EX-10.14



 Exhibit 10.14 

EXECUTION VERSION 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of June 12, 2012 (the “Effective
Date”) between SILICON VALLEY BANK, a California corporation (“Bank”), and ZENDESK, INC., a Delaware corporation (“Borrower”), provides the terms on which Bank shall lend to Borrower
and Borrower shall repay Bank. The parties agree as follows: 
 1 ACCOUNTING AND OTHER TERMS 

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

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

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

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

2.1.2 Mezzanine Term Loans. 

(a) Availability. Subject to the terms and conditions of this Agreement, prior to the expiration of the Draw Period, Borrower may
request, and Bank shall thereafter make, up to two (2) mezzanine term loans in an aggregate amount of up to the Mezzanine Term Loan Amount (each, a “Mezzanine Term Loan” and collectively, the “Mezzanine Term
Loans”). Each Mezzanine Term Loan must be in an amount equal to at least Two Million Five Hundred Thousand Dollars ($2,500,000.00), provided that the second Mezzanine Term Loan, if borrowed, may be in an amount less than Two Million
Five Hundred Thousand Dollars ($2,500,000.00) so long as it is in an amount equal to the entire remaining amount Borrower has available to borrow under this Section 2.1.2. 

(b) Interest Payments. Commencing on the first Payment Date following the Funding Date for the initial Mezzanine Term Loan, and
continuing on each Payment Date thereafter, Borrower shall make monthly payments of interest, in arrears, on the aggregate principal amount of the Mezzanine Term Loans at the rate set forth in Section 2.3(a)(ii). 

(c) Repayment. Borrower shall repay the full amount of the Mezzanine Term Loans, together with any accrued and unpaid interest with
respect to the Mezzanine Term Loans, on the Mezzanine Term Loan Maturity Date. Borrower may prepay the Mezzanine Term Loans, together with any accrued and unpaid interest with respect to the Mezzanine Term Loans, at any time without penalty or
premium of any kind. Once repaid, the Mezzanine Term Loan (or any portion thereof) may not be reborrowed. 
 2.2
Overadvances. If, at any time, the outstanding principal amount of any Advances exceeds the lesser of either the Revolving Line or the Borrowing Base, Borrower shall immediately pay to Bank in cash such excess. 

 







 2.3 Payment of Interest on the Credit Extensions. 

(a) Interest Rate. 
 (i)
Revolving Advances. Subject to Section 2.3(b), the principal amount outstanding under the Revolving Line shall accrue interest at a floating rate per annum equal to two percentage points (2.00%) above the Prime Rate, which interest
shall be payable monthly in accordance with Section 2.3(f) below. 
 (ii) Mezzanine Term Loans. Subject to Section 2.3(b),
the principal amount of Mezzanine Term Loans shall accrue interest at a fixed rate equal to eleven percent (11.00%) per annum, which interest shall be payable monthly in accordance with Section 2.3(f) below. 

(b) Default Rate. Immediately upon the occurrence and during the continuance of an Event of Default, Obligations shall bear interest at
a rate per annum which is five percentage points (5.00%) above the rate that is otherwise applicable thereto (the “Default Rate”) unless Bank otherwise elects from time to time in its sole discretion to impose a smaller
increase. Fees and expenses which are required to be paid by Borrower pursuant to the Loan Documents (including, without limitation, Bank Expenses) but are not paid when due shall bear interest until paid at a rate equal to the highest rate
applicable to the Obligations. Payment or acceptance of the increased interest rate provided in this Section 2.3(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise
prejudice or limit any rights or remedies of Bank. 
 (c) Adjustment to Interest Rate. Changes to the interest rate of any Advance
based on changes to the Prime Rate shall be effective on the effective date of any change to the Prime Rate and to the extent of any such change. 

(d) Computation; 360-Day Year. In computing interest, the date of the making of any Credit Extension shall be included and the date of
payment shall be excluded; provided, however, that if any Credit Extension is repaid on the same day on which it is made, such day shall be included in computing interest on such Credit Extension. Interest shall be computed on the
basis of a 360-day year for the actual number of days elapsed. 
 (e) Debit of Accounts. Bank may debit the Designated Deposit
Account, or such other deposit account as Borrower and bank may from time to time agree in writing by Borrower, for principal and interest payments or any other amounts Borrower owes Bank when due hereunder. These debits shall not constitute a
set-off. 
 (f) Interest Payment Date. Unless otherwise provided, interest is payable monthly in arrears on each Payment Date. 

2.4 Fees. Borrower shall pay to Bank: 

(a) Commitment Fee. A fully earned, non-refundable commitment fee of One Hundred Thousand Dollars ($100,000), on the Effective
Date; 
 (b) Anniversary Fee. The fully earned, non-refundable anniversary fee of Fifty Thousand Dollars ($50,000), on the first
anniversary of the Effective Date; and 
 (c) Bank Expenses. All Bank Expenses (including reasonable documented out-of-pocket
attorneys’ fees and expenses for documentation and negotiation of this Agreement) incurred and invoiced to Borrower through and after the Effective Date, when due hereunder. 

2.5 Payments; Application of Payments. 

(a) All payments (including prepayments) to be made by Borrower under any Loan Document shall be made in immediately available funds in U.S.
Dollars, without setoff or counterclaim, before 2:00 p.m. Pacific time on the date when due. Payments of principal and/or interest received after 2:00 p.m. Pacific time are considered received at the opening of business on the next
Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. 

  
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 (b) Bank shall apply the whole or any part of collected funds against the Revolving Line or
credit such collected funds to a depository account of Borrower with Bank (or an account maintained by an Affiliate of Bank), the order and method of such application, after the occurrence and during the continuance of an Event of Default, to be in
the sole discretion of Bank. If an Event of Default has occurred and is continuing, Borrower shall have no right to specify the order or the accounts to which Bank shall allocate or apply any payments required to be made by Borrower to Bank or
otherwise received by Bank under this Agreement when any such allocation or application is not specified elsewhere in this Agreement. 

3 CONDITIONS OF LOANS 

3.1 Conditions Precedent to Initial Credit Extension. Bank’s obligation to make the initial Credit Extension is subject to
the condition precedent that Bank shall have received, in form and substance satisfactory to Bank, such documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate, including, without limitation: 

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

(b) duly executed original signatures to the Control Agreement(s); 

(c) Borrower’s Operating Documents and a good standing certificate of Borrower certified by the Secretary of State of the State of
Delaware as of a date no earlier than thirty (30) days prior to the Effective Date; 
 (d) duly executed original signatures to the
completed Borrowing Resolutions for Borrower; 
 (e) certified copies, dated as of a recent date, of financing statement searches, as Bank
shall request, accompanied by written evidence (including any UCC termination statements) that the Liens indicated in any such financing statements either constitute Permitted Liens or have been or, in connection with the initial Credit Extension,
will be terminated or released; 
 (f) the Perfection Certificate of Borrower, together with the duly executed original signature thereto;

 (g) a copy of Borrower’s investor rights agreement (and any amendments thereto) and a capitalization table; 

(h) evidence satisfactory to Bank that the insurance policies required by Section 6.5 hereof are in full force and effect, together with
appropriate evidence showing lender loss payable and/or additional insured clauses or endorsements in favor of Bank; 
 (i) the completion
of the Initial Audit with results satisfactory to Bank in its sole and absolute discretion; and 
 (j) payment of the fees and Bank Expenses
then due as specified in Section 2.4 hereof. 
 3.2 Conditions Precedent to all Credit Extensions. Bank’s
obligations to make each Credit Extension, including the initial Credit Extension, is subject to the following conditions precedent: 
 (a)
timely receipt of an executed Payment/Advance Form; 
 (b) the representations and warranties in this Agreement shall be true and correct in
all material respects on the date of the Payment/Advance Form and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that
already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true and correct in all material respects as of such date, and no
Event of Default shall have occurred and be continuing or result from the Credit Extension. Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties in this Agreement are true and
correct in all material respects as of such date; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and
provided, further that those representations and warranties expressly referring to a specific date shall be true and correct in all material respects as of such date; and 
  

  
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 (c) in Bank’s sole discretion, there has not been a Material Adverse Change. 

3.3 Covenant to Deliver. Borrower agrees to deliver to Bank each item required to be delivered to Bank under this Agreement as a
condition precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Bank of any such item shall not constitute a waiver by Bank of Borrower’s obligation to deliver such item, and the
making of any Credit Extension in the absence of a required item shall be in Bank’s sole discretion. 
 3.4 Procedures for
Borrowing. Subject to the prior satisfaction of all other applicable conditions to the making of a Credit Extension set forth in this Agreement, to obtain a Credit Extension, Borrower shall notify Bank (which notice shall be irrevocable)
by electronic mail, facsimile, or telephone by 12:00 p.m. Pacific time on the Funding Date of the Credit Extension. Together with any such electronic or facsimile notification, Borrower shall deliver to Bank by electronic mail or facsimile a
completed Payment/Advance Form executed by a Responsible Officer or his or her designee. Bank may rely on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Bank shall credit Credit Extensions to the
Designated Deposit Account. Bank may make Credit Extensions under this Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Credit Extensions are necessary to meet Obligations which have
become due. 
 4 CREATION OF SECURITY INTEREST 

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

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

Borrower agrees that, unless otherwise agreed in a writing signed by Bank and Borrower (a) the security interest granted herein by
Borrower shall survive the termination of this Agreement and shall terminate only upon the termination of all Bank Services Agreements, and (b) if, on the effective date of the termination of this Agreement, there are any outstanding Letters of
Credit, then on such date Borrower shall provide to Bank cash collateral in an amount equal to 105% of the Dollar Equivalent of the face amount of all such Letters of Credit plus all interest, fees, and costs due or to become due in connection
therewith (as estimated by Bank in its good faith business judgment), to secure all of the Obligations relating to such Letters of Credit. 

4.2 Priority of Security Interest. Borrower represents, warrants, and covenants that the security interest granted herein
(a) to secure the Revolving Line is and shall at all times continue to be a first priority perfected security interest in the Collateral and (b) to secure the Mezzanine Term Loan is and shall at all times continue to be subordinated in
right of payment to the security interest described in clause (a) above (in each case, subject only to Permitted Liens that may have superior priority to Bank’s Lien under this Agreement). If Borrower shall acquire a commercial tort claim,
Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to
be in form and substance reasonably satisfactory to Bank. 
 If this Agreement is terminated, Bank’s Lien in the Collateral shall
continue until the Obligations (other than inchoate indemnity or inchoate reimbursement obligations) are repaid in full in cash. Upon payment in full in cash of the Obligations and at such time as Bank’s obligation to make Credit Extensions has
terminated, Bank’s Liens in the Collateral shall automatically terminate and all rights therein shall revert to Borrower and Bank shall, at Borrower’s sole cost and expense, take such actions and execute such documents as Borrower may
reasonably request from time to time to evidence such termination and release Bank’s Liens in the Collateral. 

  
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 4.3 Authorization to File Financing Statements. Borrower hereby authorizes
Bank to file financing statements, without notice to Borrower, with all appropriate jurisdictions to perfect or protect Bank’s interest or rights hereunder, including a notice that any disposition of the Collateral, by either Borrower or any
other Person, shall be deemed to violate the rights of Bank under the Code. Such financing statements may indicate the Collateral as “all assets of the Debtor” or words of similar effect, or as being of an equal or lesser scope, or with
greater detail, all in Bank’s discretion. 
 5 REPRESENTATIONS AND WARRANTIES 

Borrower represents and warrants as follows: 

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

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

The Collateral is not in the possession of any third party bailee (such as a warehouse) except as otherwise provided in the Perfection
Certificate. None of the components of the Collateral (other than mobile equipment in the possession of Borrower’s employees or agents) shall be maintained at locations other than as provided in the Perfection Certificate or as permitted
pursuant to Section 7.2. 
 All Inventory is in all material respects of good and marketable quality, free from material defects. 

Borrower is the sole owner of the Intellectual Property which it owns or purports to own except for (a) non-exclusive licenses granted to
its customers in the ordinary course of business, (b) over-the-counter software that is commercially available to the public, and (c) material Intellectual Property licensed to Borrower and noted on the Perfection Certificate. Each Patent
which it owns or purports to own and which is material to Borrower’s business is valid and enforceable, and no part of the Intellectual Property which Borrower owns or purports to own and which is material to Borrower’s business has been
judged invalid or unenforceable, in whole or in part. To Borrower’s knowledge, no claim has been made that any part of the Intellectual Property violates the rights of any third party except to the extent such claim would not reasonably be
expected to have a material adverse effect on Borrower’s business. 

