Document:

EX-10.12

 Exhibit 10.12 
  

 
 May 29, 2018 
 Hayden
Brown 
 Re: Amended and Restated Offer Letter 
 Dear Hayden:

 This letter amends and restates your offer letter dated April 8, 2015, as amended June 29, 2015, December 24, 2015, February 10, 2017,
October 2, 2017 and February 7, 2018, in its entirety. On behalf of Upwork Inc. (the “Company”), I am pleased to confirm your continued full-time employment in the position of Senior Vice President, Product and Design reporting
to Stephane Kasriel. You will be based in Mountain View, but will be expected to travel to other locations as required. 
 The terms of our offer and the
benefits currently provided by the Company are as follows: 
 1. Position. This is a full-time position. While you render
services to the Company, you will not engage in any other employment, consulting or other business activity (whether full-time or part-time) that would create a conflict of interest with the Company. By signing this letter agreement, you confirm to
the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your duties for the Company. 

2. Cash Compensation. Effective May 1, 2018, your base salary will be at an annualized rate of $345,000 per year, payable in
accordance with the Company’s standard payroll schedule. The base salary will be subject to adjustment pursuant to the Company’s employee compensation policies in effect from time to time. 

3. Bonus. For 2018, you will be eligible to participate in the Company’s 2018 performance bonus plan (the “Bonus
Plan”), with a target bonus eligibility of 30% of the regular salary payments you earned during 2018, exclusive of any other earnings, such as bonus, premium, or pay during leave, meaning the bonus is effectively
pro-rated if you are on a leave of absence. Your bonus eligibility is subject to the terms of the Bonus Plan, which will be provided to you. 

4. Benefits. The Company currently has an unlimited time off policy, and you will be eligible to take time off work with pay in
accordance with the Company’s time off policies then in effect. You will also be eligible to participate in benefit plans established by the Company for its employees from time to time. 

5. Termination of Employment. You will be eligible to receive certain change in control and severance payments and benefits under a
Change in Control and Severance Agreement between you and the Company in substantially the form attached to this offer letter as Exhibit A. 

 

 
 6. At-Will Employment. Employment with the Company is for no
specific period of time. Your employment with the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. Any contrary representations, whether
written or oral, that may have been made to you are superseded by this letter agreement. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the
Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and the Company’s CEO. 

7. Confidentiality and Intellectual Property; Arbitration. By signing this letter agreement, you reaffirm the terms and conditions of the
Employee Invention Assignment and Confidentiality Agreement by and between you and the Company and the Upwork Inc. Employee Dispute Resolution Agreement by and between you and the Company. 

8. Former Employer or Third Party Information. You will not, at any time during your employment with the Company, improperly use, retain
or disclose any confidential or proprietary material of any former employer or other third party, whether or not it was created by you, or violate any other obligations, including non-compete provisions, you
may have to any former employer or other third party. You will disclose to the Company in writing any other gainful employment, business or activity that you are currently associated with or participate in that competes with the Company. 

9. Tax Matters. 
 a. Withholding. All forms
of compensation referred to in this letter agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law 

b. Tax Advice. You are encouraged to obtain your own tax advice regarding your compensation from the Company. You agree that the Company does not have
a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company or its Board of Directors related to tax liabilities arising from your compensation. 

[Remainder of page intentionally left blank.] 

 

 
 10. Entire Agreement. Except to the extent otherwise explicitly provided herein, this letter
agreement, and the agreements incorporated herein by reference, supersede and replace any prior agreements, representations or understandings (whether written, oral, implied or otherwise) between you and the Company and constitute the complete
agreement between you and the Company regarding the subject matter set forth herein. This letter agreement may not be amended or modified, except by an express written agreement signed by both you and a duly authorized officer of the Company other
than you. 
  

	
	On behalf of the Company,
	
	/s/ Stephane Kasriel
	Stephane Kasriel
	CEO

 I agree to and accept continued employment with Upwork Inc. on the terms and conditions set forth in this agreement. I
understand and agree that my employment with the Company is at will. 
  

	
	
	/s/ Hayden Brown
	Hayden Brown

 5/29/18 
 Today’s Date 

 

 
 EXHIBIT A 

Change in Control and Severance AgreementEX-10.13

 Exhibit 10.13 

February 25, 2015 
 Elizabeth Nelson 

Re: Elance-oDesk, Inc. Board of Directors 

Dear Betsey: 
 I speak both for myself and for
the Board of Directors, as well as the other management team members of Elance-oDesk, Inc. (the “Company”) you know, in saying how much we have all enjoyed working with you over the last few years. It is clear that your experience
and talent will be of enormous benefit to the Company. 
 On behalf of the Company, I am pleased to present you our offer to become a member
of the Company’s Board of Directors (the “Board”) and Chair of the Board’s Audit Committee. As a Board member, you will be responsible for attending in person or by telephone, all Board meetings and all meetings of Board
committees on which you sit, including all meetings of the Audit Committee. In addition, from time to time, we would like to have the benefit of your experience and insight regarding various Company-related matters. 

