EX-10.2



 Exhibit 10.2 

OPOWER, INC. 
 AMENDED
AND RESTATED 2007 STOCK PLAN 
 (as amended through February 28, 2014) 

1. Purposes of the Plan. The purposes of this 2007 Stock Plan are to attract and retain the best available personnel for positions of
substantial responsibility, to provide additional incentive to Employees and Consultants, and to promote the success of the Company’s business. Options granted under the Plan may be Incentive Stock Options or Nonstatutory Stock Options, as
determined by the Administrator at the time of grant of an Option and subject to the applicable provisions of Section 422 of the Code and the regulations promulgated thereunder. Restricted Stock may also be granted under the Plan. 

2. Definitions. As used herein, the following definitions shall apply: 

(a) “Administrator” means the Board or a Committee. 

(b) “Affiliate” means an entity other than a Subsidiary which, together with the Company, is under common control of a third
person or entity. 
 (c) “Applicable Laws” means all applicable laws, rules, regulations and requirements, including, but
not limited to, all applicable U.S. federal or state laws, any Stock Exchange rules or regulations, and the applicable laws, rules or regulations of any other country or jurisdiction where Options or Restricted Stock are granted under the Plan or
Participants reside or provide services, as such laws, rules, and regulations shall be in effect from time to time. 
 (d)
“Award” means any award of an Option, Restricted Stock or Restricted Stock Units under the Plan. 
 (e)
“Board” means the Board of Directors of the Company. 
 (f) “California Participant” means a Participant
whose Award is issued in reliance on Section 25102(o) of the California Corporations Code. 
 (g) “Cashless Exercise”
means a program approved by the Administrator in which payment of the Option exercise price or tax withholding obligations may be satisfied, in whole or in part, with Shares subject to the Option, including by delivery of an irrevocable direction to
a securities broker (on a form prescribed by the Administrator) to sell Shares and to deliver all or part of the sale proceeds to the Company in payment of the aggregate exercise price and, if applicable, the amount necessary to satisfy the
Company’s withholding obligations. 
 (h) “Cause” for termination of a Participant’s Continuous Service Status
will exist (unless another definition is provided for in the applicable Option Agreement, Restricted Stock Purchase Agreement, Restricted Stock Unit Agreement, employment agreement or other applicable written agreement) if the Participant’s
Continuous Service Status is terminated for any of the following reasons: (i) Participant’s willful failure to perform his or her duties and 







 
responsibilities to the Company or Participant’s violation of any written Company policy; (ii) Participant’s commission of any act of fraud, embezzlement, dishonesty or any other
willful misconduct that has caused or is reasonably expected to result in injury to the Company; (iii) Participant’s unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom
the Participant owes an obligation of nondisclosure as a result of his or her relationship with the Company; or (iv) Participant’s material breach of any of his or her obligations under any written agreement or covenant with the Company.
The determination as to whether a Participant’s Continuous Service Status has been terminated for Cause shall be made in good faith by the Company and shall be final and binding on the Participant. The foregoing definition does not in any way
limit the Company’s ability to terminate a Participant’s employment or consulting relationship at any time, and the term “Company” will be interpreted to include any Subsidiary, Parent, Affiliate, or any successor thereto, if
appropriate. 
 (i) “Code” means the Internal Revenue Code of 1986, as amended. 

(j) “Committee” means one or more committees or subcommittees of the Board consisting of two (2) or more Directors (or
such lesser or greater number of Directors as shall constitute the minimum number permitted by Applicable Laws to establish a committee or sub-committee of the Board) appointed by the Board to administer the Plan in accordance with
Section 4 below. 
 (k) “Common Stock” means the Company’s common stock, par value $0.000005 per share, as
adjusted in accordance with Section 15 below. 
 (l) “Company” means OPOWER, Inc., a Delaware corporation. 

(m) “Consultant” means any person, including an advisor but not an Employee, who is engaged by the Company, or any Parent,
Subsidiary or Affiliate, to render services (other than capital-raising services) and is compensated for such services, and any Director whether compensated for such services or not. 

(n) “Continuous Service Status” means the absence of any interruption or termination of service as an Employee or Consultant.
Continuous Service Status as an Employee or Consultant shall not be considered interrupted or terminated in the case of: (i) Company approved sick leave; (ii) military leave; (iii) any other bona fide leave of absence approved by the
Company, provided that if an Employee is holding an Incentive Stock Option and such leave exceeds three (3) months, such Employee’s service as an Employee for the sole purpose of holding an Incentive Stock Option shall be deemed terminated
on the first (1st) day following such three (3)-month period and the Incentive Stock Option shall thereafter automatically become a Nonstatutory Stock option unless reemployment upon the expiration of such leave is guaranteed by contract or
statute, or unless provided otherwise pursuant to a written Company policy. Also, Continuous Service Status as an Employee or Consultant shall not be considered interrupted or terminated in the case of a transfer between locations of the Company or
between the Company, its Parents, Subsidiaries or Affiliates, or their respective successors, or a change in status from an Employee to a Consultant or from a Consultant to an Employee. 

  
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 (o) “Director” means a member of the Board. 

(p) “Disability” means “disability” within the meaning of Section 22(e)(3) of the Code. 

(q) “Employee” means any person employed by the Company, or any Parent, Subsidiary or Affiliate, with the status of
employment determined pursuant to such factors as are deemed appropriate by the Administrator in its sole discretion, subject to any requirements of the Applicable Laws, including the Code. The payment by the Company of a director’s fee shall
not be sufficient to constitute “employment” of such director by the Company or any Parent, Subsidiary or Affiliate. 
 (r)
“Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (s) “Fair Market Value” means, as
of any date, the per share fair market value of the Common Stock, as determined by the Administrator in good faith on such basis as it deems appropriate and applied consistently with respect to Participants. Whenever possible, the determination of
Fair Market Value shall be based upon the per share closing price for the Shares as reported in the Wall Street Journal for the applicable date. 

(t) “Family Members” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling,
niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law (including adoptive relationships) of the Participant, any person sharing the Participant’s household (other than a tenant or employee),
a trust in which these persons (or the Participant) have more than 50% of the beneficial interest, a foundation in which these persons (or the Participant) control the management of assets, and any other entity in which these persons (or the
Participant) own more than 50% of the voting interests. 
 (u) “Incentive Stock Option” means an Option intended to, and
which does, in fact, qualify as an incentive stock option within the meaning of Section 422 of the Code. 
 (v) “Involuntary
Termination” means (unless another definition is provided for in the applicable Option Agreement, Restricted Stock Purchase Agreement, Restricted Stock Unit Agreement, employment agreement or other applicable written agreement) the
termination of a Participant’s Continuous Service Status other than for death or Disability or for Cause by the Company or a Subsidiary, Parent, Affiliate or successor thereto, as appropriate. 

(w) “Listed Security” means any security of the Company that is listed or approved for listing on a national securities
exchange or designated or approved for designation as a national market system security on an interdealer quotation system by the National Association of Securities Dealers, Inc. 

(x) “Nonstatutory Stock Option” means an Option not intended to, or does not, in fact, qualify as an Incentive Stock Option.

 (y) “Option” means a stock option granted pursuant to the Plan. 

  
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 (z) “Option Agreement” means a written document, the form(s) of which shall be
approved from time to time by the Administrator, reflecting the terms of an Option granted under the Plan and includes any documents attached to or incorporated into such Option Agreement, including, but not limited to, a notice of stock option
grant and a form of exercise notice. 
 (aa) “Option Exchange Program” means a program approved by the Administrator
whereby outstanding Options (i) are exchanged for Options with a lower exercise price, Restricted Stock, cash or other property or (ii) are amended to decrease the exercise price as a result of a decline in the Fair Market Value of the
Common Stock. 
 (bb) “Optioned Stock” means Shares that are subject to an Option or that were issued pursuant to the
exercise of an Option. 
 (cc) “Optionee” means an Employee or Consultant who receives an Option. 

(dd) “Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company if,
at the time of grant of the Award, each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that
attains the status of a Parent on a date after the adoption of the Plan shall be considered a Parent commencing as of such date. 
 (ee)
“Participant” means any holder of one or more Awards or Shares issued pursuant to an Award. 
 (ff) “Plan”
means this 2007 Stock Plan. 
 (gg) “Restricted Stock” means Shares acquired pursuant to a right to purchase Common Stock
granted pursuant to Section 11 below. 
 (hh) “Restricted Stock Unit” means an Award of phantom stock units
granted pursuant to Section 12 below, which may be settled in cash or Shares as determined by the Administrator. 
 (ii)
“Restricted Stock Unit Agreement” means a written document, the form(s) of which shall be approved from time to time by the Administrator, reflecting the terms of Restricted Stock Units granted under the Plan and includes any
documents attached to such agreement. 
 (jj) “Restricted Stock Purchase Agreement” means a written document, the form(s)
of which shall be approved from time to time by the Administrator, reflecting the terms of Restricted Stock granted under the Plan and includes any documents attached to such agreement. 

(kk) “Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act, as amended from time to time, or any successor
provision. 

  
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 (ll) “Share” means a share of Common Stock, as adjusted in accordance with
Section 15 below. 
 (mm) “Stock Exchange” means any stock exchange or consolidated stock price reporting
system on which prices for the Common Stock are quoted at any given time. 
 (nn) “Subsidiary” means any corporation (other
than the Company) in an unbroken chain of corporations beginning with the Company if, at the time of grant of the Award, each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total
combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such date.

 (oo) “Ten Percent Holder” means a person who owns stock representing more than 10% of the voting power of all classes of
stock of the Company or any Parent or Subsidiary measured as of an Award’s date of grant. 
 (pp) “Triggering Event”
means: 
 (i) a sale, transfer or disposition of all or substantially all of the Company’s assets other than to (A) a corporation
or other entity of which at least a majority of its combined voting power is owned directly or indirectly by the Company, (B) a corporation or other entity owned directly or indirectly by the holders of capital stock of the Company in
substantially the same proportions as their ownership of Common Stock, or (C) an Excluded Entity (as defined in subsection (ii) below); or 

(ii) any merger, consolidation or other business combination transaction of the Company with or into another corporation, entity or person,
other than a transaction with or into another corporation, entity or person in which the holders of at least a majority of the shares of voting capital stock of the Company outstanding immediately prior to such transaction continue to hold (either
by such shares remaining outstanding in the continuing entity or by their being converted into shares of voting capital stock of the surviving entity) a majority of the total voting power represented by the shares of voting capital stock of the
Company (or the surviving entity) outstanding immediately after such transaction (an “Excluded Entity”). 
 Notwithstanding anything
stated herein, a transaction shall not constitute a “Triggering Event” if its sole purpose is to change the state of the Company’s incorporation, or to create a holding company that will be owned in substantially the same proportions
by the persons who hold the Company’s securities immediately before such transaction. For clarity, the term ‘‘Triggering Event” as defined herein shall not include stock sale transactions whether by the Company or by the holders
of capital stock. 
 3. Stock Subject to the Plan. Subject to the provisions of Section 15 of the Plan, the maximum
aggregate number of Shares that may be issued under the Plan is 16,445,907 Shares, all of which may be issued under the Plan pursuant to Incentive Stock Options. The Shares 

  
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issued under the Plan may be authorized, but unissued, or reacquired Shares. If an Award should expire or become unexercisable for any reason without having been exercised in full, or is
surrendered pursuant to an Option Exchange Program, the unpurchased Shares that were subject thereto shall, unless the Plan shall have been terminated, become available for future grant under the Plan. In addition, any Shares which are retained by
the Company upon exercise of an Award in order to satisfy the exercise or purchase price for such Award or any withholding taxes due with respect to such Award shall be treated as not issued and shall continue to be available under the Plan. Shares
issued under the Plan and later repurchased by the Company at the original purchase price paid for the Shares (including without limitation upon repurchase by the Company in connection with the termination of a Participant’s Continuous Service
Status) shall again be available for future grant under the Plan. Any Shares issued under the Plan and later repurchased by the Company pursuant to any other repurchase right of the Company shall not be available for future grant under the Plan.

