Document:

EX-10.9

 Exhibit 10.9 

AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 

THIS AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of September 5, 2018 (the
“Effective Date”) among SILICON VALLEY BANK, a California corporation (“Bank”), UPSTART HOLDINGS, INC., a Delaware corporation (“Upstart Holdings”), and UPSTART NETWORK, INC., a
Delaware corporation (“Upstart Network”, together with Upstart Holdings, each a “Co-Borrower” and collectively,
“Co-Borrowers”), provides the terms on which Bank shall lend to Co-Borrowers, and Co-Borrowers shall
repay Bank and amends and supersedes, in its entirety, that certain Loan and Security Agreement by and between Bank and Co-Borrowers dated as of February 1, 2016 (as amended from time to time, the
“Original Agreement”). The parties agree as follows: 
 1 ACCOUNTING AND OTHER TERMS 

Accounting terms not defined in this Agreement shall be construed following GAAP. Calculations and determinations must be made following GAAP.
Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Section 13. All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning provided by the Code to the extent such
terms are defined therein. 
 2 LOAN AND TERMS OF PAYMENT 

2.1 Promise to Pay. Co-Borrowers hereby unconditionally promise to pay Bank the outstanding principal amount of all Credit
Extensions and accrued and unpaid interest thereon as and when due in accordance with this Agreement. 
 2.1.1 Revolving Line. 

(a) Availability. Subject to the terms and conditions of this Agreement and to deduction of Reserves, Bank shall make Advances not
exceeding the Availability Amount. Amounts borrowed under the Revolving Line may be repaid and, prior to the Revolving Line Maturity Date, reborrowed, subject to the applicable terms and conditions precedent herein. 

(b) Termination; Repayment. The Revolving Line terminates on the Revolving Line Maturity Date, when the principal amount of all
Advances, the unpaid interest thereon, and all other Obligations relating to the Revolving Line shall be immediately due and payable. 

2.1.2 Growth Capital Advance. 

(a) Availability. Pursuant to the terms of the Original Agreement, Bank has made a single growth capital advance to Co-Borrowers in the aggregate principal amount of Five Million Five Hundred Thousand Dollars ($5,500,000) (the “Growth Capital Advance”). As of the Effective Date, the outstanding principal amount
of the Growth Capital Advance is Four Million Nine Hundred Fifty Thousand Dollars and One Cent ($4,950,000.01). 
 (b) Repayment. Co-Borrowers shall continue to repay the Growth Capital Advance in (i) thirty (30) equal monthly installments of principal, plus (ii) monthly payments of accrued interest at the rate set forth in
Section 2.3(a)(ii). All outstanding principal and accrued and unpaid interest under the Growth Capital Advance, and all other outstanding Obligations with respect to the Growth Capital Advance, are due and payable in full on the Growth Capital
Maturity Date. 
 (c) Permitted Prepayment. A Co-Borrower shall have the option to prepay the Growth Capital Advance in whole or in
part, provided such Co-Borrower (i) delivers written notice to Bank of its election to prepay the Growth Capital Advance at least five (5) days prior to such prepayment, and (ii) pays, on the date of such prepayment (A) the
outstanding principal plus accrued and unpaid interest with respect to the Growth Capital Advance, and (B) all other sums, including Bank Expenses, if any, that shall have become due and payable with respect to the Growth Capital Advance,
including interest at the Default Rate with respect to any past due amounts. 

 (d) Mandatory Prepayment Upon an Acceleration. If the Growth Capital Advance is
accelerated by Bank following the occurrence and during the continuance of an Event of Default, Co-Borrowers shall immediately pay to Bank an amount equal to the sum of (i) all outstanding principal plus accrued and unpaid interest with respect
to the Growth Capital Advance, and (ii) all other sums, including Bank Expenses, if any, that shall have become due and payable with respect to the Growth Capital Advance, including interest at the Default Rate with respect to any past due
amounts. 
 2.2 Overadvances. If, at any time, the outstanding principal amount of any Advances exceeds the lesser of either
the Revolving Line or the Borrowing Base, Co-Borrowers shall immediately pay to Bank in cash the amount of such excess (such excess, the “Overadvance”). Without limiting Co-Borrowers’ obligation to repay Bank any Overadvance,
Co-Borrowers agree to pay Bank interest on the outstanding amount of any Overadvance, on demand, at a per annum rate equal to the rate that is otherwise applicable to Advances plus five percent (5.0%). 

2.3 Payment of Interest on the Credit Extensions. 

(a) Interest Rates. 

(i) Advances. Subject to Section 2.3(b), the principal amount outstanding under the Revolving Line shall accrue interest at a
floating per annum rate equal to one percentage point (1.00%) above the Prime Rate, which interest shall be payable monthly in accordance with Section 2.3(e) below. 

(ii) Growth Capital Advance. Subject to Section 2.3(b), the principal amount outstanding for the Growth Capital Advance shall
accrue interest at a floating per annum rate equal to one and three-quarters percentage points (1.75%) above the Prime Rate, which shall be payable monthly. 

(b) Default Rate. Immediately upon the occurrence and during the continuance of an Event of Default, Obligations shall bear interest at
a rate per annum which is three percent (3.00%) above the rate that is otherwise applicable thereto (the “Default Rate”). Fees and expenses which are required to be paid by Co-Borrowers pursuant to the Loan Documents (including,
without limitation, Bank Expenses) but are not paid when due shall bear interest until paid at a rate equal to the highest rate applicable to the Obligations. Payment or acceptance of the increased interest rate provided in this Section 2.3(b)
is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Bank. 

(c) Adjustment to Interest Rate. Changes to the interest rate of any Credit Extension based on changes to the Prime Rate shall be
effective on the effective date of any change to the Prime Rate and to the extent of any such change. 
 (d) Minimum Interest. In the
event the aggregate amount of interest earned by Bank under the Revolving Line in any month (such period, the “Minimum Interest Period,” which period shall begin on the Effective Date and continue with each month thereafter until
the earlier of the Revolving Line Maturity Date or the date this Agreement is terminated) is less than the Minimum Interest Amount (inclusive of any collateral monitoring fees and float charges but exclusive of any unused line fees or any other fees
and charges hereunder) (“Minimum Interest”), Co-Borrowers shall pay to Bank, upon demand by Bank, an amount equal to (i) the Minimum Interest Amount minus (ii) the aggregate amount of all interest earned by Bank under the
Revolving Line (inclusive of any collateral monitoring fees and float charges but exclusive of any unused line fees or any other fees and charges hereunder) in such Minimum Interest Period. The amount of Minimum Interest charged shall be prorated
for any partial Minimum Interest Period. Co-Borrowers shall not be entitled to any credit, rebate, or repayment of any Minimum Interest pursuant to this Section 2.3(d) notwithstanding any termination of this Agreement or the suspension or
termination of Bank’s obligation to make loans and advances hereunder. Bank may deduct amounts owing by Co-Borrowers under this Section 2.3(d) pursuant to the terms of Section 2.5(c). Bank shall provide Co-Borrowers written notice of
deductions made from the Designated Deposit Account pursuant to the terms of this Section 2.3(d). 

  
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 (e) Payment; Interest Computation. Unless otherwise specified, interest is payable
monthly on the Payment Date of each month and shall be computed on the basis of a 360-day year for the actual number of days elapsed. In computing interest, (i) all payments received after 12:00 p.m.
Pacific time on any day shall be deemed received at the opening of business on the next Business Day, and (ii) the date of the making of any Credit Extension shall be included and the date of payment shall be excluded; provided, however, that
if any Credit Extension is repaid on the same day on which it is made, such day shall be included in computing interest on such Credit Extension. 

2.4 Fees and Expenses. Co-Borrowers shall pay to Bank: 

(a) Revolving Line Commitment Fee. A fully earned, non-refundable commitment fee of Forty Five
Thousand Dollars ($45,000), on the Effective Date; 
 (b) Bank Expenses. All Bank Expenses (including reasonable attorneys’ fees
and expenses for documentation and negotiation of this Agreement) incurred through and after the Effective Date, when due (or, if no stated due date, within ten (10) days after written demand by Bank). 

(c) Fees Fully Earned. Unless otherwise provided in this Agreement or in a separate writing by Bank, Co-Borrowers shall not be entitled
to any credit, rebate, or repayment of any fees earned by Bank pursuant to this Agreement notwithstanding any termination of this Agreement or the suspension or termination of Bank’s obligation to make loans and advances hereunder. Bank may
deduct amounts owing by Co-Borrowers under the clauses of this Section 2.4 pursuant to the terms of Section 2.5(c). Bank shall provide Co-Borrowers written notice of deductions made from the Designated Deposit Account pursuant to the terms
of the clauses of this Section 2.4. 
 2.5 Payments; Application of Payments; Debit of Accounts. 

(a) All payments to be made by Co-Borrowers under any Loan Document shall be made in immediately available funds in Dollars, without setoff or
counterclaim, before 12:00 p.m. Pacific time on the date when due. Payments of principal and/or interest received after 12:00 p.m. Pacific time are considered received at the opening of business on the next Business Day. When a payment is due on a
day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. 

(b) On and after the occurrence of an Event of Default that continues, Bank has the exclusive right to determine the order and manner in which
all payments with respect to the Obligations may be applied. On and after the occurrence of an Event of Default that continues, Co-Borrowers shall have no right to specify the order or the accounts to which Bank shall allocate or apply any payments
required to be made by Co-Borrowers to Bank or otherwise received by Bank under this Agreement when any such allocation or application is not specified elsewhere in this Agreement. Prior to the occurrence of an Event of Default that continues, Co-Borrowers have the exclusive right to determine the order and manner in which all prepayments with respect to the Obligations may be applied. 

(c) Bank may debit any of Co-Borrowers’ deposit accounts, as long as it first debits the Designated Deposit Account, for principal and
interest payments or any other amounts Co-Borrowers owe Bank when due. These debits shall not constitute a set-off. With respect to amounts other than principal and interest payments, Bank shall endeavor to
promptly notify Co-Borrowers of any such debits to Co-Borrowers’ deposit accounts, but any failure to so notify Co-Borrowers
shall not be a breach by Bank hereunder. 
 2.6 Withholding. 

(a) Defined Terms. For purposes of this Section 2.6, the term “applicable law” includes FATCA. 

(b) Payments Free of Taxes. Any and all payments by or on account of any obligation of
Co-Borrowers under any Loan Document shall be made without deduction or withholding for any Taxes, except as 

  
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required by applicable law. If any applicable law requires the deduction or withholding of any Tax from any such payment, then Co-Borrowers (or the
applicable withholding agent) shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an
Indemnified Tax, then the sum payable by Co-Borrowers shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to
additional sums payable under this Section 2.6(b)), Bank receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

(c) Payment of Other Taxes by Co-Borrowers.
Co-Borrowers shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of Bank timely reimburse it for the payment of, any Other Taxes. 

(d) Indemnification by Co-Borrowers. Co-Borrowers shall
indemnify Bank within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.6(d)) payable or paid by
Bank or required to be withheld or deducted from a payment to Bank and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate as to the amount of such payment or liability delivered to Co-Borrowers by Bank, shall be conclusive absent manifest error. 

(e) Evidence of Payments. As soon as practicable after any payment of Taxes by Co-Borrowers to
a Governmental Authority pursuant to this Section 2.6, Co-Borrowers shall deliver to Bank the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a
copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to Bank. 
 (f) Status of
Lenders. 
 (i) Bank, and any other Person holding a beneficial interest in the right to make Credit Extensions, if entitled to an
exemption from or reduction of withholding Tax with respect to payments made under any Loan Document, shall deliver to Co-Borrowers, at the time or times reasonably requested by
Co-Borrowers, such properly completed and executed documentation reasonably requested by Co-Borrowers as will permit such payments to be made without withholding or at a
reduced rate of withholding. In addition, Bank and any other Person holding a beneficial interest in the right to make Credit Extensions, if reasonably requested by Co-Borrowers, shall deliver such other
documentation prescribed by applicable law or reasonably requested by Co-Borrowers as will enable Co-Borrowers to determine whether or not Bank or such other Person is
subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth
below in subparagraphs (ii)(A), (ii)(B) and (ii)(D) of this Section 2.6(f)) shall not be required if in the reasonable judgment of Bank or any other Person holding a beneficial interest in the right to make Credit Extensions such completion,
execution or submission would subject Bank or such other Person to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of Bank or of such other Person. 

(ii) Without limiting the generality of the foregoing, 

(1) if requested by Co-Borrowers, Bank or any such other Person holding a beneficial interest in the
right to make Credit Extensions that is a US Person shall deliver to Co-Borrowers on or prior to the date on which such other Person acquires a beneficial interest in the right to make Credit Extensions (and
from time to time thereafter upon the reasonable request of Co-Borrowers), executed copies of IRS Form W-9 certifying that Bank or such other Person is exempt from U.S.
federal backup withholding tax; 
 (2) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Co-Borrowers (in such number of copies as shall be requested by Co-Borrowers) on or prior to the date on which such Foreign Lender acquires a beneficial interest in the right
to make Credit Extensions (and from time to time thereafter upon the reasonable request of Co-Borrowers), executed copies of the applicable IRS Form W-8, duly completed,
together with such supplementary documentation as may be prescribed by applicable law (or reasonably requested by Co-Borrowers, including a customary
“non-bank” certificate) to permit Co-Borrowers to determine the withholding or deduction required to be made; 

  
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 (3) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Co-Borrowers (in such number of copies as shall be requested by the Recipient) on or prior to the date on which such Foreign Lender acquires a beneficial interest in the right to make Credit Extensions (and from
time to time thereafter upon the reasonable request of Co-Borrowers), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal
withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit Co-Borrowers to determine the withholding or deduction required to be made; and

 (4) if a payment made to Bank or any other Person holding a beneficial interest in the right to make Credit Extensions would be subject
to U.S. federal withholding Tax imposed by FATCA if Bank or such other Person were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as
applicable), Bank or such other Person shall deliver to Co-Borrowers at the time or times prescribed by law and at such time or times reasonably requested by
Co-Borrowers such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by Co-Borrowers as may be necessary for Co-Borrowers to comply with its obligations under FATCA and to determine that Bank or such other Person has complied with the obligations
imposed by FATCA on Bank or such other Person or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the Effective Date. 

(5) Bank and any such other Person holding a beneficial interest in the right to make Credit Extensions agree that if any form or
certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify Co-Borrowers in writing of its legal inability to
do so. 
 (g) Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any
Taxes as to which it has been indemnified pursuant to this Section 2.6 (including by the payment of additional amounts pursuant to this Section 2.6), it shall pay to the indemnifying party an amount equal to such refund (but only to the
extent of indemnity payments made under this Section 2.6 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes)
of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified
party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the
indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld
or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other
information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 
 (h) Survival. Each
party’s obligations under this Section 2.6 shall survive the termination of this Agreement and the Loan Documents. 
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CONDITIONS OF LOANS 
 3.1 Conditions Precedent to Initial Credit Extension. Bank’s obligation to make the
initial Credit Extension is subject to the condition precedent that Bank shall have received, in form and substance satisfactory to Bank, such documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate,
including, without limitation: 

  
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 (a) duly executed original signatures to the Loan Documents; 

(b) each Co-Borrower’s Operating Documents and long-form good standing certificates of each
Co-Borrower certified by the Secretary of State (or equivalent agency) of such Co-Borrower’s jurisdiction of organization or formation and each jurisdiction in which such Co-Borrower is qualified to conduct business, each as of a date no
earlier than thirty (30) days prior to the Effective Date; 
 (c) a secretary’s certificate of each Co-Borrower with respect to
such Co-Borrower’s Operating Documents, incumbency, specimen signatures and resolutions authorizing the execution and delivery of this Agreement and the other Loan Documents to which it is a party; 

(d) duly executed original signatures to the IP Agreements; 

(e) duly executed original signatures to the completed Borrowing Resolutions for each Co-Borrower; 

(f) certified copies, dated as of a recent date, of financing statement searches, as Bank may request, accompanied by written evidence
(including any UCC termination statements) that the Liens indicated in any such financing statements either constitute Permitted Liens or have been or, in connection with the initial Credit Extension, will be terminated or released; 

(g) the Perfection Certificate of each Co-Borrower, together with the duly executed original signatures thereto; 

(h) evidence, satisfactory to Bank in its sole discretion confirming that Upstart Holdings, Inc. is in good standing with the Secretary of
State and the Franchise Tax Board in the state of California; and 
 (i) payment of the fees and Bank Expenses then due as specified in
Section 2.4 hereof. 
 3.2 Conditions Precedent to all Credit Extensions. Bank’s obligations to make each Credit
Extension, including the initial Credit Extension, is subject to the following conditions precedent: 
 (a) timely receipt of the Credit
Extension request and any materials and documents required by Section 3.4; 
 (b) the representations and warranties in this Agreement
shall be true, accurate, and complete in all material respects on the date of the proposed Credit Extension and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any
representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in
all material respects as of such date, and no Event of Default shall have occurred and be continuing or result from the Credit Extension. Each Credit Extension is each Co-Borrower’s representation and warranty on that date that the
representations and warranties in this Agreement remain true, accurate, and complete in all material respects; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are
qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; and 

(c) Bank has received satisfactory evidence in its good faith judgment that it is the clear intention of
Co-Borrowers’ investors to not continue to fund Co-Borrowers in the amounts and timeframe to the extent necessary to enable
Co-Borrowers to satisfy the Obligations as they become due and payable and that there is not a material impairment in the perfection or priority of Bank’s security interest in the Collateral. 

  
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 3.3 Covenant to Deliver. 

(a) Except as set forth in Section 3.3(b) below, Co-Borrowers agree to deliver to Bank each item
required to be delivered to Bank under this Agreement as a condition precedent to any Credit Extension. Co-Borrowers expressly agree that a Credit Extension made prior to the receipt by Bank of any such item
shall not constitute a waiver by Bank of Co-Borrowers’ obligation to deliver such item, and the making of any Credit Extension in the absence of a required item shall be in Bank’s sole discretion.

 (b) As soon as possible, but in any event not later than the date that is thirty (30) days after the Effective Date, Co-Borrowers shall deliver to Bank evidence, satisfactory to Bank in its good faith business judgment confirming that the insurance policies and endorsements required by Section 6.7 hereof are in full force and
effect, together with appropriate evidence showing lender loss payable and/or additional insured clauses or endorsements in favor of Bank. 

3.4 Procedures for Borrowing. Subject to the prior satisfaction of all other applicable conditions to the making of an Advance
set forth in this Agreement, to obtain an Advance, Co-Borrowers (via an individual duly authorized by an Administrator) shall notify Bank (which notice shall be irrevocable) by electronic mail by 12:00 p.m. Pacific time on the Funding Date of the
Advance. Such notice shall be made by Co-Borrowers through Bank’s online banking program, provided, however, if Co-Borrowers are not utilizing Bank’s online banking program, then such notice shall be in a written format acceptable to Bank
that is executed by an Authorized Signer. Bank shall have received satisfactory evidence that such Authorized Signer may provide such notices and request Advances. In connection with any such notification, Co-Borrowers must promptly deliver to Bank
by electronic mail or through Bank’s online banking program such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. Bank
shall credit proceeds of an Advance to the Designated Deposit Account. Bank may make Advances under this Agreement based on instructions from an Authorized Signer or without instructions if the Advances are necessary to meet Obligations which have
become due. 
 4 CREATION OF SECURITY INTEREST 

4.1 Grant of Security Interest. Co-Borrowers hereby grant Bank, to secure the payment and performance in full of all of the
Obligations, a continuing security interest in, and pledges to Bank, the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. 

Each Co-Borrower acknowledges that it previously has entered, and/or may in the future enter, into Bank Services Agreements with Bank.
Regardless of the terms of any Bank Services Agreement, Co-Borrowers agree that any amounts Co-Borrowers owe Bank thereunder shall be deemed to be Obligations hereunder and that it is the intent of Co-Borrowers and Bank to have all such Obligations
secured by the first priority perfected security interest in the Collateral granted herein (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Bank’s Lien in this Agreement).

 If this Agreement is terminated, Bank’s Lien in the Collateral shall continue until the Obligations (other than inchoate indemnity
obligations) are repaid in full in cash. Upon payment in full in cash of the Obligations (other than inchoate indemnity obligations) and at such time as Bank’s obligation to make Credit Extensions has terminated, Bank shall, at the sole cost
and expense of Co-Borrowers, release its Liens in the Collateral and all rights therein shall revert to Co-Borrowers. In the event (x) all Obligations (other than inchoate indemnity obligations), except for Bank Services, are satisfied in full,
and (y) this Agreement is terminated, Bank shall terminate the security interest granted either (i) if the Mezzanine Loan Documents are in full force and effect, immediately or (ii) of the Mezzanine Loan Documents are no longer in
full force and effect, upon Co-Borrowers providing cash collateral acceptable to Bank in its good faith business judgment for Bank Services, if any. In the event such Bank Services consist of outstanding Letters of Credit, Co-Borrowers shall provide
to Bank cash collateral (to the extent required pursuant to the immediately preceding sentence) in an amount equal to (x) if such Letters of Credit are denominated in Dollars, then at least one hundred five percent (105.0%); and (y) if
such Letters of Credit are denominated in a Foreign Currency, then at least one hundred ten percent (110.0%), of the Dollar Equivalent of the face amount of all such Letters of Credit plus all interest, fees, and costs due or to become due in
connection therewith (as estimated by Bank in its good faith business judgment), to secure all of the Obligations relating to such Letters of Credit. 

  
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 4.2 Priority of Security Interest. Co-Borrowers represent, warrant, and
covenant that the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to
have superior priority to Bank’s Lien under this Agreement). If any Co-Borrower shall acquire a commercial tort claim with an amount at stake greater than Fifty Thousand Dollars ($50,000), such Co-Borrower shall promptly notify Bank in a
writing signed by Co-Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably
satisfactory to Bank. 
 4.3 Authorization to File Financing Statements. Each Co-Borrower hereby authorizes Bank to file
financing statements, without notice to such Co-Borrower, with all appropriate jurisdictions to perfect or protect Bank’s interest or rights hereunder. 

5 REPRESENTATIONS AND WARRANTIES 

Each Co-Borrower represents and warrants as follows: 

5.1 Due Organization, Authorization; Power and Authority. Co-Borrower is duly existing and in good standing as a Registered
Organization in its jurisdiction of formation and is qualified and licensed to do business and is in good standing in any jurisdiction in which the conduct of its business or its ownership of property requires that it be qualified except where the
failure to do so could not reasonably be expected to have a material adverse effect on Co-Borrower’s business. In connection with this Agreement, Co-Borrower has delivered to Bank a completed certificate signed by Co-Borrower, entitled
“Perfection Certificate” (the “Perfection Certificate”). Co-Borrower represents and warrants to Bank that (a) Co-Borrower’s exact legal name is that indicated on the Perfection Certificate and on the signature
page hereof; (b) Co-Borrower is an organization of the type and is organized in the jurisdiction set forth in the Perfection Certificate; (c) the Perfection Certificate accurately sets forth Co-Borrower’s organizational identification
number or accurately states that Co-Borrower has none; (d) the Perfection Certificate accurately sets forth Co-Borrower’s place of business, or, if more than one, its chief executive office as well as Co-Borrower’s mailing address (if
different than its chief executive office); (e) except as set forth in the Perfection Certificate, Co-Borrower (and each of its predecessors) has not, in the past five (5) years, changed its jurisdiction of formation, organizational structure
or type, or any organizational number assigned by its jurisdiction; and (f) all other information set forth on the Perfection Certificate pertaining to Co-Borrower and each of its Subsidiaries is accurate and complete (it being understood and
agreed that Co-Borrower may from time to time update certain information in the Perfection Certificate after the Effective Date to the extent permitted by one or more specific provisions in this Agreement). If Co-Borrower is not now a Registered
Organization but later becomes one, Co-Borrower shall promptly notify Bank of such occurrence and provide Bank with Co-Borrower’s organizational identification number. 

The execution, delivery and performance by Co-Borrower of the Loan Documents to which it is a party
have been duly authorized, and do not (i) conflict with any of Co-Borrower’s organizational documents, (ii) contravene, conflict with, constitute a default under or violate any material
Requirement of Law, (iii) contravene, conflict or violate any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Co-Borrower or any of its
Subsidiaries or any of their property or assets may be bound or affected, (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals
which have already been obtained and are in full force and effect), or (v) conflict with, contravene, constitute a default or breach under, or result in or permit the termination or acceleration of, any material agreement by which Co-Borrower is bound. Co-Borrower is not in default under any agreement to which it is a party or by which it is bound in which the default could reasonably be expected to
have a material adverse effect on Co-Borrower’s business. 
 5.2 Collateral.
Co-Borrower has good title to, rights in, and the power to transfer each item of the Collateral upon which it purports to grant a Lien hereunder, free and clear of any and all Liens except Permitted Liens. Co-Borrower has no Collateral Accounts at
or with any bank or financial institution other than Bank or Bank’s Affiliates except for the Collateral Accounts described in the Perfection Certificate delivered to Bank in connection herewith and which Co-Borrower has taken such actions as
are necessary to give Bank a perfected security interest therein, pursuant to the terms of Section 6.8(b). The Accounts are bona fide, existing obligations of the Account Debtors. 

  
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 The Collateral (other than Offsite Collateral) is not in the possession of any third party
bailee (such as a warehouse) except as otherwise provided in the Perfection Certificate or as permitted pursuant to Section 7.2. None of the components of the Collateral shall be maintained at locations other than as provided in the Perfection
Certificate or as permitted pursuant to Section 7.2. 
 All Inventory is in all material respects of good and marketable quality, free
from material defects. 
 Co-Borrower is the sole owner of the Intellectual Property which it owns or purports to own except for
(a) licenses permitted hereunder, (b) over-the-counter software that is commercially available to the public, (c) material Intellectual Property licensed
to Co-Borrower and noted on the Perfection Certificate, and (d) open source software. Each Patent which it owns or purports to own and which is material to Co-Borrower’s business is valid and enforceable, and no part of the Intellectual
Property which Co-Borrower owns or purports to own and which is material to Co-Borrower’s business has been judged invalid or unenforceable, in whole or in part. To the best of Co-Borrower’s knowledge, no claim has been made that any part
of the Intellectual Property violates the rights of any third party except to the extent such claim would not reasonably be expected to have a material adverse effect on Co-Borrower’s business. 

Except as noted on the Perfection Certificate or as otherwise disclosed in writing to Bank, Co-Borrower is not a party to, nor is it bound by,
any Restricted License. 
 5.3 Reserved. 

5.4 Litigation. Other than as disclosed in the Perfection Certificate or pursuant to Section 6.2 hereof, there are no
actions or proceedings pending or, to the knowledge of any Responsible Officer, threatened in writing by or against Co-Borrower or any of its Subsidiaries involving more than, individually or in the aggregate, Three Hundred Fifty Thousand Dollars
($350,000). 
 5.5 Financial Statements; Financial Condition. All consolidated financial statements for Co-Borrower and any of
its Subsidiaries delivered to Bank fairly present in all material respects Co-Borrower’s consolidated financial condition and Co-Borrower’s consolidated results of operations. 

5.6 Solvency. The fair salable value of Co-Borrower’s consolidated assets (including goodwill minus disposition costs)
exceeds the fair value of Co-Borrower’s liabilities; Co-Borrower is not left with unreasonably small capital after the transactions in this Agreement; and Co-Borrower is able to pay its debts (including trade debts) as they mature. 

5.7 Regulatory Compliance. Co-Borrower is not an “investment company” or a company “controlled” by an
“investment company” under the Investment Company Act of 1940, as amended. Co-Borrower is not engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and U of the Federal Reserve Board of
Governors). Co-Borrower (a) has complied in all material respects with all Requirements of Law, and (b) has not violated any Requirements of Law the violation of which could reasonably be expected to have a material adverse effect on its
business. None of Co-Borrower’s or any of its Subsidiaries’ properties or assets has been used by Co-Borrower or any Subsidiary or, to the best of Co-Borrower’s knowledge, by previous Persons, in disposing, producing, storing,
treating, or transporting any hazardous substance other than legally. Co-Borrower and each of its Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all
Governmental Authorities that are necessary to continue their respective businesses as currently conducted, except where the failure to do so could not reasonably be expected to have a material adverse effect on a
Co-Borrower’s business or operations or have an adverse effect on Co-Borrowers’ payment or performance of the Obligations. 

5.8 Subsidiaries; Investments. Co-Borrower does not own any stock, partnership, or other ownership interest or other equity
securities except for Permitted Investments. 

  
 9 

 5.9 Tax Returns and Payments; Pension Contributions. Co-Borrower has timely
filed, or has obtained extensions for filing (taking into account all applicable extension periods) all required tax returns and reports, and Co-Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and
contributions owed by Co-Borrower except (a) to the extent such taxes are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted, so long as such reserve or other appropriate provision, if any, as
shall be required in conformity with GAAP shall have been made therefor, or (b) if such taxes, assessments, deposits and contributions do not, individually or in the aggregate, exceed One Hundred Thousand Dollars ($100,000). 

To the extent Co-Borrower defers payment of any contested taxes,
Co-Borrower shall (i) notify Bank in writing of the commencement of, and any material development in, the proceedings, and (ii) post bonds or take any other steps required to prevent the Governmental
Authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a “Permitted Lien.” Co-Borrower is unaware of any claims or adjustments proposed for any of Co-Borrower’s prior tax years which could result in additional taxes becoming due and payable by Co-Borrower in excess of One Hundred Thousand Dollars ($100,000). Co-Borrower has paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and Co-Borrower has not
withdrawn from participation in, and has not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which could reasonably be expected to result in any liability of Co-Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 

5.10 Use of Proceeds. Co-Borrower shall use the proceeds of the Credit Extensions solely as working capital and to fund its
general business requirements and not for personal, family, household or agricultural purposes. 
 5.11 Full Disclosure. No
written representation, warranty or other statement of Co-Borrower in any certificate or written statement given to Bank, as of the date such representation, warranty, or other statement was made, taken together with all such written certificates
and written statements given to Bank, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the certificates or statements not misleading (it being recognized by Bank that
the projections and forecasts provided by Co-Borrower in good faith and based upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ from the
projected or forecasted results). 
 5.12 Definition of “Knowledge.” For purposes of the Loan Documents, whenever a
representation or warranty is made to Co-Borrower’s knowledge or awareness, to the “best of” Co-Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable
investigation, of any Responsible Officer. 
 6 AFFIRMATIVE COVENANTS 

Co-Borrowers shall do all of the following unless Bank, in its sole discretion, otherwise provides its
prior written consent: 
 6.1 Government Compliance. 

(a) Maintain their and all of their Subsidiaries’ legal existence and good standing in their respective jurisdictions of formation and
maintain qualification in each jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on a Co-Borrower’s business or operations. Each Co-Borrower shall comply, and have each Subsidiary comply, in all material respects, with all material laws, ordinances and regulations to which it is subject. 

(b) Obtain all of the Governmental Approvals necessary for the performance by Co-Borrowers of their
obligations under the Loan Documents to which they are a party and the grant of a security interest to Bank in the Collateral. To the extent not already provided to Bank, Co-Borrowers shall promptly provide
copies of any such obtained Governmental Approvals to Bank. 

  
 10 

 6.2 Financial Statements, Reports, Certificates. Provide Bank with the
following: 
 (a) a Borrowing Base Report (and any schedules related thereto and including any other information requested by Bank with
respect to Co-Borrowers’ Accounts) (i) no later than Friday of each week when a Streamline Period is not in effect and (ii) within thirty (30) days after the end of each month when a
Streamline Period is in effect; 
 (b) as soon as available, but no later than thirty (30) days after the last day of each month, a
company prepared consolidated balance sheet and income statement covering Co-Borrowers’ consolidated operations for such month certified by a Responsible Officer and in a form acceptable to Bank (the
“Monthly Financial Statements”); 
 (c) within thirty (30) days after the last day of each month and together with the
Monthly Financial Statements, a duly completed Compliance Certificate signed by a Responsible Officer; 
 (d) within forty-five
(45) days after the last day of each quarter, an updated corporate structure chart reflecting Co-Borrowers’ Subsidiaries and Excluded Subsidiaries; 

(e) within sixty (60) days after the earlier of the end of the fiscal year of Co-Borrowers or
approval by Co-Borrowers’ Board of Directors, (i) annual operating budgets (including income statements, balance sheets and cash flow statements, by month) for the upcoming fiscal year of Co-Borrowers, and (ii) annual financial projections for the following fiscal year (on a quarterly basis), in each case as approved by the Board of Directors, together with any related business forecasts used in
the preparation of such annual financial projections; 
 (f) as soon as available, and in any event within one hundred eighty
(180) days following the end of Co-Borrowers’ fiscal year, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion (other than with
respect to going concern qualification solely related to Co-Borrowers’ liquidity) on the financial statements from an independent certified public accounting firm reasonably acceptable to Bank in its
reasonable discretion; 
 (g) in the event that a Co-Borrower becomes subject to the reporting
requirements under the Exchange Act within five (5) days of filing, copies of all periodic and other reports, proxy statements and other materials filed by such Co-Borrower and/or any Guarantor with the
SEC, any Governmental Authority succeeding to any or all of the functions of the SEC or with any national securities exchange, or distributed to its shareholders, as the case may be. Documents required to be delivered pursuant to the terms hereof
(to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which such
Co-Borrower posts such documents, or provides a link thereto, on Co-Borrower’s website on the internet at such
Co-Borrower’s website address; provided, however, such Co-Borrower shall promptly notify Bank in writing (which may be by electronic mail) of the posting of any
such documents; 
 (h) within five (5) days of delivery, copies of all statements, reports and notices made externally available to
each Co-Borrower’s security holders or to any holders of Subordinated Debt, in each case not in their roles as management or board member of any Co-Borrower; 

(i) prompt report of any legal actions pending or threatened in writing against a Co-Borrower or any
of its Subsidiaries that could result in damages or costs to such Co-Borrower or any of its Subsidiaries of, individually or in the aggregate, Three Hundred Fifty Thousand Dollars ($350,000) or more; 

(j) within one (1) Business Day of the occurrence of any “Subject Action” (as such term is defined in the GS Guaranty and the
DB Guaranty) or any claim that a Subject Action has occurred, a report and description of such Subject Action; 

  
 11 

 (k) prompt written notice of any changes to the beneficial ownership information set out in
item 13 of the Perfection Certificate. Co-Borrowers understand and acknowledge that Bank relies on such true, accurate and
up-to-date beneficial ownership information to meet Bank’s regulatory obligations to obtain, verify and record information about the beneficial owners of its legal
entity customers; and 
 (l) promptly, from time to time, such other information regarding
Co-Borrowers or compliance with the terms of any Loan Documents as reasonably requested by Bank. 

6.3 Accounts Receivable. 

(a) Schedules and Documents Relating to Accounts. Co-Borrowers shall deliver to Bank
transaction reports and schedules of collections, as provided in Section 6.2, on Bank’s standard forms; provided, however, that Co-Borrowers’ failure to execute and deliver the same shall not
affect or limit Bank’s Lien and other rights in all of Co-Borrowers’ Accounts, nor shall Bank’s failure to advance or lend against a specific Account affect or limit Bank’s Lien and other
rights therein. If requested by Bank, Co-Borrowers shall furnish Bank with copies (or, at Bank’s request, originals) of all contracts, orders, invoices, and other similar documents, and all shipping
instructions, delivery receipts, bills of lading, and other evidence of delivery, for any goods the sale or disposition of which gave rise to such Accounts. In addition, Co-Borrowers shall deliver to Bank, on
its request, the originals of all instruments, chattel paper, security agreements, guarantees and other documents and property evidencing or securing any Accounts having a value in excess of Fifty Thousand Dollars ($50,000), in the same form as
received, with all necessary indorsements, and copies of all credit memos. 
 (b) Disputes.
Co-Borrowers shall promptly notify Bank of all disputes or claims relating to Accounts having a value in excess of Two Hundred Thousand Dollars ($200,000). Co-Borrowers
may forgive (completely or partially), compromise, or settle any Account for less than payment in full, or agree to do any of the foregoing so long as (i) Co-Borrowers do so in good faith, in a
commercially reasonable manner, in the ordinary course of business, in arm’s-length transactions, and reports the same to Bank in the regular reports provided to Bank; (ii) no Event of Default has
occurred and is continuing; and (iii) after taking into account all such discounts, settlements and forgiveness, the total outstanding Advances will not exceed the lesser of the Revolving Line or the Borrowing Base.. 

(c) Collection of Accounts. Co-Borrowers shall direct Account Debtors (and each depository
institution where proceeds of Accounts are on deposit) to deliver or transmit all proceeds of Accounts into a lockbox account, or via electronic deposit capture into a “blocked account” as specified by Bank (either such account, the
“Cash Collateral Account”). Whether or not an Event of Default has occurred and is continuing, Co-Borrowers shall immediately deliver all payments on and proceeds of Accounts to the Cash
Collateral Account. Subject to Bank’s right to maintain a reserve pursuant to Section 6.3(d), all amounts received in the Cash Collateral Account shall be (i) when a Streamline Period is not in effect, applied to immediately reduce
the Obligations under the Revolving Line; or (ii) when a Streamline Period is in effect, transferred on a daily basis to Co-Borrowers’ operating account with Bank.
Co-Borrowers hereby authorize Bank to transfer to the Cash Collateral Account any amounts that Bank reasonably determines are proceeds of the Accounts (provided that Bank is under no obligation to do so and
this allowance shall in no event relieve Co-Borrowers of their obligations hereunder). 
 (d)
Reserves. Notwithstanding any terms in this Agreement to the contrary, at times when an Event of Default exists, Bank may hold any proceeds of the Accounts and any amounts in the Cash Collateral Account that are not applied to the Obligations
pursuant to Section 6.3(c) above (including amounts otherwise required to be transferred to Co-Borrowers’ operating account with Bank when a Streamline Period is in effect) as a reserve to be applied
to any Obligations regardless of whether such Obligations are then due and payable. 
 (e) Reserved. 

(f) Verifications; Confirmations; Credit Quality; Notifications. Bank may, from time to time, (i) if an Event of Default has
occurred and is continuing and/or in connection with an audit of one or more Co-Borrower’s accounts in accordance with Section 6.6 hereof, verify and confirm directly with the respective Account
Debtors the validity, amount and other matters relating to the Accounts, either in the name of the relevant Co-Borrower or Bank or such other name as Bank may choose, and notify any Account Debtor of
Bank’s security interest in such Account and/or (ii) conduct a credit check of any Account Debtor to approve any such Account Debtor’s credit. 

  
 12 

 (g) No Liability. Bank shall not be responsible or liable for any shortage or
discrepancy in, damage to, or loss or destruction of, any goods, the sale or other disposition of which gives rise to an Account, or for any error, act, omission, or delay of any kind occurring in the settlement, failure to settle, collection or
failure to collect any Account, or for settling any Account in good faith for less than the full amount thereof, nor shall Bank be deemed to be responsible for any of Co-Borrowers’ obligations under any
contract or agreement giving rise to an Account. Nothing herein shall, however, relieve Bank from liability for its own gross negligence or willful misconduct. 

6.4 Remittance of Proceeds. Except as otherwise provided in Section 6.3(c) and as permitted under Section 7.1,
deliver, in kind, all proceeds arising from the disposition of any Collateral to Bank in the original form in which received by a Co-Borrower not later than the following Business Day after receipt by such Co-Borrower, to be applied to the Obligations (a) prior to an Event of Default, pursuant to the terms of Section 6.3(c) hereof, and (b) after the occurrence and during the continuance of an Event of
Default, pursuant to the terms of Section 9.4 hereof. Each Co-Borrower agrees that it will not commingle proceeds of Collateral with any of Co-Borrower’s other
funds or property, but will hold such proceeds separate and apart from such other funds and property and in an express trust for Bank in each case as required hereunder with respect to proceeds. Nothing in this Section 6.4 limits the
restrictions on disposition of Collateral set forth elsewhere in this Agreement. 
 6.5 Taxes; Pensions. Timely file, or
obtain extensions for filing (taking into account all applicable extension periods), and require each of its Subsidiaries to timely file, or obtain extensions for filing (taking into account all applicable extension periods), all required tax
returns and reports and timely pay, or obtain extensions for payment (taking into account all applicable extension periods), and require each of its Subsidiaries to timely pay, or obtain extensions for payment (taking into account all applicable
extension periods), all foreign, federal, state and local taxes, assessments, deposits and contributions owed by a Co-Borrower and each of its Subsidiaries, except for deferred payment of any taxes contested
pursuant to the terms of Section 5.9 hereof or that fall below the materiality threshold set forth in Section 5.9 hereof, and shall deliver to Bank, on reasonable demand, appropriate certificates attesting to such payments, and pay all
amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms. 
 6.6
Access to Collateral; Books and Records. At reasonable times, on five (5) Business Days’ notice (provided no notice is required if an Event of Default has occurred and is continuing), Bank, or its agents, shall have the right to
inspect the Collateral and the right to audit and copy each Co-Borrower’s Books. The foregoing inspections and audits shall be conducted no more often than once every twelve (12) months unless an
Event of Default has occurred and is continuing in which case such inspections and audits shall occur as often as Bank shall determine is necessary. The foregoing inspections and audits shall be conducted at such
Co-Borrower’s expense and the charge therefor shall be One Thousand Dollars ($1,000) per person per day (or such higher amount as shall represent Bank’s then-current standard charge for the same),
plus reasonable out-of-pocket expenses. In the event a Co-Borrower and Bank schedule an audit more than fifteen (15) days in
advance, and such Co-Borrower cancels or seeks to or reschedules the audit with less than ten (10) days written notice to Bank, then (without limiting any of Bank’s rights or remedies) Co-Borrowers shall pay Bank a fee of Two Thousand Dollars ($2,000) plus any out-of-pocket expenses incurred by Bank to compensate Bank
for the anticipated costs and expenses of the cancellation or rescheduling. 
 6.7 Insurance. 

(a) Keep its business and the Collateral insured for risks and in amounts standard for companies in
Co-Borrowers’ industry and location and as Bank may reasonably request. Insurance policies shall be in a form, with financially sound and reputable insurance companies that are not Affiliates of Co-Borrowers, and in amounts that are satisfactory to Bank. All property policies shall have a lender’s loss payable endorsement showing Bank as lender loss payee. All liability policies shall show, or have
endorsements showing, Bank as an additional insured. Bank shall be named as lender loss payee and/or additional insured with respect to any such insurance providing coverage in respect of any Collateral. Bank acknowledges that insurance maintained
by Co-Borrowers as of the Effective Date is acceptable to Bank as of the Effective Date. 

  
 13 

 (b) Ensure that proceeds payable under any property policy are, at Bank’s option,
payable to Bank on account of the Obligations. 
 (c) At Bank’s request, Co-Borrowers shall
deliver certified copies of insurance policies and evidence of all premium payments. Each provider of any such insurance required under this Section 6.7 shall agree, by endorsement upon the policy or policies issued by it or by independent
instruments furnished to Bank, that it will give Bank thirty (30) days prior written notice before any such policy or policies shall be materially altered or canceled. If Co-Borrowers fail to obtain
insurance as required under this Section 6.7 or to pay any amount or furnish any required proof of payment to third persons and Bank, Bank may make all or part of such payment or obtain such insurance policies required in this Section 6.7,
and take any action under the policies Bank deems prudent. 
 6.8 Accounts. 

(a) Maintain their and all of their Subsidiaries’ (other than Excluded Subsidiaries’) operating and other deposit accounts, the Cash
Collateral Account and securities/investment accounts with Bank and Bank’s Affiliates and shall conduct all of their investments and foreign exchange transactions at or through Bank. Co-Borrowers agree
that they will cause each of the Excluded Subsidiaries to maintain its operating and other deposit accounts and securities accounts with Bank and Bank’s Affiliates, but only to the extent Co-Borrowers
determine that there is no adverse impact to Co-Borrowers or such Excluded Subsidiary operationally or commercially to do so after consulting in good faith with Bank. Notwithstanding the foregoing, Co-Borrowers shall be permitted to maintain (i) accounts at Cross River Bank (the “Cross River Accounts”), not subject to a Control Agreement, so long as such accounts at no time contain
Collateral, and (ii) conduit accounts at Wells Fargo Bank (the “Wells Fargo Accounts”), not subject to a Control Agreement, so long as the aggregate balance in all such accounts for five (5) or more Business Days does not
exceed Fifteen Million Dollars ($15,000,000 and (iii) FBO accounts in the name of Co-Borrower for the benefit of third party investors. 