  
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 Except as noted on the Perfection Certificate, Borrower is not a party to, nor is it bound by,
any Restricted License. 
 5.3 Litigation. There are no actions or proceedings pending or, to the knowledge of the Responsible
Officers, threatened in writing by or against Borrower or any of its Subsidiaries involving more than, individually or in the aggregate, Five Hundred Thousand Dollars ($500,000). 

5.4 Financial Statements; Financial Condition. All consolidated financial statements for Borrower and its Subsidiaries delivered to
Bank fairly present in all material respects Borrower’s consolidated financial condition and Borrower’s consolidated results of operations as of the respective dates of, and for the periods covered by, such financial statements. There has
not been any material deterioration in Borrower’s consolidated financial condition since the date of the most recent financial statements submitted to Bank. 

5.5 Solvency. Borrower is not left with unreasonably small capital after the transactions in this Agreement; and Borrower is able to
pay its debts (including trade debts) as they mature. 
 5.6 Regulatory Compliance. Borrower is not an “investment company”
or a company “controlled” by an “investment company” under the Investment Company Act of 1940, as amended. Borrower is not engaged as one of its important activities in extending credit for margin stock (under Regulations X, T
and U of the Federal Reserve Board of Governors). Borrower has complied in all material respects with the Federal Fair Labor Standards Act. Neither Borrower nor any of its Subsidiaries is a “holding company” or an “affiliate” of
a “holding company” or a “subsidiary company” of a “holding company” as each term is defined and used in the Public Utility Holding Company Act of 2005. Borrower has not violated any laws, ordinances or rules, the
violation of which could reasonably be expected to have a material adverse effect on its business. None of Borrower’s or any of its Subsidiaries’ properties or assets has been used by Borrower or any Subsidiary or, to Borrower’s
knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting any hazardous substance other than legally. Borrower and each of its Subsidiaries have obtained all consents, approvals and authorizations of, made all
declarations or filings with, and given all notices to, all Government Authorities that are necessary to continue their respective businesses as currently conducted. 

5.7 Subsidiaries; Investments. Borrower does not own any stock, partnership interest or other equity securities except for Permitted
Investments. 
 5.8 Tax Returns and Payments; Pension Contributions. Borrower has timely filed all required tax returns and reports,
and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower, except for taxes, assessments, deposits and contributions owed to a Governmental Authority that (i) do not at
any time exceed an amount of Twenty-Five Thousand Dollars ($25,000) individually or Two Hundred Thousand Dollars ($200,000) in the aggregate and (ii) are not secured by any Lien on any of the Collateral that is other than a
“Permitted Lien”. Borrower may defer payment of any contested taxes, provided that Borrower (a) in good faith contests its obligation to pay the taxes by appropriate proceedings promptly and diligently instituted and conducted,
(b) notifies Bank in writing of the commencement of, and any material development in, the proceedings, (c) posts bonds or takes any other steps required to prevent the Governmental Authority levying such contested taxes from obtaining a
Lien upon any of the Collateral that is other than a “Permitted Lien”. Borrower is unaware of any claims or adjustments proposed for any of Borrower’s prior tax years which could result in additional taxes becoming due and payable by
Borrower. Borrower has paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and Borrower has not withdrawn from participation in, and has not permitted partial or
complete termination of, or permitted the occurrence of any other event with respect to, any such plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or
its successors or any other governmental agency. 
 5.9 Use of Proceeds. Borrower shall use the proceeds of the Credit Extensions
solely as working capital and to fund its general business requirements and not for personal, family, household or agricultural purposes. 

  
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 5.10 Full Disclosure. No written representation, warranty or other statement of
Borrower in any certificate or written statement given to Bank in connection with or in contemplation of the Loan Documents, as of the date such representation, warranty, or other statement was made, taken together with all such written certificates
and written statements given to Bank, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the certificates or statements not misleading (it being recognized by Bank that
the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ from the
projected or forecasted results). 
 5.11 Definition of “Knowledge.” For purposes of the Loan Documents, whenever a
representation or warranty is made to Borrower’s knowledge or awareness, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation, of any Responsible Officer. 

6 AFFIRMATIVE COVENANTS 

Borrower shall do all of the following: 

6.1 Government Compliance. 

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

(b) Obtain all of the Governmental Approvals necessary for the performance by Borrower of its obligations under the Loan Documents to which it
is a party and the grant of a security interest to Bank in all of its property. Borrower shall promptly provide copies of any such obtained Governmental Approvals to Bank. 

6.2 Financial Statements, Reports, Certificates. Deliver to Bank: 

(a) Borrowing Base Reports. Within thirty (30) days after the last day of each month, a monthly Borrowing Base report and key
performance metrics reports (of the type that is normally shared with the Board of Directors, including without limitation bookings, billings, Committed Monthly Recurring Revenue, Annual Recurring Revenue and renewal/retention rates); 

(b) (i) prior to the consummation of an Initial Public Offering, as soon as available, but no later than thirty (30) days after the
last day of each month or (ii) following the consummation of an Initial Public Offering, as soon as available, but no later than thirty (30) days after the last day of each quarter, in each case, detailed reports showing (A) aged
listings of accounts receivable and accounts payable (by invoice date) and (B) monthly reconciliations of accounts receivable agings (aged by invoice date), transaction reports and general ledger, 

(c) Unaudited Financial Statements. (i) prior to the consummation of an Initial Public Offering, as soon as available, but no
later than thirty (30) days after the last day of each of the first two months of any fiscal quarter, a company prepared balance sheet and income statement covering the operations of Borrower and its Subsidiaries on a consolidated basis for
such month, which monthly financial statements shall not be required to be prepared in accordance with GAAP and (ii) as soon as available, but no later than thirty (30) days after the last day of each quarter, a company prepared
consolidating balance sheet and income statement covering Borrower’s and each Subsidiary’s consolidating operations for such quarter, which quarterly financial statements shall be prepared in accordance with GAAP consistently applied, in
each case certified by a Responsible Officer and in a form reasonably acceptable to Bank; 
 (d) Compliance Certificates. Together
with the each of the financial statements delivered pursuant to Section 6.2(c) or (e), a duly completed Compliance Certificate signed by a Responsible Officer, certifying that as of the end of such month, quarter or year then ended, Borrower
was in full compliance with all of the terms and conditions of this Agreement, and setting forth calculations showing compliance with the financial covenants set forth in this Agreement and such other information as Bank shall reasonably request;

 (e) Annual Audited Financial Statements. As soon as available, but no later than (i) in the case of the fiscal year ended
December 31, 2011, no later than two hundred and seventy (270) days of the end of such fiscal year, and (ii) for each fiscal year of Borrower ending thereafter, no later than one hundred and eighty


  
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(180) days after the last day of Borrower’s fiscal year, in each case audited consolidating financial statements prepared in accordance with GAAP consistently applied, together with an
unqualified opinion on the financial statements from Deloitte LLP or any other independent certified public accounting firm acceptable to Bank in its reasonable discretion; 

(f) Foreign Bank Statements. Together with each of the financial statements delivered pursuant to Section 6.2(c) or (e), a summary
statement of each of Borrower’s and any of its Subsidiaries’ bank accounts maintained outside the United States; 
 (g) Other
Statements. Within five (5) days of delivery, copies of all statements, reports and notices made available to Borrower’s security holders; 

(h) SEC Filings. In the event that Borrower becomes subject to the reporting requirements under the Exchange Act within five (5)
days of filing, copies of all periodic and other reports, proxy statements and other materials filed by Borrower with the SEC, any Governmental Authority succeeding to any or all of the functions of the SEC or with any national securities exchange,
or distributed to its shareholders, as the case may be. Documents required to be delivered pursuant to the terms hereof (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if
so delivered, shall be deemed to have been delivered on the date on which Borrower posts such documents, or provides a link thereto, on Borrower’s website on the Internet at Borrower’s website address; 

(i) Legal Action Notice. A prompt report of any legal actions pending or threatened in writing against Borrower or any of its
Subsidiaries that could result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, Five Hundred Thousand Dollars ($500,000) or more; 

(j) Projections. Annually, no later than thirty (30) days after the earlier of board approval or the last day of Borrower’s
fiscal year, and contemporaneously with any updates thereto, board-approved operating budgets and projections for the then-current fiscal year in the form provided to Borrower’s security holders. 

(k) Intellectual Property Notice. Prompt written notice of (i) any material change in the composition of the Intellectual
Property, (ii) the registration of any copyright, including any subsequent ownership right of Borrower in or to any copyright, patent or trademark not previously disclosed in writing to Bank, and (iii) Borrower’s knowledge of an event
that could reasonably be expected to materially and adversely affect the value of the Intellectual Property material to Borrower’s business; and 

(l) Other Financial Information. Budgets, sales projections, operating plans and other financial information regarding Borrower and its
Subsidiaries reasonably requested by Bank. 
 6.3 Inventory; Returns. Keep all Inventory in good and marketable condition,
free from material defects (ordinary wear and tear and casualty damage excepted). Returns and allowances between Borrower and its Account Debtors shall follow Borrower’s customary practices as they exist at the Effective Date. Borrower must
promptly notify Bank of all returns, recoveries, disputes and claims that involve more than One Hundred Thousand Dollars ($100,000). 

6.4 Taxes; Pensions; Withholding. Timely file, and require each of its Subsidiaries to timely file, all required tax returns and
reports and timely pay, and require each of its Subsidiaries to timely pay, all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower and each of its Subsidiaries, except for deferred payment of any taxes
contested pursuant to the terms of Section 5.8 hereof, and shall deliver to Bank, on demand, appropriate certificates attesting to such payments, and pay all amounts necessary to fund all present pension, profit sharing and deferred
compensation plans in accordance with their terms. 
 6.5 Insurance. Keep its business and the Collateral insured for risks
and in amounts standard for companies in Borrower’s industry and location and as Bank may reasonably request. Insurance policies shall be in a form, with companies, and in amounts that are satisfactory to Bank. All property policies shall have
a lender’s loss payable endorsement showing Bank as lender loss payee and waive subrogation against Bank. All liability policies shall show, or have endorsements showing, Bank as an additional insured. All policies (or the loss payable and
additional insured endorsements) shall provide that the insurer shall give Bank at least thirty (30) days notice (10 days notice for nonpayment of premium) before canceling, amending, or declining to renew its policy. At Bank’s request,
Borrower shall deliver certified copies of policies and evidence of all premium payments. Proceeds payable under any policy shall, at Bank’s option, be payable to Bank on account of the Obligations. Notwithstanding the 

  
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foregoing, (a) so long as no Event of Default has occurred and is continuing, Borrower shall have the option of applying the proceeds of any casualty policy up to Five Hundred Thousand
Dollars ($500,000) in the aggregate for all losses under all casualty policies in any one year toward the replacement or repair of destroyed or damaged property; provided that any such replaced or repaired property (i) shall be of equal or like
value as the replaced or repaired Collateral and (ii) shall be deemed Collateral in which Bank has been granted a first priority security interest, and (b) after the occurrence and during the continuance of an Event of Default, all
proceeds payable under such casualty policy shall, at the option of Bank, be payable to Bank on account of the Obligations. If Borrower fails to obtain insurance as required under this Section 6.5 or to pay any amount or furnish any required
proof of payment to third persons and Bank, Bank may make all or part of such payment or obtain such insurance policies required in this Section 6.5, and take any action under the policies Bank deems prudent. 

6.6 Operating Accounts. 

(a) Maintain all of its primary operating and other deposit accounts and securities accounts (other than deposit accounts described in the
Perfection Certificate that are in existence on the Effective Date and maintained at banks in the Kingdom of Denmark, the United Kingdom or the Commonwealth of Australia) with Bank. 

