reason to believe that the other party’s Confidential Information has been disclosed or accessed by an unauthorized party (each, a “Security Event”), such party will immediately give notice of such event to the
other party to the extent permitted by law or law enforcement authorities. In such notification, the party will report on the nature of the incident, the estimated impact on the other and investigative action taken or planned. Security Events shall
include, without limitation, violations of Applicable Law. Notwithstanding anything in this provision, each party will also comply fully with all federal, state or local laws applicable to security breaches. Except as may be required by law or law
enforcement authorities, to the extent the breach involves Client Portfolio Information, PFSC will not notify any of Client’s customers or potential customers of unauthorized access of such Security Event without Client’s express consent
or upon Client’s specific instruction. The party that experiences the Security Event will be responsible for the costs of any required notifications. 
 15.5 Security Commitments. Each party shall take all reasonable steps to ensure that no unauthorized persons have access to Confidential Information, and to ensure that no persons authorized to
have such access take any action which would be in violation of this Agreement. Such steps shall include, but shall not be limited to, imposing strong password restrictions on systems containing Confidential Information, securing networks through
which Confidential Information will be accessed from outside intrusion, preventing the making of unauthorized copies of Confidential Information, and closely administering and monitoring use of Confidential Information. 

15.6 Additional PFSC Security Commitments. 
 (a) PFSC shall maintain a written information security program applicable to the performance of the Services reasonably designed to (i) ensure the security and confidentiality of Confidential
Information; (ii) protect against any anticipated threats or 

  
 9 

 Ex 10.26 

 

 
hazards to the security or integrity of such information; (iii) protect against unauthorized access to or use of such information that could result in substantial harm or inconvenience to
any customer; and (iv) ensure the proper disposal of Confidential Information. 
 (b) PFSC shall maintain a designated
individual to coordinate its information security program. Such individual shall ensure that regular risk assessments are conducted concerning each relevant area of operations concerning the Services, and that appropriate internal and external
controls are established to mitigate risks identified. 
 (c) PFSC shall regularly test and monitor the effectiveness of the
controls established by its information security program and shall modify such controls to reflect the results of such testing and monitoring to enhance the security of the Confidential Information. 

15.7 Reporting. PFSC shall promptly report to Client any actual or suspected violation of Section 16 hereof and shall take
such further steps as may reasonably be requested by Client to prevent or remedy any such violation. 
 16. Ad Hoc Requests. During the
Term, Client may make requests of PFSC that are not included in the scope of Services set forth in this Agreement. In such instances, all requests must be made by Client in writing, and PFSC shall respond to such requests in writing with a time and
cost estimate to fulfill Client’s request. Only after obtaining Client’s written approval to the time and cost estimate will PFSC fulfill Client’s request and invoice Client for the agreed-upon amount. 

17. Indemnity. 
 17.1
Indemnity by Client. Client shall defend, indemnify, and hold PFSC, and its shareholders, directors, affiliates, assignees, agents, and employees, harmless from and against any and all claims, counterclaims, liabilities, losses, damages,
court costs, attorneys’ fees, and other expenses arising from or connected in any way with any third-party claim (the “Claims”) concerning in any way the Services, but excepting Claims arising from, or connected in any way to,
PFSC’s gross negligence, willful misconduct, or breach of this Agreement. 
 17.2 Indemnity by PFSC. PFSC shall
defend, indemnify, and hold Client and its shareholders, directors, affiliates, assignees, agents, and employees harmless from and against any and all Claims arising from, or connected in any way to, PFSC’s gross negligence, willful misconduct,
or breach of this Agreement. 
 18. Limitation of PFSC Liability and Limitation of Client’s Remedies. Neither PFSC nor any of its
directors, officers, members, partners, employees, auditors, accountants, or agents shall be liable for any action taken, suffered, or omitted by it in good faith and believed to be authorized or within the discretion, rights, or powers conferred
upon it by this Agreement, or for errors in judgment; provided, however, that this provision shall not protect any such person against liability which would otherwise be imposed on such person by reason of such person’s gross

  
 10 

 Ex 10.26 

 

 
negligence or willful misconduct. No liability shall accrue to PFSC when: 

(a) PFSC takes any action, refrains from the taking of any action, or offers any advice or suggested course of action for Client or the
Client Portfolio in accordance with customary industry standards for servicing loans of the type which comprise the Client Portfolio pursuant to this Agreement; 
 (b) Client fails to provide necessary, timely, or accurate information in order for PFSC to fulfill the Services described in this Agreement; or 

