Document:

Agreement with Wayne Whitcomb Re: Promissory Note

 Exhibit 10.11 
 PROMISSORY NOTE 
 May 6, 2005 

FOR VALUE RECEIVED, the undersigned (“Debtor”) hereby promises to pay to Demandware, Inc., a Delaware corporation
(“Payee”), at such place or places as may be specified by Payee or any holder hereof, in legal tender of the United States of America, the principal amount of Fifty-Nine Thousand Seven Hundred Dollars and No Cents ($59,700.00) (the
“Principal”), with interest at the fixed rate of Four and Twenty-Eight/One Hundredths percent (4.28%) per annum, compounded annually, on the unpaid balance. Interest shall be payable on each anniversary of the date hereof commencing
May 6, 2006. The Debtor shall pay to Payee, within ten (10) days after receipt thereof, the net after-tax proceeds from all sales of the Debtor’s shares of Payee’s common stock, par value $.001 per share (the “Common
Stock”), in reduction of Principal until such time as the Principal has been repaid in full, and in connection with each such payment shall pay accrued but unpaid interest on the amount so prepaid. For purposes hereof, net after-tax proceeds
refers to the amount received by the Debtor upon any sale of such shares, less brokerage commissions or underwriting discounts, other expenses of every kind, including documentary, excise and other taxes, if any, directly relating to the sale and an
amount equal to the federal, state and local taxes on any gain from such sale (as determined by multiplying the amount of such gain by the combined maximum federal, state and local tax rate applicable to the sale of such shares by the Debtor, taking
into account the holding period for such shares and any federal income tax deduction for state and local income taxes). In any event, any Principal then unpaid shall be due and payable, with accrued interest thereon, on the earlier of (a) the
fifth anniversary of the date hereof, (b) the date sixty (60) days after Debtor’s termination for any reason as an employee of Payee and (c) the date immediately preceding the Payee’s filling of a registration statement
under the Securities Act of 1933, as amended (in any such case, the “Repayment Date”). 
 This Note is subject to the
terms of and the payment hereof is secured by a certain Pledge Agreement dated as of the date hereof by and between Debtor and Payee (the “Pledge Agreement”). 
 In case an Event of Default, as defined in the Pledge Agreement, shall occur, the aggregate unpaid balance of Principal and accrued interest may be declared to be due and payable in the manner and with
the effect provided in the Pledge Agreement. The obligation of the undersigned Debtor to pay the Recourse Amount (as hereinafter defined) shall be absolute and unconditional, and the Payee shall have full recourse against the Debtor’s assets
(including, but not limited to, the collateral pledged pursuant to the Pledge Agreement) to recover the Recourse Amount. The Recourse Amount as of any time shall mean (i) Fifty percent (50%) of the Principal reduced by Fifty percent
(50%) of each payment of Principal made by or on behalf of the Debtor from any source and (ii) the full amount of accrued interest under this Note (it being understood that the Debtor shall be personally obligated for the payment of
interest hereunder). Unless otherwise directed by the Debtor, all sums paid by the Debtor or otherwise received by Payee on account of sums owing hereunder shall be deemed to reduce the Recourse

 
Amount on a proportionate basis. With respect to amounts due and payable hereunder in excess of the Recourse Amount, the Payee shall have no recourse against the Debtor or any of his assets other
than the collateral pledged pursuant to the Pledge Agreement, and Payee shall look only to its rights as provided in the Pledge Agreement for the repayment of amounts in excess of the Recourse Amount. 

Debtor may not prepay any of the Principal balance hereof or accrued interest thereon. 

Debtor expressly waives presentment for payment, protest and demand, notice of protest, demand and dishonor and expressly agrees that
this Note may be extended from time to time without in any way affecting the liability of Debtor. No delay or omission on the part of Payee in exercising any right hereunder shall operate as a waiver of such right or of any other right under this
Note. Debtor agrees to pay all costs (including reasonable attorney’s fees, expenses and disbursements) of the Payee in connection with the collection and/or enforcement of this Note or the Pledge Agreement. 

This Note may from time to time be extended by Payee, with or without notice to Debtor, and any related right may be waived, exchanged,
surrendered or otherwise dealt with, all without affecting the liability of Debtor, in each case in the sole discretion of Payee. 
 This Note may not be changed, modified or terminated orally, but only by an agreement in writing and signed by the Debtor and Payee. This Note shall be governed by and construed in accordance with the
laws of The Commonwealth of Massachusetts, and shall be binding upon the successors and assigns of Debtor and inure to the benefit of Payee and its heirs, successors, endorsees and assigns. 
 DEBTOR: 
  

	
	 /s/ Wayne Whitcomb

	 Wayne Whitcomb

 AMENDMENT NO. 1 TO PROMISSORY NOTE 

This Amendment No. 1 to Promissory Note (this “Amendment”) is made as of November 30, 2009 among Demandware,
Inc., a Delaware corporation (the “Payee”), and Wayne Whitcomb (the “Debtor”). 
 WHEREAS, the
Debtor has entered into that certain Promissory Note dated as of May 6, 2005 pursuant to which the Debtor has promised to pay certain amounts to the Payee (the “Note”); and 

WHEREAS, the Payee and the Debtor desire to amend the Note as provided herein. 

In consideration of the execution and delivery of this Amendment and the representations, warranties, covenants and conditions set forth
in the Note and the Pledge Agreement, Debtor and Payee, intending to be legally bound, hereby agree as follows: 
 1. All capitalized terms used
herein and not otherwise defined shall have the meaning ascribed to them in the Note. 
 2. Subsection (a) of the final sentence of the
first paragraph of the Note is hereby amended by replacing “fifth anniversary of the date hereof” with “seventh anniversary of the date hereof.” 
 3. Except as amended hereby, the Note and the Pledge Agreement shall remain in full force and effect. 
 IN WITNESS WHEREOF, the Payee and the Debtor have executed this Amendment as of the date first written above. 
  