(b) Provide Bank five (5) days prior written notice before establishing any Collateral Account of Borrower at or with any bank or
financial institution other than Bank or Bank’s Affiliates. For each Collateral Account that Borrower at any time maintains, Borrower shall use commercially reasonable efforts to cause the applicable bank or financial institution (other than
Bank) at or with which such Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Bank’s Lien in such Collateral Account in accordance with
the terms hereunder which Control Agreement may not be terminated without the prior written consent of Bank. The provisions of the previous sentence shall not apply to deposit accounts exclusively used for payroll, payroll taxes and other employee
wage and benefit payments to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such. 
 6.7 Financial
Covenant. Maintain at all times, to be tested as of the last day of each month, unless otherwise noted, a ratio of Quick Assets to Current Liabilities minus the current portion of Deferred Revenue of at least 1.25 to 1.0. 

6.8 Protection and Registration of Intellectual Property Rights. 

(a) (i) Protect, defend and maintain the validity and enforceability of the Intellectual Property material to Borrower’s business;
(ii) promptly advise Bank in writing of material infringements of its Intellectual Property; and (iii) not allow any Intellectual Property material to Borrower’s business to be abandoned, forfeited or dedicated to the public without
Bank’s written consent. 
 (b) If Borrower (i) obtains any Patent, registered Trademark, registered Copyright, registered mask
work, or any pending application for any of the foregoing, whether as owner, licensee or otherwise, or (ii) applies for any Patent or the registration of any Trademark or Copyright, then Borrower shall promptly provide written notice thereof to
Bank. 
 (c) Provide written notice to Bank within thirty (30) days of entering or becoming bound by any Restricted License (other than
over-the-counter software that is commercially available to the public). 
 6.9 Litigation Cooperation. From the date hereof
and continuing through the termination of this Agreement, make available to Bank, without expense to Bank, Borrower and its officers, employees and agents and Borrower’s books and records, to the extent that Bank may deem them reasonably
necessary to prosecute or defend any third-party suit or proceeding instituted by or against Bank with respect to any Collateral or relating to Borrower. 

6.10 Access to Collateral; Books and Records. Allow Bank, or its agents, at reasonable times during normal business hours, on
five (5) Business Days’ notice (provided no notice is required if an Event of Default has occurred and is continuing), to inspect the Collateral and audit and copy Borrower’s Books. Such inspections or audits shall be conducted no
more often than once every twelve (12) months unless an Event of Default has occurred and is continuing. The foregoing inspections and audits shall be at Borrower’s expense, and the charge therefor shall be $850 per person per day (or such
higher amount as shall represent Bank’s then-current standard charge for 

  
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the same), plus reasonable documented out-of-pocket expenses. In the event Borrower and Bank schedule an audit more than ten (10) days in advance, and Borrower cancels or seeks to reschedule
the audit with less than ten (10) days written notice to Bank, then (without limiting any of Bank’s rights or remedies), Borrower shall pay Bank a fee of $1,000 plus any reasonable documented out-of-pocket expenses incurred by Bank to
compensate Bank for the costs and expenses of the cancellation or rescheduling. 
 6.11 Formation or Acquisition of
Subsidiaries. At the time that Borrower or any Guarantor forms any direct or indirect Subsidiary or acquires any direct or indirect Subsidiary after the Effective Date, Borrower and such Guarantor shall (a) cause such new Subsidiary
to provide to Bank a guaranty, together with such appropriate financing statements and/or Control Agreements, all in form and substance reasonably satisfactory to Bank (including being sufficient to grant Bank a first priority Lien (subject to
Permitted Liens) in and to the assets of such newly formed or acquired Domestic Subsidiary), (b) provide to Bank appropriate certificates and powers and financing statements, pledging all of the direct or beneficial ownership interest in such
new Subsidiary, in form and substance satisfactory to Bank, and (c) provide to Bank other documentation in form and substance reasonably satisfactory to Bank which Bank shall reasonably request. Any document, agreement, or instrument executed
or issued pursuant to this Section 6.11 shall be a Loan Document. Notwithstanding the foregoing, no Foreign Subsidiary shall be required to guarantee the Obligations or pledge any assets in support thereof, and the Collateral shall not include
more than 65% of the issued and outstanding shares of capital stock of any Foreign Subsidiary which shares entitle the holder thereof to vote for directors or any other matter, in each case to the extent that such guarantee or pledge would result in
material adverse tax consequences for the Borrower and its Subsidiaries. 
 6.12 Further Assurances. Execute any further
instruments and take further action as Bank reasonably requests to perfect or continue Bank’s Lien in the Collateral or to effect the purposes of this Agreement. Deliver to Bank, within five (5) Business Days after the same are sent or
received, copies of all correspondence, reports, documents and other filings with any Governmental Authority regarding compliance with or maintenance of Governmental Approvals or Requirements of Law or that could reasonably be expected to have a
material effect on any of the Governmental Approvals or otherwise on the operations of Borrower or any of its Subsidiaries. 
 6.13
Post-Closing Matters. Within sixty (60) days of the Effective Date, use commercially reasonable efforts to deliver to Bank a landlord’s consent in form and substance reasonably satisfactory to Bank for Borrower’s leased
United States location by the landlord thereof. 
 7 NEGATIVE COVENANTS 

   Borrower shall not do any of the following without Bank’s prior written consent: 

7.1 Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of (collectively, “Transfer”), or
permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory in the ordinary course of business; (b) of worn-out, obsolete or surplus Equipment; (c) in connection with
Permitted Liens and Permitted Investments; (d) of non-exclusive licenses for the use of the property of Borrower or its Subsidiaries in the ordinary course of business and licenses that could not result in a legal transfer of title of the
licensed property but that may be exclusive in respects other than territory and that may be exclusive as to territory only as to discreet geographical areas outside of the United States; and (e) (i) between Borrower and any Guarantor or
(ii) from any Subsidiary to Borrower or any Guarantor, and (f) of licenses of Intellectual Property, whether exclusive or otherwise, to any of its Subsidiaries on terms and conditions reasonably acceptable to Bank. 

7.2 Changes in Business, Management, Ownership, or Business Locations. (a) Engage in or permit any of its Subsidiaries to engage
in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto; (b) liquidate or dissolve; or (c) (i) the Key Person ceases to hold such office with the
Borrower as is held on the Effective Date and a replacement reasonably satisfactory to Bank is not made within sixty (60) days after his or her departure from Borrower; or (ii) permit or suffer any Change of Control. 

Borrower shall not, without at least thirty (30) days prior written notice to Bank: (1) add any new offices or business locations,
including warehouses (unless such new offices or business locations contain less than Five Hundred Thousand Dollars ($500,000) in Borrower’s assets or property) or deliver any portion of the Collateral valued, individually or in the aggregate,
in excess of Five Hundred Thousand Dollars ($500,000) to a bailee at a location other than to a bailee and at a location already disclosed in the Perfection Certificate, (2) change its jurisdiction of organization, (3) change its
organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of organization. If Borrower intends to deliver any


  
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portion of the Collateral valued, individually or in the aggregate, in excess of Five Hundred Thousand Dollars ($500,000) to a bailee at a location other than as provided in the Perfection
Certificate, Borrower will first receive the written consent of Bank, and such bailee shall execute and deliver a bailee agreement in form and substance satisfactory to Bank in its reasonable discretion. 

7.3 Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other
Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person except where (a) total consideration including cash and the value of any non-cash consideration, for
all such transactions does not in the aggregate exceed Five Hundred Thousand Dollars ($500,000) in any fiscal year of Borrower; (b) no Event of Default has occurred and is continuing or would result after giving effect to such transactions; and
(c) Borrower is the surviving legal entity. Notwithstanding the foregoing, a Subsidiary may merge or consolidate into another Subsidiary or into Borrower. 

7.4 Indebtedness. Create, incur, assume, or be liable for any Indebtedness, or permit any Subsidiary to do so, other than
Permitted Indebtedness. 
 7.5 Encumbrance. Create, incur, allow, or suffer any Lien on any of its property, or assign or
convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, permit any Collateral not to be subject to the first priority security interest granted herein, or enter
into any agreement, document, instrument or other arrangement (except with or in favor of Bank) with any Person which directly or indirectly prohibits or has the effect of prohibiting Borrower or any Subsidiary from assigning, mortgaging, pledging,
granting a security interest in or upon, or encumbering any of Borrower’s or any Subsidiary’s Intellectual Property, except as is otherwise permitted in Section 7.1 hereof and the definition of “Permitted Liens” herein. 

7.6 Maintenance of Collateral Accounts. Maintain any Collateral Account except pursuant to the terms of Section 6.6(b)
hereof. 
 7.7 Distributions; Investments. (a) Pay any dividends or make any distribution or payment or redeem, retire or
purchase any capital stock, provided that (i) Borrower may convert any of its convertible securities into other securities pursuant to the terms of such convertible securities or otherwise in exchange thereof, (ii) Borrower may pay
dividends solely in common stock; and (iii) Borrower may repurchase the stock of former employees or consultants pursuant to stock repurchase agreements so long as an Event of Default does not exist at the time of such repurchase and would not
result after giving effect to such repurchase, provided such repurchase price does not exceed the original purchase price paid by such employees or consultants; or (b) directly or indirectly make any Investment other than Permitted Investments,
or permit any of its Subsidiaries to do so. 
 7.8 Transactions with Affiliates. Directly or indirectly enter into or permit
to exist any material transaction with any Affiliate of Borrower, except for transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an
arm’s length transaction with a non-affiliated Person. 
 7.9 Subordinated Debt. (a) Make or permit any payment on
any Subordinated Debt, except under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would
increase the amount thereof or adversely affect the subordination thereof to Obligations owed to Bank. 
 7.10 Compliance.
Become an “investment company” or a company controlled by an “investment company”, under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin
stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System), or use the proceeds of any Credit Extension for that purpose; fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited
Transaction, as defined in ERISA, to occur; fail to comply with applicable provisions of the Federal Fair Labor Standards Act or violate any other law or regulation, if the violation could reasonably be expected to have a material adverse effect on
Borrower’s business, or permit any of its Subsidiaries to do so; withdraw or permit any Subsidiary to withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any
present pension, profit sharing and deferred compensation plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental
agency. 

  
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 8 EVENTS OF DEFAULT 

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

8.1 Payment Default. Borrower fails to (a) make any payment of principal or interest on any Credit Extension on its due date, or
(b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments of (i) Mezzanine Term Loans due on the Mezzanine Term
Loan Maturity Date or (ii) Revolving Advances due on the Revolving Line Maturity Date). During the cure period, the failure to make or pay any payment specified under clause (a) or (b) hereunder is not an Event of Default (but no
Credit Extension will be made during the cure period); 
 8.2 Covenant Default. 

(a) Borrower fails or neglects to perform any obligation in Sections 2.2, 6.2, 6.4, 6.5, 6.6, 6.7 or 6.10, or violates any covenant in
Section 7; provided, that in no event shall any failure or neglect to perform any obligation under Section 6.7 shall constitute an Event of Default with respect to the Mezzanine Term Loan Facility; or 

(b) Borrower fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this
Agreement or any Loan Documents, and as to any default (other than those specified in this Section 8) under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days
after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and
such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure
to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Cure periods provided under this Section shall not apply, among other things, to financial covenants or any other
covenants set forth in clause (a) above; 
 8.3 Reserved. 

