Item 1.01 Entry into a Material Definitive Agreement.
On December 20, 2022, Elastic SPV, Ltd., EF SPV, Ltd., and EC SPV, Ltd.
individually and collectively, entered into the Second Amendment to the
Second-Lien Financing Agreement and Consent (the "Amendment") with Park Cities
Asset Management, LLC to increase the maximum commitment amount to $30.0 million
from $20.0 million. All material terms and maturity date remain unchanged under
the Amendment.
The foregoing description of the Amendment does not purport to be complete and
is qualified in its entirety by reference to the full text of the Amendment, a
copy of which will be filed as an exhibit to the Company's annual report on Form
10-K for the period ended December 31, 2022.
Creation of a Direct Financial Obligation under an Off-Balance Sheet
Item 2.03 Arrangement of a Registrant.
The information provided in Item 1.01 above is incorporated by reference.
Departure of Directors or Certain Officers; Election of Directors; Appointment
Item 5.02 of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 1, 2022, Sarah Cutrona, Chief Counsel of Elevate Credit, Inc. (the
"Company"), announced her retirement. Ms. Cutrona will remain and be compensated
as a legal advisor and consultant to the Company. Her cash compensation will be
commensurate with her existing salary and she will continue to vest in her
outstanding equity awards during the term of her services. As part of an
established succession plan, Kate Vanderkolk will assume the Chief Counsel
duties effective January 1, 2023. Ms. Vanderkolk currently serves as General
Counsel and Chief Risk Officer of the Company.
The Company commends Ms. Cutrona's service dating back to the predecessor more
than 16 years. "Sarah has contributed as much as anyone to Elevate and her
impact on non-prime Americans will continue far into the future. I personally
would like to thank Sarah for her friendship and mentorship. We all wish her a
very happy retirement," said President and CEO, Jason Harvison.
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