Document:

Form of Restricted Stock Unit Award Grant Notice

 Exhibit 10.7 
 ELLIE MAE, INC. 
 2011 EQUITY INCENTIVE AWARD PLAN 

RESTRICTED STOCK UNIT AWARD GRANT NOTICE AND 
 RESTRICTED STOCK UNIT AWARD AGREEMENT 
 Ellie Mae, Inc., a Delaware
corporation, (the “Company”), pursuant to its 2011 Equity Incentive Award Plan, as amended from time to time (the “Plan”), hereby grants to the individual listed below (“Participant”), an award of
restricted stock units (“Restricted Stock Units” or “RSUs”). Each Restricted Stock Unit represents the right to receive one share of Common Stock upon vesting of such Restricted Stock Unit. This
award of Restricted Stock Units is subject to all of the terms and conditions as set forth herein and in the Restricted Stock Unit Award Agreement attached hereto as Exhibit A (the “Agreement”) and the Plan, each of which are
incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant Notice and the Agreement. 

 

			
	Participant’s Name:	  	 
		
	Participant’s Address:	  	 
		
		  	 
		
	Grant Date:	  	 
		
	Total Number of RSUs:	  	 
		
	Vesting Commencement Date:	  	 
	  
 Vesting Schedule:
	  	[To be indicated in individual grant notices]

 By his or her signature and the Company’s signature below, Participant agrees to be bound by the terms and conditions of the Plan, the Agreement and this Grant Notice. Participant has reviewed the
Agreement, the Plan and this Grant Notice in their entirety and fully understands all provisions of this Grant Notice, the Agreement and the Plan. Additionally, by signing below, Participant agrees that Participant has read, fully understands and
agrees to abide by the terms of the Company’s Insider Trading Policy and has read and fully understands the Plan Prospectus and Prospectus Supplement, if applicable, each of which is attached to this Grant Notice. In addition, by signing below,
Participant also agrees that the Company, in its sole discretion, may satisfy any withholding obligations in accordance with Section 2.6 of the Agreement by (i) withholding shares of Common Stock otherwise issuable to Participant upon
vesting of the RSUs, (ii) instructing a broker on Participant’s behalf to sell shares of Common Stock otherwise issuable to Participant upon vesting of the RSUs and submit the proceeds of such sale to the Company or (iii) using any
other method permitted by Section 2.6 of the Agreement or the Plan. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan or relating to
the RSUs. 
  

									
	ELLIE MAE, INC.:	 	 	 	PARTICIPANT:
					
	By:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Title:	 	 	 		 		 	
	Address:	 	 	 		 	Address:	 	 
		 	 	 		 		 	 

 EXHIBIT A 
 TO RESTRICTED STOCK UNIT AWARD GRANT NOTICE 
 RESTRICTED STOCK UNIT AWARD
AGREEMENT 
 Pursuant to the Restricted Stock Unit Award Grant Notice (the “Grant Notice”) to which this
Restricted Stock Unit Award Agreement (the “Agreement”) is attached, Ellie Mae, Inc., a Delaware corporation (the “Company”), has granted to Participant an award of restricted stock units (“Restricted
Stock Units” or “RSUs”) under the Company’s 2011 Equity Incentive Award Plan, as amended from time to time (the “Plan”). 

ARTICLE I 
 GENERAL 
 1.1 Defined Terms. Capitalized terms not specifically
defined herein shall have the meanings specified in the Plan and the Grant Notice. 
 1.2 General. Each Restricted Stock
Unit shall constitute a non-voting unit of measurement which is deemed for bookkeeping purposes to be equivalent to one outstanding share of the Company’s Common Stock (subject to adjustment as provided in Section 14.2 of the Plan) solely
for purposes of the Plan and this Agreement. The Restricted Stock Units shall be used solely as a device for the determination of the payment to eventually be made to the Participant if such Restricted Stock Units vest pursuant to Section 2.3.
The Restricted Stock Units shall not be treated as property or as a trust fund of any kind. 
 1.3 Incorporation of Terms of
Plan. RSUs are subject to the terms and conditions of the Plan which are incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control. 

ARTICLE II 
 GRANT OF RESTRICTED STOCK UNITS 
 1.4 Grant of RSUs. In
consideration of Participant’s past and/or continued employment with or service to the Company or a Subsidiary and for other good and valuable consideration, effective as of the Grant Date set forth in the Grant Notice (the “Grant
Date”), the Company grants to Participant an award of RSUs as set forth in the Grant Notice. 
 2.2 Company’s
Obligation to Pay. Each RSU has a value equal to the Fair Market Value of a share of Common Stock on the date it becomes vested. Unless and until the RSUs will have vested in the manner set forth in Article II hereof, Participant will have no
right to payment of any such RSUs. Prior to actual payment of any vested RSUs, such RSUs will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. 