8.4 Attachment; Levy; Restraint on Business. 

(a) (i) The service of process seeking to attach, by trustee or similar process, any funds of Borrower or of any entity under the control
of Borrower (including a Subsidiary) on deposit or otherwise maintained with Bank or any Bank Affiliate, or (ii) a notice of lien or levy is filed against any of Borrower’s assets by any government agency, and the same under subclauses
(i) and (ii) hereof are not, within ten (10) days after the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during any
ten (10) day cure period; or 
 (b) (i) any material portion of Borrower’s assets is attached, seized, levied on, or comes
into possession of a trustee or receiver, or (ii) any court order enjoins, restrains, or prevents Borrower from conducting any material part of its business; 

8.5 Insolvency. (a) Borrower is unable to pay its debts (including trade debts) as they become due or otherwise becomes
insolvent; (b) Borrower begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against Borrower and not dismissed or stayed within thirty (30) days (but no Credit Extensions shall be made while of any of the
conditions described in clause (a) exist and/or until any Insolvency Proceeding is dismissed); 
 8.6 Other Agreements.
There is, under any agreement to which Borrower or any Subsidiary is a party with a third party or parties, (a) any default resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any
Indebtedness in an amount individually or in the aggregate in excess of Five Hundred Thousand Dollars ($500,000); or (b) any default by Borrower or Subsidiary, the result of which would have a material adverse effect on Borrower’s or any
Subsidiary’s business; provided that solely for purposes of this clause (b), in no event shall any default arising solely from Borrower’s failure to comply with Section 6.7 constitute an Event of Default with respect to the
Mezzanine Term Loan Facility; 

  
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 8.7 Judgments. One or more final judgments, orders, or decrees for the payment of money in
an amount, individually or in the aggregate, of at least Five Hundred Thousand Dollars ($500,000) (not covered by independent third-party insurance as to which liability has been accepted by such insurance carrier) shall be rendered against Borrower
and the same are not, within ten (10) days after the entry thereof, discharged or execution thereof stayed or bonded pending appeal, or such judgments are not discharged prior to the expiration of any such stay (provided that no Credit
Extensions will be made prior to the discharge, stay, or bonding of such judgment, order, or decree); 
 8.8 Misrepresentations.
Borrower or any Person acting for Borrower makes any representation, warranty, or other statement now or later in this Agreement, any Loan Document or in any writing delivered to Bank in connection with this Agreement or any Loan Document or to
induce Bank to enter this Agreement or any Loan Document, and such representation, warranty, or other statement is incorrect in any material respect when made; and 

8.9 Subordinated Debt. Any document, instrument, or agreement evidencing any Subordinated Debt shall for any reason be revoked or
invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation thereunder, or the
Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement. 
 9 BANK’S
RIGHTS AND REMEDIES 
 9.1 Rights and Remedies. While an Event of Default occurs and continues Bank may, without notice or
demand, do any or all of the following, to the extent not prohibited by applicable law: 
 (a) declare all Obligations immediately due and
payable (but if an Event of Default described in Section 8.5 occurs all Obligations are immediately due and payable without any action by Bank); 

(b) stop advancing money or extending credit for Borrower’s benefit under this Agreement or under any other agreement between Borrower
and Bank; 
 (c) for any Letters of Credit, demand that Borrower (i) deposit cash with Bank in an amount equal to 105% of the Dollar
Equivalent of the aggregate face amount of all Letters of Credit remaining undrawn (plus all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in its good faith business judgment)), to secure all of the
Obligations relating to such Letters of Credit, as collateral security for the repayment of any future drawings under such Letters of Credit, and Borrower shall forthwith deposit and pay such amounts, and (ii) pay in advance all letter of
credit fees scheduled to be paid or payable over the remaining term of any Letters of Credit; 
 (d) terminate any FX Contracts; 

(e) settle or adjust disputes and claims directly with Account Debtors for amounts on terms and in any order that Bank considers advisable,
notify any Person owing Borrower money of Bank’s security interest in such funds, and verify the amount of such account; 
 (f) make
any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its security interest in the Collateral including, without limitation, perfecting Bank’s security interest in Borrower’s Intellectual
Property. Borrower shall assemble the Collateral if Bank requests and make it available as Bank designates at any location that is reasonably convenient to both Bank and Borrower. Bank may enter premises where the Collateral is located, take and
maintain possession of any part of the Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Borrower grants Bank a license to enter and occupy
any of its premises, without charge by Borrower or any of its Affiliates, to exercise any of Bank’s rights or remedies; 
 (g) apply to
the Obligations any (i) balances and deposits of Borrower it holds, or (ii) any amount held by Bank owing to or for the credit or the account of Borrower; 

(h) ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral. Bank is hereby
granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s labels, Patents, Copyrights, mask works, rights of use of any name, trade secrets, trade names, 

  
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Trademarks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with
Bank’s exercise of its rights under this Section, Borrower’s rights under all licenses and all franchise agreements inure to Bank’s benefit; 

(i) place a “hold” on any account maintained by Borrower or any Guarantor with Bank (other than deposit accounts exclusively used
for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Borrower’s employees) and/or deliver a notice of exclusive control, any entitlement order, or other directions or instructions pursuant to any
Control Agreement or similar agreements providing control of any Collateral; 
 (j) demand and receive possession of Borrower’s Books;
and 
 (k) exercise all rights and remedies available to Bank under the Loan Documents or at law or equity, including all remedies provided
under the Code (including disposal of the Collateral pursuant to the terms thereof). 
 9.2 Power of Attorney. Borrower hereby
irrevocably appoints Bank as its lawful attorney-in-fact, exercisable upon the occurrence and during the continuance of an Event of Default, to: (a) endorse Borrower’s name on any checks or other forms of payment or security; (b) sign
Borrower’s name on any invoice or bill of lading for any Account or drafts against Account Debtors; (c) settle and adjust disputes and claims about the Accounts directly with Account Debtors, for amounts and on terms Bank determines
reasonable; (d) make, settle, and adjust all claims under Borrower’s insurance policies; (e) pay, contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or to the Collateral, or any judgment based
thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer the Collateral into the name of Bank or a third party as the Code permits. Borrower hereby appoints Bank as its lawful attorney-in-fact to sign
Borrower’s name on any documents necessary to perfect or continue the perfection of Bank’s security interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations (other than inchoate indemnity or
inchoate reimbursement obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) have been satisfied in full and Bank is under no further obligation to make Credit Extensions hereunder.
Bank’s foregoing appointment as Borrower’s attorney in fact, and all of Bank’s rights and powers, coupled with an interest, are irrevocable until all Obligations(other than inchoate indemnity or inchoate reimbursement obligations and
any other obligations which, by their terms, are to survive the termination of this Agreement) have been fully repaid and performed and Bank’s obligation to provide Credit Extensions terminates. 

9.3 Protective Payments. If Borrower fails to obtain the insurance called for by Section 6.5 or fails to pay any premium thereon
when due or fails to pay any other amount which Borrower is obligated to pay under this Agreement or any other Loan Document when due, Bank may obtain such insurance or make such payment, and all amounts so paid by Bank are Bank Expenses and
immediately due and payable, bearing interest at the then highest rate applicable to the Obligations, and secured by the Collateral. Bank will make reasonable efforts to provide Borrower with notice of Bank obtaining such insurance at the time it is
obtained or within a reasonable time thereafter. No payments by Bank are deemed an agreement to make similar payments in the future or Bank’s waiver of any Event of Default. 

9.4 Application of Payments and Proceeds Upon Default. If an Event of Default has occurred and is continuing, Bank may apply any funds
in its possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations in such order as Bank shall determine in its
sole discretion. Any surplus shall be paid to Borrower or other Persons legally entitled thereto; Borrower shall remain liable to Bank for any deficiency. If Bank, in its good faith business judgment, directly or indirectly enters into a deferred
payment or other credit transaction with any purchaser at any sale of Collateral upon the occurrence of and during the continuation of an Event of Default, Bank shall have the option, exercisable at any time, of either reducing the Obligations by
the principal amount of the purchase price or deferring the reduction of the Obligations until the actual receipt by Bank of cash therefor. 

9.5 Bank’s Liability for Collateral. So long as Bank complies with applicable law and reasonable banking practices regarding the
safekeeping of the Collateral in the possession or under the control of Bank, Bank shall not be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage to the Collateral; (c) any diminution in the
value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears all risk of loss, damage or destruction of the Collateral. 

  
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 9.6 No Waiver; Remedies Cumulative. Bank’s failure, at any time or times, to require
strict performance by Borrower of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Bank thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder
shall be effective unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for which it is given. Bank’s rights and remedies under this Agreement and the other Loan Documents are
cumulative. Bank has all rights and remedies provided under the Code, by law, or in equity. Bank’s exercise of one right or remedy is not an election and shall not preclude Bank from exercising any other remedy under this Agreement or other
remedy available at law or in equity, and Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay in exercising any remedy is not a waiver, election, or acquiescence. 

9.7 Demand Waiver. Borrower waives demand, notice of default or dishonor, notice of payment and nonpayment, notice of any default,
nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Bank on which Borrower is liable. 

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

	 	If to Borrower:	Zendesk, Inc. 


	 	    	989 Market Street 


	 	    	San Francisco, CA 94103 


	 	    	Attn: Alan Black, Chief Financial Officer 


	 	    	Fax: (415) 644-5778 


	 	    	Email: ablack@zendesk.com 

  

	 	If to Bank:	Silicon Valley Bank 


	 	    	Hanover Street Palo Alto, CA 93404 


	 	    	Attn: Brian Fitzpatrick, Relationship Manager 


	 	    	Fax: (650) 494-1377 


	 	    	Email: bfitzpatrick@svb.com 

 11 CHOICE OF LAW, VENUE, JURY TRIAL WAIVER, AND JUDICIAL
REFERENCE 
 California law governs the Loan Documents without regard to principles of conflicts of law. Borrower and Bank each
submit to the exclusive jurisdiction of the State and Federal courts in Santa Clara County, California; provided, however, that nothing in this Agreement shall be deemed to operate to preclude Bank from bringing suit or taking other legal action in
any other jurisdiction to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Bank. Borrower expressly submits and consents in advance to such jurisdiction in any action or
suit commenced in any such court, and Borrower hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is
deemed appropriate by such court. Borrower hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other process may be made by registered or
certified mail addressed to Borrower at the address set forth in, or subsequently provided by Borrower in accordance with, Section 10 of this Agreement and that service so made shall be deemed completed upon the earlier to occur of
Borrower’s actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid. 

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

12 GENERAL PROVISIONS 

12.1 Successors and Assigns. This Agreement binds and is for the benefit of the successors and permitted assigns of each party. Borrower
may not assign this Agreement or any rights or obligations under it without Bank’s prior written consent (which may be granted or withheld in Bank’s discretion). Bank has the right, without the consent of or notice to Borrower, to sell,
transfer, assign, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights, and benefits under this Agreement and the other Loan Documents. 

12.2 Indemnification. Borrower agrees to indemnify, defend and hold Bank and its directors, officers, employees, agents, attorneys, or
any other Person affiliated with or representing Bank (each, an “Indemnified Person”) harmless against: (a) all obligations, demands, claims, and liabilities (collectively, “Claims”) claimed or asserted by any
other party in connection with the transactions contemplated by the Loan Documents; and (b) all losses or reasonable documented out-of-pocket expenses (including Bank Expenses) in any way suffered, incurred, or paid by such Indemnified Person
as a result of, following from, consequential to, or arising from transactions between Bank and Borrower (including reasonable documented out-of-pocket attorneys’ fees and expenses), except for Claims and/or losses directly caused by such
Indemnified Person’s gross negligence or willful misconduct. 
 12.3 Time of Essence. Time is of the essence for the performance
of all Obligations in this Agreement. 
 12.4 Severability of Provisions. Each provision of this Agreement is severable from every
other provision in determining the enforceability of any provision. 
 12.5 Correction of Loan Documents. Bank may correct patent
errors and fill in any blanks in the Loan Documents consistent with the agreement of the parties so long as Bank provides Borrower with written notice of such correction and allows Borrower at least ten (10) days to object to such correction.
In the event of such objection, such correction shall not be made except by an amendment signed by both Bank and Borrower. 
 12.6
Amendments in Writing; Waiver; Integration. No purported amendment or modification of any Loan Document, or waiver, discharge or termination of any obligation under any Loan Document, shall be enforceable or admissible unless, and only to the
extent, expressly set forth in a writing signed by the party against 

  
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which enforcement or admission is sought. In furtherance and not in limitation of the immediately preceding sentence, all amendments to this Agreement must be in writing and signed by both Bank
and Borrower. Without limiting the generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require performance or course of conduct shall operate as, or evidence, an amendment, supplement or waiver or
have any other effect on any Loan Document. Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other circumstance, whether similar or dissimilar, or give rise to, or
evidence, any obligation or commitment to grant any further waiver. The Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations,
warranties, and negotiations between the parties about the subject matter of the Loan Documents merge into the Loan Documents. 
 12.7
Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement.