(c) PFSC relies, in good faith, on any document of any kind which, prima facie, is properly provided by an appropriate person of Client
respecting any matters arising hereunder; 
 IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER FOR ANY INDIRECT, INCIDENTAL, OR
CONSEQUENTIAL DAMAGES, OR ANY LOST REVENUES OR PROFITS (with the exception of Section 4.2.3 as otherwise provided for within this Agreement), ARISING IN ANY WAY FROM THE PERFORMANCE, NON-PERFORMANCE, OR BREACH OF THIS AGREEMENT, OR ARISING FROM
ANY CLAIMS OF NEGLIGENCE, IN TORT OR ANY OTHER THEORY OF RECOVERY BY CLIENT, INCLUDING, WITHOUT LIMITATION, ANY CLAIM OF LOSS OR DAMAGES RESULTING FROM ANY LOSS OF DATA, REVENUE, OR PROFITS. IN NO EVENT SHALL EITHER PARTY BE LIABLE OR SUBJECT TO
PUNITIVE DAMAGES UNDER ANY THEORY OF RECOVERY BY THE OTHER. 
 19. Force Majeure. No party to this Agreement shall be liable for any
failure to perform its obligations where such failure is a result of acts of nature (including fire, flood, earthquake, storm, hurricane, or other natural disaster), war, invasion, act of foreign enemies, hostilities (whether war is declared or
not), civil war, rebellion, revolution, insurrection, military or usurped power of confiscation, terrorist activities, nationalization, government sanction, blockage, embargo, labor dispute, strike, lockout, or interruption or breakdown of public or
private or common carrier communications or transmission facilities or equipment failure, or the failure of any financial institution or clearing house to execute properly-formatted instructions provided by PFSC in the course of performing the
Services. 
 20. Urgency. Time is of the essence for the provision of the Services by PFSC and Client’s payment obligations under
this Agreement. 
 21. Amendment. No modification, amendment, or waiver of any provision of, or consent required by, this Agreement, nor
any consent to any departure herefrom, shall be effective unless it is in writing and signed by authorized officers of the parties hereto. Such modification, amendment, waiver, or consent shall be effective only in the specific instance and for the
purpose for which given. 
 22. No Assignment. Neither party may assign this Agreement or its rights hereunder, or delegate its
obligations hereunder, without the prior written consent of the other party. Subject to the foregoing, this Agreement shall be binding upon and shall inure to the benefit of the 

  
 11 

 Ex 10.26 

 

 
parties and their respective permitted successors and assigns. 
 23. Waiver. No
delay or omission on the part of any party in exercising any right hereunder shall operate as a waiver of any such right or any other right. All waivers must be in writing. 
 24. Severability. If any provisions of this Agreement are found to be unenforceable as to any person or circumstance, such finding shall not render such a provision invalid or unenforceable as to
any other person or circumstance and shall not invalidate any other provision or provisions of this Agreement. If feasible, the term or provision which is found to be invalid or unenforceable shall be deemed to be modified to be within the limits of
validity or enforceability. 
 25. Choice of Law; Arbitration; Attorney Fees. 

25.1 Choice of Law. This Agreement shall be governed, construed, and enforced in accordance with the laws of the State of Oregon.

 25.2 Arbitration. Any conflict, claim, or dispute between the parties arising under or related in any way to this
Agreement, or any breach of this Agreement, or any claim that any of this Agreement is invalid, illegal, voidable, or void, or any other claim relating to either party’s performance or non-performance of this Agreement, shall be subject to
mandatory, binding arbitration under the authority of the American Arbitration Association. The arbitration shall be conducted before a panel of three arbitrators using the Commercial Arbitration Rules. The location of the arbitration shall be in
Portland, Oregon. The arbitrators’ award may be entered in any court with jurisdiction. At the request of either party prior to the arbitration award, the arbitrators shall make written findings of fact and conclusions of law as part of their
award. Each party shall pay all applicable fees and costs billed by the American Arbitration Association prior to arbitration, including without limitation the arbitrators’ fees and expenses. 

25.3 Attorney Fees. The prevailing party as determined by the arbitrators shall be entitled to an award against the non-prevailing
party of the prevailing party’s reasonable attorney fees, together with all other costs, fees, expert fees, deposition costs, or other costs incurred in connection with the arbitration. 
 26. Survival. Sections 15, 17, 18, 22, 23, and 25 shall survive the expiration, cancellation, or other termination of this Agreement. 
 27. Notices. All notices, requests, demands, or other communications given hereunder shall be in writing and shall be deemed to have been duly given (i) when deposited in the United States
mail, postage prepaid, as registered or certified mail, (ii) when sent by courier service, or (iii) when sent by facsimile, to the parties at their addresses or phone numbers set forth in this Agreement or to such other addresses or phone
numbers as the parties may designate by written notice to the other party in accordance with this section. If such notice, demand, or other communication is given by mail, it shall be conclusively deemed given seventy-two (72) hours after the
deposit thereof in the United States mail addressed to the party to whom such notice, demand, or other communication is to be given. If such notice, demand, or other communication 

  
 12 

 Ex 10.26 

 

 
is provided by courier service, it shall be conclusively deemed made at the time of delivery of such service to the party’s designated address. If such notice, demand or other communication
is provided by facsimile, it shall be conclusively deemed made at the time of receipt by the sender of an electronic receipt indicating successful transmission. 
 28. Further Assurances. Each of the parties hereto shall execute and deliver any and all additional papers, documents, and other assurances, and shall do any and all acts and things reasonably
necessary in connection with the performance of its duties and obligations hereunder and to carry out the intent of the parties hereto. 
 29.
Entire Agreement. This Agreement contains the entire understanding of, and supersedes all prior or contemporaneous agreements not specifically referred to herein among, the parties with respect to the subject matter hereof. The Servicing
Agreement between the parties dated September 15, 2008, and any associated amendments or understandings (collectively, the “Prior Agreement”), is hereby expressly terminated and of no further force or effect. 