2.3 Vesting Schedule. Subject to Section 2.4, the RSUs awarded by the Grant Notice will vest and become nonforfeitable with
respect to the applicable portion thereof according to the vesting schedule set forth on the Grant Notice to which this Agreement is attached (the “Vesting Schedule”), subject to Participant’s continued employment or services
through such dates, as a condition to the vesting of the applicable installment of the RSU and the rights and benefits under this Agreement. Unless 

  
 A-1

 
otherwise determined by the Administrator, partial employment or service, even if substantial, during any vesting period will not entitle the Participant to any proportionate vesting or avoid or
mitigate a termination of rights and benefits upon or following a Termination of Services as provided in Section 2.4 below or under the Plan. 
 2.4 Change in Control Treatment. In the event the successor corporation in a Change in Control refuses to assume or substitute for the RSUs in accordance with Section 14.2 of the Plan, the
RSUs will automatically vest in full as of immediately prior to the consummation of such Change in Control. 
 2.5
Forfeiture, Termination and Cancellation upon Termination of Services. Upon Participant’s Termination of Service for any or no reason, the then-unvested RSUs subject to this Agreement (after giving effect to any accelerated vesting
pursuant to Section 2.4) will thereupon be automatically forfeited, terminated and cancelled as of the applicable termination date without payment of any consideration by the Company, and Participant, or Participant’s beneficiary or
personal representative, as the case may be, shall have no further rights hereunder. 
 2.6 Payment after Vesting.

 (a) As soon as administratively practicable, and, in any event, within sixty
(60) days, following the vesting of any Restricted Stock Units pursuant to Section 2.3 or Section 3.2, the Company shall deliver to the Participant a number of shares of Common Stock (either by delivering one or more certificates for
such shares or by entering such shares in book entry form, as determined by the Company in its sole discretion) equal to the number of Restricted Stock Units subject to this award that vest on the applicable vesting date, unless such Restricted
Stock Units terminate prior to the given vesting date pursuant to Section 2.5, provided, that, in the event that the Restricted Stock Units constitute “nonqualified deferred compensation” within the meaning of Section 409A
(as defined below) then such Common Stock shall be delivered to the Participant on the thirtieth (30th) day following the vesting of the Restricted Stock Units. Notwithstanding the foregoing, in the event shares of Common Stock cannot be issued pursuant to Section 2.8(a), (b) or
(c) hereof, then the shares of Common Stock shall be issued pursuant to the preceding sentence as soon as administratively practicable after the Administrator determines that shares of Common Stock can again be issued in accordance with
Sections 2.8(a), (b) and (c) hereof. Notwithstanding any discretion in the Plan, the Grant Notice or this Agreement to the contrary, upon vesting of the RSUs, shares of Common Stock will be issued as set forth in this section. In no event
will the RSUs be paid to Participant in the form of cash. 
 (b) Notwithstanding anything to the contrary in this
Agreement, the Company shall be entitled to require payment by Participant of any sums required by applicable law to be withheld with respect to the grant of RSUs or the issuance of shares of Common Stock. Such payment shall be made by deduction
from other compensation payable to Participant or in such other form of consideration acceptable to the Company which may, in the sole discretion of the Company, include: 

(1) Cash or check; 
 (2) Surrender of shares of Common Stock (including, without limitation, shares of Common Stock otherwise issuable under the RSUs) held for such period of time as may be required by the Administrator in
order to avoid adverse accounting consequences and having a Fair Market Value on the date of delivery equal to the minimum amount required to be withheld by statute; or 

(3) Other property acceptable to the Company in its sole discretion (including, without limitation, through the delivery
of a notice that the Participant has placed a market sell 

  
 A-2

 
order with a broker with respect to shares of Common Stock then issuable under the RSUs, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the
Company in satisfaction of its withholding obligations; provided that payment of such proceeds is then made to the Company upon settlement of such sale). 
 The Company shall not be obligated to deliver any new certificate representing shares of Common Stock to Participant or Participant’s legal representative or enter such share of Common Stock in book
entry form unless and until Participant or Participant’s legal representative shall have paid or otherwise satisfied in full the amount of all federal, state and local taxes applicable to the taxable income of Participant resulting from the
grant of the RSUs or the issuance of shares of Common Stock. 
 2.7 Rights as Stockholder. The holder of the RSUs shall
not be, nor have any of the rights or privileges of, a stockholder of the Company, including, without limitation, any dividend rights and voting rights, in respect of the RSUs and any shares of Common Stock underlying the RSUs and deliverable
hereunder unless and until such shares of Common Stock shall have been actually issued by the Company and held of record by such holder (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the
Company). No adjustment will be made for a dividend or other right for which the record date is prior to the date the shares of Common Stock are issued, except as provided in Section 14.2 of the Plan. 