 4. Administration of the Plan. 

(a) General. The Plan shall be administered by the Board or a Committee, or a combination thereof, as determined by the Board. The Plan
may be administered by different administrative bodies with respect to different classes of Participants and, if permitted by Applicable Laws, the Board may authorize one or more officers of the Company to make Awards under the Plan to Employees and
Consultants (who are not subject to Section 16 of the Exchange Act) within parameters specified by the Board. 
 (b) Committee
Composition. If a Committee has been appointed pursuant to this Section 4, such Committee shall continue to serve in its designated capacity until otherwise directed by the Board. From time to time the Board may increase the size of
any Committee and appoint additional members thereof, remove members (with or without cause) and appoint new members in substitution therefor, fill vacancies (however caused) and dissolve a Committee and thereafter directly administer the Plan, all
to the extent permitted by the Applicable Laws and, in the case of a Committee administering the Plan in accordance with the requirements of Rule 16b-3 or Section 162(m) of the Code, to the extent permitted or required by such provisions. 

(c) Powers of the Administrator. Subject to the provisions of the Plan and, in the case of a Committee, the specific duties delegated
by the Board to such Committee, the Administrator shall have the authority, in its sole discretion: 
 (i) to determine the Fair Market
Value of the Common Stock in accordance with Section 2(s) above, provided that such determination shall be applied consistently with respect to Participants under the Plan; 

(ii) to select the Employees and Consultants to whom Awards may from time to time be granted; 

(iii) to determine the number of Shares to be covered by each Award; 

  
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 (iv) to approve the form(s) of agreement(s) and other related documents used under the Plan;

 (v) to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder, which terms and
conditions include but are not limited to the exercise price or purchase price, the time or times when Awards may vest and/or be exercised (which may be based on performance criteria), the circumstances (if any) when vesting will be accelerated or
forfeiture restrictions will be waived, and any restrictions or limitation regarding any Award, Optioned Stock, Restricted Stock or Restricted Stock Unit; 

(vi) to amend any outstanding Award or agreement related to any Optioned Stock, Restricted Stock or Restricted Stock Unit, including any
amendment adjusting vesting (e.g., in connection with a change in the terms or conditions under which such person is providing services to the Company), provided that no amendment shall be made that would materially or adversely affect the rights of
any Participant without his or her consent; 
 (vii) to determine whether and under what circumstances an Option may be settled in cash
under Section 10(c) instead of Common Stock; 
 (viii) to implement an Option Exchange Program and establish the terms and
conditions of such Option Exchange Program, provided that no amendment or adjustment to an Option that would materially and adversely affect the rights of any Optionee shall be made without his or her consent; 

(ix) to grant Awards to, or to modify the terms of any outstanding Option Agreement, Restricted Stock Purchase Agreement or Restricted Stock
Unit Agreement or any agreements related to any Option Stock, Restricted Stock or Restricted Stock Units held by Participants who are foreign nationals or are employed outside the United States, with such terms and conditions as the Administrator
deems necessary or appropriate to accommodate differences in local law, tax policy or custom that deviate from the terms and conditions set forth in this Plan to the extent necessary or appropriate to accommodate such differences; and 

(x) to construe and interpret the terms of the Plan, any Option Agreement, Restricted Stock Purchase Agreement, or Restricted Stock Unit
Agreement, and any agreement related to any Optioned Stock, Restricted Stock or Restricted Stock Unit, which constructions, interpretations and decisions shall be final and binding on all Participants. 

(d) Indemnification. To the maximum extent permitted by Applicable Laws, each member of the Committee (including officers of the
Company, if applicable), or of the Board, as applicable, shall be indemnified and held harmless by the Company against and from (i) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in
connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan or pursuant to the terms and conditions
of any Award except for actions taken in bad faith or failures to act in bad faith, and (ii) any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction


  
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of any judgment in any such claim, action, suit, or proceeding against him or her, provided that such member shall give the Company an opportunity, at its own expense, to handle and defend any
such claim, action, suit or proceeding before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be
entitled under the Company’s Articles of Incorporation, Certificate of Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any other power that the Company may have to indemnify or hold harmless each such person.

 (e) Delegation of Authority to Grant Awards. Subject to applicable law, the Administrator, in its discretion, may delegate to the
Chief Executive Officer or Chief Financial Officer of the Company all or part of the Administrator’s authority and duties with respect to the granting of Awards to individuals who are (i) not subject to the reporting and other provisions
of Section 16 of the Exchange Act and (ii) not “covered employees” within the meaning of Section 162(m) of the Code. Any such delegation by the Administrator shall include a limitation as to the amount of Awards that may be
granted during the period of the delegation and shall contain guidelines as to the determination of the exercise price, if any, and the vesting criteria. The Administrator may revoke or amend the terms of a delegation at any time but such action
shall not invalidate any prior actions of the Administrator’s delegate or delegates that were consistent with the terms of the Plan. 

5. Eligibility. 
 (a)
Recipients of Grants. Nonstatutory Stock Options, Restricted Stock and Restricted Stock Units may be granted to Employees and Consultants. 

(b) Type of Option. Each Option shall be designated in the Option Agreement as either an Incentive Stock Option or a Nonstatutory Stock
Option. 
 (c) ISO $100,000 Limitation. Notwithstanding any designation under Section 5(b), to the extent that the
aggregate Fair Market Value of Shares with respect to which Options designated as Incentive Stock Options are exercisable for the first time by any Optionee during any calendar year (under all plans of the Company or any Parent or Subsidiary)
exceeds $100,000, such excess Options shall be treated as Nonstatutory Stock Options. For purposes of this Section 5(c), Incentive Stock Options shall be taken into account in the order in which they were granted, and the Fair Market
Value of the Shares subject to an Incentive Stock Option shall be determined as of the date of the grant of such Option. 
 (d) No
Employment Rights. Neither the Plan nor any Award shall confer upon any Employee or Consultant any right with respect to continuation of an employment or consulting relationship with the Company (any Parent or Subsidiary), nor shall it interfere
in any way with such Employee’s or Consultant’s right or the Company’s (Parent’s or Subsidiary’s) right to terminate his or her employment or consulting relationship at any time, with or without cause. 

  
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 6. Term of Plan. The Plan shall become effective upon its adoption by the Board of
Directors. It shall continue in effect for a term of ten (10) years unless sooner terminated under Section 17 below. 
 7.
Term of Option. The term of each Option shall be the term stated in the Option Agreement; provided that the term shall be no more than ten (10) years from the date of grant thereof or such shorter term as may be provided in the Option
Agreement and provided further that, in the case of an Incentive Stock Option granted to a person who at the time of such grant is a Ten Percent Holder, the term of the Option shall be five (5) years from the date of grant thereof or such
shorter term as may be provided in the Option Agreement. 
 8. Limitation on Grants to Participants. On and after such time, if any,
as the Common Stock becomes a Listed Security and subject to adjustment as provided in Section 15 below, the maximum aggregate number of Shares that may be subject to Awards granted to any one person under this Plan for any fiscal year of the
Company shall be 1,000,000 Shares, provided that such limitation shall be 1,500,000 Shares during the fiscal year of any person’s initial year of service with the Company. 

9. Option Exercise Price and Consideration. 

(a) Exercise Price. The per Share exercise price for the Shares to be issued pursuant to the exercise of an Option shall be such price
as is determined by the Administrator and set forth in the Option Agreement, but shall be subject to the following: 
 (i) In the case of an
Incentive Stock Option 
 (A) granted to an Employee who at the time of grant is a Ten Percent Holder, the per Share exercise price shall
be no less than 110% of the Fair Market Value on the date of grant; 
 (B) granted to any other Employee, the per Share exercise price
shall be no less than 100% of the Fair Market Value on the date of grant; 
 (ii) Except as provided in subsection (iii) below, in the
case of a Nonstatutory Stock Option the per Share exercise price shall be such price as is determined by the Administrator, provided that, if the per Share exercise price is less than 100% of the Fair Market Value on the date of grant, it shall
otherwise comply with all Applicable Laws, including Section 409A of the Code; 
 (iii) In the case of a Nonstatutory Stock Option
that is intended to qualify as performance-based compensation under Section 162(m) of the Code and is granted on or after the date, if ever, on which the Common Stock becomes a Listed Security, the per Share exercise price shall be no less than
100% of the Fair Market Value on the date of grant; and 
 (iv) Notwithstanding the foregoing, Options may be granted with a per Share
exercise price other than as required above pursuant to a merger or other corporate transaction. 

  
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 (b) Permissible Consideration. The consideration to be paid for the Shares to be issued
upon exercise of an Option, including the method of payment, shall be determined by the Administrator (and, in the case of an Incentive Stock Option and to the extent required by Applicable Laws, shall be determined at the time of grant) and may
consist entirely of (1) cash; (2) check; (3) to the extent permitted under Applicable Laws, delivery of a promissory note with such recourse, interest, security and redemption provisions as the Administrator determines to be
appropriate (subject to the provisions of Section 153 of the Delaware General Corporation Law); (4) cancellation of indebtedness; (5) other previously owned Shares that have a Fair Market Value on the date of surrender equal to the
aggregate exercise price of the Shares as to which the Option is exercised; (6) a Cashless Exercise; (7) such other consideration and method of payment permitted under Applicable Laws; or (8) any combination of the foregoing methods
of payment. In making its determination as to the type of consideration to accept, the Administrator shall consider if acceptance of such consideration may be reasonably expected to benefit the Company and the Administrator may, in its sole
discretion, refuse to accept a particular form of consideration at the time of any Option exercise. 
 10. Exercise of Option. 