30. Remedies Cumulative. All of a party’s remedies for a breach of this Agreement shall be cumulative and the exercise of one or more
remedies shall not be deemed an election or waiver of any other remedy. 
 31. Counterparts. This Agreement may be executed
simultaneously in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 (Signature page immediately follows) 

  
 13 

 Ex 10.26 

 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

			
	Client:
	
	LENDINGCLUB CORPORATION
		
	By:	 	 /s/ John Donovan

	Print Name:
	Title:
	
	PFSC:
	
	PORTFOLIO FINANCIAL SERVICING COMPANY
		
	By:	 	 /s/ John Enyart

	Print Name: John Enyart
	Title: President

  
 14 

 Ex 10.26 

 

 Schedule 1 

Stand-by and Servicing 

Stand-by: PFSC shall provide the following Services during the term of this Agreement, except to the extent PFSC is actually providing the
servicing: 
  

	 	1.	On a daily basis, PFSC shall obtain from Client a comprehensive portfolio data file in a format mutually agreed upon between the parties. Such data file shall include,
without limitation, bank account information necessary to perform ACH debit and credit transactions for the Client Portfolio; loan information, borrower information, lender information and other information reasonably required in order for PFSC to
perform its duties as successor servicer, in PFSC’s reasonable judgment. 

  

	 	2.	PFSC IT staff shall receive and load Client’s comprehensive portfolio data file onto PFSC’s loan servicing system on a daily or weekly basis, in PFSC’s
sole discretion. 

  

	 	3.	Within five (5) business days of each calendar month-end, Client shall provide PFSC with its month-end portfolio data file, properly labeled as such, and a second
file containing document images for all newly boarded loans during the prior month. 

  

	 	4.	PFSC IT staff shall receive and load Client’s portfolio data file onto PFSC’s loan servicing system and shall load Client’s new loan document images onto
PFSC’s document imaging system. 

  

	 	5.	PFSC Backup Servicing analysts shall perform a reconciliation between PFSC’s servicing system and Client’s month-end portfolio data file, within five
(5) business days of receipt and provide such reconciliation to Client. 

 Servicing: Upon initiation of the
servicing of the Client Portfolio, PFSC shall perform the following Services commencing within fifteen (15) business days of written notification: 
 1. General: PFSC shall: 
  

	 	•	 	 Update the Client Portfolio information on its systems with the latest data available from Client; 

 

	 	•	 	 Service and collect all amounts due under borrower notes in the Client Portfolio by ACH into a single-purpose clearing account controlled by PFSC in
trust for the lender members of Client. PFSC shall not commingle any funds of PFSC with the funds in the clearing account but shall have the right to charge the clearing account for its servicing fees and reimbursable third party costs and expenses.

  

	 	•	 	 Remit payments due to Client’s lender members in the Client Portfolio by ACH in a single monthly payment aggregating all the amounts due such
lender members in a given 

  
 15 

 Ex 10.26 

 

	 	 
month based on payments actually received from the borrowers with loans of the series associated with the notes held by the lender members. Monitor all ACH transfers.

  

	 	•	 	 Process and contest chargebacks. 

  

	 	•	 	 Correspond and communicate with Client borrower members, lender members, and their banks concerning the activity in the respective accounts affected by
the Services. 

  

	 	•	 	 Provide quarterly statements via regular mail to Client borrowers and lenders showing the status and activity of such accounts. Upon receipt of notice
from Client or Client’s designated indenture trustee, pay all funds held by PFSC pending payment to Client’s lender members to the indenture trustee Upon request by Client, return to Client any funds held by PFSC due to Client’s
lender members that have not been able to be remitted to such lender members and remain unclaimed for two years. 

  

	 	•	 	 Provide monthly portfolio information to one or more of the three nationally recognized consumer credit reporting agencies.

 2. PFSC shall reconcile transfers, payment information and outstanding balances and take appropriate action to resolve any
discrepancies or disagreements with such information and make corrective adjustments to records. 
 3. PFSC shall make commercially reasonable
efforts to collect payments on loans in the Client Portfolio that are from 1 to 30 days delinquent. On the 31st day of delinquency, PFSC shall refer delinquent accounts to collection in accordance with the collection and charge-off policies and
agreements established by Client and transfer payments received in accordance with those same policies and agreements to the appropriate lender members. 
 4. While providing the servicing of the Client Portfolio, PFSC shall provide to Client or its designated representative monthly servicer reports that confirm: 

 

	 	•	 	 Monthly payments received from borrower members and remittances to lender members. 

 

	 	•	 	 General ledger entries 

  

	 	•	 	 Delinquent Accounts 

  

	 	•	 	 Maturing Loans 

  

	 	•	 	 Monthly Cash Receipts Journal 

  

	 	•	 	 That such report is complete on its face. 