2.8 Conditions to Delivery of Common Stock. Subject to Section 11.4 of the Plan, the shares of Common Stock deliverable
hereunder, or any portion thereof, may be either previously authorized but unissued shares of Common Stock or issued shares of Common Stock which have then been reacquired by the Company. Such shares of Common Stock shall be fully paid and
nonassessable. The Company shall not be required to issue or deliver any shares of Common Stock deliverable hereunder or portion thereof prior to fulfillment of all of the following conditions: 

(a) The admission of such shares of Common Stock to listing on all stock exchanges on which such Common Stock is then
listed; 
 (b) The completion of any registration or other qualification of such shares of Common Stock under any
state or federal law or under rulings or regulations of the Securities and Exchange Commission or of any other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable; 

(c) The obtaining of any approval or other clearance from any state or federal governmental agency which the Administrator
shall, in its absolute discretion, determine to be necessary or advisable; 
 (d) The receipt by the Company of
full payment for such shares of Common Stock, including payment of any applicable withholding tax, which may be in one or more of the forms of consideration permitted under Section 2.6 hereof; and 

(e) The lapse of such reasonable period of time following the vesting of any Restricted Stock Units as the Administrator
may from time to time establish for reasons of administrative convenience. 

  
 A-3

 ARTICLE III 

OTHER PROVISIONS 
 3.1 Administration. The Administrator shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are
consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon Participant, the Company and all other
interested persons. No member of the Committee or the Board shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, this Agreement or the RSUs. 

3.2 Adjustments Upon Specified Events. The Administrator may accelerate payment and vesting of the Restricted Stock Units in such
circumstances as it, in its sole discretion, may determine. In addition, upon the occurrence of certain events relating to the Common Stock contemplated by Section 14.2 of the Plan (including, without limitation, an extraordinary cash dividend
on such Common Stock), the Administrator shall make such adjustments the Administrator deems appropriate in the number of Restricted Stock Units then outstanding and the number and kind of securities that may be issued in respect of the Restricted
Stock Units. The Participant acknowledges that the RSUs are subject to modification and termination in certain events as provided in this Agreement and Article 14 of the Plan. 
 3.3 Grant is Not Transferable. During the lifetime of Participant, this grant and the rights and privileges conferred hereby will not be transferred, assigned, pledged or hypothecated in any way
(whether by operation of law or otherwise) and will not be subject to sale under execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of the RSUs, or any right or privilege
conferred hereby, or upon any attempted sale under any execution, attachment or similar process, the RSUs and the rights and privileges conferred hereby immediately will become null and void. Notwithstanding anything herein to the contrary, this
Section 3.3 shall not prevent transfers by will or applicable laws of descent and distribution. 
 3.4 Binding
Agreement. Subject to the limitation on the transferability of the RSUs contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

 3.5 Notices. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company
in care of the Chief Financial Officer, Controller or Secretary of the Company at the Company’s principal office, and any notice to be given to Participant shall be addressed to Participant at the Participant’s last address reflected on
the Company’s records. By a notice given pursuant to this Section 3.5, either party may hereafter designate a different address for notices to be given to that party. Any notice shall be deemed duly given when sent via email or when sent
by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service. 

3.6 Titles. Titles provided herein are for convenience only and are not to serve as a basis for interpretation or construction of
this Agreement. 
 3.7 Governing Law; Severability. The laws of the State of Delaware shall govern the interpretation,
validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws. 

  
 A-4

 3.8 Conformity to Securities Laws. Participant acknowledges that the Plan and this
Agreement are intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities
laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the RSUs are granted, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the
Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. 
 3.9
Amendments, Suspension and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Committee or the Board,
provided, that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely effect the RSUs in any material way without the prior written consent of the Participant.

 3.10 Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple
assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth in Sections 3.2 and 3.3 hereof, this Agreement shall be binding upon Participant and his
or her heirs, executors, administrators, successors and assigns. 
 3.11 Limitations Applicable to Section 16
Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the RSUs and this Agreement shall be subject to any additional limitations set forth in any
applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, this
Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 
 3.12 Not a
Contract of Employment. Nothing in this Agreement or in the Plan shall confer upon the Participant any right to continue to serve as an employee or other service provider of the Company or any of its Subsidiaries. 

3.13 Entire Agreement. The Plan, the Grant Notice and this Agreement constitute the entire agreement of the parties and supersede
in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof. 
 3.14 Section 409A. The RSUs are not intended to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code (together with any Department of
Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the date hereof, “Section 409A”). However, notwithstanding any
other provision of the Plan, the Grant Notice or this Agreement, if at any time the Administrator determines that the RSUs (or any portion thereof) may be subject to Section 409A, the Administrator shall have the right in its sole discretion
(without any obligation to do so or to indemnify Participant or any other person for failure to do so) to adopt such amendments to the Plan, this Agreement or the Grant Notice or adopt other policies and procedures (including amendments, policies
and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate either for the RSUs to be exempt from the application of Section 409A or to comply with the requirements of
Section 409A. 