					
	PAYEE:	 	DEBTOR:
		
	DEMANDWARE, INC.	 	 /s/ Wayne Whitcomb

		 		 	Wayne Whitcomb

					
	By:	 	 /s/ Scott J. Dussault
	 	
	Name:	 	Scott J. Dussault	 	
	Title:	 	Chief Financial Officer	 	

 PLEDGE AGREEMENT 

In consideration of Demandware, Inc., a Delaware corporation (the “Company”), having made a loan to Wayne Whitcomb
(“Borrower”), under the Promissory Note dated as of the date hereof, and any renewals or extensions thereof made in the sole discretion of the Company (“Note”), as of May 6, 2005, Borrower and the Company agree as follows:

 Section 1. Pledge. Borrower hereby pledges, assigns and transfers to the Company, and grants to the Company a
security interest in, the following property (“Collateral”), to be held by the Company: 
 (a) The shares of common
stock, $.001 par value per share (the “Common Stock”), of the Company (each, a “Share”) obtained pursuant to a certain Restricted Stock Award Agreement dated as of the date hereof between Borrower and the Company and held by
Borrower or any Permitted Transferee (as that term is defined in the Restricted Stock Agreement dated as of the date hereof by and between Borrower and the Company (the “Restricted Stock Agreement”)), and any securities owned in respect
thereof or in exchange therefor. 
 (b) All other securities, instruments and other property issued or accepted in substitution
for or in addition to any of the foregoing. 
 (c) All proceeds of any and all of the Collateral. 

Section 2. Obligations. This Agreement and the security interest granted hereby secure the payment of all obligations of
Borrower to the Company under the Note (“Obligations”), and the Obligations of Borrower under this Agreement, and any and all renewals or extensions thereof. So long as any of the Obligations are outstanding, unless and until Borrower
shall be in default hereunder or there shall be any default of any of the Obligations, Borrower shall retain all rights to dividends and distributions and voting rights, if any, with respect to the Collateral. In the event the Obligations shall be
in default or in the event that Borrower shall be in default under the terms hereof, the Company may, in its discretion, vote and exercise all of the powers of an owner with respect to any of the relevant Collateral. Without limiting the generality
of the other remedies provided herein and in addition thereto, in the event any of the Obligations shall be in default or upon any default by Borrower hereunder, the Company after the occurrence of an Event of Default may take all steps necessary to
cause the Collateral to be transferred into the name of the Company, including but not limited to taking steps necessary to comply with restrictions on sale or transfer of the shares constituting such Collateral, and in connection therewith Borrower
appoints the Company as such Borrower’s attorney-in-fact to execute and deliver such offers, tender offers, certificates, documents or instruments of every nature or description required for the purpose of the transfer of such shares into the
name of the Company, or any other person. 
 If Borrower receives any cash distribution or dividend in respect of any
Collateral, Borrower may retain the such cash distribution or dividend as his own property unless prior to such receipt an Event of Default has occurred, in which event Borrower shall accept same in

 
trust for the Company, and shall upon request deliver same immediately to the Company in the form received, with Borrower’s endorsement and/or assignment when necessary, to be held by the
Company as Collateral. 
 If Borrower receives any stock certificate or option or deferred compensation right, whether as an
addition to, in substitution of, or in exchange for, any Collateral, or otherwise, Borrower shall accept same in trust for the Company, and shall upon request deliver same immediately to the Company in the form received, with Borrower’s
endorsement and/or assignment when necessary, to be held by the Company as Collateral. 
 Borrower is herewith delivering to the
Company all certificates or instruments representing or evidencing Collateral in suitable form for transfer or delivery, or accompanied by duly executed instruments of transfer or assignment to be held subject to the preceding paragraph. 

Section 3. Release of Collateral. Upon the written request of Borrower, the Company shall promptly release Collateral to
Borrower or to any designee of Borrower at any time and from time to time; provided, however, that the Company shall retain an amount of Collateral with an Agreed Value (as defined below) at least equal to the amount of the Obligations then
outstanding. 
 (a) The “Agreed Value” of any Collateral consisting of Shares shall be the original cost of such
Shares as set forth in the Restricted Stock Agreement ($.20 per Share), equitably adjusted for stock splits, stock dividends and like transactions. The Agreed Value of any Collateral not consisting of Shares shall be determined reasonably and in
good faith by the mutual agreement of Borrower and the Company. 
 (b) Borrower acknowledges that transfer of the Shares is
subject to certain restrictions under the Restricted Stock Agreement. The obligation of the Company to release certificates representing Shares to Borrower or his designee hereunder shall in any event be subject to the requirements of the Restricted
Stock Agreement. Subject to such requirements and the terms hereof, the Company shall release Restricted Stock that has vested or Restricted Stock (as those terms are defined in the Restricted Stock Agreement) as designated by Borrower. 

Section 4. Representations and Warranties. Borrower represents and warrants to the Company as follows: 

(a) Borrower is, and (as to any substitute or additional Collateral) shall be, the sole owner of the Collateral pledged by Borrower, free
and clear of any lien, security interest, option or other charge or encumbrance, except for (i) the security interest created by this Agreement, (ii) certain restrictions under the Restricted Stock Agreement and (iii) restrictions
imposed by applicable laws, and, subject to the same exceptions, Borrower has and shall have the right to transfer such Collateral and to grant a security interest therein to the Company as provided in this Agreement. 

  
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 (b) No effective financing statement or similar notice covering any Collateral pledged by
Borrower is or shall be on file in any recording office, and no other pledge or assignment thereof has been made, or shall have been made, other than in favor of the Company, except as the Company may approve. 

Section 5. Further Action by Borrower. Borrower shall, at the expense of Borrower, promptly execute and deliver all further
notices, instruments and documents, including, without limitation, financing statements, and take all such further action as may be reasonably necessary or reasonably advisable or as the Company at any time may reasonably request, in order to
perfect, preserve and protect the security interest granted or purported to be granted hereby or to enable the Company to exercise and enforce such rights, powers and remedies with respect to Collateral. 