  
 16 

 Ex 10.26 

 

 Schedule 2 

Compensation 

Stand-by 
 1. Client shall pay PFSC
$[***] per month for each month, or portion thereof, that PFSC provides the standby portion of the Services. 
 Servicing 

1. Upon written notification that PFSC shall become the successor servicer, Client shall pay PFSC a declaration fee in an amount which is the greater of
(i) [***] and (ii) the product of [**] and $[xxx]. During any period in which it services the Client Portfolio, PFSC shall also have the right to deduct and retain a service charge. The service charge will be applied by PFSC on a monthly
basis against all open contracts prior to sending out the related lender payments. The service charge will be billed to lenders as a percentage. That percentage will be calculated on a monthly basis by multiplying the number of open contracts by a
flat fee of: $[***] if between 0 and [***] contracts; $[***] if between [***] and [***] contracts; and $[***] if [***] or greater contracts, and then taking that sum and dividing it back into the dollar volume of payments received. This will provide
PFSC with the average percentage service charge which will be applied against all payments being sent to Client’s lender members. PFSC can recalculate that percentage every month; PFSC shall also assess a flat monthly fee of $[***] plus $[***]
per loan schedule for monthly reporting to credit reporting agencies. 
 2. In the course of providing the servicing, PFSC shall charge and
collect any other fees relating to the servicing that Client is entitled to charge and collect, including, without limitation, non-sufficient funds fees and default account management fees. PFSC shall retain such fees as additional compensation for
the Services provided. 

  
 17Form of Indemnity Agreement

 Exhibit 10.27 
 INDEMNIFICATION AGREEMENT 
 This INDEMNIFICATION AGREEMENT (the
“Agreement”) is dated as of _____________, 20__ between LendingClub Corporation, a Delaware corporation (the “Corporation”), and _____________ (“Indemnitee”). 

RECITALS 

WHEREAS, Indemnitee has been requested by the Corporation to serve as an officer, controlling person, employee, agent, fiduciary, joint
venturer, partner, manager or other official of the Corporation or a subsidiary or an affiliate of the Corporation, or any other entity (including without limitation, an employee benefit plan) either at the request of, for the convenience of, or
otherwise to benefit the Corporation or a subsidiary of the Corporation (an “Agent”) and will be performing a valuable service for the Corporation; 
 WHEREAS, the Corporation desires to attract and retain the involvement of highly qualified persons, such as Indemnitee, to serve and be associated with the Corporation, and accordingly, wishes to provide
for the indemnification and advancement of expenses to the Indemnitee to the maximum extent permitted by law; 
 WHEREAS,
Indemnitee is willing to serve and continue to serve as an Agent of the Corporation on the condition that he be indemnified as herein provided; and 
 WHEREAS, it is intended that Indemnitee shall be paid promptly by the Corporation all amounts necessary to effectuate in full the indemnity provided herein. 

AGREEMENT 

NOW, THEREFORE, in consideration of the premises and the covenants in this Agreement, and of Indemnitee serving and continuing to serve
the Corporation as an Agent and intending to be legally bound hereby, the parties hereto agree as follows: 

1. Services by Indemnitee. Indemnitee agrees to serve as an Agent of the Corporation. Indemnitee may, in his
discretion, from time to time also perform other services at the request or for the convenience of, or otherwise benefiting the Corporation. Indemnitee may at any time and for any reason resign or be removed from such position (subject to any other
contractual obligation or other restriction imposed in the Articles of Incorporation, bylaws or by operation of law). 
 2. Indemnification. Subject to the limitations set forth herein and in Section 6 hereof, the Corporation hereby agrees to indemnify and hold Indemnitee harmless as follows: 

The Corporation shall, with respect to any Proceeding (as hereinafter defined) associated with Indemnitee’s being an Agent of the
Corporation, indemnify and hold Indemnitee harmless to the fullest extent permitted by applicable law and the Articles of Incorporation of the Corporation in effect on the date hereof or as such law or Articles of Incorporation may from time to time
be amended (but, in the case of any such amendment, only to the extent such 

 
amendment permits the Corporation to provide broader indemnification rights than the law or Articles of Incorporation permitted the Corporation to provide before such amendment). The right to
indemnification conferred herein and in the Articles of Incorporation shall be presumed to have been relied upon by Indemnitee in serving or continuing to serve the Corporation as an Agent and shall be enforceable as a contract right. Without in any
way diminishing the scope of the indemnification provided by this Section 2, the Corporation will indemnify and hold Indemnitee harmless to the full extent permitted by law if and wherever Indemnitee is or was a party or is threatened to be
made a party to any Proceeding, including any such Proceeding brought by or in the right of the Corporation, by reason of the fact that Indemnitee is or was an Agent or by reason of anything done or not done by Indemnitee in such capacity, against
Expenses (as hereinafter defined) and Liabilities (as hereinafter defined) actually and reasonably incurred by Indemnitee or on his behalf in connection with the investigation, defense, settlement or appeal of such Proceeding, or being a witness in,
or preparing to defend or be a witness in, such Proceeding. In addition to, and not as a limitation of, the foregoing, the rights of indemnification of Indemnitee provided under this Agreement shall include those rights set forth in Sections 3 and 8
below. Notwithstanding the foregoing, the Corporation shall be required to indemnify and hold Indemnitee harmless in connection with a Proceeding commenced by Indemnitee (other than a Proceeding commenced by Indemnitee to enforce Indemnitee’s
rights under this Agreement) only if the commencement of such Proceeding was authorized by the Board of Directors. 
 3. Advancement of Expenses. All Expenses incurred by or on behalf of Indemnitee (including costs of enforcement of this Agreement) shall be advanced from time to time by the Corporation to
Indemnitee within thirty (30) days after the receipt by the Corporation of a written request for an advance of Expenses, whether prior to or after final disposition of a Proceeding (except to the extent that there has been a Final Adverse
Determination (as hereinafter defined) that Indemnitee is not entitled to be indemnified for such Expenses), including without limitation any Proceeding brought by or in the right of the Corporation. The written request for an advancement of any and
all expenses under this paragraph shall contain reasonable detail of the Expenses incurred by Indemnitee. By execution of this Agreement, Indemnitee shall be deemed to have made whatever undertaking may be required by law at the time of any
advancement of Expenses with respect to repayment to the Corporation of such Expenses. In the event that the Corporation shall breach its obligation to advance Expenses under this Section 3, the parties hereto agree that Indemnitee’s
remedies available at law would not be adequate and that Indemnitee would be entitled to specific performance. 