(a) General. 
 (i)
Exercisability. Any Option granted hereunder shall be exercisable at such times and under such conditions as determined by the Administrator, consistent with the terms of the Plan and reflected in the Option Agreement, including vesting
requirements and/or performance criteria with respect to the Company, and Parent or Subsidiary, and/or the Optionee. 
 (ii) Leave of
Absence. The Administrator shall have the discretion to determine whether and to what extent the vesting of Options shall be tolled during any unpaid leave of absence; provided, however, that in the absence of such determination, vesting of
Options shall be tolled during any such unpaid leave (unless otherwise required by the Applicable Laws). Notwithstanding the foregoing, in the event of military leave, vesting shall toll during any unpaid portion of such leave, provided that, upon a
Optionee’s returning from military leave (under conditions that would entitle him or her to protection upon such return under the Uniform Services Employment and Reemployment Rights Act), he or she shall be given vesting credit with respect to
Options to the same extent as would have applied had the Optionee continued to provide services to the Company (or any Parent or Subsidiary, if applicable) throughout the leave on the same terms as he or she was providing services immediately prior
to such leave. 
 (iii) Minimum Exercise Requirements. An Option may not be exercised for a fraction of a Share. The Administrator
may require that an Option be exercised as to a minimum number of Shares, provided that such requirement shall not prevent an Optionee from exercising the full number of Shares as to which the Option is then exercisable. 

(iv) Procedures for and Results of Exercise. An Option shall be deemed exercised when written notice of such exercise has been
received by the Company in accordance with the terms of the Option Agreement by the person entitled to exercise the Option 

  
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and the Company has received full payment for the Shares with respect to which the Option is exercised and has paid, or made arrangements to satisfy, any applicable withholding requirements in
accordance with Section 13 below. The exercise of an Option shall result in a decrease in the number of Shares that thereafter may be available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to
which the Option is exercised. 
 (v) Rights as Holder of Capital Stock. Until the issuance of the Shares (as evidenced by the
appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a holder of capital stock shall exist with respect to the Optioned Stock,
notwithstanding the exercise of the Option. No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided in Section 15 below. 

(b) Termination of Employment or Consulting Relationship. The Administrator shall establish and set forth in the applicable Option
Agreement the terms and conditions upon which an Option shall remain exercisable, if at all, following termination of an Optionee’s Continuous Service Status, which provisions may be waived or modified by the Administrator at any time. To the
extent that an Option Agreement does not specify the terms and conditions upon which an Option shall terminate upon termination of an Optionee’s Continuous Service Status, the following provisions shall apply: 

(i) General Provisions. If the Optionee (or other person entitled to exercise the Option) does not exercise the Option to the extent so
entitled within the time specified below, the Option shall terminate and the Optioned Stock underlying the unexercised portion of the Option shall revert to the Plan. In no event may any Option be exercised after the expiration of the Option term as
set forth in the Option Agreement (and subject to Section 7). 
 (ii) Termination other than Upon Disability or Death or for
Cause. In the event of termination of an Optionee’s Continuous Service Status other than under the circumstances set forth in subsections (iii) through (v) below, such Optionee may exercise any outstanding Option at any time
within 30 days following such termination to the extent the Optionee is vested in the Optioned Stock. 
 (iii) Disability of
Optionee. In the event of termination of an Optionee’s Continuous Service Status as a result of his or her Disability, such Optionee may exercise any outstanding Option at any time within six (6) months following such termination to
the extent the Optionee is vested in the Optioned Stock. 
 (iv) Death of Optionee. In the event of the death of an Optionee during
the period of Continuous Service Status since the date of grant of any outstanding Option, or within three (3) months following termination of Optionee’s Continuous Service Status, the Option may be exercised by the Optionee’s estate,
or by a person who acquired the right to exercise the Option by bequest or inheritance, at any time within twelve (12) months following the date of death or, if earlier, the date the Optionee’s Continuous Service Status terminated, but
only to the extent the Optionee is vested in the Optioned Stock. 

  
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 (v) Termination for Cause. In the event of termination of an Optionee’s Continuous
Service Status for Cause, any outstanding Option (including any vested portion thereof) held by such Optionee shall immediately terminate in its entirety upon first notification to the Optionee of termination of the Optionee’s Continuous
Service Status for Cause. If an Optionee’s Continuous Service Status is suspended pending an investigation of whether the Optionee’s Continuous Service Status will be terminated for Cause, all the Optionee’s rights under any Option,
including the right to exercise the Option, shall be suspended during the investigation period. Nothing in this Section 10(b)(v) shall in any way limit the Company’s right to purchase unvested Shares issued upon exercise of an
Option as set forth in the applicable Option Agreement. 
 (c) Buyout Provisions. The Administrator may at any time offer to buy out
for a payment in cash or Shares an Option previously granted under the Plan based on such terms and conditions as the Administrator shall establish and communicate to the Optionee at the time that such offer is made. 

11. Restricted Stock. 

(a) Rights to Purchase. When a right to purchase Restricted Stock is granted under the Plan, the Administrator shall advise the
recipient in writing of the terms, conditions and restrictions related to the offer, including the number of Shares that such person shall be entitled to purchase, the price to be paid (which shall be as determined by the Administrator, subject to
Applicable Laws, including any applicable securities laws), and the time within which such person must accept such offer. The permissible consideration for Restricted Stock shall be determined by the Administrator and shall be the same as is set
forth in Section 9(b) with respect to exercise of Options. The offer to purchase Shares shall be accepted by execution of a Restricted Stock Purchase Agreement in the form determined by the Administrator. 

(b) Repurchase Option. 

(i) General. Unless the Administrator determines otherwise, the Restricted Stock Purchase Agreement shall grant the Company a
repurchase option exercisable upon the voluntary or involuntary termination of the Participant’s Continuous Service Status for any reason (including death or Disability). The purchase price for Shares repurchased pursuant to the Restricted
Stock Purchase Agreement shall be the original purchase price paid by the purchaser and may be paid by cancellation of any indebtedness of the purchaser to the Company. The repurchase option shall lapse at such rate as the Administrator may
determine. 
 (ii) Leave of Absence. The Administrator shall have the discretion to determine whether and to what extent the lapsing
of Company repurchase rights shall be tolled during any leave of absence; provided, however, that in the absence of such determination, such lapsing shall be tolled during any leave (unless otherwise required by the Applicable Laws). Notwithstanding
the foregoing, in the event of military leave, the lapsing of Company repurchase rights shall toll during any unpaid portion of such leave, provided that, upon a Participant’s returning from military leave (under conditions that would entitle
him or her to protection upon such return under the Uniform Services Employment and Reemployment Rights Act), he or she 

  
 12 








 
shall be given vesting credit with respect to Shares purchased pursuant to the Restricted Stock Purchase Agreement to the same extent as would have applied had the Participant continued to
provide services to the Company (or any Parent or Subsidiary, if applicable) throughout the leave on the same terms as he or she was providing services immediately prior to such leave. 

(c) Other Provisions. The Restricted Stock Purchase Agreement shall contain such other terms, provisions and conditions not
inconsistent with the Plan as may be determined by the Administrator in its sole discretion. In addition, the provisions of Restricted Stock Purchase Agreements need not be the same with respect to each Participant. 

(d) Rights as a Holder of Capital Stock. Once the Restricted Stock is purchased, the Participant shall have the rights equivalent to
those of a holder of capital stock, and shall be a record holder when his or her purchase is entered upon the records of the duly authorized transfer agent of the Company. No adjustment will be made for a dividend or other right for which the record
date is prior to the date the Restricted Stock is purchased, except as provided in Section 15 of the Plan. 
 12. Restricted
Stock Units. 
 (a) Nature of Restricted Stock Units. The Administrator may, in its sole discretion, grant to an eligible person
under Section 5(a) hereof Restricted Stock Units under the Plan. The Administrator shall determine the restrictions and conditions applicable to each Restricted Stock Unit at the time of grant. Vesting conditions may be based on
Continuous Service Status, achievement of pre-established performance goals and objectives and/or other such criteria as the Administrator may determine. Upon the grant of Restricted Stock Units, the Participant and the Company shall enter into a
Restricted Stock Unit Agreement. The terms and conditions of each such Restricted Stock Unit Agreement shall be determined by the Administrator and may differ among individual Awards and grantees. On or promptly following the vesting date or dates
applicable to any Restricted Stock Unit, but in no event later than March 15 of the year following the year in which such vesting occurs, such Restricted Stock Unit(s) shall be settled in the form of cash or Shares, as specified in the
Restricted Stock Unit Agreement. Restricted Stock Units may not be sold, assigned, transferred, pledged, or otherwise encumbered or disposed of. 

(b) Rights as a Holder of Capital Stock. A Participant shall have the rights equivalent to those of a holder of capital stock, and
shall be a record holder, only as to Shares, if any, acquired upon settlement of Restricted Stock Units. A Participant shall not be deemed to have acquired any such Shares unless and until the Restricted Stock Units shall have been settled in Shares
pursuant to the terms of the Plan and the Restricted Stock Unit Agreement, the Company shall have issued and delivered a certificate representing the Shares to the grantee (or transferred on the records of the Company with respect to uncertificated
Share), and the Participant’s name has been entered in the books of the Company as a holder of capital stock. 
 (c)
Termination. Except as may otherwise be provided by the Administrator either in the Restricted Stock Unit Agreement or in writing after the Restricted Stock Unit Agreement is issued, a Participant’s right in all Restricted Stock Units
that have not vested shall automatically terminate upon the Participant’s cessation of Continuous Service Status for any reason. 

  
 13 








 13. Taxes. 

(a) As a condition of the grant, vesting and exercise of an Award, the Participant (or in the case of the Participant’s death or a
permitted transferee, the person holding or exercising the Award) shall make such arrangements as the Administrator may require for the satisfaction of any applicable U.S. federal, state or local tax withholding obligations or foreign tax
withholding obligations that may arise in connection with such Award. The Company shall not be required to issue any Shares under the Plan until such obligations are satisfied. 

(b) The Administrator may permit a Participant (or in the case of the Participant’s death or a permitted transferee, the person holding
or exercising the Award) to satisfy all or part of his or her tax withholding obligations by Cashless Exercise or by surrendering Shares (either directly or by stock attestation) that he or she previously acquired; provided that, unless the Cashless
Exercise is an approved broker-assisted Cashless Exercise, the Shares tendered for payment have been previously held for a minimum duration (e.g., to avoid financial accounting charges to the Company’s earnings), or as otherwise permitted to
avoid financial accounting charges under applicable accounting guidance, amounts withheld shall not exceed the amount necessary to satisfy the Company’s tax withholding obligations at the minimum statutory withholding rates, including, but not
limited to, U.S. federal and state income taxes, payroll taxes, and foreign taxes, if applicable. Any payment of taxes by surrendering Shares to the Company may be subject to restrictions, including, but not limited to, any restrictions required by
rules of the Securities and Exchange Commission. 
 14. Non-Transferability of Options. 