  
 A-5

 3.15 Limitation on Participant’s Rights. Participation in the Plan confers no
rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in
and of itself, has any assets. The Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs, and rights no greater than the right to
receive the Common Stock as a general unsecured creditor with respect to RSUs, as and when payable hereunder. 

  
 A-6Ellie Mae, Inc. Employee Stock Purchase Plan

 Exhibit 10.8 
 ELLIE MAE, INC. 
 EMPLOYEE STOCK PURCHASE PLAN 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	Section 1.	  	Establishment of the Plan	  	 	1	  
			
	Section 2.	  	Definitions	  	 	1	  
			
	Section 3.	  	Shares Authorized	  	 	3	  
			
	Section 4.	  	Administration	  	 	3	  
			
	Section 5.	  	Eligibility and Participation	  	 	4	  
			
	Section 6.	  	Purchase Price	  	 	5	  
			
	Section 7.	  	Employee Contributions	  	 	5	  
			
	Section 8.	  	Plan Accounts; Purchase of Shares	  	 	5	  
			
	Section 9.	  	Withdrawal From the Plan	  	 	6	  
			
	Section 10.	  	Effect of Termination of Employment or Death	  	 	6	  
			
	Section 11.	  	Rights Not Transferable	  	 	7	  
			
	Section 12.	  	Recapitalization, Etc.	  	 	7	  
			
	Section 13.	  	Limitation on Stock Ownership	  	 	8	  
			
	Section 14.	  	No Rights as an Employee	  	 	8	  
			
	Section 15.	  	Rights as a Stockholder	  	 	8	  
			
	Section 16.	  	Use of Funds	  	 	8	  
			
	Section 17.	  	Amendment or Termination of the Plan	  	 	8	  
			
	Section 18.	  	Governing Law	  	 	8	  
			
	Section 19.	  	Stockholder Approval	  	 	9	  
			
	Section 20.	  	Equal Rights and Privileges	  	 	9	  

  
 i 

 ELLIE MAE, INC. 

EMPLOYEE STOCK PURCHASE PLAN 
 Section 1. Establishment of the Plan. 
 The Ellie Mae, Inc.
Employee Stock Purchase Plan (the “Plan”) provides Eligible Employees with an opportunity to purchase the Company’s common stock so that they may increase their proprietary interest in the success of the Company. The Plan,
which provides for the purchase of stock through payroll withholding, is intended to qualify under Section 423 of the Code. 
 Section 2. Definitions. 
 (a) “Board” means the
Board of Directors of the Company. 
 (b) “Code” means the Internal Revenue Code of 1986, as amended from time
to time. 
 (c) “Company” means Ellie Mae, Inc., a Delaware corporation. 

(d) “Company Affiliate” means any company which is either the parent corporation of the Company (as determined in
accordance with Section 424 of the Code) or a Subsidiary. 
 (e) “Compensation” means the cash
remuneration paid to a Participant during a Purchase Period that is reported on Form W-2 for federal income tax purposes (including salary deferrals to the Company’s 401(k) retirement savings plan and contributions to any Code
Section 125 plan adopted by the Company). Compensation shall include overtime and shift differential payments, incentive compensation, commissions, profit sharing payments and bonuses. Notwithstanding the foregoing, Compensation shall exclude
any special payments (e.g., moving or auto allowances, educational reimbursements, welfare benefits, amounts realized from the exercise, sale exchange or other disposition of any stock option and premiums for life and disability insurance).

 (f) “Date of Exercise” means the last trading day of each Purchase Period. 

(g) “Eligible Employee” means any Employee of a Participating Company (i) who is customarily employed for at least
twenty (20) hours per week, (ii) who is customarily employed for more than five (5) months per calendar year, and (iii) who is an Employee at the commencement of a Purchase Period. 