4. Presumptions and Effect of Certain Proceedings. Upon making a request for indemnification, Indemnitee shall be
presumed to be entitled to indemnification under this Agreement and the Corporation shall have the burden of proof to overcome that presumption in reaching any contrary determination. The termination of any Proceeding by judgment, order, settlement,
arbitration award or conviction, or upon a plea of nolo contendere or its equivalent shall not affect this presumption or, except as determined by a judgment or other final adjudication adverse to Indemnitee, establish a presumption with regard to
any factual matter relevant to determining Indemnitee’s rights to indemnification hereunder. If the person or persons so empowered to make a determination pursuant to Section 5 hereof shall have failed to make the requested determination
within ninety (90) days after any judgment, order, settlement, dismissal, arbitration award, conviction, acceptance of a plea of nolo contendere or its 

  
 - 2 -

 
equivalent, or other disposition or partial disposition of any Proceeding or any other event that could enable the Corporation to determine Indemnitee’s entitlement to indemnification, the
requisite determination that Indemnitee is entitled to indemnification shall be deemed to have been made. 

5. Procedure for Determination of Entitlement to Indemnification. 

(a) Whenever Indemnitee believes that Indemnitee is entitled to indemnification pursuant to this Agreement, Indemnitee
shall submit a written request for indemnification to the Corporation. Any request for indemnification shall include sufficient documentation or information reasonably available to Indemnitee for the determination of entitlement to indemnification.
In any event, Indemnitee shall submit Indemnitee’s claim for indemnification within a reasonable time, not to exceed five (5) years after any judgment, order, settlement, dismissal, arbitration award, conviction, acceptance of a plea of
nolo contendere or its equivalent, or final termination, whichever is the later date for which Indemnitee requests indemnification. The Secretary or other appropriate officer shall, promptly upon receipt of Indemnitee’s request for
indemnification, advise the Board of Directors in writing that Indemnitee has made such request. Determination of Indemnitee’s entitlement to indemnification shall be made not later than ninety (90) days after the Corporation’s
receipt of Indemnitee’s written request for such indemnification, provided that any request for indemnification for Liabilities, other than amounts paid in settlement, shall have been made after a determination thereof in a Proceeding.
Notwithstanding anything to the contrary contained herein, the procedures set forth in this Section 5 shall not apply to any request by Indemnitee for the advance of expenses, and shall not in any way prejudice Indemnitee’s right to such
advancement as set forth in Section 3 hereof. 
 (b) The Corporation shall be entitled to select the forum
in which Indemnitee’s entitlement to indemnification will be heard; provided, however, that if there is a Change in Control of the Corporation, Independent Legal Counsel (as hereinafter defined) shall determine whether Indemnitee is entitled to
indemnification. The forum shall be any one of the following: 
 (i) the stockholders of the Corporation;

 (ii) a majority vote of Disinterested Directors (as hereinafter defined), even though less than a quorum;

 (iii) Independent Legal Counsel, whose determination shall be made in a written opinion; or 

(iv) a panel of three arbitrators, one selected by the Corporation, another by Indemnitee and the third by the first two
arbitrators; or if for any reason three arbitrators are not selected within thirty (30) days after the appointment of the first arbitrator, then selection of additional arbitrators shall be made by the American Arbitration Association. If any
arbitrator resigns or is unable to serve in such capacity for any reason, the American Arbitration Association shall select such arbitrator’s replacement. The arbitration shall 

  
 - 3 -

 
be conducted pursuant to the commercial arbitration rules of the American Arbitration Association now in effect. 

6. Specific Limitations on Indemnification. Notwithstanding anything in this Agreement to the contrary, the
Corporation shall not be obligated under this Agreement to make any payment to Indemnitee with respect to any Proceeding: 
 (a) To the extent that payment is actually made to Indemnitee under any insurance policy, or is made to Indemnitee by the Corporation or an affiliate otherwise than pursuant to this Agreement.
Notwithstanding the availability of such insurance, Indemnitee also may claim indemnification from the Corporation pursuant to this Agreement by assigning to the Corporation any claims under such insurance to the extent Indemnitee is paid by the
Corporation; 
 (b) Provided there has been no Change in Control, for Liabilities in connection with Proceedings
settled without the Corporation’s consent, which consent, however, shall not be unreasonably withheld; 

(c) For an accounting of profits made from the purchase or sale by Indemnitee of securities of the Corporation within the
meaning of section 16(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or similar provisions of any state statutory or common law; or 

(d) To the extent it would be otherwise prohibited by law, if so established by a judgment or other final adjudication
adverse to Indemnitee. 
 7. Fees and Expenses of Independent Legal Counsel. The Corporation agrees to pay
the reasonable fees and expenses of Independent Legal Counsel or a panel of three arbitrators should such Independent Legal Counsel or such arbitrators be retained to make a determination of Indemnitee’s entitlement to indemnification pursuant
to Section 5(b) of this Agreement, and to fully indemnify and hold such Independent Legal Counsel or arbitrators harmless against any and all expenses and losses incurred by any of them arising out of or relating to this Agreement or their
engagement pursuant hereto. 
 8. Remedies of Indemnitee. 