(b) In addition to and without limiting the restrictions in (a), Co-Borrowers shall provide Bank five
(5) days prior written notice before establishing any Collateral Account at or with any bank or financial institution other than Bank or Bank’s Affiliates. For each Collateral Account that
Co-Borrowers at any time maintain, Co-Borrowers shall cause the applicable bank or financial institution (other than Bank) at or with which any Collateral Account is
maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Bank’s Lien in such Collateral Account in accordance with the terms hereunder which Control Agreement may
not be terminated without the prior written consent of Bank. The provisions of the previous sentence shall not apply to (i) the Cross River Accounts, (ii) the Wells Fargo Accounts, or (iii) deposit accounts exclusively used for
payroll, payroll taxes, and other employee wage and benefit payments to or for the benefit of Co-Borrowers’ employees and identified to Bank by Co-Borrowers as
such. 
 6.9 Financial Covenants. Maintain prior to the later of (i) the Revolving Line Maturity Date or
(ii) repayment in full of all Obligations with respect to the Revolving Line, and subject to periodic reporting: 
 (a) Loan
Delinquencies/Charge Offs. As of the last day of each month, (i) Loan Delinquencies (as of the last day of the month of measurement) plus 3-Month Charge-offs (as of the last day of the month of
measurement), divided by (ii) the aggregate principal amount of Co-Borrowers’ Loan Portfolio measured on an average trailing three (3) month basis, shall not exceed six percent (6.00%). 

(b) Net Loss. As of the last day of each quarter set forth below, Co-Borrowers’ Cumulative
Net Loss shall not be less than the following amounts: 
  

			
	 Quarter Ending
	  	 Cumulative Net Loss

	June 30, 2019	  	($9,000,000)
	September 30, 2019	  	($12,000,000)
	December 31, 2019	  	($15,000,000)

  
 14 

 The required Cumulative Net Loss covenant levels for the measuring periods ending after December 31,
2019, shall be equal to the lesser of (i) one hundred twenty percent (120%) of the Cumulative Net Loss set forth in Co-Borrowers’ Board of Directors approved projections delivered to Bank in
accordance with Section 6.2(d) hereof, and (ii) Zero Dollars ($0); provided however, the Cumulative Net Loss covenant levels for each measuring period ending after December 31, 2019 shall not be greater than a loss of One Million
Dollars ($1,000,000) per fiscal quarter. 
 6.10 Protection and Registration of Intellectual Property Rights. 

(a) Each Co-Borrower shall (i) protect, defend and maintain the validity and enforceability of
its Intellectual Property material to Borrower’s business; (ii) promptly advise Bank in writing of material infringements or any other event that could reasonably be expected to materially and adversely affect the value of its Intellectual
Property material to Borrower’s business; and (iii) not allow any Intellectual Property material to a Co-Borrower’s business to be abandoned, forfeited or dedicated to the public without
Bank’s written consent. 
 (b) If a Co-Borrower (i) obtains any Patent, registered
Trademark, registered Copyright, registered mask work, or any pending application for any of the foregoing, whether as owner, licensee or otherwise, or (ii) applies for any Patent or the registration of any Trademark, then such Co-Borrower shall, within the later of (A) fifteen (15) days from the date of such application or (B) on the next Compliance Certificate delivered in accordance with the terms of Section 6.2 hereof,
provide written notice thereof to Bank and shall execute such intellectual property security agreements and other documents and take such other actions as Bank may request in its good faith business judgment to perfect and maintain a first priority
perfected security interest in favor of Bank in such property. If a Co-Borrower decides to register any Copyrights or mask works in the United States Copyright Office, such
Co-Borrower shall: (x) provide Bank with at least fifteen (15) days prior written notice of such Co-Borrower’s intent to register such Copyrights or mask
works together with a copy of the application it intends to file with the United States Copyright Office (excluding exhibits thereto); (y) execute an intellectual property security agreement and such other documents and take such other actions as
Bank may request in its good faith business judgment to perfect and maintain a first priority perfected security interest in favor of Bank in the Copyrights or mask works intended to be registered with the United States Copyright Office; and
(z) record such intellectual property security agreement with the United States Copyright Office contemporaneously with filing the Copyright or mask work application(s) with the United States Copyright Office. Each Co-Borrower shall promptly provide to Bank copies of all applications that it files for Patents or for the registration of Trademarks, Copyrights or mask works, together with evidence of the recording of the
intellectual property security agreement required for Bank to perfect and maintain a first priority perfected security interest in such property. 

6.11 Litigation Cooperation. From the date hereof and continuing through the termination of this Agreement, make available to
Bank, during normal business hours as long as no Event of Default has occurred and is continuing, without expense to Bank, Co-Borrowers and their officers, employees and agents and each Co-Borrower’s books and records, to the extent that Bank may deem them reasonably necessary to prosecute or defend any third-party suit or proceeding instituted by or against Bank with respect to any Collateral
or relating to a Co-Borrower. 
 6.12 Online Banking. 

(a) Utilize Bank’s online banking platform for all matters requested by Bank which shall include, without limitation (and without request
by Bank for the following matters), uploading information pertaining to Accounts and Account Debtors, requesting approval for exceptions, requesting Credit Extensions, and uploading financial statements and other reports required to be delivered by
this Agreement (including, without limitation, those described in Section 6.2 of this Agreement). 
 (b) Comply with the terms of
Bank’s Online Banking Agreement as in effect from time to time and ensure that all persons utilizing Bank’s online banking platform are duly authorized to do so by an Administrator. Bank shall be entitled to assume the authenticity,
accuracy and completeness on any information, instruction or request for a Credit Extension submitted via Bank’s online banking platform and to further assume that any submissions or requests made via Bank’s online banking platform have
been duly authorized by an Administrator. 

  
 15 

 6.13 Formation or Acquisition of Subsidiaries. Notwithstanding and without
limiting the negative covenants contained in Sections 7.3 and 7.7 hereof, at the time that a Co-Borrower or any Guarantor form any direct or indirect Subsidiary or acquire any direct or indirect Subsidiary
after the Effective Date (including, without limitation, pursuant to a Division), such Co-Borrower and such Guarantor shall (a) cause such new Subsidiary that is a Domestic Subsidiary to provide to Bank a
joinder to this Agreement to cause such Subsidiary that is a Domestic Subsidiary to become a co-borrower hereunder, together with such appropriate financing statements and/or Control Agreements, all in form and substance satisfactory to Bank in its
reasonable discretion (including being sufficient to grant Bank a first priority Lien (subject to Permitted Liens) in and to the assets of such newly formed or acquired Subsidiary that is a Domestic Subsidiary), (b) provide to Bank appropriate
certificates and powers and financing statements, pledging all of the direct or beneficial ownership interest in such new Subsidiary (or, in the case of a Foreign Subsidiary, sixty-five percent (65%) of the equity interests in such Subsidiary), in
form and substance satisfactory to Bank in its reasonable discretion, and (c) provide to Bank all other documentation in form and substance satisfactory to Bank, which in its opinion is appropriate with respect to the execution and delivery of
the applicable documentation referred to above. Any document, agreement, or instrument executed or issued pursuant to this Section 6.13 shall be a Loan Document. 

6.14 Cash and Property held by Excluded Subsidiaries. While third-party financing obligations of the Excluded Subsidiaries
remain outstanding, cash and/or Cash Equivalents in excess of Ten Thousand Dollars ($10,000) in the aggregate held for any period of more than one (1) calendar month that is available for distribution to
Co-Borrowers after giving effect to contractual limitations set forth in the applicable Excluded Subsidiaries’ third-party financing agreement, shall be promptly distributed to Co-Borrowers and deposited into Co-Borrowers’ deposit accounts held with Bank or Bank’s Affiliates. After repayment and termination of third-party financing
obligations of any particular Excluded Subsidiary, any cash and other assets of such Excluded Subsidiary shall be promptly distributed to Co-Borrowers and deposited into
Co-Borrowers’ deposit accounts held with Bank or Bank’s Affiliates. 
 6.15 Out
of Debt Covenant. At least once during each six (6) month period, Co-Borrowers shall cause the outstanding balance of the Revolving Line to be zero ($0) for a period of not less than fourteen
(14) consecutive days. 
 6.16 Further Assurances. Execute any further instruments and take further action as Bank
reasonably requests to perfect or continue Bank’s Lien in the Collateral or to effect the purposes of this Agreement. 
 6.17
Post-Closing Condition. As soon as possible, but in any event not later than five (5) Business Days after the Effective Date, Co-Borrowers shall deliver to Bank evidence, satisfactory to Bank in
its sole discretion confirming that Upstart Holdings, Inc. is in good standing with the Secretary of State and the Franchise Tax Board in the state of California. 

7 NEGATIVE COVENANTS 

Co-Borrowers shall not do any of the following without Bank’s prior written consent: 

7.1 Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of (including, without limitation, pursuant to a
Division) (collectively, “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory in the ordinary course of business; (b) of worn-out or obsolete Equipment that is, in the reasonable judgment of Co-Borrower, no longer economically practicable to maintain or useful in the ordinary course of business
of Co-Borrower; (c) consisting of Permitted Liens, Permitted Indebtedness and Permitted Investments; (d) consisting of the sale or issuance of any stock of
Co-Borrower permitted under Section 7.2 of this Agreement; (e) consisting of Co-Borrower’s use or transfer of money or Cash Equivalents in a manner that
is not prohibited by the terms of this Agreement or the other Loan Documents; (f) of non-exclusive licenses for the use of the property of a Co-Borrower or its
Subsidiaries in the ordinary course of business; (g) of surplus Equipment in the ordinary course of business not otherwise permitted by this Section 7.1 in an amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000) in the
aggregate in any fiscal year; (h) of 

  
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loans originated on Co-Borrowers’ platform and sold to third parties (other than Excluded Subsidiaries) in the ordinary course of business for fair
market value (which may or may not reflect a discount to par value); (i) of loans originated on Co-Borrowers’ platform and transferred to Excluded Subsidiaries in the ordinary course of business, such
transferred loans to be financed through a combination of (1) third-party financing which constitutes Permitted Indebtedness hereunder, (2) Permitted Investments made by Co-Borrowers in such Excluded
Subsidiaries and/or (3) direct equity investments by Persons commonly known as “backers” or “investors” for the sole purpose of financing such loans; and (j) dispositions of Permitted Receivables Financing Assets
pursuant to Permitted Receivables Financings, in each case so long as the consideration for any such disposition is (i) in the form of cash or Retained Interests, (ii) in an amount at least equal to fair market value thereof (which may or
may not reflect a discount to par value), (iii) the Retained Interest and all proceeds thereof shall constitute Collateral and all necessary steps to perfect a security interest in such Retained Interest for the benefit of Bank are taken by Co-Borrowers or the Subsidiary and (iv) no Default or Event of Default shall have occurred and be continuing at the time such disposition is made, (k) so long as no Default or Event of Default has occurred
or would result therefrom, a sale of Receivables by a Co-Borrower to any Person who is not an Affiliate from time to time pursuant to the terms of any whole loan sale program entered into between such Co-Borrower and such Person providing for the sale of specific Receivables by the Co-Borrower to such Person in the ordinary course of the
Co-Borrower’s business; provided, in each case, that One Hundred Percent (100%) of Co-Borrowers’ revenue received from such sales shall be paid promptly
following such sale by depositing such revenues in the Designated Deposit Account, and (l) other Transfers in the ordinary course of business not otherwise permitted by this Section 7.1 not to exceed One Hundred Thousand Dollars ($100,000)
in the aggregate in any fiscal year. 
 7.2 Changes in Business, Management, Control, or Business Locations. (a) Engage
in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Co-Borrowers and such Subsidiary, as applicable, or reasonably related thereto;
(b) liquidate or dissolve; (c) fail to provide notice to Bank of any Key Person departing from or ceasing to be employed by a Co-Borrower within five (5) days after his or her departure from
such Co-Borrower; or (d) permit or suffer any Change in Control. 
 No Co-Borrower shall, without at least thirty (30) days prior written notice to Bank: (1) add any new offices or business locations, including warehouses (unless such new offices or business locations contain
less than Two Hundred Fifty Thousand Dollars ($250,000) in such Co-Borrower’s assets or property) or deliver any portion of the Collateral valued, individually or in the aggregate, in excess of Two
Hundred Fifty Thousand Dollars ($250,000) to a bailee at a location other than to a bailee and at a location already disclosed in the Perfection Certificate, (2) change its jurisdiction of organization, (3) change its organizational
structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of organization. If a Co-Borrower intends to deliver any portion of the
Collateral valued, individually or in the aggregate, in excess of Two Hundred Fifty Thousand Dollars ($250,000) to a landlord or bailee, and Bank and such landlord/bailee are not already parties to a landlord/bailee agreement governing both the
Collateral and the location to which such Co-Borrower intends to deliver the Collateral, then such Co-Borrower will use commercially reasonable efforts to have such
landlord/bailee execute and deliver a landlord/bailee agreement in form and substance reasonably satisfactory to Bank. 
 7.3
Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or
property of another Person (including, without limitation, by the formation of any Subsidiary or pursuant to a Division) except for Permitted Acquisitions. A Subsidiary may merge or consolidate into another Subsidiary or into a Co-Borrower. 
 7.4 Indebtedness. Create, incur, assume, or be liable for any Indebtedness,
or permit any Subsidiary to do so, other than Permitted Indebtedness. 
 7.5 Encumbrance. Create, incur, allow, or suffer any
Lien on any of its property, or assign or convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, permit any Collateral not to be subject to the first priority
security interest granted herein, or enter into any agreement, document, instrument or other arrangement (except with or in favor of Bank) with any Person which directly or indirectly prohibits or has the effect of prohibiting any Co-Borrower or any Subsidiary (other than Excluded Subsidiaries to the extent required by the third-party financing for loans transferred by Co-Borrowers to

  
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such Excluded Subsidiaries in accordance with Section 7.1) from assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any of a Co-Borrower’s or any Subsidiary’s Intellectual Property, except as is otherwise permitted in Section 7.1 hereof and the definition of “Permitted Liens” herein. 

7.6 Maintenance of Collateral Accounts. Maintain any Collateral Account except pursuant to the terms of Section 6.8(b)
hereof. 
 7.7 Distributions; Investments. (a) Pay any dividends or make any distribution or payment or redeem, retire or
purchase any capital stock provided that Co-Borrowers may (i) convert any of their convertible securities into other securities pursuant to the terms of such convertible securities or otherwise in
exchange thereof, (ii) pay dividends solely in common stock; and (iii) repurchase the stock of former employees or consultants pursuant to stock repurchase agreements so long as an Event of Default does not exist at the time of any such
repurchase and would not exist after giving effect to any such repurchase, provided that the aggregate amount of all such repurchases does not exceed One Hundred Thousand Dollars ($100,000) per fiscal year; or (b) directly or indirectly make
any Investment (including, without limitation, by the formation of any Subsidiary) other than Permitted Investments, or permit any of its Subsidiaries to do so. 

7.8 Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any
Affiliate of a Co-Borrower, except for (a) transactions that are in the ordinary course of a Co-Borrower’s business, upon fair and reasonable terms that are no
less favorable to such Co-Borrower than would be obtained in an arm’s length transaction with a non-affiliated Person, (b) executive compensation arrangements
approved by Co-Borrowers’ board of directors, (c) Subordinated Debt and bona-fide equity investments that do not constitute a Change in Control hereunder, (d) intercompany distribution and
intercompany debt arrangements that constitute Permitted Investments, and (e) Permitted Receivables Financings. 
 7.9
Subordinated Debt. (a) Make or permit any payment on any Subordinated Debt (other than conversions into equity), except under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is
subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof, provide for earlier or greater principal, interest, or other payments thereon, or adversely affect the subordination
thereof to Obligations owed to Bank. 
 7.10 Compliance. Become an “investment company” or a company controlled by
an “investment company”, under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of Governors of the
Federal Reserve System), or use the proceeds of any Credit Extension for that purpose; fail to (a) meet the minimum funding requirements of ERISA, (b) prevent a Reportable Event or Prohibited Transaction, as defined in ERISA, from
occurring, or (c) comply with the Federal Fair Labor Standards Act, the failure of any of the conditions described in clauses (a) through (c) which could reasonably be expected to have a material adverse effect on a Co-Borrower’s business; or violate any other law or regulation, if the violation could reasonably be expected to have a material adverse effect on a Co-Borrower’s
business, or permit any of its Subsidiaries to do so; withdraw or permit any Subsidiary to withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension,
profit sharing and deferred compensation plan which could reasonably be expected to result in any liability of a Co-Borrower, including any liability to the Pension Benefit Guaranty Corporation or its
successors or any other governmental agency. 
 8 EVENTS OF DEFAULT 

Any one of the following shall constitute an event of default (an “Event of Default”) under this Agreement: 

8.1 Payment Default. A Co-Borrower fails to (a) make any payment of principal or
interest on any Credit Extension when due, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the
Revolving Line Maturity Date or the Growth Capital Maturity Date). During the cure period, the failure to make or pay any payment specified under clause (b) hereunder is not an Event of Default (but no Credit Extension will be made during the
cure period); 

  
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 8.2 Covenant Default. 

(a) A Co-Borrower fails or neglects to perform any obligation in Sections 6.2, 6.3, 6.4, 6.5, 6.6,
6.7, 6.8, 6.9, 6.10, 6.12, 6.13, 6.14, 6.15, 6.16 or 6.17 or violates any covenant in Section 7; or 
 (b) A Co-Borrower fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this Agreement or any Loan Documents, and as to any default (other than those
specified in this Section 8) under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default
cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by such Co-Borrower be cured within such ten (10) day period, and such default is likely to be cured
within a reasonable time, then such Co-Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time
period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Cure periods provided under this Section 8 shall not apply, among other things, to financial
covenants or any other covenants set forth in clause (a) above; 
 8.3 Investor Abandonment. If Bank determines in
its good faith judgment that it is the clear intention of Co-Borrowers’ investors to not continue to fund Co-Borrowers in the amounts and timeframe to the extent
necessary to enable Co-Borrowers to satisfy the Obligations as they become due and payable, or there is a material impairment in the perfection or priority of Bank’s security interest in the Collateral;

 8.4 Attachment; Levy; Restraint on Business. 

(a) (i) The service of process seeking to attach, by trustee or similar process, any funds of a
Co-Borrower or of any entity under the control of a Co-Borrower (including a Subsidiary) in excess of Two Hundred Fifty Thousand Dollars ($250,000), or (ii) a
notice of lien or levy is filed against any of a Co-Borrower’s assets by any Governmental Authority, and the same under subclauses (i) and (ii) hereof are not, within ten (10) days after the
occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during any ten (10) day cure period; or 

(b) (i) any material portion of a Co-Borrower’s assets is attached, seized, levied on, or comes
into possession of a trustee or receiver, or (ii) any court order enjoins, restrains, or prevents a Co-Borrower from conducting all or any material part of its business; 

8.5 Insolvency. (a) A Co-Borrower or any of its Subsidiaries fails to be solvent as
described under Section 5.6 hereof; (b) a Co-Borrower or any of its Subsidiaries begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against a Co-Borrower or any of its Subsidiaries and is not dismissed or stayed within thirty (30) days (but no Credit Extensions shall be made while any of the conditions described in clause (a) exist and/or until
any Insolvency Proceeding is dismissed); 
 8.6 Other Agreements. There is, under any agreement to which a Co-Borrower or any Guarantor is a party with a third party or parties, (a) any default resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any
Indebtedness in an amount individually or in the aggregate in excess of Five Hundred Thousand Dollars ($500,000); or (b) a default under any agreement which either generates revenues for Co-Borrowers
and/or any Guarantor, individually or in the aggregate, in excess of Five Hundred Thousand Dollars ($500,000) or pursuant to which Co-Borrowers and/or any Guarantor pays fees in an amount, individually or in
the aggregate, in excess of Five Hundred Thousand Dollars ($500,000), or (c) the occurrence of, or claim of the occurrence of, any “Subject Action”, “Event of Default” (as such terms are defined in the GS Guaranty and/or the
DB Guaranty) or any other violation or breach under the GS Guaranty and/or the DB Guaranty which “Subject Action”, “Event of Default”, violation or breach does or could result in the administrative agent thereunder (or any
“Lender” as defined in the GS Guaranty and/or the DB Guaranty) demanding payment of any obligations guaranteed by Upstart Holdings pursuant thereto; provided, however, that the Event of Default under this subsection 8.6(c) shall be cured
or waived for purposes of this Agreement upon Bank receiving written notice from the party asserting such “Subject Action”, “Event of Default”, violation or breach under the GS Guaranty and/or the DB Guaranty of such party’s
cure or waiver thereof or other confirmation reasonably satisfactory to Bank, if at the time of such cure or waiver by such party (x) Bank has not declared an Event of Default under this Agreement and/or exercised any

  
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rights with respect thereto (it being acknowledged and agreed to by Bank that it shall not declare any such Event of Default until the earlier of (A) ten (10) Business Days after the
occurrence of such “Subject Action”, “Event of Default”, violation or breach under the GS Guaranty and/or the DB Guaranty or (B) the date on which a demand for payment under the GS Guaranty and/or the DB Guaranty is received
by Co-Borrowers); (y) any such cure or waiver does not result in an Event of Default under any other provision of this Agreement or any Loan Document; and (z) in connection with any such cure or waiver
under the GS Guaranty and/or the DB Guaranty, the terms of any agreement between Co-Borrowers and such third party are not modified or amended in any manner which could in the good faith business judgment of
Bank be materially less advantageous to Co-Borrowers; 
 8.7 Judgments; Penalties. One
or more fines, penalties or final judgments, orders or decrees for the payment of money in an amount, individually or in the aggregate, of at least Five Hundred Thousand Dollars ($500,000) (not covered by independent third-party insurance as to
which liability has not been rejected by such insurance carrier) shall be rendered against a Co-Borrower by any Governmental Authority, and the same are not, within ten (10) days after the entry,
assessment or issuance thereof, discharged, satisfied, or paid, or after execution thereof, stayed or bonded pending appeal, or such judgments are not discharged prior to the expiration of any such stay (provided that no Credit Extensions will be
made prior to the satisfaction, payment, discharge, stay, or bonding of such fine, penalty, judgment, order or decree); 
 8.8
Misrepresentations. A Co-Borrower or any Person acting for a Co-Borrower makes any representation, warranty, or other statement now or later in this Agreement,
any Loan Document or in any writing delivered to Bank or to induce Bank to enter this Agreement or any Loan Document, and such representation, warranty, or other statement is incorrect in any material respect when made; 

8.9 Subordinated Debt. Any document, instrument, or agreement evidencing any Subordinated Debt shall for any reason be revoked
or invalidated or otherwise cease to be in full force and effect, any Person shall be in material breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation thereunder, or
the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement or any applicable subordination or intercreditor agreement; or 

8.10 Governmental Approvals. Any Governmental Approval material to Borrower’s business shall have been (a) revoked,
rescinded, suspended, modified in an adverse manner or not renewed in the ordinary course for a full term or (b) subject to any decision by a Governmental Authority that designates a hearing with respect to any applications for renewal of any
of such Governmental Approval or that could result in the Governmental Authority taking any of the actions described in clause (a) above, and such decision or such revocation, rescission, suspension, modification or non-renewal (i) causes, or could reasonably be expected to cause, a Material Adverse Change, or (ii) adversely affects the legal qualifications of a Co-Borrower or
any of its Subsidiaries to hold such Governmental Approval in any applicable jurisdiction and such revocation, rescission, suspension, modification or non-renewal could reasonably be expected to affect the
status of or legal qualifications of a Co-Borrower or any of its Subsidiaries to hold any Governmental Approval in any other jurisdiction. 

9 BANK’S RIGHTS AND REMEDIES 

9.1 Rights and Remedies. Upon the occurrence and during the continuance of an Event of Default, Bank may, without notice or
demand, do any or all of the following: 
 (a) declare all Obligations immediately due and payable (but if an Event of Default described in
Section 8.5 occurs all Obligations are immediately due and payable without any action by Bank); 
 (b) stop advancing money or
extending credit for Co-Borrowers’ benefit under this Agreement or under any other agreement between Co-Borrowers and Bank; 

(c) demand that Co-Borrowers (i) deposit cash with Bank in an amount equal to at least
(A) one hundred five percent (105.0%) of the Dollar Equivalent of the aggregate face amount of all Letters of Credit denominated in Dollars remaining undrawn, and (B) one hundred ten percent (110.0%) of the Dollar Equivalent of the
aggregate face amount of all Letters of Credit denominated in a Foreign Currency remaining undrawn (plus, in 

  
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each case, all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in its good faith business judgment)), to secure all of the Obligations relating to
such Letters of Credit, as collateral security for the repayment of any future drawings under such Letters of Credit, and Co-Borrowers shall forthwith deposit and pay such amounts, and (ii) pay in advance
all letter of credit fees scheduled to be paid or payable over the remaining term of any Letters of Credit; 
 (d) terminate any FX
Contracts; 
 (e) verify the amount of, demand payment of and performance under, and collect any Accounts and General Intangibles, settle or
adjust disputes and claims directly with Account Debtors for amounts on terms and in any order that Bank considers advisable, and notify any Person owing a Co-Borrower money of Bank’s security interest in
such funds. Such Co-Borrower shall collect all payments in trust for Bank and, if requested by Bank, immediately deliver the payments to Bank in the form received from the Account Debtor, with proper
endorsements for deposit; 
 (f) make any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its
security interest in the Collateral. Co-Borrowers shall assemble the Collateral if Bank requests and make it available as Bank designates. Bank may enter premises where the Collateral is located, take and
maintain possession of any part of the Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Each
Co-Borrower grants Bank a license to enter and occupy any of its premises, without charge, to exercise any of Bank’s rights or remedies; 

(g) apply to the Obligations any (i) balances and deposits of a Co-Borrower it holds, or
(ii) amount held by Bank owing to or for the credit or the account of a Co-Borrower; 
 (h)
ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral. Bank is hereby granted a non-exclusive, royalty-free license or other right to use,
without charge, each Co-Borrower’s labels, Patents, Copyrights, mask works, rights of use of any name, trade secrets, trade names, Trademarks, and advertising matter, or any similar property as it
pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Bank’s exercise of its rights under this Section 9.1, each
Co-Borrower’s rights under all licenses and all franchise agreements inure to Bank’s benefit; 

(i) place a “hold” on any account maintained with Bank and/or deliver a notice of exclusive control, any entitlement order, or other
directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral; 
 (j) demand and
receive possession of each Co-Borrower’s Books; 
 (k) require
Co-Borrowers to (i) within one (1) Business Day cease allocating new loans to be transferred to Excluded Subsidiaries (for purposes of clarification, loans already allocated to be transferred to the
Excluded Subsidiaries at the time of such request by Bank may still be transferred, but no new loans may be allocated to the Excluded Subsidiaries), and (ii) cause each Excluded Subsidiary to immediately distribute to Co-Borrowers all cash and assets not otherwise contractually required to be paid to third-party financers of such Excluded Subsidiary’s loans to its borrowers; and 

(l) exercise all rights and remedies available to Bank under the Loan Documents or at law or equity, including all remedies provided under the
Code (including disposal of the Collateral pursuant to the terms thereof). 
 9.2 Power of Attorney. Each Co-Borrower hereby irrevocably appoints Bank as their lawful attorney-in-fact, exercisable following the occurrence and during the
continuation of an Event of Default, to: (a) endorse Co-Borrower’s name on any checks, payment instruments, or other forms of payment or security; (b) sign
Co-Borrower’s name on any invoice or bill of lading for any Account or drafts against Account Debtors; (c) demand, collect, sue, and give releases to any Account Debtor for monies due, settle and
adjust disputes and claims 

  
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about the Accounts directly with Account Debtors, and compromise, prosecute, or defend any action, claim, case, or proceeding about any Collateral (including filing a claim or voting a claim in
any bankruptcy case in Bank’s or Co-Borrower’s name, as Bank chooses); (d) make, settle, and adjust all claims under Co-Borrower’s insurance policies;
(e) pay, contest or settle any Lien, charge, encumbrance, security interest, or other claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer the
Collateral into the name of Bank or a third party as the Code permits. Each Co-Borrower hereby appoints Bank as its lawful
attorney-in-fact to sign Co-Borrower’s name on any documents necessary to perfect or continue the perfection of Bank’s
security interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations have been satisfied in full and the Loan Documents have been terminated. Bank’s foregoing appointment as each Co-Borrower’s attorney in fact, and all of Bank’s rights and powers, coupled with an interest, are irrevocable until all Obligations have been fully repaid and performed and the Loan Documents have been
terminated. 
 9.3 Protective Payments. If a Co-Borrower fails to obtain the insurance
called for by Section 6.7 or fails to pay any premium thereon or fails to pay any other amount which such Co-Borrower is obligated to pay under this Agreement or any other Loan Document or which may be
required to preserve the Collateral, Bank may obtain such insurance or make such payment, and all amounts so paid by Bank are Bank Expenses and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations, and
secured by the Collateral. Bank will make reasonable efforts to provide Co-Borrowers with notice of Bank obtaining such insurance at the time it is obtained or within a reasonable time thereafter. No payments
by Bank are deemed an agreement to make similar payments in the future or Bank’s waiver of any Event of Default. 
 9.4
Application of Payments and Proceeds. If an Event of Default has occurred and is continuing, Bank shall have the right to apply in any order any funds in its possession, whether from Co-Borrowers’
account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations. Bank shall pay any surplus to Co-Borrowers by
credit to the Designated Deposit Account or to other Persons legally entitled thereto; Co-Borrowers shall remain liable to Bank for any deficiency. If Bank, directly or indirectly, enters into a deferred
payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price or deferring the reduction of the
Obligations until the actual receipt by Bank of cash therefor. 
 9.5 Bank’s Liability for Collateral. So long as Bank
complies with reasonable banking practices regarding the safekeeping of the Collateral in the possession or under the control of Bank, Bank shall not be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or
damage to the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Co-Borrowers bear all risk of loss,
damage or destruction of the Collateral. 
 9.6 No Waiver; Remedies Cumulative. Bank’s failure, at any time or times, to
require strict performance by Co-Borrowers of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Bank thereafter to demand strict performance and
compliance herewith or therewith. No waiver hereunder shall be effective unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for which it is given. Bank’s rights and remedies under
this Agreement and the other Loan Documents are cumulative. Bank has all rights and remedies provided under the Code, by law, or in equity. Bank’s exercise of one right or remedy is not an election and shall not preclude Bank from exercising
any other remedy under this Agreement or other remedy available at law or in equity, and Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay in exercising any remedy is not a waiver, election, or acquiescence.

 9.7 Demand Waiver. Each Co-Borrower waives demand, notice of default or dishonor,
notice of payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Bank on which such Co-Borrower is liable. 
 9.8 Co-Borrower Liability.
Any Co-Borrower may, acting singly, request Credit Extensions hereunder. Each Co-Borrower hereby appoints each other as agent for the other for all purposes hereunder,

  
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including with respect to requesting Credit Extensions hereunder. Each Co-Borrower hereunder shall be jointly and severally obligated to repay all Credit
Extensions made hereunder, regardless of which Co-Borrower actually receives said Credit Extension, as if each Co-Borrower hereunder directly received all Credit
Extensions. Each Co-Borrower waives (a) any suretyship defenses available to it under the Code or any other applicable law, including, without limitation, the benefit of California Civil Code
Section 2815 permitting revocation as to future transactions and the benefit of California Civil Code Sections 1432, 2809, 2810, 2819, 2839, 2845, 2847, 2848, 2849, 2850, and 2899 and 3433, and (b) any right to require Bank to:
(i) proceed against any Co-Borrower or any other person; (ii) proceed against or exhaust any security; or (iii) pursue any other remedy. Bank may exercise or not exercise any right or remedy it
has against any Co-Borrower or any security it holds (including the right to foreclose by judicial or non-judicial sale) without affecting any Co-Borrower’s liability. Notwithstanding any other provision of this Agreement or other related document, each Co-Borrower irrevocably waives all rights that it may have
at law or in equity (including, without limitation, any law subrogating a Co-Borrower to the rights of Bank under this Agreement) to seek contribution, indemnification or any other form of reimbursement from
any other Co-Borrower, or any other Person now or hereafter primarily or secondarily liable for any of the Obligations, for any payment made by a Co-Borrower with
respect to the Obligations in connection with this Agreement or otherwise and all rights that it might have to benefit from, or to participate in, any security for the Obligations as a result of any payment made by a
Co-Borrower with respect to the Obligations in connection with this Agreement or otherwise. Any agreement providing for indemnification, reimbursement or any other arrangement prohibited under this
Section 9.8 shall be null and void. If any payment is made to a Co-Borrower in contravention of this Section 9.8, such Co-Borrower shall hold such payment in
trust for Bank and such payment shall be promptly delivered to Bank for application to the Obligations, whether matured or unmatured. 

10 NOTICES 
 All
notices, consents, requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of
actual receipt and three (3) Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail or facsimile
transmission; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent
to the address, facsimile number, or email address indicated below. Bank or any Co-Borrower may change its mailing or electronic mail address or facsimile number by giving the other party written notice
thereof in accordance with the terms of this Section 10. 

If to Co-Borrowers:     UPSTART HOLDINGS, INC. 

UPSTART NETWORK, INC. 
 *** 

If to Bank:                   SILICON VALLEY
BANK 
 *** 
 11 CHOICE
OF LAW, VENUE, JURY TRIAL WAIVER AND JUDICIAL REFERENCE 
 Except as otherwise expressly provided in any of the Loan Documents,
California law governs the Loan Documents without regard to principles of conflicts of law. Co-Borrowers and Bank each submit to the exclusive jurisdiction of the State and Federal courts in Santa Clara
County, California; provided, however, that nothing in this Agreement shall be deemed to operate to preclude Bank from bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other security for the
Obligations, or to enforce a judgment or other court order in favor of Bank. Each Co-Borrower expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any such court,
and each Co-Borrower hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or
equitable relief as is deemed appropriate by such court. Each Co-Borrower hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of
such summons, complaints, and other process may be made by registered or certified mail addressed to such Co-Borrower 

  
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at the address set forth in, or subsequently provided by such Co-Borrower in accordance with, Section 10 of this Agreement and that service so made
shall be deemed completed upon the earlier to occur of such Co-Borrower’s actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid. 

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH CO-BORROWER AND BANK EACH WAIVE THEIR RIGHT
TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR
BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 
 WITHOUT INTENDING IN ANY WAY TO
LIMIT THE PARTIES’ AGREEMENT TO WAIVE THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY, if the above waiver of the right to a trial by jury is not enforceable, the parties hereto agree that any and all disputes or controversies of any nature between
them arising at any time shall be decided by a reference to a private judge, mutually selected by the parties (or, if they cannot agree, by the Presiding Judge of the Santa Clara County, California Superior Court) appointed in accordance with
California Code of Civil Procedure Section 638 (or pursuant to comparable provisions of federal law if the dispute falls within the exclusive jurisdiction of the federal courts), sitting without a jury, in Santa Clara County, California; and
the parties hereby submit to the jurisdiction of such court. The reference proceedings shall be conducted pursuant to and in accordance with the provisions of California Code of Civil Procedure Sections 638 through 645.1, inclusive. The private
judge shall have the power, among others, to grant provisional relief, including without limitation, entering temporary restraining orders, issuing preliminary and permanent injunctions and appointing receivers. All such proceedings shall be closed
to the public and confidential and all records relating thereto shall be permanently sealed. If during the course of any dispute, a party desires to seek provisional relief, but a judge has not been appointed at that point pursuant to the judicial
reference procedures, then such party may apply to the Santa Clara County, California Superior Court for such relief. The proceeding before the private judge shall be conducted in the same manner as it would be before a court under the rules of
evidence applicable to judicial proceedings. The parties shall be entitled to discovery which shall be conducted in the same manner as it would be before a court under the rules of discovery applicable to judicial proceedings. The private judge
shall oversee discovery and may enforce all discovery rules and orders applicable to judicial proceedings in the same manner as a trial court judge. The parties agree that the selected or appointed private judge shall have the power to decide all
issues in the action or proceeding, whether of fact or of law, and shall report a statement of decision thereon pursuant to California Code of Civil Procedure Section 644(a). Nothing in this paragraph shall limit the right of any party at any
time to exercise self-help remedies, foreclose against collateral, or obtain provisional remedies. The private judge shall also determine all issues relating to the applicability, interpretation, and enforceability of this paragraph. 

This Section 11 shall survive the termination of this Agreement. 

12 GENERAL PROVISIONS 

12.1 Termination Prior to Maturity Date; Survival. All covenants, representations and warranties made in this Agreement shall
continue in full force until this Agreement has terminated pursuant to its terms and all Obligations have been satisfied. So long as Co-Borrowers have satisfied the Obligations (other than inchoate indemnity
obligations, and any other obligations which, by their terms, are to survive the termination of this Agreement, and any Obligations under Bank Services Agreements that are cash collateralized in accordance with and to the extent required by
Section 4.1 of this Agreement), this Agreement may be terminated prior to the Revolving Line Maturity Date and the Growth Capital Maturity Date by Co-Borrowers, effective three (3) Business Days
after written notice of termination is given to Bank. Those obligations that are expressly specified in this Agreement as surviving this Agreement’s termination shall continue to survive notwithstanding this Agreement’s termination. 

12.2 Successors and Assigns. This Agreement binds and is for the benefit of the successors and permitted assigns of each party.
No Co-Borrower may assign this Agreement or any rights or obligations under it without Bank’s prior written consent (which may be granted or withheld in Bank’s discretion). Bank has the right,
without the consent of or notice to Co-Borrowers, to sell, transfer, assign, negotiate, or grant participation in all or 

  
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any part of, or any interest in, Bank’s obligations, rights, and benefits under this Agreement and the other Loan Documents (other than the Warrant, as to which assignment, transfer and
other such actions are governed by the terms thereof). Notwithstanding the foregoing, prior to the occurrence of an Event of Default that is continuing, Bank shall not assign any interest in the Loan Documents to an operating company which is a
known direct competitor of Co-Borrowers or a vulture or distressed debt fund (as determined by Bank). 

12.3 Indemnification. Co-Borrowers agree to indemnify, defend and hold Bank and its
directors, officers, employees, agents, attorneys, or any other Person affiliated with or representing Bank (each, an “Indemnified Person”) harmless against: (i) all obligations, demands, claims, and liabilities (collectively,
“Claims”) claimed or asserted by any other party in connection with the transactions contemplated by the Loan Documents; and (ii) all losses or expenses (including Bank Expenses) in any way suffered, incurred, or paid by such
Indemnified Person as a result of, following from, consequential to, or arising from transactions between Bank and Co-Borrowers (including reasonable attorneys’ fees and expenses), except for Claims
and/or losses directly caused by such Indemnified Person’s gross negligence or willful misconduct. 
 This Section 12.3 shall
survive until all statutes of limitation with respect to the Claims, losses, and expenses for which indemnity is given shall have run. 

12.4 Time of Essence. Time is of the essence for the performance of all Obligations in this Agreement. 

12.5 Severability of Provisions. Each provision of this Agreement is severable from every other provision in determining the
enforceability of any provision. 
 12.6 Correction of Loan Documents. Bank may correct patent errors and fill in any blanks
in the Loan Documents consistent with the agreement of the parties so long as Bank provides Co-Borrowers with written notice of such correction and allows Co-Borrowers
at least ten (10) days to object to such correction. In the event of such objection, such correction shall not be made except by an amendment signed by both Bank and Co-Borrowers. 

12.7 Amendments in Writing; Waiver; Integration. No purported amendment or modification of any Loan Document, or waiver,
discharge or termination of any obligation under any Loan Document, shall be enforceable or admissible unless, and only to the extent, expressly set forth in a writing signed by the party against which enforcement or admission is sought. Without
limiting the generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require performance or course of conduct shall operate as, or evidence, an amendment, supplement or waiver or have any other effect
on any Loan Document. Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other circumstance, whether similar or dissimilar, or give rise to, or evidence, any
obligation or commitment to grant any further waiver. The Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and
negotiations between the parties about the subject matter of the Loan Documents merge into the Loan Documents. 
 12.8
Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. 

12.9 Confidentiality. In handling any confidential information, Bank shall exercise the same degree of care that it exercises
for its own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or Affiliates (such Subsidiaries and Affiliates, together with Bank, collectively, “Bank Entities”); (b) to
prospective transferees or purchasers of any interest in the Credit Extensions (provided, however, Bank shall use its best efforts to obtain any prospective transferee’s or purchaser’s agreement to the terms of this provision); (c) as
required by law, regulation, subpoena, or other order; (d) to Bank’s regulators or as otherwise required in connection with Bank’s examination or audit; (e) as Bank considers appropriate in exercising remedies under the Loan
Documents; and (f) to third-party service providers of Bank so long as such service providers have executed a confidentiality agreement with Bank with terms no less restrictive than those contained herein. Confidential information does not
include information that is either: (i) in the public domain or in Bank’s possession when disclosed to Bank, or becomes part of the public domain (other than as a result of its disclosure by Bank in violation of this Agreement) after
disclosure to Bank; or (ii) disclosed to Bank by a third party, if Bank does not know that the third party is prohibited from disclosing the information. 

  
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 Bank Entities may use anonymous forms of confidential information for aggregate datasets,
for analyses or reporting, and for any other uses not expressly prohibited in writing by Co-Borrowers. The provisions of the immediately preceding sentence shall survive the termination of this Agreement. 

12.10 Attorneys’ Fees, Costs and Expenses. In any action or proceeding between
Co-Borrowers and Bank arising out of or relating to the Loan Documents, the prevailing party shall be entitled to recover its reasonable attorneys’ fees and other costs and expenses incurred, in addition
to any other relief to which it may be entitled. 
 12.11 Electronic Execution of Documents. The words “execution,”
“signed,” “signature” and words of like import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity and
enforceability as a manually executed signature or the use of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based on the Uniform
Electronic Transactions Act. 
 12.12 Right of Setoff. Each Co-Borrower hereby grants
to Bank a Lien and a right of setoff as security for all Obligations to Bank, whether now existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or
control of Bank or any entity under the control of Bank (including a subsidiary of Bank) or in transit to any of them. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may set off the
same or any part thereof and apply the same to any liability or Obligation of any Co-Borrower even though unmatured and regardless of the adequacy of any other collateral securing the Obligations. ANY AND ALL
RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF ANY CO-BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 
 12.13 Captions.
The headings used in this Agreement are for convenience only and shall not affect the interpretation of this Agreement. 
 12.14
Construction of Agreement. The parties mutually acknowledge that they and their attorneys have participated in the preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to
which of the parties caused the uncertainty to exist. 
 12.15 Relationship. The relationship of the parties to this Agreement
is determined solely by the provisions of this Agreement. The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract. 
 12.16 Third Parties. Nothing in this Agreement, whether
express or implied, is intended to: (a) confer any benefits, rights or remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors and assigns; (b) relieve or
discharge the obligation or liability of any person not an express party to this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any party to this Agreement. 

12.17 Effect of Amendment and Restatement. This Agreement is intended to and does completely amend, restate and supersede,
without novation, the Original Agreement, which shall be terminated on the Effective Date of this Agreement. All security interests granted by Co-Borrowers under the Original Agreement are hereby confirmed and
ratified and shall continue to secure all Obligations under this Agreement. Without limiting the foregoing, any warrant(s) and all other loan documents issued in connection with the Original Agreement (to the extent not yet exercised, terminated or
amended and restated in connection with this Agreement) remain in full force and effect. 