(a) General. Except as set forth in this Section 14, Options may not be sold, pledged, assigned, hypothecated, transferred
or disposed of in any manner other than by will or by the laws of descent or distribution. The designation of a beneficiary by an Optionee will not constitute a transfer. An Option may be exercised, during the lifetime of the holder of the Option,
only by such holder or a transferee permitted by this Section 14. 
 (b) Limited Transferability Rights. Notwithstanding
anything else in this Section 14, the Administrator may in its sole discretion grant Nonstatutory Stock Options that may be transferred by instrument to an inter vivos or testamentary trust in which the Options are to be passed to
beneficiaries upon the death of the trustor (settlor) or by gift to Family Members. Notwithstanding the foregoing, beginning with (i) the period when the Company begins to rely on the exemption described in Rule 12h-1(f)(1) promulgated under
the Exchange Act, as determined by the Board in its sole discretion, and (ii) ending on the earlier of (A) the date when the Company ceases to rely on such exemption, as determined by the Board in its sole discretion, or (B) the date
when the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, an Option, or prior to exercise, the Shares subject to the Option, may not be pledged, hypothecated or otherwise transferred or disposed
of, in any manner, including by entering into any short position, any “put equivalent position” or any “call 

  
 14 








 
equivalent position” (as defined in Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively), other than to (i) persons who are Family Members through gifts or domestic
relations orders, or (ii) to an executor or guardian of the Participant upon the death or disability of the Participant. Notwithstanding the foregoing sentence, the Board, in its sole discretion, may permit transfers to the Company or in
connection with a Corporate Transaction (as defined below) or other acquisition transactions involving the Company to the extent permitted by Rule 12h-l(f). 

15. Adjustments Upon Changes in Capitalization, Merger or Certain Other Transactions. 

(a) Changes in Capitalization. Subject to any action required under Applicable Laws by the holders of capital stock of the Company,
(i) the numbers and class of Shares or other stock or securities: (x) available for future Awards under Section 3 above, (y) set forth in Section 8 above, and (z) covered by each outstanding Award,
(ii) the price per Share covered by each such outstanding Option, and (iii) any repurchase price per Share applicable to Shares issued pursuant to any Award, shall be proportionately adjusted by the Administrator in the event of a stock
split, reverse stock split, stock dividend, combination, consolidation, recapitalization (including a recapitalization through a large nonrecurring cash dividend) or reclassification of the Shares, subdivision of the Shares or any other increase or
decrease in the number of issued Shares effected without receipt of consideration by the Company, a rights offering, a reorganization, merger, spin-off, split-up, change in corporate structure or other similar occurrence. Any adjustment by the
Administrator pursuant to this Section 15(a) shall be made in the Administrator’s sole and absolute discretion and shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of
stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares subject to an Award. If, by reason of a transaction
described in this Section 15(a) or an adjustment pursuant to this Section 15(a), a Participant’s Award agreement or agreement related to any Optioned Stock or Restricted Stock covers additional or different shares of
stock or securities, then such additional or different shares, and the Award agreement or agreement related to the Optioned Stock or Restricted Stock in respect thereof, shall be subject to all of the terms, conditions and restrictions which were
applicable to the Award, Optioned Stock and Restricted Stock prior to such adjustment. Notwithstanding the foregoing, the Administrator shall in any event make such adjustments as may be required by Section 25102(o) of the California
Corporations Code. 
 (b) Dissolution or Liquidation. In the event of the dissolution or liquidation of the Company, each Award will
terminate immediately prior to the consummation of such action, unless otherwise determined by the Administrator. 
 (c) Corporate
Transactions. Except as the Administrator may otherwise specify with respect to particular Awards in the relevant Award agreement, in the case of and subject to the consummation of a Corporate Transaction (as defined below), the parties thereto
may cause the assumption or continuation of Awards theretofore granted by the successor entity, or the substitution of such Awards with new Awards of the successor entity or parent thereof, with appropriate adjustment as to the number and kind of
shares and, if appropriate, the per share exercise prices, as such parties shall agree. To the extent the parties to such Corporate Transaction do not provide for the assumption, continuation or substitution of Awards, all Options that are not
exercisable immediately prior to the effective time of the Corporate Transaction shall become fully exercisable as of the effective time of the Corporate Transaction, all other Awards with time-based vesting, conditions or restrictions shall become
fully vested and nonforfeitable as of the effective time of the Corporate Transaction and all Awards with conditions and restrictions relating to the attainment of performance goals may become vested and nonforfeitable in connection with a Corporate
Transaction in the Administrator’s discretion or to the extent specified in the relevant Award agreement and upon the effective time of the Corporate Transaction, the Plan and all outstanding Awards granted hereunder shall terminate. In the
event of such termination, (i) the Company shall have the option (in its sole discretion) to make or provide for a cash payment to the grantees holding Options, 

  
 15 








 
in exchange for the cancellation thereof, in an amount equal to the difference between (A) the value as determined by the Administrator of the consideration payable, or otherwise to be received
by stockholders, per Share pursuant to the Corporate Transaction (the “Sale Price”) multiplied by the number of Shares subject to outstanding Options (to the extent then exercisable at prices not in excess of the Sale Price) and (B) the
aggregate exercise price of all such outstanding Options; or (ii) each grantee shall be permitted, within a specified period of time prior to the consummation of the Corporate Transaction as determined by the Administrator, to exercise all
outstanding Options (to the extent then exercisable) held by such grantee. For purposes hereof, “Corporate Transaction” means (i) the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated
person or entity, (ii) a merger, reorganization or consolidation pursuant to which the holders of the Company’s outstanding voting power and outstanding stock immediately prior to such transaction do not own a majority of the outstanding voting
power and outstanding stock or other equity interests of the resulting or successor entity (or its ultimate parent, if applicable) immediately upon completion of such transaction, (iii) the sale of all of the Common Stock of the Company to an
unrelated person, entity or group thereof acting in concert, or (iv) any other transaction in which the owners of the Company’s outstanding voting power immediately prior to such transaction do not own at least a majority of the outstanding
voting power of the Company or any successor entity immediately upon completion of the transaction other than as a result of the acquisition of securities directly from the Company. 

(d) Treatment of Awards Held by Non-Employee Directors Upon a Triggering Event. Notwithstanding anything herein or in any agreement
evidencing an Award to the contrary, upon a Triggering Event, all Options held by non-Employee Directors that are not exercisable immediately prior to the effective time of such Triggering Event shall become fully exercisable as of the effective
time of the Triggering Event and all other Awards held by non-Employee Directors that are not vested as of immediately prior to the effective time of such Triggering Event shall become fully vested and nonforfeitable as of the effective time of the
Triggering Event. 
 16. Timing of Granting of Awards. The date of grant of an Award shall, for all purposes, be the date on which
the Administrator makes the determination granting such Award, or such other date as is determined by the Administrator. 
 17. Amendment
and Termination of the Plan. The Board may at any time amend or terminate the Plan, but no amendment or termination (other than an adjustment pursuant to Section 15 above) shall be made that would materially and adversely affect the
rights of any Participant under any outstanding Award, without his or her consent. In addition, to the extent necessary and desirable to comply with the Applicable Laws, the Company shall obtain the approval of holders of capital stock with respect
to any Plan amendment in such a manner and to such a degree as required. 
 18. Conditions Upon Issuance of Shares. Notwithstanding
any other provision of the Plan or any agreement entered into by the Company pursuant to the Plan, the Company shall not be obligated, and shall have no liability for failure, to issue or deliver any Shares under the Plan unless such issuance or
delivery would comply with the Applicable Laws, with such compliance determined by the Company in consultation with its legal counsel. As a condition to the exercise of any Option or purchase of any Restricted Stock, the Company may require the
person exercising the Option or purchasing the Restricted Stock to represent and warrant at the time of any such exercise or purchase that the Shares are being purchased only for investment and without any present intention to sell or distribute
such Shares if, in the opinion of counsel for the Company, such a representation is advisable or required by Applicable Laws. Shares issued upon exercise of Options or purchase of Restricted Stock prior to the date, if ever, on which the Common
Stock becomes a Listed Security shall be subject to a right of first refusal in favor of the Company pursuant to which the Participant will be required to offer Shares to the Company before selling or transferring them to any third party on such
terms and subject to such conditions as is reflected in the applicable Option Agreement or Restricted Stock Purchase Agreement. 

  
 16 








 19. Beneficiaries. Unless stated otherwise in an Award agreement, a Participant may
designate one or more beneficiaries with respect to an Award by timely filing the prescribed form with the Company. A beneficiary designation may be changed by filing the prescribed form with the Company at any time before the Participant’s
death. If no beneficiary was designated or if no designated beneficiary survives the Participant, then after a Participant’s death any vested Award(s) shall be transferred or distributed to the Participant’s estate or to any person who has
the right to acquire the Award by bequest or inheritance. 
 20. Approval of Holders of Capital Stock. If required by the Applicable
Laws, continuance of the Plan shall be subject to approval by the holders of capital stock of the Company within twelve (12) months before or after the date the Plan is adopted or, to the extent required by Applicable Laws, any date the Plan is
amended. Such approval shall be obtained in the manner and to the degree required under the Applicable Laws. 
 21. Addenda. The
Administrator may approve such addenda to the Plan as it may consider necessary or appropriate for the purpose of granting Awards to Employees or Consultants, which Awards may contain such terms and conditions as the Administrator deems necessary or
appropriate to accommodate differences in local law, tax policy or custom, which may deviate from the terms and conditions set forth in this Plan. The terms of any such addenda shall supersede the terms of the Plan to the extent necessary to
accommodate such differences but shall not otherwise affect the terms of the Plan as in effect for any other purpose. 

  
 17 








 ADDENDUM A 

2007 Stock Plan 

(California Participants) 

Prior to the date, if ever, on which the Common Stock becomes a Listed Security and/or the Company is subject to the reporting requirements of
the Exchange Act, the terms set forth herein shall apply to Awards issued to California Participants. All capitalized terms used herein but not otherwise defined shall have the respective meanings set forth in the Plan. 