Section 6. Preservation of Collateral. 
 (a) The Company shall give to the Collateral the same degree of care and protection which it gives to its own property, provided, however, that the Company shall have no liability to Borrower for any
losses, costs, expenses or damages due to any acts or omissions of third parties, or due to any acts of God or other causes beyond its control. The Company shall have no duty to preserve any rights with respect to any Collateral, including, without
limitation, rights against prior parties, or to take, or to notify Borrower of the need to take, any action respecting any rights, privileges or options relating to any Collateral. To replace any certificates, however, Borrower shall not be required
to supply any bond or other indemnity. 
 (b) Borrower shall furnish to the Company, promptly upon receipt thereof, copies of
all material notices, requests and other documents received by Borrower relating to Collateral unless the same were sent by the Company. 
 (c) Borrower shall not (i) sell, assign, transfer or otherwise dispose of any Collateral, or create or suffer to exist any lien, security interest, assignment by operation of law or other charge or
encumbrance on, or with respect to, any Collateral, except for the security interest created by this Agreement and the rights, remedies and restrictions imposed by the Restricted Stock Agreement; or (ii) attempt any action prohibited by
paragraph (c)(i) of this Section 6. Notwithstanding the foregoing, Borrower may transfer Shares to Permitted Transferees pursuant to the Restricted Stock Agreement; provided, however, that the Shares so transferred shall remain subject to the
security interest created by this Agreement and any such Permitted Transferee(s) shall, as a condition to any transfer, agree to be subject to the provisions of this Agreement. 

Section 7. Defaults. A default (an “Event of Default”) shall be deemed to have occurred hereunder if
(a) Borrower fails in any material respect to perform any material obligation hereunder, if any material representation or warranty hereunder was untrue in any material respect when made, or if any default or Event of Default by Borrower occurs
under the Note or any agreement evidencing, or constituting or granting security for, the Obligations, and (b) the Company gives to Borrower written notice thereof and such default shall not have been cured

  
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within fourteen (14) days or such additional time as may be required to effect such cure if diligently pursued. 
 Sections 8. Remedies. Upon and after the occurrence of any Event of Default which is then continuing or which has not been cured within the time period given for such cure: 

(a) The Company may exercise its rights with respect to the Collateral, without regard to the existence of any other security or source
of payment for Obligations, including without limitation the rights set forth in Section 2, and may demand, sue for collection or make any other compromise or settlement with respect to other rights and remedies provided for herein or otherwise
available to it, and the Company shall have all of the rights and remedies of a secured party in Massachusetts under the Uniform Commercial Code. 
 (b) Except as specifically reserved herein, Borrower waives all suretyship defenses at law and in equity, including waste and impairment of Collateral, and further waives the requirement of any demand and
presentment. Twenty-one (21) days’ prior notice to Borrower at the address provided below or at such other address as Borrower shall provide to the Company in writing for such purpose, of the time and place of any public sale of
Collateral, or of the time after which any private sale or any other intended disposition is to be made, shall constitute reasonable notification. 
 (c) The Company is authorized at any such sale (including without limitation any sale to itself or any affiliate of the Company, the same being expressly authorized and contemplated herein), if the
Company deems it advisable to do so, in order to comply with any applicable securities laws, to restrict the prospective bidders or purchasers to persons who will represent and agree that they are purchasing the Collateral for their own account for
investment, and not with a view to the distribution or resale thereof. Sales made subject to such restriction shall not, solely by reason thereof be deemed not to have been made in a commercially reasonable manner. 

(d) The Company is specifically authorized, with respect to any Collateral that consists of Shares, to acquire such Collateral itself or
to transfer such Collateral to any affiliate of the Company at a price equal to the Agreed Value of such Shares, as defined in Section 3(a). Borrower expressly waives any requirement that the Company conduct a public or private sale with
respect to such Shares and agrees that such a disposition is commercially reasonable. 
 (e) In case of any sale of all or part
of the Collateral on credit for future delivery, the Collateral so sold shall be retained by the Company until the purchase price is paid. The Company shall incur no liability in case of the failure of the purchaser to pay for the Collateral as so
sold if the Collateral is recovered, or of the failure of the Company to make any sale of Collateral after giving notice thereof, and in case of any such failure, such Collateral may again be sold. 

(f) All cash proceeds received by the Company in respect of any sale, collection or other enforcement or disposition of Collateral shall
be applied (after deduction of any amounts 

  
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payable to the Company for reasonable expenses of the sale, collection or disposition of Collateral) against Obligations in such order as the Company shall elect. Upon payment in full of all
Obligations, Borrower shall be entitled to the return of all Collateral pledged by him and all proceeds thereof, which have not been used or applied toward the payment of Obligations as herein authorized. 

Section 9. Waivers and Remedies. Except as otherwise provided herein or by law, Borrower waives presentment, demand, notice
and protest, notice of acceptance of this Agreement, and except as provided in Section 8(b) notice of all action by the Company in reliance hereon. No failure by the Company to exercise, no delay by the Company in exercising, and no single or
partial exercise of, any right, remedy or power hereunder or under any other agreement relating to the Obligations or to Collateral shall operate as a waiver thereof, or of any other right, remedy or power at any time. No amendment, modification or
waiver of any provision of this Agreement shall be effective unless contained in a writing signed by the Company. Any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. The rights,
remedies and powers of the Company and Borrower, not only hereunder, but also under any promissory note or notes of Borrower held by the Company, any other agreements of Borrower with the Company and applicable law, are cumulative and may be
exercised successively, concurrently or alternatively. 
 Section 10. Term; Binding Effect. This Agreement shall
remain in full force and effect until payment and satisfaction in full of all Obligations, shall be binding upon Borrower and the heirs, legatees, legal representatives and assigns of Borrower, including Permitted Transferees, and shall inure to the
benefit of the Company and its successors and assigns. Notwithstanding the foregoing, the Company may terminate this Agreement and release the Collateral, or may accept substitute Collateral, at any time in its sole discretion without in any way
affecting the nonrecourse nature of a portion of the Obligations as provided in the Note. 
 Section 11. Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of The Commonwealth of Massachusetts, except to the extent that the perfection of the security interest granted hereby in respect of any item of Collateral may be
governed by the law of another jurisdiction. Unless otherwise defined herein, all words and terms used in this Agreement shall have the meanings provided in the Massachusetts Uniform Commercial Code. If any provision of this Agreement, or the
application thereof to any person or circumstance, is held invalid, such provision shall be deemed to be modified to comply with applicable law or if not able to be so modified, shall be deemed to be severed from the Agreement, the remaining
provisions of which to be valid and enforceable. 
 Section 12. Signatures. This Agreement may be executed in
counterparts. 
 Section 13. Headings. The captions in this Agreement have been included for reference only and
shall not define or limit the provisions hereof. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 EXECUTED as of the date first set forth above. 
 BORROWER: 
  