(a) In the event that (i) a determination pursuant to Section 5 hereof is made that Indemnitee is not entitled
to indemnification, (ii) advances of Expenses are not made pursuant to this Agreement, (iii) payment has not been timely made following a determination of entitlement to indemnification pursuant to this Agreement, or (iv) Indemnitee
otherwise seeks enforcement of this Agreement, Indemnitee shall be entitled to a final adjudication in the state courts of the State of Nevada of the remedy sought. Alternatively, unless (i) the determination was made by a panel of arbitrators
pursuant to Section 5(b)(iv) hereof, or (ii) court approval is required by law for the indemnification sought by Indemnitee, Indemnitee at Indemnitee’s option may seek an award in arbitration to be conducted by a single arbitrator
pursuant to the commercial arbitration rules of the American Arbitration Association now in effect, which award is to be made within ninety (90) days following the filing of the demand for arbitration. The Corporation shall not oppose
Indemnitee’s right to seek any such adjudication or arbitration award. In any such proceeding or arbitration Indemnitee shall be presumed to be entitled to 

  
 - 4 -

 
indemnification and advancement of Expenses under this Agreement and the Corporation shall have the burden of proof to overcome that presumption. 

(b) In the event that a determination that Indemnitee is not entitled to indemnification, in whole or in part, has been
made pursuant to Section 5 hereof, the decision in the judicial proceeding or arbitration provided in paragraph (a) of this Section 8 shall be made de novo and Indemnitee shall not be prejudiced by reason of a determination that
Indemnitee is not entitled to indemnification. 
 (c) If a determination that Indemnitee is entitled to
indemnification has been made pursuant to Section 5 hereof, or is deemed to have been made pursuant to Section 4 hereof or otherwise pursuant to the terms of this Agreement, the Corporation shall be bound by such determination in the
absence of a misrepresentation or omission of a material fact by Indemnitee in connection with such determination. 
 (d) The Corporation shall be precluded from asserting that the procedures and presumptions of this Agreement are not valid, binding and enforceable. The Corporation shall stipulate in any such court or
before any such arbitrator that the Corporation is bound by all the provisions of this Agreement and is precluded from making any assertion to the contrary. 
 (e) Expenses reasonably incurred by Indemnitee in connection with Indemnitee’s request for indemnification under, seeking enforcement of or to recover damages for breach of this Agreement shall be
borne by the Corporation when and as incurred by Indemnitee irrespective of any Final Adverse Determination (as hereinafter defined) that Indemnitee is not entitled to indemnification. 

9. Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in
this Agreement is unavailable to Indemnitee for any reason whatsoever, the Corporation, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or
to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order
to reflect (i) the relative benefits received by the Corporation and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Corporation (and its directors,
officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 
 10.
Maintenance of Insurance. The Corporation represents that it will seek to obtain certain directors’ and officers’ liability insurance policies covering its directors and officers. Subject only to the provisions within this
Section 10, the Corporation agrees that so long as Indemnitee shall have consented to serve or shall continue to serve as an Agent of the Corporation, and thereafter so long as Indemnitee shall be subject to any possible Proceeding (such
periods being hereinafter sometimes referred to as the “Indemnification Period”), the Corporation will use its best reasonable efforts to maintain in full force and effect for the benefit of Indemnitee one or more valid, binding and
enforceable policies of directors’ and officers’ 

  
 - 5 -

 
liability insurance from established and reputable insurers providing, in all respects, coverage both in scope and amount which is no less favorable than that presently provided. Notwithstanding
the foregoing, the Corporation shall not be required to maintain said policies of directors’ and officers’ liability insurance if such insurance is not reasonably available or if it is in good faith determined by the then directors of the
Corporation either that: 
 (a) The premium cost of maintaining such insurance is substantially disproportionate
to the amount of coverage provided thereunder and the premiums paid by other corporations similarly situated; or 

(b) The protection provided by such insurance to the Indemnitee is so limited by exclusions applicable to directors and
other agents that there is insufficient benefit to the Indemnitee to warrant the cost of maintaining such insurance. 
 Anything
in this Agreement to the contrary notwithstanding, to the extent that and for so long as the Corporation shall choose to continue to maintain any policies of directors’ and officers’ liability insurance during the Indemnification Period,
the Corporation shall maintain similar and equivalent insurance for the benefit of Indemnitee during the Indemnification Period (unless such insurance shall be less favorable to Indemnitee than the Corporation’s existing policies). The Board of
Directors of the Corporation will, from time to time, in good faith review any decision not to maintain directors’ and officers’ liability insurance and will purchase such insurance at any time that the conditions set forth in clauses
(i) or (ii), above, cease to apply. 
 11. Modification, Waiver, Termination and Cancellation. No
supplement, modification, termination, cancellation or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a
waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. 
 12. Subrogation. In the event of payment under this Agreement, the Corporation shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute
all papers reasonably required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Corporation effectively to bring suit to enforce such rights. 