In the event an Eligible Employee fails to remain in the continuous employ of a Participating Company customarily for at least twenty
(20) hours per week during a Purchase Period, he or she will be deemed to have elected to withdraw from the Plan and the payroll deductions credited to his or her account will be returned to him or her; provided that a Participant who goes on
an unpaid leave of absence shall be permitted to remain in the Plan during such leave of absence. Notwithstanding the preceding sentence, if such Participant is not 

  
 1 

 
guaranteed reemployment by contract or statute and the leave of absence extends beyond ninety (90) days, such Participant shall be deemed to have terminated employment for purposes of the
Plan on the ninety-first (91st) day of such leave of absence. Payroll deductions for a Participant who has been on an unpaid leave of absence will resume at the same rate as in effect prior to such leave upon return to work unless changed by
such Participant. 
 (h) “Employee” means any person who renders services to a Participating Company in the
status of an employee within the meaning of Code Section 3401(c). “Employee” shall not include any Board member of a Participating Company who does not render services to the Participating Company in the status of an employee within
the meaning of Code Section 3401(c). 
 (i) “Fair Market Value” shall mean, as of any given date, the
value of a share of Stock determined as follows: 
 (A) If the Stock is listed on any established stock exchange (such as the
New York Stock Exchange, the NASDAQ Global Market and the NASDAQ Global Select Market) or national market system, its Fair Market Value shall be the closing sales price for a share of Stock as quoted on such exchange or system for such date or, if
there is no closing sales price for a share of Stock on the date in question, the closing sales price for a share of Stock on the last preceding date for which such quotation exists, as reported in The Wall Street Journal or such other source
as the Plan Administrator deems reliable; 
 (B) If the Stock is not listed on an established stock exchange or national market
system, but the Stock is regularly quoted by a recognized securities dealer, its Fair Market Value shall be the mean of the high bid and low asked prices for such date or, if there are no high bid and low asked prices for a share of Stock on such
date, the high bid and low asked prices for a share of Stock on the last preceding date for which such information exists, as reported in The Wall Street Journal or such other source as the Plan Administrator deems reliable; or 

(C) If the Stock is neither listed on an established stock exchange or a national market system nor regularly quoted by a recognized
securities dealer, its Fair Market Value shall be established by the Plan Administrator in good faith. 
 (j)
“Participant” means an Eligible Employee who elects to participate in the Plan, as provided in Section 5 hereof. 
 (k) “Participating Company” means the Company and such present or future Subsidiaries of the Company as the Board shall from time to time designate. 

(l) “Plan Account” means the account established for each Participant pursuant to Section 8(a). 

(m) “Plan Administrator” means the committee appointed by the Board to administer the Plan pursuant to Section 4.

  
 2 

 (n) “Purchase Period” shall mean that period of time
commencing on the closing of the initial public offering of the Stock and ending on September 30, 2011 and the six month periods commencing on each October 1st and each April 1st thereafter. The duration and timing of Purchase Periods may be changed by the Plan Administrator, in its sole
discretion. In no event may a Purchase Period exceed twenty-seven (27) months in length. 
 (o) “Purchase
Price” means the price at which Participants may purchase Stock under Section 8 of the Plan, as determined pursuant to Section 6. 
 (p) “Stock” means the common stock, par value $0.0001, of the Company. 
 (q) “Stock Administrator” means the Company’s Stock Administration Department or such other person(s) as may be retained by the Company to perform or otherwise be delegated some or
all of the duties of the Stock Administrator under this Plan. 
 (r) “Subsidiary” means a subsidiary
corporation as defined in Section 424(f) of the Code. 
 Section 3. Shares Authorized. 

Subject to adjustment as provided in Section 12 hereof, the maximum aggregate number of shares which may be issued under the Plan is
the sum of (a) two million (2,000,000) shares of Stock and (b) an annual increase on the first day of each year beginning in 2012 and ending in 2021, equal to the least of (i) five million (5,000,000) shares of Stock,
(ii) one percent (1%) of the shares of Stock outstanding (on an as converted basis) on the last day of the immediately preceding fiscal year and (iii) such smaller number of shares of Stock as determined by the Board, which may be
either authorized but unissued Stock or reacquired Stock, including shares of Stock purchased on the open market. 

Section 4. Administration. 
 (a) Except as otherwise provided herein, the Plan shall be administered by the Board or by a committee (the “Plan Administrator”) appointed by the Board which shall consist of not less
than two members of the Board. References in this Plan to the “Plan Administrator” shall mean the Board if no Plan Administrator has been appointed. The interpretation and construction by the Plan Administrator of any provision of the Plan
or of any right to purchase stock qualified hereunder shall be conclusive and binding on all persons. 
 (b) No member of the
Board or the Plan Administrator shall be liable for any action or determination made in good faith with respect to the Plan or the right to purchase Stock hereunder. The Plan Administrator shall be indemnified by the Company against the reasonable
expenses, including attorney’s fees actually and necessarily incurred in connection with the defense of any action, suit or proceeding, or in connection with any appeal therein, to which it may be a party by reason of any action taken or
failure to act under or in connection with the Plan or any stock purchased thereunder, and against all amounts paid by it in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by it
in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that the Plan 

  
 3 

 
Administrator is liable for negligence or misconduct in the performance of its duties; provided that within sixty (60) days after institution of any such action, suit or proceeding, the Plan
Administrator shall in writing offer the Company the opportunity, at its own expense, to handle and defend the same. 
 (c) All
costs and expenses incurred in administering the Plan shall be paid by the Company. The Board or the Plan Administrator may request advice for assistance or employ such other persons as are necessary for proper administration of the Plan.