					
	 /s/ Wayne Whitcomb
	 	5/6/2005

					
	Name:	 	Wayne Whitcomb	 	
	Address:	 	  
	 	
			
		 	  
	 	

 PLEDGEE: 

DEMANDWARE INC. 
  

			
	By:	 	 /s/ Craig Dynes

		 	Name: Craig Dynes
		 	Title: CFO

  
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 IRREVOCABLE STOCK POWER 

FOR VALUE RECEIVED, the undersigned does hereby sell, assign and transfer unto WAYNE WHITCOMB, 300,000
shares of the common stock, $0.001 par value per share, of Demandware, Inc., a Delaware corporation (the “Company”), registered in his name on the books of the Company and represented by Certificate No.     
herewith, and does hereby irrevocable constitute and appoint                     , attorney to transfer said shares on the books of the
Company with full power of substitution in the premises. 
  

	
	DATED: May 16, 2005
	
	 /s/ Wayne Whitcomb

	Wayne Whitcomb

 DEMANDWARE, INC.  

INSTRUMENT OF ACCESSION 
 The undersigned, Wayne Whitcomb, as a condition precedent to becoming the owner or holder of record of three hundred thousand (300,000) shares of the common stock, par value $0.001 per share, of
Demandware, Inc., a Delaware corporation (the “Company”), hereby agrees to become a Holder and a Management Investor under that certain Voting and Stock Restriction Agreement dated as of August 4, 2004 by and among the Company
and the parties named therein. This Instrument of Accession shall take effect and shall become an integral part of, and the undersigned shall become a party to and bound by, said Voting and Stock Restriction Agreement immediately upon execution and
delivery to the Company of this Instrument. 
 IN WITNESS WHEREOF, this INSTRUMENT OF ACCESSION has been duly executed by or on
behalf of the undersigned, as a sealed instrument under the laws of the State of Delaware, as of the date below written. 
  

			
		 	Signature:
		
		 	 /S/ WAYNE WHITCOMB

		 	Wayne Whitcomb
		
		 	Address:
		
		 	  

		 	  

		
		 	Date: May 6, 2005
		
		 	Accepted:
		
		 	DEMANDWARE, INC.
		
	By:	 	 /s/ Craig Dynes

		 	Name: Craig Dynes
		 	Title: CFO
		
		 	Date: May 6, 2005

 

 
 Wayne Whitcomb 
   
  
   
  
 RE: Promissory Note 
 Dear Wayne, 
 Demandware hereby agrees to forgive in full the outstanding principal and accrued interest in the aggregate amount of $75,079.97 (such amount, the “Balance”) on the Promissory Note between you
and Demandware dated May 6, 2005, as amended (the “Note”) and your obligations with respect to the Note are hereby extinguished in full. The forgiveness of the Balance will be compensation income to you and Demandware hereby agrees to
satisfy your income and employment tax withholding obligations with respect to such compensation income. The total amount of these taxes will be deducted from whatever bonus payment you earn in 2011, although in no circumstances will you owe any
additional money to Demandware, even if your earned bonus amount is less than the tax amount. 
 Further, Demandware hereby releases in full the
pledge agreement dated May 6, 2005 between you and Demandware. 
 Please countersign where indicated below to indicate your acknowledgement
of these terms. 
  

	
	Very truly yours,
	
	 /s/ Scott Dussault

	Scott Dussault
	Chief Financial Officer

  

			
	Countersigned:	 	 /s/ Wayne Whitcomb

		 	Wayne WhitcombRestricted Stock Agreement with Wayne Whitcomb

 Exhibit 10.12 
 Restricted Stock Agreement 
 under the Demandware, Inc. 

2004 Stock Option and Grant Plan 
  

			
	 Name of Grantee:
	  	Wayne Whitcomb (the “Grantee”)
		
	 No. of Shares:
	  	300,000 Shares of Common Stock
		
	 Grant Date:
	  	May 6, 2005 (the “Grant Date”)
		
	 Vesting Reference Date:
	  	August 4, 2004 (the “Vesting Reference Date”)
		
	 Per Share Purchase Price:
	  	$.20 (the “Per Share Purchase Price”)

 Pursuant to the Demandware, Inc. 2004 Stock Option and Grant Plan (the “Plan”), Demandware,
Inc., a Delaware corporation (together with its successors, the “Company”), hereby grants, sells and issues to the individual named above, who is an officer, employee, director, consultant or other key person of the Company or any of the
Subsidiaries, the Shares (as defined below) at the Per Share Purchase Price, which represents the fair market value per share on the Grant Date, subject to the terms and conditions set forth herein and in the Plan. The Grantee agrees to the
provisions set forth herein and acknowledges that each such provision is a material condition of the Company’s agreement to issue and sell the Shares to him or her. The Company hereby acknowledges receipt of $60,000.00 in full payment for the
Shares. All references to share prices and amounts herein shall be equitably adjusted to reflect stock splits, stock dividends, recapitalizations, mergers, reorganizations and similar changes affecting the capital stock of the Company, and any
shares of capital stock of the Company received on or in respect of Shares in connection with any such event (including any shares of capital stock or any right, option or warrant to receive the same or any security convertible into or exchangeable
for any such shares or received upon conversion of any such shares) shall be subject to this Agreement on the same basis and extent at the relevant time as the Shares in respect of which they were issued, and shall be deemed Shares as if and to the
same extent they were issued at the date hereof. The Grantee acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and accepts this Agreement subject to all of the terms and
provisions thereof. 
 1. Definitions. For the purposes of this Agreement, the following terms shall have the
following respective meanings. All capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Plan. 
 An “Affiliate” of any Person means a Person that directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with the first mentioned
Person. A Person shall be deemed to control another Person if such first Person possesses directly or indirectly the power to direct, or cause the direction of, the management 

 
and policies of the second Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Cause” shall mean a vote of the Board resolving that the Grantee should be dismissed as a result of: 