13. Notice by Indemnitee and Defense of Claim. Indemnitee shall promptly notify the Corporation in writing upon
being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any matter, whether civil, criminal, administrative or investigative, but the omission so to notify the Corporation will not relieve
it from any liability that it may have to Indemnitee if such omission does not prejudice the Corporation’s rights. If such omission does prejudice the Corporation’s rights, the Corporation will be relieved from liability only to the extent
of such prejudice; nor will such omission relieve the Corporation from any liability that it may have to Indemnitee otherwise than under this Agreement. With respect to any Proceeding as to which Indemnitee notifies the Corporation of the
commencement thereof: 

  
 - 6 -

 (a) The Corporation will be entitled to participate therein at its own
expense; and 
 (b) Except as otherwise provided below, to the extent that it may wish, the Corporation jointly
with any other indemnifying party similarly notified will be entitled to assume the defense thereof, with counsel reasonably satisfactory to Indemnitee; provided, however, that the Corporation shall not be entitled to assume the defense of any
Proceeding if there has been a Change in Control or if Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Corporation and Indemnitee with respect to such Proceeding. After notice from the Corporation to
Indemnitee of its election to assume the defense thereof, the Corporation will not be liable to Indemnitee under this Agreement for any Expenses subsequently incurred by Indemnitee in connection with the defense thereof, other than reasonable costs
of investigation or as otherwise provided below. Indemnitee shall have the right to employ Indemnitee’s own counsel in such Proceeding, but the fees and expenses of such counsel incurred after notice from the Corporation of its assumption of
the defense thereof shall be at the expense of Indemnitee unless: 
 (i) the employment of counsel by Indemnitee
has been authorized by the Corporation or there has been a Change of Control; 
 (ii) Indemnitee shall have
reasonably concluded that there may be a conflict of interest between the Corporation and Indemnitee with respect to such Proceeding; or 
 (iii) the Corporation shall not in fact have employed counsel to assume the defense in such Proceeding or shall not in fact have assumed such defense and be acting in connection therewith with reasonable
diligence; 
 in each of which cases the fees and expenses of such counsel shall be at the expense of the Corporation. 

(c) The Corporation shall not settle any Proceeding in any manner that would impose any penalty or limitation on
Indemnitee without Indemnitee’s written consent. Neither the Corporation nor Indemnitee will unreasonably withhold their consent to any proposed settlement. 

14. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be
deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third
business day after the date on which it is so mailed: 
 (a) If to Indemnitee, to: 

__________________________ 
 __________________________ 
 __________________________

  
 - 7 -

 (b) If to the Corporation, to: 

LendingClub Corporation 
 __________________________ 
 __________________________

 __________________________ 
 or to such other address as may have been furnished to Indemnitee by the Corporation or to the Corporation by Indemnitee, as the case may be. 

15. Nonexclusivity. The rights of Indemnitee hereunder shall not be deemed exclusive of any other rights to which
Indemnitee may be entitled under applicable law, the Corporation’s Articles of Incorporation or bylaws, or any agreements, vote of stockholders, resolution of the Board of Directors or otherwise, and to the extent that during the
Indemnification Period the rights of the then existing directors and officers are more favorable to such directors or officers than the rights currently provided to Indemnitee thereunder or under this Agreement, Indemnitee shall be entitled to the
full benefits of such more favorable rights. 
 16. Certain Definitions. 

(a) “Agent” shall have the meaning set forth in the first “WHEREAS” clause above. 

(b) “Change in Control” shall mean the occurrence of any of the following: 

(i) Any “person” is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Corporation representing at least 50% of the total voting power represented by the Corporation’s then outstanding voting securities; 

(ii) The stockholders of the Corporation approve a merger or consolidation of the Corporation with any other corporation,
if such merger or consolidation would result in the voting securities of the Corporation outstanding immediately prior thereto representing (either by remaining outstanding or by being converted into voting securities of the surviving entity) 50% or
less of the total voting power represented by the voting securities of the Corporation or such surviving entity outstanding immediately after such merger or consolidation; 

(iii) A majority of the members of the board of directors as of the look-back date no longer serve as directors; or

 (iv) The stockholders of the Corporation approve (A) a plan of complete liquidation of the Corporation
or (B) an agreement for the sale or disposition by the Corporation of all or substantially all of the Corporation’s assets. 
 For purposes of subsection (i) above, the term “person” shall have the same meaning as when used in sections 13(d) and 14(d) of the Exchange Act, but shall exclude (x) a trustee or

  
 - 8 -

 
other fiduciary holding securities under an employee benefit plan of the Corporation or of a parent or subsidiary of the Corporation or (y) a corporation owned directly or indirectly by the
stockholders of the Corporation in substantially the same proportions as their ownership of the common stock of the Corporation. 
 For purposes of Subsection (iii) above, the term “look-back date” shall mean the later of (x) the date of this Agreement or (y) the date twenty-four (24) months prior to the
date of the event that may constitute a “Change in Control.” 
 Any other provision of this Section 16(b)
notwithstanding, the term “Change in Control” shall not include a transaction, if undertaken at the election of the Corporation, the result of which is to sell all or substantially all of the assets of the Corporation to another
corporation (the “surviving corporation”); provided that the surviving corporation is owned directly or indirectly by the stockholders of the corporation immediately following such transaction in substantially the same proportions as their
ownership of the Corporation’s common stock immediately preceding such transaction; and provided, further, that the surviving corporation expressly assumes this Agreement. 