 12.8 Survival. All covenants, representations and warranties made in this Agreement continue in full force until this
Agreement has terminated pursuant to its terms and all Obligations (other than inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) have been paid in full and satisfied.
The grant of security interest by Borrower in Section 4.1 shall survive until the termination of all Bank Services Agreements, and the obligation of Borrower in Section 12.2 to indemnify Bank shall survive until the statute of limitations
with respect to such claim or cause of action shall have run. 
 12.9 Confidentiality. In handling any confidential
information, Bank shall exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or Affiliates; (b) to prospective transferees or
purchasers of any interest in the Credit Extensions (provided, however, Bank shall obtain any prospective transferee’s or purchaser’s agreement to the terms of this provision); (c) as required by law, regulation, subpoena, or other
order; (d) to Bank’s regulators or as otherwise required in connection with Bank’s examination or audit; (e) as Bank considers appropriate in exercising remedies under the Loan Documents; and (f) to third-party service
providers of Bank so long as such service providers have executed a confidentiality agreement with Bank with terms no less restrictive than those contained herein. Confidential information does not include information that is either: (i) in the
public domain or in Bank’s possession when disclosed to Bank or becomes part of the public domain after disclosure to Bank; or (ii) disclosed to Bank by a third party if Bank does not know that the third party is prohibited from disclosing
the information. 
 Bank may use confidential information for the development of databases, reporting purposes, and market analysis so long
as such confidential information is aggregated and anonymized prior to distribution unless otherwise expressly permitted by Borrower. The provisions of the immediately preceding sentence shall survive the termination of this Agreement. 

12.10 Attorneys’ Fees, Costs and Expenses. In any action or proceeding between Borrower and Bank arising out of or relating
to the Loan Documents, the prevailing party shall be entitled to recover its reasonable documented out-of-pocket attorneys’ fees and other reasonable documented out-of-pocket costs and expenses incurred, in addition to any other relief to which
it may be entitled. 
 12.11 Electronic Execution of Documents. The words “execution,” “signed,”
“signature” and words of like import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a
manually executed signature or the use of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions
Act. 
 12.12 Captions. The headings used in this Agreement are for convenience only and shall not affect the interpretation
of this Agreement. 
 12.13 Construction of Agreement. The parties mutually acknowledge that they and their attorneys have
participated in the preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist. 

12.14 Relationship. The relationship of the parties to this Agreement is determined solely by the provisions of this Agreement.
The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract. 

  
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 12.15 Third Parties. Nothing in this Agreement, whether express or implied, is
intended to: (a) confer any benefits, rights or remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors and assigns; (b) relieve or discharge the
obligation or liability of any person not an express party to this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any party to this Agreement. 

13 DEFINITIONS 

13.1 Definitions. As used in the Loan Documents, the word “shall” is mandatory, the word “may” is permissive, the
word “or” is not exclusive, the words “includes” and “including” are not limiting, the singular includes the plural, and numbers denoting amounts that are set off in brackets are negative. As used in this Agreement, the
following capitalized terms have the following meanings: 
 “Account” is any “account” as defined in the
Code with such additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to Borrower. 

“Account Debtor” is any “account debtor” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Advance” or “Advances” is an advance (or advances) under the Revolving Line.

 “Advance Amount” means, with respect to each of Borrower’s Specified Price Plans, the sum of Committed
Monthly Recurring Revenue with respect to such Specified Price Plan for each month of the immediately preceding Measurement Period. 

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

“Annual Recurring Revenue” is, as of any date of determination, with respect to each of Borrower’s Specified Price
Plans, an amount equal to product of (a) the number of active customers with respect to each such Specified Price Plan, multiplied by (b) ARPU with respect to each such Specified Price Plan. 

“Annualized Client Loss Rate” is the percentage, with respect to each of Borrower’s Specified Price Plans,
derived from (a) Annualized Client Losses with respect to each such Specified Price Plan divided by (b) the number of clients with respect to each such Specified Price Plan, in each case as of the end of the immediately preceding three
month period. 
 “Annualized Client Losses” are, with respect to each of Borrower’s Specified Price
Plans, (a) the total number of clients lost over the immediately preceding Measurement Period with respect to each such Specified Price Plan, multiplied by (b) four (4). 

“Annualized Client Retention Rate” is, as of any date of determination with respect to each of Borrower’s
Specified Price Plans, (a) one hundred percent (100%) minus (b) the Annualized Client Loss Rate with respect to each such Specified Price Plan. 

“ARPU” is, with respect to each of Borrower’s Specified Price Plans, the average monthly subscription revenue per
customer with respect to each such Specified Price Plan over the immediately preceding Measurement Period. 

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

  
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 “Bank Expenses” are all audit fees and expenses and other reasonable
documented out-of-pocket costs and expenses (including reasonable documented out-of-pocket attorneys’ fees and expenses) for preparing, amending, negotiating, administering, defending and enforcing the Loan Documents (including, without
limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred with respect to Borrower or any other Credit Party. 

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

“Borrower’s Books” are all Borrower’s books and records including ledgers, federal and state tax returns,
records regarding Borrower’s assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information. 

“Borrowing Base” is, as of the date of determination, the aggregate of the three Advance Amounts (reflecting all of
Borrower’s Specified Price Plans). 
 “Borrowing Base Certificate” is that certain certificate in the form
attached hereto as Exhibit C. 
 “Borrowing Resolutions” are, with respect to any Person, those resolutions
adopted by such Person’s Board of Directors and delivered by such Person to Bank approving the Loan Documents to which such Person is a party and the transactions contemplated thereby, together with a certificate executed by its Secretary on
behalf of such Person certifying that (a) such Person has the authority to execute, deliver, and perform its obligations under each of the Loan Documents to which it is a party, (b) that attached as an exhibit to such certificate is a
true, correct, and complete copy of the resolutions then in full force and effect authorizing and ratifying the execution, delivery, and performance by such Person of the Loan Documents to which it is a party, (c) the name(s) of the Person(s)
authorized to execute the Loan Documents on behalf of such Person, together with a sample of the true signature(s) of such Person(s), and (d) that Bank may conclusively rely on such certificate unless and until such Person shall have delivered
to Bank a further certificate canceling or amending such prior certificate. 
 “Business Day” is any day that is not
a Saturday, Sunday or a day on which Bank is closed. 
 “Cash Equivalents” are (a) marketable direct
obligations issued or unconditionally guaranteed by the United States or any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one
(1) year after its creation and having the highest rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.; (c) Bank’s certificates of deposit issued maturing no more than one
(1) year after issue; and (d) money market funds at least ninety-five percent (95%) of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (c) of this definition. 

“Change in Control” is any event, transaction, or occurrence as a result of which any “person” (as such term
is defined in Sections 3(a)(9) and 13(d)(3) of the Exchange Act), other than a trustee or other fiduciary holding securities under an employee benefit plan of Borrower, who is not a stockholder as of the Effective Date is or becomes a beneficial
owner (within the meaning Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of Borrower, representing fifty percent (50%) or more of the combined voting power of Borrower’s then outstanding
securities. 
 “Code” is the Uniform Commercial Code, as the same may, from time to time, be enacted and in
effect in the State of California; provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term
contained in Article or Division 9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Bank’s Lien on any
Collateral is governed by the Uniform Commercial Code in effect in a jurisdiction other than the State of California, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely
for purposes of the provisions thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. 

  
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 “Collateral” is any and all properties, rights and assets of Borrower described
on Exhibit A. 
 “Collateral Account” is any Deposit Account, Securities Account, or Commodity Account. 

“Committed Monthly Recurring Revenue” is, as of any date of determination, with respect to each of Borrower’s
Specified Price Plans, an amount equal to (a) the number of active customers with respect to such Specified Price Plan, multiplied by (b) ARPU with respect to such Specified Price Plan, multiplied by (c) the Annualized Client
Retention Rate with respect to such Specified Price Plan. 
 “Commodity Account” is any “commodity
account” as defined in the Code with such additions to such term as may hereafter be made. 
 “Compliance
Certificate” is that certain certificate in the form attached hereto as Exhibit D. 
 “Contingent
Obligation” is, for any Person, any direct or indirect liability, contingent or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation, in each case,
directly or indirectly guaranteed, endorsed, co-made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person;
and (c) all obligations from any interest rate, currency or commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency
exchange rates or commodity prices; but “Contingent Obligation” does not include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which
the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support
arrangement. 
 “Control Agreement” is any control agreement entered into among the depository institution at
which Borrower maintains a Deposit Account or the securities intermediary or commodity intermediary at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Bank pursuant to which Bank obtains control (within the
meaning of the Code) over such Deposit Account, Securities Account, or Commodity Account. 
 “Copyrights” are
any and all copyright rights, copyright applications, copyright registrations and like protections in each work or authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade
secret. 
 “Credit Extension” is any Advance, Mezzanine Term Loan, or any other extension of credit by Bank
for Borrower’s benefit under this Agreement. 
 “Credit Party” is the Borrower and any Subsidiaries from time
to time party hereto. 
 “Current Liabilities” are all obligations and liabilities of Borrower to Bank, plus,
without duplication, the aggregate amount of Borrower’s Total Liabilities that mature within one (1) year, provided that “Current Liabilities” shall not include any obligation or liability outstanding under
any Mezzanine Term Loan. 
 “Default Rate” is defined in Section 2.3(b). 

“Deferred Revenue” is all amounts received or invoiced by Borrower in advance of performance under its contracts and
not yet recognized as revenue of Borrower. 
 “Deposit Account” is any “deposit account” as defined
in the Code with such additions to such term as may hereafter be made. 
 “Designated Deposit Account” is
Borrower’s deposit account, account number, maintained with Bank. 
 “Dollars,” “dollars” or
use of the sign “$” means only lawful money of the United States and not any other currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily converted into lawful money of the
United States. 

  
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 “Dollar Equivalent” is, at any time, (a) with respect to any amount
denominated in Dollars, such amount, and (b) with respect to any amount denominated in a Foreign Currency, the equivalent amount therefor in Dollars as determined by Bank at such time on the basis of the then-prevailing rate of exchange in San
Francisco, California, for sales of the Foreign Currency for transfer to the country issuing such Foreign Currency. 

“Domestic Subsidiary” is a Subsidiary organized under the laws of the United States or any state or territory thereof
or the District of Columbia. 
 “Draw Period” is the period of time from the Effective Date through the
earlier to occur of (a) June 11, 2013 or (b) an Event of Default. 
 “Effective Date” is defined in
the preamble hereof. 
 “Equipment” is all “equipment” as defined in the Code with such additions to such
term as may hereafter be made, and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 

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

“Event of Default” is defined in Section 8. 

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

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

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

“Funding Date” is any date on which a Credit Extension is made to or for the account of Borrower which shall be a
Business Day. 
 “FX Contract” is any foreign exchange contract by and between Borrower and Bank under which
Borrower commits to purchase from or sell to Bank a specific amount of Foreign Currency on a specified date. 

“GAAP” is generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other Person as may be approved by a significant segment of
the accounting profession, which are applicable to the circumstances as of the date of determination. 
 “General
Intangibles” is all “general intangibles” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income
and other tax refunds, security and other deposits, payment intangibles, contract rights, options to purchase or sell real or personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise),
insurance policies (including without limitation property damage and business interruption insurance), payments of insurance and rights to payment of any kind. 

“Governmental Approval” is any consent, authorization, approval, order, license, franchise, permit, certificate,
accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority. 

“Governmental Authority” is any nation or government, any state or other political subdivision thereof, any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any
self-regulatory organization. 
 “Guarantor” is any present or future guarantor of the Obligations. 

  
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 “Indebtedness” is (a) indebtedness for borrowed money or the
deferred price of property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital lease obligations, and
(d) Contingent Obligations. 
 “Indemnified Person” is defined in Section 12.2. 

“Initial Audit” is Bank’s inspection of Borrower’s Accounts, the Collateral, and Borrower’s Books, with
results satisfactory to Bank in its sole and absolute discretion. 
 “Initial Public Offering” is a
underwritten initial public offering of shares of common stock of Borrower on any U.S. national securities exchange, pursuant to which shares of Borrower’s common stock are registered with the SEC. 

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

“Intellectual Property” is all of a Credit Party’s right, title, and interest in and to the following: 

(a) its Copyrights, Trademarks and Patents; 

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

(d) any and all design rights which may be available to a Borrower; 

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

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

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

“Investment” is any beneficial ownership interest in any Person (including stock, partnership interest or other
securities), and any loan, advance or capital contribution to any Person. 
 “Key Person” is the Borrower’s
Chief Executive Officer, who is, as of the Effective Date, Mikkel Svane. 
 “Lien” is a claim, mortgage, deed of
trust, levy, charge, pledge, security interest or other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property. 