(i) dishonest acts of the Grantee with respect to the Company or any Affiliate of the Company; 

(ii) the commission by or indictment of the Grantee for (A) a felony or (B) any misdemeanor involving moral
turpitude, deceit, dishonesty or fraud (“indictment,” for these purposes, meaning an indictment, probable cause hearing or any other procedure pursuant to which an initial determination of probable or reasonable cause with respect to such
offense is made); 
 (iii) the Grantee’s breach of his duty of loyalty to the Company or any Affiliate of
the Company or any act or omission by the Grantee constituting unethical business practices; 
 (iv) failure to
perform to the reasonable judgment of the Board a material portion of the Grantee’s duties and responsibilities assigned or delegated to such Grantee, which failure continues, in the reasonable judgment of the Board, after written notice given
to the Grantee by the Board; 
 (v) gross negligence of the Grantee, including but not limited to continued
absences after written notice given to the Grantee by the Board; 
 (vi) willful misconduct or insubordination of
the Grantee with respect to the Company or any Affiliate of the Company, including but not limited to repeated unwarranted threats of resignation; or 
 (vii) breach by the Grantee of any of the Grantee’s material obligations under any noncompetition, nondisclosure and developments agreement executed by the Grantee in favor of the Company or any
Affiliate of the Company. 
 “Common Stock” shall mean the Company’s Common Stock, par value $0.001 per
share, together with any shares into which Common Stock may be converted or exchanged, as provided above and herein. 

“Permitted Transferees” shall mean any of the following to whom the Grantee may transfer Shares hereunder (as set forth
in Section 4): the Grantee’s spouse, children (natural or adopted), stepchildren or a trust for their sole benefit of which the Grantee is the settlor; provided, however, that any such trust does not require or permit
distribution of any Shares during the term of this Agreement unless subject to its terms. Upon the death of the Grantee (or a Permitted Transferee to whom shares have been transferred hereunder), the term Permitted Transferees shall also include
such deceased Grantee’s (or such deceased Permitted 

  
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Transferee’s) estate, executions, administrations, personal representations, heirs, legatees and distributees, as the case may be. 

“Person” shall mean any individual, corporation, partnership (limited or general), limited liability company, limited
liability partnership, association, trust, joint venture, unincorporated organization or any similar entity. 
 “Restricted Shares” shall initially mean all of the Shares being purchased by the Grantee on the date hereof, provided that: (a) twenty-five percent (25%) of the Shares
shall vest and become Vested Shares if the Grantee remains, and has continuously remained, an employee on the one (1) year anniversary of the Vesting Reference Date; and (b) one forty-eighth (l/48th) of the Shares shall vest and become Vested Shares at the end of
each month starting with the thirteenth (13th) month following the Vesting Reference Date if the Grantee
remains, and has continuously remained, an employee at the end of each such month. Notwithstanding the foregoing, in the event this Agreement is assumed or continued by the Company or its successor entity in the sole discretion of the parties to a
Sale Event and thereafter remains in effect following such Sale Event, then the vesting schedule of the Shares shall be accelerated by twelve (12) months upon the date on which the Grantee’s employment with the Company and its Subsidiaries
or successor entity terminates if (i) such termination occurs within twelve (12) months of such Sale Event and (ii) such termination is by the Company without Cause. 

“Sale Event” shall mean, regardless of form thereof, consummation of (i) the sale of all or substantially all of
the assets of the Company on a consolidated basis to an unrelated person or entity, (ii) a merger, reorganization or consolidation in which the outstanding shares of Stock are converted into or exchanged for securities of the successor entity
and the holders of the Company’s outstanding voting power immediately prior to such transaction do not own a majority of the outstanding voting power of the successor entity immediately upon completion of such transaction, (iii) the sale
of all or a majority of the outstanding capital stock of the Company to an unrelated person or entity or (iv) any other transaction in which the owners of the Company’s outstanding voting power immediately prior to such transaction do not
own at least a majority of the outstanding voting power of the successor entity immediately upon completion of the transaction; provided, however, that “Sale Event” shall not include any financing transaction of the Company (whether public
or private) that would otherwise be and/or trigger a “Sale Event” under (iii) and/or (iv) above. 

“Shares” shall mean the number of shares of Common Stock being purchased by the Grantee on the date hereof and any
additional shares of Common Stock or other securities received in respect of the Shares, as a dividend on, or otherwise on account of, the Shares. 
 “Termination Event” shall mean (a) the termination of the Grantee’s employment with the Company and its subsidiaries for any reason whatsoever, regardless of the circumstances
thereof, and including without limitation upon death, disability, retirement or discharge or resignation for any reason, whether voluntary or involuntary, or (b) a Sale Event in which this Agreement is not assumed or continued by the Company or
its successor entity in the sole discretion of the parties to a Sale Event. For purposes hereof, the Committee’s determination of the reason for termination of the Grantee’s employment shall be conclusive and

  
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binding on the Grantee and the Grantee’s representatives or legatees. Upon a Termination Event, the Grantee shall cease to vest in any Restricted Shares. 

“Vested Shares” shall mean all Shares which are not Restricted Shares. 