(c) “Disinterested Director” shall mean a director of the Corporation who is not or was not a party to or
otherwise involved in the Proceeding in respect of which indemnification is being sought by Indemnitee. 
 (d)
“Expenses” shall include all direct and indirect costs (including, without limitation, attorneys’ fees, disbursements, retainers, court costs, transcripts, fees of experts, witness fees, other professional fees, travel expenses,
duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, all other disbursements or out-of-pocket expenses and reasonable compensation for time spent by Indemnitee for which Indemnitee is otherwise not
compensated by the Corporation or any third party) actually and reasonably incurred in connection with either the investigation, defense, settlement or appeal of a Proceeding, or being a witness in, or preparing to defend or be a witness in such a
Proceeding, or establishing or enforcing a right to indemnification under this Agreement, applicable law or otherwise: provided, however, that “Expenses” shall not include any Liabilities. 

(e) “Final Adverse Determination” shall mean that a determination that Indemnitee is not entitled to
indemnification shall have been made pursuant to Section 5 hereof and either (1) a final adjudication in a Nevada court or decision of an arbitrator pursuant to Section 8(a) hereof shall have denied Indemnitee’s right to
indemnification hereunder, or (2) Indemnitee shall have failed to file a complaint in a Nevada court or seek an arbitrator’s award pursuant to Section 8(a) for a period of one hundred twenty (120) days after the determination
made pursuant to Section 5 hereof. 
 (f) “Independent Legal Counsel” shall mean a law firm or a
member of a firm selected by the Corporation and approved by Indemnitee (which approval shall not be unreasonably withheld) or, if there has been a Change in Control, selected by Indemnitee and approved by the Corporation (which approval shall not
be unreasonably withheld), that neither is presently nor in the past five (5) years has been retained to represent: (i) the Corporation or any of its subsidiaries or affiliates, or Indemnitee or any corporation of which Indemnitee was or
is a 

  
 - 9 -

 
director, officer, employee or agent, or any subsidiary or affiliate of such a corporation, in any material matter, or (ii) any other party to the Proceeding giving rise to a claim for
indemnification hereunder. Notwithstanding the foregoing, the term “Independent Legal Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in
representing either the Corporation or Indemnitee in an action to determine Indemnitee’s right to indemnification under this Agreement. 
 (g) “Liabilities” shall mean liabilities of any type whatsoever including, but not limited to, any judgments, fines, ERISA excise taxes and penalties, penalties and amounts paid in settlement
(including all interest assessments and other charges paid or payable in connection with or in respect of such judgments, fines, penalties or amounts paid in settlement) of any Proceeding. 

(h) “Proceeding” shall mean any threatened, pending or completed action, claim, suit, arbitration, alternate
dispute resolution mechanism, investigation, administrative hearing or any other proceeding, wherever brought, whether civil, criminal, administrative or investigative, that is associated with Indemnitee’s being an Agent of the Corporation.

 17. Binding Effect; Duration and Scope of Agreement. This Agreement shall be binding upon and inure to
the benefit of and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of
the Corporation), spouses, heirs and personal and legal representatives. This Agreement shall continue in effect during the Indemnification Period, regardless of whether Indemnitee continues to serve as an Agent. 

18. Severability. If any provision or provisions of this Agreement (or any portion thereof) shall be held to be
invalid, illegal or unenforceable for any reason whatsoever: 
 (a) the validity, legality and enforceability of
the remaining provisions of this Agreement shall not in any way be affected or impaired thereby; and 
 (b) to
the fullest extent legally possible, the provisions of this Agreement shall be construed so as to give effect to the intent of any provision held invalid, illegal or unenforceable. 

19. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of
the State of Nevada, as applied to contracts between Nevada residents entered into and to be performed entirely within the State of Nevada, without regard to conflict of laws rules. 

20. Consent to Jurisdiction. The Corporation and Indemnitee each irrevocably consent to the jurisdiction of the
courts of the State of Nevada for all purposes in connection with any action or proceeding that arises out of or relates to this Agreement and agree that any action instituted under this Agreement shall be brought only in the state courts of the
State of Nevada. 

  
 - 10 -

 21. Entire Agreement. This Agreement represents the entire agreement
between the parties hereto, and there are no other agreements, contracts or understandings between the parties hereto with respect to the subject matter of this Agreement, except as specifically referred to herein or as provided in Section 15
hereof. 
 22. Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. 
 IN
WITNESS WHEREOF, the parties hereto have executed the Indemnification Agreement as of the date set forth in the first paragraph hereof. 
  

			
	 LENDINGCLUB CORPORATION
 a Delaware corporation

		
	By:	 	 
		 	Name:
		 	Title:

  

	
	INDEMNITEE
	
	  
	[NAME]

  
 - 11 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}]]