As a member of the Board and Chair of the Audit Committee, you will have the roles, responsibilities and fiduciary duties of a director as set
forth in applicable corporate law and the Company’s governing corporate documents, committee charters and policies, copies of which are available upon request. Your appointment to the Board is for an indefinite term, however you may be removed
from the Board at any time for any reason by the Board or stockholders of the Company, in accordance with applicable corporate law and the Company’s governing corporate documents. You agree that this letter does not create any employer/employee
relationship with the Company and that you will not be entitled to participate in any of the Company’s employee benefit plans, other than as provided in this letter. 

Upon your appointment to the Board, the Company agrees to recommend to the Board that you be granted a
non-qualified option to purchase up to 340,000 shares of the Company’s Common Stock (the “Option”).     The exercise price per share of the Option will be equal to the
fair market value per share on the date the Option is granted, as determined by the Board in good faith. There is no guarantee that the Internal Revenue Service will agree with this value. You should consult with your own tax advisor concerning the
tax consequences associated with accepting the Option. The Option will be subject to the terms and conditions of the Company’s 2014 Equity Incentive Plan (the “Plan”) and the applicable stock option agreement. The Option will
be immediately exercisable, however the shares issued upon exercise thereof will be subject 

 
Elizabeth Nelson 
 February 25, 2015 

Page 2 
  

 to the Company’s right of repurchase to the extent that any such shares remain unvested as of your last
date of Board service at the original exercise price that you paid. The Option will vest, so long as you serve as a director of the Company, with respect to 1/48th of the shares upon your completion of each month of Board service with the Company,
which vesting will commence with your first date of service as a director of the Company. In the event of an Acquisition (as defined in Section 14 of the Plan) while you are a Board member, the Option will become fully vested immediately with
respect to 100% of the shares issued or issuable thereunder as of immediately prior to the closing of the Acquisition. 
 The Company will
reimburse reasonable travel and other business expenses in connection with your duties as a Board member in accordance with the Company’s generally applicable policies. In addition, you will receive certain indemnification rights with respect
to your service as a Board member, provided that you execute the Company’s form of indemnification agreement. The Company currently maintains Directors & Officers insurance coverage from a reputable insurer. Details of such coverage
are available upon request. 
 In connection with your Board service, you will become privy to and in possession of technical, business, or
financial information, knowledge and/or data concerning or relating to the business or financial affairs of the Company, including (without limitation) the identity of and information relating to customers or employees and information the Company
has received and in the future will receive from third parties that is subject to a duty from the Company to maintain the confidentiality of such information and to use it only for certain limited purposes (collectively, “Confidential
Information”). To the extent such Confidential Information is not generally publicly known, or to the extent otherwise required by law, you agree not to use such Confidential Information (except in connection with your services as a
director of the Company) and to at all times keep confidential and not disclose, furnish or make assessable such Confidential Information to any third party and to take reasonable steps to maintain the confidential nature of such Confidential
Information.    When you cease to be a Board member, you must return all Confidential Information to the Company. 
 As
a precautionary matter and to avoid any conflicts of interest, we ask that while this letter is in effect that you do not provide advice to or otherwise provide services to any Company competitor. In addition, we ask that you inform the Company of
any potential, actual, direct or indirect conflict of interest that you think exists or may arise as a result of your relationship with Company, so that we may come to a quick and mutually agreeable resolution. By signing this letter you also
represent and warrant that neither this letter nor the performance thereof will conflict with or violate any obligation of yours or right of any third party, and further that you will not disclose any third party proprietary or confidential
information to the Company in connection with your Board services. 
 This letter will be governed by and construed under the laws of the
State of Delaware without regard to principles of conflicts of laws or choice of laws, and may be amended only by a written agreement of both you and the Company. The foregoing constitutes the complete agreement between us with respect to the
subject matter hereof and supersede in all respects all prior or contemporaneous proposals, negotiations, conversations, discussions and agreements between us. This letter may be executed in counterparts, each of which will be considered an
original, but all of which together will constitute one agreement. Execution of a facsimile copy will have the same force and effect as execution of an original, and a facsimile signature will be deemed an original and valid signature. 

  

 
Elizabeth Nelson 
 February 25, 2015 

Page 3 
  

 Betsey, I am excited about you joining our Board at a key time for the Company and look
forward to working with you to help make the Company truly great and prosperous. Please acknowledge your receipt of and agreement with this letter by signing and dating this letter and returning it to me. 

 

			
	Very truly yours,
	
	ELANCE-ODESK, INC.
		
	By:	 	 /s/ Fabio Rosati

	 Name: Fabio Rosati

	 Title: CEO

  

	
	ACCEPTED AND AGREED:
	
	 Elizabeth Nelson

	
	 /s/ Elizabeth Nelson

	Signature
	
	 3-1-15

	Date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}]]