2. Purchase and Sale of Shares; Investment Representations. 

(a) Purchase and Sale. On the date hereof, the Company hereby sells to the Grantee, and the Grantee hereby purchases from the
Company, the number of Shares set forth above for the Per Share Purchase Price. 
 (b) Investment Representations. In
connection with the purchase and sale of the Shares contemplated by Section 2(a) above, the Grantee hereby represents and warrants to the Company as follows: 

(i) The Grantee is purchasing the Shares for the Grantee’s own account for investment only, and not for resale or
with a view to the distribution thereof. 
 (ii) The Grantee has had such an opportunity as he or she has deemed
adequate to obtain from the Company such information as is necessary to permit him or her to evaluate the merits and risks of the Grantee’s investment in the Company and has consulted with the Grantee’s own advisers with respect to the
Grantee’s investment in the Company. 
 (iii) The Grantee has sufficient experience in business, financial
and investment matters to be able to evaluate the risks involved in the purchase of the Shares and to make an informed investment decision with respect to such purchase. 

(iv) The Grantee can afford a complete loss of the value of the Shares and is able to bear the economic risk of holding
such Shares for an indefinite period. 
 (v) The Grantee understands that the Shares are not registered under the
Act (it being understood that the Shares are being issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or “blue sky” laws and may not be sold or otherwise transferred or disposed
of in the absence of an effective registration statement under the Act and under any applicable state securities or “blue sky” laws (or exemptions from the registration requirements thereof). The Grantee further acknowledges that
certificates representing the Shares will bear restrictive legends reflecting the foregoing. 
 3. Repurchase Right.

 (a) Repurchase. Upon the occurrence of a Termination Event, the Company or its assigns shall have the right and
option to repurchase all or any portion of the Restricted Shares held by the Grantee or any Permitted Transferee as of the date of such Termination Event. The purchase and sale arrangements contemplated by the preceding sentences of this
Section 3(a) are referred to herein as the “Repurchase.” 

  
 4 

 (b) Repurchase Price. The per share purchase price of the Restricted Shares subject
to the Repurchase (the “Repurchase Price”) shall be, subject to adjustment as provided above, the Per Share Purchase Price. 
 (c) Closing Procedure. The Company or its assigns shall effect the Repurchase (if so elected) by delivering or mailing to the Grantee (and/or, if applicable, any Permitted Transferees) written
notice within six (6) months after its receipt of notice of the Termination Event, specifying a date within such six-month period in which the Repurchase shall be effected. Upon such notification, the Grantee and any Permitted Transferees shall
promptly surrender to the Company any certificates representing the Restricted Shares being purchased, together with a duly executed stock power for the transfer of such Restricted Shares to the Company or the Company’s assignee or assignees.
Upon the Company’s or its assignee’s receipt of the certificates from the Grantee or any Permitted Transferees, the Company or its assignee or assignees shall deliver to him, her or them a check for the Repurchase Price of the Restricted
Shares being purchased, provided, however, that the Company may pay the Repurchase Price for such shares by offsetting and canceling any indebtedness then owed by the Grantee to the Company. At such time, the Grantee and/or any holder
of the Restricted Shares shall deliver to the Company the certificate or certificates representing the Restricted Shares so repurchased, duly endorsed for transfer, free and clear of any liens or encumbrances. The Repurchase right specified herein
shall survive and remain in effect as to Restricted Shares following and notwithstanding any public offering by or merger or other transaction involving the Company and certificates representing such Restricted Shares shall bear legends to such
effect, subject to Section 10(b) below. 
 4. Restrictions on Transfer of Shares. None of the Shares now
owned or hereafter acquired shall be sold, assigned, transferred, pledged, hypothecated, given away or in any other manner disposed of or encumbered, whether voluntarily or by operation of law, unless such transfer is in compliance with all
applicable securities laws (including, without limitation, the Act), and such disposition is in accordance with the terms and conditions of this Section 4 and such disposition does not cause the Company to become subject to the reporting
requirements of the Securities Exchange Act of 1934, as amended. In connection with any transfer of Shares, the Company may require the transferor to provide at the Grantee’s own expense an opinion of counsel to the transferor, satisfactory to
the Company, that such transfer is in compliance with all foreign, federal and state securities laws (including, without limitation, the Act). Any attempted disposition of Shares not in accordance with the terms and conditions of this Section 4
shall be null and void, and the Company shall not reflect on its records any change in record ownership of any Shares as a result of any such disposition, shall otherwise refuse to recognize any such disposition and shall not in any way give effect
to any such disposition of any Shares. Subject to the foregoing general provisions, Shares may be transferred pursuant to the following specific terms and conditions: 
 (a) Transfers to Permitted Transferees. The Grantee (but not any transferee thereof) may sell, assign, transfer or give away any or all of the Shares to Permitted Transferees; provided,
however, that such Permitted Transferee(s) shall, as a condition to any such transfer, agree to be subject to the provisions of this Agreement (including, without limitation, the 

  
 5 

 
provisions of Section 3 and this Section 4) and shall have delivered a written acknowledgment to that effect to the Company. 