 (d) At the discretion of the Plan Administrator, the Stock Administrator or such persons providing advice or assistance
pursuant to Section 4(c), any elections, submission or filings made under the Plan by Eligible Employees and/or any statements or notices provided under the Plan to Eligible Employees in each case may be made electronically or through such
“paperless” means as the Plan Administrator, the Stock Administrator or such persons may determine appropriate. 

Section 5. Eligibility and Participation. 
 (a) Any person who qualifies or will qualify as an Eligible Employee on the first day of a Purchase Period may elect to participate in the Plan for such Purchase Period. An Eligible Employee may elect to
participate by submitting the prescribed enrollment form. The enrollment form shall be filed with the Stock Administrator no later than the filing deadline imposed and communicated to Eligible Employees with respect to the Purchase Period for which
such enrollment form is intended to be effective by the Stock Administrator, and if none is so imposed and/or communicated, then no later than five (5) days before the Purchase Period for which such enrollment form is intended to be effective.
The Eligible Employee shall designate on the enrollment form the percentage of his or her Compensation which he or she elects to have withheld for the purchase of Stock, which may be any whole percentage from 1 to 15% of the Participant’s
compensation. 
 (b) By enrolling in the Plan, a Participant shall be deemed to have been granted an option on the first day of
each Purchase Period for which he or she is enrolled to purchase the maximum number of whole shares of Stock which can be purchased with the amount of the Participant’s Compensation which is withheld during the Purchase Period for which the
Participation is enrolled. However, with respect to any Purchase Period, no Participant shall be eligible to purchase more than 3,000 shares of Stock provided that such amount shall not result in the limitations set forth in Section 13 being
exceeded. Notwithstanding the foregoing, the Plan Administrator, or a committee appointed by the Plan Administrator, which committee may be comprised solely of employees of the Company, shall have the right to amend the limit set forth in this
Section 5(b); provided, however, that in no event shall the limit exceed 3,000 shares of Stock per Purchase Period or the limitations set forth in Section 13. 
 (c) Once enrolled, a Participant will continue to participate in the Plan for each succeeding Purchase Period until he or she terminates participation or ceases to qualify as an Eligible Employee. A
Participant who withdraws from the Plan in accordance with Section 9 

  
 4 

 
may again become a Participant in a subsequent Purchase Period, if he or she then is an Eligible Employee, by following the procedure described in Section 5(a). 

Section 6. Purchase Price. 
 The Purchase Price for each share of Stock shall be the lesser of (a) eighty-five percent (85%) of the Fair Market Value of such share on the first trading day of an applicable Purchase Period
or (b) eighty-five percent (85%) of the Fair Market Value of such share on the Date of Exercise for an applicable Purchase Period. 
 Section 7. Employee Contributions. 
 A Participant may purchase
shares of Stock solely by means of payroll deductions. Payroll deductions, as designated by the Participant pursuant to Section 5(a), shall commence with the first paycheck issued during the Purchase Period and shall be deducted from each
subsequent paycheck throughout the Purchase Period; provided, however, that, with respect to a Participant, the Company shall be entitled to discontinue payroll deductions for such Participant during a Purchase Period to the extent that the Company
determines that the payroll deductions for such Participant during such Purchase Period will cause the Participant to exceed the limitations set forth in Sections 5 or 13; provided, further, that the Company will recommence payroll deductions for
such Participant on the first day of the next Purchase Period to the extent the limitation set forth in Section 13 has not been exceeded. If a Participant desires to decrease the rate of payroll withholding during a Purchase Period, he or she
may do so one time during a Purchase Period by submitting the prescribed percentage change form with the Stock Administrator. Such decrease will be effective no later than the first day of the second payroll period which begins following the receipt
of the new percentage change form. If a Participant desires to increase or decrease the rate of payroll withholding, he or she may do so effective for the next Purchase Period by submitting a new percentage change form with the Stock Administrator
on or before the date imposed and communicated to Eligible Employees by the Stock Administrator, and if none is so imposed and/or communicated, then no later than five (5) days before the Purchase Period for which such change is to be
effective. 
 Section 8. Plan Accounts; Purchase of Shares. 

(a) The Company will maintain a Plan Account on its books in the name of each Participant. At the close of each pay period, the amount
deducted from the Participant’s Compensation will be credited to the Participant’s Plan Account. 
 (b) As of each
Date of Exercise, the amount then in the Participant’s Plan Account will be divided by the Purchase Price, and the number of whole shares which results (subject to the limitations described in Sections 5(b), 8(c) and 13) shall be purchased from
the Company with the funds in the Participant’s Plan Account. The number of shares of Stock so purchased shall be delivered to a brokerage account designated by the Plan Administrator and kept in such account pursuant to the enrollment form
(which shall be uniform) between each Participant and the Company and subject to the conditions described therein (which may include, without limitation, restrictions on transferability of the shares of Stock so purchased). 