1. The following rules shall apply to any Option in the event of termination of the Participant’s Continuous Service Status: 

a. If such termination was for reasons other than death, “disability” (as defined below), or Cause, the Participant shall have at
least thirty (30) days after the date of such termination to exercise his or her Option to the extent the Participant is entitled to exercise on his or her termination date, provided that in no event shall the Option be exercisable after the
expiration of the term set forth in the Option Agreement. 
 b. If such termination was due to death or disability, the Participant shall
have at least six (6) months after the date of such termination to exercise his or her Option to the extent the Participant is entitled to exercise on his or her termination date, provided that in no event shall the Option be exercisable after
the expiration of the term set forth in the Option Agreement. 
 “Disability” for purposes of this Addendum shall mean the inability
of the Participant, in the opinion of a qualified physician acceptable to the Company, to perform the major duties of the Participant’s position with the Company or any Parent or Subsidiary because of the sickness or injury of the
Participant. 
 2. Notwithstanding anything stated herein to the contrary, no Option shall be exercisable on or after the tenth
anniversary of the date of grant and any Award agreement shall terminate on or before the tenth anniversary of the date of grant. 
 3. The
Company shall furnish summary financial information (audited or unaudited) of the Company’s financial condition and results of operations, consistent with the requirements of Applicable Laws, at least annually to each California Participant
during the period such Participant has one or more Awards outstanding, and in the case of an individual who acquired Shares pursuant to the Plan, during the period such Participant owns such Shares. The Company shall not be required to provide such
information if (i) the issuance is limited to key employees whose duties in connection with the Company assure their access to equivalent information or (ii) the Plan or any agreement complies with all conditions of Rule 701 of the
Securities Act of 1933, as amended; provided that for purposes of determining such compliance, any registered domestic partner shall be considered a “family member” as that term is defined in Rule 701. 







 OPOWER, INC. 

2007 STOCK PLAN 

NOTICE OF STOCK OPTION GRANT 
 Name:
_______________ 
 Address: _____________ 

_____________________ 
 You have been granted an
option to purchase Common Stock of OPOWER, Inc., a Delaware corporation (the “Company”), as follows: 
  

					
	 Date of Grant:
	  	_____________	  	
			
	 Exercise Price Per Share:
	  	$____________	  	
			
	 Total Number of Shares:
	  	_____________	  	
			
	 Total Exercise Price:
	  	$____________	  	
		
	 Type of Option:
	  	Shares Incentive Stock Option [-] Shares Nonstatutory Stock Option
			
	 Expiration Date:
	  	_____________	  	
			
	 Vesting Commencement Date:
	  	_____________	  	
		
	 Vesting/Exercise Schedule:
	  	[INSERT VESTING SCHEDULE]
		
	 Termination Period:
	  	You may exercise this Option for three (3) months after termination of your Continuous Service Status except as set out in Section 5 of the Stock Option Agreement (but in no event later than the Expiration
Date). You are responsible for keeping track of these exercise periods following the termination of your Continuous Service Status for any reason. The Company will not provide further notice of such periods.
		
	 Transferability:
	  	You may not transfer this Option.


 By your signature and the signature of the Company’s representative below, you and the Company
agree that this Option is granted under and governed by the terms and conditions of the OPOWER, Inc. 2007 Stock Plan and the Stock Option Agreement, both of which are attached to and made a part of this document. 

In addition, you agree and acknowledge that your rights to any Shares underlying this Option will be earned only as you provide services to
the Company over time, that the grant of this Option is not as consideration for services you rendered to the Company prior to your date of hire, and that nothing in this Notice or the attached documents confers upon you any right to








 
continue your employment or consulting relationship with the Company for any period of time, nor does it interfere in any way with your right or the Company’s right to terminate that
relationship at any time, for any reason, with or without cause. Also, to the extent applicable, the Exercise Price Per Share has been set in good faith compliance with the applicable guidance issued by the IRS under Section 409A of the Code.
However, there is no guarantee that the IRS will agree with the valuation, and by signing below, you agree and acknowledge that the Company shall not be held liable for any applicable costs, taxes, or penalties associated with this Option if, in
fact, the IRS or any other person (including, without limitation, a successor corporation or an acquirer, in a Corporate Transaction) were to determine that this Option constitutes deferred compensation under Section 409A of the Code. You
should consult with your own tax advisor concerning the tax consequences of such a determination by the IRS. 
  

			
	THE COMPANY:
	
	OPOWER, INC.
		
	By:	 	 
		 	(Signature)
		
	Name:	 	
	Title:	 	
	
	OPTIONEE:
	
	 



  
 2 








 OPOWER, INC. 

2007 STOCK PLAN 

STOCK OPTION AGREEMENT 

1. Grant of Option. OPOWER, Inc., a Delaware corporation (the “Company”), hereby grants to __________
(“Optionee”), an option (the “Option”) to purchase the total number of shares of Common Stock (the “Shares”) set forth in the Notice of Stock Option Grant (the “Notice”), at the
exercise price per Share set forth in the Notice (the “Exercise Price”) subject to the terms, definitions and provisions of the OPOWER, Inc. 2007 Stock Plan (the “Plan”) adopted by the Company, which is incorporated
in this Agreement by reference. Unless otherwise defined in this Agreement, the terms used in this Agreement shall have the meanings defined in the Plan. 

2. Designation of Option. This Option is intended to be an Incentive Stock Option as defined in Section 422 of the Code
only to the extent so designated in the Notice, and to the extent it is not so designated or to the extent this Option does not qualify as an Incentive Stock Option, it is intended to be a Nonstatutory Stock Option. 

Notwithstanding the above, if designated as an Incentive Stock Option, in the event that the Shares subject to this Option (and all other
Incentive Stock Options granted to Optionee by the Company or any Parent or Subsidiary, including under other plans of the Company) that first become exercisable in any calendar year have an aggregate fair market value (determined for each Share as
of the date of grant of the option covering such Share) in excess of $100,000, the Shares in excess of $100,000 shall be treated as subject to a Nonstatutory Stock Option, in accordance with Section 5(c) of the Plan. 

3. Exercise of Option. This Option shall be exercisable during its term in accordance with the Vesting/Exercise Schedule set out
in the Notice and with the provisions of Section 10 of the Plan as follows: 
 (a) Right to Exercise. 

(i) This Option may not be exercised for a fraction of a share. 

(ii) In the event of Optionee’s death, Disability or other termination of Continuous Service Status, the exercisability of this Option is
governed by Section 5 below, subject to the limitations contained in this Section 3. 
 (iii) In no event may this Option be
exercised after the Expiration Date set forth in the Notice. 
 (b) Method of Exercise. 

(i) This Option shall be exercisable by execution and delivery of the Exercise Agreement attached hereto as Exhibit A or of any
other form of written notice approved 

  








 
for such purpose by the Company which shall state Optionee’s election to exercise this Option, the number of Shares in respect of which this Option is being exercised, and such other
representations and agreements as to the holder’s investment intent with respect to such Shares as may be required by the Company pursuant to the provisions of the Plan. Such written notice shall be signed by Optionee and shall be delivered to
the Company by such means as are determined by the Plan Administrator in its discretion to constitute adequate delivery. The written notice shall be accompanied by payment of the aggregate Exercise Price for the purchased Shares. 

(ii) As a condition to the exercise of this Option and as further set forth in Section 12 of the Plan, Optionee agrees to make
adequate provision for federal, state or other tax withholding obligations, if any, which arise upon the grant, vesting or exercise of this Option, or disposition of Shares, whether by withholding, direct payment to the Company, or otherwise. 

(iii) The Company is not obligated, and will have no liability for failure, to issue or deliver any Shares upon exercise of this Option
unless such issuance or delivery would comply with the Applicable Laws, with such compliance determined by the Company in consultation with its legal counsel. This Option may not be exercised until such time as the Plan has been approved by the
holders of capital stock of the Company, or if the issuance of such Shares upon such exercise or the method of payment of consideration for such Shares would constitute a violation of any Applicable Laws, including any applicable U.S. federal or
state securities laws or any other law or regulation, including any rule under Part 221 of Title 12 of the Code of Federal Regulations as promulgated by the Federal Reserve Board. As a condition to the exercise of this Option, the Company
may require Optionee to make any representation and warranty to the Company as may be required by the Applicable Laws. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to Optionee on the date on which this
Option is exercised with respect to such Shares. 
 (iv) Subject to compliance with Applicable Laws, this Option shall be deemed to be
exercised upon receipt by the Company of the appropriate written notice of exercise accompanied by the Exercise Price and the satisfaction of any applicable withholding obligations. 

4. Method of Payment. Payment of the Exercise Price shall be by any of the following, or a combination of the following, at the
election of Optionee: 
 (a) cash or check; 

(b) cancellation of indebtedness; 

(c) at the discretion of the Plan Administrator on a case by case basis, by surrender of other shares of Common Stock of the Company (either
directly or by stock attestation) that Optionee previously acquired and that have an aggregate Fair Market Value on the date of surrender equal to the aggregate Exercise Price of the Shares as to which this Option is being exercised; or 

(d) at the discretion of the Plan Administrator on a case by case basis, by Cashless Exercise. 

  
 2 








 5. Termination of Relationship. Following the date of termination of
Optionee’s Continuous Service Status for any reason (the “Termination Date”), Optionee may exercise this Option only as set forth in the Notice and this Section 5. If Optionee does not exercise this Option within the
Termination Period set forth in the Notice or the termination periods set forth below, this Option shall terminate in its entirety. In no event, may any Option be exercised after the Expiration Date of this Option as set forth in the Notice. 

(a) Termination. In the event of termination of Optionee’s Continuous Service Status other than as a result of
Optionee’s Disability or death or for Cause, Optionee may, to the extent Optionee is vested in the Option Shares, exercise this Option during the Termination Period set forth in the Notice. 

(b) Other Terminations. In connection with any termination other than a termination covered by Section 5(a), Optionee may
exercise this Option only as described below: 
 (i) Termination upon Disability of Optionee. In the event of termination of
Optionee’s Continuous Service Status as a result of Optionee’s Disability, Optionee may, but only within six (6) months following the date of such termination (the “Termination Date”), exercise this Option to the extent
Optionee is vested in the Option Shares. 
 (ii) Death of Optionee. In the event of termination of Optionee’s Continuous
Service Status as a result of Optionee’s death, or in the event of Optionee’s death within three (3) months following Optionee’s Termination Date, this Option may be exercised at any time within twelve (12) months following
the date of death (or, if earlier, the date Optionee’s Continuous Service Status terminated) by Optionee’s estate or by a person who acquired the right to exercise this Option by bequest or inheritance, but only to the extent Optionee is
vested in this Option. 
 (iii) Termination for Cause. In the event of termination of Optionee’s Continuous Service
Status for Cause, this Option (including any vested portion thereof) shall immediately terminate in its entirety upon first notification to Optionee of such termination for Cause. If Optionee’s Continuous Service Status is suspended pending an
investigation of whether Optionee’s Continuous Service Status will be terminated for Cause, all Optionee’s rights under this Option, including the right to exercise this Option, shall be suspended during the investigation period. 