(b) Transfers Upon Death. Upon the death of the Grantee, all Shares shall be subject to the Repurchase and all Vested Shares shall
be and remain subject to Section 4(c), if applicable, and the Grantee’s estate, executors, administrators, personal representatives, heirs, legatees and distributees shall be obligated to convey such Shares to the Company or its assigns
under the terms contemplated hereby. 
 (c) Other Transfers; Notice; Right of First Refusal. In the event that the
Grantee (or any Permitted Transferee holding Shares subject to this Section 4(c)) desires to sell or otherwise transfer all or any part of the Vested Shares (but in no event Restricted Shares, which shall not be sold or transferred except as
contemplated by Section 3(a), 3(c) or 4(a) or (b)), the Grantee (or Permitted Transferee) first shall give written notice to the Company of the Grantee’s (or Permitted Transferee’s) intention to make such transfer. Such notice shall
state the number of Vested Shares which the Grantee (or Permitted Transferee) proposes to sell (the “Offered Shares”), the price and the terms at which the proposed sale is to be made and the name and address of the proposed transferee. At
any time within 10 days after the receipt of such notice by the Company, the Company or its assigns may elect to purchase all or any portion of the Offered Shares at the price and on the terms offered by the proposed transferee and specified in the
notice. The Company or its assigns shall exercise this right by mailing or delivering written notice to the Grantee (or Permitted Transferee) within the foregoing 10-day period. If the Company or its assigns elect to exercise its purchase rights
under this Section 4(c), the closing for such purchase shall, in any event, take place within 45 days after the receipt by the Company of the initial notice from the Grantee (or Permitted Transferee). In the event that the Company or its
assigns do not elect to exercise such purchase right, or in the event that the Company or its assigns do not pay the full purchase price within such 45-day period, the Grantee (or Permitted Transferee) may, within 60 days thereafter, sell the
Offered Shares to the proposed transferee and at the same price and on the same terms as specified in the Grantee’s (or Permitted Transferee’s) notice. Any Shares purchased by such proposed transferee shall no longer be subject to the
terms of this Agreement. Any Shares not sold to the proposed transferee shall remain subject to this Agreement. Notwithstanding the foregoing, the restrictions under this Section 4(c) shall terminate in accordance with Section 10(b).

 5. Drag Along Right. In the event the holders of a majority of the Company’s equity securities then
outstanding (the “Majority Shareholders”) determine to sell or otherwise dispose of all or substantially all of the assets of the Company or all or fifty percent (50%) or more of the capital stock of the Company in each case in a
transaction constituting a change in control of the Company, to any non-Affiliate(s) of the Company or any of the Majority Shareholders, or to cause the Company to merge with or into or consolidate with any non-Affiliate(s) of the Company or any of
the Majority Shareholders (in each case, the “Buyer”) in a bona fide negotiated transaction (a “Sale”), the Grantee, including any of his or her successors as contemplated herein, shall be obligated to and shall upon the
written request of the Majority Shareholders: (a) sell, transfer and deliver, or cause to be sold, transferred and delivered, to the Buyer, his or her Shares on substantially the same terms applicable to the Majority Shareholders (with
appropriate adjustments to reflect the conversion of convertible securities, the redemption 

  
 6 

 
of redeemable securities and the exercise of exercisable securities as well as the relative preferences and priorities of preferred stock); and (b) execute and deliver such instruments of
conveyance and transfer and take such other action, including voting such Shares in favor of any Sale proposed by the Majority Shareholders and executing any purchase agreements, merger agreements, indemnity agreements, escrow agreements or related
documents, as the Majority Shareholders or the Buyer may reasonably require in order to carry out the terms and provisions of this Section 5. The obligations under this Section 5 shall terminate in accordance with Section 10(b).

 6. Legend. Any certificate(s) representing the Shares shall carry substantially the following legend:

 “The transferability of this certificate and the shares of stock represented hereby are subject to the
restrictions, terms and conditions (including repurchase and restrictions against transfers) contained in a certain Restricted Stock Agreement dated May     , 2005 between the Company and the holder of this certificate (a
copy of which is available at the offices of the Company for examination). 
 “The shares represented by
this certificate have not been registered under the Securities Act of 1933 or the securities laws of any state. The shares may not be sold or transferred in the absence of such registration or an exemption from registration.” 

7. Escrow Arrangement. 
 (a) Escrow. In order to carry out the provisions of Sections 3, 4 and 5 of this Agreement more effectively, the Company shall hold the Shares in escrow together with separate stock powers executed
by the Grantee in blank for transfer, and any Permitted Transferee shall, as an additional condition to any transfer of Shares, execute a like stock power as to such Shares. The Company shall not dispose of the Shares except as otherwise provided in
this Agreement. In the event of any repurchase by the Company (or any of its assigns), the Company is hereby authorized by the Grantee and any Permitted Transferee, as the Grantee’s and each such Permitted Transferee’s attorney-in-fact, to
date and complete the stock powers necessary for the transfer of the Shares being purchased and to transfer such Shares in accordance with the terms hereof. At such time as any Shares are no longer subject to the Company’s repurchase, first
refusal and drag along rights, the Company shall, at the written request of the Grantee, deliver to the Grantee (or the relevant Permitted Transferee) a certificate representing such Shares with the balance of the Shares (if any) to be held in
escrow pursuant to this Section 7. 
 (b) Remedy. Without limitation of any other provision of this Agreement or
other rights, in the event that the Grantee, any Permitted Transferees or any other person or entity is required to sell the Grantee’s Shares pursuant to the provisions of Section 3, 4 and 5 of this Agreement and in the further event that
he or she refuses or for any reason fails to deliver to the designated purchaser of such Shares the certificate or certificates evidencing such Shares 

  
 7 

 
together with a related stock power, such designated purchaser may deposit the applicable purchase price for such Shares with a bank designated by the Company, or with the Company’s
independent public accounting firm, as agent or trustee, or in escrow, for the Grantee, any Permitted Transferees or other person or entity, to be held by such bank or accounting firm for the benefit of and for delivery to him, her, them or it,
and/or, in its discretion, pay such purchase price by offsetting any indebtedness then owed by the Grantee as provided above. Upon any such deposit and/or offset by the designated purchaser of such amount and upon notice to the person or entity who
was required to sell the Shares to be sold pursuant to the provisions of Section 3, 4 and 5, such Shares shall at such time be deemed to have been sold, assigned, transferred and conveyed to such purchaser, the holder thereof shall have no
further rights thereto (other than the right to withdraw the payment thereof held in escrow, if applicable), and the Company shall record such transfer in its stock transfer book or in any appropriate manner. 