  
 5 

 (c) In the event that the aggregate number of shares which all Participants elect to
purchase during a Purchase Period shall exceed the number of shares remaining available for issuance under the Plan, then the number of shares to which each Participant shall become entitled shall be determined by multiplying the number of shares
available for issuance by a fraction the numerator of which is the sum of the number of shares the Participant has elected to purchase pursuant to Section 5, and the denominator of which is the sum of the number of shares which all employees
have elected to purchase pursuant to Section 5. Any cash amount remaining in the Participant’s Plan Account under these circumstances shall be refunded to the Participant. 

(d) Any amount remaining in the Participant’s Plan Account caused by a surplus due to fractional shares after deducting the amount
of the Purchase Price for the number of whole shares issued to the Participant shall be carried over in the Participant’s Plan Account for the succeeding Purchase Period, without interest. Any amount remaining in the Participant’s Plan
Account caused by anything other than a surplus due to fractional shares shall be refunded to the Participant in cash, without interest. 
 (e) Unless otherwise determined by the Plan Administrator, as soon as practicable following the end of each Purchase Period, the Company shall deliver to each Participant a Plan Account statement setting
forth the amount of payroll deductions, the Purchase Price, the number of shares purchased and the remaining cash balance, if any. 
 Section 9. Withdrawal From the Plan. 
 A Participant may elect
to withdraw from participation under the Plan at any time up to the last day of a Purchase Period by submitting the prescribed withdrawal form with the Stock Administrator. As soon as practicable after a withdrawal, payroll deductions shall cease
and all amounts credited to the Participant’s Plan Account will be refunded in cash, without interest. A Participant who has withdrawn from the Plan shall not be a Participant in future Purchase Periods, unless he or she again enrolls in
accordance with the provisions of Section 5. 
 Section 10. Effect of Termination of Employment or
Death. 
 (a) Termination of employment as an Eligible Employee for any reason, including death, shall be treated as an
automatic withdrawal from the Plan under Section 9. A transfer from one Participating Company to another shall not be treated as a termination of employment. 
 (b) A Participant may file a written designation of a beneficiary who is to receive any shares and cash, if any, from the Participant’s Account under the Plan in the event of such Participant’s
death subsequent to the purchase of shares but prior to delivery to him or her of such shares and cash. In addition, a Participant may file a written designation of a beneficiary who is to receive any cash from the Participant’s Account under
the Plan in the event of such Participant’s death prior to the last day of a Purchase Period. 
 (c) Such designation of
beneficiary may be changed by the Participant at any time by submitting the prescribed designation of beneficiary change form with the Stock 

  
 6 

 
Administrator. In the event of the death of a Participant in the absence of a valid designation of a beneficiary who is living at the time of such Participant’s death, the Company shall
deliver such shares and/or cash to the executor or administrator of the estate of the Participant; or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares
and/or cash to the spouse or to any one or more dependents or relatives of the Participant; or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 

Section 11. Rights Not Transferable. 
 The rights or interests of any Participant in the Plan, or in any Stock or moneys to which he or she may be entitled under the Plan, shall not be transferable by voluntary or involuntary assignment or by
operation of law, or by any other manner other than as permitted by will or the laws of descent and distribution, and during the Participant’s lifetime, purchase rights in the Plan shall be exercisable only by the Participant. If a Participant
in any manner attempts to transfer, assign or otherwise encumber his or her rights or interest under the Plan, other than as permitted by will or the laws of descent and distribution, such act shall be treated as an automatic withdrawal under
Section 9. 
 Section 12. Recapitalization, Etc. 

(a) The aggregate number of shares of Stock offered under the Plan, the number and price of shares which any Participant has elected to
purchase pursuant to Section 5 and the maximum number of shares which a Participant may elect to purchase under the Plan in any Purchase Period shall be proportionately adjusted for any increase or decrease in the number of issued shares of
Stock resulting from a subdivision or consolidation of shares or any other capital adjustment, the payment of a stock dividend, or other increase or decrease in such shares affected without receipt of consideration by the Company. 