“Loan Documents” are, collectively, this Agreement, the Warrant, the Perfection Certificate, any subordination
agreement, any note, or notes or guaranties executed by Borrower or any Guarantor, and any other present or future agreement between Borrower any Guarantor and/or for the benefit of Bank in connection with this Agreement, all as amended, restated,
or otherwise modified. 
 “Material Adverse Change” is (a) a material impairment in the perfection or
priority of Bank’s Lien in the Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or condition (financial or otherwise) of Borrower; or (c) a material impairment of the prospect
of repayment of any portion of the Obligations when due and payable. 
 “Measurement Period” is, at any date of
determination, the three (3) month period then ended. 

  
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 “Mezzanine Term Loan” is a loan made by Bank pursuant to the terms of
Section 2.1.2 hereof. 
 “Mezzanine Term Loan Amount” is an amount equal to Five Million Dollars ($5,000,000.00). 

“Mezzanine Term Loan Maturity Date” is June 11, 2015. 

“Net Income” is, as calculated on a consolidated basis for Borrower and its Subsidiaries for any period as at any date
of determination, the net profit (or loss), after provision for taxes, of Borrower and its Subsidiaries for such period taken as a single accounting period. 

“Obligations” are Borrower’s obligation to pay when due any debts, principal, interest, Bank Expenses, and other
amounts Borrower owes Bank now or later, whether under this Agreement, the other Loan Documents, or otherwise, including, without limitation, any interest accruing after Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower
assigned to Bank, and the performance of Borrower’s duties under the Loan Documents. 
 “Operating
Documents” are, for any Person, such Person’s formation documents, as certified with the Secretary of State of such Person’s state of formation on a date that is no earlier than 30 days prior to the Effective Date, and,
(a) if such Person is a corporation, its bylaws in current form, (b) if such Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its
partnership agreement (or similar agreement), each of the foregoing with all current amendments or modifications thereto. 

“Patents” are all patents, patent applications and like protections including without limitation improvements,
divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same. 
 “Payment/Advance
Form” is that certain form attached hereto as Exhibit B. 
 “Payment Date” is the first calendar day of
each month. 
 “Perfection Certificate” is defined in Section 5.1. 

“Permitted Indebtedness” is: 

(a) Borrower’s Indebtedness to Bank under this Agreement and the other Loan Documents; 

(b) Indebtedness existing on the Effective Date and shown on the Perfection Certificate; 

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

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

(e) Indebtedness secured by Liens permitted under clauses (a) and (k) of the definition of “Permitted Liens” hereunder;

 (f) other Indebtedness not otherwise permitted by Section 7.4 not exceeding Five Hundred Thousand Dollars ($500,000) in the
aggregate outstanding at any time; 
 (g) Indebtedness of any Guarantor owed to the Borrower or any other Guarantor; and 

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

“Permitted Investments” are: 

(a) Investments existing on the Effective Date and shown on the Perfection Certificate and; 

  
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 (b) Investments consisting of Cash Equivalents; 

(c) Investments consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary
course of Borrower; 
 (d) Investments consisting of deposit accounts in which Bank has a perfected security interest; 

(e) Investments accepted in connection with Transfers permitted by Section 7.1; 

(f) Investments consisting of (i) travel advances and employee relocation loans and other employee loans and advances in the ordinary
course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plans or agreements approved by Borrower’s Board of
Directors; 
 (g) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or
suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; 

(h) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not
Affiliates, in the ordinary course of business; provided that this paragraph (h) shall not apply to Investments of Borrower in any Subsidiary; 

(i) joint ventures or strategic alliances in the ordinary course of Borrower’s business consisting of the non-exclusive licensing of
technology, the development of technology or the providing of technical support, provided that any cash investments by Borrower do not exceed Five Hundred Thousand Dollars ($500,000) in the aggregate in any fiscal year; 

(j) other Investments not otherwise permitted by Section 7.7 not exceeding Five Hundred Thousand Dollars ($500,000) in the aggregate
outstanding at any time; and 
 (k) Investments by Borrower or a Subsidiary in any Subsidiary. 

“Permitted Liens” are: 

(a) Liens existing on the Effective Date and shown on the Perfection Certificate or arising under this Agreement and the other Loan Documents;

 (b) Liens for taxes, fees, assessments or other government charges or levies, either (i) not due and payable or (ii) being
contested in good faith and for which Borrower maintains adequate reserves on its Books, provided that no notice of any such Lien has been filed or recorded under the Internal Revenue Code of 1986, as amended, and the Treasury Regulations adopted
thereunder; 
 (c) Liens of carriers, warehousemen, suppliers, or other Persons that are possessory in nature arising in the ordinary course
of business so long as such Liens attach only to Inventory and which are not delinquent or remain payable without penalty or which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the
forfeiture or sale of the property subject thereto; 
 (d) Liens to secure payment of workers’ compensation, employment insurance,
old-age pensions, social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); 

(e) Liens incurred in the extension, renewal or refinancing of the indebtedness secured by Liens described in (a) through (c), but any
extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase; 

(f) leases or subleases of real property granted in the ordinary course of Borrower’s business (or, if referring to another Person, in
the ordinary course of such Person’s business), and leases, subleases, non-exclusive licenses or sublicenses of personal property (other than Intellectual Property) granted in the ordinary course of Borrower’s business (or, if referring to
another Person, in the ordinary course of such Person’s business), if the leases, subleases, licenses and sublicenses do not prohibit granting Bank a security interest therein; 

  
 - 24 - 








 (g) non-exclusive license of Intellectual Property granted to third parties in the ordinary
course of business; 
 (i) Liens arising from attachments or judgments, orders, or decrees in circumstances not constituting an Event of
Default under Sections 8.4 and 8.7; 
 (j) Liens in favor of other financial institutions arising in connection with Borrower’s deposit
and/or securities accounts held at such institutions, provided that Bank has a perfected security interest in the amounts held in such deposit and/or securities accounts; and 

(k) purchase money Liens or capital leases on Equipment acquired or held by Borrower incurred for financing the acquisition of the Equipment
securing no more than Three Million Dollars ($3,000,000) in the aggregate amount outstanding. 
 “Person” is any
individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or
government agency. 
 “Prime Rate” is the prime rate as quoted in The Wall Street Journal, as in effect from time to
time. 
 “Quick Assets” is, on any date, the sum of Borrower’s unrestricted cash and Cash Equivalents held at
Bank, net billed accounts receivable and investments with maturities of fewer than 12 months determined according to GAAP. For the avoidance of doubt, Quick Assets shall not include cash, Cash Equivalents, accounts receivable or investments of any
Subsidiary of Borrower. 
 “Registered Organization” is any “registered organization” as defined in
the Code with such additions to such term as may hereafter be made. 
 “Requirement of Law” is as to any
Person, the organizational or governing documents of such Person, and any law (statutory or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon
such Person or any of its property or to which such Person or any of its property is subject. 
 “Responsible
Officer” is any of the Chief Executive Officer, President, Chief Financial Officer, Treasurer, Chief Operating Officer and Controller of Borrower. 

“Restricted License” is any material license or other material agreement with respect to which Borrower is the
licensee (a) that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other property, or (b) for which a default under or termination of would
interfere with the Bank’s right to sell any Collateral. 
 “Revolving Line” is an Advance or Advances in an
amount equal to Ten Million Dollars ($10,000,000.00). 
 “Revolving Line Maturity Date” is June 11, 2014. 

“SEC” shall mean the Securities and Exchange Commission, any successor thereto, and any analogous Governmental
Authority. 
 “Securities Account” is any “securities account” as defined in the Code with such
additions to such term as may hereafter be made. 
 “Specified Price Plans” are Borrower’s
“regular,” “plus” and “enterprise” price plans as in effect as of the Effective Date. For the avoidance of doubt, Borrower’s “starter” price plan shall not constitute a Specified Price Plan. 

  
 - 25 - 








 “Subordinated Debt” is indebtedness incurred by Borrower subordinated to all of
Borrower’s now or hereafter indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between Bank and the other creditor), on terms acceptable to Bank.
For the avoidance of doubt, any Mezzanine Term Loan shall not constitute Subordinated Debt. 
 “Subsidiary” is, as to any
Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of
the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly
through one or more intermediaries, or both, by such Person. Unless the context otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of Borrower. 

“Total Liabilities” is on any day, obligations that should, under GAAP, be classified as liabilities on Borrower’s
consolidated balance sheet, including all Indebtedness and current portion of Subordinated Debt permitted by Bank to be paid by Borrower, but excluding all other Subordinated Debt, provided that “Total Liabilities” shall not include any
obligation or liability outstanding under any Mezzanine Term Loan. 
 “Trademarks” means any trademark and servicemark
rights, whether registered or not, applications to register and registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 

“Transfer” is defined in Section 7.1. 

“Warrant” is that certain Warrant to Purchase Stock in the form attached hereto as Exhibit E, dated the Effective Date
and executed by Borrower in favor of Bank. 
 [Signature page follows.] 

  
 - 26 - 








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

 

			
	
		
	By	 	/s/ Alan Black


			
	Name:	 	Alan Black
	Title:	 	CFO

 BANK: 
 SILICON VALLEY BANK 

 

			
	
		
	By	 	/s/ Brian Fitzpatrick


			
	Name:	 	Brian Fitzpatrick


			
	Title:	 	Relationship Manager


  
 [Signature page to Loan
and Security Agreement] 








 EXHIBIT A 

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

Notwithstanding the foregoing, the Collateral does not include any Intellectual Property; provided, however, that (i) the Collateral
shall include all Accounts and all proceeds of Intellectual Property and (ii) if a judicial authority (including a U.S. Bankruptcy Court) would hold that a security interest in the underlying Intellectual Property is necessary to have a
security interest in such Accounts and such property that are proceeds of Intellectual Property, then, notwithstanding the foregoing, the Collateral shall automatically, and effective as of the Effective Date, include the Intellectual Property to
the extent necessary to permit perfection of Bank’s security interest in such Accounts and such other property of Borrower that are proceeds of the Intellectual Property. 

Pursuant to the terms of a certain negative pledge arrangement with Bank, Borrower has agreed not to encumber any of its Intellectual Property
without Bank’s prior written consent. 







 EXHIBIT B 

LOAN PAYMENT/ADVANCE REQUEST FORM 

DEADLINE FOR SAME DAY PROCESSING IS
NOON PACIFIC TIME 
  

			
	Fax To:	  	Date:                    

 LOAN PAYMENT: 
  

									
				
		 		 		  	[Insert Borrower name]
					
	From Account #	 	 	 		  	To Account #	  	 
		 	(Deposit Account #)	 		  		  	(Loan Account #)
					
	Principal $	 	 	 		  	and/or Interest $	  	 
					
	Authorized Signature:	 	 	 		  	        Phone Number:	  	 
					
	Print Name/Title:	 	 	 		  		  	

 LOAN ADVANCE: 

Complete Outgoing Wire Request section below if all or a portion of the funds from this loan advance are for an outgoing wire. 

 

									
					
	From Account #	 	 	 		  	To Account #	  	 
		 	(Loan Account #)	 		  		  	(Deposit Account #)
					
	Amount of Advance $	 		 		  		  	

 All Borrower’s representations and warranties in the Loan and Security
Agreement are true and correct in all material respects on the date of the request for an advance; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or
modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true and correct in all material respects as of such date: 

 

									
					
	Authorized Signature:	 	 	 		  	Phone Number:	  	 
					
	Print Name/Title:	 	 	 		  		  	

 OUTGOING WIRE REQUEST:

 Complete only if all or a portion of funds from the loan advance above is to be wired. 

Deadline for same day processing is noon, Pacific Time 
  

									
					
	Beneficiary Name:	 	 	 		  	Amount of Wire: $	  	 
					
	Beneficiary Bank:	 	 	 		  	Account Number:	  	 
					
	City and State:	 	 	 		  		  	
			
	Beneficiary Bank Transit (ABA) #:                           
                                    	 		  	Beneficiary Bank Code (Swift, Sort, Chip, etc.):                      
                     
		 		  	            (For International Wire Only)
					
	Intermediary Bank:	 	 	 		  	Transit (ABA) #:	  	 
					
	For Further Credit to:	 	 	 	 	  	 	  	 
					
	Special Instruction:	 	 	 	 	  	 	  	 

 By
signing below, I (we) acknowledge and agree that my (our) funds transfer request shall be processed in accordance with and subject to the terms and conditions set forth in the agreements(s) covering funds transfer service(s), which agreements(s)
were previously received and executed by me (us). 
  