8. Withholding Taxes. The Grantee acknowledges and agrees that the Company or any of its Subsidiaries have the right to
deduct from payments of any kind otherwise due to the Grantee, or from the Shares held pursuant to Section 7 hereof, the minimum federal, state or local taxes of any kind required by law to be withheld with respect to the purchase of the Shares
by the Grantee. In furtherance of the foregoing the Grantee agrees to elect, in accordance with Section 83(b) of the Internal Revenue Code of 1986, as amended, to recognize ordinary income in the year of acquisition of the Shares, and to pay to
the Company all withholding taxes shown as due on his or her Section 83(b) election form, or otherwise ultimately determined to be due with respect to such election, based on the excess, if any, of the fair market value of such Shares as of the
date of the purchase of such Shares by the Grantee over the purchase price for such Shares. 
 9. Assignment. At
the discretion of the Board, the Company shall have the right to assign the right to exercise its rights with respect to the Repurchase or pursuant to Section 4(c) to any Person or Persons, in whole or in part in any particular instance, upon
the same terms and conditions applicable to the exercise thereof by the Company, and such assignee or assignees of the Company shall then take and hold any Shares so acquired subject to such terms as may be specified by the Company in connection
with any such assignment. 
 10. Miscellaneous Provisions. 

(a) Lockup provision. The Grantee and each Permitted Transferee shall agree, if requested by the Company and any underwriter
engaged by the Company, not to sell or otherwise transfer or dispose of any securities of the Company (including, without limitation pursuant to Rule 144 under the Act (or any successor or similar exemptive rule hereafter in effect)) held by them
for such period following the effective date of any registration statement of the Company filed under the Act as the Company or such underwriter shall specify reasonably and in good faith, not to exceed 180 days in the case of the Company’s
Initial Public Offering or 90 days in the case of any other public offering. 
 (b) Termination. The restrictions on
transfer of Vested Shares under Section 4(c) and the Grantee’s Drag Along obligations under Section 5 shall terminate upon the closing of the Company’s Initial Public Offering or upon consummation of any Sale Event, in

  
 8 

 
either case as a result of which shares of the Company (or successor entity) of the same class as the Shares are registered under Section 12 of the Exchange Act of 1934 and publicly traded
on NASDAQ/NMS or any national security exchange; provided, however, that, unless provided for otherwise in this Agreement in connection with a Sale Event, all other provisions shall remain in effect following the same until all of the
Shares have become Vested Shares. 
 (c) Record Owner; Dividends. The Grantee and any Permitted Transferees, during the
duration of this Agreement, shall be considered the record owners of and shall be entitled to vote the Shares if and to the extent the Shares are entitled to voting rights. The Grantee and any Permitted Transferees shall be entitled to receive all
dividends and any other distributions declared on the Shares; provided, however, that the Company is under no duty to declare any such dividends or to make any such distribution. 

(d) Equitable Relief. The parties hereto agree and declare that legal remedies are inadequate to enforce the provisions of this
Agreement and that equitable relief, including specific performance and injunctive relief, may be used to enforce the provisions of this Agreement. 
 (e) Change and Modifications. This Agreement may not be orally changed, modified or terminated, nor shall any oral waiver of any of its terms be effective. This Agreement may be changed, modified
or terminated only by an agreement in writing signed by the Company and the Grantee. 
 (f) Governing Law. This Agreement
shall be governed by and construed in accordance with the laws of Delaware without regard to conflict of law principles. 
 (g)
Headings. The headings are intended only for convenience in finding the subject matter and do not constitute part of the text of this Agreement and shall not be considered in the interpretation of this Agreement. 

(h) Saving Clause. If any provision(s) of this Agreement shall be determined to be illegal or unenforceable, such determination
shall in no manner affect the legality or enforceability of any other provision hereof. 
 (i) Notices. All notices,
requests, consents and other communications shall be in writing and be deemed given when delivered personally, by telex or facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid. Notices to the
Company or the Grantee shall be addressed as set forth underneath their signatures below, or to such other address or addresses as may have been furnished by such party in writing to the other. Notices to any holder of the Shares other than the
Grantee shall be addressed to the address furnished by such holder to the Company. 
 (j) Benefit and Binding Effect.
This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, their respective successors, assigns, and legal representatives. Without limitation of the foregoing, upon any stock-for-stock merger in which the Company is
not the surviving entity, shares of the Company’s successor issued in respect of 

  
 9 

 
the Shares shall remain subject to vesting and the Repurchase right of first refusal hereunder. The Company has the right to assign this Agreement, and such assignee shall become entitled to all
the rights of the Company hereunder to the extent of such assignment. 
 (k) Counterparts. For the convenience of the
parties and to facilitate execution, this Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document. 

(1) Section 83(b) Election. The Grantee hereby acknowledges that he or she has been informed that, with respect to the
Shares, an election may be filed by the Grantee with the Internal Revenue Service, within 30 days of the purchase of the Shares, electing pursuant to Section 83(b) of the Code to be taxed currently on any difference between the purchase
price of the Shares and their Fair Market Value on the date of purchase. The Grantee is strongly encouraged to seek the advice of his or her own tax consultants in connection with the purchase of the Shares and the advisability of filing of the
Election under Section 83(b) of the Code. 
 THE GRANTEE ACKNOWLEDGES THAT IT IS THE GRANTEE’S SOLE RESPONSIBILITY AND
NOT THE COMPANY’S TO FILE TIMELY THE ELECTION UNDER SECTION 83(b), EVEN IF GRANTEE REQUESTS THE COMPANY OR ITS REPRESENTATIVE TO MAKE THIS FILING ON THE GRANTEE’S BEHALF. 

[SIGNATURE PAGE FOLLOWS] 

  
 10 

 IN WITNESS WHEREOF, the Company and the Grantee have executed this Restricted Stock
Agreement as of the date first above written. 
  

					
	COMPANY
	
	DEMANDWARE, INC.
		
	By:	 	 /s/ Craig Dynes

		 	Name:	 	CRAIG DYNES
		 	Title:	 	CFO
	
	GRANTEE:
	
	 /s/ Wayne
Whitcomb                                    
5/6/2005

	Name: Wayne Whitcomb
	
	Address:
	
	  

	
	  

	
	  

  
 11

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