(b) In the event of a dissolution or liquidation of the Company, this Plan shall terminate, and all amounts which each Participant has
paid towards the Purchase Price of Stock hereunder shall be refunded, without interest. 
 (c) In the event of a sale of all or
substantially all of the assets of the Company, an acquisition of the Company or the merger of the Company with or into another corporation, each outstanding option under an ongoing Purchase Period shall be assumed or an equivalent option
substituted by the successor corporation or acquiror or a Parent or Subsidiary of the successor corporation or acquiror. In the event that the successor corporation or acquirer refuses to assume or substitute for the outstanding options under an
ongoing Purchase Period, the Purchase Period shall be shortened by setting a new Date of Exercise (the “New Exercise Date”). The New Exercise Date shall be before the date of the applicable transaction. The Company shall notify each
Participant in writing at least five (5) days prior to the New Exercise Date, that the Date of Exercise for the Purchase Period has been changed to the New Exercise Date and that the purchase shall automatically occur on the New Exercise Date,
unless prior to such date the Participant has withdrawn from the Purchase Period pursuant to Section 9. 

  
 7 

 (d) The Plan shall in no event be construed to restrict in any way the Company’s right
to undertake a dissolution, liquidation, merger, consolidation, reorganization or other corporate transaction. 

Section 13. Limitation on Stock Ownership. 
 Notwithstanding any provision herein to the contrary, no Participant shall be permitted to elect to participate in the Plan (i) if such Participant, immediately after his or her election to
participate, would own stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or any Company Affiliate, or (ii) if under the terms of the Plan the rights of the
Employee to purchase Stock under this Plan and all other qualified employee stock purchase plans of the Company or its Company Affiliates would accrue at a rate which exceeds twenty-five thousand dollars ($25,000) of Fair Market Value of such Stock
(determined at the time such right is granted) for each calendar year for which such right is outstanding at any time. For purposes of this Section, ownership of stock shall be determined by the attribution rules of Section 424(d) of the Code,
and Participants shall be considered to own any stock which they have a right to purchase under this or any other stock plan. 

Section 14. No Rights as an Employee. 
 Nothing in the Plan shall be construed to give any person the right to remain in the employ of a Participating Company. Each Participating Company reserves the right to terminate the employment of any
person at any time and for any reason. 
 Section 15. Rights as a Stockholder. 

A Participant shall have no rights as a stockholder with respect to any shares he or she may have a right to purchase under the Plan until
the date of issuance to the brokerage account designated by the Plan Administrator the shares of Stock issued pursuant to the Plan. 
 Section 16. Use of Funds. 
 All payroll deductions received or
held by the Company under the Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such payroll deductions in separate accounts. 

Section 17. Amendment or Termination of the Plan. 

Except as otherwise provided herein, the Board shall have the right to amend, modify or terminate the Plan at any time without notice. An
amendment of the Plan shall be subject to shareholder approval only to the extent required by applicable laws, regulations or rules. The Plan shall terminate upon the earlier of (i) such date as is determined by the Company in its sole
discretion or (ii) the date on which all shares available for issuance under the Plan shall have been sold pursuant to purchase rights exercised under the Plan. 
 Section 18. Governing Law. 

  
 8 

 The Plan shall be governed by, and construed and interpreted in accordance with, the laws of
the State of Delaware. 
 Section 19. Stockholder Approval. 

No purchase rights granted under the Plan shall be exercised, and no shares of Stock shall be issued hereunder, until such time as
(i) the Plan shall have been approved by the stockholders of the Company; and (ii) the Company shall have complied with all applicable requirements of the Securities Act of 1933, as amended (including the registration of the shares of
Stock issuable under the Plan on a Form S-8 registration statement filed with the Securities and Exchange Commission), all applicable listing requirements of any securities exchange on which the Stock is listed for trading and all other applicable
requirements established by law or regulation. Such stockholder approval shall be prior to the earlier to occur of: (a) the first Date of Exercise of the Plan and (b) the twelve (12) month anniversary of the adoption of the Plan,
provided, however, that such approval may not occur prior to twelve (12) months before the adoption of the Plan. In the event the Plan shall not have been approved by the stockholders of the Company prior to the first Date of Exercise of the
Plan, the Plan shall terminate and all purchase rights granted under the Plan shall be canceled and become null and void. 

Section 20. Equal Rights and Privileges. All Eligible Employees of the Company (or of any Subsidiary) will have equal
rights and privileges under this Plan so that this Plan qualifies as an “employee stock purchase plan” within the meaning of Section 423 of the Code or applicable Treasury regulations thereunder. Any provision of this Plan that is
inconsistent with Section 423 and the Treasury regulations and other guidance promulgated thereunder will, without further act or amendment by the Company, the Board or the Plan Administrator, be reformed to comply with the equal rights and
privileges requirement of Section 423 or such Treasury regulations or guidance. 

  
 9 

 To record the adoption of this Plan, the Company has caused its
authorized officer to execute the same this 14th day of
April, 2011. 
  

			
	Ellie Mae, Inc.
		
		 	/s/ Sigmund Anderman
	By:	 	Sigmund Anderman
	Its:	 	Chief Executive Officer

  
 10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}]]