6. Non-Transferability of Option and Shares. This Option may not be transferred in any manner otherwise than by will or by the
laws of descent or distribution and may be exercised during the lifetime of Optionee only by him or her. The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns of Optionee. Certain transfer
restrictions will apply to the Shares as set forth in the Exercise Agreement and Section 8.14 of the Company’s Amended and Restated Bylaws. Notwithstanding the foregoing, beginning with (i) the period when the Company begins to rely
on the exemption described in Rule 12h-1(f)(1) promulgated under the Exchange Act, as determined by the Board in its sole discretion, and (ii) ending on the earlier of (A) the date when the
Company ceases to rely on such exemption, as determined by the Board in its sole discretion, or (B) the date when the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, this


  
 3 








 
Option, or prior to exercise, the Shares subject to this Option, may not be pledged, hypothecated or otherwise transferred or disposed of, in any manner, including by entering into any short
position, any “put equivalent position” or any “call equivalent position” (as defined in Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively), other than to
(i) persons who are Family Members through gifts or domestic relations orders or (ii) to an executor or guardian of Optionee upon the death or disability of the Optionee. Notwithstanding the foregoing sentence, the Board, in its sole
discretion, may permit transfers to the Company or in connection with a Corporate Transaction or other acquisition transactions involving the Company to the extent permitted by Rule 12h-1(f). 

7. Lock-Up Agreement. In connection with the initial public offering of the Company’s securities and upon request of the
Company or the underwriters managing any underwritten offering of the Company’s securities, Optionee hereby agrees not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the
Company however and whenever acquired (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days plus an additional
34 days as may be required to comply with applicable regulation, following the effective date of any underwritten registration statement of the Company filed under the Securities Act) from the effective date of such registration as may be
requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the public offering. 

8. Effect of Agreement. Optionee acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the
terms and provisions thereof (and has had an opportunity to consult counsel regarding the Option terms), and hereby accepts this Option and agrees to be bound by its contractual terms as set forth herein and in the Plan. Optionee hereby agrees to
accept as binding, conclusive and final all decisions and interpretations of the Plan Administrator regarding any questions relating to this Option. In the event of a conflict between the terms and provisions of the Plan and the terms and provisions
of the Notice and this Agreement, the Plan terms and provisions shall prevail. 
 9. Miscellaneous. 

(a) Governing Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties
hereto shall be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to principles of conflicts of law. 

(b) Entire Agreement; Enforcement of Rights. This Agreement, together with the Notice of Stock Option Grant to which this
Agreement is attached and the Plan, sets forth the entire agreement and understanding of the parties relating to the subject matter herein and therein and merges all prior discussions between the parties. Except as contemplated under the Plan, no
modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in writing signed by the parties to this Agreement. The failure by either party to enforce any rights under this Agreement
shall not be construed as a waiver of any rights of such party. 

  
 4 








 (c) Severability. If one or more provisions of this Agreement are held to be
unenforceable under Applicable Laws, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be
excluded from this Agreement, (ii) the balance of this Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of this Agreement shall be enforceable in accordance with its terms. 

(d) Notices. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient when delivered
personally or sent by telegram or fax or forty-eight (48) hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, and addressed to the party to be notified at such party’s address as set forth
below or as subsequently modified by written notice. 
 (e) Imposition of Other Requirements. The Company reserves the right to
impose other requirements on Optionee’s participation in the Plan, on the Option and on any Award or Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with Applicable Law or
facilitate the administration of the Plan. Optionee agrees to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. Furthermore, Optionee acknowledges that the laws of the country in which Optionee is
working at the time of grant, vesting and exercise of the Option or the sale of Shares received pursuant to this Agreement (including any rules or regulations governing securities, foreign exchange, tax, labor, or other matters) may subject Optionee
to additional procedural or regulatory requirements that Optionee is and will be solely responsible for and must fulfill. 
 (f)
Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to Optionee’s current or future participation in the Plan by electronic means or to request Optionee’s consent to
participate in the Plan by electronic means. Optionee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third
party designated by the Company. 
 (g) Counterparts. This Option may be executed in two or more counterparts, each of which
shall be deemed an original and all of which together shall constitute one instrument. 
 (h) Successors and Assigns. The
rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by the Company’s successors and assigns. The rights and obligations of Optionee under this Agreement may not be assigned without the prior written consent
of the Company. 
 [Signature Page Follows] 

  
 5 








 IN WITNESS WHEREOF, the parties have executed or caused this Agreement to be executed by their
officers thereunto duly authorized, effective as of the Date of Grant set forth in the accompanying Notice of Stock Option Grant. 
  

			
	THE COMPANY:
	
	OPOWER, INC.
		
	By:	 	 
		 	(Signature)
		
	Name:	 	
	Title:	 	
	
	OPTIONEE:
	
	 



  
 6 








 EXHIBIT A 

OPOWER, INC. 
 2007
STOCK PLAN 
 EXERCISE AGREEMENT 

This Exercise Agreement (this “Agreement”) is made as of
            , by and between OPOWER, Inc., a Delaware corporation (the “Company”), and
             (“Purchaser”). To the extent any capitalized terms used in this Agreement are not defined, they shall have the meaning ascribed to them in the
Company’s 2007 Stock Plan (the “Plan”). 
 1. Exercise of Option. Subject to the terms and conditions
hereof, Purchaser hereby elects to exercise his or her option to purchase              shares of the Common Stock (the “Shares”) of the Company under and
pursuant to the Plan and the Stock Option Agreement granted [            , 20    ] (the “Option Agreement”). The purchase price for the
Shares shall be $[price] per Share for a total purchase price of $            . The term “Shares” refers to the purchased Shares and all securities received as stock
dividends or splits, all securities received in replacement of the Shares in a recapitalization, merger, reorganization, exchange or the like, and all new, substituted or additional securities or other property to which Purchaser is entitled by
reason of Purchaser’s ownership of the Shares. 
 2. Time and Place of Exercise. The purchase and sale of the Shares
under this Agreement shall occur at the principal office of the Company simultaneously with the execution and delivery of this Agreement, the payment of the aggregate exercise price by any method listed in Section 4 of the Option Agreement, and
the satisfaction of any applicable tax withholding obligations, all in accordance with the provisions of Section 3(b) of the Option Agreement. The Company shall issue the Shares to Purchaser by entering such Shares in Purchaser’s name as
of such date in the books and records of the Company or, if applicable, a duly authorized transfer agent of the Company, against payment of the exercise price therefor by Purchaser. If applicable, the Company will deliver to Purchaser a certificate
representing the Shares as soon as practicable following such date. 
 3. Limitations on Transfer. In addition to any other
limitation on transfer created by applicable securities laws, Purchaser shall not assign, encumber or dispose of any interest in the Shares except in compliance with the provisions below and applicable securities laws. 

(a) Right of First Refusal. Before any Shares held by Purchaser or any transferee of Purchaser (either being sometimes referred
to herein as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall have a right of first refusal to purchase the Shares on the terms and conditions
set forth in this Section 3(a) (the “Right of First Refusal”). 
 (i) Notice of Proposed Transfer. The
Holder of the Shares shall deliver to the Company a written notice (the “Notice”) stating: (i) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed purchaser or








 
other transferee (“Proposed Transferee”); (iii) the number of Shares to be transferred to each Proposed Transferee; and (iv) the terms and conditions of each proposed
sale or transfer. The Holder shall offer the Shares at the same price (the “Purchase Price”) and upon the same terms (or terms as similar as reasonably possible) to the Company or its assignee(s). 

(ii) Exercise of Right of First Refusal. At any time within thirty (30) days after receipt of the Notice, the Company
and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred to any one or more of the Proposed Transferees, at the Purchase Price. If the Purchase Price
includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by the Board in good faith. 

(iii) Payment. Payment of the Purchase Price shall be made, at the election of the Company or its assignee(s), in cash (by
check), by cancellation of all or a portion of any outstanding indebtedness, or by any combination thereof within sixty (60) days after receipt of the Notice or in the manner and at the times set forth in the Notice. 

(iv) Holder’s Right to Transfer. If all of the Shares proposed in the Notice to be transferred to a given Proposed
Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section 3(a), then the Holder may sell or otherwise transfer such Shares to that Proposed Transferee at the Purchase Price or at a higher price, provided
that such sale or other transfer is consummated within one hundred twenty (120) days after the date of the Notice and provided further that any such sale or other transfer is effected in accordance with any applicable securities laws and the
Proposed Transferee agrees in writing that the provisions of this Section 3 shall continue to apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not transferred to the Proposed Transferee
within such period, or if the Holder proposes to change the price or other terms to make them more favorable to the Proposed Transferee, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the
Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred. 
 (v) Exception for Certain Family
Transfers. Anything to the contrary contained in this Section 3(a) notwithstanding, and provided that such transfer complies with applicable securities laws, the transfer of any or all of the Shares during Purchaser’s lifetime or
on Purchaser’s death by will or intestacy to Purchaser’s Immediate Family or a trust for the benefit of Purchaser’s Immediate Family shall be exempt from the provisions of this Section 3(a). “Immediate Family” as
used herein shall mean spouse, lineal descendant or antecedent, father, mother, brother or sister. In such case, the transferee or other recipient shall receive and hold the Shares so transferred subject to the provisions of this Section 3, and
there shall be no further transfer of such Shares except in accordance with the terms of this Section 3. 
 (b) Company’s
Right to Purchase upon Involuntary Transfer. In the event of any transfer by operation of law or other involuntary transfer (including death or divorce, but excluding a transfer to Immediate Family as set forth in Section 3(a)(v) above)
of all or a portion of the Shares by the record holder thereof, the Company shall have an option to purchase all of the Shares transferred at the greater of the purchase price paid by Purchaser pursuant to this Agreement or the Fair Market Value of
the Shares on the date of transfer (as 

  
 2 








 
determined by the Board). Upon such a transfer, the person acquiring the Shares shall promptly notify the Secretary of the Company of such transfer. The right to purchase such Shares shall be
provided to the Company for a period of thirty (30) days following receipt by the Company of written notice by the person acquiring the Shares. 

(c) Assignment. The right of the Company to purchase any part of the Shares may be assigned in whole or in part to any
holder or holders of capital stock of the Company or other persons or organizations. 
 (d) Restrictions Binding on
Transferees. All transferees of Shares or any interest therein will receive and hold such Shares or interest subject to the provisions of this Agreement. Any sale or transfer of the Company’s Shares shall be void unless the provisions
of this Agreement are satisfied. 
 (e) Termination of Rights. The right of first refusal granted the Company by
Section 3(a) above and the option to repurchase the Shares in the event of an involuntary transfer granted the Company by Section 3(b) above shall terminate upon the first sale of Common Stock of the Company to the general public pursuant
to a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”). Upon termination of the right of first refusal described in
Section 3(a) above the Company will remove any stop-transfer notices referred to in Section 5(b) below and related to the restrictions in this Section 3 and, if certificates are issued, a new certificate or certificates representing
the Shares not repurchased shall be issued, on request, without the legend referred to in Section 5(a)(ii) below and delivered to Purchaser. 