  
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 12.18 Waiver. Bank hereby waives the Events of Default that occurred due to
(a) Borrower’s failure to repay all Obligations with respect to the Revolving Line on the Revolving Line Maturity Date, (b) Borrower’s entry into the DB Guaranty, (c) Borrower’s maintenance of its accounts held by Wells
Fargo and (d) Borrower’s failure to report Restricted Licenses. 
 13 DEFINITIONS 

13.1 Definitions. As used in the Loan Documents, the word “shall” is mandatory, the word “may” is
permissive, the word “or” is not exclusive, the words “includes” and “including” are not limiting, the singular includes the plural, and numbers denoting amounts that are set off in brackets are negative. As used in
this Agreement, the following capitalized terms have the following meanings: 
 “3-Month
Charge-offs” means, collectively, the aggregate outstanding principal amount of loans originated on Co-Borrowers’ platform which have been charged-off in
the three (3) full calendar months immediately preceding the date of calculation. 
 “Account” is, as to any Person,
any “account” of such Person as “account” is defined in the Code with such additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to such Person.

 “Account Debtor” is any “account debtor” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Administrator” is an individual that is named: 

(a) as an “Administrator” in the “SVB Online Services” form completed by
Co-Borrowers with the authority to determine who will be authorized to use SVB Online Services (as defined in Bank’s Online Banking Agreement as in effect from time to time) on behalf of a Co-Borrower; and 
 (b) as an Authorized Signer of a Co-Borrower
in an approval by the Board of Directors. 
 “Advance” or “Advances” means a revolving credit loan (or
revolving credit loans) under the Revolving Line. 
 “Advance Rate” is (a) two (2) multiplied by (b) (i) one
hundred percent (100%) minus (ii) (A) five (5) times the sum of Loan Delinquencies (as of the last day of the month of measurement) and 3-Month Charge-offs (as of the last day of the month of
measurement), divided by (iii) the average outstanding principal amount of Co-Borrowers’ Loan Portfolio for the trailing three (3) month period then ended. 

“Affiliate” is, with respect to any Person, each other Person that owns or controls directly or indirectly the Person, any
Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited liability company, that Person’s managers
and members. 
 “Agreement” is defined in the preamble hereof. 

“Authorized Signer” is any individual listed in a Co-Borrower’s Borrowing
Resolution who is authorized to execute the Loan Documents, including making (and executing if applicable) any Credit Extension request, on behalf of such Co-Borrower. 

“Availability Amount” is (a) the lesser of (i) the Revolving Line or (ii) the amount available under the
Borrowing Base minus (b) the outstanding principal balance of any Advances. 
 “Bank” is defined in the preamble
hereof. 

  
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 “Bank Entities” is defined in Section 12.9. 

“Bank Expenses” are all reasonable audit fees and expenses, costs, and expenses (including reasonable attorneys’ fees
and expenses) for preparing, amending, negotiating, administering, defending and enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred with respect to Co-Borrowers or any Guarantor. Upon request by Co-Borrowers and, provided, that no Event of Default has occurred and is continuing, Bank will endeavor to provide an invoice or
notice to Co-Borrowers in respect of such Bank Expenses, provided that Bank shall not have any liability for failure to do so. 

“Bank Services” are any products, credit services, and/or financial accommodations previously, now, or hereafter provided to
a Co-Borrower or any of its Subsidiaries by Bank or any Bank Affiliate, including, without limitation, any letters of credit, cash management services (including, without limitation, merchant services, direct
deposit of payroll, business credit cards, and check cashing services), interest rate swap arrangements, and foreign exchange services as any such products or services may be identified in Bank’s various agreements related thereto (each, a
“Bank Services Agreement”). 
 “Bank Services Agreement” is defined in the definition of Bank Services. 

“Board of Directors” means the board of directors of each Co-Borrower as appropriate
in each case. 
 “Borrowing Base” is, at any time, an amount equal to (a) the Advance Rate multiplied by (b) (i)
during any Streamline Period, Borrower’s net operating revenue, determined in accordance with GAAP minus (A) realized gains or losses from sale (determined in accordance with GAAP) and (B) any other non-recurring revenue, for the immediately preceding month or (ii) during any Non-Streamline Period, Borrower’s net operating revenue, determined in accordance with
GAAP minus (A) realized gains or losses from sale (determined in accordance with GAAP) and (B) any other non-recurring revenue, for the trailing thirty (30) day period then ended;
provided, however, that Bank has the right to decrease the foregoing amount in its good faith business judgment to mitigate the impact of events, conditions, contingencies, or risks which may adversely affect the Collateral or its value. So long as
no Event of Default has occurred and is continuing, Bank shall endeavor to consult with Co-Borrowers about any such decreases, but the failure to do so shall not be a breach by Bank hereunder. 

“Borrowing Base Report” is that certain report of the value of certain Collateral in the form specified by Bank to Co-Borrowers from time to time, substantially in the form of Exhibit C. 
 “Borrowing
Resolutions” are, with respect to any Person, those resolutions adopted by such Person’s board of directors (and, if required under the terms of such Person’s Operating Documents, stockholders) and delivered by such Person to Bank
approving the Loan Documents to which such Person is a party and the transactions contemplated thereby, together with a certificate executed by its secretary on behalf of such Person certifying (a) such Person has the authority to execute,
deliver, and perform its obligations under each of the Loan Documents to which it is a party, (b) that set forth as a part of or attached as an exhibit to such certificate is a true, correct, and complete copy of the resolutions then in full
force and effect authorizing and ratifying the execution, delivery, and performance by such Person of the Loan Documents to which it is a party, (c) the name(s) of the Person(s) authorized to execute the Loan Documents, including making (and
executing if applicable) any Credit Extension request, on behalf of such Person, together with a sample of the true signature(s) of such Person(s), and (d) that Bank may conclusively rely on such certificate unless and until such Person shall
have delivered to Bank a further certificate canceling or amending such prior certificate. 
 “Business Day” is any day
that is not a Saturday, Sunday or a day on which Bank is closed. 
 “Cash Collateral Account” is defined in
Section 6.3(c). 
 “Cash Equivalents” means (a) marketable direct obligations issued or unconditionally
guaranteed by the United States or any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its creation and having the
highest rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.; (c) Bank’s certificates of deposit issued maturing no more than one (1) year after issue; and (d) money market funds at
least ninety-five percent (95%) of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (c) of this definition. 

  
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 “Change in Control” means (a) at any time, any “person” or
“group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), shall become, or obtain rights (whether by means of warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly, of forty-nine percent (49%) or more of the ordinary voting power for the election of directors of Upstart
Holdings (determined on a fully diluted basis) other than by the sale of Upstart Holdings’ equity securities in a public offering or to venture capital or private equity investors so long as Co-Borrowers
identify to Bank the venture capital or private equity investors at least seven (7) Business Days prior to the closing of the transaction and provide to Bank a description of the material terms of the transaction; (b) except for a change
in the members of the board or other equivalent body of a Co-Borrower resulting from the sale of a Co-Borrower’s equity securities in a public offering or to
venture capital or private equity investors so long as such Co-Borrower identifies to Bank the venture capital or private equity investors at least seven (7) Business Days prior to the closing of the
transaction and provides to Bank a description of the material terms of the transaction, during any period of twelve (12) consecutive months, a majority of the members of the board of directors or other equivalent governing body of
Upstart Holdings ceases to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was
approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other
equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body; (c) Upstart
Network ceases to be a wholly-owned Subsidiary of Upstart Holdings; or (d) at any time, a Co-Borrower shall cease to own and control, of record and beneficially, directly or indirectly, one hundred
percent (100%) of each class of outstanding capital stock of each subsidiary of such Co-Borrower (unless such Subsidiary is dissolved, merged, consolidated or liquidated into a
Co-Borrower or a Guarantor) free and clear of all Liens (except Liens created by this Agreement). 

“Claims” is defined in Section 12.3. 

“Co-Borrowers” is defined in the preamble hereof. 

“Co-Borrowers’ Books” are all of a
Co-Borrower’s books and records including ledgers, federal and state tax returns, records regarding such Co-Borrower’s assets or liabilities, the Collateral,
business operations or financial condition, and all computer programs or storage or any equipment containing such information. 
 “Co-Borrowers’ Loan Portfolio” means, collectively, the principal amount of all loans originated on Co-Borrowers’ platform with outstanding
principal amount greater than $0. 
 “Code” is the Uniform Commercial Code, as the same may, from time to time, be enacted
and in effect in the State of California; provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of
such term contained in Article or Division 9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Bank’s Lien on
any Collateral is governed by the Uniform Commercial Code in effect in a jurisdiction other than the State of California, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for
purposes of the provisions thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. 

“Collateral” is any and all properties, rights and assets of Co-Borrowers described
on Exhibit A. 
 “Collateral Account” is any Deposit Account, Securities Account, or Commodity Account which
constitute Collateral or in which any Collateral is maintained. 

  
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 “Commodity Account” is any “commodity account” as defined in the
Code with such additions to such term as may hereafter be made. 
 “Compliance Certificate” is that certain certificate in
the form attached hereto as Exhibit B. 
 “Contingent Obligation” is, for any Person, any direct or indirect
liability, contingent or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, directly or indirectly guaranteed, endorsed, co made, discounted or
sold with recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or
commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent
Obligation” does not include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not
determinable, the maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support arrangement. 

“Control Agreement” is any control agreement entered into among the depository institution at which a Co-Borrower maintains a Deposit Account or the securities intermediary or commodity intermediary at which a Co-Borrower maintains a Securities Account or a Commodity Account,
such Co-Borrower, and Bank pursuant to which Bank obtains control (within the meaning of the Code) over such Deposit Account, Securities Account, or Commodity Account. 

“Copyrights” are any and all copyright rights, copyright applications, copyright registrations and like protections in each
work of authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret. 

“Credit Extension” is any Advance, any Overadvance, Letter of Credit, FX Contract, amount utilized for cash management
services, Growth Capital Advance, or any other extension of credit by Bank for Co-Borrowers’ benefit. 

“Cumulative Net Loss” means, as of any date, the cumulative net loss of Co-Borrowers
for the period commencing on January 1 of the fiscal year in which such date occurs and ending on such date, determined in accordance with GAAP minus any non-cash stock based compensation, any fair value
adjustment of Co-Borrowers’ preferred stock warrants and/or service fee liabilities, and any other non-cash deductions approved in Bank’s reasonable business
discretion. 
 “DB Guaranty” means that certain Limited Guaranty and Indemnity Agreement dated as of May 23, 2018 by
Upstart Holdings in favor of Deutsche Bank AG, New York Branch, as administrative agent on behalf of the Lenders (as defined therein), as amended from time to time. 

“Default Rate” is defined in Section 2.3(b). 

“Deposit Account” is any “deposit account” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Designated Deposit Account” is the multicurrency account, denominated in Dollars, account number ***
maintained by a Co-Borrower with Bank. 
 “Division” means, in reference to any
Person which is an entity, the division of such Person into two (2) or more separate Persons, with the dividing Person either continuing or terminating its existence as part of such division, including, without limitation, as contemplated under
Section 18-217 of the Delaware Limited Liability Company Act for limited liability companies formed under Delaware law, or any analogous action taken pursuant to any other applicable law with respect to
any corporation, limited liability company, partnership or other entity. 

  
 30 

 “Dollars,” “dollars” or use of the sign “$”
means only lawful money of the United States and not any other currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily converted into lawful money of the United States. 

“Dollar Equivalent” is, at any time, (a) with respect to any amount denominated in Dollars, such amount, and
(b) with respect to any amount denominated in a Foreign Currency, the equivalent amount therefor in Dollars as determined by Bank at such time on the basis of the then-prevailing rate of exchange in San Francisco, California, for sales of the
Foreign Currency for transfer to the country issuing such Foreign Currency. 
 “Domestic Subsidiary” means a Subsidiary
organized under the laws of the United States or any state or territory thereof or the District of Columbia. 
 “Effective
Date” is defined in the preamble hereof. 
 “Equipment” is all “equipment” as defined in the Code
with such additions to such term as may hereafter be made, and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 

“ERISA” is the Employee Retirement Income Security Act of 1974, and its regulations. 

“Event of Default” is defined in Section 8. 

“Exchange Act” is the Securities Exchange Act of 1934, as amended. 

“Excluded Subsidiary” is a Subsidiary of either Co-Borrower (or another Person formed
for the purposes of engaging in a Permitted Receivables Financing in which either Co-Borrower or any of its Subsidiaries makes an Investment and to which such
Co-Borrower or any of its Subsidiaries transfers Permitted Receivables Financing Assets) that engages in no material activities other than in connection with Permitted Receivables Financings, and any business
or activities incidental or related to such business, and which is designated by such Co-Borrower (as provided below) as an Excluded Subsidiary and (a) no portion of the Indebtedness (contingent or
otherwise) of which (i) is guaranteed by either Co-Borrower, other than another Excluded Subsidiary or pursuant to Standard Securitization Undertakings, or (ii) is recourse to or obligates either Co-Borrower or any of its Subsidiaries, other than another Excluded Subsidiary, in any way other than pursuant to Standard Securitization Undertakings, and (b) to which none of either Co-Borrower or any of their Subsidiaries, other than another Excluded Subsidiary, has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of
operating results. 
 “Excluded Taxes” means any of the following Taxes imposed on or with respect to Recipient or required
to be withheld or deducted from a payment to Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of Recipient being organized
under the laws of, or having its principal office or its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) U.S. federal withholding
Taxes imposed on amounts payable to or for the account of Recipient with respect to an applicable interest in a Credit Extension pursuant to a law in effect on the date on which (i) Recipient acquires such interest in a Credit Extension or
(ii) Recipient changes its lending office, except in each case to the extent that, pursuant to Section 2.6, amounts with respect to such Taxes were payable either to such Recipient’s assignor immediately before such Recipient became a
party hereto or to such Recipient immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.6(f), and (d) any U.S. federal withholding Taxes imposed under FATCA.

 “Foreign Currency” means lawful money of a country other than the United States. 

“Foreign Subsidiary” means any Subsidiary which is not a Domestic Subsidiary. 

  
 31 

 “Funding Date” is any date on which a Credit Extension is made to or for
the account of Co-Borrowers which shall be a Business Day. 
 “FX Contract” is any
foreign exchange contract by and between a Co-Borrower and Bank under which such Co-Borrower commits to purchase from or sell to Bank a specific amount of Foreign
Currency on a specified date. 
 “GAAP” is generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other Person as may be
approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the date of determination. 

“General Intangibles” is all “general intangibles” as defined in the Code in effect on the date hereof with such
additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income and other tax refunds, security and other deposits, payment intangibles, contract rights, options to purchase or sell real or
personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation key man, property damage, and business interruption insurance), payments of
insurance and rights to payment of any kind. 
 “Governmental Approval” is any consent, authorization, approval, order,
license, franchise, permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority. 

“Governmental Authority” is any nation or government, any state or other political subdivision thereof, any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any
self-regulatory organization. 
 “Growth Capital Advance” is defined in Section 2.1.2(a) of this Agreement. 

“Growth Capital Maturity Date” is December 1, 2020. 

“GS Guaranty” means that certain Limited Guaranty and Indemnity Agreement dated as of November 20, 2015 by Upstart
Holdings in favor of Goldman Sachs Bank USA, as administrative agent on behalf of the Lenders (as defined therein), as amended from time to time. 

“Guarantor” is any Person providing a Guaranty in favor of Bank. 

“Guaranty” is any guarantee of all or any part of the Obligations, as the same may from time to time be amended, restated,
modified or otherwise supplemented. 
 “Indebtedness” is (a) indebtedness for borrowed money or the deferred price of
property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital lease obligations, and (d) Contingent
Obligations. 
 “Indemnified Person” is defined in Section 12.3. 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on
account of any obligation of Co-Borrowers under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Insolvency Proceeding” is any proceeding by or against any Person under the United States Bankruptcy Code, or any other
bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 

  
 32 

 “Intellectual Property” means, with respect to any Person, all of such
Person’s right, title, and interest in and to the following: 
 (a) its Copyrights, Trademarks and Patents; 

(b) any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how and operating manuals; 
 (c) any and all source code; 

(d) any and all design rights which may be available to such Person; 

(e) any and all claims for damages by way of past, present and future infringement of any of the foregoing, with the right, but not the
obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above; and 

(f) all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents. 

“Inventory” is all “inventory” as defined in the Code in effect on the date hereof with such additions to
such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily
out of a Co-Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above. 

“Investment” is any beneficial ownership interest in any Person (including stock, partnership interest or other securities),
and any loan, advance or capital contribution to any Person. 
 “IP Agreements” are those certain Intellectual Property
Security Agreements executed and delivered by each Co-Borrower to Bank dated as of the Effective Date, as may be amended, modified or restated from time to time. 

“Key Person” is Co-Borrower’s (i) Chief Executive Officer, who is Dave
Girouard as of the Effective Date and (ii) Head of Product, who is Paul Gu as of the Effective Date. 
 “Letter of
Credit” is a standby or commercial letter of credit issued by Bank upon request of a Co-Borrower based upon an application, guarantee, indemnity, or similar agreement. 

“Lien” is a claim, mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind, whether
voluntarily incurred or arising by operation of law or otherwise against any property. 
 “Liquidity” is, at any time, the
sum of (a) the aggregate amount of unrestricted cash and Cash Equivalents held at such time by Co-Borrowers in Collateral Accounts maintained with Bank or its Affiliates in which Bank has a perfected
first priority Lien. 
 “Loan Delinquencies” means the aggregate principal amount of loans in Co-Borrowers’ Loan Portfolio that are aged more than sixteen (16) days past the due date for such loans and which have not been charged off. 

“Loan Documents” are, collectively, this Agreement and any schedules, exhibits, certificates, notices, and any other
documents related to this Agreement, the Warrant, any Bank Services Agreement, any subordination agreement, any note, or notes or guaranties executed by a Co-Borrower or any Guarantor, and any other present or
future agreement by a Co-Borrower and/or any Guarantor with or for the benefit of Bank, all as amended, restated, or otherwise modified. 

  
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 “Material Adverse Change” is (a) a material impairment in the
perfection or priority of Bank’s Lien in the Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or condition (financial or otherwise) of
Co-Borrowers; or (c) a material impairment of the prospect of repayment of any portion of the Obligations. 

“Mezzanine Loan Agreement” means that certain Mezzanine Loan and Security Agreement by and among Co-Borrowers and Bank dated as of October 22, 2018. 
 “Mezzanine Loan Documents”
means all of the “Loan Documents” as such term is defined in the Mezzanine Loan Agreement. 
 “Minimum Interest”
is defined in Section 2.3(d). 
 “Minimum Interest Amount” is, for any month, an amount equal to Ten Thousand Five
Hundred Fifty Dollars ($10,550). 
 “Minimum Interest Period” is defined in Section 2.3(d). 

“Monthly Financial Statements” is defined in Section 6.2(b). 

“Net Cash” means an amount equal to (a) Co-Borrowers’ unrestricted cash and
Cash Equivalents held at Bank or Bank’s Affiliates (subject to a Control Agreement) minus (b) the outstanding Obligations owing to Bank (other than any Obligations that are cash secured or owing to Bank under the Mezzanine Loan
Documents). 
 “Obligations” are Co-Borrowers’ obligations to pay when due any
debts, principal, interest, fees, Bank Expenses, and other amounts Co-Borrowers owe Bank now or later, whether under this Agreement, the other Loan Documents (other than the Warrant or any other equity
interest in a Co-Borrower), or otherwise, including, without limitation, all obligations relating to Bank Services and interest accruing after Insolvency Proceedings begin and debts, liabilities, or
obligations of Co-Borrowers assigned to Bank, and to perform Co-Borrowers’ duties under the Loan Documents (other than the Warrant or any other equity interest in a
Co-Borrower). 
 “Offsite Collateral” means laptops, mobile phones and other
similar portable equipment in the possession of employees in the ordinary course of business. 
 “Operating Documents” are,
for any Person, such Person’s formation documents, as certified by the Secretary of State (or equivalent agency) of such Person’s jurisdiction of organization on a date that is no earlier than thirty (30) days prior to the Effective
Date, and, (a) if such Person is a corporation, its bylaws in current form, (b) if such Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership,
its partnership agreement (or similar agreement), each of the foregoing with all current amendments or modifications thereto. 

“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection
between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a
security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Credit Extension or Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment. 
 “Overadvance” is defined in Section 2.2. 

  
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 “Patents” means all patents, patent applications and like protections
including without limitation improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same. 

“Payment Date” is (a) with respect to Growth Capital Advance, the first (1st) calendar day of each month and
(b) with respect to Advances, the last calendar day of each month. 
 “Perfection Certificate” is defined in
Section 5.1. 
 “Permitted Acquisition” means any acquisition by Co-Borrowers
(whether by merger, equity purchase, or otherwise) of all or substantially all of the assets of, the equity interests of, or a business line or unit or division of, any Person (the “Target”), consisting of a single transaction or a
series of related transactions (an “Acquisition”), provided that: (i) Target is a company or companies organized under the laws of the United States or any state or territory thereof or the District of Columbia;
(ii) Target is engaged in a similar line of business as Co-Borrowers both prior to and after giving effect to such Acquisition; (iii) [reserved]; (iv) such Acquisition is
non-hostile in nature and has been approved by Target’s board of directors; (v) no Indebtedness, other than Permitted Indebtedness, shall be assumed or incurred by
Co-Borrowers in connection with such Acquisition; (vi) no Event of Default has occurred and is continuing or would exist after giving effect to such Acquisition; (vii) the total consideration for all
such Acquisitions, including cash and the value of any non-cash consideration, does not in the aggregate exceed Five Million Dollars ($5,000,000) during the term of this Agreement; (ix) Co-Borrowers have provided Bank with pro forma financial projections for the twelve (12) month period following such Acquisition demonstrating compliance with this Agreement and the covenants
contained herein during such period; (x) the Liquidity of Co-Borrowers immediately following such Acquisition shall be no less than an amount equal to the then-outstanding Obligations; (xi) Co-Borrowers are the surviving legal entity/entities; and (xii) if the Target is not merged with and into a Co-Borrower then, within thirty (30) days after
such Acquisition, the Target must become a “Co-Borrower” under this Agreement and the other Loan Documents and become subject to all rights and obligations of this Agreement and the other Loan
Documents, and must execute and deliver to Bank an assumption agreement acceptable to Bank as well as such other documents and agreements as required by Bank in connection with the target becoming a
Co-Borrower and granting a lien in favor of Bank on the Collateral. 
 “Permitted
Indebtedness” is: 
 (a) Co-Borrowers’ Indebtedness to Bank under this Agreement, the
other Loan Documents and the Mezzanine Loan Documents; 
 (b) Indebtedness existing on the Effective Date which is shown on the Perfection
Certificate; 
 (c) Subordinated Debt; 

(d) unsecured Indebtedness to trade creditors incurred in the ordinary course of business; 

(e) Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of business; 

(f) Indebtedness in an aggregate principal amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000) secured by Permitted Liens; 

(g) [reserved]; 
 (h) earnouts
incurred in connection with Permitted Acquisitions so long as (i) the total consideration for such Permitted Acquisitions, including such earnouts, does not exceed the limitations set forth in in the definition of Permitted Acquisitions, and
(ii) such earnouts are subject to subordination agreements in form and substance satisfactory to Bank; 

  
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 (i) Indebtedness of Excluded Subsidiaries to third-party financial institutions for the
financing of loans originated on Co-Borrowers’ platform and transferred to such Excluded Subsidiaries in accordance with Section 7.1; 

(j) Indebtedness incurred pursuant to Standard Securitization Undertakings as of the Effective Date; 

(k) extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness (a) through (h) above,
provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon a Co-Borrower or its Subsidiary, as the case may be; and 

(l) obligations incurred by an Excluded Subsidiary in a Permitted Receivables Financing that is not recourse to either Co-Borrower or any Subsidiary (other than an Excluded Subsidiary). 
 “Permitted
Investments” are: 
 (a) Investments (including, without limitation, Subsidiaries) existing on the Effective Date which are shown
on the Perfection Certificate; 
 (b) Investments consisting of Cash Equivalents; 

(c) Investments consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary
course of a Co-Borrower; 
 (d) Investments consisting of deposit accounts in which Bank has a
perfected security interest; 
 (e) Investments accepted in connection with Transfers permitted by Section 7.1; 

(f) Investments consisting of the creation of a Subsidiary for the purpose of consummating a merger transaction permitted by Section 7.3
of this Agreement, which is otherwise a Permitted Investment; 
 (g) Investments consisting of (i) travel advances and employee
relocation loans and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of a Co-Borrower
or its Subsidiaries pursuant to employee stock purchase plans or agreements approved by the Board of Directors; 
 (h) Investments
(including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of
business; 
 (i) Investments in (i) the beneficial interests in Excluded Subsidiaries (including all certificates representing such
interests), (ii) loans originated through the Co-Borrowers’ platform in the ordinary course of business, (iii) capital contributions in the Excluded Subsidiaries not exceeding an amount equal to
(1) the aggregate principal amount of loans originated on Co-Borrowers’ platform and transferred to the Excluded Subsidiaries by Co-Borrowers in accordance
with Section 7.1, minus (2) the aggregate loan proceeds received by the Excluded Subsidiaries from the third-party financing of such transferred loans, and (iv) other capital contributions in the Excluded Subsidiaries not to exceed
One Hundred Thousand Dollars ($100,000) in the aggregate in any fiscal year; 
 (j) Investments consisting of notes receivable of, or
prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates, in the ordinary course of business; provided that this paragraph (k) shall not apply to Investments of
Co-Borrowers in any Subsidiary; 

  
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 (k) Investments in an Excluded Subsidiary or any Investment by an Excluded Subsidiary in any
other Person in connection with a Permitted Receivables Financing; and 
 (l) Permitted Acquisitions. 

“Permitted Liens” are: 

(a) Liens shown on the Perfection Certificate existing on the Effective Date or arising under this Agreement, the other Loan Documents or the
Mezzanine Loan Documents; 
 (b) Liens for taxes, fees, assessments or other government charges or levies, either (i) not due and
payable or (ii) being contested in good faith and for which a Co-Borrower maintains adequate reserves on such Co-Borrower’s Books, provided that no notice of
any such Lien has been filed or recorded under the Internal Revenue Code of 1986, as amended, and the Treasury Regulations adopted thereunder; 

(c) purchase money Liens (i) on Equipment acquired or held by a Co-Borrower incurred for
financing the acquisition of the Equipment securing no more than Two Hundred Fifty Thousand Dollars ($250,000) in the aggregate amount outstanding, or (ii) existing on Equipment when acquired, if the Lien is confined to the property and
improvements and the proceeds of the Equipment; 
 (d) Liens of carriers, warehousemen, suppliers, or other Persons that are possessory in
nature arising in the ordinary course of business so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000) and which are not delinquent or remain payable
without penalty or which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto; 

(e) Liens to secure payment of workers’ compensation, employment insurance, old-age pensions,
social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); 
 (f) Liens
incurred in the extension, renewal or refinancing of the Indebtedness secured by Liens described in (a) through (c), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the
principal amount of the indebtedness may not increase; 
 (g) leases or subleases of real property granted in the ordinary course of a Co-Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), and leases, subleases, non-exclusive licenses or
sublicenses of personal property (other than Intellectual Property) granted in the ordinary course of a Co-Borrower’s business (or, if referring to another Person, in the ordinary course of such
Person’s business), if the leases, subleases, licenses and sublicenses do not prohibit granting Bank a security interest therein; 

(h) non-exclusive licenses of Intellectual Property granted to third parties in the ordinary course of
business; 
 (i) Liens arising from attachments or judgments, orders, or decrees in circumstances not constituting an Event of Default under
Sections 8.4 and 8.7; 
 (j) Liens in the assets of Excluded Subsidiaries granted by such Excluded Subsidiaries to third-party financial
institutions in connection with the financing of loans originated on Co-Borrowers’ platform and transferred to such Excluded Subsidiaries in accordance with Section 7.1 and Liens on Permitted
Receivables Financing Assets securing any Permitted Receivables Financing; and 
 (k) Liens in favor of other financial institutions arising
in connection with Co-Borrowers’ deposit and/or securities accounts held at such institutions as permitted by Section 6.8(a) hereof, provided that Bank has a perfected security interest in the
amounts held in such deposit and/or securities accounts to the extent required hereunder. 

  
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 “Permitted Receivables Financing” is any transaction or series of
transactions that may be entered into by any Co-Borrower or any Subsidiary thereof pursuant to which any Co-Borrower or Subsidiary may sell, convey or otherwise transfer
to (a) an Excluded Subsidiary (in the case of a transfer by either Co-Borrower or Subsidiary) or (b) any Special Purpose Vehicle (in the case of a transfer by an Excluded Subsidiary), or an Excluded
Subsidiary may grant a security interest in, any Permitted Receivables Financing Assets provided, that, the terms of which (including financing terms, covenants, termination events and other provisions) (i) have been negotiated at arm’s
length and (ii) are, in the good faith determination of either Co-Borrower, which determination shall be conclusive, in the aggregate economically fair and reasonable to such Co-Borrower. 
 “Permitted Receivables Financing Assets” are (a) Receivables which
are described as being transferred by a Co-Borrower or Subsidiary pursuant to a Permitted Receivables Financing, (b) all Receivables Related Assets in respect of Receivables described in clause (a), and
(c) all collections (including recoveries) and other proceeds of the assets described in the foregoing clauses. 

“Person” is any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust,
unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 

“Prime Rate” is the rate of interest per annum from time to time published in the money rates section of The Wall Street
Journal or any successor publication thereto as the “prime rate” then in effect; provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of this Agreement; and provided further
that if such rate of interest, as set forth from time to time in the money rates section of The Wall Street Journal, becomes unavailable for any reason as determined by Bank, the “Prime Rate” shall mean the rate of interest per annum
announced by Bank as its prime rate in effect at its principal office in the State of California (such Bank announced Prime Rate not being intended to be the lowest rate of interest charged by Bank in connection with extensions of credit to
debtors); provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Receivables” are all rights of the Co-Borrowers or any Subsidiaries (other than an
Excluded Subsidiary) to payments (whether constituting accounts, chattel paper, instruments, general intangibles or otherwise, and including the right to payment of any interest or finance charges), which rights are identified in the accounting
records of the Co-Borrower or such Subsidiary as accounts receivable. 
 “Receivables
Related Assets” are (a) any rights arising under the documentation governing or relating to Receivables (including rights in respect of Liens securing such Receivables and other credit support in respect of such Receivables); (b) any
proceeds of such Receivables and any lockboxes or accounts in which such proceeds are deposited; (c) spread accounts and other similar accounts (and any amounts on deposit therein) established in connection with a Permitted Receivables
Financing; (d) any warranty, indemnity, dilution and other intercompany claim arising out of a Permitted Receivables Financing; and (e) other assets which are customarily transferred or in respect of which security interests are
customarily granted in connection with asset securitization transactions involving accounts receivable. 
 “Recipient”
means Bank or any other Person holding a beneficial interest in the right to make Credit Extensions. 
 “Registered
Organization” is any “registered organization” as defined in the Code with such additions to such term as may hereafter be made. 

“Requirement of Law” is as to any Person, the organizational or governing documents of such Person, and any law (statutory or
common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is
subject. 
 “Reserves” means, as of any date of determination, such amounts as Bank may from time to time establish and
revise in its good faith business judgment, reducing the amount of Advances and other financial accommodations which would otherwise be available to Co-Borrowers (a) to reflect events, conditions,

  
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contingencies or risks which, as determined by Bank in its good faith business judgment, do or may adversely affect (i) the Collateral or any other property which is security for the
Obligations or its value (including without limitation any increase in delinquencies of Accounts), (ii) the assets, business or prospects of a Co-Borrower or any Guarantor, or (iii) the security interests
and other rights of Bank in the Collateral (including the enforceability, perfection and priority thereof); or (b) to reflect Bank’s reasonable belief that any collateral report or financial information furnished by or on behalf of a Co-Borrower or any Guarantor to Bank is or may have been incomplete, inaccurate or misleading in any material respect; or (c) in respect of any state of facts which Bank determines constitutes an Event of
Default or may, with notice or passage of time or both, constitute an Event of Default. So long as no Event of Default has occurred and is continuing, Bank shall endeavor to consult with Co-Borrowers about the
establishment of the Reserves amount, but the failure to do so shall not be a breach by Bank hereunder. 
 “Responsible
Officer” is any of the Chief Executive Officer, President, Chief Financial Officer and Controller of a Co-Borrower. 

“Restricted License” is any material license or other similar agreement relating to the use of intellectual property with
respect to which a Co-Borrower is the licensee (a) that prohibit or otherwise restricts such Co-Borrower from granting a security interest in such Co-Borrower’s interest in such license or agreement or any other property, or (b) for which a default under or termination of could interfere with Bank’s right to sell any Collateral, but
“Restricted License” shall not include (i) over the counter software and services, open source code, application programming interfaces and/or other Intellectual Property made commercially available under shrinkwrap or clickwrap
licenses, online terms of service or use, or similar agreements. 
 “Retained Interest” is the debt or equity interests
held by a Co-Borrower or any Subsidiary (other than an Excluded Subsidiary) in an Excluded Subsidiary to which Permitted Receivables Financing Assets have been transferred, including any such debt or equity
received as consideration for or as a portion of the purchase price for the Permitted Receivables Financing Assets transferred, or any other instrument through which a Co-Borrower or such Subsidiary has rights
to or receives distributions in respect of any residual or excess interest in the Permitted Receivables Financing Assets. 

“Revolving Line” is an aggregate principal amount equal to Five Million Five Hundred Thousand Dollars ($5,500,000). 

“Revolving Line Maturity Date” is June 1, 2020. 

“SEC” shall mean the Securities and Exchange Commission, any successor thereto, and any analogous Governmental Authority.

 “Securities Account” is any “securities account” as defined in the Code with such additions to such
term as may hereafter be made. 
 “Special Purpose Vehicle” is a trust, partnership or other special purpose Person
established by a Co- Borrower and/or any of its Subsidiaries to implement a Permitted Receivables Financing. 

“Standard Securitization Undertakings” are representations, warranties, covenants and indemnities (including repurchase
obligations in the event of a breach of representation and warranty) made or provided, and limited recourse guarantees (including, without limitation, by way of example only, the GS Guaranty and the DB Guaranty), performance guarantees and servicing
obligations undertaken, by any Co-Borrower or any Subsidiary in connection with a Permitted Receivables Financing of a character appropriate for the assets being securitized and which, in the good faith
judgment of the board of directors of the appropriate company are reasonably customary in an accounts receivable transaction and which have been negotiated at arm’s length with an unaffiliated third party. 

“Streamline Period” is, on and after the Effective Date, provided no Event of Default has occurred and is continuing, the
period (a) commencing on the first day of the month following the day that a Co-Borrower provides to Bank a written report that such Co-Borrower has, for each
consecutive day in the immediately preceding month maintained Net Cash, as determined by Bank in its discretion, in an amount at all times greater than or equal to One 

  
 39 

 
Dollar ($1.00) (the “Streamline Trigger”); and (b) terminating on the earlier to occur of (i) the occurrence of an Event of Default, and (ii) the first day
thereafter in which such Co-Borrower fails to maintain the Streamline Trigger, as determined by Bank in its discretion. Upon the termination of a Streamline Period,
Co-Borrower must maintain the Streamline Trigger each consecutive day for one (1) calendar month as determined by Bank in its discretion, prior to entering into a subsequent Streamline Period. Co-Borrower shall give Bank prior written notice of such Co-Borrower’s election to enter into any such Streamline Period, and each such Streamline Period shall commence
on the first day of the monthly period following the date Bank determines, in its reasonable discretion, that the Streamline Trigger has been achieved. 

“Streamline Trigger” is defined in the definition of Streamline Period. 

“Subordinated Debt” is indebtedness incurred by a Co-Borrower subordinated to all of
such Co-Borrower’s now or hereafter indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between Bank and
the other creditor), on terms acceptable to Bank in its reasonable business discretion. 
 “Subsidiary” is, as to any
Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of
the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly
through one or more intermediaries, or both, by such Person. Unless the context otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of a Co-Borrower or Guarantor.
Notwithstanding anything to the contrary herein, “Subsidiary” shall not include any Excluded Subsidiary. 
 “Tax”
and “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest,
additions to tax or penalties applicable thereto. 
 “Trademarks” means any trademark and servicemark rights, whether
registered or not, applications to register and registrations of the same and like protections, and the entire goodwill of the business of a Co-Borrower connected with and symbolized by such trademarks. 

“Transfer” is defined in Section 7.1. 

“Upstart Holdings” is defined in the preamble hereof. 

“Upstart Network” is defined in the preamble hereof. 

“Warrant” is, collectively, (i) that certain Warrant to Purchase Stock dated as of March 19, 2015 executed by Co-Borrowers in favor of Bank, (ii) that certain Warrant to Purchase Stock dated as of February 1, 2016 executed by Co-Borrowers in favor of Bank, and
(iii) that certain Warrant to Purchase Stock dated as of July 26, 2017 executed by Co-Borrowers in favor of Bank. 

“Wells Fargo Accounts” is defined in Section 6.8(a). 

[Balance of Page Intentionally Left Blank] 

  
 40 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as
of the Effective Date. 
  

			
	 CO-BORROWERS:

	
	 UPSTART HOLDINGS, INC.

		
	By	 	/s/Sanjay Datta
	Name:	 	Sanjay Datta
	Title:	 	Chief Financial Officer
	
	 UPSTART NETWORK, INC.

		
	By	 	/s/Sanjay Datta
	Name:	 	Sanjay Datta
	Title:	 	Chief Financial Officer
	
	 BANK:

	
	 SILICON VALLEY BANK

		
	By	 	 /s/Lane Bruno

	Name:	 	 Lane Bruno

	Title:	 	 Director

 FIRST AMENDMENT 

TO 
 AMENDED AND RESTATED
LOAN AND SECURITY AGREEMENT 
 This FIRST AMENDMENT to Amended and Restated Loan and Security Agreement (this
“Amendment”) is entered into as of October 22, 2018, by and among SILICON VALLEY BANK, a California corporation (“Bank”), UPSTART HOLDINGS, INC., a Delaware corporation and UPSTART NETWORK, INC., a
Delaware corporation (each a “Co-Borrower” and collectively, “Co-Borrowers”). 

RECITALS 

A. Bank and Co-Borrowers have entered into that certain Amended and Restated Loan and Security
Agreement dated as of September 5, 2018 (as the same may from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”). 

B. Bank has extended credit to Co-Borrowers for the purposes permitted in the Loan Agreement.

 C. Co-Borrowers have requested that Bank amend the Loan Agreement to (i) permit Co-Borrowers to incur certain mezzanine debt to Bank, and (ii) make certain other revisions to the Loan Agreement as more fully set forth herein. 

D. Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject
to the conditions and in reliance upon the representations and warranties set forth below. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 
 1.
Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement. 

2. Amendments to Loan Agreement. 

2.1 Section 4.1 (Grant of Security Interest). The third paragraph of Section 4.1 of the Loan Agreement hereby is amended
and restated in its entirety to read as follows: 
 “If this Agreement is terminated, Bank’s Lien in the Collateral
shall continue until the Obligations (other than inchoate indemnity obligations) are repaid in full in cash. Upon payment in full in cash of the Obligations (other than inchoate indemnity obligations) and at such time as Bank’s obligation to
make Credit Extensions has terminated, Bank shall, at the sole cost and expense of Co-Borrowers, release its Liens in the Collateral and all rights therein shall revert to Co-Borrowers. In the event
(x) all Obligations (other than inchoate indemnity 

 
obligations), except for Bank Services, are satisfied in full, and (y) this Agreement is terminated, Bank shall terminate the security interest granted herein either (i) if the
Mezzanine Loan Documents are in full force and effect, immediately or (ii) of the Mezzanine Loan Documents are no longer in full force and effect, upon Co-Borrowers providing cash collateral acceptable to
Bank in its good faith business judgment for Bank Services, if any. In the event such Bank Services consist of outstanding Letters of Credit, Co-Borrowers shall provide to Bank cash collateral (to the extent
required pursuant to the immediately preceding sentence) in an amount equal to (x) if such Letters of Credit are denominated in Dollars, then at least one hundred five percent (105.0%); and (y) if such Letters of Credit are denominated in
a Foreign Currency, then at least one hundred ten percent (110.0%), of the Dollar Equivalent of the face amount of all such Letters of Credit plus all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in
its good faith business judgment), to secure all of the Obligations relating to such Letters of Credit.” 
 2.2 Section 12.1
(Termination Prior to Maturity Date; Survival). Section 12.1 of the Loan Agreement hereby is amended and restated in its entirety to read as follows: 

“12.1 Termination Prior to Maturity Date; Survival. All covenants, representations and warranties made in
this Agreement shall continue in full force until this Agreement has terminated pursuant to its terms and all Obligations have been satisfied. So long as Co-Borrowers have satisfied the Obligations (other than
inchoate indemnity obligations, and any other obligations which, by their terms, are to survive the termination of this Agreement, and any Obligations under Bank Services Agreements that are cash collateralized in accordance with and to the extent
required by Section 4.1 of this Agreement), this Agreement may be terminated prior to the Revolving Line Maturity Date and the Growth Capital Maturity Date by Co-Borrowers, effective three
(3) Business Days after written notice of termination is given to Bank. Those obligations that are expressly specified in this Agreement as surviving this Agreement’s termination shall continue to survive notwithstanding this
Agreement’s termination.” 
 2.3 Section 13 (Definitions). The following terms and their respective definitions
hereby are added or amended and restated in their entirety, in Section 13.1 of the Loan Agreement, as appropriate, as follows: 

“Mezzanine Loan Agreement” means that certain Mezzanine Loan and Security Agreement by and among Co-Borrowers and Bank dated as of October 22, 2018. 
 “Mezzanine Loan
Documents” means all of the “Loan Documents” as such term is defined in the Mezzanine Loan Agreement. 

“Net Cash” means an amount equal to (a) Co-Borrowers’
unrestricted cash and Cash Equivalents held at Bank or Bank’s Affiliates (subject to a Control Agreement) minus (b) the outstanding Obligations owing to Bank (other than any Obligations that are cash secured or owing to Bank under
the Mezzanine Loan Documents). 

  
 2 

 2.4 Section 13 (Definitions). Subsection (a) of the defined term
“Permitted Indebtedness” set forth in Section 13.1 of the Loan Agreement hereby is amended and restated in its entirety to read as follows: 

“(a) Co-Borrowers’ Indebtedness to Bank under this Agreement, the other Loan
Documents and the Mezzanine Loan Documents;” 
 2.5 Section 13 (Definitions). Subsection (a) of the defined term
“Permitted Liens” set forth in Section 13.1 of the Loan Agreement hereby is amended and restated in its entirety to read as follows: 

“(a) Liens shown on the Perfection Certificate existing on the Effective Date or arising under this Agreement, the other
Loan Documents or the Mezzanine Loan Documents;” 
 3. Limitation of Amendments. 

3.1 The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited precisely
as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the
future under or in connection with any Loan Document. 
 3.2 This Amendment shall be construed in connection with and as part of the
Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

4. Representations and Warranties. To induce Bank to enter into this Amendment, each
Co-Borrower hereby represents and warrants to Bank as follows: 
 4.1 Immediately after
giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except (i) that such materiality qualifier shall not be
applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof, and (ii) to the extent such representations and warranties relate to an earlier date, in which case they are true and
correct as of such date), and (b) no Event of Default has occurred and is continuing; 
 4.2
Co-Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 

  
 3 

 4.3 The organizational documents of
Co-Borrower delivered to Bank on the Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

4.4 The execution and delivery by Co-Borrower of this Amendment and the performance by Co-Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 

4.5 The execution and delivery by Co-Borrower of this Amendment and the performance by Co-Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting each
Co-Borrower, (b) any contractual restriction with a Person binding on Co-Borrower, (c) any order, judgment or decree of any court or other governmental or
public body or authority, or subdivision thereof, binding on Co-Borrower, or (d) the organizational documents of Co-Borrower; 

4.6 The execution and delivery by Co-Borrower of this Amendment and the performance by Co-Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with,
or exemption by any governmental or public body or authority, or subdivision thereof, binding on each Co-Borrower, except as already has been obtained or made; and 

4.7 This Amendment has been duly executed and delivered by Co-Borrower and is the binding
obligation of Co-Borrower, enforceable against Co-Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 

5. Ratification of Intellectual Property Security Agreement. Each Co-Borrower hereby
ratifies, confirms and reaffirms, all and singular, the terms and conditions of a certain Intellectual Property Security Agreement dated as of September 5, 2018 between such Co-Borrower and Bank, and
acknowledges, confirms and agrees that said Intellectual Property Security Agreement (a) contains an accurate and complete listing of all Intellectual Property Collateral (as defined therein) and (b) shall remain in full force and effect.