									
					
	 Authorized Signature:
	 	 	 		  	2nd Signature (if required):	  	 
					
	 Print Name/Title:
	 	 	 		  	Print Name/Title:	  	 
					
	 Telephone #:
	 	 	 		  	Telephone #:	  	 








 EXHIBIT C 

BORROWING BASE CERTIFICATE 

Borrower: ZENDESK, INC. 
 Lender: Silicon Valley Bank 

Commitment Amount:
$                                 

In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. 

Advance Rate on Average CMRR (before accounting for churn): 300% 

CMRR Retention, Advance Rate and Line Availability Calculation 
  

							
	 	  	Regular Plan	  	Plus Plan	  	Enterprise Plan
	 Trailing 3-month average MRR churn rate calculation
	  		  		  	
	 Month 1 - MRR Churned Out ($)
	  		  		  	
		  	  
	  	  
	  	  

	 Month 1 - MRR ($)
	  		  		  	
		  	  
	  	  
	  	  

	 = Monthly MRR Churn Rate (%)
	  		  		  	
		  	  
	  	  
	  	  

	 - Month 2 MRR Churn ($)
	  		  		  	
		  	  
	  	  
	  	  

	 - Month 2 MRR ($)
	  		  		  	
		  	  
	  	  
	  	  

	 = Monthly MRR Churn Rate (%)
	  		  		  	
		  	  
	  	  
	  	  

	 - Month 3 MRR Churn ($)
	  		  		  	
		  	  
	  	  
	  	  

	 - Month 3 MRR ($)
	  		  		  	
		  	  
	  	  
	  	  

	 = Monthly MRR Churn Rate (%)
	  		  		  	
		  	  
	  	  
	  	  

	 1.) Trailing 3-month average MRR churn rate:
	  		  		  	
		  	  
	  	  
	  	  

	 2.) Annualized MRR Churn Rate (Line #1 X 12):
	  		  		  	
		  	  
	  	  
	  	  



  
 1 









													
	 3.) CMRR Retention Rate (100% - Line #2):
	  				  		  		  		  	
		  	 	 	 	  		  	 	  		  	 
	 4.) Advance Rate for given Plan (300% X Line #3):
	  				  		  		  		  	
		  	 	 	 	  		  	 	  		  	 
	 5.) CMRR:
	  				  		  		  		  	
		  	 	 	 	  		  	 	  		  	 
	 6.) Line Availability for given plan (Line #4 X Line #5):
	  				  		  		  		  	
		  	 	 	 	  		  	 	  		  	 
	 > Aggregate Line Availability (Regular Plan Availability
+ Plus Plan Availability + Enterprise Plan
Availability):
	  	 	Al	  	  		  		  		  	
	 7.) Current CMRR Line Outstandings:
	  	$	 	  	  		  		  		  	
		  	 	 	 	  		  		  		  	
	 *Net CMRR Line Availability (A1 - Line #7):
	  				  		  		  		  	

  

	*	Note: If net line availability is negative (overadvance), the line must be paid down by an amount equal to or greater than the overadvance. 


  
 2 








 Explanatory comments from previous page: 

 
  
  

 
  

 
 The undersigned represents and warrants that
this is true and correct, and that the information in this Borrowing Base Certificate complies with the representations and warranties in the Loan and Security Agreement between the undersigned and Silicon Valley Bank. 

 

									
		  		  	BANK USE ONLY
					
		  		  		  	Received by:	  	 
		  		  		  		  	AUTHORIZED SIGNER
				
	COMMENTS:	  		  	Date:	  	 
					
	By:	  	 	  		  	Verified:	  	 
		  	Authorized Signer	  		  		  	AUTHORIZED SIGNER
					
	Date:	  	 	  		  	Date:	  	 
		  		  		  	Compliance Status:             Yes             No


  
 3 








 EXECUTION VERSION 

EXHIBIT D 

COMPLIANCE CERTIFICATE 
  

			
	 TO: SILICON VALLEY BANK
	  	Date:                    
	 FROM:
                    
	  	

 The undersigned authorized officer of ZENDESK, INC. (“Borrower”) certifies that under the terms and
conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”): 
 (1) Borrower is in complete
compliance for the period ending                      with all required covenants except as noted below; (2) there are no Defaults or
Events of Default except as noted below; and (3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not
be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true and
correct in all material respects as of such date. 
 Attached are the required documents supporting the certification. The undersigned
certifies that, to the extent required by the Agreement, these are prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no
borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used
but not otherwise defined herein shall have the meanings given them in the Agreement. 
 Please indicate compliance status by circling Yes/No under
“Complies” column. 
  

					
	 Reporting Covenant
	  	 Required
	  	 Complies

			
	Monthly financial statements with Compliance Certificate	  	Monthly (Quarterly after an IPO) within days	  	Yes No
			
	Annual financial statement (CPA Audited)
+ CC	  	FYE 2011 within 270 days/each subsequent FYE within 180 days	  	Yes No
			
	10-Q, 10-K and 8-K	  	Within 5 days after filing with SEC	  	Yes No
			
	Borrowing Base Certificate A/R & A/P Agings	  	Monthly (Quarterly after an IPO) within 30 days	  	Yes No
			
	Monthly bank statements from accounts held at banks outside the U.S., with respect to Borrower and its Subsidiaries	  	Together with Monthly, Quarterly and Annual financial statements	  	Yes No

  

							
	 Financial Covenant
	  	 Required
	  	 Actual
	  	 Complies

	 Maintain on a Monthly Basis:
	  		  		  	
	 Minimum Quick Ratio
	  	1.25:1.0	  	        :1.0	  	Yes        No

 The following financial covenant analysis and information set forth in Schedule 1 attached hereto are true and
accurate as of the date of this Certificate. 
 The following are the exceptions with respect to the certification above: (If no exceptions
exist, state “No exceptions to note.”) 
  
  

 
  
  

 

  
 -1- 









									
		  		  	BANK USE ONLY
					
		  		  		  	Received by:	  	 
	ZENDESK, INC.:	  		  		  	AUTHORIZED SIGNER
					
	By:	  	 	  		  	Date:	  	 
					
	Name:	  	 	  		  	Verified:	  	 
		  		  		  		  	AUTHORIZED SIGNER
					
	Date:	  	 	  		  	Date:	  	 
		  		  		  	Compliance Status:             Yes             No


  
 2 








 EXECUTION VERSION 

Schedule 1 to Compliance Certificate 

Financial Covenants of Borrower 

In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. 

Dated:                      

Quick Ratio (Section 6.7) 
 Required: 1.25:1.00 

Actual: 
  

							
	 A.
	  	Aggregate value of the unrestricted cash and Cash Equivalents of Borrower	  	$	            	  
			
	 B.
	  	Aggregate value of the net billed accounts receivable of Borrower	  	$	            	  
			
	 C.
	  	Aggregate value of the Investments with maturities of fewer than 12 months of Borrower	  	$	            	  
			
	 D.
	  	Quick Assets (the sum of lines A through C)	  	$	            	  
			
	 E.
	  	Aggregate value of Obligations to Bank (excluding obligations and liabilities outstanding under any Mezzanine Term Loan)	  	$	            	  
			
	 F.
	  	Aggregate value of liabilities that should, under GAAP, be classified as liabilities on Borrower’s consolidated balance sheet, including all Indebtedness, and not otherwise reflected in line E above that matures within one
(1) year	  	$	            	  
			
	 G.
	  	Current portion of Deferred Revenue	  	$	            	  
			
	 H.
	  	Current Liabilities (the sum of lines E and F, minus G)	  	$	            	  
			
	 I.
	  	Quick Ratio (line D divided by line H)	  	$	            	  

 Is line I equal to or greater than 1.25:1:00? 
  

					
		 	                 No, not in compliance	  	                 Yes, in compliance


  
 3 








 EXECUTION VERSION 

EXHIBIT E 
 FORM
OF WARRANT 
 THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND
SUBSTANCE SATISFACTORY TO THE COMPANY, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 
 WARRANT TO PURCHASE
STOCK 
  

			
	 Company:
	 	Zendesk, Inc.
	 Number of Shares:
	 	250,000 (the “Initial Shares”), plus all Additional Shares which Holder is entitled to purchase pursuant to Section 1.7
	 Type/Series of Stock:
	 	Series B Common Stock
	 Warrant Price:
	 	$0.96 per share, with respect to the Initial Shares, and the price per share calculated in accordance with Section 1.7, with respect to any Additional Shares
	 Issue Date:
	 	June     , 2012
	 Expiration Date:
	 	June     , 2019
	 Credit Facility:
	 	This Warrant to Purchase Stock (“Warrant”) is issued in connection with that certain Loan and Security Agreement of even date herewith between Silicon Valley Bank and the Company (the “Loan
Agreement”).

 THIS WARRANT CERTIFIES THAT, for good and valuable consideration, SILICON VALLEY BANK (together with any
successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase the number of fully paid and non-assessable shares (the
“Shares”) of the above-stated Type/Series of Stock (the “Class”) of the above-named company (the “Company”) at the above-stated Warrant Price, all as set forth above and as
adjusted pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant. Reference is made to Section 5.4 of this Warrant whereby Silicon Valley Bank shall transfer this Warrant
to its parent company, SVB Financial Group. 
 1 SECTION 1. EXERCISE. 

1.1 1.1 Method of Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part, by
delivering to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth
in Section 1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares being purchased. 

1.2 1.2 Cashless Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner as
specified in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal to the value of this Warrant, or portion hereof as to which this Warrant is being exercised.
Thereupon, the Company shall issue to the Holder such number of fully paid and non-assessable Shares as are computed using the following formula: 

X =Y(A-B)/A 

  
 4 








 where: 
  

	 	X =	the number of Shares to be issued to the Holder; 

  

	 	Y =	the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the Company in payment of the aggregate Warrant Price); 


 

	 	A =	the Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and 

  

	 	B =	the Warrant Price. 

 1.3 1.3 Fair Market Value. If the Company’s common
stock is then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading Market”) and the Class is common stock, the fair market value of a Share
shall be the closing price or last sale price of a share of common stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company. If the Company’s
common stock is then traded in a Trading Market and the Class is a series of the Company’s convertible preferred stock, the fair market value of a Share shall be the closing price or last sale price of a share of the Company’s common stock
reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company multiplied by the number of shares of the Company’s common stock into which a Share is then
convertible. If the Company’s common stock is not traded in a Trading Market, the Board of Directors of the Company shall determine the fair market value of a Share in its reasonable good faith judgment. 

1.4 1.4 Delivery of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in the manner set
forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant of like tenor
representing the Shares not so acquired. 
 1.5 1.5 Replacement of Warrant. On receipt of evidence reasonably satisfactory to
the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or, in the case of
mutilation, on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount. 

1.6 1.6 Treatment of Warrant Upon Acquisition of Company. 

1.6.1 (a) Acquisition. For the purpose of this Warrant, “Acquisition” means any transaction or series of
related transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company (ii) any merger or consolidation of the Company into or with another person or entity
(other than a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity as such immediately prior to such merger,
consolidation or reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization; or (iii) any sale or other
transfer by the stockholders of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting power. 

1.6.2 (b) Treatment of Warrant at Acquisition. In the event of an Acquisition in which the consideration to be received by the
Company’s stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”), either (i) Holder shall exercise this Warrant
pursuant to Section 1.1 and/or 1.2 and such exercise will be deemed effective immediately prior to and contingent upon the consummation of such Acquisition or (ii) if Holder elects not to exercise the Warrant, this Warrant will expire
immediately prior to the consummation of such Acquisition. 
 1.6.3 (c) The Company shall provide Holder with written notice of its
request relating to the Cash/Public Acquisition (together with such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection with such contemplated Cash/Public Acquisition giving rise to such
notice), which is to be delivered to Holder not less than seven (7) Business Days prior to the closing of the proposed Cash/Public Acquisition. In the event the Company does not provide such notice, then if, immediately prior to the Cash/Public
Acquisition, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above would be greater than the Warrant Price in effect on such date, then this Warrant shall
automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the Company shall promptly notify the Holder of
the number of Shares (or such other securities) issued upon such exercise to the Holder and Holder shall be deemed to have restated each of the representations and warranties in Section 4 of the Warrant as the date thereof. 