(f) Transfer Prohibited. Notwithstanding anything else to the contrary set forth herein, the Holder may not transfer the Shares
except in compliance with the restrictions on transfer set forth in Section 8.14 of the Company’s Amended and Restated Bylaws. 

4. Investment and Taxation Representations. In connection with the purchase of the Shares, Purchaser represents to the Company
the following: 
 (a) Purchaser is aware of the Company’s business affairs and financial condition and has acquired sufficient
information about the Company to reach an informed and knowledgeable decision to acquire the Shares. Purchaser is purchasing these securities for investment for his or her own account only and not with a view to, or for resale in connection with,
any “distribution” thereof within the meaning of the Securities Act or under any applicable provision of state law. Purchaser does not have any present intention to transfer the Shares to any person or entity. 

(b) Purchaser understands that the Shares have not been registered under the Securities Act by reason of a specific exemption therefrom, which
exemption depends upon, among other things, the bona fide nature of Purchaser’s investment intent as expressed herein. 
 (c) Purchaser
further acknowledges and understands that the securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Purchaser further acknowledges and understands
that the Company is under no obligation to register the securities. Purchaser understands that the 

  
 3 








 
certificate(s) evidencing the securities will be imprinted with a legend which prohibits the transfer of the securities unless they are registered or such registration is not required in the
opinion of counsel for the Company. 
 (d) Purchaser is familiar with the provisions of Rules 144 and 701, each promulgated under the
Securities Act, which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly, from the issuer of the securities (or from an affiliate of such issuer), in a non-public offering subject to the
satisfaction of certain conditions. Purchaser understands that the Company provides no assurances as to whether he or she will be able to resell any or all of the Shares pursuant to Rule 144 or Rule 701, which rules require, among other
things, that the Company be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, that resales of securities take place only after the holder of the Shares has held the Shares for certain specified time periods,
and under certain circumstances, that resales of securities be limited in volume and take place only pursuant to brokered transactions. Notwithstanding this paragraph (d), Purchaser acknowledges and agrees to the restrictions set forth in paragraph
(e) below. 
 (e) Purchaser further understands that in the event all of the applicable requirements of Rule 144 or 701 are not
satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities
and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rule 144 or 701 will have a substantial burden of proof in
establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. 

(f) Purchaser understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase or disposition of the
Shares. Purchaser represents that Purchaser has consulted any tax consultants Purchaser deems advisable in connection with the purchase or disposition of the Shares and that Purchaser is not relying on the Company for any tax advice. 

5. Restrictive Legends and Stop-Transfer Orders. 

(a) Legends. The certificate or certificates representing the Shares shall bear the following legends (as well as any legends
required by applicable state and federal corporate and securities laws): 
  

	 	(i)	 THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT
WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF




  
 4 









	 	
COUNSEL FOR THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933. 

  

	 	(ii)	THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE HOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.


 (b) Stop-Transfer Notices. Purchaser agrees that, in order to ensure compliance with the restrictions
referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own
records. 
 (c) Refusal to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have
been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall
have been so transferred. 
 6. No Employment Rights. Nothing in this Agreement shall affect in any manner whatsoever the
right or power of the Company, or a parent or subsidiary of the Company, to terminate Purchaser’s employment or consulting relationship, for any reason, with or without cause. 

7. Lock-Up Agreement. In connection with the initial public offering of the Company’s securities and upon request of the
Company or the underwriters managing any underwritten offering of the Company’s securities, Purchaser agrees not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company
however or whenever acquired (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed one hundred eighty (180) days) from
the effective date of such registration as may be requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the public offering. 

8. Miscellaneous. 

(a) Governing Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties
hereto shall be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to principles of conflicts of law. 

(b) Entire Agreement; Enforcement of Rights. This Agreement sets forth the entire agreement and understanding of the parties
relating to the subject matter herein and merges all prior discussions between them. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in


  
 5 








 
writing signed by the parties to this Agreement. The failure by either party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such party. 

(c) Severability. If one or more provisions of this Agreement are held to be unenforceable under Applicable Laws, the parties
agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the
balance of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms. 

(d) Notices. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient when
delivered personally or sent by telegram or fax or forty-eight (48) hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, and addressed to the party to be notified at such party’s address as
set forth below or as subsequently modified by written notice. 
 (e) Counterparts. This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. 
 (f)
Successors and Assigns. The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by the Company’s successors and assigns. The rights and obligations of Purchaser under this Agreement may only be
assigned with the prior written consent of the Company. 
 (g) California Corporate Securities Law. THE SALE OF THE SECURITIES
WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO THE
QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE
QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT. 
 [Signature Page Follows] 

  
 6 








 The parties have executed this Exercise Agreement as of the date first set forth above. 

 

			
	THE COMPANY:
	
	OPOWER, INC.
		
	By:	 	 
		 	(Signature)
		
	Name:	 	 
	Title:	 	 
	
	Address:
	
	 
	
	 
	
	PURCHASER:
	
	 
	
	Address:
	
	 
	
	 



  
 7 








 I,
                        , spouse of
                        , have read and hereby approve the foregoing Agreement. In consideration of the Company’s
granting my spouse the right to purchase the Shares as set forth in the Agreement, I hereby agree to be irrevocably bound by the Agreement and further agree that any community property or other such interest shall hereby by similarly bound by the
Agreement. I hereby appoint my spouse as my attorney-in-fact with respect to any amendment or exercise of any rights under the Agreement. 
  

	
	   

	Spouse of                          (if applicable)



  
 8 








 THE AWARD GRANTED PURSUANT TO THIS RESTRICTED STOCK UNIT AGREEMENT AND THE SHARES ISSUABLE UPON THE SETTLEMENT
THEREOF HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY
AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED. 
 RESTRICTED STOCK UNIT AGREEMENT 

UNDER THE OPOWER, INC. 

AMENDED AND RESTATED 2007 STOCK PLAN, AS AMENDED 

Name of Grantee:
                         

No. of Restricted Stock Units Granted:
                         

Grant Date:
                         

Vesting Commencement Date: [November 18,             ,
February 18,            , May 18,              or August 18,
            ] 

	 Expiration Date:  
	 [No later than 7 years from Grant Date] 



Pursuant to the OPower, Inc. Amended and Restated 2007 Stock Plan, as amended (the “Plan”), and the terms and conditions set forth in
this Restricted Stock Unit Agreement, OPower, Inc., a Delaware corporation (together with any successor, the “Company”), hereby grants an award of the number of Restricted Stock Units listed above (an “Award”) to the Grantee
named above. Each Restricted Stock Unit shall relate to one share of Common Stock of the Company. 
 1. Restrictions on Transfer of
Award. The Award may not be sold, transferred, pledged, assigned or otherwise encumbered or disposed of by the Grantee, and, subject to the restrictions contained in this Restricted Stock Unit Agreement and the Plan, Shares issuable with respect
to the Award may not be sold, transferred, pledged, assigned or otherwise encumbered or disposed of until (i) the Restricted Stock Units have vested as provided in Section 2 of this Restricted Stock Unit Agreement and (ii) Shares have
been issued to the Grantee in accordance with the terms of the Plan and this Restricted Stock Unit Agreement. 
 2. Conditions and
Vesting of Restricted Stock Units. The Restricted Stock Units are subject to both a time-based condition (the “Time Condition”) and performance-based vesting (the “Performance Vesting”) described in paragraphs (a) and
(b) below, both of which must be satisfied prior to the Expiration Date before the Restricted Stock Units will be deemed vested and may be settled in accordance with Section 4 of this Restricted Stock Unit Agreement. 

(a) Time Condition. Subject to the Performance Vesting described in paragraph (b) below, 25 percent of the Restricted Stock Units
shall satisfy the Time Condition on the first anniversary of the Vesting Commencement Date; provided that the Grantee continues to have Continuous Service Status with the Company at such time. Thereafter, the








 
remaining 75 percent of the Restricted Stock Units shall satisfy the Time Condition in 12 equal quarterly installments following the first anniversary of the Vesting Commencement Date, provided
the Grantee continues to have Continuous Service Status with the Company at such time. Notwithstanding anything in this Restricted Stock Unit Agreement to the contrary in the case of a Sale Event, the Restricted Stock Units shall be treated as
provided in Section 14(c) of the Plan. 
 (i) Acceleration. Unless the Grantee’s Continuous Service Status
has earlier terminated, the Time Condition schedule set forth above shall be accelerated such that: 
 (A) any portion of
the RSU that has not satisfied the Time Condition shall immediately satisfy the Time Condition upon the termination of the Grantee’s Continuous Service Status as a result of the Grantee’s death; and 

(B) 50% of the portion of the RSU that has not satisfied the Time Condition shall satisfy the Time Condition if (i) a
Corporate Transaction has occurred, (ii) the RSU has been continued, assumed or substituted in accordance with Section 14 of the Plan, or any successor provision, and (iii) the Grantee’s Continuous Service Status has been
terminated without Cause within one year after the consummation of such Corporate Transaction. 
 (b) Performance Vesting. Subject to
the Time Condition described in paragraph (a) above, the Restricted Stock Units shall only satisfy the Performance Vesting on the first to occur of (i) a Triggering Event or (ii) the Grantee’s Continuous Service Status though the
expiration of the Lock-up Period (as defined in Section 9 below) immediately following the Company’s Initial Public Offering, in either case, prior to the Expiration Date. 

(c) Vesting Date. Each date as of which both the Time Condition and Performance Vesting described in paragraphs (a) and
(b) have been satisfied with respect to any Restricted Stock Units shall be referred to as a “Vesting Date.” No Vesting Date shall occur after the Expiration Date. To the extent the Restricted Stock Units have not satisfied both the
Time Condition and the Performance Vesting, such Restricted Stock Units shall expire and be of no further force or effect on the Expiration Date. 

3. Termination of Continuous Service Status. If the Grantee’s Continuous Service Status with the Company terminates for any reason
(excluding death) prior to the satisfaction of the Time Condition set forth in Section 2(a) above, any Restricted Stock Units that have not satisfied the Time Condition as of such date shall automatically and without notice terminate and be
forfeited, and neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such forfeited Restricted Stock Units. Any Restricted Stock Units that have
satisfied the Time Condition as of such date shall remain subject to the Performance Vesting set forth in Section 2(b) above, but shall expire and be of no further force or effect if the Performance Vesting is not satisfied prior to the
Expiration Date. 