 6. Ratification of Perfection Certificate. Each Co-Borrower hereby ratifies,
confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate dated as of September 5, 2018 and acknowledges, confirms and agrees that the disclosures and information such Co-Borrower provided to Bank in such Perfection Certificate have not changed, as of the date hereof. 

7. Integration. This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede
prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan
Documents. 

  
 4 

 8. Counterparts. This Amendment may be executed in any number of counterparts
and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 
 9. Effectiveness.
This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of (i) this Amendment by each party hereto and (ii) the Mezzanine Loan Documents, and
(b) Co-Borrowers’ payment of all Bank Expenses incurred through the date hereof. 

[Signature page follows.] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto
have caused this Amendment to be duly executed and delivered as of the date first written above. 
  

									
	 BANK
	 		 	 CO-BORROWERS

			
	 SILICON VALLEY BANK
	 		 	 UPSTART HOLDINGS, INC.

					
	By:	 	/s/ Lane Bruno	 		 	By:	 	/s/ Sanjay Datta
	Name:	 	Lane Bruno	 		 	Name:	 	Sanjay Datta
	Title:	 	Director	 		 	Title:	 	CFO

  

									
	 UPSTART NETWORK, INC.
	 		 	
					
	By:	 	 /s/ Sanjay Datta
	 		 		 	
	Name:	 	 Sanjay Datta
	 		 		 	
	Title:	 	 CFO
	 		 		 	

  
 [Signature
Page to First Amendment to Loan and Security Agreement] 

 DEFAULT WAIVER AND SECOND AMENDMENT 

TO 
 AMENDED AND RESTATED
LOAN AND SECURITY AGREEMENT 
 This DEFAULT WAIVER AND SECOND AMENDMENT to Amended and Restated Loan and Security Agreement
(this “Amendment”) is entered into as of August 14, 2019, by and among SILICON VALLEY BANK, a California corporation (“Bank”), UPSTART HOLDINGS, INC., a Delaware corporation and UPSTART NETWORK,
INC., a Delaware corporation (each a “Co-Borrower” and collectively, “Co-Borrowers”). 

RECITALS 

A. Bank and Co-Borrowers have entered into that certain Amended and Restated Loan and Security
Agreement dated as of September 5, 2018 (as amended by that certain First Amendment to Amended and Restated Loan and Security Agreement dated as of October 22, 2018 and as the same may from time to time be further amended, modified,
supplemented or restated, the “Loan Agreement”). 
 B. Bank has extended credit to
Co-Borrowers for the purposes permitted in the Loan Agreement. 
 C. Co-Borrowers have requested that Bank amend the Loan Agreement to (i) revise the financial covenants, and (ii) make certain other revisions to the Loan Agreement as more fully set forth herein. 

D. In addition, Co-Borrowers acknowledge they are currently in default of the Loan Agreement
for failing to comply with the covenant set forth in Section 6.9(b) of the Loan Agreement for the quarterly measuring period ending March 31, 2019 (the “Waived Default”). 

E. Co-Borrowers have requested that Bank waive its rights and remedies against Co-Borrowers, limited specifically to the Waived Default. Although Bank is under no obligation to do so, Bank is willing to not exercise its rights and remedies against
Co-Borrowers related to the specific Waived Default on the terms and conditions set forth in this Agreement, so long as Co-Borrowers comply with the terms, covenants and
conditions set forth in this Agreement. 
 F. Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the
extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 

AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 

1. Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan
Agreement. 

 2. Waiver of Default. Bank hereby waives filing any legal action or
instituting or enforcing any rights and remedies it may have against Co-Borrowers with respect to the Waived Default. Bank’s waiver of Co-Borrowers’ compliance
with Section 6.9(b) of the Loan Agreement shall apply only with respect to Co-Borrowers’ failure to do so as of March 31, 2019. Accordingly, hereinafter,
Co-Borrowers shall be in compliance with such section. Bank’s agreement to waive the Waived Default (a) in no way shall be deemed an agreement by Bank to waive
Co-Borrowers’ compliance with the above-referenced section as of all other dates, and (b) shall not limit or impair the Bank’s right to demand strict performance of such section as of all other
dates. 
 3. Amendments to Loan Agreement. 

3.1 Section 6.9 (Financial Covenants). Section 6.9(b) of the Loan Agreement hereby is amended and restated in its entirety
to read as follows: 
 “(b) Net Loss. As of the last day of each quarter set forth below, Co-Borrowers’ Cumulative Net Loss shall not be less than the following amounts: 
  

			
	 Quarter Ending
	  	 Cumulative Net Loss

	June 30, 2019	  	($9,000,000)
	September 30, 2019	  	($12,000,000)
	December 31, 2019	  	($15,000,000)

 The required Cumulative Net Loss covenant levels for the measuring periods ending after
December 31, 2019, shall be equal to the lesser of (i) one hundred twenty percent (120%) of the Cumulative Net Loss set forth in Co-Borrowers’ Board of Directors approved projections delivered
to Bank in accordance with Section 6.2(d) hereof, and (ii) Zero Dollars ($0); provided however, the Cumulative Net Loss covenant levels for each measuring period ending after December 31, 2019 shall not be greater than a loss of One
Million Dollars ($1,000,000) per fiscal quarter.” 
 3.1 Section 6.13 (Formation or Acquisition of Subsidiaries).
Section 6.13 of the Loan Agreement hereby is amended and restated in its entirety to read as follows: 

“6.13 Formation or Acquisition of Subsidiaries. Notwithstanding and without limiting the negative covenants
contained in Sections 7.3 and 7.7 hereof, at the time that a Co-Borrower or any Guarantor form any direct or indirect Subsidiary or acquire any direct or indirect Subsidiary after the Effective Date
(including, without limitation, pursuant to a Division), such Co-Borrower and such Guarantor shall (a) cause such new Subsidiary that is a Domestic Subsidiary to provide to Bank a joinder to this
Agreement to cause such Subsidiary that is a Domestic Subsidiary to become a co-borrower hereunder, together with such appropriate financing statements and/or Control Agreements, all in form and substance
satisfactory to Bank in its reasonable discretion (including being 

  
 2 

 
sufficient to grant Bank a first priority Lien (subject to Permitted Liens) in and to the assets of such newly formed or acquired Subsidiary that is a Domestic Subsidiary), (b) provide to Bank
appropriate certificates and powers and financing statements, pledging all of the direct or beneficial ownership interest in such new Subsidiary (or, in the case of a Foreign Subsidiary, sixty-five percent (65%) of the equity interests in such
Subsidiary), in form and substance satisfactory to Bank in its reasonable discretion, and (c) provide to Bank all other documentation in form and substance satisfactory to Bank, which in its opinion is appropriate with respect to the execution
and delivery of the applicable documentation referred to above. Any document, agreement, or instrument executed or issued pursuant to this Section 6.13 shall be a Loan Document.” 

3.2 Section 7.1 (Dispositions). Section 7.1 of the Loan Agreement hereby is amended and restated in its entirety to read as
follows: 
 “7.1 Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of (including,
without limitation, pursuant to a Division) (collectively, “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory in the ordinary course of
business; (b) of worn-out or obsolete Equipment that is, in the reasonable judgment of Co-Borrower, no longer economically practicable to maintain or useful in the
ordinary course of business of Co-Borrower; (c) consisting of Permitted Liens, Permitted Indebtedness and Permitted Investments; (d) consisting of the sale or issuance of any stock of Co-Borrower permitted under Section 7.2 of this Agreement; (e) consisting of Co-Borrower’s use or transfer of money or Cash Equivalents in a manner that is not
prohibited by the terms of this Agreement or the other Loan Documents; (f) of non-exclusive licenses for the use of the property of a Co-Borrower or its
Subsidiaries in the ordinary course of business; (g) of surplus Equipment in the ordinary course of business not otherwise permitted by this Section 7.1 in an amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000) in the
aggregate in any fiscal year; (h) of loans originated on Co-Borrowers’ platform and sold to third parties (other than Excluded Subsidiaries) in the ordinary course of business for fair market value
(which may or may not reflect a discount to par value); (i) of loans originated on Co-Borrowers’ platform and transferred to Excluded Subsidiaries in the ordinary course of business, such transferred
loans to be financed through a combination of (1) third-party financing which constitutes Permitted Indebtedness hereunder, (2) Permitted Investments made by Co-Borrowers in such Excluded
Subsidiaries and/or (3) direct equity investments by Persons commonly known as “backers” or “investors” for the sole purpose of financing such loans; and (j) dispositions of Permitted Receivables Financing Assets
pursuant to Permitted Receivables Financings, in each case so long as the consideration for any such disposition is (i) in the form of cash or Retained Interests, (ii) in an amount at least equal to fair market value thereof (which may or
may not reflect a discount to par value), (iii) the Retained Interest and all proceeds thereof shall constitute Collateral and all necessary steps to perfect a security interest in such Retained Interest for the benefit of Bank are taken by Co-Borrowers or the Subsidiary and (iv) no Default 

  
 3 

 
or Event of Default shall have occurred and be continuing at the time such disposition is made, (k) so long as no Default or Event of Default has occurred or would result therefrom, a sale
of Receivables by a Co-Borrower to any Person who is not an Affiliate from time to time pursuant to the terms of any whole loan sale program entered into between such
Co-Borrower and such Person providing for the sale of specific Receivables by the Co-Borrower to such Person in the ordinary course of the
Co-Borrower’s business; provided, in each case, that One Hundred Percent (100%) of Co-Borrowers’ revenue received from such sales shall be paid promptly
following such sale by depositing such revenues in the Designated Deposit Account, and (l) other Transfers in the ordinary course of business not otherwise permitted by this Section 7.1 not to exceed One Hundred Thousand Dollars ($100,000)
in the aggregate in any fiscal year.” 
 3.3 Section 7.3 (Mergers or Acquisitions). Section 7.3 of the Loan
Agreement hereby is amended and restated in its entirety to read as follows: 
 “7.3 Mergers or
Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another
Person (including, without limitation, by the formation of any Subsidiary or pursuant to a Division) except for Permitted Acquisitions. A Subsidiary may merge or consolidate into another Subsidiary or into a
Co-Borrower.” 
 3.4 Section 13 (Definitions). The following term and its
respective definition hereby is added to Section 13.1 of the Loan Agreement to read as follows: 

“Division” means, in reference to any Person which is an entity, the division of such Person into two
(2) or more separate Persons, with the dividing Person either continuing or terminating its existence as part of such division, including, without limitation, as contemplated under Section 18-217 of
the Delaware Limited Liability Company Act for limited liability companies formed under Delaware law, or any analogous action taken pursuant to any other applicable law with respect to any corporation, limited liability company, partnership or other
entity. 
 3.5 Exhibit B. to the Loan Agreement is hereby replaced with Exhibit B attached hereto. 

4. Limitation of Amendments. 

4.1 The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited precisely
as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the
future under or in connection with any Loan Document. 

  
 4 

 4.2 This Amendment shall be construed in connection with and as part of the Loan
Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

5. Representations and Warranties. To induce Bank to enter into this Amendment, each
Co-Borrower hereby represents and warrants to Bank as follows: 
 5.1 Immediately after
giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except (i) that such materiality qualifier shall not be
applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof, and (ii) to the extent such representations and warranties relate to an earlier date, in which case they are true and
correct as of such date), and (b) no Event of Default has occurred and is continuing; 
 5.2
Co-Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 

5.3 The organizational documents of Co-Borrower delivered to Bank on the Effective Date remain
true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

5.4 The execution and delivery by Co-Borrower of this Amendment and the performance by Co-Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 

5.5 The execution and delivery by Co-Borrower of this Amendment and the performance by Co-Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting each
Co-Borrower, (b) any contractual restriction with a Person binding on Co-Borrower, (c) any order, judgment or decree of any court or other governmental or
public body or authority, or subdivision thereof, binding on Co-Borrower, or (d) the organizational documents of Co-Borrower; 

5.6 The execution and delivery by Co-Borrower of this Amendment and the performance by Co-Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with,
or exemption by any governmental or public body or authority, or subdivision thereof, binding on each Co-Borrower, except as already has been obtained or made; and 

5.7 This Amendment has been duly executed and delivered by Co-Borrower and is the binding
obligation of Co-Borrower, enforceable against Co-Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 

  
 5 

 6. Ratification of Intellectual Property Security Agreement. Each Co-Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and conditions of a certain Intellectual Property Security Agreement dated as of September 5, 2018 between such Co-Borrower and Bank, and acknowledges, confirms and agrees that said Intellectual Property Security Agreement (a) contains an accurate and complete listing of all Intellectual Property Collateral (as defined
therein) and (b) shall remain in full force and effect. 
 7. Ratification of Perfection Certificate. Each Co-Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate dated as of September 5, 2018 and acknowledges, confirms and agrees
that the disclosures and information such Co-Borrower provided to Bank in such Perfection Certificate have not changed, as of the date hereof. 

8. Integration. This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede
prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan
Documents. 
 9. Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken
together shall be deemed to constitute one and the same instrument. 
 10. Effectiveness. This Amendment shall be deemed
effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto, and (b) Co-Borrowers’ payment of (i) a waiver fee in the amount of Fifteen Thousand Dollars
($15,000) and (ii) all Bank Expenses incurred through the date hereof. 
 [Signature page follows.] 

  
 6 

 IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above. 
  

									
	 BANK
	 		 	 CO-BORROWERS

			
	 SILICON VALLEY BANK
	 		 	 UPSTART HOLDINGS, INC.

					
	By:	 	/s/ Chris Vind	 		 	By:	 	/s/ Sanjay Datta
	Name:	 	Chris Vind	 		 	Name:	 	Sanjay Datta
	Title:	 	Vice President	 		 	Title:	 	Chief Financial Officer

  

									
			
		 		 	 UPSTART NETWORK, INC.

					
		 		 		 	By:	 	/s/ Sanjay Datta
		 		 		 	Name:	 	Sanjay Datta
		 		 		 	Title:	 	Chief Financial Officer

  
 [Signature
Page to Default Waiver and Second Amendment to Amended and Restated Loan and Security Agreement] 

 EXHIBIT B 

COMPLIANCE CERTIFICATE 
  

					
	TO:	  	SILICON VALLEY BANK	  	Date:                     
	FROM:	  	UPSTART HOLDINGS, INC. and UPSTART NETWORK, INC.

 The undersigned authorized officers of UPSTART HOLDINGS, INC. and UPSTART NETWORK, INC. certify solely in
their capacities as officers of the company and not in their individual capacities, that under the terms and conditions of the Amended and Restated Loan and Security Agreement between Co-Borrowers and Bank
(the “Agreement”): (1) Co-Borrowers are in complete compliance for the period ending _______________ with all required covenants except as noted below, (2) there are no Events of Default,
(3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any
representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate
and complete in all material respects as of such date, (4) Co-Borrowers, and each of their Subsidiaries, has timely filed all required tax returns and reports, and
Co-Borrowers have timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Co-Borrowers except as otherwise permitted
pursuant to the terms of Section 5.9 of the Agreement, and (5) no Liens have been levied or claims made against Co-Borrowers or any of their Subsidiaries, if any, relating to unpaid employee payroll
or benefits of which Co-Borrowers have not previously provided written notification to Bank. Attached are the required documents supporting the certification. The undersigned certifies that these are prepared
in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Co-Borrowers are not in compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined
herein shall have the meanings given them in the Agreement. 
 Please indicate compliance status by circling Yes/No
under “Complies” column. 
  

					
	Reporting Covenants	  	Required	  	Complies
	Monthly consolidated financial statements with Compliance Certificate	  	Monthly within 30 days	  	Yes     No
	Updated structure chart	  	Quarterly within 45 days	  	Yes     No
	Annual financial statements (CPA Audited)	  	FYE within 180 days	  	Yes     No
	10-Q, 10-K and 8-K	  	Within 5 days after filing with SEC	  	Yes     No
	Borrowing Base Reports	  	(i) Friday of each week when Streamline Period is not in effect and (ii) monthly within 30 days when a Streamline Period is
in effect	  	Yes     No
	Board-approved projections	  	Within 60 days of the earlier of (i) FYE or (ii) approval by the Board of Directors	  	Yes     No
	 
	 The following
Intellectual Property was registered after the Effective Date (if no registrations, state “None”)
	  		  	
	
                          
                                         
                 
 

	  		  	
	
                          
                              

 
	  		  	
	
    
 

	  		  	

							
	Financial Covenants	  	Required	  	Actual	  	Complies
	 Maintain on a Monthly Basis:
	  	 	  	 	  	 
	 Loan Delinquencies and 3-Month Charge-offs divided by Co-Borrowers’ Loan Portfolio (Trailing 3-Month average)
	  	
£ 6.00%
	  	
_____%
	  	
Yes     No

	 Maintain on a Quarterly Basis:
	  	 	  	 	  	 
	 Maximum Cumulative Net Loss:
	  	 	  	 	  	 
	 Quarter ending 6/30/19
	  	
($9,000,000)
	  	
$________
	  	
Yes     No

	 Quarter ending 9/30/19
	  	
($12,000,000)
	  	
$________
	  	
Yes     No

	 Quarter ending 12/31/19
	  	
($15,000,000)
	  	
$________
	  	
Yes     No

	 Quarter ending 3/31/20 and thereafter
	  	To be reset, but in any event the cumulative Net Loss shall not be greater than ($1,000,000) per fiscal quarter	  	
$________
	  	
Yes     No

  

							
	 Streamline
	  	
Required
	  	
Actual
	  	
Complies

	 	  	 	  	 	  	 
	 Net Cash
	  	
At least $1.00
	  	
$_______
	  	
Yes     No

 The following are the exceptions with respect to the certification above: (If no exceptions
exist, state “No exceptions to note.”) 
  
  

 

									
	 UPSTART HOLDINGS, INC.
	 		 	BANK USE ONLY
					
		 		 		 	 Received by:
	 	 
		 		 		 		 	 AUTHORIZED SIGNER

	 By:
	 	 	 		 	Date:	 	 
	Name:	 	 	 		 		 	
	 Title:
	 	 	 		 	 Verified:
	 	 
		 		 		 		 	 AUTHORIZED SIGNER

		 		 		 	Date:	 	 

									
	 UPSTART NETWORK, INC.
	 		 	
					
	 By:
	 	 	 		 	 Compliance Status:
	 	Yes    No
	Name:	 	 	 		 		 	
	Title:	 	 	 		 		 	

 THIRD AMENDMENT 

TO 
 AMENDED AND RESTATED
LOAN AND SECURITY AGREEMENT 
 This THIRD AMENDMENT to Amended and Restated Loan and Security Agreement (this
“Amendment”) is entered into as of June 30, 2020, by and among SILICON VALLEY BANK, a California corporation (“Bank”), UPSTART HOLDINGS, INC., a Delaware corporation and UPSTART NETWORK, INC., a Delaware
corporation (each a “Co-Borrower” and collectively, “Co-Borrowers”). 

RECITALS 
 A. Bank
and Co-Borrowers have entered into that certain Amended and Restated Loan and Security Agreement dated as of September 5, 2018 (as amended by that certain First Amendment to Amended and Restated Loan and
Security Agreement dated as of October 22, 2018, that certain Default Waiver and Second Amendment dated as of August 14, 2019, and as the same may from time to time be further amended, modified, supplemented or restated, the “Loan
Agreement”). 
 B. Bank has extended credit to Co-Borrowers for the purposes permitted
in the Loan Agreement. 
 C. Co-Borrowers are currently in violation of Section 8.2(a)
of the Loan Agreement due to Co-Borrowers’ repurchase of stock from Eaglewood SPV I LP (“Eaglewood”) in November 2019 in accordance with the terms of that certain Stock Repurchase Agreement by
and between Upstart Holdings, Inc. and Eaglewood dated as of November 14, 2019, in excess of the annual repurchase limit set forth in section 7.7(a)(iii) of the Loan Agreement (the “Existing Default”). 

D. Co-Borrowers have requested that Bank waive its rights and remedies against Co-Borrowers, limited specifically to the Existing Default. Although Bank is under no obligation to do so, Bank is willing to not exercise its rights and remedies against
Co-Borrowers related to the specific Existing Default on the terms and conditions set forth in this Amendment, so long as Co-Borrowers comply with the terms, covenants
and conditions set forth in this Amendment. 
 E. Co-Borrowers have further requested that
Bank amend the Loan Agreement to (i) extend the maturity date, (ii) revise the financial covenants, and (iii) make certain other revisions to the Loan Agreement as more fully set forth herein. 

F. Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject
to the conditions and in reliance upon the representations and warranties set forth below. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which
is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 

 1. Definitions. Capitalized terms used but not defined in this Amendment shall
have the meanings given to them in the Loan Agreement. 
 2. Amendments to Loan Agreement. 

2.1 Section 2.3 (Payment of Interest on the Credit Extensions). Section 2.3(a)(i) of the Loan Agreement hereby is amended
and restated in its entirety to read as follows: 
 “(i) Advances. Subject to Section 2.3(b), the principal
amount outstanding under the Revolving Line shall accrue interest at a floating per annum rate equal to the greater of (A) one percentage point (1.00%) above the Prime Rate, and (B) four and one quarter percent (4.25%), which interest
shall be payable monthly in accordance with Section 2.3(e) below.” 
 2.2 Section 6.2 (Financial Statements, Reports,
Certificates). Section 6.2 of the Loan Agreement hereby is amended and restated in in its entirety to read as follows: 

“6.2 Financial Statements, Reports, Certificates. Provide Bank with the following: 

(a) a Borrowing Base Report (and any schedules related thereto and including any other information requested by Bank with
respect to Co-Borrowers’ Accounts) within thirty (30) days after the last day of each month; 

(b) as soon as available, but no later than thirty (30) days after the last day of each month, a company prepared
consolidated balance sheet and income statement covering Co-Borrowers’ consolidated operations for such month certified by a Responsible Officer and in a form acceptable to Bank (the “Monthly
Financial Statements”); 
 (c) as soon as available, but no later than forty-five (45) days after the last day
of each fiscal quarter, a company prepared consolidated and consolidating balance sheet and income statement covering Co-Borrowers’ consolidated and consolidating operations for such quarter certified by
a Responsible Officer and in a form acceptable to Bank; 
 (d) within thirty (30) days after the last day of each month
and together with the Monthly Financial Statements, a duly completed Compliance Certificate signed by a Responsible Officer; 

(e) within forty-five (45) days after the last day of each quarter, an updated corporate structure chart reflecting Co-Borrowers’ Subsidiaries and Excluded Subsidiaries; 
 (f) within sixty
(60) days after the earlier of the end of the fiscal year of Co-Borrowers or approval by Co-Borrowers’ Board of Directors, (i) annual operating budgets
(including income statements, balance sheets and cash flow statements, by month) for the upcoming fiscal year of Co-Borrowers, and (ii) annual financial projections for the following fiscal year (on a
quarterly basis), in each case as approved by the Board of Directors, together with any related business forecasts used in the preparation of such annual financial projections; 

  
 2 

 (g) as soon as available, and in any event within one hundred eighty
(180) days following the end of Co-Borrowers’ fiscal year, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion (other than with
respect to going concern qualification solely related to Co-Borrowers’ liquidity) on the financial statements from an independent certified public accounting firm reasonably acceptable to Bank in its
reasonable discretion; 
 (h) in the event that a Co-Borrower becomes subject to the
reporting requirements under the Exchange Act within five (5) days of filing, copies of all periodic and other reports, proxy statements and other materials filed by such Co-Borrower and/or any Guarantor
with the SEC, any Governmental Authority succeeding to any or all of the functions of the SEC or with any national securities exchange, or distributed to its shareholders, as the case may be. Documents required to be delivered pursuant to the terms
hereof (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which such
Co-Borrower posts such documents, or provides a link thereto, on Co-Borrower’s website on the internet at such
Co-Borrower’s website address; provided, however, such Co-Borrower shall promptly notify Bank in writing (which may be by electronic mail) of the posting of any
such documents; 
 (i) within five (5) days of delivery, copies of all statements, reports and notices made externally
available to each Co-Borrower’s security holders or to any holders of Subordinated Debt, in each case not in their roles as management or board member of any
Co-Borrower; 
 (j) prompt report of any legal actions pending or threatened in
writing against a Co-Borrower or any of its Subsidiaries that could result in damages or costs to such Co-Borrower or any of its Subsidiaries of, individually or in the
aggregate, Three Hundred Fifty Thousand Dollars ($350,000) or more; 
 (k) within one (1) Business Day of the occurrence
of any “Subject Action” (as such term is defined in the GS Guaranty and the DB Guaranty) or any claim that a Subject Action has occurred, a report and description of such Subject Action; 

(l) prompt written notice of any changes to the beneficial ownership information set out in item 13 of the Perfection
Certificate. Co-Borrowers understand and acknowledge that Bank relies on such true, accurate and up-to-date beneficial ownership
information to meet Bank’s regulatory obligations to obtain, verify and record information about the beneficial owners of its legal entity customers; and 

(m) promptly, from time to time, such other information regarding Co-Borrowers or
compliance with the terms of any Loan Documents as reasonably requested by Bank.” 

  
 3 

 2.3 Section 6.3 (Accounts Receivable). Sections 6.3(c) and 6.3(d) of the Loan
Agreement hereby are amended and restated in their entirety to read as follows: 
 “(c) Collection of Accounts. Co-Borrowers shall deliver or transmit, and cause each depository institution where proceeds of Accounts or other assets constituting Collateral are on deposit (including but not limited to Wells Fargo Bank, N.A.),
to deliver or transmit, all proceeds of Accounts or other assets constituting Collateral (and for the avoidance of doubt, not assets belonging to third-party investors which, shall remain in FBO accounts or other accounts permitted to be maintained
by Co-Borrowers in accordance with the terms hereof, if applicable) into a lockbox account, or via electronic deposit capture into a “blocked account” as specified by Bank (either such account, the
“Cash Collateral Account”). Whether or not an Event of Default has occurred and is continuing, Co-Borrowers shall immediately deliver all payments on and proceeds of Accounts constituting
Collateral to the Cash Collateral Account. Subject to Bank’s right to maintain a reserve pursuant to Section 6.3(d), so long as no Event of Default has occurred and is continuing, all amounts received in the Cash Collateral Account shall
be transferred on a daily basis to Co-Borrowers’ operating account with Bank. Co-Borrowers hereby authorize Bank to transfer to the Cash Collateral Account any
amounts that Bank reasonably determines are proceeds of the Accounts (provided that Bank is under no obligation to do so and this allowance shall in no event relieve Co-Borrowers of their obligations
hereunder). 
 (a) Reserves. Notwithstanding any terms in this Agreement to the contrary, at times when an Event of
Default exists, Bank may hold any proceeds of the Accounts and any amounts in the Cash Collateral Account that are not applied to the Obligations pursuant to Section 6.3(c) above as a reserve to be applied to any Obligations regardless of
whether such Obligations are then due and payable.” 
 2.4 Section 6.8 (Accounts). Section 6.8 of the Loan Agreement
hereby is amended and restated in its entirety to read as follows: 
 “6.8 Accounts. 

(a) Maintain their and all of their Subsidiaries’ (other than Excluded Subsidiaries’) operating and other deposit
accounts, the Cash Collateral Account and securities/investment accounts with Bank and Bank’s Affiliates and shall conduct all of their investments and foreign exchange transactions at or through Bank.
Co-Borrowers agree that they will cause each of the Excluded Subsidiaries to maintain its operating and other deposit accounts and securities accounts with Bank and Bank’s Affiliates, but only to the
extent Co-Borrowers determine that there is no adverse impact to Co-Borrowers or such Excluded Subsidiary operationally or commercially to do so after consulting in good
faith with Bank. Notwithstanding the foregoing, Co-Borrowers shall be permitted to maintain (i) accounts at Cross River Bank (the “Cross River Accounts”) and accounts at Finwise Bank (the
“Finwise Accounts”), not subject to a Control Agreement, so long as such accounts at no time contain Collateral, and (ii) conduit accounts at Wells Fargo Bank (the “Wells Fargo Accounts”), not subject to a Control Agreement,
so long as the aggregate balance in all such accounts does not exceed Fifteen Million Dollars ($15,000,000), (which 

  
 4 

 
such aggregate balances does not include, for the avoidance of doubt, assets belonging to third-party investors which shall remain in FBO accounts or other accounts permitted to be maintained by Co-Borrowers in accordance with the terms hereof) for more than five (5) consecutive Business Days each calendar month, and (iii) FBO accounts in the name of
Co-Borrower for the benefit of third party investors. 
 (b) In addition to and
without limiting the restrictions in (a), Co-Borrowers shall provide Bank five (5) days prior written notice before establishing any Collateral Account at or with any bank or financial institution other
than Bank or Bank’s Affiliates. For each Collateral Account that Co-Borrowers at any time maintain, Co-Borrowers shall cause the applicable bank or financial
institution (other than Bank) at or with which any Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Bank’s Lien in such Collateral
Account in accordance with the terms hereunder which Control Agreement may not be terminated without the prior written consent of Bank. The provisions of the previous sentence shall not apply to (i) the Cross River Accounts, (ii) the
Finwise Accounts, (iii) the Wells Fargo Accounts, or (iv) deposit accounts exclusively used for payroll, payroll taxes, and other employee wage and benefit payments to or for the benefit of
Co-Borrowers’ employees and identified to Bank by Co-Borrowers as such.” 

2.5 Section 6.9 (Financial Covenants). Section 6.9(b) of the Loan Agreement hereby is amended and restated in its entirety
to read as follows: 
 “(b) Minimum Liquidity. Co-Borrowers shall at all
times, maintain Net Liquidity of not less than Twelve Million Dollars ($12,000,000).” 
 2.6 Section 6.18 (PPP Loan). New
Section 6.18 hereby is added to the Loan Agreement to read in its entirety as follows: 
 “6.18 PPP Loan. Co-Borrower shall or shall cause each of the applicable Subsidiaries to maintain the records required to be submitted by the CARES Act in order for the PPP Loan to be forgiven in full in accordance with the terms of
the CARES Act. Each Co-Borrower agrees that such Co-Borrower shall not use the proceeds of any Credit Extension provided under this Agreement for any purpose permitted
under Section 7(a) of the Small Business Act prior to the application, in full, of all proceeds from the PPP Loan (unless otherwise agreed to in writing by Bank). Each Co-Borrower agrees that Co-Borrower shall not amend, modify or waive any rights relating to, or any agreement relating to, the PPP Loan and the documents evidencing the PPP Loan, in a manner that is adverse to Bank’s interests.”

 2.7 Section 8.2 (Covenant Default). Section 8.2(a) of the Loan Agreement hereby is amended and restated in its
entirety to read as follows: 
 (a) “A Co-Borrower fails or neglects to perform
any obligation in Sections 6.2, 6.3, 6.4, 6.5, 6.6, 6.7, 6.8, 6.9, 6.10, 6.12, 6.13, 6.14, 6.15, 6.16, 6.17 or 6.18 or violates any covenant in Section 7; or” 

  
 5 

 2.8 Section 13 (Definitions). The following terms and their respective
definitions hereby are added to Section 13.1 of the Loan Agreement to read as follows: 
 “CARES Act”
has the meaning given to it in subsection (m) of the definition of “Permitted Indebtedness.” 
 “Net
Liquidity” means (a) Co-Borrowers’ unrestricted cash and Cash Equivalents held at Bank or Bank’s Affiliates (in the case of Bank’s Affiliates, subject to a Control Agreement),
minus (b) the outstanding balance of the PPP Loan; provided, that upon receipt by Bank of evidence reasonably satisfactory to Bank that the PPP Loan has been forgiven in full pursuant to, and in accordance with, the CARES Act, then this clause
(b) shall be deemed to be $0. 
 “PPP Loan” has the meaning given to it in subsection (m) of the
definition of “Permitted Indebtedness. 
 “Third Amendment Effective Date” is June 30, 2020. 

“Small Business Act” means the Small Business Act (15 U.S.C. 636(a)) after giving effect to the implementation
of the CARES Act, as in effect on the Third Amendment Effective Date (or any amended or successor version that is substantively comparable and not materially more adverse to Bank’s interest) and any current or future regulations or official
interpretations thereof. 
 2.9 Section 13 (Definitions). The defined term “Permitted Indebtedness” in
Section 13 of the Loan Agreement, hereby is amended by adding new subsection (m) to read in its entirety as follows: 

“(m) Indebtedness, not to exceed Five Million Two Hundred Eighty-Seven Thousand Eight Hundred and Ten Dollars ($5,287,810)
in the aggregate, incurred by Upstart Network, Inc. in favor of Cross River Bank under the Paycheck Protection Program (a “PPP Loan”) established pursuant to the Coronavirus Aid, Relief and Economic Security Act (as amended, and the
related rules and regulations, the “CARES Act”); provided that (i) such Indebtedness is unsecured and shall not include any rights of set-off, counterclaim, or deduction of any kind in
favor of the lender with respect to such Indebtedness, (ii) Co-Borrowers are in compliance with all applicable U.S. Small Business Administration (“SBA”) regulations and loan eligibility
requirements, (iii) the maturity date of such Indebtedness shall not occur prior to the date that is 24 months from disbursement, and (iv) the proceeds of such Indebtedness are used in a manner that is permitted by the CARES Act.”

 2.10 Section 13 (Definitions). The following defined terms in Section 13 of the Loan Agreement, hereby are amended and
restated to read in their entirety as follows: 
 “Borrowing Base” is, at any time, an amount equal to
(a) the Advance Rate multiplied by (b) Borrower’s net operating revenue, determined in accordance with GAAP minus (A) realized gains or losses from sale (determined in accordance with GAAP) and (B) any other non-recurring revenue, for the trailing thirty (30) day period then ended; 

  
 6 

 
provided, however, that Bank has the right to decrease the foregoing amount in its good faith business judgment to mitigate the impact of events, conditions, contingencies, or risks which may
adversely affect the Collateral or its value. So long as no Event of Default has occurred and is continuing, Bank shall endeavor to consult with Co-Borrowers about any such decreases, but the failure to do so
shall not be a breach by Bank hereunder. 
 “Revolving Line Maturity Date” is December 1, 2020. 

2.11 Section 13 (Definitions). The defined terms “Cumulative Net Loss”, “Streamline Period”
and “Streamline Trigger” in Section 13 of the Loan Agreement, hereby are deleted in their entirety. 
 2.12
Section 13 (Definitions). Clause (b) of the defined term “Permitted Indebtedness” is hereby amended and restated as follows: 

“(b) Indebtedness existing on the Third Amendment Effective Date which is shown on the Perfection Certificate;” 

2.13 Exhibit A to the Loan Agreement is hereby replaced with Exhibit A attached hereto. 

2.14 Exhibit B to the Loan Agreement is hereby replaced with Exhibit B attached hereto. 

3. Extension/Waiver. 

3.1 Bank hereby waives filing any legal action or instituting or enforcing any rights and remedies it may have against Co-Borrowers with respect to the Existing Default. Bank’s waiver of Co-Borrowers’ compliance with Section 7.7(a)(iii) of the Loan Agreement shall apply only
with respect to Co-Borrowers’ failure to do so as of June 30, 2020. Accordingly, hereinafter, Co-Borrower shall be in compliance with such section. Bank’s
agreement to waive the Existing Default (a) in no way shall be deemed an agreement by Bank to waive Co-Borrowers’ compliance with the above-referenced section as of all other dates, and
(b) shall not limit or impair the Bank’s right to demand strict performance of such section as of all other dates. 
 3.2
In addition, Bank hereby acknowledges that effective as of the date on which the conditions precedent set forth in Section 11 of this Amendment have been satisfied, Bank is extending the Revolving Line Maturity Date from June 1, 2020 to
December 1, 2020 and, for the avoidance of doubt, to the extent that there were any Advances outstanding between the existing Revolving Line Maturity Date and the effective date of this Amendment that would have resulted in a payment default
under the Loan Agreement as in effect prior to the date hereof, any such default is hereby deemed waived by Bank. 
 4. Limitation of
Amendments. 
 4.1 The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall
be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now
have or may have in the future under or in connection with any Loan Document. 

  
 7 

 4.2 This Amendment shall be construed in connection with and as part of the Loan
Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

5. Representations and Warranties. To induce Bank to enter into this Amendment, each
Co-Borrower hereby represents and warrants to Bank as follows: 
 5.1 Immediately after
giving effect to this Amendment and the incurrence of the PPP Loan (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except (i) that such
materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof, and (ii) to the extent such representations and warranties relate to an earlier date,
in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing; 
 5.2 Co-Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 

5.3 The organizational documents of Co-Borrower delivered to Bank on or prior to the Third
Amendment Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

5.4 The execution and delivery by Co-Borrower of this Amendment and the performance by Co-Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 

5.5 The execution and delivery by Co-Borrower of this Amendment and the performance by Co-Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting each
Co-Borrower, (b) any contractual restriction with a Person binding on Co-Borrower, (c) any order, judgment or decree of any court or other governmental or
public body or authority, or subdivision thereof, binding on Co-Borrower, or (d) the organizational documents of Co-Borrower; 

5.6 The execution and delivery by Co-Borrower of this Amendment and the performance by Co-Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with,
or exemption by any governmental or public body or authority, or subdivision thereof, binding on each Co-Borrower, except as already has been obtained or made; 

5.7 The Co-Borrower has duly executed and delivered applications and documents related to PPP
Loans and the disclosures contained in such documents are true, correct and complete, in all material respects. Co-Borrower has made its own independent investigation

  
 8 

 
and appraisal of Co-Borrowers’ financial condition and affairs, has conducted its own evaluation of
Co-Borrower’s eligibility for PPP Loans under the CARES Act, and Co-Borrowers’ compliance with the terms of the CARES Act, independently and without reliance
upon Bank, and will continue to do so; and 
 5.8 This Amendment has been duly executed and delivered by Co-Borrower and is the binding obligation of Co-Borrower, enforceable against Co-Borrower in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 

6. Release by Co-Borrower. 

6.1 FOR GOOD AND VALUABLE CONSIDERATION, each Co-Borrower hereby forever relieves, releases,
and discharges Bank and its present or former employees, officers, directors, agents, representatives, attorneys, and each of them, from any and all claims, debts, liabilities, demands, obligations, promises, acts, agreements, costs and expenses,
actions and causes of action, of every type, kind, nature, description or character whatsoever, whether known or unknown, suspected or unsuspected, absolute or contingent, arising out of or in any manner whatsoever connected with or related to
facts, circumstances, issues, controversies or claims existing or arising from the date of the Loan Agreement through and including the date of execution of this Agreement (collectively “Released Claims”). Without limiting the
foregoing, the Released Claims shall include any and all liabilities or claims arising out of or in any manner whatsoever connected with or related to the Loan Documents, the Recitals hereto, any instruments, agreements or documents executed in
connection with any of the foregoing or the origination, negotiation, administration, servicing and/or enforcement of any of the foregoing. 

6.2 In furtherance of this release, each Co-Borrower expressly acknowledges and waives any and
all rights under Section 1542 of the California Civil Code, which provides as follows: 
 “A general release does not extend to
claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released
party.” (Emphasis added.) 
 6.3 By entering into this release, each Co-Borrower
recognizes that no facts or representations are ever absolutely certain and it may hereafter discover facts in addition to or different from those which it presently knows or believes to be true, but that it is the intention of Co-Borrower hereby to fully, finally and forever settle and release all matters, disputes and differences, known or unknown, suspected or unsuspected; accordingly, if
Co-Borrower should subsequently discover that any fact that it relied upon in entering into this release was untrue, or that any understanding of the facts was incorrect,
Co-Borrower shall not be entitled to set aside this release by reason thereof, regardless of any claim of mistake of fact or law or any other circumstances whatsoever. Each
Co-Borrower acknowledges that it is not relying upon and has not relied upon any representation or statement made by Bank with respect to the facts underlying this release or with regard to any of such
party’s rights or asserted rights. 

  
 9 

 6.4 This release may be pleaded as a full and complete defense and/or as a cross-
complaint or counterclaim against any action, suit, or other proceeding that may be instituted, prosecuted or attempted in breach of this release. Each Co-Borrower acknowledges that the release contained
herein constitutes a material inducement to Bank to enter into this Agreement, and that Bank would not have done so but for Bank’s expectation that such release is valid and enforceable in all events. 

6.5 Each Co-Borrower hereby represents and warrants to Bank, and Bank is relying thereon, as
follows: 
 (a) Except as expressly stated in this Amendment, neither Bank nor any agent, employee or representative of Bank
has made any statement or representation to Co-Borrower regarding any fact relied upon by Co-Borrower in entering into this Agreement. 

(b) Co-Borrower has made such investigation of the facts pertaining to this Agreement
and all of the matters appertaining thereto, as it deems necessary. 
 (c) The terms of this Agreement are contractual and
not a mere recital. 
 (d) This Agreement has been carefully read by Co-Borrower, the
contents hereof are known and understood by Co-Borrower, and this Agreement is signed freely, and without duress, by Co-Borrower. 

(e) Co-Borrower represents and warrants that it is the sole and lawful owner of all
right, title and interest in and to every claim and every other matter which it releases herein, and that it has not heretofore assigned or transferred, or purported to assign or transfer, to any person, firm or entity any claims or other matters
herein released. Co-Borrower shall indemnify Bank in accordance with Section 12.3 of the Loan Agreement. 

7. Prior Agreement. The Loan Documents are hereby ratified and reaffirmed and shall remain in full force and effect (as amended
by this Amendment). This Amendment is not a novation and the terms and conditions of this Amendment shall be in addition to and supplemental to all terms and conditions set forth in the Loan Documents. In the event of any conflict or inconsistency
between this Amendment and the terms of such documents, the terms of this Amendment shall be controlling, but such document shall not otherwise be affected or the rights therein impaired. 

8. Integration. This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede
prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan
Documents. 
 9. Counterparts. This Amendment may be executed in any number of counterparts and all of such
counterparts taken together shall be deemed to constitute one and the same instrument. 

  
 10 

 10. Governing Law. This Amendment and the rights and obligations of the
parties hereto shall be governed by and construed in accordance with the laws of the State of California. 
 11.
Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of (i) this Amendment by each party hereto, (ii) an updated Perfection Certificate from each
Co-Borrower, and (iii) updated schedules to each Co-Borrower’s Intellectual Property Security Agreement, and
(b) Co-Borrowers’ payments to Bank of (i) an amendment fee in the amount of Thirteen Thousand Seven Hundred and Fifty Dollars ($13,750) and (ii) all Bank Expenses incurred through the date
hereof. 
 [Signature page follows.] 

  
 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed
and delivered as of the date first written above. 
  

									
	 BANK
	 		 	 CO-BORROWERS

			
	 SILICON VALLEY BANK
	 		 	 UPSTART HOLDINGS, INC.

					
	By:	 	/s/ Chris Vind	 		 	By:	 	/s/ Sanjay Datta
	Name:	 	Christopher Vind	 		 	Name:	 	Sanjay Datta
	Title:	 	 Director
	 		 	Title:	 	Chief Financial Officer

  

									
			
		 		 	 UPSTART NETWORK, INC.

					
		 		 		 	By:	 	/s/ Sanjay Datta
		 		 		 	Name:	 	Sanjay Datta
		 		 		 	Title:	 	Chief Financial Officer

  
 [Signature
Page to Third Amendment to Amended and Restated Loan and Security Agreement] 

 EXHIBIT A—COLLATERAL DESCRIPTION 

The Collateral consists of all of Co-Borrowers’ right, title and interest in and to the following
personal property: 
 All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of
money, leases, license agreements, franchise agreements, General Intangibles, Intellectual Property, commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit
accounts, certificates of deposit, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or
hereafter acquired, wherever located; and 
 all of each Co-Borrower’s Books relating to the
foregoing, and any and all claims, rights and interests in any of the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of
the foregoing. 
 Notwithstanding the foregoing, the Collateral does not include: 

1. All Trust Assets (as such is defined herein). All funding agreements, loan agreements, promissory notes, and other agreements and
instruments evidencing, or relating to, loans made to, advances made to, financing provided to, or funds provided to persons (including, without limitation, persons known as “upstarts”) by or on behalf of
Co-Borrowers, or by a third party and acquired by Co-Borrowers, all amounts owing from such persons, all rights to be paid by such persons, all other rights, benefits
and property attributable to the foregoing, all proceeds of the foregoing and all deposit accounts in which monies or cash proceeds of the foregoing are deposited or held, including without limitation all promissory notes, accounts, general
intangibles, payment intangibles, chattel paper, deposit accounts, investment property and proceeds that constitute any of the foregoing as such terms are defined in the UCC and all files, books and records, related to any of the foregoing; provided
however, that the Collateral shall include all of the foregoing property with respect to any such loan (a) which has not been sold by Co-Borrowers within two (2) Business Days following the date of
such loan is acquired by Co-Borrowers, or (b) which has been repurchased by Co-Borrowers after sale of such loan; 

2. All agreements with persons (including, without limitation, persons commonly known as “backers” or “investors”) who
have provided funds to Co-Borrowers directly or indirectly (including, without limitation, through the purchase of securities) for the purpose of making loans or advances to, or providing financing or funding
to, persons described in clause (1), all funds or other property received or receivable by Co-Borrowers from any person described in this clause (including, without limitation, all such funds or property that
are provided to or deposited with third parties for the purpose of making loans or advances to, or providing financing or funding to, persons described in clause (1), or purchasing any such advance, loan, financing, or funding), all amounts owing
from such persons described in this clause, all rights to be paid by such persons, all funds or other property held on behalf or for the benefit of such persons or otherwise due or owing to such persons, and all proceeds of the foregoing. 

 3. the Cross River Accounts, the Finwise Accounts and the Wells Fargo Accounts that Co-Borrowers are permitted to maintain under the terms of the Agreement; 
 4. All loans described in
clause (1) above that are sold by Upstart Network, Inc. in compliance with the terms of the Agreement, except for any such loans (a) which have not been sold by Co-Borrowers within two
(2) Business Days following the date of such loan is acquired by Co-Borrowers, or (b) which have been repurchased by Co-Borrowers after sale thereof; and 

5. All beneficial interests of Co-Borrowers in Excluded Subsidiaries (including all certificates
representing such interests). 
 6. Permitted Receivables Financing Assets sold, conveyed or otherwise transferred to an Excluded Subsidiary
or other Person; 
 7. Capital Stock in captive insurance Subsidiaries,
not-for-profit Subsidiaries, Designated Entities, and any other special purpose entities in connection with Permitted Receivables Financing. 

Notwithstanding anything to the contrary contained herein, the Collateral SHALL include all of
Co-Borrowers’ right, title and interest in and to all servicing fees and similar fees in respect of the loans originated on Co-Borrowers’ platform or otherwise
acquired by Co-Borrowers (whether or not such loans have been sold or repurchased), and all rights to receive proceeds of loans sold to Excluded Subsidiaries after the obligations owed by the Excluded
Subsidiaries to the applicable third-party financial institutions providing debt financing for such loans have been repaid. 
 As used herein “Trust
Assets” means all funding agreements, loan agreements, promissory notes, and other agreements and instruments delivered to the Excluded Subsidiaries from time to time subject to the terms of the Loan and Security Agreement among Co-Borrowers and Bank (as amended) (“Funding Agreements”), all amounts owing under Funding Agreements, all rights to be paid under Funding Agreements, all collections and other funds received in respect of
Funding Agreements, the documentation and other records relating to Funding Agreements, all other rights, benefits and property attributable to the foregoing, all deposit accounts in which monies or cash proceeds of the foregoing are deposited or
held, and all proceeds of the foregoing; provided that the term “Trust Assets” shall not include any of the foregoing property which has been repurchased by Co-Borrowers after sale of the applicable
loan. 

 EXHIBIT B 

COMPLIANCE CERTIFICATE 
  

					
	TO:	  	SILICON VALLEY BANK	  	Date:                     
	FROM:	  	UPSTART HOLDINGS, INC. and UPSTART NETWORK, INC.

 The undersigned authorized officers of UPSTART HOLDINGS, INC. and UPSTART NETWORK, INC. certify solely in
their capacities as officers of the company and not in their individual capacities, that under the terms and conditions of the Amended and Restated Loan and Security Agreement between Co-Borrowers and Bank
(the “Agreement”): (1) Co-Borrowers are in complete compliance for the period ending ____________ with all required covenants except as noted below, (2) there are no Events of Default,
(3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any
representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate
and complete in all material respects as of such date, (4) Co-Borrowers, and each of their Subsidiaries, has timely filed all required tax returns and reports, and
Co-Borrowers have timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Co-Borrowers except as otherwise permitted
pursuant to the terms of Section 5.9 of the Agreement, and (5) no Liens have been levied or claims made against Co-Borrowers or any of their Subsidiaries, if any, relating to unpaid employee payroll
or benefits of which Co-Borrowers have not previously provided written notification to Bank. Attached are the required documents supporting the certification. The undersigned certifies that these are prepared
in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Co-Borrowers are not in compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined
herein shall have the meanings given them in the Agreement. 
 Please indicate compliance status by circling Yes/No under “Complies” column.

  

					
	Reporting Covenants	  	Required	  	Complies
	Monthly consolidated financial statements with Compliance Certificate	  	Monthly within 30 days	  	Yes    No
	Quarterly financial statements	  	Quarterly within 45 days	  	Yes    No
	Updated structure chart	  	Quarterly within 45 days	  	Yes    No
	Annual financial statements (CPA Audited)	  	FYE within 180 days	  	Yes    No
	10-Q, 10-K and 8-K	  	Within 5 days after filing with SEC	  	Yes    No
	Borrowing Base Reports	  	Monthly within 30 days	  	Yes    No
	Board-approved projections	  	Within 60 days of the earlier of (i) FYE or (ii) approval by the Board of Directors	  	Yes    No
	 
	The following Intellectual Property was registered after the Effective Date (if no registrations, state “None”)	  		  	

							
	Financial Covenants	  	Required	  	Actual	  	Complies
	 Maintain on a Monthly Basis:
	  	 	  	 	  	 
	Loan Delinquencies and 3-Month Charge-offs divided by Co-Borrowers’ Loan Portfolio (Trailing 3-Month average)	  	
£ 6.00%
	  	
_______%
	  	
Yes No

	 Maintain at all times:
	  	 	  	 	  	 
	 Minimum Net Liquidity
	  	
$12,000,000
	  	
$ _______
	  	
Yes No

 The following are the exceptions with respect to the certification above: (If no exceptions exist, state
“No exceptions to note.”) 
  
  

 

									
	 UPSTART HOLDINGS, INC.
	 		 	BANK USE ONLY
					
		 		 		 	 Received by:
	 	 
		 		 		 		 	 AUTHORIZED SIGNER

	 By:
	 	 	 		 	Date:	 	 
	Name:	 	 	 		 		 	
	 Title:
	 	 	 		 	 Verified:
	 	 
		 		 		 		 	 AUTHORIZED SIGNER

		 		 		 	Date:	 	 

  

									
	 UPSTART NETWORK, INC.
	 		 	
					
	 By:
	 	 	 		 	 Compliance Status:
	 	Yes    No
	Name:	 	 	 		 		 	
	Title:	 	 	 		 		 	

 FOURTH AMENDMENT TO 

AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 

This FOURTH AMENDMENT to Amended and Restated Loan and Security Agreement (this “Amendment”) is entered into as of
October 1, 2020, by and among SILICON VALLEY BANK, a California corporation (“Bank”), UPSTART HOLDINGS, INC., a Delaware corporation and UPSTART NETWORK, INC., a Delaware corporation (each a “Co-Borrower” and collectively, “Co-Borrowers”). 

RECITALS 

A. Bank and Co-Borrowers have entered into that certain Amended and Restated Loan and Security
Agreement dated as of September 5, 2018 (as amended by that certain First Amendment to Amended and Restated Loan and Security Agreement dated as of October 22, 2018, that certain Default Waiver and Second Amendment to Amended and Restated
Loan and Security Agreement dated as of August 14, 2019, and that certain Third Amendment to Amended and Restated Loan and Security Agreement dated as of June 30, 2020, and as the same may from time to time be further amended, modified,
supplemented or restated, the “Loan Agreement”). Bank has extended credit to Co-Borrowers for the purposes permitted in the Loan Agreement. 

B. Co-Borrowers have informed Bank that Parent desires to open the Wells Collateral Account (as
defined herein) at Wells Fargo Bank, N.A. (“Wells”) and grant of a lien in favor of Wells on certain cash Collateral contained herein. In accordance with the requirements set forth in Sections 6.8 and 7.5 of the Loan Agreement, Co-Borrowers have requested Bank’s consent to the opening of the Wells Collateral Account and grant to Wells of a security interest in the cash Collateral contained therein. Bank has agreed to consent to such
actions, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 

AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 

1. Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan
Agreement. 
 2. Amendments to Loan Agreement. 

2.1 Section 6.8 (Accounts). Section 6.8 of the Loan Agreement hereby is amended and restated in its entirety to read as
follows: 
 “6.8 Accounts. 

(a) Maintain their and all of their Subsidiaries’ (other than Excluded Subsidiaries’) operating and other deposit
accounts, the Cash Collateral Account and securities/investment accounts with Bank and Bank’s Affiliates and shall conduct all of their investments and foreign exchange transactions at or through Bank.
Co-Borrowers agree that they will cause each of the Excluded Subsidiaries to maintain its operating and other deposit accounts and securities accounts with Bank and Bank’s Affiliates, but only to the
extent Co-Borrowers determine that there is no adverse impact to Co-Borrowers or 

 
such Excluded Subsidiary operationally or commercially to do so after consulting in good faith with Bank. Notwithstanding the foregoing, Co-Borrowers shall
be permitted to maintain (i) accounts at Cross River Bank (the “Cross River Accounts”) and accounts at Finwise Bank (the “Finwise Accounts”), not subject to a Control Agreement, so long as such accounts at no time
contain Collateral, (ii) conduit accounts at Wells Fargo Bank (the “Wells Fargo Accounts”), not subject to a Control Agreement, so long as the aggregate balance in all such accounts does not exceed Fifteen Million Dollars
($15,000,000), (which such aggregate balances does not include, for the avoidance of doubt, assets belonging to third-party investors which shall remain in FBO accounts or other accounts permitted to be maintained by
Co-Borrowers in accordance with the terms hereof) for more than five (5) consecutive Business Days each calendar month, (iii) a Collateral Account at Wells Fargo Bank (the “Wells Collateral
Account”) to cover returns on Co-Borrowers’ ACH volume so long as so long as the aggregate balance in such account does not exceed Four Hundred Thousand Dollars ($400,000) at any time, and
(iv) FBO accounts in the name of Co-Borrower for the benefit of third party investors. 

(b) In addition to and without limiting the restrictions in (a), Co-Borrowers shall
provide Bank five (5) days prior written notice before establishing any Collateral Account at or with any bank or financial institution other than Bank or Bank’s Affiliates. For each Collateral Account that
Co-Borrowers at any time maintain, Co-Borrowers shall cause the applicable bank or financial institution (other than Bank) at or with which any Collateral Account is
maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Bank’s Lien in such Collateral Account in accordance with the terms hereunder which Control Agreement may
not be terminated without the prior written consent of Bank. The provisions of the previous sentence shall not apply to (i) the Cross River Accounts, (ii) the Finwise Accounts, (iii) the Wells Fargo Accounts, (iv) the Wells
Collateral Account, or (v) deposit accounts exclusively used for payroll, payroll taxes, and other employee wage and benefit payments to or for the benefit of Co-Borrowers’ employees and identified
to Bank by Co-Borrowers as such.” 
 2.2 Section 13.1 (Definitions). The defined
term “Permitted Liens” set forth in Section 13.1 of the Loan Agreement hereby is amended by (i) deleting the “and” at the end of subsection (j) and replacing it with a semicolon, (ii) amending and restating
subsection (k) to read in its entirety as follows, and (iii) adding new subsection (l) to read in its entirety as follows: 

“(k) Liens in favor of Wells Fargo Bank on up to Four Hundred Thousand Dollars ($400,000) of Co-Borrowers’ cash contained in the Wells Collateral Account to secure certain obligations of Co-Borrowers to Wells Fargo Bank, N.A. which may be owing in connection with
Co-Borrowers’ asset backed securitization programs; and 
 (l) Liens in favor of
other financial institutions arising in connection with Co-Borrowers’ deposit and/or securities accounts held at such institutions as permitted by Section 6.8(a) hereof, provided that Bank has a
perfected security interest in the amounts held in such deposit and/or securities accounts to the extent required hereunder.” 

3. Consent. Subject to the terms of Section 11 below and compliance with Section 6.8 of the Loan Agreement (as amended
hereby), Bank hereby consents to Parent’s opening of the Wells Collateral Account together with the grant to Wells of a lien in all cash Collateral contained therein. 

  
 2 

 4. Limitation of Amendments. 

4.1 The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited precisely
as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the
future under or in connection with any Loan Document. 
 4.2 This Amendment shall be construed in connection with and as part of the
Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

5. Representations and Warranties. To induce Bank to enter into this Amendment, each
Co-Borrower hereby represents and warrants to Bank as follows: 
 5.1 Immediately after
giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except (i) that such materiality qualifier shall not be
applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof, and (ii) to the extent such representations and warranties relate to an earlier date, in which case they are true and
correct as of such date), and (b) no Event of Default has occurred and is continuing; 
 5.2
Co-Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 

5.3 The organizational documents of Co-Borrower delivered to Bank on or prior to the Third
Amendment Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

5.4 The execution and delivery by Co-Borrower of this Amendment and the performance by Co-Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 

5.5 The execution and delivery by Co-Borrower of this Amendment and the performance by Co-Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting each
Co-Borrower, (b) any contractual restriction with a Person binding on Co-Borrower, (c) any order, judgment or decree of any court or other governmental or
public body or authority, or subdivision thereof, binding on Co-Borrower, or (d) the organizational documents of Co-Borrower; 

5.6 The execution and delivery by Co-Borrower of this Amendment and the performance by Co-Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with,
or exemption by any governmental or public body or authority, or subdivision thereof, binding on each Co-Borrower, except as already has been obtained or made; and 

5.7 This Amendment has been duly executed and delivered by Co-Borrower and is the binding
obligation of Co-Borrower, enforceable against Co-Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 

  
 3 

 6. Prior Agreement. The Loan Documents are hereby ratified and reaffirmed and
shall remain in full force and effect (as amended by this Amendment). This Amendment is not a novation and the terms and conditions of this Amendment shall be in addition to and supplemental to all terms and conditions set forth in the Loan
Documents. In the event of any conflict or inconsistency between this Amendment and the terms of such documents, the terms of this Amendment shall be controlling, but such document shall not otherwise be affected or the rights therein impaired. 

7. Integration. This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede
prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan
Documents. 
 8. Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken
together shall be deemed to constitute one and the same instrument. 
 9. Governing Law. This Amendment and the rights and
obligations of the parties hereto shall be governed by and construed in accordance with the laws of the State of California. 
 10.
Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto, and (b) Co-Borrowers’ payments to Bank of
all Bank Expenses incurred through the date hereof. 
 [Signature page follows.] 

  
 4 

 IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above. 
  

									
	 BANK
	 		 	 CO-BORROWERS

			
	 SILICON VALLEY BANK
	 		 	 UPSTART HOLDINGS, INC.

					
	By:	 	/s/ Christopher Vind	 		 	By:	 	/s/ Sanjay Datta
	Name:	 	Christopher Vind	 		 	Name:	 	Sanjay Datta
	Title:	 	 Director
	 		 	Title:	 	Chief Financial Officer

  

									
			
		 		 	 UPSTART NETWORK, INC.

					
		 		 		 	By:	 	/s/ Sanjay Datta
		 		 		 	Name:	 	Sanjay Datta
		 		 		 	Title:	 	Chief Financial Officer

  
 [Signature Page to
Fourth Amendment to Amended and Restated Loan and Security Agreement] 

 DEFAULT WAIVER AND FIFTH AMENDMENT TO 

AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 

This DEFAULT WAIVER AND FIFTH AMENDMENT to Amended and Restated Loan and Security Agreement (this “Agreement”)
is entered into as of November 3, 2020, by and among SILICON VALLEY BANK, a California corporation (“Bank”), UPSTART HOLDINGS, INC., a Delaware corporation, and UPSTART NETWORK, INC., a Delaware corporation (each
a “Co-Borrower” and collectively, “Co-Borrowers”). 

RECITALS 

A.    Bank and Co-Borrowers have entered into that certain Amended and
Restated Loan and Security Agreement dated as of September 5, 2018 (as amended by that certain First Amendment to Amended and Restated Loan and Security Agreement dated as of October 22, 2018, that certain Default Waiver and Second
Amendment to Amended and Restated Loan and Security Agreement dated as of August 14, 2019, that certain Third Amendment to Amended and Restated Loan and Security Agreement dated as of June 30, 2020, and that certain Fourth Amendment to
Amended and Restated Loan and Security Agreement dated as of October 1, 2020, and as the same may be further amended, supplemented, restated, or otherwise modified from time to time, collectively, the “Loan Agreement”). Bank has
extended credit to Co-Borrowers for the purposes permitted in the Loan Agreement. 
 B.    Co-Borrowers acknowledge that they are currently in default of Sections 6.15 and 8.2(a) of the Loan Agreement for failing to cause the outstanding balance of the Revolving Line to be zero
($0) for a period of not less than fourteen (14) consecutive days during each six (6) month period beginning on the Effective Date and continuing through the date hereof as required pursuant to Section 6.15 of the Loan Agreement (the
“Waived Default”). 
 C.    Co-Borrowers have requested that
Bank waive its rights and remedies against Co-Borrowers, limited specifically to the Waived Default. Although Bank is under no obligation to do so, Bank is willing to not exercise its rights and remedies
against Co-Borrowers related to the specific Waived Default on the terms, and conditions set forth in this Agreement, so long as Co-Borrowers comply with the terms,
covenants and conditions set forth in this Agreement. 

D.    Co-Borrowers have further requested that Bank amend the Loan
Agreement to remove the out-of-debt covenant contained in Section 6.15 of the Loan Agreement. 

E.    Bank has agreed to so amend such provision of the Loan Agreement, but only to the extent, in accordance with
the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 
 AGREEMENT

 NOW, THEREFORE, in consideration of the foregoing recitals and other good and
valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 

1.    Definitions. Capitalized terms used but not defined in this Agreement shall have the meanings given to
them in the Loan Agreement. 

 2.    Amendment to Loan Agreement. 

2.1    Section 6.15 (Out of Debt Covenant). Section 6.15 of the Loan Agreement hereby is amended and
restated in its entirety to read as follows: 
 “6.15    Intentionally Omitted.” 

2.2    Section 8.2 (Covenant Default). Section 8.2(a) of the Loan Agreement hereby is amended and
restated in its entirety to read as follows: 
 “8.2    Covenant Default. 

(a) A Co-Borrower fails or neglects to perform any obligation in Sections 6.2, 6.3,
6.4, 6.5, 6.6, 6.7, 6.8, 6.9, 6.10, 6.12, 6.13, 6.14, 6.16, 6.17 or 6.18 or violates any covenant in Section 7, or” 

3.    Waiver of Default. Bank hereby waives the Waived Default. Bank’s waiver of Co-Borrowers’ compliance with Section 6.15 of the Loan Agreement shall apply with respect to Co-Borrowers’ failure to comply for all prior periods beginning
September 5, 2018 to the date hereof. 
 4.    Limitation of Default Waiver and Amendment. 

4.1    This Agreement is effective for the purposes set forth herein and shall be limited precisely as written and
shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or
in connection with any Loan Document. 
 4.2    This Agreement shall be construed in connection with and as part
of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

5.    Representations and Warranties. To induce Bank to enter into this Agreement, each Co-Borrower hereby represents and warrants to Bank as follows: 

5.1    Immediately after giving effect to this Agreement (a) the representations and warranties contained in
the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except (i) that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified
by materiality in the text thereof, and (ii) to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default other than the Waived Default
has occurred and is continuing; 
 5.2    Co-Borrower has the power and
authority to execute and deliver this Agreement and to perform its obligations under the Loan Agreement, as amended by this Agreement; 

5.3    The organizational documents of Co-Borrower delivered to Bank on or
prior to the Third Amendment Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

  
 2 

 5.4    The execution and delivery by Co-Borrower of this Agreement and the performance by Co-Borrower of its obligations under the Loan Agreement, as amended by this Agreement, have been duly authorized; 

5.5    The execution and delivery by Co-Borrower of this Agreement and the
performance by Co-Borrower of its obligations under the Loan Agreement, as amended by this Agreement, do not and will not contravene (a) any law or regulation binding on or affecting each Co-Borrower, (b) any contractual restriction with a Person binding on Co-Borrower, (c) any order, judgment or decree of any court or other governmental or public
body or authority, or subdivision thereof, binding on Co-Borrower, or (d) the organizational documents of Co-Borrower; 

5.6    The execution and delivery by Co-Borrower of this Agreement and the
performance by Co-Borrower of its obligations under the Loan Agreement, as amended by this Agreement, do not require any order, consent, approval, license, authorization or validation of, or filing, recording
or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on each Co-Borrower, except as already has been obtained or made; and 

5.7    This Agreement has been duly executed and delivered by Co-Borrower
and is the binding obligation of Co-Borrower, enforceable against Co-Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 

6.    Prior Agreement. The Loan Documents are hereby ratified and reaffirmed and shall remain in full force
and effect (as amended by this Agreement). This Agreement is not a novation and the terms and conditions of this Agreement shall be in addition to and supplemental to all terms and conditions set forth in the Loan Documents. In the event of any
conflict or inconsistency between this Agreement and the terms of such documents, the terms of this Agreement shall be controlling, but such document shall not otherwise be affected or the rights therein impaired. 

7.    Release by Co-Borrowers. 

7.1    FOR GOOD AND VALUABLE CONSIDERATION, each Co-Borrower hereby
forever relieves, releases, and discharges Bank and its present or former employees, officers, directors, agents, representatives, attorneys, and each of them, from any and all claims, debts, liabilities, demands, obligations, promises, acts,
agreements, costs and expenses, actions and causes of action, of every type, kind, nature, description or character whatsoever, whether known or unknown, suspected or unsuspected, absolute or contingent, arising out of or in any manner whatsoever
connected with or related to facts, circumstances, issues, controversies or claims existing or arising from the date of the Loan Agreement through and including the date of execution of this Agreement (collectively “Released Claims”).
Without limiting the foregoing, the Released Claims shall include any and all liabilities or claims arising out of or in any manner whatsoever connected with or related to the Loan Documents, the Recitals hereto, any instruments, agreements or
documents executed in connection with any of the foregoing or the origination, negotiation, administration, servicing and/or enforcement of any of the foregoing. 

7.2    In furtherance of this release, each Co-Borrower expressly
acknowledges and waives any and all rights under Section 1542 of the California Civil Code, which provides as follows: 

“A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist
in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.” (Emphasis added.) 

  
 3 

 7.3    By entering into this release, each Co-Borrower recognizes that no facts or representations are ever absolutely certain and it may hereafter discover facts in addition to or different from those which it presently knows or believes to be true, but
that it is the intention of such Co-Borrower hereby to fully, finally and forever settle and release all matters, disputes and differences, known or unknown, suspected or unsuspected; accordingly, if such Co-Borrower should subsequently discover that any fact that it relied upon in entering into this release was untrue, or that any understanding of the facts was incorrect, such
Co-Borrower shall not be entitled to set aside this release by reason thereof, regardless of any claim of mistake of fact or law or any other circumstances whatsoever. Each
Co-Borrower acknowledges that it is not relying upon and has not relied upon any representation or statement made by Bank with respect to the facts underlying this release or with regard to any of such
party’s rights or asserted rights. 
 7.4    This release may be pleaded as a full and complete defense
and/or as a cross-complaint or counterclaim against any action, suit, or other proceeding that may be instituted, prosecuted or attempted in breach of this release. Each Co-Borrower acknowledges that the
release contained herein constitutes a material inducement to Bank to enter into this Agreement, and that Bank would not have done so but for Bank’s expectation that such release is valid and enforceable in all events. 

7.5    Each Co-Borrower hereby represents and warrants to Bank, and Bank is
relying thereon, as follows: 
 (a)    Except as expressly stated in this Agreement, neither Bank nor any agent,
employee or representative of Bank has made any statement or representation to such Co-Borrower regarding any fact relied upon by such Co-Borrower in entering into this
Agreement. 
 (b)    Such Co-Borrower has made such investigation of the
facts pertaining to this Agreement and all of the matters appertaining thereto, as it deems necessary. 

(c)    The terms of this Agreement are contractual and not a mere recital. 

(d)    This Agreement has been carefully read by such Co-Borrower, the
contents hereof are known and understood by such Co-Borrower, and this Agreement is signed freely, and without duress, by such Co-Borrower. 

(e)    Such Co-Borrower represents and warrants that it is the sole and
lawful owner of all right, title and interest in and to every claim and every other matter which it releases herein, and that it has not heretofore assigned or transferred, or purported to assign or transfer, to any person, firm or entity any claims
or other matters herein released. Such Co-Borrower shall indemnify Bank in accordance with Section 12.3 of the Loan Agreement. 

8.    Ratification of Perfection Certificate. Each Co-Borrower
hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate dated on or prior to the Effective Date and acknowledges, confirms and agrees that the disclosures and information of
such Co-Borrower provided to Bank in such Perfection Certificate have not changed, as of the date hereof. 

9.    Integration. This Agreement and the Loan Documents represent the entire agreement about this subject
matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Agreement and the Loan Documents merge into this
Agreement and the Loan Documents. 

  
 4 

 10.    Counterparts. This Agreement may be executed in any
number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

11.    Miscellaneous. 

11.1    This Agreement shall constitute a Loan Document under the Loan Agreement; the failure to comply with the
covenants contained herein shall constitute an Event of Default under the Loan Agreement; and all obligations included in this Agreement (including, without limitation, all obligations for the payment of principal, interest, fees, and other amounts
and expenses) shall constitute obligations under the Loan Agreement and secured by the Collateral. 

11.2    Each provision of this Agreement is severable from every other provision in determining the enforceability
of any provision. 
 12.    Governing Law. This Agreement and the rights and obligations of the parties
hereto shall be governed by and construed in accordance with the laws of the State of California. 

13.    Effectiveness. This Agreement shall be deemed effective upon (a) the due execution and delivery
to Bank of this Amendment by each party hereto, and (b) Co-Borrowers’ payment to Bank of all Bank Expenses incurred through the date hereof. 

[Balance of Page Intentionally Left Blank] 

  
 5 

 IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed and delivered as of the date first written above. 
  

											
	BANK:	 		 		 	CO-BORROWERS:
				
	SILICON VALLEY BANK	 		 		 	UPSTART HOLDINGS, INC.
						
	By:	 	 /s/ Chris Vind
	 		 		 	By:	 	 /s/ Sanjay Datta

	Name:	 	Christopher Vind	 		 		 	Name:	 	Sanjay Datta
	Title:	 	Director	 		 		 	Title:	 	Chief Financial Officer
					
		 		 		 		 	UPSTART NETWORK, INC.
						
		 		 		 		 	By:	 	 /s/ Sanjay Datta

		 		 		 		 	Name:	 	Sanjay Datta
		 		 		 		 	Title:	 	Chief Financial Officer

 [Signature Page to Default Waiver and Fifth Amendment to Amended and Restated Loan and Security
Agreement] 

 SIXTH AMENDMENT TO 

AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 

This SIXTH AMENDMENT to Amended and Restated Loan and Security Agreement (this “Agreement”) is entered into as
of November 25, 2020, by and among SILICON VALLEY BANK, a California corporation (“Bank”), UPSTART HOLDINGS, INC., a Delaware corporation, and UPSTART NETWORK, INC., a Delaware corporation (each a “Co-Borrower” and collectively, “Co-Borrowers”). 

RECITALS 

A. Bank and Co-Borrowers have entered into that certain Amended and Restated Loan and Security
Agreement dated as of September 5, 2018 (as amended by that certain First Amendment to Amended and Restated Loan and Security Agreement dated as of October 22, 2018, that certain Default Waiver and Second Amendment to Amended and Restated
Loan and Security Agreement dated as of August 14, 2019, that certain Third Amendment to Amended and Restated Loan and Security Agreement dated as of June 30, 2020, that certain Fourth Amendment to Amended and Restated Loan and Security
Agreement dated as of October 1, 2020, and that certain Default Waiver and Fifth Amendment to Amended and Restated Loan and Security Agreement dated as of November 3, 2020, and as the same may be further amended, supplemented, restated, or
otherwise modified from time to time, collectively, the “Loan Agreement”). Bank has extended credit to Co-Borrowers for the purposes permitted in the Loan Agreement. 

B. Co-Borrowers have requested that Bank amend the Loan Agreement to extend the Revolving Line
Maturity Date. 
 C. Bank has agreed to so amend such provision of the Loan Agreement, but only to the extent, in accordance with the
terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 
 AGREEMENT

 NOW, THEREFORE, in consideration of the foregoing recitals and other good and
valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 

1. Definitions. Capitalized terms used but not defined in this Agreement shall have the meanings given to them in the Loan
Agreement. 
 2. Amendment to Loan Agreement. 

2.1 Section 13.1 (Definitions). The following defined term and its respective definition set forth in
Section 13.1 of the Loan Agreement hereby is amended and restated in its entirety to read as follows: 
 “Revolving Line
Maturity Date” is June 1, 2021. 
 3. Limitation of Amendment. 

3.1 This Agreement is effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to
(a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection with any
Loan Document. 

 3.2 This Agreement shall be construed in connection with and as part of the Loan
Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

4. Representations and Warranties. To induce Bank to enter into this Agreement, each
Co-Borrower hereby represents and warrants to Bank as follows: 
 4.1 Immediately after giving
effect to this Agreement (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except (i) that such materiality qualifier shall not be
applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof, and (ii) to the extent such representations and warranties relate to an earlier date, in which case they are true and
correct as of such date), and (b) no Event of Default has occurred and is continuing; 
 4.2
Co-Borrower has the power and authority to execute and deliver this Agreement and to perform its obligations under the Loan Agreement, as amended by this Agreement; 

4.3 The organizational documents of Co-Borrower delivered to Bank on or prior to the Third
Amendment Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

4.4 The execution and delivery by Co-Borrower of this Agreement and the performance by Co-Borrower of its obligations under the Loan Agreement, as amended by this Agreement, have been duly authorized; 

4.5 The execution and delivery by Co-Borrower of this Agreement and the performance by Co-Borrower of its obligations under the Loan Agreement, as amended by this Agreement, do not and will not contravene (a) any material law or regulation binding on or affecting each Co-Borrower, (b) any material contractual restriction with a Person binding on Co-Borrower, (c) any order, judgment or decree of any court or other governmental or
public body or authority, or subdivision thereof, binding on Co-Borrower, or (d) the organizational documents of Co-Borrower; 

4.6 The execution and delivery by Co-Borrower of this Agreement and the performance by Co-Borrower of its obligations under the Loan Agreement, as amended by this Agreement, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with,
or exemption by any governmental or public body or authority, or subdivision thereof, binding on each Co-Borrower, except as already has been obtained or made; and 

4.7 This Agreement has been duly executed and delivered by Co-Borrower and is the binding
obligation of Co-Borrower, enforceable against Co-Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 

 5. Prior Agreement. The Loan Documents are hereby ratified and reaffirmed and
shall remain in full force and effect (as amended by this Agreement). This Agreement is not a novation and the terms and conditions of this Agreement shall be in addition to and supplemental to all terms and conditions set forth in the Loan
Documents. In the event of any conflict or inconsistency between this Agreement and the terms of such documents, the terms of this Agreement shall be controlling, but such document shall not otherwise be affected or the rights therein impaired. 

6. Ratification of Perfection Certificate. Each Co-Borrower hereby ratifies, confirms and
reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate dated on or prior to the Effective Date and acknowledges, confirms and agrees that the disclosures and information of such Co-Borrower provided to Bank in such Perfection Certificate have not changed, as of the date hereof. 

7. Integration. This Agreement and the Loan Documents represent the entire agreement about this subject matter and supersede
prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Agreement and the Loan Documents merge into this Agreement and the Loan
Documents. 
 8. Counterparts. This Agreement may be executed in any number of counterparts and all of such counterparts taken
together shall be deemed to constitute one and the same instrument. 
 9. Miscellaneous. 

9.1 This Agreement shall constitute a Loan Document under the Loan Agreement; the failure to comply with the covenants contained herein
shall constitute an Event of Default under the Loan Agreement; and all obligations included in this Agreement (including, without limitation, all obligations for the payment of principal, interest, fees, and other amounts and expenses) shall
constitute obligations under the Loan Agreement and secured by the Collateral. 
 9.2 Each provision of this Agreement is severable
from every other provision in determining the enforceability of any provision. 
 10. Governing Law. This Agreement and the
rights and obligations of the parties hereto shall be governed by and construed in accordance with the laws of the State of California. 

11. Effectiveness. This Agreement shall be deemed effective upon (a) the due execution and delivery to Bank of this
Amendment by each party hereto, and (b) Co-Borrowers’ payment to Bank of (i) an amendment fee equal to Thirteen Thousand Seven Hundred Fifty Dollars ($13,750) and (ii) all Bank Expenses
incurred through the date hereof. 
 [Balance of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed and delivered as of the date first written above. 
  

									
	BANK:	 		 	CO-BORROWERS:
			
	SILICON VALLEY BANK	 		 	UPSTART HOLDINGS, INC.
					
	By:	 	 /s/ Chris Vind
	 		 	By:	 	 /s/ Sanjay Datta

	Name:	 	Christopher Vind	 		 	Name:	 	Sanjay Datta
	Title:	 	Director	 		 	Title:	 	Chief Financial Officer
			
		 		 	UPSTART NETWORK, INC.
				
		 		 	By:	 	 /s/ Sanjay Datta

		 		 	Name:	 	Sanjay Datta
		 		 	Title:	 	Chief Financial Officer

 [Signature Page to Sixth Amendment to Amended and Restated Loan and Security Agreement]EX-10.13

 Exhibit 10.13 

EXECUTION VERSION 

CONFIDENTIAL 
  

 
  

THIRD AMENDED AND RESTATED 

LOAN PROGRAM AGREEMENT 

between 
 CROSS RIVER
BANK 
 and 

UPSTART NETWORK, INC. 

Dated as of 

January 1, 2019 
  

 
  

  

	***	 Certain information has been excluded from this agreement because it is both (i) not material and
(ii) would be competitively harmful if publicly disclosed. 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I DEFINITIONS AND CONSTRUCTION
	  	 	1	 
	 Section 1.1.         Definitions.
	  	 	1	 
	 Section 1.2.         Construction.
	  	 	9	 
	 Section 1.3.         Amendment and
Restatement.
	  	 	9	 
		
	 ARTICLE II GENERAL PROGRAM DESCRIPTION
	  	 	10	 
	 Section 2.1.         General Description.
	  	 	10	 
	 Section 2.2.         Program Terms and Program
Guidelines.
	  	 	10	 
	 Section 2.3.         Program Modifications.
	  	 	10	 
	 Section 2.4.
        Non-exclusivity.
	  	 	11	 
	 Section 2.5.         Customer Information.
	  	 	11	 
	 Section 2.6.         Powered by Upstart
(“PBU”) Partner Requirements.
	  	 	11	 
		
	 ARTICLE III DUTIES OF UNI AND BANK
	  	 	12	 
	 Section 3.1.         Duties and Responsibilities of
UNI.
	  	 	12	 
	 Section 3.2.         Duties and Responsibilities of
Bank.
	  	 	17	 
	 Section 3.3.         Conditions Precedent to the
Obligations of Bank.
	  	 	18	 
	 Section 3.4.         Joint Duties of UNI and
Bank.
	  	 	19	 
		
	 ARTICLE IV TRADE NAMES; ADVERTISING AND PROGRAM MATERIALS
	  	 	19	 
	 Section 4.1.         Trade Names and
Trademarks.
	  	 	19	 
	 Section 4.2.         Advertising and Program
Materials.
	  	 	19	 
	 Section 4.3.         Intellectual Property.
	  	 	21	 
		
	 ARTICLE V LOAN ORIGINATION AND COMPENSATION
	  	 	21	 
	 Section 5.1.         Loan Origination.
	  	 	21	 
	 Section 5.2.         Compensation.
	  	 	21	 
		
	 ARTICLE VI EXPENSES
	  	 	22	 
	 Section 6.1.         Expenses.
	  	 	22	 
	 Section 6.2.         ACH and Wire Costs.
	  	 	22	 
	 Section 6.3.         Taxes.
	  	 	22	 
		
	 ARTICLE VII TERM
	  	 	22	 
	 Section 7.1.         Initial and Renewal
Terms.
	  	 	22	 
	 Section 7.2.         Other Agreements.
	  	 	22	 
	 Section 7.3.         Survival.
	  	 	23	 

  
 i 

					
	 ARTICLE VIII TERMINATION
	  	 	23	 
	 Section 8.1.
             Termination.
	  	 	23	 
	 Section 8.2.
             Effect of Termination.
	  	 	24	 
		
	 ARTICLE IX REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	24	 
	 Section 9.1.
             UNI’s Representations and Warranties.
	  	 	24	 
	 Section 9.2.
             Bank’s Representations and Warranties.
	  	 	27	 
	 Section 9.3.
             UNI’s Covenants.
	  	 	29	 
		
	 ARTICLE X MISCELLANEOUS
	  	 	32	 
	 Section 10.1.
           Indemnification.
	  	 	32	 
	 Section 10.2.            Limitation of
Liability.
	  	 	34	 
	 Section 10.3.            Governing
Law; Arbitration.
	  	 	34	 
	 Section 10.4.            Confidential
Information.
	  	 	35	 
	 Section 10.5.            Privacy Law
Compliance; Security Breach Disclosure.
	  	 	37	 
	 Section 10.6.            Force
Majeure.
	  	 	38	 
	 Section 10.7.            Examinations
and Financial Information.
	  	 	38	 
	 Section 10.8.            Relationship
of Parties; No Authority to Bind.
	  	 	38	 
	 Section 10.9.
           Severability.
	  	 	39	 
	 Section 10.10.          Successors and
Third Parties.
	  	 	39	 
	 Section 10.11.          Notices.
	  	 	39	 
	 Section 10.12.          Waiver;
Amendments.
	  	 	40	 
	
Section 10.13.          Counterparts.
	  	 	41	 
	 Section 10.14.          Specific
Performance.
	  	 	41	 
	 Section 10.15.          Further
Assurances.
	  	 	41	 
	 Section 10.16.          Entire
Agreement.
	  	 	41	 
	 Section 10.17.          Survival.
	  	 	41	 
	 Section 10.18.          Referrals.
	  	 	41	 
	
Section 10.19.          Interpretation.
	  	 	42	 
	 Section 10.20.          Headings.
	  	 	42	 

  
 ii 

			
	Exhibits	  	        
		
	Exhibit A         Fees and Eligible States	  	
		
	Exhibit B         Credit Policy and Underwriting Procedures	  	
		
	Exhibit C         Compliance Guidelines	  	
		
	Schedules	  	
		
	Schedule 3.1(i)(A)         Reporting Data Fields	  	
		
	Schedule 3.1(i)(E)         UNI Audit and Monitoring Program	  	

  
 iii 

 THIRD AMENDED AND RESTATED 

LOAN PROGRAM AGREEMENT 

THIS THIRD AMENDED AND RESTATED LOAN PROGRAM AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this
“Agreement”) is made and entered into as of this 1st day of January, 2019 (the “Effective Date”), by and between CROSS RIVER BANK, a New Jersey state chartered bank (“Bank”) and
UPSTART NETWORK, INC., a Delaware corporation (“UNI”). 
 WHEREAS, Bank is an FDIC-insured New Jersey
state-chartered bank with the authority to make consumer loans throughout the United States of America; 
 WHEREAS, UNI has developed
and operates an online platform to deliver innovative financial services and to assist lenders in the marketing and originating of consumer loans in accordance with each lender’s pre-determined credit
criteria; and 
 WHEREAS, Bank and UNI are parties to that certain Second Amended and Restated Loan Program Agreement, dated as of
November 1, 2015 (as amended, the “Existing Program Agreement”) and wish to amend and restate the Existing Program Agreement in its entirety on the terms and conditions set forth herein; 

NOW, THEREFORE, in consideration of the foregoing and the terms, conditions and mutual covenants and agreements contained herein, for
good and valuable consideration, the receipt and sufficiency of which are hereby conclusively acknowledged, the parties intending to be legally bound agree as follows: 

ARTICLE I 

DEFINITIONS AND CONSTRUCTION 
 
Section 1.1.    Definitions.  
 In addition to definitions provided for other terms elsewhere in
this Agreement and except as otherwise specifically indicated, the following terms shall have the indicated meanings set forth in this Section 1.1. 

“ACH” means automated clearing house. 

“Advertising Materials” means all materials and methods used by UNI in the performance of its marketing and solicitation
services under this Agreement in connection with the origination of Loans by Bank, including advertisements, direct mail pieces, brochures, website materials and any other similar materials. For the avoidance of doubt, “Advertising
Materials” excludes UNI Referral Materials, the right, title and interest of which shall at all times belong to UNI, and may be used by UNI for any purpose outside of the Program provided such UNI Referral Materials do not incorporate any of
the Marks of Bank. 
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling,
controlled by or under common control with, such Person. As used in this definition 

  
 1 

 
of Affiliate, the term “control” means the power, directly or indirectly, to direct or cause the direction of the management and policies of a Person, whether through ownership of such
Person’s voting securities, by contract or otherwise, and the terms “affiliated”, “controlling” and “controlled” have correlative meanings. 

“Agreement” means this Third Amended and Restated Loan Program Agreement, including all schedules and exhibits hereto, as the
same may be amended or supplemented from time to time. 
 “Annual Projections” is defined in
Section 3.1(i)(B). 
 “Anti-Corruption Laws” means all laws, rules, and regulations of any
jurisdiction applicable to either party from time to time concerning or relating to bribery or corruption. 
 “Anti-Money Laundering
Laws” means all laws, rules and regulations of any jurisdiction applicable to either party from time to time concerning or relating to money-laundering, including the Bank Secrecy Act 31 U.S.C. § 5311 et seq. and Regulation X
promulgated thereunder and the applicable sections of the Patriot Act and implementing regulations related to know-your-customer and customer identification programs. 

“Applicable Laws” means all federal, state and local laws, statutes, ordinances, regulations and orders, together with all
rules and guidelines established by self-regulatory organizations, including the National Automated Clearing House Association, or government sponsored entities, applicable to a party or relating to or affecting any aspect of the Program (including
the Loans), consumer credit laws, rules and regulations, and all requirements of any Regulatory Authority having jurisdiction over a party or any activity provided for in this Agreement, including all rules and any regulations or policy statements
or guidance and any similar pronouncement of a Regulatory Authority, or judicial or regulatory interpretation of the foregoing, applicable to the acts of Bank, UNI or a Third Party Service Provider as they relate to the Program or a party or its
performance of its obligations under this Agreement. 
 “Bank” has the meaning set forth in the recitals. 

“Bank Rate Request” means the initial inquiry by a consumer directly to Bank, that is not through the Referral
Services or a PBU Partner, via a user process flow on the UNI website for a loan offer under the Program. 
 “Bank Third Party
Service Provider” means any contractor or service provider other than UNI retained, directly or indirectly, by Bank, who provides or renders services in connection with the Program. 

“Borrower” means, with respect to any Loan, each Person who is a borrower under such Loan and each other obligor (including
any co-signor or guarantor) of the payment obligation for such Loan. 
 “Business
Day” means any day upon which New Jersey state banks are open for business, but excluding Saturdays and Sundays. 

  
 2 

 “Claim” means any claim, legal or equitable, cause of action, suit,
litigation, proceeding (including a regulatory or administrative proceeding), grievance, complaint, demand, charge, investigation, audit, arbitration, mediation, or other process brought by a third party against Bank or UNI for settling disputes or
disagreements, including, without limitation, any of the foregoing processes or procedures in which injunctive or equitable relief is sought. 

“Compliance Guidelines” means the policies and procedures for compliance with Applicable Laws, as set forth in Exhibit
C. 
 “Confidential Information” is defined in Section 10.4. 

“Control” means with respect to any party, either (i) ownership directly or indirectly of fifty (50%) percent or more of
all equity interests in such party or (ii) the possession, directly or indirectly, of the power to direct or cause the day-to-day direction of the management and
policies of such party, through the ownership of voting securities, by contract or otherwise, and the terms Controlled, Controlling and Common Control shall have correlative meanings. 

“Credit Policy” means the credit requirements, including requirements applicable to applications for the extension of credit,
of Bank as set forth in the Program Guidelines to be used by UNI in reviewing all Loan Applications on behalf of Bank. 
 “Credit
Model Validation Services” means UNI’s services, policies and procedures related to model risk management for consumer loans originated under the Program, which shall include (i) development services, processes and procedures,
(ii) testing/validation services and processes, (iii) validation frequency and (iv) monitoring of Third Party Service Providers involved with model risk management, each in accordance with FDIC Financial Institution Letter 22-2017, as such guidance may be updated from time to time. 
 “Credit Model Validation
Documentation” means all documentation concerning the Credit Model Validation Services. 
 “Customer Information”
means all information concerning Borrowers and Loan Applicants, including nonpublic personal information as defined under the Gramm-Leach-Bliley Act of 1999 and implementing regulations, including all nonpublic personal information of or related to
customers or consumers of either party, including names, addresses, telephone numbers, account numbers, customer lists, credit scores, and account information, financial information, transaction information, consumer reports and information derived
from consumer reports, that is subject to protection from publication under applicable law, including (i) any and all medical or personal information handled by UNI in connection with the Program that is required to be treated as confidential
or nondisclosable pursuant to the Health Insurance Portability & Accountability Act of 1996, as amended, including the rules and regulations thereunder, and the related privacy and security provisions of the Health Information Technology
for Economic and Clinical Health Act of 2009, as amended, including the rules and regulations thereunder; and (ii) any and all Borrower data in connection with the Program required to be treated as confidential or otherwise subject to the
control objectives of the Payment Card Industry Data Security Standard, as amended, including the rules and regulations thereunder. 

  
 3 

 “ECOA” means the Equal Credit Opportunity Act (15 U.S.C.
§ 1691 et seq.) and its implementing regulations and interpretations. 
 “Effective Date” is defined in the
preamble to this Agreement. 
 “Existing Program Agreement” has the meaning set forth in the recitals. 

“FCRA” means the Fair Credit Reporting Act and its implementing regulations. 

“FDIC” means the Federal Deposit Insurance Corporation. 

“FFIEC” means the Federal Financial Institutions Examination Council. 

“Funding Date” means any day on which Bank receives a Funding Statement from UNI pursuant to
Section 5.1(a); provided, however, that if Bank receives any such Funding Statement (i) on a day that is not a Business Day or (ii) after 12:00 pm Eastern Time on a Business Day, Bank may delay the
Funding Date to be the immediately succeeding Business Day. 
 “Funding Statement” is defined in
Section 5.1(a). 
 “GAAP” means generally accepted accounting principles in the United States of
America, applied on a materially consistent basis. 
 “Governmental Authority” means any court, board, agency, commission,
office or authority of any nature whatsoever or any governmental unit (federal, state, commonwealth, county, district, municipal, city or otherwise), including the Office of the Comptroller of the Currency, the Department of Justice, the Federal
Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, and the New Jersey Department of Banking and Insurance whether now or hereafter in existence, including any Regulatory
Authority. 
 “Government List” means (i) the Annex to Presidential Executive Order 13224 (Sept. 23, 2001), (ii)
OFAC’s most current list of “Specifically Designated National and Blocked Persons” (which list may be published from time to time in various mediums including the OFAC website,
https://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx, or any successor website or webpage) and (iii) any other list of terrorists, terrorist organizations or narcotics
traffickers maintained by a Governmental Authority that Bank notifies UNI in writing is now included in “Government List”. 

“Indemnified Party” is defined in Section 10.1(d). 

“Indemnifying Party” is defined in Section 10.1(d). 

“Information Security Incident” means any actual unauthorized access to or acquisition, use, disclosure, modification or
destruction of any Customer Information. 
 “Initial Term” is defined in Section 7.1. 

  
 4 

 “Insolvent” means, with respect to a party, if such party commences a
voluntary action or other proceeding seeking reorganization, liquidation, or other relief with respect to itself or its debts under any bankruptcy, insolvency, receivership, conservatorship or other similar law now or hereafter in effect or seeking
the appointment of a trustee, receiver, liquidator, conservator, custodian or other similar official of it or any substantial part of its property, or shall consent to any such relief or to the appointment of a trustee, receiver, liquidator,
conservator, custodian or other similar official or to any involuntary action or other proceeding commenced against it; or becomes subject to an involuntary action or other proceeding, whether pursuant to banking regulations or otherwise, seeking
reorganization, liquidation or other relief with respect to it or its debts under any bankruptcy, insolvency, receivership, conservatorship or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver,
liquidator, conservator, custodian or other similar official of it or any substantial part of its property; or an order for relief shall be entered against either party under the federal bankruptcy laws as now or hereafter in effect. 

“Intellectual Property Rights” means all (i) intellectual property rights of any kind, worldwide, including utility
patents, design patents, utility models, and all applications for the foregoing; (ii) Marks; and (iii) published and unpublished works of authorship, registered and unregistered copyrights, and all registrations and applications for the
foregoing; software, technology, and documentation; and trade secrets, technical information, business information, ideas, inventions, know-how and other confidential and proprietary information, in whatever
form. 
 “Loan” means a consumer loan made by Bank to a Borrower under the Program. 

“Loan Account Agreement” means, with respect to a Loan, the document or documents containing the terms and conditions of such
Loan, including applicable disclosure statements and the loan agreement. 
 “Loan Applicant” means a prospective Borrower
that initiates a Bank Rate Request and/or a Loan Application under the Program. For the avoidance of doubt, a “Loan Applicant” does not include a consumer that requests a loan offer via (i) a PBU Partner, or (ii) the Referral
Services unless and until such consumer elects to proceed with a loan offer from Bank. 
 “Loan Application” means the
completed paper document or electronic application submitted by a Loan Applicant when requesting a Loan from Bank, together with any exhibits and ancillary materials; an application is initiated under the Program upon a consumer’s selection of
a loan offer from the Bank via the Bank Rate Request flow or the Referral Services. 
 “Loan Documents” mean, collectively,
with respect to any Loan, the Loan Account Agreement, the Note, the Loan Application, the Bank’s privacy notice and any other documents provided to Borrowers in connection with such Loan. 

“Loan Proceeds” means, for any Loan, the funds disbursed to a Borrower under the Program, consisting of the principal amount
of such Loan less the related Bank Origination Fee. 
 “Losses” shall mean all out-of-pocket costs, damages, losses, fines, penalties, judgments, settlements and expenses whatsoever, including outside attorneys’ fees and disbursements and court costs reasonably incurred by the
Indemnified Party. 

  
 5 

 “Marks” means trademarks, trade names, service marks, logos, brands,
corporate names, trade dress, domain names, social media user names, and other source identifiers or indicia of goods or services, whether registered or unregistered, and all registrations and applications for registration of the foregoing, and all
issuances, extensions, and renewals of such registrations and applications, and all goodwill associated with any of the foregoing. 

“Materials” is defined in Section 4.2(b). 

“Material Adverse Effect” means, with respect to a party, and to any event or circumstance, (i) a material breach under
this Agreement or any other agreement to which UNI and Bank are parties that remains uncured beyond any applicable cure period, or (ii) a material adverse effect on (a) the business, financial condition, operations, performance or
properties of a party, (b) the ability of a party to perform substantially all of its obligations under this Agreement or any other agreement to which UNI and Bank are parties, or (c) the validity or enforceability of this Agreement or,
with respect to Bank, the validity, enforceability or collectability of a material portion of the Loans. 
 “Model
Documentation” means a description of the model underpinning the Technical Information (inclusive of any updates made from time to time). 

“Note” means, with respect to each Loan, the electronic records evidencing the Borrower’s obligation with regard to a
Loan. 
 “Notification Related Costs” means a party’s reasonable internal and external costs associated with
investigating, addressing and responding to the Information Security Incident attributable to the other party, including: (i) preparation and mailing or other transmission of notifications or other communications to consumers, employees or
others as such party deems reasonably appropriate; (ii) establishment of a call center or other communications procedures in response to such Information Security Incident (e.g., customer service FAQs, talking points and training); (iii) public
relations and other similar crisis management services; (iv) legal, consulting, forensic expert and accounting fees and expenses associated with such party’s investigation of and response to such incident; and (v) costs for
commercially reasonable credit reporting and monitoring services that are associated with legally required notifications or are advisable under the circumstances. 

“OFAC” means the Office of Foreign Assets Control of the U.S. Department of Treasury. 

“Origination Assistance Fee” means, with respect to each Loan Application delivered to Bank, the fee charged to Borrower for
such Loan Application by UNI if the Loan is approved and made by Bank. 
 “Patriot Act” means the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT ACT) of 2001, as the same may be amended from time to time, and corresponding provisions of future laws. 

“Patriot Act Offense” means any violation of the criminal laws of the United States of America or of any of the several
states, or that would be a criminal violation if committed within the jurisdiction of the United States of America or any of the several states, relating to terrorism or the laundering of monetary instruments, including any offense under
(A) the criminal laws 

  
 6 

 
against terrorism; (B) the criminal laws against money laundering, (C) the Bank Secrecy Act, as amended, (D) the Money Laundering Control Act of 1986, as amended, or (E) the
Patriot Act. “Patriot Act Offense” also includes the crimes of conspiracy to commit, or aiding and abetting another to commit, a Patriot Act Offense. 

“PBU Partner” means a financial services provider that, with Bank, desires to engage UNI to provide “Powered By
Upstart” platform services outside of the Program in connection with the marketing and origination of consumer loans by Bank in accordance with pre-determined credit criteria established by Bank
specifically for loans to be sourced by such financial services provider. 
 “Person” means any individual, corporation,
partnership, limited liability company, joint venture, estate, trust, unincorporated association, any other entity, any Governmental Authority and any fiduciary acting in such capacity on behalf of any of the foregoing. 

“Platform Technical Auditor” has the meaning set forth in Section 3.1(i)(D). 

“Program” means UNI’s program for the marketing and processing applications for Loans that Bank will originate pursuant
to this Agreement and the Program Guidelines. For clarity, the Program does not include loans sourced through PBU Partners or Referral Services or any applications or loans that UNI processes for other lenders to which it offers similar services,
provided however, the Referral Services that UNI offers to Bank under this Agreement may lead to Loans originated by the Bank under the Program. 

“Program Guidelines” means the guidelines for the administration of the Program, including the Credit Policy, the
Underwriting Procedures and the Compliance Guidelines. 
 “Program Manager” means the respective principal contact
appointed by Bank and UNI to facilitate day-to-day operations and resolve issues that may arise in the implementation of the Program. 

“Program Materials” means all Loan Documents and all other documents, materials and methods used in connection with the
performance of the parties’ obligations under this Agreement, including the Loan Applications, and disclosures required by the Applicable Laws. For clarity, UNI shall own all right, title and interest in the Program Materials except to the
extent such Program Materials incorporate any of the Marks of Bank. 
 “Program Terms” means the loan terms and conditions
in connection with the Program and all Loans, as specified in the Program Guidelines. 
 “Referral Services” means the
referral services provided by UNI on www.upstart.com where UNI markets loan offers from one or more lenders to consumers and generates and displays specific loan offers from Bank, and other bank partners using the “Powered By Upstart”
platform services, for consumers to review and select. The Referral Services shall provide Bank with an additional channel for potentially acquiring Loan customers. 

“Regulatory Authority” means the Office of the New Jersey Department of Banking and Insurance, the FDIC and any local, state
or federal regulatory authority, including the Consumer Financial Protection Bureau, that currently has, or may in the future have, jurisdiction or exercising regulatory or similar oversight with respect to any of the activities contemplated by this
Agreement 

  
 7 

 
or to Bank, UNI or Third Party Service Providers (except that nothing herein shall be deemed to constitute an acknowledgement by Bank that any Regulatory Authority other than the New Jersey
Department of Banking and Insurance and the FDIC has jurisdiction or exercises regulatory or similar oversight with respect to Bank). 

“Renewal Term” is defined in Section 7.1. 

“Representatives” is defined in Section 10.5. 

“Sanctioned Country” means, at any time, a country or territory which is the subject or target of any Sanctions. 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons
maintained by OFAC, the U.S. Department of State, or by the United Nations Security Council, the European Union or any EU member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person controlled by
any such Person. 
 “Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced
from time to time by (a) the U.S. government, including those administered by the OFAC or the U.S. Department of State, or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.

 “Technical Information” means, with respect to the Program and UNI Platform, all software, source code, documentation,
algorithms, models, developments, inventions, processes, ideas, designs, drawings, hardware configuration, and technical specifications, including computer terminal specifications and the source code developed from such specifications. 

“Term” is defined in Section 7.1. 

“Termination Event” is defined in Section 8.1(a). 

“Third Party Service Provider” means collectively Bank Third Party Service Providers and UNI Third Party Service Providers.

 “Tracking Reports” is defined in Section 3.1(i)(B). 

“Underwriting Procedures” means the underwriting requirements of Bank to be used by UNI in reviewing all Loan Applications on
behalf of Bank, as set forth in Exhibit B. 
 “UNI Information” has the meaning set forth in
Section 10.5(f). 
 “UNI Platform” means the computer software, proprietary system information,
and related technology and documentation, developed and owned by, or licensed by third parties to, UNI relating to the lending services offered and/or provided by UNI to its customers pursuant to this Agreement, including the website operated by
UNI, the associated Technical Information and all Intellectual Property Rights therein owned by UNI or licensed by third parties to UNI; provided that the UNI Platform does not include any Intellectual Property Rights owned by Bank or
licensed by third parties to Bank; provided, further, that the ownership of Customer Information shall be determined in accordance with the provisions set forth in Section 2.5. 

  
 8 

 “UNI Referral Materials” means all materials and methods used by UNI in
connection with the Referral Services to solicit consumers to UNI referral marketing services, including advertisements, direct mail pieces, brochures, website materials, and any other similar materials. 

“UNI Third Party Service Provider” means any contractor or service provider retained, directly or indirectly, by UNI, who
provides or renders services in connection with the Program. 

Section 1.2.    Construction.  

As used in this Agreement: (i) all references to the masculine gender shall include the feminine gender (and vice versa); (ii) all
references to “include,” “includes,” or “including” shall be deemed to be followed by the words “without limitation”; (iii) references to any law or regulation refer to that law or regulation as amended from
time to time and include any successor law or regulation; (iv) references to another agreement, instrument or other document means such agreement, instrument or other document as the same may be amended, supplemented or otherwise modified from
time to time in accordance with the terms thereof; (v) references to “dollars” or “$” shall be to United States dollars unless otherwise specified herein; (vi) unless otherwise specified, all references to days, months
or years shall be deemed to be preceded by the word “calendar”; (vii) all references to “quarter” shall be deemed to mean calendar quarter; (viii) unless otherwise specified, all references to an article, section,
subsection, exhibit or schedule shall be deemed to refer to, respectively, an article, section, subsection, exhibit or schedule of or to this Agreement; (ix) unless the context otherwise clearly indicates, words used in the singular include the
plural and words in the plural include the singular; and (x) in connection with the computation of any time period, the word “from” means “from and including” and the words “to” and “until” each means
“to but excluding”. 
 Section 1.3.    Amendment and
Restatement.  
 The parties agree that on the Effective Date, the Existing Program Agreement shall be amended and restated in
its entirety by this Agreement and (a) all references to the Existing Agreement in any document other than this Agreement (including in any amendment, waiver or consent to such document) shall be deemed to refer to this Agreement as an
amendment and restatement of the Existing Program Agreement in its entirety, and (b) all references to any section (or subsection) of the Existing Program Agreement in any document (but not herein) shall be amended to be references to the
corresponding provisions of this Agreement. This Agreement is not intended to constitute, and does not constitute, a novation of the obligations and liabilities under the Existing Program Agreement or to evidence fulfillment of all or any portion of
such obligations and liabilities. Further, on and after the Effective Date, (a) the Existing Program Agreement shall be of no further force and effect, except as amended and restated hereby, and except to evidence (i) prior transactions
under the Existing Program Agreement, (ii) the representations and warranties made thereunder by the Bank and UNI prior to the Effective Date with respect to any transactions under the Existing Program Agreement only, and (iii) any action
or omission performed or required to be performed pursuant to the Existing Program Agreement prior to the Effective Date (including any failure, prior to the Effective Date, to comply with the covenants contained in the Existing Program Agreement)
as such action or omission relates to the Existing Program Agreement, and (b) the terms and conditions of this Agreement, including all rights and remedies hereunder, shall apply to all obligations incurred under the Existing Program Agreement.
Until the Effective Date, the Existing Program Agreement shall remain in full force 

  
 9 

 
and effect in accordance with its terms. Each party (1) reserves the right to request (and the other party is obligated to provide) assistance to transition any systems, processes or other
existing guidelines to conform to the terms and conditions of this Agreement, and (2) acknowledges and agrees that each party shall remain obligated to pay any fees and expenses for services or other activities that were properly performed
prior to this termination and such payment obligation shall survive such termination. Except as may be applicable under the immediately preceding sentence, there shall be no termination fees or charges applicable to the termination of the Existing
Program Agreement. 
 ARTICLE II 

GENERAL PROGRAM DESCRIPTION 
 
Section 2.1.    General Description.  
 UNI and Bank agree that, in accordance with the Program
Guidelines, the Program shall consist of (i) the Bank making Loans in the states agreed upon by the parties set forth on Exhibit A (which may be updated from time to time by the UNI and Bank without amendment to this Agreement), and
(ii) UNI providing marketing, origination assistance, Loan Application processing and other services on behalf of the Bank. The marketing and origination assistance services shall occur in such geographic locations set forth on Exhibit
A. The specific duties of the parties in connection with the Program shall be as set forth in the terms of this Agreement. 
 
Section 2.2.    Program Terms and Program Guidelines.  
 UNI shall comply with the Program Terms
and the Program Guidelines in connection with the administration of the Program. 

Section 2.3.    Program Modifications.  

(a)    Bank may change the Program Terms or the Program Guidelines in its reasonable discretion, upon not less than thirty
(30) days’ prior written notice to UNI (or such other notice period as the parties may mutually agree to in writing), provided that the foregoing prior notice period shall not be required in the event such modification is the result
of a change in Applicable Laws or by request of a Regulatory Authority, provided further that Bank shall provide as much notice as is reasonably practicable and necessary under the circumstances subject to Applicable
Law.    Without limiting the foregoing, Bank may require UNI to revise existing policies and procedures, or, as necessary, implement new policies and procedures, relating to any function or activity integral to the Program
Guidelines, the Program and Applicable Laws, provided that UNI may recommend modifications to the Program Guidelines for the improvement of the Program for Bank’s approval, such approval not to be unreasonably withheld or delayed, which Bank
shall in good faith adopt to the extent approved. 
 (b)    Notwithstanding the foregoing, if (i) there is a change
in Applicable Law that prohibits a party from carrying out its obligations under this Agreement, (ii) a party receives a letter or directive from any Regulatory Authority that prohibits such party from carrying out its obligations under this
Agreement, or (iii) following a change in Applicable Law or a judicial decision of a court having jurisdiction over such party (“Mandatory Judicial Authority”), a party receives a written legal opinion from nationally
recognized outside counsel reasonably acceptable 

  
 10 

 
to the other party that continued performance under this Agreement based on such change in Applicable Law or Mandatory Judicial Authority would “most likely” fundamentally and adversely
alter such party’s ability to comply with Applicable Law or Mandatory Judicial Authority, then such party shall notify the other party that it desires a meeting pursuant to this Section 2.3(b), and the parties shall
meet and consider in good faith commercially reasonable modifications, changes or additions to the Program or this Agreement that may be necessary to address any attendant risks or concerns, including by executing appropriate amendments to the
Agreement or the Program to reflect commercially reasonable adjustments to each party’s obligations under the Program as a result of the applicable triggering event set forth in clauses (i)-(iii) of this Section 2.3(b)
(each, a “Triggering Event”) to most closely approximate the economics contemplated hereunder consistent with Applicable Law and Mandatory Judicial Authority. Notwithstanding any other provision of this Agreement to the
contrary, if, within thirty (30) Business Days after the parties initially meet pursuant to the request described in the preceding sentence, the parties are unable to reach agreement regarding such commercially reasonable modifications, changes
or additions to the Program or this Agreement, which at a minimum shall take into account the measures other similarly situated market participants have taken following a Triggering Event (including whether such participants have terminated or
modified arrangements similar to the Program), then either party may terminate this Agreement upon thirty (30) days’ prior written notice to the other party, provided that a party may terminate this Agreement in accordance with the
foregoing if, and only if, such party terminates all of its agreements with third parties that are similarly impacted by such Triggering Event, provided further, that if the Triggering Event is specific to certain state(s) or
localities, the parties shall discontinue the Program only in those states or localities affected by such Triggering Event without terminating this Agreement in its entirety for such reason. For the avoidance of doubt, any termination pursuant to
this Section 2.3(b) shall not be subject to any termination fees or penalties payable from UNI to the Bank, including any minimum volume or revenue commitments as may be otherwise applicable under this Agreement or under
the Program. Nothing in this Section 2.3(b) shall limit either party’s respective rights to terminate this Agreement under ARTICLE VIII in accordance therewith. 

Section 2.4.    
Non-exclusivity.  
 This Agreement does not prohibit UNI, or any Affiliate of UNI,
from providing the UNI Platform and marketing, origination assistance and other similar services provided by UNI hereunder with other lenders under existing agreements with such lenders whereby such other lenders act in a similar capacity to Bank as
set forth hereunder. 
 Section 2.5.    Customer
Information.  
 Customer Information shall be owned by Bank at all times prior to and during Bank’s ownership of any Loan
made hereunder, provided that each party (i) shall be permitted to retain copies of and use Customer Information associated with all Loans, and (ii) shall deliver copies of all Customer Information to the other party upon request, each to
the extent permitted by Applicable Law. 
 Section 2.6.    
Powered by Upstart (“PBU”) Partner Requirements. 
 Subject to the limitations set forth
herein, PBU Partners may be added to this Agreement, subject to Bank’s and UNI’s approval, by execution of a tri-party Joinder Agreement mutually acceptable in form and substance to Bank, UNI and the
applicable PBU Partner. For clarity, a PBU Partner joining this Agreement will assume all obligations and liabilities related to all consumer loans designated under and subject to the applicable Joinder Agreement. 

  
 11 

 ARTICLE III 

DUTIES OF UNI AND BANK 
 
Section 3.1.    Duties and Responsibilities of UNI.  
 UNI shall perform and discharge the
following duties and responsibilities in connection with the services provided to Bank: 
 (a)    Marketing. UNI
shall be responsible for the marketing of the Loans to persons through use of the Advertising Materials approved by Bank pursuant to Section 4.2 of this Agreement and Program Materials. UNI’s marketing efforts may
include the use of radio, television, internet and print advertising and any other form of media deemed reasonable by Bank and approved by Bank in accordance with Section 4.2. In marketing the Loans, UNI shall at all times
and in all material respects comply with Applicable Laws, the terms of this Agreement, and Bank’s trademark usage guidelines which may be updated from time to time. 

(b)    Program Controls and Monitoring Policies. UNI shall establish and maintain such controls as may be necessary
or desirable to adequately control, monitor and supervise its Program obligations. UNI shall maintain policies and procedures as contemplated in the Program Guidelines for the Program and all Applicable Laws, including procedures relating to
periodic training and on-going monitoring and auditing of UNI and UNI Third Party Service Providers for compliance with this Agreement, the Program Guidelines, and all Applicable Laws. 

(c)    Compliance. UNI shall comply with the Program Guidelines and Applicable Laws and administer the Program
Guidelines in connection with its duties hereunder. 
 (d)    Loan Origination. 

(A)    Application Processing. UNI, on behalf of Bank and through the UNI Platform, shall process Loan Applications
from Loan Applicants using a Loan Application form that is approved by Bank. The UNI Platform shall be configured to forward all completed Loan Applications that satisfy the Program Guidelines to Bank (or its designated loan processing agent)
electronically or by other appropriate means agreeable to both parties. UNI, on behalf of Bank, shall take appropriate measures to verify the identity of all Loan Applicants consistent with Applicable Laws and the Program Guidelines, and take such
further steps as UNI deems reasonably necessary to prevent fraud in connection with the Program. UNI will (i) refer only Loan Applications to Bank for Loan Applicants that have had their identities verified in accordance with the Program’s
anti-money laundering compliance policy and procedure (collectively, the “Bank Secrecy Act Policy”), and (ii) respond to all inquiries from Loan Applicants regarding the Loan Application process. Without limiting
the foregoing, at Bank’s request, UNI shall make available, or cause its authorized vendor to make available, all “Know Your Customer” and anti-money laundering screening information obtained regarding Applicants to Bank for final

  
 12 

 
compliance determinations, including all information related to Know Your Customer, Customer Due Diligence, Enhanced Due Diligence, Politically Exposed Persons, and beneficial ownership, as well
as information necessary for Bank to comply with recordkeeping and reporting requirements. UNI will use screening lists and other resources designated by Bank, which lists and resources will be updated in accordance with Bank’s policies
and procedures, to reject applications where applicant identities cannot be adequately validated or from applicants that appear to present compliance risks such policies are designed to eliminate. 

(B)    Approvals. Bank shall have the exclusive authority to approve or deny any or all Loan Applications in its
sole discretion. All Loan approvals by Bank shall be based upon the information provided by Loan Applicants to Bank through UNI and such other information as obtained by UNI at the direction of Bank, and pursuant to the Program Guidelines. No Loan
Application shall be approved by Bank unless it complies with the Program Guidelines and any Loan Application shall be deemed not approved to the extent it does not comply with the Program Guidelines; it being understood that UNI will provide its
services to ensure compliance with the Program Guidelines. All Loan Application processing functions performed by UNI hereunder shall be supervised by Bank and Bank shall have the right to review and audit Loan Applications to determine compliance
with the Program Guidelines. Any Loan Application shall be deemed not approved to the extent it does not comply with the Program Guidelines. 

(C)    Declines. In the event Bank declines a Loan Application, UNI shall provide notices on behalf of Bank in
accordance with the FCRA and ECOA including an adverse action notice to any Loan Applicant whose Loan Application is rejected by Bank. 

(e)    Monitoring Communications and Complaints. UNI shall record and monitor all communications with Borrowers and
Applicants in accordance with reasonable procedures established by Bank. UNI shall be responsible for receiving and responding timely to consumer complaints (solely as they pertain to the processing of Loan Applications or Loans), and promptly
forwarding copies of each complaint and any response thereto to Bank, each in accordance with reasonable procedures established by Bank. UNI shall maintain complaint resolution policies and procedures reasonably acceptable to Bank, and shall further
include a log of the complaints and information summarizing the complaints and responses thereto for the given time period by the 10th day of each month, along with sufficient information for Bank
to analyze Program activity and potential trends relating to the Program and Loans. As part of such report, UNI shall provide Bank with any information reasonably requested by Bank for its fair lending review and analysis. UNI shall promptly deliver
to Bank all correspondence related to a formal inquiry or investigation sent from, or to, any Regulatory Authority with respect to the Program or any other item that may affect UNI’s ability to perform its obligations under this Agreement or
any other agreement between UNI and Bank. In addition, UNI shall provide prompt notice of any lawsuit or other legal proceeding with respect to the Program which shall include the name and address of the applicable litigant, a brief summary of the
complaint, and a summary of the underlying issue and the root cause thereof, and, (A) if resolved, a brief summary of how the lawsuit or similar proceeding was resolved or (B) if not resolved, an anticipated plan and timeframe for
resolution. Upon Bank’s request, UNI shall make commercially reasonable efforts to provide any material underlying documents related to such action or litigation, provided that UNI shall not be required to take any such action that in its
counsel’s reasonable determination may compromise any claim of attorney-client privilege or duty of confidentiality; provided further that UNI shall use its commercially reasonable efforts to obtain waivers to the foregoing restrictions to
deliver such information to the Bank. 

  
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 (f)    Loan Document Submission. UNI shall be responsible for
preparing and transmitting to each Loan Applicant all documents and all notices required by Bank to document the Loan, including the Loan Documents in connection with any Loan Application for the Loan. Prior to submitting any Loan to Bank, UNI
shall, on behalf of Bank, (A) obtain from the Borrower the executed Loan Application, Loan Account Agreement and the executed Note; and (B) deliver a copy of Bank’s Privacy Notice to the Borrower. 

(g)    Document Retention. UNI shall maintain and retain on behalf of Bank all original Loan Applications and
copies of all adverse action notices and other documents relating to rejected Loan Applications for the period required by Applicable Laws. UNI shall further maintain originals or copies, as applicable, of all Loan Documents and any other documents
provided to or received from Borrowers for the period required by Applicable Laws, all of which the parties acknowledge and agree shall be Bank property. 

(h)    Compliance Management. UNI shall adopt and maintain compliance management systems
(“CMS”) in accordance with Exhibit C attached hereto. 
 (i)    Reports and
Information. 
 (A)    UNI Reporting and Compliance. UNI shall provide to Bank data submissions and reports
reasonably requested by Bank on mutually agreed schedule to maintain effective enterprise risk management and internal controls to monitor UNI’s and UNI Third Party Service Providers’ compliance with this Agreement and with Applicable
Laws. As of the Effective Date, this reporting shall include the items set forth in Schedule 3.1(i)(A), which schedule may be reasonably updated at any time by Bank upon reasonable prior notice in writing to UNI. 

(B)    Projections. Each December 1 during the Term, UNI, shall consult with Bank and shall provide a
marketing leads report of projected origination volumes, proposed growth rates, loan types, levels of credit quality (e.g., delinquency, losses, and charge-offs) and liquidity for the upcoming year with respect to the Loans (the “Annual
Projections”).    In addition, the Annual Projections shall set forth the level of Loans UNI anticipates could be designated as subprime originations, as well as any Loans that may qualify as prime or near prime
originations, but that have subprime credit characteristics. UNI shall prepare the Annual Projections in a commercially reasonable manner. In addition, and without limiting the foregoing, UNI shall provide Bank with periodic reports, not less often
than monthly, in a mutually agreed format tracking the Loans against the projections contained in the Annual Projections for that year (the “Tracking Reports”), and in the event the Tracking Reports reveal a deviation of ten
percent (10%) or more from the projections contained in the Annual Projections, the Program Managers of UNI and Bank respectively shall promptly meet to determine whether such deviation requires UNI to prepare a revision to the Annual Projection to
reflect UNI’s then-current projections. 
 (C)    Systems Access. UNI shall provide Bank (i) with
access to copies of all documentation authenticated by Loan Applicants and Borrowers, including the information needed for Bank to underwrite and approve Loan Applications pursuant to the Program Guidelines and (ii) such daily settlement
reports, including reports noting the Loan Applications ready for 

  
 14 

 
underwriting and a summary report of Loans to be funded to satisfy the commercially reasonable information requirements of Bank, Regulatory Authorities and Bank’s internal and external
auditors. Without limiting the foregoing, upon confirmation that Bank has successfully established an automated process to obtain relevant Loan and Program information with at least two other similarly situated counterparties, UNI shall cooperate
with Bank to establish and maintain an automated accounting and loan tracking system to accurately reflect all Loan Applications, Loans and related information regarding the Program to satisfy the commercially reasonable information requirements of
Bank, Regulatory Authorities and Bank’s internal and external auditors 
 (D)    Access to Business Models and
Model Documentation. UNI shall provide Bank with reasonable access to the Model Documentation and Credit Model Validation Documentation, including the credit and business models underlying the Credit Model Validation Services and all pricing,
credit, and underwriting assumptions thereto, provided that, in each instance, the requirements of Section 10.4(e) of this Agreement have been met. In addition, upon reasonable request, UNI shall provide Bank access to the
Technical Information at UNI’s offices, which shall be subject to the requirements of Section 10.4(e). Subject to the confidentiality provisions of Section 10.4 hereof, UNI shall, upon
Bank’s reasonable request and at UNI’s expense, submit its credit and business model and all Technical Information to an auditor of UNI’s choosing that is reasonably acceptable to Bank (a “Platform Technical
Auditor”) (i) for validation of compliance with the Credit Model Validation Services and the Program Guidelines, including Applicable Laws and (ii) to independently test and validate UNI’s models for the Program, including
UNI’s loan performance models. In connection with any such testing and validation, UNI shall cooperate with the Platform Technical Auditor, including delivering any requested information and making available responsible personnel to answer
questions on a timely and complete basis. Any information shared by UNI with such Platform Technical Auditor and the results of the Platform Technical Auditor’s review is the Confidential Information of UNI. Such Platform Technical Auditor
shall execute a confidentiality agreement with UNI containing terms that are no less permissive than to the confidentiality restrictions hereunder. UNI shall promptly deliver to Bank the work papers and results prepared by the Technical Platform
Auditor, subject to confidentiality requirements set forth in Section 10.4. UNI shall promptly provide Bank with written notice of any proposed change to the credit model policy, including a full-context summary of the assumptions underlying
such changes as well as the anticipated effects thereof. 
 (E)    Audit. Subject to that certain agreement
entered into by the parties with respect to Bank’s ability to cause an audit of the Program, on an annual basis UNI shall cause an audit to be conducted of UNI’s controls to the extent other reports including the SSAE 16 report provided to
the Bank fail, in the Bank’s reasonable discretion, to address specific controls relating to the control, monitoring and supervision of the operation of the Program and of UNI’s and UNI Third Party Service Providers’ compliance with
this Agreement as set forth on Schedule 3.1(i)(E). Such audits shall be performed in accordance with Schedule 3.1(i)(E) by Bank or an independent third party firm acceptable to Bank and shall be at UNI’s sole cost and expense. UNI
shall cause the audit reports set forth on Schedule 3.1(i)(E) to be delivered to Bank on the dates specified in such Schedule, each in form and substance satisfactory to Bank. Bank shall have full access to the results of each audit. 

(F)    Non-Compliance and Remediation. UNI agrees that should an audit,
investigation or review of UNI or UNI Third Party Service Providers reveal noncompliance with this Agreement, the Program Guidelines, and/or Applicable Laws, UNI shall notify Bank as soon 

  
 15 

 
as reasonably possible but in any case within ten (10) calendar days of notice of the noncompliance. In addition to the indemnification provided for in Section 10.1, UNI agrees to take
all necessary steps to remediate and conform UNI’s or UNI Third Party Service Providers’ actions with this Agreement, the Program Guidelines and/or Applicable Laws, including reporting any potential restitution to any affected
Borrowers.     
 (j)    Anti-Corruption; Sanctions. UNI shall comply and cause each of its
Affiliates and UNI Third Party Service Providers to take action to enable Bank to comply in all material respects with all applicable Anti-Corruption Laws and Sanctions. UNI shall provide notice to Bank, within five (5) Business Days of
UNI’s receipt, of any written notice of any Anti-Corruption Law or Sanctions violation or action involving UNI or any of its Affiliates or UNI Third Party Service Providers, to the extent the giving of such notice to Bank is permitted by
Applicable Laws. 
 (k)     Governmental Proceedings. UNI, at Bank’s expense, shall reasonably cooperate
with Bank with respect to any proceedings before any court, board or other Governmental Authority related to this Agreement and any of the rights hereunder (“Proceedings”), including any Loan and, in connection therewith,
permit Bank, at its election, to participate in any such Proceedings, provided that to the extent such Proceedings arise from the act or omissions of UNI and would be subject to indemnification pursuant to Section 10.1(a), then UNI shall
reimburse Bank for any expense in connection therewith. 
 (l)    Site Visits. Upon reasonable prior notice from
Bank to UNI, UNI shall reasonably permit Bank to visit UNI’s office and UNI shall provide Bank with an update on its business and compliance practices relating to the Program during such visit. Such visits shall occur no more frequently than
once per calendar year at UNI’s cost and expense (including travel and lodging), provided that Bank shall pay all costs associated with any additional visits Bank requires in its reasonable discretion. In all cases, any site visit shall be made
during regular business, and shall be conducted by Bank without material disruption, provided that UNI shall make the appropriate personnel available to Bank. 

(m)    Disaster Recovery. Prior to the Effective Date, UNI shall establish and maintain a disaster recovery plan
and business continuity plan, consisting of policies and procedures, as well as ancillary backup capabilities and facilities (“DRP”), that is designed to enable the performance of all UNI’s duties and obligations
contemplated under this Agreement and other agreements between UNI and Bank related to the Program in the event of any natural disaster or other unplanned interruption of services. At the request of Bank, UNI shall provide a current copy or summary
of the DRP. UNI shall not amend the DRP in a manner that knowingly materially increases the risks of disruptions and delays of its services without the consent of the Bank. Reinstating the services contemplated under this Agreement shall receive as
high a priority as reinstating the similar services provided to UNI’s affiliates and other customers. 

(n)    UNI’s Program Manager. UNI shall designate a Program Manager. On a monthly basis (or as otherwise
agreed by the parties), UNI’s Program Manager shall meet with Bank’s Program Manager to review the processes and procedures used by UNI to ensure that all Marketing Material and customer communication comply with Applicable Law including
consumer credit laws. If UNI’s Program Manager and Bank’s Program Manager are unable to reach agreement with respect to any processes or procedures under the Program, then the dispute will be referred to the President of Bank and the Chief
Executive Officer or another authorized officer of UNI who 

  
 16 

 
will work together in good faith towards a resolution. If the parties are unable to resolve the dispute, a party may, upon written notice to the other party, resolve the dispute in accordance
with Section 10.3. 
 (o)    Referral Services. UNI shall provide the Referral Services
to Bank separate from the Program. UNI represents and warrants in connection with the Referral Services: (i) its activities, and all the UNI Referral Materials, shall comply with Applicable Laws; (ii) it is authorized, registered and
licensed to do business each state in which the nature of its activities make such authorization, registration or licensing necessary or required; and (iii) each Bank offer displayed in connection with the Referral Services shall be in
accordance with Applicable Law and the Program Guidelines. On a monthly basis UNI shall make available to Bank all new or modified UNI Referral Materials. 

(p)    UNI Third Party Service Providers. UNI shall not be permitted to retain or otherwise engage any new UNI
Third Party Service Provider that will provide services critical to the operation of the Program, without the prior written consent of Bank. 

Section 3.2.    Duties and Responsibilities of Bank.  

Bank shall perform and discharge the following duties and responsibilities in connection with the Program: 

(a)    Bank may modify the Program Guidelines from time to time in its discretion in accordance with
Section 2.3(a). 
 (b)    Bank shall establish and maintain such controls as may be reasonably
necessary to adequately control, monitor and supervise the operation of the Program, including the approval of each Loan. Neither Bank’s failure to establish and maintain any such controls nor the inadequacy of any Bank’s controls shall
relieve UNI of its separate and independent obligations to establish and maintain its own such controls or to comply with the Program Guidelines and Applicable Laws. 

(c)    Bank shall manage the Program in a good faith effort, employing at least the same degree of care, skill and
attention that Bank devotes to the management of its other assets. 
 (d)    Bank shall review each Loan Application
submitted through the UNI Platform and fund all Loans upon Bank’s approval in the manner set out in the Program Guidelines. All Loans shall be originated by Bank using UNI’s services described herein. UNI acknowledges that approval of a
Loan Application, making of loans and provision of funding by Bank creates a creditor-borrower relationship between Bank and Borrower which involves, among other things, the Bank’s extension of credit, the disbursement of the Loan, and the
right to collect the Loan payments. Bank shall have the sole and exclusive authority to approve or deny any or all Loan Applications. Bank shall provide UNI prompt notice after making a decision not to extend credit to any one or more Loan
Applicants. 
 (e)    Bank shall be responsible for approving all Loan Documents for UNI’s use in connection with
the Program, including: (i) the online Loan Application information requirements; and (ii) form of individual loan agreements to be used. The parties acknowledge that Bank is the creditor and the Loan Documents shall refer to Bank as the
creditor for all Loans. In the event 

  
 17 

 
Bank elects to change the Loan Documents, the provisions of Section 2.3 shall apply. UNI shall not be obligated to continue to promote or market the Program, nor to
accept or process Loan Applications or facilitate the disbursement of funds in relation to credit through the UNI Platform, during any period when there is not agreement between UNI and the Bank concerning any Loan Documents. 

(f)    Bank shall enter into all arrangements with credit bureaus related to the Program and appoint UNI as agent for
purposes of obtaining credit report information from any credit bureau and any other interactions with credit bureaus related to the Program. 

(g)    Bank shall designate a Program Manager. If Bank’s Program Manager and UNI’s Program Manager are unable to
reach agreement, then the dispute will be referred to the President or another authorized officer of Bank and the Chief Executive Officer or another authorized officer of UNI who will work together in good faith towards a resolution. If the parties
are unable to resolve the dispute, a party may, upon written notice to the other party, resolve the dispute in accordance with Section 10.3. 

(h)    Subject to Applicable Law and the confidentiality requirements set forth herein, Bank shall notify UNI of the
occurrence of any Termination Event applicable to it as soon as reasonably practicable. 
 (i)    Bank shall comply with
Applicable Laws in connection with its duties hereunder, including as set forth in Exhibit C attached hereto. 
 
Section 3.3.    Conditions Precedent to the Obligations of Bank.  
 The obligations of Bank in
this Agreement are subject to the satisfaction of the following conditions precedent on or prior to Bank’s funding of a Loan: 

(a)    Each Loan shall be sourced by UNI under the Program and meet the standards set forth in the approved Program
Guidelines then in effect; 
 (b)    No Material Adverse Effect on Bank or UNI shall have occurred and be continuing at
the time of or as a result of a Loan’s funding; 
 (c)    No action or proceeding shall have been instituted or
threatened against UNI or Bank to prevent or restrain the consummation of the purchase or other transactions contemplated hereby and there shall be no injunction, decree, or similar restraint preventing or restraining such consummation; 

(d)    The representations and warranties of UNI set forth in Section 9.1 shall be true and
correct in all material respects as though made on and as of such date and UNI shall be in compliance with its covenants and agreements set forth in this Agreement; 

(e)    The obligations of UNI set forth in this Agreement to be performed on or before each date that Loan Proceeds are
advanced shall have been performed in all material respects as of such date by UNI; and 

  
 18 

 (f)    Consistent with Section 3.1(i)(D), the
validity of UNI’s Technical Information, including any algorithm used by UNI in connection with the Program, shall be established to Bank’s reasonable satisfaction, subject to the limitations regarding the disclosure of Technical
Information set forth in Section 3.1(i)(D). 
 Section 3.4.    Joint
Duties of UNI and Bank.  
 To the extent permitted by Applicable Law, each party shall notify the other party if it becomes
aware of any inquiry, investigations or proceedings (whether verbal or written, formal or informal) initiated by any state attorney general, Regulatory Authority, or governmental figure (including a state or federal legislator) related to one or
more Loans, or of any customer inquiry or complaint related to one or more Loans that is directed or referred to that party by any state attorney general, Regulatory Authority, or governmental figure (including a state or federal legislator),
relating to any aspect of the Program within five (5) Business Days of becoming aware of such investigation or proceeding, and each party shall provide the other party with all documentation relating thereto, subject to any legal prohibitions
on disclosure of such investigation or proceeding. The parties shall cooperate in good faith and provide such assistance, at the other party’s request, to permit a party to promptly resolve or address any investigation, proceeding, or
complaint. The terms of this Section 3.4 shall survive the expiration or earlier termination of this Agreement for so long as any Loan originated pursuant to this Agreement remains outstanding. 

ARTICLE IV 

TRADE NAMES; ADVERTISING AND PROGRAM MATERIALS 

Section 4.1.    Trade Names and Trademarks.  

UNI shall have no authority to use any Marks of Bank except as explicitly permitted in this ARTICLE IV. Bank acknowledges that approved
Program Materials or Advertising Materials may contain Marks of UNI, and Bank shall have no authority to use any Marks of UNI separate and apart from their use in the Program Materials or Advertising Materials or as otherwise approved hereunder or
in writing by UNI. The parties shall use Program Materials and Advertising Materials only as permitted herein for the purpose of implementing the provisions of this Agreement and shall not use Program Materials or Advertising Materials in any manner
that would violate Applicable Laws, the terms of this Agreement, or any provision of the Program Guidelines. 
 
Section 4.2.    Advertising and Program Materials.  
 (a)    UNI’s
services under this Agreement shall include preparation of the Advertising Materials and Program Materials to be used in connection with the Program and shall ensure that these materials (i) comply, at all times, with Applicable Laws, the terms
of this Agreement, the Bank’s trademark usage guidelines, and the Program Guidelines, (ii) are true and accurate and not misleading in any material respect and (iii) are approved and authorized by Bank prior to use. 

(b)    At least five (5) Business Days prior to the first use of any Marks of Bank, UNI Referral Materials to the
extent they incorporate any of the Marks of Bank, Advertising Materials, and Program Materials (Marks of Bank, UNI Referral Material to the extent they incorporate any of the Marks of Bank, Advertising Materials and Program Materials collectively
referred to herein as, the “Materials”), UNI shall provide to Bank samples of all Materials, in order to enable Bank 

  
 19 

 
to complete an initial review and to approve or reject any such materials. Materials will be considered approved and authorized by Bank once such approval and authorization is clearly
communicated by Bank in writing; provided, such Materials shall be deemed to be considered approved and authorized by Bank if Bank does not respond to UNI’s submission of such Materials within five (5) Business Days. In the event Bank does
not accept and authorize such Materials, UNI shall not use any such Materials. UNI hereby agrees that any approval by Bank of any Materials shall not relieve UNI of its primary responsibility for the preparation and maintenance of the Materials in
accordance with this Section 4.2. 
 (c)    Bank may at any time retract or modify any
approval previously given by it with respect to any Materials if Bank reasonably determines that such action is required to remain in compliance with Applicable Laws or for the safe and sound operation of the Program, or to preserve or protect the
Mark’s of Bank or Bank’s reputation. Notwithstanding the foregoing, in the event Bank requires any changes to the Advertising Materials or Program Materials, Bank shall notify UNI pursuant to Section 2.3(b) of
this Agreement, and each party shall thereafter comply with and have the rights and obligations set forth in Section 2.3 with respect to such Bank-required changes. UNI shall not be obligated to continue to promote or
market the Program, nor to accept Loan Applications, during any period when there is not agreement between the UNI and the Bank concerning the Advertising Materials or the Program Materials UNI shall not have any liability in relation to Advertising
Materials that have been distributed to Loan Applicants prior to the effective date of a notice from the Bank pursuant to this Section 4.2(c).  

(d)    After Bank’s prior written approval and subject to Bank’s right to retract or modify any approval
previously given as described in Section 4.2(c), UNI may use such Materials in accordance with the terms of this Agreement, and need not seek further approval for use of such materials; provided that UNI shall comply
with all instructions from Bank (including any restrictions or prohibitions) as to the use of the Marks of Bank with any other Marks. In the event of a change in the Materials, UNI shall submit such Materials to Bank for review and approval in
accordance with Section 4.2(b).    UNI hereby agrees that any approval by Bank of any Materials shall not relieve UNI of its primary responsibility for the preparation and maintenance of the Materials in
accordance with this Section 4.2. 
 (e)    Subject to the terms and conditions of this
Agreement, Bank hereby grants UNI a non-exclusive, non-assignable license without the right to sublicense, to use and reproduce Marks of Bank in the United States, as
necessary to perform its obligations under this Agreement; provided, however, that (a) UNI shall obtain Bank’s prior written approval for the use of Bank’s Marks and such use shall at all times comply with all written
instructions provided by Bank regarding the use of Bank’s Marks; (b) UNI acknowledges that it shall acquire no interest in Bank’s Marks; and (c) UNI shall obtain Bank’s prior written approval for the release of any press
release incorporating the name, Marks or likeness of Bank. Upon termination of this Agreement, UNI shall cease using Bank’s Marks. 

(f)    UNI recognizes the value of the goodwill associated with the Bank’s Marks and acknowledges that Bank
exclusively owns all right, title and interest in and to the Bank’s Marks and all goodwill pertaining thereto. UNI acknowledges and agrees that any and all of its use of the Bank’s Marks shall be on behalf of and accrue and inure solely to
the benefit of Bank. 

  
 20 

 (g)    UNI shall not, anywhere in the world, use or seek to register in
its own name, or that of any third party, any Marks that are the Bank’s Marks, that are colorably or confusingly similar to the Bank’s Marks, or that incorporate the Bank’s Marks or any element colorably or confusingly similar to the
Bank’s Marks. 
 Section 4.3.    Intellectual Property.  

(a)    UNI shall retain sole and exclusive right, title and interest to all of its Intellectual Property Rights, including
its Marks, its websites, the UNI Platform, the UNI technology related thereto, and UNI’s proprietary information. This Agreement does not transfer any Intellectual Property Rights from UNI to Bank. 

(b)    Bank shall retain sole and exclusive right, title and interest in and to all of its Intellectual Property Rights,
including its Marks, websites, promotional materials, proprietary information, and technology. This Agreement does not transfer ownership of any Intellectual Property Rights from Bank to UNI. For the avoidance of doubt, Bank has no Intellectual
Property Rights in respect of the UNI Platform. 
 ARTICLE V 

LOAN ORIGINATION AND COMPENSATION 

Section 5.1.    Loan Origination.  

(a)    On each day on which UNI receives Loan Applications from Loan Applicants that satisfy the eligibility criteria set
forth in the Program Guidelines and that were approved by Bank for Loans, and who agreed to their Loan terms, UNI shall provide Bank a statement (each such statement, a “Funding Statement”) for origination of such Loans,
containing, as applicable, (i) a list of all Loan Applicants who meet the eligibility criteria set forth in the Program Guidelines and was approved by Bank; (ii) the applicable Loan Proceeds to be disbursed by Bank for each Loan;
(iii) all information necessary for the transfer of the Loan Proceeds to the corresponding Borrowers, including depository institution names, routing numbers and account number; and (iv) such other information as shall be reasonably
requested by Bank. 
 (b)    On each Funding Date, Bank shall originate each Loan listed on the related Funding
Statement by the close of business on such day, or, if the Funding Statement is received after 12:00pm ET, or on the immediately following Business Day. Bank shall distribute via ACH transfer, wire or other electronic methods an amount equal to the
Loan Proceeds for the applicable Loan to each of the Borrowers. 

Section 5.2.    Compensation.  

Bank shall make daily payments of the Origination Assistance Fees earned and due to UNI, which shall be calculated on a schedule mutually
agreed by the parties in accordance with Exhibit A. Bank may set off payments relating to Origination Assistance Fees from other fees or expenses owed by UNI to Bank under the Program. Payment of the Origination Assistance Fee shall
compensate UNI for its performance of the services actually rendered and described hereunder and its costs and expenses associated with related activities, including any broker’s fees or commissions incurred by UNI in connection with such
services to enable Bank to originate the Loans. 

  
 21 

 ARTICLE VI 

EXPENSES 
 
Section 6.1.    Expenses.  
 All costs and expenses not expressly the responsibility of UNI
under this Agreement that are incurred by Bank in connection with the Program shall be Bank’s responsibility. UNI shall pay all costs and expenses incurred by UNI in connection with providing the services set forth in this Agreement, including
compliance costs related to UNI’s obligations under Exhibit C, the costs of obtaining credit reports and delivering adverse action notices and such other direct expenses incurred in connection with providing services to the Bank under
this Agreement. Without limiting the foregoing, UNI shall pay all actual, direct costs and expenses incurred by Bank (including legal fees) to the extent UNI requests that Bank enter into another agreement with a third party with respect to the
Program. 
 Section 6.2.    ACH and Wire Costs. 

 UNI shall be responsible for the costs associated with all ACH and wire transfers executed in connection with the Program. 

Section 6.3.    Taxes.  

Each party shall be responsible for payment of any federal, state, or local taxes or assessments applicable to such party associated with the
performance of its obligations under this Agreement and for compliance with all filing, registration and other requirements applicable to such party related to this Agreement. 

ARTICLE VII 

TERM 
 
Section 7.1.    Initial and Renewal Terms. 
 Unless terminated earlier in accordance with Article VIII,
this Agreement shall have an initial term of four (4) years commencing upon the Effective Date (the “Initial Term”) and shall automatically renew for two (2) successive terms of two (2) years (a
“Renewal Term,” collectively, the Initial Term and Renewal Term(s) shall be referred to as the “Term”), unless either party provides notice to the other party of its intent to not renew at least one
hundred twenty (120) 
days prior to the end of the Initial Term or the first Renewal Term. 
 Section 
7.2.    Other Agreements. 
 This Agreement shall automatically be terminated upon the termination of any other
material agreement between the parties with respect to the Program, unless otherwise mutually agreed in writing. The termination of this Agreement shall not discharge any party from any obligation incurred prior to such termination. 

  
 22 

 Section 7.3.    Survival.

 The terms of this Article VII shall survive the expiration or earlier termination of this Agreement. 

ARTICLE VIII 

TERMINATION 
 
Section 8.1.    Termination.  
 (a)    Either party shall have the right to
terminate this Agreement immediately upon written notice to the other party in any of the following circumstances (each, a “Termination Event”): 

(A)    the other party shall materially breach this Agreement and such breach is not cured within thirty (30) days
after such breaching party receives written notice thereof from the non-breaching party, provided that the parties agree that the cure period for the breaching party shall be extended to ninety (90) days
so long as such party is working in good faith to cure such breach and such breach is capable of being cured within such ninety (90) day period; 

(B)    any representation or warranty made by the other party in this Agreement is incorrect in any material respect and
is not corrected within thirty (30) days after such other party obtains actual knowledge thereof or written notice thereof has been given to such other party; 

(C)    the other party commences a voluntary action or other proceeding seeking reorganization, liquidation, or other
relief with respect to itself or its debts under any bankruptcy, insolvency, receivership, conservatorship or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, conservator, custodian or other
similar official of it or any substantial part of its property, or shall consent to any such relief or to the appointment of a trustee, receiver, liquidator, conservator, custodian or other similar official or to any involuntary action or other
proceeding commenced against it; or 
 (D)    the other party becomes subject to an involuntary action or other
proceeding, whether pursuant to banking regulations or otherwise, seeking reorganization, liquidation or other relief with respect to it or its debts under any bankruptcy, insolvency, receivership, conservatorship or other similar law now or
hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, conservator, custodian or other similar official of it or any substantial part of its property; or an order for relief shall be entered against either party under the
federal bankruptcy laws as now or hereafter in effect. 
 (b)    Either party has the right to terminate this Agreement
in accordance with Section 2.3(b); provided, however, that each party shall make good-faith efforts to maintain the viability of the Program by making necessary modifications where possible without terminating this
Agreement in its entirety as contemplated by Section 2.3(b). 

  
 23 

 (c)    Either party shall have the right to terminate this Agreement if
any Governmental Authority having jurisdiction over the terminating party requests or requires in writing that such party terminate this Agreement, including if such Governmental Authority has informed Bank in writing that Bank’s continued
operation hereunder will materially and adversely affect the safety and soundness of Bank. In addition, Bank shall have the right to terminate this Agreement if Bank has received a written legal opinion from nationally recognized outside counsel
reasonably acceptable to UNI that continued operation hereunder will “most likely” materially and adversely affect the safety and soundness of Bank. 

(d)    Either party shall have the right to terminate this Agreement immediately upon notice to the other party in the
event of a change in Control of either party, where such Control is acquired, directly or indirectly, in a single transaction or series of related transactions, or all or substantially all of the assets of a party are acquired, by any Person, or the
notifying party is merged with or into another entity to form a new entity and such party is not the surviving entity; provided that in the event that either party terminates pursuant to this Section 8.1(d) in connection with its own change in
Control, such party shall (i) provide a ninety (90) days’ written notice to the other party, and (ii) pay a termination fee equal to [***]. 

(e)    Either party shall have the right to terminate this Agreement if a Material Adverse Effect has occurred with
respect to other party. 
 Section 8.2.    Effect of
Termination.  
 Upon the termination of this Agreement, (a) Bank shall cease originating any new Loans, (b) UNI shall
cease marketing the Program and soliciting new Loan Applicants, (c) each party shall immediately discontinue the use of the other party’s Marks, (d) all outstanding amounts due and owing hereunder shall become immediately due and
payable, and (e) each party grants the other party a perpetual, non-exclusive, non-assignable, royalty-free license without the right to sublicense, to use the
Customer Information (other than Customer Information for Loans that have been sold to a third party) to the extent permitted by Applicable Law and subject to the limitations set forth in Section 10.4. The parties shall
cooperate in order to ensure a smooth and orderly termination of their relationship, including taking reasonable steps to complete processing of all in-flight Loan Applications and approved Loans pending at
the time of termination. Notwithstanding any termination hereof, the terms and conditions of this Agreement shall remain in place and effective to govern the relationship between the parties solely for any Loans of the Bank existing on the
termination date until such time as they are no longer owned by the Bank and paying any compensation or expenses incurred prior to the termination date under Articles IV and V. For the avoidance of doubt, except in connection with
Section 8.1(d), a termination pursuant to this Article VIII shall not be subject to any termination fees or penalties payable by either party. 

ARTICLE IX 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

Section 9.1.    UNI’s Representations and Warranties.
 
 UNI makes the following warranties and representations to Bank: 

  
 24 

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both
(i) not material and (ii) would be competitively harmful if publicly disclosed. 

 (a)    This Agreement is the valid and obligation of UNI and is
enforceable in accordance with its terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or other similar laws now or hereafter in effect, which may affect the enforcement of
creditors’ rights in general, and (ii) as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity) and UNI has received all necessary approvals and consents for the execution,
delivery and performance by it of this Agreement. 
 (b)    UNI is duly organized, validly existing, and in good
standing under the laws of the state of its organization and is authorized, registered and licensed to do business in each state in which the nature of its activities makes such authorization, registration or licensing necessary or required. 

(c)    UNI has the full corporate power and authority to execute and deliver this Agreement and perform all of its
obligations hereunder. 
 (d)    The execution of this Agreement and the completion of all actions required or
contemplated to be taken by UNI hereunder are within the ordinary course of UNI’s business and not prohibited by Applicable Laws. 

(e)    The provisions of this Agreement and the performance of each of its obligations hereunder do not conflict with
UNI’s organizational or governing documents, or any material agreement, contract, lease, order or obligation to which UNI is a party or by which UNI is bound, including any exclusivity or other provisions of any other agreement to which UNI or
any related entity is a party, and including any non-compete agreement or similar agreement limiting the right of UNI to engage in activities competitive with the business of any other party or Governmental
Authority that UNI is subject to. 
 (f)    No approval, authorization or other action by, or filing with, any
Governmental Authority is required in connection with the execution, delivery and performance by it of this Agreement other than approvals and authorizations that have previously been obtained and filings which have previously been made. 

(g)    All information which was heretofore furnished by it or on its behalf in writing to Bank for purposes of or in
connection with this Agreement, or any transaction contemplated hereby, is true and accurate in all material respects on and as of the date such information was furnished (except to the extent that such furnished information relates solely to an
earlier date, in which case such information was true and accurate in all material respects on and as of such earlier date and the information as delivered reasonably indicates that it relates to an earlier date). 

(h)    Except as licensed or otherwise permitted, UNI has not, and will not, use the Intellectual Property Rights, trade
secrets or other confidential business information of any third party in connection with the development of the Program Materials and Advertising Materials or in carrying out its obligations or exercising its rights under this Agreement. 

(i)    There is no action, suit, proceeding or investigation pending or, to the actual knowledge of UNI, threatened
against UNI seeking a determination or ruling which, either in any one instance or in the aggregate, would reasonably be expected to result in a Material Adverse 

  
 25 

 
Effect with respect to UNI or which would render this Agreement invalid, or asserting the invalidity of, or seeking to prevent the consummation of any of the transactions contemplated by, this
Agreement. No proceeding has been instituted against UNI seeking to adjudicate it bankrupt or insolvent, or seeking the liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any
law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for UNI or any substantial part of its property. 

(j)    Neither UNI nor any principal thereof has been or is the subject of any of the following that will materially
affect UNI’s ability to perform under this Agreement: 
 (A)    an enforcement agreement, memorandum of
understanding, cease desist order, administrative penalty or similar agreement concerning lending matters, or participation in the affairs of a financial institution; 

(B)    an administrative or enforcement proceeding or investigation commenced by the Securities Exchange Commission, state
securities regulatory authority, Federal Trade Commission, any banking regulator or any other state or federal Regulatory Authority, with the exception of routine communications from a Regulatory Authority concerning a consumer complaint and routine
examinations of UNI conducted by a Regulatory Authority in the ordinary course of UNI’s business; or 
 (C)    a
restraining order, decree, injunction or judgment in any proceeding or lawsuit alleging fraud or deceptive practices on the part of UNI or any principal thereof. 

For purposes of this Section 9.1(j) the word “principal” of UNI shall include (i) any person owning
or controlling ten percent (10%) or more of the voting power of UNI and (ii) any person actively participating in the control of UNI’s business. 

(k)    Neither UNI nor, to its actual knowledge, UNI Third Party Service Providers, nor any of their respective officers,
directors or members is a Person (or to UNI’s knowledge, is owned or controlled by a Person) that (i) is listed on any Government Lists, (ii) is a person who has been determined by competent authority to be subject to the prohibitions
contained in Presidential Executive Order No. 13224 (Sept. 23, 2001) or any other similar prohibitions contained in the rules and regulations of OFAC or in any enabling legislation or other Presidential Executive Orders in respect thereof,
(iii) has been previously indicted for or convicted of any felony involving a crime or crimes of moral turpitude or for any Patriot Act Offense, or (iv) is currently under investigation by any Governmental Authority for alleged felony
involving a crime of moral turpitude. 
 (l)    UNI and, to its actual knowledge, UNI Third Party Service Providers are
in compliance in all material respects with all applicable Anti-Money Laundering Laws and Anti-Corruption Laws. Without limiting the generality of the foregoing, to the extent required by the Anti-Money Laundering Laws or Anti-Corruption Laws, UNI
has established an anti-money laundering compliance program that is in compliance, in all material respects, with the Anti-Money Laundering Laws and Anti-Corruption Laws. 

  
 26 

 (m)    UNI agrees to maintain policies and procedures for the Program in
accordance with Applicable Laws, including procedures relating to periodic training and on-going monitoring of UNI and, as warranted, UNI Third Party Service Providers. 

(n)    UNI has in full force and effect insurance in such amounts and with such terms, as follows: 

(A)    comprehensive general liability with limits not less than $1 million per occurrence and $5 million annual
aggregate, with coverages to include contractual liability, personal injury and advertising injury; 

(B)    statutorily required worker’s compensation; 

(C)    employer’s liability of Five Million ($5,000,000.00) Dollars per employee/occurrence; 

(D)    crime liability of not less than Five Million ($5,000,000.00) Dollars; 

(E)    cybersecurity and privacy liability of not less than Five Million ($5,000,000.00) Dollars; 

(F)    umbrella liability with limits not less than Twenty Five Million ($25,000,000.00) Dollars per occurrence and
aggregate; 
 (G)    professional liability/errors & omissions of not less than Five Million ($5,000,000.00)
Dollars. 
 UNI shall not decrease the above coverages without prior written consent by Bank. In addition, upon Bank’s written request,
UNI shall increase the amount of UNI’s insurance coverage if either (a) requested in writing by a Regulatory Authority or (b) if an independent, nationally recognized third party insurance advisor selected by Bank and reasonably
acceptable to UNI delivers a written opinion to UNI and Bank that such additional coverage is reasonably necessary to be consistent with standard industry practices based on the volume of Loan origination under the Program, provided that UNI shall
have up to ninety (90) days to procure such additional coverage if so required pursuant to this Section 9.1(n), provided further that UNI shall not be deemed to be in breach of this Section 9.1(n) for so long as UNI is proceeding in
good faith and exercising reasonable diligence, as determined by Bank, to procure such additional coverage. 
 
Section 9.2.    Bank’s Representations and Warranties.  
 Bank makes the
following warranties and representations to UNI: 
 (a)    This Agreement constitutes a valid and binding obligation of
Bank, enforceable against Bank in accordance with its terms except (i) to the extent that such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or other similar laws now or hereafter in effect,
which may affect the enforcement of creditors’ rights in general, and (ii) as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 

  
 27 

 (b)    Bank is an FDIC-insured New Jersey state-chartered bank, duly
organized, validly existing, and in good standing under the laws of the State of New Jersey. 
 (c)    Bank has full
corporate power and authority to execute, deliver and perform all of its obligations under this Agreement. 
 (d)    The
execution of this Agreement and the completion of all actions required or contemplated to be taken by Bank hereunder are within the ordinary course of Bank’s business and not prohibited by Applicable Laws. 

(e)    The execution, delivery and performance of this Agreement have been duly authorized by Bank, and are not in
conflict with and do not violate the terms of the charter or by-laws of Bank and will not result in a material breach of or constitute a default under, or require any consent under, any indenture, loan or agreement to which Bank is a party. 

(f)    Bank has the authority to make Loans in accordance with the Program Terms to the Borrowers who meet the minimum
Credit Policy requirements established in the Program Guidelines, as contemplated hereunder. 
 (g)    Bank has the
authority to make Loans in each state in which Loans are made under the Program. 
 (h)    As of the date of
origination, (i) to the best of Bank’s actual knowledge, each Loan meets the criteria outlined in the Program Guidelines; (ii) each Loan has not been satisfied, subordinated or rescinded, and no right of rescission, set-off, counterclaim or defense exists or has been asserted with respect to such Loan; (iii) each Loan was made and each Loan Amount disbursed by Bank in accordance with Applicable Laws; and (iv) there is
no action before any state or federal court, administrative or regulatory body involving the Loan in which an adverse result would have a Material Adverse Effect upon the validity or enforceability of the Loan. 

(i)    Neither Bank nor any principal thereof has been or is the subject of any of the following that will materially
affect Bank’s ability to perform under this Agreement: 
 (A)    an enforcement agreement, memorandum of
understanding, cease and desist order, administrative penalty or similar agreement concerning the Program; 
 (B)    an
administrative or enforcement proceeding or investigation commenced by the Securities Exchange Commission, state securities regulatory authority, Federal Trade Commission, any banking regulator or any other state or federal Regulatory Authority; or

 (C)    a restraining order, decree, injunction or judgment in any proceeding or lawsuit alleging fraud or deceptive
practices on the part of Bank or any principal thereof. 
 For purposes of this Section 9.2(k) the word
“principal” of Bank shall include (i) any person owning or controlling ten percent (10%) or more of the voting power of Bank and (ii) any person actively participating in the control of Bank’s business. 

(j)    Neither Bank nor, to its actual knowledge, any of its respective officers, directors or members is a Person (or to
Bank’s knowledge, is owned or controlled by a Person) that (i) is 

  
 28 

 
listed on any Government Lists, (ii) is a person who has been determined by competent authority to be subject to the prohibitions contained in Presidential Executive Order No. 13224
(Sept. 23, 2001) or any other similar prohibitions contained in the rules and regulations of OFAC or in any enabling legislation or other Presidential Executive Orders in respect thereof, (iii) has been previously indicted for or convicted of
any felony involving a crime or crimes of moral turpitude or for any Patriot Act Offense, or (iv) is currently under investigation by any Governmental Authority for alleged felony involving a crime of moral turpitude. 

(k)    Bank is in compliance in all material respects with all applicable Anti-Money Laundering Laws and Anti-Corruption
Laws. Without limiting the generality of the foregoing, to the extent required by the Anti-Money Laundering Laws or Anti-Corruption Laws, Bank has established an anti-money laundering compliance program that is in compliance, in all material
respects, with the Anti-Money Laundering Laws and Anti-Corruption Laws. 
 (l)    Bank agrees to maintain policies and
procedures in accordance with Applicable Laws, including procedures relating to periodic training and on-going monitoring of Bank and, as warranted, Bank Third Party Service Providers. 

(m)    The provisions of this Agreement and the performance of each of its obligations hereunder do not conflict with
Bank’s organizational or governing documents, or any material agreement, contract, lease, order or obligation to which Bank is a party or by which Bank is bound, including any exclusivity or other provisions of any other agreement to which Bank
or any related entity is a party, and including any non-compete agreement or similar agreement limiting the right of Bank to engage in activities competitive with the business of any other party or
Governmental Authority that Bank is subject to. 
 (n)    No approval, authorization or other action by, or filing with,
any Governmental Authority is required in connection with the execution, delivery and performance by it of this Agreement other than approvals and authorizations that have previously been obtained and filings which have previously been made. 

(o)    There is no action, suit, proceeding or investigation pending or, to the actual knowledge of Bank, threatened
against Bank seeking a determination or ruling which, either in any one instance or in the aggregate, would reasonably be expected to in a Material Adverse Effect with respect to Bank or would render this Agreement invalid, or asserting the
invalidity of, or seeking to prevent the consummation of any of the transactions contemplated by, this Agreement. No proceeding has been instituted against Bank seeking to adjudicate it bankrupt or insolvent, or seeking the liquidation, winding up,
reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of
a receiver, trustee or other similar official for Bank or any substantial part of its property. 
 
Section 9.3.    UNI’s Covenants.  
 UNI hereby covenants and agrees as
follows: 
 (a)    Information. UNI will furnish to Bank: 

 

  
 29 

 (A)    Annual Financial Statements. Within one hundred twenty
(120) days after each of its fiscal years, copies of its annual audited financial statements certified by independent certified public accountants reasonably satisfactory to Bank and prepared on a consolidated basis in conformity with GAAP,
together with a report of such firm expressing such firm’s opinion thereon without a “going concern” or like qualification or exception and without any qualification or exception as to the scope of the audit. 

(B)    Financial Statements. Within forty-five (45) days after each of its fiscal quarters, copies of its
unaudited consolidated balance sheet and related statements of operations and stockholders’ equity as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the
figures for the corresponding period of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its chief financial officer, principal accounting officer, treasurer or controller as presenting
fairly in all material respects its (and its consolidated Subsidiaries) financial condition and results of operations on a consolidated basis in accordance with GAAP consistently applied, subject to normal
year-end audit adjustments and the absence of footnotes. 

(C)    Auditors’ Management Letters. Promptly after receipt thereof, notice that it has received any
auditors’ management letters from its accountants that refer in whole or in part to any inadequacy, defect, problem, qualification or other lack of fully satisfactory accounting controls utilized by it and an opportunity to discuss the contents
of such letter with its management. 
 (D)    Representations. Promptly upon having actual knowledge or notice
that any representation or warranty set forth herein was incorrect at the time it was given or deemed to have been given, which failure or breach would reasonably be expected to materially and adversely affect Bank, together with a written notice
setting forth in reasonable detail the nature of such facts and circumstances. 
 (E)    Proceedings. As soon as
possible and in any event within three (3) Business Days after any of its executive officers receives notice or obtains actual knowledge thereof, any settlement of, material judgment (including a material judgment with respect to the liability
phase of a bifurcated trial) in or commencement of any material labor controversy, litigation, action, suit or proceeding before any Governmental Authority which, in the case of any of the foregoing, has had or would reasonably be expected to have a
Material Adverse Effect on UNI. 
 (F)    Notice of Material Events. Promptly upon becoming aware thereof, notice
of any other event or circumstances that, in its reasonable judgment has had or would reasonably be expected to have a Material Adverse Effect with respect to UNI. 

(G)    Other. Promptly, from time to time, such information, documents or records or reports respecting the Program
or the condition or operations, financial or otherwise, of UNI as Bank may from time to time reasonably request. 

(b)    Notice of Termination Events. As soon as possible, after obtaining actual knowledge thereof, notify Bank of
the occurrence of any Termination Event applicable to it. 
 (c)    Conduct of Business. UNI shall perform all
actions necessary to remain duly organized or incorporated, validly existing and in good standing in its jurisdiction of formation and to maintain all requisite authority to conduct its business in each jurisdiction in which it conducts business.

  
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 (d)    Preservation of Corporate Existence. UNI shall preserve
and maintain its corporate existence, rights, franchises and privileges in the jurisdiction of its formation, and qualify and remain qualified in good standing as a foreign entity in each jurisdiction where the failure to preserve and maintain such
existence, rights, franchises, privileges and qualifications has had, or could reasonably be expected to have, a Material Adverse Effect. 

(e)    Taxes. UNI shall file and pay any and all material taxes incurred and owed by UNI in connection with its
business. 
 (f)    Total Systems Failure. UNI shall promptly notify Bank of any systems failure and shall advise
Bank of the estimated time required to remedy such total systems failure. Until a total systems failure is remedied, UNI shall furnish to Bank such periodic status reports and other information relating to such systems failure as Bank may reasonably
request and (ii) promptly notify Bank if it believes that such systems failure cannot be remedied by the estimated date, which notice shall include a description of the circumstances which gave rise to such delay, the action proposed to be
taken in response thereto and it shall promptly notify Bank when a total systems failure has been remedied. 

(g)    Replacement or Material Modification of Critical Systems. UNI agrees, as soon as practicable after the
replacement or any material modification of any critical operating systems that significantly affect any calculations or reports made by UNI hereunder, to give notice of any such replacement or modification to Bank. 

(h)    Furnishing of Information. UNI will furnish to Bank, as soon as practicable after receiving a request
therefor, such information with respect to the Program as Bank may reasonably request. 
 (i)    USA PATRIOT Act.
The parties hereto acknowledge that in order to help the United States government fight the funding of terrorism and money laundering activities, pursuant to Federal regulations that became effective on October 1, 2003, Section 326 of the
USA PATRIOT Act requires all financial institutions to obtain, verify, record and update information that identifies each person establishing a relationship or opening an account. UNI agrees that it will provide Bank such information as it may
request, from time to time, in order for Bank to satisfy the requirements of the USA PATRIOT Act, including the name, address, tax identification number and other information that will allow it to identify the individual or entity who is
establishing the relationship or opening the account and may also ask for formation documents such as articles of incorporation or other identifying documents to be provided. 

(j)    Mergers, Acquisition, Sales, etc. UNI will not consolidate with or merge into any other Person or convey or
transfer its properties and assets substantially as an entirety to any Person without providing prior written notice of such consolidation, merger, conveyance or transfer to Bank. 

  
 31 

 ARTICLE X 

MISCELLANEOUS 
 
Section 10.1.    Indemnification. 
 (a)    Indemnification by UNI. Except to
the extent of any Losses which arise from (i) the direct acts or omissions of Bank or an Affiliate of Bank or a Bank Third Party Service Provider, including a violation of Applicable Law in respect of Bank’s obligations hereunder,
(ii) the fraud or misrepresentation of a Loan Applicant or Borrower that could not reasonably identified by UNI’s fraud prevention and verification procedures, or (iii) UNI following the instructions of Bank or an Affiliate of Bank
(at Bank’s direction), UNI shall be liable to and shall indemnify and hold harmless Bank and its directors, officers, employees, agents and Affiliates and permitted assigns from and against any and all Losses arising out of any Claim in
connection with (A) a failure by UNI or any UNI Third Party Service Providers to comply with any of the terms and conditions of this Agreement, (B) an inaccuracy of any representation or warranty made by UNI herein, (C) infringement
or alleged infringement by UNI or by any UNI Third Party Service Providers of any Marks of Bank, or the use thereof hereunder or any infringement or misappropriation or alleged infringement or misappropriation of any Intellectual Property Rights
including any third party Intellectual Property Rights arising from any use of the UNI Platform, (D) a fraudulent application submitted by a Loan Applicant that should reasonably have been identified by UNI’s fraud prevention and
verification procedures, and (E) an Information Security Incident involving Customer Information that is in the possession, custody or control of UNI. 

Without limiting the foregoing, to the extent that a Loan originated by Bank hereunder (i) fails to meet requirements under the Program
Guidelines and/or Applicable Law, in each case, in any respect that would adversely impact the enforceability, validity or collectability of the such Loan, (ii) is otherwise unsaleable primarily due to a breach by UNI of its obligations under
this Agreement, and such failure or breach cannot be cured within sixty (60) days after Bank provides written notice to UNI of such failure or breach, or (iii) was originated by Bank based on UNI’s fraud, intentional misrepresentation
or gross negligence then, at Bank’s option, UNI shall purchase or cause to be purchased from Bank such Loan within five (5) Business Days at a price equal to the outstanding principal balance, plus any accrued and unpaid interest on
the Loan. Contemporaneous with any such purchase, Bank will transfer any Loan Documents in Bank’s possession to UNI. 

(b)    Indemnification by Bank. Except to the extent of any Losses which arise from the direct acts or omissions of
UNI or an Affiliate of UNI, or a UNI Third Party Service Provider, including a violation of Applicable Law in respect of UNI’s obligations hereunder, Bank shall be liable to and shall indemnify and hold harmless UNI and its officers, directors,
employees, agents and Affiliates and permitted assigns, from and against any Losses arising out of any Claim in connection with (i) a breach by Bank of any of the terms and conditions of this Agreement, including any Losses resulting from
Bank’s non-compliance with Applicable Laws in respect of its obligations in connection with the Program hereunder, (ii) an inaccuracy of any representation or warranty made by Bank herein
(iii) infringement or alleged infringement by Bank or by any Bank Third Party Service Providers of any Marks of UNI, or the use thereof hereunder or any infringement or misappropriation or alleged infringement or misappropriation of any
Intellectual Property Rights, and (iv) an Information Security Incident involving Customer Information that is in the possession, custody or control of Bank. 

  
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 (c)    Notice of Claims. In the event any Claim is made, any suit
or action is commenced or any actual knowledge of a state of facts that, if not corrected, would give rise to a right of indemnification of a party hereunder (“Indemnified Party”) by the other party (“Indemnifying
Party”) is received, the Indemnified Party will give notice to the Indemnifying Party as promptly as practicable, but, in the case of lawsuit, in no event later than the time necessary to enable the Indemnifying Party to file a timely
answer to the complaint. The Indemnified Party shall make available to the Indemnifying Party and its counsel and accountants at reasonable times and for reasonable periods, during normal business hours, all books and records of the Indemnified
Party relating to any such possible Claim for indemnification, and each party hereunder will render to the other such assistance as it may reasonably require of the other (at the expenses of the party requesting assistance) in order to insure prompt
and adequate defense of any Claim based upon a state of facts which may give rise to a right of indemnification hereunder. 

(d)    Defense and Counsel. Subject to the terms hereof, the Indemnifying Party shall have the right to assume the
defense of any Claim. In the event that the Indemnifying Party elects to defend any Claim, then the Indemnifying Party shall notify the Indemnified Party via facsimile transmission or email, with a copy by mail, within ten (10) days of having
been notified pursuant to this Section 10.1 that the Indemnifying Party elects to employ counsel and assume the defense of any such Claim. The Indemnifying Party shall institute and maintain any such defense diligently and
reasonably and shall keep the Indemnified Party fully advised of the status thereof. The Indemnified Party shall have the right to employ its own counsel if the Indemnified Party so elects to assume such defense, but the fees and expense of such
counsel shall be at the Indemnified Party’s expense, unless (i) the employment of such counsel shall have been authorized in writing by the Indemnifying Party; (ii) such Indemnified Party shall have reasonably concluded that the
interests of such parties are conflicting such that it would be inappropriate for the same counsel to represent both parties or shall have reasonably concluded that the ability of the parties to prevail in the defense of any Claim are improved if
separate counsel represents the Indemnified Party (in which case the Indemnifying Party shall not have the right to direct the defense of such action on behalf of the Indemnified Party), and in either of such events such reasonable fees and expenses
shall be borne by the Indemnifying Party; (iii) the Indemnified Party shall have reasonably concluded that it is necessary to institute separate litigation, whether in the same or another court, in order to defend the Claims asserted against
it; (iv) the Indemnified Party reasonably concludes that the ability of the parties to prevail in the defense of any Claim is materially improved if separate counsel represents the Indemnified Party; and (v) the Indemnifying Party shall
not have employed counsel reasonably acceptable to the Indemnified Party to take charge of the defense of such action after electing to assume the defense thereof. In the event that the Indemnifying Party elects not to assume the defense of any
Claim, then the Indemnified Party shall do so and the Indemnifying Party shall pay for, or reimburse Indemnified Party, as the Indemnified Party shall elect, all Losses of the Indemnified Party in accordance with
Section 10.1(f) below. 
 (e)    Settlement of Claims. The Indemnifying Party shall
have the right to compromise and settle any Claim in the name of the Indemnified Party; provided, however, that the Indemnifying Party shall not compromise or settle a Claim (i) unless it indemnifies the Indemnified Party for all Losses arising
out of or relating thereto and (ii) with respect to any Claim which seeks any non-monetary relief, without the consent of the Indemnified Party, which consent shall not unreasonably be withheld. The
Indemnifying Party shall not be permitted to make any admission of guilt on behalf of the Indemnified Party. Any final judgment or decree entered on or in, any Claim which the Indemnifying Party did not assume the defense of in accordance herewith,
shall 

  
 33 

 
be deemed to have been consented to by, and shall be binding upon, the Indemnifying Party as fully as if the Indemnifying Party had assumed the defense thereof and a final judgment or decree had
been entered in such suit or action, or with regard to such Claim, by a court of competent jurisdiction for the amount of such settlement, compromise, judgment or decree. The Indemnifying Party shall be subrogated to any Claims or rights of the
Indemnified Party as against any other Persons with respect to any amount paid by the Indemnifying Party under this Section 10.1(f). 

(f)    Indemnification Payments; Disputes. Subject to each party’s compliance with the rights and duties set
forth in this Section 10.1, amounts owing under Section 10.1 shall be paid promptly upon written demand for indemnification containing in reasonable detail the facts giving rise to such Losses;
provided, however, that if the Indemnifying Party notifies the Indemnified Party within thirty (30) days of receipt of such demand that it disputes its obligation to indemnify (including its obligation to defend), or the Losses being claimed,
and the parties are not otherwise able to reach agreement, the controversy shall be settled through arbitration as described in Section 10.3. 

Section 10.2.    Limitation of Liability.  

(a)    EXCEPT WITH RESPECT TO DAMAGES OR CLAIMS ARISING DUE TO A PARTY’S FRAUD, WILLFUL MISCONDUCT, GROSS NEGLIGENCE,
BREACH OF CONFIDENTIALITY OBLIGATIONS UNDER THIS AGREEMENT, ANY CLAIM ARISING OUT OF CUSTOMER INFORMATION OR ALLEGED OR ACTUAL INFRINGEMENT OF INTELLECTUAL PROPERTY, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR INDIRECT, SPECIAL, INCIDENTAL,
PUNITIVE, CONSEQUENTIAL, OR EXEMPLARY DAMAGES OR LOST PROFITS (EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES) ARISING OUT OF OR IN CONNECTION WITH THE PROGRAM. 

(b)    UNI shall not be responsible for Bank’s decisions to disregard any instructions provided by UNI. 

Section 10.3.    Governing Law; Arbitration. 

(a)    This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of
Delaware, without regard to the conflict of laws principles thereof. 
 (b)    At the request of either party, any
dispute between the parties relating to this Agreement shall be submitted to binding arbitration under the Commercial Arbitration Rules of the American Arbitration Association. The parties agree that any arbitration proceedings hereunder, unless
otherwise agreed to by the parties, shall be conducted in the city of the home office of the party not commencing arbitration. Each party hereto consents to the jurisdiction over it by any court or arbitration panel as described herein. The
arbitrator shall be authorized to award such relief as is allowed by law. Except as provided below, each party shall be responsible for its own attorneys’ fees incurred during the course of the arbitration, as well as the costs of any witnesses
or other evidence such party produces or causes to be produced. The award of the arbitrator shall include findings of fact and conclusions of law. Such award shall be kept confidential and shall be final, binding and conclusive on the parties.
Judgment on the award may be entered by any court of competent jurisdiction. 

  
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Section 10.4.    Confidential Information.  

(a)    In performing their obligations pursuant to this Agreement, either party may disclose to the other party, either
directly or indirectly, in writing, orally or by inspection of intangible objects (including documents), certain confidential or proprietary information including the names and addresses of a party’s customers, marketing plans and objectives,
research and test results, and other information that is confidential and the property of the party disclosing the information (“Confidential Information”). The parties agree that the term Confidential Information shall
include (a) this Agreement, the Program Guidelines and the Program Materials, as the same may be amended and modified from time to time, (b) business information (including products and services, employee information, business models, know-how, strategies, designs, reports, data, research, financial information, pricing information, corporate client information, market definitions and information, and business inventions and ideas), and
(c) technical information including the Technical Information, software, source code, documentation, algorithms, models, developments, inventions, processes, ideas, designs, drawings, hardware configuration, and technical specifications,
including computer terminal specifications, the source code developed from such specifications. The parties acknowledge and agree that (i) the term Confidential Information excludes Customer Information, and (ii) all Credit Model
Validation Documentation is and shall remain UNI’s Confidential Information. 
 (b)    Bank and UNI agree that
Confidential Information shall be used by each party and its Representatives solely in the performance of such party’s obligations under this Agreement. 

(c)    Each party shall receive Confidential Information in confidence and shall not, without the prior written consent of
the disclosing party, disclose any Confidential Information of the disclosing party, except to the receiving party’s Affiliates, officers, directors, counsel, representatives, employees, advisors, accountants, auditors or agents (including
Third Party Service Providers) (“Representatives”) that have a need to know such Confidential Information; provided, however, that there shall be no obligation on the part of the parties to maintain in
confidence any Confidential Information disclosed to it by the other which (i) is generally known to the trade or the public at the time of such disclosure, (ii) becomes generally known to the trade or the public subsequent to the time of
such disclosure, but not as a result of disclosure by the other in violation of this Agreement, (iii) is legally received by either party or any of its respective Representatives from a third party on a
non-confidential basis provided that to such party’s actual knowledge such third party is not prohibited from disclosing such information to the receiving party by a contractual, legal or fiduciary
obligation to the other party, its Representatives or another party, or (iv) was or hereafter is independently developed by either party or any of its Representatives without using Confidential Information or in violation of its obligations
under this Agreement. 
 (d)    The parties agree that the disclosing party owns all rights, title and interest in and
to its Confidential Information, and that the party receiving such Confidential Information will not reverse-engineer any software or other materials embodying the Confidential Information. The parties acknowledge that Confidential Information is
being provided for limited use internally, and the receiving party agrees to use the Confidential Information only in accordance with the terms and conditions of this Agreement. 

  
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 (e)    Notwithstanding the foregoing, however, disclosure of the
Confidential Information may be made if, and to the extent, requested or required by law, rule, regulation, interrogatory, request for information or documents, court order, subpoena, administrative proceeding, inspection, audit, civil investigatory
demand, or any similar legal process without liability and, except as required by the following sentence, without notice to the other party. In the event that the receiving party or any of its Representatives receives a demand or request to disclose
all or any part of the disclosing party’s Confidential Information under the terms of a subpoena or order issued by a court of competent jurisdiction or under a civil investigative demand or similar process, (i) to the extent practicable
and permitted, the receiving party agrees to promptly notify the disclosing party of the existence, terms and circumstances surrounding such a demand or request and (ii) if the receiving party or its applicable Representative is compelled to
disclose all or a portion of the disclosing party’s Confidential Information, the receiving party or its applicable Representative may disclose that Confidential Information that its counsel advises that it is compelled to disclose and will
exercise reasonable efforts to obtain assurance that confidential treatment will be accorded to the Confidential Information that is being so disclosed. 

(f)    Each party represents and covenants that it will protect the Confidential Information of the other party in
accordance with prudent business practices and will use the same degree of care to protect the other party’s Confidential Information that it uses to protect its own confidential information of a similar type. Except as expressly provided
herein, no right or license whatsoever is granted with respect to the Confidential Information or otherwise. 

(g)    Following termination of this Agreement, upon the request of the disclosing party, the non-disclosing party will, within ten (10) days after receiving a request by the disclosing party, destroy all Confidential Information furnished to it and/or any of its Representatives by or on behalf of the
disclosing party. Except to the extent a party is advised by legal counsel that such destruction is prohibited by law, the non-disclosing party and its Representatives will also destroy all written material,
memoranda, notes, copies, excerpts and other writings or recordings whatsoever prepared by the non-disclosing party and/or its Representatives based upon, containing or otherwise reflecting any Confidential
Information; provided, however, that neither the non-disclosing party nor any of its Representatives shall be obligated to return or destroy Confidential Information (i) to the extent it has
been electronically archived by any such party in accordance with its automated security and/or disaster recovery procedures as in effect from time to time or (ii) to the extent required by their respective internal record retention policies
for legal, compliance or regulatory purposes; provided that any such Confidential Information so retained shall remain subject to the confidentiality provisions contained herein for so long as it is retained by the non-disclosing party,
irrespective of the Term of this Agreement. At the request of the disclosing party made at the time of its request for the return and/or destruction of Confidential Information, the return and/or destruction of materials in accordance with the
foregoing shall be certified to the disclosing party in writing by an authorized officer of the non-disclosing party. 

(h)    Notwithstanding anything to the contrary in this Agreement, to the extent that Bank owns any Customer Information
during or after the Term, Bank grants UNI a perpetual, non-exclusive, non-assignable, royalty-free license without the right to sublicense, to use the Customer
Information to the extent permitted by Applicable Law. Without limiting the foregoing, Bank 

  
 36 

 
acknowledges and agrees that, at any time after Bank’s sale of a Loan or after termination or expiration of this Agreement, Bank shall not sell, distribute or otherwise directly or
indirectly use or store Customer Information (except as may be required by Applicable Law), including for the purposes of soliciting Borrowers for any products or services. 

Section 10.5.    Privacy Law Compliance; Security Breach Disclosure. 

(a)    Each party agrees that it shall obtain, use, retain and share Customer Information in strict compliance with all
applicable state and federal laws and regulations concerning the privacy and confidentiality of such Customer Information, including the requirements of the federal Gramm-Leach-Bliley Act of 1999, its implementing regulations and Bank’s privacy
notice, in connection with this Agreement. Neither party shall disclose or use Customer Information concerning Borrowers or Loan Applicants other than (i) to carry out the purposes for which such Customer Information has been disclosed to it
hereunder, (ii) in connection with a sale or financing of the related Loans, or (iii) as permitted by Section 2.5 above. Further, UNI shall by written contract require UNI Third Party Service Providers to maintain
the confidentiality of Customer Information in a similar manner. 
 (b)    Each party shall immediately notify the other
party in writing of any Information Security Incident of which it becomes aware or reasonably suspects, but in no case later than twenty-four (24) hours after it becomes aware of or reasonably suspects the Information Security Incident. Such
notice shall summarize in reasonable detail the effect of the Information Security Incident on such party, if known, and the corrective action taken or to be taken by the other party. The notifying party shall promptly take all necessary and
advisable corrective actions, and shall cooperate fully in all reasonable and lawful efforts to prevent, mitigate or rectify such Information Security Incident. The notifying party shall (i) investigate such Information Security Incident and
perform a root cause analysis thereon; (ii) remediate the effects of such Information Security Incident; and (iii) provide the other party with such assurances as such other party shall request that such Information Security Incident is
not likely to recur. The content of any filings, communications, notices, press releases or reports related to any Information Security Incident shall be approved the notified party prior to any publication or communication thereof. 

(c)    Upon the occurrence of an Information Security Incident involving nonpublic personal information in the possession,
custody or control of a party or for such party is otherwise responsible, such party shall reimburse the other party for all Notification Related Costs incurred by such other party arising out of or in connection with any such Information Security
Incident. 
 (d)    In addition, each party agrees that it will not make any material changes to its security procedures
and requirements affecting the performance of its obligations hereunder which would materially reduce the security of its operations or materially reduce the confidentiality of any databases and Customer Information without the prior written consent
of the other party. 
 (e)    Each party agrees and represents to the other that it and each of its Third Party Service
Providers have, or will have prior to the receipt of any Confidential Information or Customer Information, designed and implemented an information security program that will comply in all material respects with the applicable requirements set forth
in 12 C.F.R. Part 332 (Privacy of Consumer Financial Information), 12 C.F.R. Part 364 (including the Interagency Guidelines Establishing Information Security Standards found at Appendix B to Part 364), and 16 C.F.R Part 314 (the “CAN-SPAM Rule”), all as amended, supplemented and/or interpreted in writing by Regulatory Authorities and all other Applicable Law. 

  
 37 

 (f)    The parties agree that, in connection with the Referral Services,
prior to a consumer on www.upstart.com selecting a Bank-specific offer, all information collected by UNI, including nonpublic personal information as defined under the Gramm-Leach-Bliley Act of 1999, is information of UNI (“UNI
Information”) subject to UNI’s privacy policy and procedures. In the event a consumer selects a Bank loan offer through the Referral Services, UNI shall (i) obtain a consumer’s consent to share UNI Information with Bank,
and (ii) provide the consumer with Bank’s privacy statement. 

Section 10.6.    Force Majeure.  

In the event that either party fails to perform its obligations under this Agreement in whole or in part as a consequence of events beyond its
reasonable control (including acts of God, fire, explosion, public utility failure, accident, floods, embargoes, epidemics, war, terrorist acts, nuclear disaster or riot), such failure to perform shall not be considered a breach of this Agreement
during the period of such disability, provided that each party shall not be excused from implementing disaster recovery and business continuity plans upon the occurrence of force majeure. In the event of any force majeure occurrence as set forth in
this Section 10.6, the disabled party shall use its best efforts to meet its obligations as set forth in this Agreement. The disabled party shall promptly and in writing advise the other party if it is unable to perform due
to a force majeure event, the expected duration of such inability to perform and of any developments (or changes therein) that appear likely to affect the ability of that party to perform any of its obligations hereunder in whole or in part. To the
extent any force majeure event prevents a party from performing its obligations under the Program for more than thirty (30) days, the other party may terminate this Agreement immediately upon notice without payment of any termination fee or
penalty, or any monthly minimum fees from an after the occurrence of the force majeure event. 
 
Section 10.7.    Examinations and Financial Information.  
 (a)    Both
parties agree to (i) submit to any examination that may be required by a Regulatory Authority having jurisdiction over the other party, during regular business hours and upon reasonable prior notice, provided that such other party shall use
reasonable efforts to facilitate and/or schedule such examinations by Regulatory Authorities to limit disruptions to ongoing business operations of the party to be examined, and (ii) reasonably cooperate with the other party in responding to
such Regulatory Authority’s examination and requests related to the Program. 
 (b)    UNI shall use commercially
reasonable efforts to include audit rights for UNI or its designee in UNI’s agreements with critical UNI Third Party Service Providers, including reasonable access to (i) the offices of such UNI Third Party Service Providers and
(ii) the books and records of such UNI Third Party Service Providers to the extent such books and records pertain to the Loans. 

Section 10.8.    Relationship of Parties; No Authority to
Bind.  
 Bank and UNI agree that they are independent contractors to each other in performing their respective obligations
hereunder. Nothing in this Agreement or in the working relationship 

  
 38 

 
established and developed hereunder shall be deemed or is intended to be deemed, nor shall it cause, Bank and UNI to be treated as partners, joint venturers or otherwise as joint associates for
profit. UNI understands and agrees that UNI’s name shall not appear on any Loan Document as a maker of a Loan and that Bank shall be responsible for all decisions to make or fund a Loan.    UNI shall refer to Bank any
inquiries concerning the accuracy, interpretation or legal effect of any Loan Document. UNI shall not modify the terms of any Loan Document on behalf of Bank prior to purchase of the Loan by UNI. UNI’s responsibilities hereunder shall not
constitute the “receipt” of the Loan Documents by Bank; instead, Bank shall be deemed to have received and reviewed the Loan Documents and supporting materials only after the Loan Documents and materials have previously been received at
Bank’s offices, at which time and place Bank shall decide whether to make the Loan. UNI shall not represent to anyone that UNI has the authority or power to do any of the foregoing and shall make no representations concerning Bank’s
transactions except as Bank shall expressly authorize in writing. Bank shall not have any authority or control over any of the property interests or employees of UNI. Without limitation of the foregoing, Bank and UNI intend, and they agree to
undertake such action as may be necessary or advisable to ensure, that: (a) the Program complies with federal-law guidelines regarding outsourcing of bank-related activities, installment loans, bank
supervision and control and safety and soundness procedures; (b) Bank is the lender under applicable federal-law standards and is authorized to export its home-state interest rates and matters material to
the rate under 12 U.S.C.A. § 1831d; and (c) all activities related to the marketing and origination of a loan are made by UNI on behalf of Bank as disclosed principal for any relevant regulatory, agency law and contract-law purposes. 

Section 10.9.    Severability.  

Subject to Section 2.3(b), in the event that any part of this Agreement is ruled by a court, Regulatory Authority or
other public or private tribunal of competent jurisdiction to be invalid or unenforceable, such provision shall be deemed to have been omitted from this Agreement. The remainder of this Agreement shall remain in full force and effect, and shall be
modified to any extent necessary to give such force and effect to the remaining provisions, but only to such extent. In addition, if the operation of the Program or the compliance by a party with its obligations set forth herein causes or results in
a violation of an Applicable Law, the parties agree to negotiate in good faith to modify the Program or this Agreement as necessary in order to permit the parties to continue the Program in full compliance with Applicable Laws. 

Section 10.10.    Successors and Third Parties.  

This Agreement and the rights and obligations hereunder shall bind and inure to the benefit of the parties hereto and their successors and
assigns. The rights and benefits hereunder are specific to the parties and shall not be delegated (except to Third Party Service Providers as contemplated herein) or assigned without the prior written consent of the other party. Nothing in this
Agreement is intended to create or grant any right, privilege or other benefit to or for any Person other than the parties hereto. 

Section 10.11.    Notices.  

All notices and other communications under this Agreement shall be in writing (including communication by facsimile copy or other electronic
means) and shall be deemed to have been duly given when delivered in person, by facsimile or email transmission, by express or overnight mail delivered by a nationally recognized courier (delivery charges prepaid), or by registered or certified mail
(postage prepaid, return receipt requested) to the respective parties as follows: 

  
 39 

			
	To Bank:	  	Cross River Bank
		  	400 Kelby Street
		  	Fort Lee, New Jersey 07024
		  	Attention:    Gilles Gade, President
		  	Telephone: 
		  	Facsimile No.: 
		  	Email: 
		
	With a copy to:	  	Cross River Bank
		  	400 Kelby Street
		  	Fort Lee, New Jersey 07024
		  	Attention:    Arlen Gelbard, Esq., General Counsel
		  	Telephone: 
		  	Facsimile No.: 
		  	Email: 
		
	And	  	
		
		  	Cross River Bank
		  	400 Kelby Street
		  	Fort Lee, New Jersey 07024
		  	Attention:    Adam Goller, Executive Vice President
		  	Telephone: 
		  	Facsimile No.: 
		  	Email: 
		
	To UNI:	  	Upstart Network, Inc.
		  	Two Circle Star Way
		  	San Carlos, California 94070
		  	Attention: Dave Girouard, CEO
		  	Telephone: 
		  	Email: 
		
	With a copy to:	  	General Counsel
		  	Telephone: 
		  	Email: 

 Section 10.12.    Waiver;
Amendments.  
 The delay or failure of either party to enforce any of the provisions of this Agreement shall not be construed to
be a waiver of any right of that party. All waivers must be in writing and signed by both parties. Subject to Section 2.3(a) herein, alterations, modifications or amendments of a provision of this Agreement, including all
exhibits and schedules attached hereto, shall not be binding and shall be void unless such alteration, modification or amendment is in writing and signed by authorized representatives of UNI and Bank. 

  
 40 

Section 10.13.    Counterparts.  

This Agreement may be executed and delivered by the parties hereto in any number of counterparts, each of which shall be deemed an original
and all of which together shall constitute one and the same instrument. The parties agree that this Agreement and signature pages may be transmitted between them by electronic mail and that PDF signatures may constitute original signatures and that
a PDF signature page containing the signature (PDF or original) is binding upon the parties. 
 
Section 10.14.    Specific Performance.  
 Certain rights which are subject to this Agreement
are unique and are of such a nature as to be inherently difficult or impossible to value monetarily. In the event of a breach of Sections 10.4 or 10.5 this Agreement by either party, an action at law for damages or other remedies at law would
be inadequate to protect the unique rights and interests of the parties. Accordingly, the terms of this Agreement shall be enforceable in a court of equity by a decree of specific performance or injunction. Such remedies shall, however, be
cumulative and not be exclusive and shall be in addition to any other remedy which the parties may have. 
 
Section 10.15.    Further Assurances.  
 From time to time, each party will execute and deliver
to the other such additional documents and will provide such additional information as such other party may reasonably require to carry out the terms of this Agreement. 

Section 10.16.    Entire Agreement.  

This Agreement and its schedules and exhibits (all of which schedules and exhibits are hereby incorporated into this Agreement) and the
documents executed and delivered pursuant hereto, constitute the entire agreement between the parties with respect to the subject matter hereof and thereof, and supersede any prior or contemporaneous negotiations or oral or written agreements
between the parties hereto with respect to the subject matter hereof or thereof, except where survival of prior written agreements is expressly provided for herein. 

Section 10.17.    Survival.  

The terms of Section 4.2(g), Section 4.3 (Intellectual Property), Article V (Loan
Origination and Compensation), Article VI (Expenses), Section 8.2 (Effect of Termination), Section 9.1 (UNI’s Representations and Warranties), Section 9.2
(Bank’s Representations and Warranties), and this Article X (Miscellaneous) shall survive the termination or expiration of this Agreement. 

Section 10.18.    Referrals.  

Neither party has agreed to pay any fee or commission to any agent, broker, finder or other person for or on account of such person’s
services rendered in connection with this Agreement that would give rise to any valid Claim against the other party for any commission, finder’s fee or like payment. 

  
 41 

Section 10.19.    Interpretation.  

The parties acknowledge that each party and its counsel have reviewed and revised this Agreement and that the normal rule of construction to
the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any amendments thereto, and the same shall be construed neither for nor against either party, but shall be
given a reasonable interpretation in accordance with the plain meaning of its terms and the intent of the parties. 
 
Section 10.20.    Headings.  
 Captions and headings in this Agreement are for convenience only,
and are not deemed part of this Agreement. 
 [Signature Page Follows] 

  
 42 

 IN WITNESS WHEREOF, the parties have entered into this Agreement as of the Effective Date.

  

			
	CROSS RIVER BANK
		
	By:	 	 /s/ Gilles Gade

		 	Name: Gilles Gade
		 	Title:   CEO
		
	By:	 	 /s/ Arlen Gelbard

		 	Name: Arlen Gelbard
		 	Title:   General Counsel

  

			
	UPSTART NETWORK, INC.
		
	By:	 	 /s/ Dave Girouard

		 	Name: Dave Girouard
		 	Title:   CEO

  
 43 

 EXHIBIT A 

Fees and Eligible States 

Origination Assistance Fees 

The Origination Assistance Fee for each Loan shall be [***]. 

Eligible States 
 Loans
under the Program shall be made by Bank in the jurisdictions permitted under the Program Guidelines only. 

  

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both
(i) not material and (ii) would be competitively harmful if publicly disclosed. 

 EXHIBIT B 

Credit Policy and Underwriting Procedures 

Loans under the Program shall be made by Bank in accordance with the Bank’s credit policy and underwriting procedures set forth in the
Program Guidelines. 

 EXHIBIT C 

Compliance Guidelines 

These Compliance Guidelines form a part of the Program Guidelines under the Third Amended and Restated Loan Program Agreement, dated as of
January 1, 2019 (the “Agreement”) between Cross River Bank, an FDIC-insured New Jersey state chartered bank (“Bank”) and Upstart Network, Inc. (“UNI”). Capitalized terms
used and not defined herein shall have the meanings given to those terms in the Agreement. 
 UNI and Bank each hereby agree that it, and
all of its permitted assigns under the Agreement, shall promptly adopt and maintain a Compliance Management System (“CMS”) satisfactory for (i) complying with the examination manual of each Governmental Authority, and
(ii) ensuring compliance with the terms of the Agreement, all Applicable Laws and the Program Guidelines, including policies and procedures for compliance with the following laws, regulations, and supervisory guidance, all as amended,
supplemented and/or interpreted in writing by Regulatory Authorities and all other Applicable Law: 
  

	 	1.	 Truth in Lending Act, 15 U.S.C. § 1601 et seq., and implementing regulations Regulation Z;

  

	 	2.	 Uniform Retail Credit Classification and Account Management Policy, 65 Fed. Reg. 36904 (FIL-40-2000, June 12, 2000); 

  

	 	3.	 Guidance for Managing Third-Party Risk
(FIL-44-2008, June 6, 2008); Fair Lending Laws, including: 

  

	 	a.	 Equal Credit Opportunity Act, 15 U.S.C. § 1691 et seq., and Regulation B; 

 

	 	b.	 Military Lending Act, 10 U.S.C. § 101 et seq.; and 

 

	 	c.	 Servicemembers Civil Relief Act (“SCRA”) 

 

	 	4.	 Fair Debt Collection Practices Act, 15 U.S.C. § 1692 et seq., and implementing regulations
Regulation F; 

  

	 	5.	 Fair Credit Reporting Act and Fair Credit Billing Act; 

 

	 	6.	 Bank Secrecy Act (“BSA”) 31 U.S.C. § 5311 et seq. and Regulation X and
Anti-Money Laundering (“AML”) laws and regulations; 

  

	 	7.	 All applicable sections of the USA PATRIOT Act and implementing regulations related to Know-Your-Customer
(“KYC”) and Customer Identification Programs (“CIP”); 

  

	 	8.	 The Electronic Funds Transfer Act, 15 U.S.C. § 1693 et seq., and Regulation E;

  

	 	9.	 All applicable regulations, guidelines, and commentaries issued by the Board of Governors of the Federal
Reserve System and the Federal Financial Institutions Examination Council related to electronic funds transfer; 

  

	 	10.	 Gramm-Leach-Bliley Act, 15 U.S.C. § 6801 et seq., and Regulation P; 

 

	 	11.	 Telephone Consumer Protection Act and all rules and regulations applicable to the Do-Not-Call-Registry; 

  

	 	12.	 Federal Trade Commission Act and all state acts governing fair trade and trade practices, including Unfair,
Deceptive or Abusive Acts or Practices (“UDAAP”), 12 U.S.C. § 5536 et seq.; 

  

	 	13.	 Consumer Financial Information Privacy requirements set forth at 12 C.F.R. Part 332, the Interagency Guidelines
Establishing Information Security Standards found at Appendix B to 12 C.F.R. Part 364, and a safeguards policy, demonstrating the safeguarding of consumer data in transmission and storage consistent with 16 C.F.R. § 314 (“CAN-SPAM Rule”) and, as applicable, the Payment Card Industry Data Security Standard, as amended, including the rules and regulations thereunder; 

 

	 	14.	 To the extent applicable under the Program, the medical and personal information protection provisions of the
Health Insurance Portability & Accountability Act of 1996, the regulations promulgated thereunder, and the related privacy and security provisions of the Health Information Technology for Economic and Clinical Health Act of 2009, as
amended, including the rules and regulations thereunder; 

  

	 	15.	 Red flags policy, demonstrating fraud prevention (12 C.F.R. §§ 222 and 1022); and

  

	 	16.	 All state and local laws related to the matters addressed above. 

To the extent that UNI is not subject to such statutes, rules and regulations, but Bank is so subject, it shall be the responsibility of UNI
to maintain a CMS and provide such information and assistance as Bank shall need for Bank to meet its own compliance obligations. 

 In addition, each of Bank and UNI shall adopt and maintain a CMS, including the following
additional elements: 
  

	 	•	 	 Internal controls sufficient to implement the Program Guidelines and requirements of the Agreement and Applicable
Laws, including a formal complaint policy and handling procedures. 

  

	 	•	 	 An audit policy requiring internal monitoring and testing of its compliance and operations and external auditing
of its operations, including compliance with the Program Guidelines, no less frequently than required by the Agreement. 

  

	 	•	 	 A training policy and program that will apply to all personnel associated with the Program, including its
employees, affiliates, subsidiaries, and Third Party Service Providers. The training policy and program should train personnel on the substantive areas of law identified in these Guidelines, as well as other Applicable Laws related to the Program,
together with operational procedures associated with the Program. 

  

	 	•	 	 A third party risk management policy and program to oversee Third Party Service Providers associated with the
Program consistent with guidance from the Regulatory Authorities on Third Party Risk. The third party risk management policy and program should assess and monitor risk of all Third Party Service Providers on an ongoing basis, which shall be
reflected in the contracts with Third Party Service Providers. 

  

	 	•	 	 UNI shall oversee any UNI Third Party Service Providers involved with advertising, marketing, and direct consumer
communication, and UNI shall ensure that Bank has direct access to Advertising Materials. 

  

	 	•	 	 A designated compliance officer to oversee the CMS, implement the compliance program, coordinate internal and
external reporting, including malfunctions of the CMS, and serve as a compliance liaison between UNI and Bank. The designated compliance officer should report to its executive management or the board of directors, as applicable.

  

	 	•	 	 Formal procedures for corrective actions associated with breaches in the CMS or noncompliance with Applicable
Laws or the Program Guidelines, as well as reporting corrective actions. 

 Each of UNI and Bank shall require all
permitted assigns, including affiliates, subsidiaries, and Third Party Service Providers to implement a CMS consistent with UNI’s obligations, duties and responsibilities under the Agreement and UNI shall be responsible for the CMS of such
parties. 
 Each party shall take reasonable steps to keep the other party informed of any material issue with any of the elements of its
respective CMS and the remedial measures to be taken to address such issue. 
 These Compliance Guidelines supplement requirements of UNI
and Bank under the Agreement. They do not obviate or negate compliance by UNI or Bank with the terms of the Agreement. 

 Schedule 3.1(i)(A) 

Mo. Reporting Data Fields 
  

	
	 Data

	Delinquent – 30 Days Late - # of loans of book outstanding
	Delinquent – 30 Days Late - $ amount of loans outstanding
	Delinquent – 30 Days Late - % of loans ($ amount of loans 30 days late / current loan $ outstanding)
	Delinquent – 60 - 90 Days Late - # of loans of book outstanding
	Delinquent – 60 - 90 Days Late - $ amount of loans of book outstanding
	Delinquent – 60- 90 Days Late - % of loans ($ amount of loans 60 days late / current loan $outstanding)
	Delinquent – 90 Days Late or charged off - # of loans (since inception)
	Delinquent – 90 Days Late +or charged off - $ amount of loans (since inception
	Delinquent – 90 Days Late + & charged off - % of loans ($ amount of loans 90 Days Late + & charged off / total $ amount of loans originated )
	First Payment Default Data- # of loans with 1st payments due 2 months prior but defaulted
	First Payment Defaults- % ( of loans with 1st payments due 2 months prior but defaulted/loans with 1st payments due prior month )
	First Payment Defaults ($ amount of loans of loans with 1st payments 2 months prior but defaulted
	Historical First Month Default $ (total $ of CO at 1st payment / total loans originated since inception)
	Projected Loans (#) - 90 days
	Projected Loans ($) - 90 days
	Projected Loans (#) - 180 days
	Projected Loans ($) - 180 days
	Projected Loans (#) - 12 months
	Projected Loans ($) - 12 months
	
	Did Products Offering Change from last month? (3rd tab) Y or N
	Have all complaints from prior months report have either been resolved/closed? (2nd tab) Y or N
	
	% of Loan Applications Approved (mo.)
	
	*Please provide current performance reports with all applicable charts and data

  
  

 
  

 Schedule 3.1(i)(E) 

[***] 

  

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both
(i) not material and (ii) would be competitively harmful if publicly disclosed. 

 AMENDMENT NO. 1 TO THIRD AMENDED AND RESTATED LOAN PROGRAM AGREEMENT 

This Amendment No. 1 to the Third Amended and Restated Loan Program Agreement (this “Amendment”), is made and entered
into as of November 20, 2019 (“Effective Date”), by and between CROSS RIVER BANK, a New Jersey state chartered bank (“Bank”), and UPSTART NETWORK, INC., a Delaware corporation (“UNI”). Bank and
UNI may be referred to in this Agreement individually as a “Party” and collectively as the “Parties.” Capitalized terms used but not defined in this Amendment have the definitions ascribed to such terms in the Agreement (defined
below). 
  

	A.	 Pursuant to that certain Third Amended and Restated Loan Program Agreement dated as of January 1,
2019, by and between Bank and UNI (as amended, modified, or otherwise restated from time to time, the “Agreement”), UNI is providing Bank with certain loan origination assistance services. 

 

	B.	 The Parties now desire to amend the Agreement in one or more certain respects, as set forth in this
Amendment. 

 For and in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and
sufficiency of which are acknowledged hereby, the parties, intending to be legally bound, agree as follows: 
  

	1.	 Amendments to Agreement. 

 

	 	1.1.	 Section 9.1(n)(F) of the Agreement is amended and restated in its entirety to read as follows:

 “(F) umbrella liability with limits not less than Ten Million ($10,000,000.00) Dollars per occurrence and
aggregate;” 
  

	 	1.2.	 Exhibit A of the Agreement is amended and restated in its entirety to read as follows:

 “EXHIBIT A 

Fees and Eligible States 
 Origination
Assistance Fees 
 The Origination Assistance Fee for each Loan shall be equal to the sum of two separate origination-related fees that are collected by
Bank from the Borrower: (1) a “Platform Fee” and (2) a “Referral Services Fee.” 
 The Platform Fee for each loan shall be
equal to [***] of the original principal balance of each Loan, unless UNI and Bank have agreed to a lesser percentage in accordance with the Program Guidelines and as set forth in each Funding Statement, in which case the Platform Fee shall be equal
to such lesser percentage mutually agreed to by the parties. 
 The Referral Services Fee for each Loan, if any, shall be equal to [***]. 

  

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both
(i) not material and (ii) would be competitively harmful if publicly disclosed. 

 Eligible States 

Loans under the Program shall be made by Bank in the jurisdictions permitted under the Program Guidelines only.” 

 

	2.	 Miscellaneous. 

 

	 	2.1.	 The Agreement, as amended herein, is ratified, approved and confirmed in each and every respect. In the event
of any conflict or inconsistency between the provisions of the Agreement and this Amendment, the provisions of this Amendment shall control and govern. 

  

	 	2.2.	 The Agreement, as amended herein, constitutes the entire agreement concerning the subject matter hereof and
supersedes any prior or contemporaneous representations or agreements (whether written or oral) concerning the subject matter hereof. 

  

	 	2.3.	 All references to the Agreement in any other document, instrument, agreement or other writing shall be deemed
to refer to the Agreement as amended by this Amendment. 

  

	 	2.4.	 Each party executing this Amendment represents that it has full authority and legal power to do so.

  

	 	2.5.	 This Amendment shall be construed and enforced in accordance with and governed by the laws of the State of
Delaware, without regard to the conflict of laws principles thereof. 

  

	 	2.6.	 This Amendment may be executed in any number of counterparts, each of which will be deemed an original, but all
of which taken together shall constitute one single agreement between the parties. Delivery of an executed counterpart of this Amendment by electronic method of transmission is as effective as delivery of an original executed counterpart. An
executed counterpart of this Amendment delivered by electronic method shall be followed by delivery of an original copy of such executed counterpart, but the failure to do so shall not affect the validity, enforceability, and binding effect of this
Amendment. 

 [Signatures set forth on following page] 

 
 Amendment No. 1 to Third Amended and Restated Loan Program Agreement 

 The parties hereto have executed this Amendment as of the Effective Date set forth above. 

 

									
	CROSS RIVER BANK	 		 	UPSTART NETWORK, INC.
					
	By:	 	 /s/ Adam Goller
	 		 	By:	 	 /s/ Sanjay Datta

	Name:	 	 Adam Goller
	 		 	Name:	 	 Sanjay Datta

	Title:	 	 EVP
	 		 	Title:	 	 Chief Financial Officer

  
 Amendment No. 1 to Third Amended and Restated Loan
Program Agreement 

 EXECUTION VERSION 

AMENDMENT NO. 1 TO THIRD AMENDED AND
RESTATED LOAN PROGRAM AGREEMENT 
 This Amendment No. 1 to the Third
Amended and Restated Loan Program Agreement (this “Amendment”) is entered into as of November 25, 2020 by and between UPSTART NETWORK, INC., a Delaware corporation
(“UNI”) and CROSS RIVER BANK, a New Jersey state-chartered bank (“Bank”). 

RECITALS: 

WHEREAS, UNI and Bank have entered into a Third Amended and Restated Loan Program Agreement, dated as of January 1, 2019
(as amended, restated, supplemented or otherwise modified from time to time, the “Loan Program Agreement”) to govern the origination of certain loans by Bank and the engagement of UNI by Bank to perform certain marketing and other
services; and 
 WHEREAS, Bank is a party to the Assurance of Discontinuance dated as of August 7, 2020, and attached
hereto as Exhibit A (the “Colorado Settlement Agreement”) with the Administrator of the Uniform Consumer Credit Code (“UCCC”) of the State of Colorado, relating to the origination of certain loans to borrowers located in
Colorado; and 
 WHEREAS, the Colorado Settlement Agreement sets forth criteria constituting compliance with applicable UCCC
provisions, creating a “Safe Harbor” for closed-end consumer loans made to Colorado borrowers through Bank loan programs; and 

WHEREAS, it is the intent of UNI and Bank to amend the Loan Program Agreement, in order to ensure compliance with the Safe
Harbor, and to adopt certain practices with respect to the Program more broadly. 
 NOW, THEREFORE, in
consideration of the foregoing premises, and other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 

AGREEMENT: 

SECTION 1. DEFINED TERMS. 

Capitalized terms used herein and not otherwise defined herein shall have the meanings attributed to such terms in the Loan Program Agreement
or the Colorado Settlement Agreement. 
 SECTION 2. EFFECTIVE DATE. 

This Amendment shall be effective as of the date first set forth above. 

 SECTION 3. AMENDMENTS 

The Loan Program Agreement is amended as follows: 

(a) Section 1.1 is amended by inserting the term(s) below into the Definitions section in appropriate alphabetical order: 

“Colorado Compliance Report” means, in addition to the Annual Supervised Lender Annual Report, a written compliance report required
by the Colorado Administrator of the UCCC on an annual basis, that contains the following information: (1) a list of every Specified Loan originated through the Program during the year of such Colorado Compliance Report, which includes for each
Specified Loan: (i) account number, (ii) amount financed, (iii) APR, (iv) funding date, (v) then-current creditor and (vi) whether or not the Specified Loan was transferred to UNI; and (2) a narrative explanation of
whether the Program is relying on the Structural Criteria to make Specified Loans in Colorado, and to the extent the Program is relying on the Structural Criteria, a reasonably comprehensive explanation of which Structural Criteria and the manner in
which UNI has complied with such Structural Criteria. 
 (b) Section 1.1 is amended by replacing the first sentence of the definition of
“Advertising Materials” with the sentence set forth below: 
 “Advertising Materials” means all materials and methods
used by UNI in the performance of its marketing and solicitation Services under this Agreement in connection with the origination of Loans by Bank, including advertisements, direct mail pieces, brochures, website materials and any other similar
materials, and includes all content related to the Program on any website hosted by UNI. 
 (c) A new Section 2.7 is inserted as
follows: 
 Section 2.7. Safe Harbor Provisions. The Parties intend to offer the Program in accordance with the applicable Safe
Harbor terms of the Colorado Settlement Agreement to Bank, and to give effect to the applicable terms of the Safe Harbor. Bank may terminate its origination of Specified Loans at any time. 

(d) Section 3.1(i)(D) is amended by inserting the following new sentence at the end of the existing text: 

Without limiting the foregoing, Bank may exercise oversight over any credit models used by UNI in connection with the Program, including
governance of the credit models under applicable model risk management required by any Regulatory Authorities or pursuant to Applicable Law. UNI shall cooperate with Bank with respect to any requests from Bank in connection therewith. 

(e) Section 3.1(p) is amended by inserting the following sentence at the end of the existing text: 

  
 [2] 

 UNI understands that Bank has ultimate approval authority over UNI’s oversight and/or
third party risk management program pertaining to its significant Third Party Service Providers. 
 (a) Section 3.2(a) is amended by
inserting the following new sentence after the existing text: 
 Bank shall have the right to make an exception to its Credit Policy with
respect to any particular transaction, in its sole discretion, provided that Bank shall expressly communicate such exception to UNI. 
 (b)
Section 4.2(d) is amended by inserting the following new sentence at the end of the existing test: 
 For the avoidance of doubt, Bank has
the right to audit all Advertising Materials pursuant to this Agreement. 
 (c) Section 5.1 is amended by inserting the following new clause
5.1(c) immediately following the existing text of clause 5.1(b): 
 Bank shall fund all Loans in the manner set out in the Program
Guidelines, and from its own account using any source allowable by banking regulation, including a combination of its own capital, reserves, retained earnings, deposits, and credit facilities. Funds shall not be provided by UNI to Bank for the
express purpose of funding the origination of Loans. Notwithstanding anything contained in this Agreement, nothing in this Agreement shall obligate Bank to extend credit to a Loan Applicant or disburse a Loan if Bank determines in its reasonable
discretion that doing so would be an unsafe or unsound banking practice 
 (d) Section 9.2(f) is amended by inserting the following new
sentence after the existing text: 
 Insofar as the Bank determines to make an exception to its Credit Policy with respect to any particular
transaction, it will communicate such exception expressly to UNI. 
 (e) Section 9.3 is amended by inserting the following new Sections
9.3(k) and 9.3(l) immediately following the existing text of Section 9.3(j): 
 (k) UNI has a Supervised Lenders’ License issued
by the Administrator of the Uniform Consumer Credit Code (“UCCC”) in Colorado pursuant to the UCCC, C.R.S. § 5-2-301, and shall at all times maintain such
license in good standing to the extent the Program offers “supervised loans” in Colorado as defined by UCCC, C.R.S. 5-1-301(47) and UNI takes assignment of and
undertakes direct collection of payments from or enforcement of rights against consumers arising from such supervised loans, and to the extent required by Applicable Law. UNI shall timely submit all reports required by the Administrator of the
Uniform Consumer Credit Code in Colorado, including, without limitation, the annual Colorado Compliance Report, and shall provide copies of such reports to Bank. 

  
 [3] 

 (l) All Loan Agreements for Specified Loans shall provide that Colorado law applies to such
Loan Agreements, except where otherwise preempted or authorized by federal law, including that any “interest” terms as contemplated by 12 U.S.C. § 1831d (including origination fees, periodic interest, late fees, and returned check
fees) shall be governed by 12 U.S.C. § 1831d and the laws of Bank’s home state. 
 (f) Exhibit C (Compliance Guidelines) is amended
by adding the bracketed language to the existing text in Section 3: 
 Guidance for Managing Third-Party Risk (FIL-44-2008, June 6, 2008); [Proposed Guidance for Third-Party Lending (FIL-50-2016) or
such successor or replacement guidance as may be in effect from Bank’s Regulatory Authorities from time to time]; Fair Lending Laws, including: 
  

	 	a.	 Equal Credit Opportunity Act, 15 U.S.C. § 1691 et seq., and Regulation B; 

 

	 	b.	 Military Lending Act, 10 U.S.C. § 101 et seq., and 

 

	 	c.	 Servicemembers Civil Relief Act (“SCRA”) 

(g) Exhibit C (Compliance Guidelines) is amended by adding the following new paragraph as the final paragraph: 

UNI will maintain the following records related to the Program for as long as the Agreement is in effect and for a minimum period of two
(2) years following termination of the Agreement: 
  

	 	a.	 A record of Bank’s approval of Advertising Materials 

 

	 	b.	 A record of any Credit Policy Manual exceptions granted by Bank. 

 

	 	c.	 A record of all approvals by Bank of Third Party Service Providers engaged by UNI to perform services relating
to the Program, and of UNI’s oversight and/or third-party risk management program pertaining to such Third Party Service Providers. 

(h) The Audit and Monitoring Program Matrix of Schedule 3.1(i)(E) is amended by adding the following as the last row of the existing table:

  

									
	Colorado Compliance Report	  	Annually	  	Per MPL	  	Required in connection with the Annual Supervised Lenders Report	  	December 31, 2020 and 1 year from prior

  
 [4] 

 SECTION 4. EFFECT ON THE
LOAN PROGRAM AGREEMENT. 
 (a) Upon this Amendment becoming effective, each reference to the
“Agreement,” “hereunder,” “hereof,” “herein” or words of like import referring to the Loan Program Agreement, shall mean and be a reference to the Loan Program Agreement as modified by this Amendment. 

(b) This Amendment is not intended to create, nor does it create and shall not be construed to create, a partnership or joint venture or any
other common association for profit between Bank and the UNI. 
 SECTION 5. EXECUTION IN
COUNTERPARTS. 
 This Amendment may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed signature page to this Amendment by facsimile transmission or
otherwise transmitted or communicated by email shall be as effective as delivery of a manually executed counterpart of this Amendment. 

SECTION 6. HEADINGS. 

Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for
any other purposes. 
 SECTION 7. ENTIRE AGREEMENT. 

The Loan Program Agreement, as amended herein, is ratified, approved and confirmed in each and every respect, and constitutes the entire
agreement of the parties hereto with respect to the subject matter hereof and supersedes all other understandings, oral or written, with respect to the subject matter hereof. In the event of any conflict or inconsistency between the provisions of
the Loan Program Agreement and this Amendment, the provisions of this Amendment shall control and govern. 
 SECTION 8.
SUCCESSORS AND ASSIGNS. 
 This Amendment shall be binding on and shall inure to the benefit of
UNI and Bank and their respective successors and assigns. 

  
 [5] 

 SECTION 9. MISCELLANEOUS. 

The provisions contained in Section 10.3 (Governing Law; Arbitration) of the Loan Program Agreement are incorporated herein by this
reference and shall govern this Amendment. 
 [SIGNATURE PAGES FOLLOW] 

  
 [6] 

 IN WITNESS WHEREOF, the parties have caused this Amendment to
be duly executed and delivered by its duly authorized officer as of the day and year first above written. 
  

					
	UPSTART NETWORK, INC.
		
	By:	 	 /s/ Dave Girouard

	Name: Dave Girouard
	Title: CEO
		
	        	 	CROSS RIVER BANK
			
		 	By:	 	 /s/Gilles Gade

		 	Name: Gilles Gade
		 	Title: President and Chief Executive Officer
			
		 	By:	 	 /s/Arlen Gelbard

		 	Name: Arlen Gelbard
		 	Title: EVP, General Counsel

  
 [7] 

 Exhibit A 

Colorado Settlement Agreement 

  
 [8] 

 EXECUTION COPY 

Upstart-CRB Auto Loan Program 

Program Agreement Addendum 

This Auto Loan Program Program Agreement Addendum (the “Addendum”) is entered into as of November 25, 2020
(“Addendum Effective Date”) and is attached to and made a part of the Third Amended and Restated Loan Program Agreement between Cross River Bank (“CRB”) and Upstart Network, Inc.
(“UNI”) dated January 1, 2019 (the “Program Agreement”). 
 WHEREAS, under the
Program CRB originates unsecured personal loans on the UNI Platform and UNI’s provision of origination assistance services in connection with such loan originations all pursuant to the terms and conditions set forth in the Program Agreement;

 WHEREAS, the parties wish to expand the Program to include CRB’s origination of secured loans used for the purpose of
purchasing or refinancing of a motor vehicle loan or retail installment contract (“Auto Loan”) on the UNI Platform and UNI’s provision of origination assistance services in connection with such Auto Loan originations
(“Auto Loan Program”); and 
 WHEREAS, the parties wish to supplement the Program Agreement with additional terms
and conditions related to the Auto Loan Program. 
 NOW THEREFORE, in consideration of the mutual covenants and promises exchanged
herein, the receipt and sufficiency of which is hereby acknowledged as adequate consideration, the parties agree as follows: 
  

	 	(1)	 Definitions. Capitalized terms used in this Addendum but not defined herein will have the same
meaning as in the Program Agreement. 

  

	 	(2)	 Auto Loan Program. The parties agree: 

 

	 	a.	 Each Auto Loan is a Loan under the Program Agreement, the Auto Loan Program is part of the Program and, except
as set forth in this Addendum, the terms and conditions set forth in the Program Agreement that apply to Loans and the Program shall apply to Auto Loans and the Auto Loan Program. 

 

	 	b.	 The Program Guidelines, including the Credit Policy, Underwriting Procedures, Program Terms shall be updated to
include the specifications associated with Auto Loans to be originated under the Auto Loan Program, as such may be updated from time to time in accordance with Section 2.3 of the Agreement. UNI shall comply with the Program Terms and the
Program Guidelines in connection with the administration of the Auto Loan Program. 

  

	 	c.	 UNI shall cause each Auto Loan to be secured by a valid, legal, perfected, enforceable first-priority lien on
the related financed vehicle. UNI shall take all such actions and deliver and cause to be duly filed any and all instruments and documents, including, without limitation, UCC financing statements, necessary to assure, obtain, preserve, protect and
perfect Bank’s security interest in the Auto Loan and financed vehicle and the related rights and remedies with respect thereto. 

  

	 	d.	 UNI shall cause the Loan Documents for each Auto Loan to include the title file and each of the following, as
part of the servicing file for such Auto Loan or otherwise: (i) the application of the obligor for credit; (ii) a copy of the Auto Loan agreement and any amendments thereto; (iii) a copy (but not the original) of any certificate of
title, including evidence of the notation of Bank’s or Purchaser’s (as applicable) security interest on the title to the motor vehicle, and the related application therefor, as applicable with respect to the financed vehicle and the
particular State; (iv) proof of insurance or application therefor with respect to the financed vehicle securing the Auto Loan; and (v) such other documents as Bank additionally maintains in connection with the origination and servicing of
any Auto Loan. 

  
 1 

 EXECUTION COPY 
  

  

	 	(3)	 Miscellaneous. The terms and conditions of the Program Agreement in effect between the parties
shall continue to be in full force and effect and apply to this Addendum; provided however, that solely with respect to the subject matter of this Addendum, in the event of a conflict between the terms of the Program Agreement and the terms
of this Addendum, the terms of this Addendum shall control. This Addendum may not be altered, amended, or modified except by written instrument, signed by the duly authorized representatives of all parties. 

[Signature Page Follows] 

  
 2 

 EXECUTION COPY 
  

 IN WITNESS WHEREOF, the parties, intending to be legally bound, have caused this Addendum to be
executed by their duly authorized representatives as of the Addendum Effective Date. 
  

					
	CROSS RIVER BANK	 		  	UPSTART NETWORK, INC.
			
	 /s/ Gilles Gade
	 		  	 /s/ Dave Girouard

	Name: Gilles Gade	 		  	Name: Dave Girouard
	Title:   CEO	 		  	Title:   CEO
			
	 /s/ Arlen Gelbard
	 		  	
	Name: Arlen Gelbard	 		  	
	Title:   General Counsel	 		  	

  
 3

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