 1.6.4 (d) Upon the closing of any Acquisition other than a Cash/Public Acquisition defined
above, the acquiring, surviving or successor entity shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the Shares issuable upon
exercise of the unexercised portion of this Warrant as if such Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this Warrant. 

1.6.5 (e) As used in this Warrant, “Marketable Securities” means securities meeting all of the following
requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is then current in
its filing of all required reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder in connection with the Acquisition were Holder to
exercise this Warrant on or prior to the closing thereof is then traded in Trading Market, and (iii) Holder would be able to publicly re-sell, within six (6) months following the closing of such Acquisition, all of the issuer’s shares
and/or other securities that would be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or prior to the closing of such Acquisition. 

1.7 Additional Shares. In addition to the Initial Shares granted to Holder on the Issue Date, on the first Funding Date of any
extension under the Mezzanine Term Loan, the Company shall be deemed to have automatically granted to Holder, in addition to the number of Initial Shares which this Warrant can otherwise be exercised for by Holder, the right to purchase 300,000
additional Shares at the price per share equal to (a) $0.96 or (b) to the extent the Company’s 409(a) valuation is completed on or prior to July 31, 2012, then the average of $0.96 and such valuation (such additional Shares, the
“Additional Shares”). Capitalized terms used but not defined in this Section 1.7 shall have the meanings given to them in the Loan Agreement. 

2 SECTION 2. ADJUSTMENTS TO THE SHARES AND WARRANT PRICE. 

2.1 2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of
the Class payable in common stock or other securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and
property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred. If the Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater
number of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares of the Class are combined or consolidated, by reclassification or
otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased. 

2.2 2.2 Reclassification, Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding shares of the
Class are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of such event, this Warrant will be exercisable for the number,
class and series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to further adjustment thereafter from time to time in accordance with the provisions of
this Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations substitutions, replacements or other similar events. 

2.3 2.3 No Fractional Share. No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares to be
issued shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying
the fractional interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the then-effective Warrant Price. 

2.4 2.4 Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of Shares, the
Company, at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, Class and/or number of Shares and facts upon which such adjustment is based. The Company shall, upon
written request from Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant Price, Class and number of Shares in effect upon the date of such adjustment. 







 3 SECTION 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 

3.1 3.1 Representations and Warranties. The Company represents and warrants to, and agrees with, the Holder as follows: 

3.1.1 (a) The initial Warrant Price referenced on the first page of this Warrant is not greater than the price per share at which shares
of the Class were last sold and issued prior to the Issue Date hereof in an arms-length transaction in which at least $500,000 of such shares were sold. 

3.1.2 (b) All Shares which may be issued upon the exercise of this Warrant, and all securities, if any, issuable upon conversion of the
Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws.
The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued capital stock such number of shares of the Class, common stock and other securities as will be sufficient to permit the
exercise in full of this Warrant and the conversion of the Shares into common stock or such other securities. 
 3.1.3 (c) The
Company’s capitalization table attached hereto as Schedule 1 is true and complete, in all material respects, as of the Issue Date. 

3.2 3.2 Notice of Certain Events. If the Company proposes at any time to: 

(a) declare any dividend or distribution upon the outstanding shares of the Class or common stock, whether in cash, property, stock, or other
securities and whether or not a regular cash dividend; 
 (b) offer for subscription or sale pro rata to the holders of the outstanding
shares of the Class any additional shares of any class or series of the Company’s stock (other than pursuant to contractual pre-emptive rights); 

(c) effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of the
Class; 
 (d) effect an Acquisition or to liquidate, dissolve or wind up; or 

(e) effect an initial, underwritten public offering and sale of the Company’s common stock pursuant to an effective registration
statement under the Act (the “IPO”); 
 then, in connection with each such event, the Company shall give Holder: 

(1) at least seven (7) Business Days prior written notice of the date on which a record will be taken for such dividend,
distribution, or subscription rights (and specifying the date on which the holders of outstanding shares of the Class will be entitled thereto) or for determining rights to vote, if any, in respect of the matters referred to in (a) and
(b) above; 
 (2) in the case of the matters referred to in (c) and (d) above at least seven (7) Business
Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding shares of the Class will be entitled to exchange their shares for the securities or other property deliverable upon the
occurrence of such event); and 
 (3) with respect to the IPO, at least seven (7) Business Days prior written notice of
the date on which the Company proposes to file its registration statement in connection therewith. 
 3.3 3.3 Annual Audited
Financial Statements. The Company shall deliver to Holder, as soon as available, but no later than (i) in the case of the fiscal year ended December 31, 2011, no later than two hundred and seventy (270) days of the end of such
fiscal year, and (ii) for each fiscal year of the Company ending thereafter, no later than one hundred and eighty (180) days after the last day of the Company’s fiscal year, in each case audited consolidated financial statements
prepared under GAAP (as defined in the Loan Agreement) consistently applied, together with an unqualified opinion on the financial statements from an independent certified public accounting firm acceptable to Holder in its reasonable discretion.

 Reference is made to Section 1.6(c) whereby this Warrant will be deemed to be exercised pursuant to Section 1.2 hereof if the Company does not
give written notice to Holder of a Cash/Public Acquisition as required by the terms hereof. Company will also provide information requested by Holder that is reasonably necessary to enable Holder to comply with Holder’s accounting or reporting
requirements. 







 4 SECTION 4. REPRESENTATIONS, WARRANTIES OF THE HOLDER. 

The Holder represents and warrants to the Company as follows: 

4.1 4.1 Purchase for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by Holder are
being acquired for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose
of acquiring this Warrant or the Shares. 
 4.2 4.2 Disclosure of Information. Holder is aware of the Company’s business
affairs and financial condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying
securities. Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the
extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access. 

4.3 4.3 Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves
substantial risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has
such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with
the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons. 

4.4 4.4 Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated
under the Act. 
 4.5 4.5 The Act. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not
been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. Holder understands that this Warrant
and the Shares issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and qualification are otherwise
available. Holder is aware of the provisions of Rule 144 promulgated under the Act. 
 4.6 4.6 Market Stand-off Agreement. The
Holder agrees that the Shares shall be subject to the Market Standoff provisions in Section 2.11 of the Company’s Amended and Restated Investors’ Rights Agreement, dated November 30, 2010. 

4.7 4.7 No Voting Rights. Holder, as a Holder of this Warrant, will not have any voting rights until the exercise of this
Warrant. 
 5 SECTION 5. MISCELLANEOUS. 

5.1 5.1 Term and Automatic Cashless Exercise Upon Expiration. 

5.1.1 (a) Term. Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part at any time
and from time to time on or before 6:00 PM, Pacific time, on the Expiration Date and shall be void thereafter. 
 5.1.2 (b)
Automatic Cashless Exercise upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is
greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not
previously have been exercised, and the Company shall, within a reasonable time, deliver a certificate representing the Shares (or such other securities) issued upon such exercise to Holder. 







 5.2 5.2 Legends. The Shares (and the securities issuable, directly or indirectly,
upon conversion of the Shares, if any) shall be imprinted with a legend in substantially the following form: 
 THE SHARES EVIDENCED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO SILICON
VALLEY BANK DATED JUNE     , 2012, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE,
PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 
 5.3 5.3 Compliance with Securities Laws on Transfer. This
Warrant and the Shares issuable upon exercise of this Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part except in compliance with applicable
federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the
Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to SVB Financial Group (Silicon Valley Bank’s parent company) or any other affiliate of Holder, provided that any such transferee is an
“accredited investor” as defined in Regulation D promulgated under the Act. Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the availability of Rule 144 promulgated under the
Act. 
 5.4 5.4 Transfer Procedure. After receipt by Silicon Valley Bank of the executed Warrant, Silicon Valley Bank will
transfer all of this Warrant to its parent company, SVB Financial Group. By its acceptance of this Warrant, SVB Financial Group hereby makes to the Company each of the representations and warranties set forth in Section 4 hereof and agrees to
be bound by all of the terms and conditions of this Warrant as if the original Holder hereof. Subject to the provisions of Section 5.3 and upon providing the Company with written notice, SVB Financial Group and any subsequent Holder may
transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the securities issuable directly or indirectly, upon conversion of the Shares, if any) to any transferee, provided, however, in connection with any such
transfer, SVB Financial Group or any subsequent Holder will give the Company notice of the portion of the Warrant being transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to
the Company for reissuance to the transferee(s) (and Holder if applicable); and provided further, that any subsequent transferee other than SVB Financial Group shall agree in writing with the Company to be bound by all of the terms and conditions of
this Warrant. Notwithstanding any contrary provision herein, at all times prior to the IPO, Holder may not, without the Company’s prior written consent, transfer this Warrant or any portion hereof, or any Shares issued upon any exercise hereof,
or any shares or other securities issued upon any conversion of any Shares issued upon any exercise hereof, to any person or entity who directly competes with the Company, except in connection with an Acquisition of the Company by such a direct
competitor. 
 5.5 5.5 Notices. All notices and other communications hereunder from the Company to the Holder, or vice versa,
shall be deemed delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified mail, postage prepaid, (iii) upon actual receipt if given by
facsimile or electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid, in any case at such address as may have
been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.5. All notices to Holder shall be addressed as follows until the Company
receives notice of a change of address in connection with a transfer or otherwise: 
 SVB Financial Group 

Attn: Treasury Department 
 3003
Tasman Drive, HC 215 
 Santa Clara, CA 95054 

Telephone: (408) 654-7400 

Facsimile: (408) 988-8317 

Email address: derivatives@svb.com 







 Notice to the Company shall be addressed as follows until Holder receives notice of a change in
address: 
 Zendesk, Inc. 

Attn: Chief Financial Officer 

989 Market Street, Suite 300 

San Francisco, CA 94103 

Telephone: (415) 418-7506 

Facsimile: (415) 778-9355 

Email: ablack@zendesk.com 

5.6 5.6 Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a
particular instance and either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 

5.7 5.7 Attorney’s Fees. In the event of any dispute between the parties concerning the terms and provisions of this
Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

5.8 5.8 Counterparts; Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall
constitute one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment thereto.

 5.9 5.9 Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of
California, without giving effect to its principles regarding conflicts of law. 
 5.10 5.10 Headings. The headings in this
Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning of any provision of this Warrant. 
 5.11
5.11 Business Days. “Business Day” is any day that is not a Saturday, Sunday or a day on which Silicon Valley Bank is closed. 

[Remainder of page left blank intentionally] 

[Signature page follows] 

  
 4 








 IN WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock to be executed by
their duly authorized representatives effective as of the Issue Date written above. 
 “COMPANY” 

ZENDESK, INC. 
  

			
		
	By: 	 	 


			
		
	Name: 	 	 
		 	(Print)
	Title:	 	

 “HOLDER” 
 SILICON
VALLEY BANK 
  

			
		
	By: 	 	 


			
		
	Name:	 	 
		 	(Print)
	Title:	 	








 APPENDIX 1 

NOTICE OF EXERCISE 
 1. The
undersigned Holder hereby exercises its right purchase             shares of the Common Stock of Zendesk, Inc. (the “Company”) in accordance with the attached
Warrant To Purchase Stock, and tenders payment of the aggregate Warrant Price for such shares as follows: 
  

	 	[    ]	check in the amount of $             payable to order of the Company enclosed herewith 


 

	 	[    ]	Wire transfer of immediately available funds to the Company’s account 

  

	 	[    ]	Cashless Exercise pursuant to Section 1.2 of the Warrant 

  

	 	[    ]	Other [Describe]
                                         
                                


2. Please issue a certificate or certificates representing the Shares in the name specified below: 

 

					
		 	 	  	
		 	                 Holder’s Name

 
	  	
		 	 	  	
			
		 	 	  	
		 	                (Address)	  	

 3. By its execution below and for the benefit of the Company, Holder hereby restates each of the
representations and warranties in Section 4 of the Warrant to Purchase Stock as of the date hereof. 
  

			
	 HOLDER:

 

		
	By: 	 	 


 
			
		
	Name: 	 	 


 
			
		
	Title: 	 	 


 
			
		
	(Date):	 	 









 SCHEDULE 1 

Company Capitalization Table 

See attached