  
 10 








 4. Receipt of Shares of Stock. As soon as practicable following each Vesting Date, but in
no event later than March 15th of the year following the calendar year in which the Vesting Date occurs, the Company shall issue to the Grantee the number of Shares equal to the aggregate
number of Restricted Stock Units that have satisfied the Time Condition and Performance Vesting pursuant to Section 2 of this Restricted Stock Unit Agreement on such Vesting Date and the Grantee shall thereafter have all the rights of a holder
of capital stock of the Company with respect to such Shares. 
 5. Incorporation of Plan. Notwithstanding anything herein to the
contrary, this Restricted Stock Unit Agreement shall be subject to and governed by all the terms and conditions of the Plan, including the powers of the Administrator set forth in Section 4(c) of the Plan. Capitalized terms in this Restricted
Stock Agreement shall have the meaning specified in the Plan, unless a different meaning is specified herein. 
 6. Tax Withholding.
The Grantee shall, not later than the date as of which the receipt or settlement of this Award becomes a taxable event for Federal income tax purposes, satisfy any Federal, state, and local taxes required by law to be withheld on account of such
taxable event. Such withholding shall be satisfied, in the Company’s sole discretion, (i) by the Company withholding from Shares to be issued to the Grantee a number of Shares with an aggregate Fair Market Value that would satisfy the
minimum withholding amount due; (ii) with respect to a Grantee who is not an executive officer or Director nor subject to the reporting requirements of Section 16 of the Exchange Act at the time of such withholding, by the Company causing
its transfer agent to sell from the number of Shares to be issued to the Grantee, the number of Shares necessary to satisfy the Federal, state and local taxes required by law to be withheld from the Grantee on account of such transfer; or
(iii) by requiring the Grantee to pay to the Company, or make arrangements satisfactory to the Administrator for payment of, the required tax withholding obligation. 

7. Miscellaneous Provisions. 

(a) Equitable Relief. The parties hereto agree and declare that legal remedies may be inadequate to enforce the provisions of this
Restricted Stock Unit Agreement and that equitable relief, including specific performance and injunctive relief, may be used to enforce the provisions of this Restricted Stock Unit Agreement. 

(b) Adjustments for Changes in Capital Structure. If, as a result of any reorganization, recapitalization, reincorporation,
reclassification, stock dividend, stock split, reverse stock split or other similar change in the Common Stock, the outstanding shares of Common Stock are increased or decreased or are exchanged for a different number or kind of securities of the
Company, the restrictions contained in this Restricted Stock Unit Agreement shall apply with equal force to additional and/or substitute securities, if any, received by the Grantee in exchange for, or by virtue of his or her ownership of, this Award
or Shares acquired pursuant thereto. 
 (c) Change and Modifications. This Restricted Stock Unit Agreement may not be orally changed,
modified or terminated, nor shall any oral waiver of any of its terms 

  
 11 








 
be effective. This Restricted Stock Unit Agreement may be changed, modified or terminated only by an agreement in writing signed by the Company and the Grantee. 

(e) Governing Law. The Award and the provisions of this Restricted Stock Unit Agreement are governed by and constructed in accordance
with the laws of the State of Delaware. 
 (f) Headings. The headings are intended only for convenience in finding the subject matter
and do not constitute part of the text of this Restricted Stock Unit Agreement and shall not be considered in the interpretation of this Restricted Stock Unit Agreement. 

(g) Saving Clause. If any provision(s) of this Restricted Stock Unit Agreement shall be determined to be illegal or unenforceable, such
determination shall in no manner affect the legality or enforceability of any other provision hereof. 
 (h) Notices. All notices,
requests, consents and other communications shall be in writing and be deemed given when delivered personally, by telex or facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid. Notices to the
Company or the Grantee shall be addressed as set forth underneath their signatures below, or to such other address or addresses as may have been furnished by such party in writing to the other. 

(i) Benefit and Binding Effect. This Restricted Stock Unit Agreement shall be binding upon and shall inure to the benefit of the
parties hereto, their respective successors, assigns, and legal representatives. The Company has the right to assign this Restricted Stock Unit Agreement, and such assignee shall become entitled to all the rights of the Company hereunder to the
extent of such assignment. 
 (j) Counterparts. For the convenience of the parties and to facilitate execution, this Restricted Stock
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document. 

(k) Integration. This Restricted Stock Unit Agreement constitutes the entire agreement between the parties with respect to this Award
and supersedes all prior agreements and discussions between the parties concerning such subject matter. 
 (l) Successors and
Assigns. The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by the Company’s successors and assigns. The rights and obligations of Grantee under this Agreement may not be assigned. 

8. Dispute Resolution. 

  
 12 








 (a) Except as provided below, any dispute arising out of or relating to the Plan or the Award,
this Restricted Stock Unit Agreement, or the breach, termination or validity of the Plan, the Award or this Restricted Stock Unit Agreement, shall be finally settled by binding arbitration conducted expeditiously in accordance with the
J.A.M.S./Endispute Comprehensive Arbitration Rules and Procedures (the “J.A.M.S. Rules”). The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. Sections 1 16, and judgment upon the award rendered by the
arbitrators may be entered by any court having jurisdiction thereof. The place of arbitration shall be Arlington, VA. 
 (b) The arbitration
shall commence within 60 days of the date on which a written demand for arbitration is filed by any party hereto. In connection with the arbitration proceeding, the arbitrator shall have the power to order the production of documents by each party
and any third-party witnesses. In addition, each party may take up to three depositions as of right, and the arbitrator may in his or her discretion allow additional depositions upon good cause shown by the moving party. However, the arbitrator
shall not have the power to order the answering of interrogatories or the response to requests for admission. In connection with any arbitration, each party to the arbitration shall provide to the other, no later than seven business days before the
date of the arbitration, the identity of all persons that may testify at the arbitration and a copy of all documents that may be introduced at the arbitration or considered or used by a party’s witness or expert. The arbitrator’s decision
and award shall be made and delivered within six months of the selection of the arbitrator. The arbitrator’s decision shall set forth a reasoned basis for any award of damages or finding of liability. The arbitrator shall not have power to
award damages in excess of actual compensatory damages and shall not multiply actual damages or award punitive damages, and each party hereby irrevocably waives any claim to such damages. 

(c) The Company, the Grantee, each party to this Restricted Stock Unit Agreement and any other holder of Shares issued pursuant to this
Restricted Stock Unit Agreement (each, a “Party”) covenants and agrees that such party will participate in the arbitration in good faith. This Section 8 applies equally to requests for temporary, preliminary or permanent injunctive
relief, except that in the case of temporary or preliminary injunctive relief any party may proceed in court without prior arbitration for the limited purpose of avoiding immediate and irreparable harm. 

(d) Each Party (i) hereby irrevocably submits to the jurisdiction of any United States District Court of competent jurisdiction for the
purpose of enforcing the award or decision in any such proceeding, (ii) hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally
to the jurisdiction of the above named courts, that its property is exempt or immune from attachment or execution (except as protected by applicable law), that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the
suit, action or proceeding is improper or that this Restricted Stock Unit Agreement or the subject matter hereof may not be enforced in or by such court, and (iii) hereby waives and agrees not to seek any review by any court of any other
jurisdiction which may be called upon to grant an enforcement of the judgment of any such court. Each Party hereby consents to service of process by registered mail at the address to which notices are to be given. Each Party agrees that its, his or
her submission to jurisdiction and its, his or her consent to service of process by mail is made for 

  
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the express benefit of each other Party. Final judgment against any Party in any such action, suit or proceeding may be enforced in other jurisdictions by suit, action or proceeding on the
judgment, or in any other manner provided by or pursuant to the laws of such other jurisdiction. 
 9. Acknowledgements of the
Grantee. 
 (a) Investment Intent at Grant. The Grantee represents and agrees that the Shares to be acquired upon settlement of
this Award will be acquired for investment, and not with a view to the sale or distribution thereof. 
 (b) Investment Intent at
Settlement. In the event that the sale of Shares under the Plan is not registered under the U.S. Securities Act of 1933, as amended, but an exemption is available that requires an investment representation or other representation, the Grantee
shall represent and agree at the time of settlement of this Award resulting in the transfer of Shares that the Shares being acquired are being acquired for investment, and not with a view to the sale or distribution thereof, and shall make such
other representations as are deemed necessary or appropriate by the Company and its counsel. 
 (c) No Obligation to Continue Service
Relationship. Neither the Company nor any Subsidiary is obligated by or as a result of the Plan or this Restricted Stock Unit Agreement to continue the Grantee’s Continuous Service Status, and neither the Plan nor this Restricted Stock Unit
Agreement shall interfere in any way the right of the Company or any Subsidiary to terminate the Continuous Service Status of the Grantee at any time. 

(d) Lock-Up Agreement. In connection with the Company’s Initial Public Offering and upon request of the Company or the
underwriters managing any underwritten offering of the Company’s securities, the Grantee hereby agrees not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company
however and whenever acquired (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days plus an additional 34 days as
may be required to comply with applicable regulation, following the effective date of any underwritten registration statement of the Company filed under the Securities Act) from the effective date of such registration as may be requested by the
Company or such managing underwriters (such period of time, the “Lock-up Period”) and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the public offering. 

(e) Effect of Agreement. Grantee acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms
and provisions thereof (and has had an opportunity to consult counsel regarding the Award terms), and hereby accepts this Award and agrees to be bound by its contractual terms as set forth herein and in the Plan. Grantee hereby agrees to accept as
binding, conclusive and final all decisions and interpretations of the Plan Administrator regarding any questions relating to this Award. In the event of a conflict between the terms and provisions of the Plan and the terms and provisions of this
Agreement, the Plan terms and provisions shall prevail. 

  
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 (f) Imposition of Other Requirements. The Company reserves the right to impose other
requirements on Grantee’s participation in the Plan and on any Award or Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with Applicable Law or facilitate the administration of
the Plan. Grantee agrees to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. Furthermore, Grantee acknowledges that the laws of the country in which Grantee is working at the time of grant and
settlement of this Award or the sale of Shares received pursuant to this Agreement (including any rules or regulations governing securities, foreign exchange, tax, labor, or other matters) may subject Grantee to additional procedural or regulatory
requirements that Grantee is and will be solely responsible for and must fulfill. 
 (g) Electronic Delivery. The Company may, in its
sole discretion, decide to deliver any documents related to Grantee’s current or future participation in the Plan by electronic means or to request Grantee’s consent to participate in the Plan by electronic means. Grantee hereby consents
to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. 

[SIGNATURE PAGE FOLLOWS] 

  
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 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to
by the undersigned as of the date first above written. 
  

			
	OPOWER, INC.
		
	By:	 	 
	Name:
	Title:
	
	Address:


 By signing below, the Grantee agrees that this Award is granted under, and governed by the terms and conditions of, the
Amended and Restated 2007 Stock Plan, as amended, and this Restricted Stock Unit Agreement, specifically including the arbitration provisions set forth in Section 8 of this Restricted Stock Unit Agreement. Section 9 of this Restricted
Stock Unit Agreement includes important acknowledgements of the Grantee, each of which are accepted and confirmed by the Grantee’s signature below. 

 

			
	GRANTEE:
		
		 	
	Name:
	
	Address: