Document:

EX-10.3

 Exhibit 10.3 
 THE SECURITIES REPRESENTED HEREBY (THE “WARRANTS”) WERE ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND THE WARRANTS MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS THEREOF.

 Opening Transaction 
  

			
	To:	  	 Cornerstone OnDemand, Inc.

1601 Cloverfield Blvd.
 Suite 620
South
 Santa Monica, CA 90404
 (310)
752-0200

		
	A/C:	  	[Insert Account Number]
		
	From:	  	[Dealer]
		
	Re:	  	[Base][Additional] Issuer Warrant Transaction
		
	Ref. No:	  	[Insert Reference Number]
		
	Date:	  	June 11, 2013

 Dear Ladies and Gentlemen: 
 The purpose of this communication (this “Confirmation”) is to set forth the terms and conditions of the above-referenced transaction entered into on the Trade Date specified below (the
“Transaction”) between [Dealer] (“Dealer”) and Cornerstone OnDemand, Inc. (“Issuer”). This communication constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified
below. 
 1. This Confirmation is subject to, and incorporates, the definitions and provisions of the 2006 ISDA Definitions (the
“2006 Definitions”) and the definitions and provisions of the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”, and together with the 2006 Definitions, the “Definitions”), in each
case as published by the International Swaps and Derivatives Association, Inc. (“ISDA”). In the event of any inconsistency between the 2006 Definitions and the Equity Definitions, the Equity Definitions will govern. For purposes of
the Equity Definitions, each reference herein to a Warrant shall be deemed to be a reference to a Call Option or an Option, as context requires. 
 Each party is hereby advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial transactions and has taken other material actions
in reliance upon the parties’ entry into the Transaction to which this Confirmation relates on the terms and conditions set forth below. 

 This Confirmation evidences a complete and binding agreement between Dealer and Issuer as to
the terms of the Transaction to which this Confirmation relates. This Confirmation shall be subject to an agreement (the “Agreement”) in the form of the 2002 ISDA Master Agreement as if Dealer and Issuer had executed an agreement in
such form on the date hereof (but without any Schedule except for (i) the election of US Dollars (“USD”) as the Termination Currency and (ii) the election that the “Cross Default” provisions of
Section 5(a)(vi) of the Agreement shall apply to Issuer (a) with a “Threshold Amount” of USD35 million applicable to Issuer and 2% of the Dealer’s ultimate parent’s shareholders equity applicable to Dealer, (b) the
phrase “or becoming capable at such time of being declared” shall be deleted from clause (1) of such Section 5(a)(vi)), and (c) the following language shall be added to the end thereof: “Notwithstanding the foregoing, a
default under subsection (2) hereof shall not constitute an Event of Default if (x) the default was caused solely by error or omission of an administrative or operational nature; (y) funds were available to enable the party to make
the payment when due; and (z) the payment is made within two Local Business Days of such party’s receipt of written notice of its failure to pay.” 
 All provisions contained in, or incorporated by reference to, the Agreement will govern this Confirmation except as expressly modified herein. In the event of any inconsistency between this Confirmation
and either the Definitions or the Agreement, this Confirmation shall govern. 
 The Transaction hereunder shall be the sole
Transaction under the Agreement. If there exists any ISDA Master Agreement between Dealer and Issuer or any confirmation or other agreement between Dealer and Issuer pursuant to which an ISDA Master Agreement is deemed to exist between Dealer and
Issuer, then notwithstanding anything to the contrary in such ISDA Master Agreement, such confirmation or agreement or any other agreement to which Dealer and Issuer are parties, the Transaction shall not be considered a Transaction under, or
otherwise governed by, such existing or deemed ISDA Master Agreement. 
 2. The Transaction is a Warrant Transaction, which
shall be considered a Share Option Transaction for purposes of the Equity Definitions. The terms of the particular Transaction to which this Confirmation relates are as follows: 
 General Terms: 
  

			
	Trade Date:	  	June 11, 2013
		
	Effective Date:	  	June 17, 2013, or such other date as agreed between the parties, subject to Section 8(k) below.
		
	Components:	  	The Transaction will be divided into individual Components, each with the terms set forth in this Confirmation, and, in particular, with the Number of Warrants and Expiration
Date set forth in this Confirmation. The payments and deliveries to be made upon settlement of the Transaction will be determined separately for each Component as if each Component were a separate Transaction under the Agreement.

  
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	Warrant Style:	  	European
		
	Warrant Type:	  	Call
		
	Seller:	  	Issuer
		
	Buyer:	  	Dealer
		
	Shares:	  	The Common Stock of Issuer, par value USD0.0001 (Ticker Symbol: “CSOD”).
		
	Number of Warrants:	  	For each Component, as provided in Annex A to this Confirmation.
		
	Warrant Entitlement:	  	One Share per Warrant
		
	Strike Price:	  	USD[             ]
		
	Number of Shares:	  	As of any date, a number of Shares equal to the product of the Number of Warrants and the Warrant Entitlement.
		
	Premium:	  	USD[             ]
		
	Premium Payment Date:	  	The Effective Date
		
	Exchange:	  	NASDAQ Global Select Market
		
	Related Exchange:	  	All Exchanges; provided that Section 1.26 of the Equity Definitions shall be amended to add the words “United States” before the word “exchange” in the
tenth line of such Section.

 Procedures for Exercise: 

 

			
	In respect of any Component:	  	
		
	Expiration Time:	  	Valuation Time
		
	Expiration Date:	  	As provided in Annex A to this Confirmation (or, if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day that is not already an Expiration
Date for another Component); provided that if that date is a Disrupted Day, the Expiration Date for such Component shall be the first succeeding Scheduled Trading Day that is not a Disrupted Day and is not or is not deemed to be an Expiration
Date in respect of any other Component of the

  
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		  	Transaction hereunder; and provided further that if the Expiration Date has not occurred pursuant to the preceding proviso as of the Final Disruption Date, the Calculation
Agent shall have the right to elect, in its reasonable discretion, that the Final Disruption Date shall be the Expiration Date (irrespective of whether such date is an Expiration Date in respect of any other Component for the Transaction) and,
notwithstanding anything to the contrary in this Confirmation or the Equity Definitions, the VWAP Price for such Expiration Date shall be the prevailing market value per Share determined by the Calculation Agent in a commercially reasonable manner.
Notwithstanding the foregoing and anything to the contrary in the Equity Definitions, if a Market Disruption Event occurs on any Expiration Date, the Calculation Agent may determine that such Expiration Date is a Disrupted Day only in part, in which
case the Calculation Agent shall make reasonable adjustments to the Number of Warrants for the relevant Component for which such day shall be the Expiration Date, shall designate the Scheduled Trading Day determined in the manner described in the
immediately preceding sentence as the Expiration Date for the remaining Warrants for such Component and may determine the VWAP Price based on transactions in the Shares on such Disrupted Day taking into account the nature and duration of such Market
Disruption Event on such day. Any Scheduled Trading Day on which, as of the date hereof, the Exchange is scheduled to close prior to its normal close of trading shall be deemed not to be a Scheduled Trading Day; if a closure of the Exchange prior to
its normal close of trading on any Scheduled Trading Day is scheduled following the date hereof, then such Scheduled Trading Day shall be deemed to be a Disrupted Day in full. Section 6.6 of the Equity Definitions shall not apply to any Valuation
Date occurring on an Expiration Date. “Final Disruption Date” means February 28, 2019.
		
	Market Disruption Event:	  	Section 6.3(a) of the Equity Definitions is hereby amended (A) by deleting the words “during the one hour period that ends at the relevant Valuation Time, Latest Exercise
Time, Knock-in Valuation Time or Knock-out Valuation Time, as the case may be,” in clause (ii) thereof and (B) by replacing the words “or (iii) an Early Closure.” therein with “(iii) an Early Closure, or (iv) a Regulatory
Disruption.”

  
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		  	Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time” in the fourth line
thereof.
		
	Regulatory Disruption:	  	Any event that Dealer, in its reasonable discretion, determines makes it appropriate, with regard to any legal, regulatory or self-regulatory requirements or related policies and
procedures generally applicable to transactions of the type of the Transactions contemplated hereby and consistently applied, for Dealer to refrain from or decrease any market activity in connection with the Transaction. Dealer shall notify Issuer
as soon as reasonably practicable (but in no event later than two Scheduled Trading Days after such Regulatory Disruption was invoked) that a Regulatory Disruption has occurred and the Expiration Dates affected by it.
		
	Automatic Exercise:	  	Applicable; and means that the Number of Warrants for the corresponding Expiration Date will be deemed to be automatically exercised at the Expiration Time on such Expiration
Date unless Dealer notifies Seller (by telephone or in writing) prior to the Expiration Time on such Expiration Date that it does not wish Automatic Exercise to occur, in which case Automatic Exercise will not apply to such Expiration
Date.
		
	Issuer’s Telephone Number and Telex and/or Facsimile Number and Contact Details for purpose	  	
	of Giving Notice:	  	As provided in Section 6(a) below.

 Settlement Terms: 
  

			
	 In respect of any Component:
	  	
		
	Settlement Currency:	  	USD
		
	Settlement Method Election:	  	Applicable; provided that:
		
		  	(i) Issuer may elect Cash Settlement only if, on or prior to the Settlement Method Election Date, Issuer delivers written notice to Dealer stating that Issuer has elected that
Cash Settlement apply with respect to every Component of the Transaction;
		
		  	(ii) on such notice delivery date, Issuer shall represent and warrant to Dealer in writing that, as of such notice delivery date:

  
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		 	(A) none of Issuer and its officers or directors, or any person that controls, potentially controls, or otherwise exercises influence over, Issuer’s decision to elect Cash
Settlement is aware of any material nonpublic information regarding Issuer or the Shares;
		
		 	(B) Issuer is electing Cash Settlement in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws;
		
		 	(C) the assets of Issuer at their fair valuation exceed the liabilities of Issuer, including contingent liabilities;
		
		 	(D) the capital of Issuer is adequate to conduct the business of Issuer;
		
		 	(E) Issuer has the ability to pay its debts and obligations as such debts mature and does not intend to, or does not believe that it will, incur debt beyond its ability to pay as
such debts mature;
		
		 	(F) Issuer would be able to purchase the Number of Shares in compliance with the laws of Issuer’s jurisdiction or organization;
		
		 	(G) Issuer has the power to make such election and to execute and deliver any documentation relating to such election that it is required by this Confirmation to deliver and to
perform its obligations under this Confirmation and has taken all necessary action to authorize such election, execution, delivery and performance;
		
		 	(H) such election and performance of its obligations under this Confirmation do not violate or conflict with any law applicable to it, any provision of its constitutional
documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets; and
		
		 	(I) any transaction that Dealer makes with respect to the Shares during the period beginning at the time that Issuer delivers notice of its Cash Settlement election and ending at
the close of business on the final day of the Settlement Period shall be made by Dealer at Dealer’s sole discretion for Dealer’s own account and Issuer shall not have, and shall not attempt to exercise, any influence over how, when,
whether or at what price Dealer effects such

  
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		  	transactions, including, without limitation, the prices paid or received by Dealer per Share pursuant to such transactions, or whether such transactions are made on any
securities exchange or privately;
		
		  	(iii) no event of default has occurred and is continuing under any indebtedness of the Issuer or its subsidiaries in an aggregate principal amount of USD35 million or
more.
		
		  	At any time prior to making a Settlement Method Election, Issuer may, without the consent of Dealer, amend this Confirmation by notice to Dealer to eliminate Issuer’s right
to elect Cash Settlement.
		
	Electing Party:	  	Issuer
		
	Settlement Method Election Date:	  	The tenth (10th) Scheduled Trading Day immediately preceding the scheduled Expiration Date for the Component with the earliest scheduled Expiration Date.
		
	Default Settlement Method:	  	Net Share Settlement
		
	Net Share Settlement:	  	If applicable, on each Settlement Date, Issuer shall deliver to Dealer a number of Shares equal to the Number of Shares to be Delivered for such Settlement Date to the account
specified by Dealer and cash in lieu of any fractional Share valued at the Relevant Price on the Valuation Date corresponding to such Settlement Date. If, in the reasonable opinion of Issuer or Dealer, based on advice of counsel, for any reason, the
Shares deliverable upon Net Share Settlement would not be immediately freely transferable by Dealer under Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”), then Dealer may elect to either (x) accept
delivery of such Shares notwithstanding any restriction on transfer or (y) have the provisions set forth in Section 8(b) below apply.
		
		  	The Number of Shares to be Delivered shall be delivered by Issuer to Dealer no later than 12:00 noon (local time in New York City) on the relevant Settlement
Date.
		
	Number of Shares to be Delivered:	  	In respect of any Exercise Date, subject to the last sentence of Section 9.5 of the Equity Definitions, the product of (i) the number of Warrants exercised or deemed exercised on
such Exercise Date, (ii) the Warrant Entitlement and (iii) (A) the excess of the VWAP Price on the Valuation Date occurring in respect of such Exercise Date over the Strike Price (or, if there is no such excess, zero) divided by (B) such VWAP
Price.

  
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	VWAP Price:	  	For any Exchange Business Day, as determined by the Calculation Agent based on the NASDAQ Volume Weighted Average Price per Share for the regular trading session (including any
extensions thereof) of the Exchange on such Exchange Business Day (without regard to pre-open or after hours trading outside of such regular trading session), as published by Bloomberg at 4:15 P.M., New York City time (or 15 minutes following the
end of any extension of the regular trading session), on such Exchange Business Day, on Bloomberg page “CSOD. Q <Equity> AQR” (or any successor thereto) (the “Nasdaq VWAP”) (or if such published volume weighted
average price is unavailable or is manifestly incorrect, the market value of one Share on such Exchange Business Day, as reasonably determined by the Calculation Agent using a volume weighted method substantially similar to the method for
determining the Nasdaq VWAP).
		
	Other Applicable Provisions:	  	The provisions of Sections 9.1(c), 9.4, 9.8, 9.9, 9.10, 9.11 and 9.12 of the Equity Definitions will be applicable as if “Physical Settlement” applied to the
Transaction; provided that the Representation and Agreement contained in Section 9.11 of the Equity Definitions shall be modified by excluding any representations therein relating to restrictions, obligations, limitations or requirements
under applicable securities laws that exist as a result of the fact that Issuer is the issuer of the Shares.
		
	Option Cash Settlement Amount:	  	For any Exercise Date, the product of (i) the number of Warrants exercised or deemed exercised on such Exercise Date, (ii) the Warrant Entitlement and (iii) the excess of the
VWAP Price on the Valuation Date occurring in respect of such Exercise Date over the Strike Price (or, if there is no such excess, zero).

Adjustments: 
  

			
	In respect of any Component:	  	
		
	Method of Adjustment:	  	Calculation Agent Adjustment; provided that in respect of an Extraordinary Dividend, “Calculation Agent Adjustment” shall be as described in the provision below;
provided further that the parties agree that open market Share repurchases at prevailing market price or accelerated

  
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		  	share repurchases, forward contracts or similar transactions (including without limitation any discount to average VWAP prices) that are entered into at prevailing market prices
and in accordance with customary market terms for transactions of such type to repurchase the Issuer’s Shares, in each case, with respect to a number of Shares not to exceed 10% (measured at the time of purchase or execution) of the outstanding
Shares in any one-year period, shall not be considered Potential Adjustment Events. For the avoidance of doubt, Calculation Agent Adjustment (including, without limitation, in respect of Extraordinary Dividends) shall continue to apply until the
obligations of the parties (including any obligations of Issuer pursuant to Section 8(e) below) under the Transaction have been satisfied in full.
		
	Extraordinary Dividend:	  	Any cash dividend or distribution on the Shares with an ex-dividend date occurring on or after the Trade Date and on or prior to the Expiration Date (or, if any Deficit Shares
are owed pursuant to Section 8(e) below, such later date on which Issuer’s obligations under this Transaction have been satisfied in full).
		
	Extraordinary Dividend	  	
	Adjustment:	  	If at any time during the period from and including the Trade Date, to and including the Expiration Date for the Component with the latest Expiration Date (or, if any Deficit
Shares are owed pursuant to Section 8(e) below, such later date on which Issuer’s obligations under this Transaction have been satisfied in full), an ex-dividend date for an Extraordinary Dividend occurs or is deemed to occur, then the
Calculation Agent will make reasonable adjustments to any one or more of the Strike Price, the Number of Warrants, the Warrant Entitlement and/or any other variable relevant to the exercise, settlement, payment or other terms of the Transaction as
it reasonably determines appropriate to account for the economic effect on the Transaction of such Extraordinary Dividend.

 Extraordinary Events: 
 New Shares: In the definition of New Shares in Section 12.1(i) of the Equity Definitions, the text in clause (i) thereof shall be deleted in its entirety and replaced with “publicly quoted,
traded or listed on any of The New York Stock Exchange, The NASDAQ Global Market or The NASDAQ Global Select Market (or their respective successors) and of an entity or person organized under the laws of the United States, any State thereof or the
District of Columbia”. 

  
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	Consequences of Merger Events:	  	
		
	    (a) Share-for-Share:	  	Modified Calculation Agent Adjustment
		
	    (b) Share-for-Other:	  	Cancellation and Payment (Calculation Agent Determination)
		
	    (c) Share-for-Combined:	  	Cancellation and Payment (Calculation Agent Determination); provided that the Calculation Agent may elect Component Adjustment for all or part of the
Transaction.
		
	Tender Offer:	  	Applicable; provided that for purposes of Section 12.3(d) of the Equity Definitions, only in the case of a self-tender by the Issuer, references in the definition of
Tender Offer under the Equity Definitions to 10% shall be replaced with 20%.
		
	Consequences of Tender Offers:	  	
		
	    (a) Share-for-Share:	  	Modified Calculation Agent Adjustment
		
	    (b) Share-for-Other:	  	Modified Calculation Agent Adjustment
		
	    (c) Share-for-Combined:	  	Modified Calculation Agent Adjustment
		
	Consequences of Announcement Events:	  	Modified Calculation Agent Adjustment as set forth in Section 12.3(d) of the Equity Definitions; provided that, in respect of an Announcement Event, references to
“Tender Offer” shall be replaced by references to “Announcement Event” and references to “Tender Offer Date” shall be replaced by references to “date of such Announcement Event”. An Announcement Event shall be
an “Extraordinary Event” for purposes of the Equity Definitions, to which Article 12 of the Equity Definitions is applicable.
		
	Announcement Event:	  	(i) The public announcement of any Merger Event or Tender Offer or the intention to enter into a Merger Event or Tender Offer, (ii) the public announcement by Issuer of an
intention to solicit or enter into, or to explore strategic alternatives or other similar undertaking that may include, a Merger Event or Tender Offer or (iii) any subsequent public announcement of a change to a transaction or intention that is the
subject of an announcement of the type described in clause (i) or (ii) of this sentence (including, without limitation, a new announcement, whether or not by

  
 10 

			
		  	the same party, relating to such a transaction or intention or the announcement of a withdrawal from, or the abandonment or discontinuation of, such a transaction or intention)
(in each case, whether such announcement is made by Issuer or a third party); provided that, for the avoidance of doubt, the occurrence of an Announcement Event with respect to any transaction or intention shall not preclude the occurrence of
a later Announcement Event with respect to such transaction or intention.
		
	Announcement Date:	  	The definition of “Announcement Date” in Section 12.1 of the Equity Definitions is hereby amended by (i) replacing the words “a firm” with the word
“any” in the second and fourth lines thereof, (ii) replacing the word “leads to the” with the words “, if completed, would lead to a” in the third and the fifth lines thereof, (iii) replacing the words “voting
shares” with the word “Shares” in the fifth line thereof, and (iv) inserting the words “by any entity” after the word “announcement” in the second and the fourth lines thereof.
		
	Modified Calculation Agent	  	
	Adjustment:	  	If, in respect of any Merger Event to which Modified Calculation Agent Adjustment applies, the adjustments to be made in accordance with Section 12.2(e)(i) of the Equity
Definitions would result in Issuer being different from the issuer of the Shares, then with respect to such Merger Event, as a condition precedent to the adjustments contemplated in Section 12.2(e)(i) of the Equity Definitions, Issuer and the issuer
of the Shares shall, prior to the Merger Date, have entered into such documentation containing representations, warranties and agreements relating to securities law and other issues as requested by Dealer that Dealer has determined, in its
reasonable discretion, to be reasonably necessary or appropriate to allow Dealer to continue as a party to the Transaction, as adjusted under Section 12.2(e)(i) of the Equity Definitions, and to preserve its hedging or hedge unwind activities in
connection with the Transaction in a manner compliant with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures generally applicable to transactions of the type of the Transactions contemplated hereby
and consistently applied to Dealer, and if such conditions are not met or if the Calculation Agent reasonably determines that no adjustment that it could make under Section 12.2(e)(i) of the Equity Definitions will produce a commercially reasonable
result, then the consequences set forth in Section 12.2(e)(ii) of the Equity Definitions shall apply.

  
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	Nationalization, Insolvency or Delisting:	  	Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also
constitute a Delisting if the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are
immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall thereafter be deemed to be the Exchange.
		
	Additional Disruption Events:	  	
		
	    (a) Change in Law:	  	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line
thereof with the phrase “, or public announcement of, the formal or informal interpretation”, (ii) by adding the phrase “and/or Hedge Position” after the word “Shares” in clause (X) thereof and (iii) by immediately
following the word “Transaction” in clause (X) thereof, adding the phrase “in the manner contemplated by the Hedging Party on the Trade Date”; provided, further that any determination as to whether (A) the adoption of or
any change in any applicable law or regulation (including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption or promulgation of new regulations authorized or mandated by existing statute) or (B) the promulgation of
or any change in the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law or regulation (including any action taken by a taxing authority), in each case, constitutes a “Change in
Law” shall be made without regard to Section 739 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any similar legal certainty provision in any legislation enacted, or rule or regulation promulgated, on or after the
Trade Date.
		
	    (b) Failure to Deliver:	  	Not Applicable
		
	    (c) Insolvency Filing:	  	Applicable

  
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	    (d) Hedging Disruption:	  	Applicable; provided that Section 12.9(a)(v) of the Equity Definitions is hereby modified by inserting the following two phrases at the end of such
Section:
		
		  	“For the avoidance of doubt, the term “equity price risk” shall be deemed to include, but shall not be limited to, stock price and volatility risk. And, for the
further avoidance of doubt, the transactions or assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing and other terms.”
		
	    (e) Increased Cost of Hedging:	  	Applicable
		
	    (f) Loss of Stock Borrow:	  	Applicable
		
	 Maximum Stock
 Loan Rate:
	  	100 basis points per annum
		
	     (g) Increased Cost
     of Stock Borrow:
	  	Applicable
		
	 Initial Stock Loan Rate:
	  	25 basis points per annum
		
	Hedging Party:	  	Dealer for all applicable Additional Disruption Events.
		
	Determining Party:	  	Dealer for all applicable Additional Disruption Events.
		
	Non-Reliance:	  	Applicable
		
	Agreements and Acknowledgments	  	
		
	Regarding Hedging Activities:	  	Applicable
		
	Additional Acknowledgments:	  	Applicable

 3. Calculation Agent: Dealer; provided that all determinations made by the Calculation
Agent shall be made in good faith and in a commercially reasonable manner; provided further that, upon receipt of written request from Issuer, the Calculation Agent shall promptly provide Issuer with a written explanation describing in
reasonable detail any calculation, adjustment or determination made by it (including any quotations, market data or information from internal or external sources used in making such calculation, adjustment or determination, as the case may be, but
without disclosing Dealer’s proprietary models or other information that may be proprietary or subject to contractual, legal or regulatory obligations to not disclose such information), and shall use commercially reasonable efforts to provide
such written explanation within five (5) Exchange Business Days from the receipt of such request. 

  
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 4. Account Details: 

Dealer Payment Instructions: : To be provided by Dealer. 
 Account for delivery of Shares to Dealer: To be provided by Dealer 
 Issuer Payment
Instructions: To be provided by Issuer. 
 5. Offices: 

The Office of Dealer for the Transaction is: 
 [                    ] 
 The Office of Issuer for the Transaction is: 
 Not Applicable. 

6. Notices: For purposes of this Confirmation: 
  

	 	(a)	Address for notices or communications to Issuer: 

  

			
	To:	  	Cornerstone OnDemand, Inc.
		  	 1601 Cloverfield Blvd.
 Suite
620 South
 Santa Monica, CA 90404

(310) 752-0200

	Attn:	  	 Perry Wallack
 Chief Financial
Officer

	Telephone:	  	(310) 752-0200
	Facsimile:	  	(310) 453-7113
	
	With a copy to:
		
	Attn:	  	 Adam Weiss
 General
Counsel

		
	Telephone:	  	(310) 752-0113
		
	Facsimile:	  	(310) 496-1654
	
	And email notification to the following addresses:
	
	pwallack@csod.com; aweiss@csod.com

  

	 	(b)	Address for notices or communications to Dealer: 

  

			
	To:	  	[                    ]
	Attn:	  	[                    ]
		  	[                    ]
	Telephone:	  	[                    ]
	Facsimile:	  	[                    ]

  
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	With a copy to:
		
	Attn:	  	[                    ]
		  	[                    ]
	Telephone:	  	[                    ]
	Facsimile:	  	[                    ]
	
	And email notification to the following address:
		
	[                    ]	  	

 7. Representations, Warranties and Agreements: 

(a) In addition to the representations and warranties in the Agreement and those contained elsewhere herein, Issuer represents and
warrants to and for the benefit of, and agrees with, Dealer as follows: 
 (i) On the Trade Date and as of the
date of any election by Issuer of the Share Termination Alternative under (and as defined in) Section 8(a) below, (A) none of Issuer and its officers and directors is aware of any material nonpublic information regarding Issuer or the
Shares and (B) all reports and other documents filed by Issuer with the Securities and Exchange Commission (“SEC”) pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), when
considered as a whole (with the more recent such reports and documents deemed to amend inconsistent statements contained in any earlier such reports and documents), do not contain any untrue statement of a material fact or any omission of a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading. 
 (ii) Without limiting the generality of Section 13.1 of the Equity Definitions, Issuer acknowledges that neither Dealer nor any of its affiliates is making any representations or warranties or taking
any position or expressing any view with respect to the treatment of the Transaction under any accounting standards including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging, or ASC Topic 480, Distinguishing
Liabilities from Equity and ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity (or any successor issue statements). 
 (iii) Prior to the Trade Date, Issuer shall deliver to Dealer a resolution of Issuer’s board of directors authorizing the Transaction and such other certificate or certificates as Dealer shall
reasonably request. 
 (iv) Issuer is not entering into this Confirmation to create actual or apparent trading
activity in the Shares (or any security convertible into or exchangeable for Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for Shares) or otherwise in violation of
the Exchange Act. 

  
 15 

 (v) Issuer is not, and after giving effect to the transactions contemplated
hereby will not be, required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 
 (vi) On the Trade Date and the Premium Payment Date (A) the assets of Issuer at their fair valuation exceed the liabilities of Issuer, including contingent liabilities, (B) the capital of Issuer
is adequate to conduct the business of Issuer and (C) Issuer has the ability to pay its debts and obligations as such debts mature and does not intend to, or does not believe that it will, incur debt beyond its ability to pay as such debts
mature. 
 (vii) Issuer shall not take any action to decrease the number of Available Shares below the Capped
Number (each as defined below). 
 (viii) The representations and warranties of Issuer set forth in
Section 3 of the Agreement and Section 1 of the Purchase Agreement, dated as of June 11, 2013, among Issuer and Goldman, Sachs & Co. and Credit Suisse Securities (USA) LLC as the Initial Purchasers (as defined in the Purchase
Agreement) party thereto (the “Purchase Agreement”) are true and correct as of the Trade Date and the Effective Date and are hereby deemed to be repeated to Dealer as if set forth herein. 

(ix) (x)(A) On the Trade Date, the Shares or securities that are convertible into Shares are not, and shall not be,
subject to a “restricted period,” as such term is defined in Regulation M under the Exchange Act (“Regulation M”) and (B) Issuer shall not engage in any “distribution,” as such term is defined in Regulation
M under the Exchange Act (“Regulation M”), other than a distribution meeting the requirements of the exceptions set forth in sections 101(b)(10) and 102(b)(7) of Regulation M until the second Exchange Business Day immediately
following the Trade Date and (y)(A) during the period starting on the first Expiration Date and ending on the last Expiration Date (the “Settlement Period”), the Shares or securities that are convertible into Shares, are not, and
shall not be, subject to a “restricted period,” as defined in Regulation M and (B) Issuer shall not engage in any “distribution,” as such term is defined in Regulation M until the second Exchange Business Day immediately
following the Settlement Period. 
 (x) During the Settlement Period and on any other Exercise Date, neither
Issuer nor any “affiliate” or “affiliated purchaser” (each as defined in Rule 10b-18 of the Exchange Act (“Rule 10b-18”)) shall directly or indirectly (including, without limitation, by means of any cash-settled
or other derivative instrument) purchase, offer to purchase, place any bid or limit order that would effect a purchase of, or commence any tender offer relating to, any Shares (or an equivalent interest, including a unit of beneficial interest in a
trust or limited partnership or a depository share) or any security convertible into or exchangeable or exercisable for Shares, except through Dealer; provided that, if Net Share Settlement is the Settlement Method applicable to the
Settlement Period, on any Exchange Business Day during such Settlement Period, the Issuer shall be permitted to purchase a number of Shares not to exceed 5% of the ADTV (as defined in Rule 10b-18) for such Exchange Business Day. 

  
 16 

 (xi) Issuer agrees that it (A) will not during the Settlement Period
make, or permit to be made, any public announcement (as defined in Rule 165(f) under the Securities Act) of any Merger Transaction or potential Merger Transaction unless such public announcement is made prior to the opening or after the close of the
regular trading session on the Exchange for the Shares; (B) shall promptly (but in any event prior to the next opening of the regular trading session on the Exchange) notify Dealer following any such announcement that such announcement has been
made; and (C) shall promptly (but in any event prior to the next opening of the regular trading session on the Exchange) provide Dealer with written notice specifying (i) Issuer’s average daily Rule 10b-18 Purchases (as defined in
Rule 10b-18) during the three full calendar months immediately preceding the announcement date that were not effected through Dealer or its affiliates and (ii) the number of Shares purchased pursuant to the proviso in Rule 10b-18(b)(4) under
the Exchange Act for the three full calendar months preceding the announcement date. Such written notice shall be deemed to be a certification by Issuer to Dealer that such information is true and correct in all material respects. In addition,
Issuer shall promptly notify Dealer following any public announcement of such event of the earlier to occur of the completion of such transaction and the completion of the vote by target shareholders. “Merger Transaction” means any
merger, acquisition or similar transaction involving a recapitalization as contemplated by Rule 10b-18(a)(13)(iv) under the Exchange Act. 
 (xii) The Shares of Issuer initially issuable upon exercise of the Warrant (the “Warrant Shares”) have been reserved for issuance by all required corporate action of Issuer. The Warrant
Shares have been duly authorized and, when delivered against payment therefor (which may include Net Share Settlement in lieu of cash) and otherwise as contemplated by the terms of the Warrant following the exercise of the Warrant in accordance with
the terms and conditions of the Warrant, will be validly issued, fully-paid and non-assessable, and the issuance of the Warrant Shares will not be subject to any preemptive or similar rights. 

(xiii) No state or local law, rule, regulation or regulatory order in the State of Delaware, California, or any other
jurisdiction in which Counterparty engages in material business activities, applicable to the Shares would give rise to any reporting, consent, registration or other requirement (including without limitation a requirement to obtain prior approval
from any person or entity) as a result of Dealer or its affiliates owning, holding (however defined) or having a right to acquire Shares. 
 (xiv) Issuer (i) is an “institutional account” as defined in FINRA Rule 4512(c), (ii) is capable of evaluating investment risks independently, both in general and with regard to all
transactions and investment strategies involving a security or securities, and will exercise independent judgment in evaluating the recommendations of Dealer or its associated persons, and (iii) will notify Dealer if any of the statements
contained in clause (i) or (ii) of this Section 8(a)(xiv) ceases to be true. 
 (b) Each of Dealer and Issuer
agrees and represents that it is an “eligible contract participant” as defined in Section 1a(18) of the U.S. Commodity Exchange Act, as amended, and is entering into the Transaction as principal (and not as agent or in any other
capacity, fiduciary or otherwise) and not for the benefit of any third party. 

  
 17 

 (c) Each of Dealer and Issuer acknowledges that the offer and sale of the Transaction to it
is intended to be exempt from registration under the Securities Act, by virtue of Section 4(a)(2) thereof. Accordingly, Dealer represents and warrants to Issuer that (i) it has the financial ability to bear the economic risk of its
investment in the Transaction and is able to bear a total loss of its investment and its investments in and liabilities in respect of the Transaction, which it understands are not readily marketable, are not disproportionate to its net worth, and it
is able to bear any loss in connection with the Transaction, including the loss of its entire investment in the Transaction, (ii) it is an “accredited investor” as that term is defined in Regulation D as promulgated under the
Securities Act, (iii) it is entering into the Transaction for its own account and without a view to the distribution or resale thereof, (iv) the assignment, transfer or other disposition of the Transaction has not been and will not be
registered under the Securities Act and is restricted under this Confirmation, the Securities Act and state securities laws, and (v) its financial condition is such that it has no need for liquidity with respect to its investment in the
Transaction and no need to dispose of any portion thereof to satisfy any existing or contemplated undertaking or indebtedness and is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice),
and understands and accepts, the terms, conditions and risks of the Transaction. 
 (d) Each of Dealer and Issuer agrees and
acknowledges that Dealer is a “financial institution,” “swap participant” and “financial participant” within the meaning of Sections 101(22), 101(53C) and 101(22A) of Title 11 of the United States Code (the
“Bankruptcy Code”). The parties hereto further agree and acknowledge (A) that this Confirmation is (i) a “securities contract,” as such term is defined in Section 741(7) of the Bankruptcy Code, with respect
to which each payment and delivery hereunder or in connection herewith is a “termination value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a
“settlement payment” within the meaning of Section 546 of the Bankruptcy Code, and (ii) a “swap agreement,” as such term is defined in Section 101(53B) of the Bankruptcy Code, with respect to which each payment and
delivery hereunder or in connection herewith is a “termination value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “transfer” within the
meaning of Section 546 of the Bankruptcy Code, and (B) that Dealer is entitled to the protections afforded by, among other sections, Sections 362(b)(6), 362(b)(17), 362(b)(27), 362(o), 546(e), 546(g), 546(j), 548(d)(2), 555, 560 and 561 of
the Bankruptcy Code. 
 (e) As a condition to the effectiveness of the Transaction, Issuer shall deliver to Dealer (i) an
incumbency certificate, dated as of the Trade Date, of Issuer in customary form and (ii) an opinion of counsel, dated as of the Trade Date and reasonably acceptable to Dealer in form and substance, with respect to the due incorporation,
existence and good standing of Issuer in Delaware, its qualifications as a foreign corporation and good standing in California, the due authorization, execution and delivery of this Confirmation, the absence of conflict of the execution, delivery
and performance of this Confirmation with any material agreement required to be filed as an exhibit to Issuer’s Annual Report on Form 10-K and Issuer’s charter documents and that the Capped Number of Shares have been duly authorized by all
necessary corporate action on the part of Issuer and reserved for issuance and when issued and delivered in 

  
 18 

 
accordance with the terms of this Confirmation would, if issued on the date of such opinion, be validly issued, fully paid and nonassessable and free of preemptive rights under Issuer’s
certificate of incorporation and bylaws and Delaware law. 
 (f) Issuer understands that notwithstanding any other relationship
between Issuer and Dealer and its affiliates, in connection with this Transaction and any other over-the-counter derivative transactions between Issuer and Dealer or its affiliates, Dealer or its affiliate is acting as principal and is not a
fiduciary or advisor in respect of any such transaction, including any entry, exercise, amendment, unwind or termination thereof. 
 8. Other Provisions: 
 (a) Alternative Calculations and Payment on Early
Termination and on Certain Extraordinary Events. If at any time an Early Termination Date occurs and Issuer would be required to make a payment pursuant to Section 6 of the Agreement or an Extraordinary Event occurs and Issuer would be
required to make a payment pursuant to Article 12 of the Equity Definitions (a “Payment Obligation”), Issuer shall have the right, in its sole discretion, to satisfy any such Payment Obligation by the Share Termination Alternative (as
defined below) by giving irrevocable telephonic notice to Dealer, confirmed in writing within two Scheduled Trading Days, no later than 9:30 A.M., New York City time, on the Merger Date, Tender Offer Date, Announcement Date, Early Termination Date
or date of cancellation or termination in respect of an Extraordinary Event, as applicable (“Notice of Share Termination”); provided that if Issuer does not elect to satisfy its Payment Obligation by the Share Termination
Alternative, Dealer shall have the right, in its reasonable discretion, to elect to require Issuer to satisfy its Payment Obligation by the Share Termination Alternative, notwithstanding Issuer’s failure to elect or election to the contrary;
and provided further that Issuer shall not have the right to so elect (but, for the avoidance of doubt, Dealer shall have the right to so elect) in the event of (i) an Insolvency, a Nationalization, a Tender Offer or a Merger Event, in
each case, in which the consideration or proceeds to be paid to holders of Shares consists solely of cash or (ii) an Event of Default in which Issuer is the Defaulting Party or a Termination Event in which Issuer is the Affected Party, which
Event of Default or Termination Event resulted from an event or events within Issuer’s control. Upon such Notice of Share Termination, the following provisions shall apply on the Scheduled Trading Day immediately following the Merger Date, the
Tender Offer Date, Announcement Date, Early Termination Date or date of cancellation or termination in respect of an Extraordinary Event, as applicable: 
  

			
	Share Termination Alternative:	  	Applicable and means that Issuer shall deliver to Dealer the Share Termination Delivery Property on the date on which the Payment Obligation would otherwise be due pursuant to
Section 12.2, 12.3, 12.6, 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) of the Agreement, as applicable (the “Share Termination Payment Date”), in satisfaction of the Payment Obligation.
		
	Share Termination Delivery	  	
	Property:	  	A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment

  
 19 

			
		  	Obligation divided by the Share Termination Unit Price. The Calculation Agent shall adjust the Share Termination Delivery Property by replacing any fractional portion of the
aggregate amount of a security therein with an amount of cash in the Settlement Currency equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price.
		
	Share Termination Unit Price:	  	The value of property contained in one Share Termination Delivery Unit on the date such Share Termination Delivery Units are to be delivered as Share Termination Delivery
Property, as determined by the Calculation Agent in its reasonable discretion by commercially reasonable means and notified by the Calculation Agent to Issuer at the time of notification of the Payment Obligation.
		
	Share Termination Delivery Unit:	  	In the case of a Termination Event, Event of Default, Delisting or Additional Disruption Event, one Share or, in the case of an Insolvency, Nationalization, Merger Event or
Tender Offer, one Share or a unit consisting of the number or amount of each type of property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any
securities) in such Insolvency, Nationalization, Merger Event or Tender Offer. If such Insolvency, Nationalization, Merger Event or Tender Offer involves a choice of consideration to be received by holders, such holder shall be deemed to have
elected to receive the maximum possible amount of cash.
		
	Other Applicable Provisions:	  	If Share Termination Alternative is applicable, the provisions of Sections 9.1(c), 9.8, 9.9, 9.10, 9.11 and 9.12 of the Equity Definitions will be applicable as if “Physical
Settlement” applied to the Transaction, except that all references to “Shares” shall be read as references to “Share Termination Delivery Units”; provided that the Representation and Agreement contained in Section
9.11 of the Equity Definitions shall be modified by excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities laws as a result of the fact that Issuer is the issuer of any
Share Termination Delivery Units (or any security forming a part thereof). If, in the reasonable opinion of Issuer or Dealer, based on advice of counsel, for any reason, any securities comprising the Share Termination Delivery Units deliverable
pursuant to this Section 8(a) would not be immediately freely transferable by Dealer under Rule 144

  
 20 

			
		 	under the Securities Act, then Dealer may elect to either (x) permit delivery of such securities notwithstanding any restriction on transfer or (y) have the provisions set forth
in Section 8(b) below apply.

 (b) Registration/Private Placement Procedures. (i) With respect to the Transaction, the
following provisions shall apply to the extent provided for above opposite the caption “Net Share Settlement” in Section 2 or in paragraph (a) of this Section 8. If so applicable, then, at the election of Issuer by notice to
Dealer within one Exchange Business Day after the relevant delivery obligation arises, but in any event at least two Exchange Business Days prior to the date on which such delivery obligation is due, either (A) all Shares or Share Termination
Delivery Units, as the case may be, delivered by Issuer to Dealer shall be, at the time of such delivery, covered by an effective registration statement of Issuer for immediate resale by Dealer (such registration statement and the corresponding
prospectus (the “Prospectus”) (including, without limitation, any sections describing the plan of distribution) in form and content commercially reasonably satisfactory to Dealer) or (B) Issuer shall deliver additional Shares
or Share Termination Delivery Units, as the case may be, so that the value of such Shares or Share Termination Delivery Units, as determined by the Calculation Agent to reflect an appropriate liquidity discount, equals the value of the number of
Shares or Share Termination Delivery Units that would otherwise be deliverable if such Shares or Share Termination Delivery Units were freely tradeable (without prospectus delivery) upon receipt by Dealer (such value, the “Freely Tradeable
Value”); provided that, if requested by Dealer, Issuer shall make the election described in this clause (B) with respect to Shares delivered on all Settlement Dates no later than one Exchange Business Day prior to the first
Exercise Date, and the applicable procedures described below shall apply to all Shares delivered on the Settlement Dates on an aggregate basis. (For the avoidance of doubt, as used in this paragraph (b) only, the term “Issuer” shall
mean the issuer of the relevant securities, as the context shall require.) 
 (ii) If Issuer makes the election
described in clause (b)(i)(A) above: 
 (A) Dealer (or an affiliate of Dealer designated by Dealer) shall be
afforded a reasonable opportunity to conduct a due diligence investigation with respect to Issuer that is customary in scope for underwritten offerings of equity securities of companies of comparable size, maturity and lines of business and that
yields results that are commercially reasonably satisfactory to Dealer or such affiliate, as the case may be, in its discretion subject to execution by such recipients of customary confidentiality agreements reasonably acceptable to Issuer; and

 (B) Dealer (or an affiliate of Dealer designated by Dealer) and Issuer shall enter into an agreement (a
“Registration Agreement”) on commercially reasonable terms in connection with the public resale of such Shares or Share Termination Delivery Units, as the case may be, by Dealer or such affiliate substantially similar to
underwriting agreements customary for underwritten offerings of equity securities of companies of comparable size, maturity and lines of business, in form and substance commercially reasonably satisfactory to Dealer or such affiliate and Issuer,
which Registration Agreement shall include, without limitation, provisions substantially similar to those contained in such underwriting agreements of companies of comparable size, maturity 

  
 21 

 
and lines of business relating to the indemnification of, and contribution in connection with the liability of, Dealer and its affiliates and Issuer, shall provide for the payment by Issuer of
all reasonable expenses in connection with such resale, including all registration costs and all reasonable fees and expenses of counsel for Dealer, and in connection with an underwritten offering of such Shares or Share Termination Delivery Units
shall use its commercially reasonable efforts to provide for the delivery of accountants’ “comfort letters” to Dealer or such affiliate in customary form and substance of companies of comparable size, maturity and lines of business
with respect to the financial statements and certain financial information contained in or incorporated by reference into the Prospectus. 
 (iii) If Issuer makes the election described in clause (b)(i)(B) above: 
 (A) Dealer (or an affiliate of Dealer designated by Dealer) and any potential institutional purchaser of any such Shares or Share Termination Delivery Units, as the case may be, from Dealer or such
affiliate identified by Dealer shall be afforded a commercially reasonable opportunity to conduct a due diligence investigation in compliance with applicable law with respect to Issuer customary in scope for private placements of equity securities
of companies of comparable size, maturity and lines of business (including, without limitation, the right to have made available to them for inspection all financial and other records, pertinent corporate documents and other information reasonably
requested by them), subject to execution by such recipients of customary confidentiality agreements reasonably acceptable to Issuer; 
 (B) Dealer (or an affiliate of Dealer designated by Dealer) and Issuer shall enter into an agreement (a “Private Placement Agreement”) on commercially reasonable terms in connection with
the private placement of such Shares or Share Termination Delivery Units, as the case may be, by Issuer to Dealer or such affiliate and the private resale of such shares by Dealer or such affiliate, substantially similar to private placement
purchase agreements customary for private placements of equity securities, in form and substance commercially reasonably satisfactory to Dealer and Issuer, which Private Placement Agreement shall include, without limitation, provisions substantially
similar to those contained in such private placement purchase agreements relating to the indemnification of, and contribution in connection with the liability of, Dealer and its affiliates and Issuer, shall provide for the payment by Issuer of all
reasonable expenses in connection with such resale, including all reasonable fees and expenses of counsel for Dealer, shall contain representations, warranties and agreements of Issuer reasonably necessary or advisable to establish and maintain the
availability of an exemption from the registration requirements of the Securities Act for such resales, and shall use commercially reasonable efforts to provide for the delivery of accountants’ “comfort letters” to Dealer or such
affiliate with respect to the financial statements and certain financial information contained in or incorporated by reference into the offering memorandum prepared for the resale of such Shares as are customarily requested in comfort letters
covering private placements of equity securities of companies of comparable size, maturity and lines of business; 

  
 22 

 (C) Issuer agrees that any Shares or Share Termination Delivery Units so
delivered to Dealer, (i) may be transferred by and among Dealer and its affiliates, and Issuer shall effect such transfer without any further action by Dealer and (ii) after the minimum “holding period” within the meaning of Rule
144(d) under the Securities Act has elapsed with respect to such Shares or any securities issued by Issuer comprising such Share Termination Delivery Units, Issuer shall promptly remove, or cause the transfer agent for such Shares or securities to
remove, any legends referring to any such restrictions or requirements from such Shares or securities upon delivery by Dealer (or such affiliate of Dealer) to Issuer or such transfer agent of any seller’s and broker’s representation
letters customarily delivered by Dealer in connection with resales of restricted securities pursuant to Rule 144 under the Securities Act, without any further requirement for the delivery of any certificate, consent, agreement, opinion of counsel,
notice or any other document, any transfer tax stamps or payment of any other amount or any other action by Dealer (or such affiliate of Dealer); and 
 (D) Issuer shall not take, or cause to be taken, any action that would make unavailable either the exemption pursuant to Section 4(a)(2) of the Securities Act for the sale by Issuer to Dealer (or any
affiliate designated by Dealer) of the Shares or Share Termination Delivery Units, as the case may be, or the exemption pursuant to Section 4(a)(1) or Section 4(a)(3) of the Securities Act for resales of the Shares or Share Termination
Delivery Units, as the case may be, by Dealer (or any such affiliate of Dealer). 
 (c) Make-whole Shares. If Issuer
makes the election described in clause (i)(B) of paragraph (b) of this Section 8, then Dealer or its affiliates may sell (which sale shall be made in a commercially reasonable manner) such Shares or Share Termination Delivery Units, as the
case may be, during a period (the “Resale Period”) commencing on the Exchange Business Day following delivery of such Shares or Share Termination Delivery Units, as the case may be, and ending on the Exchange Business Day on which
Dealer or its affiliates completes the sale of all such Shares or Share Termination Delivery Units, as the case may be, or a sufficient number of Shares or Share Termination Delivery Units, as the case may be, so that the realized net proceeds of
such sales exceed the Freely Tradeable Value. If any of such delivered Shares or Share Termination Delivery Units remain after such realized net proceeds exceed the Freely Tradeable Value, Dealer shall return such remaining Shares or Share
Termination Delivery Units to Issuer. If the Freely Tradeable Value exceeds the realized net proceeds from such resale, Issuer shall transfer to Dealer by the open of the regular trading session on the Exchange on the Exchange Trading Day
immediately following the last day of the Resale Period the amount of such excess (the “Additional Amount”) in cash or in a number of additional Shares or Share Termination Delivery Units, at the Issuer’s option, as the case
may be, (“Make-whole Shares”) in an amount that, based on the Relevant Price on the last day of the Resale Period (as if such day was the “Valuation Date” for purposes of computing such Relevant Price), has a dollar value
equal to the Additional Amount. The Resale Period shall continue to enable the sale of the Make-whole Shares in the manner contemplated by this Section 8(c). This provision shall be applied successively until the Additional Amount is equal to
zero, subject to Section 8(e). 
 (d) Beneficial Ownership. Notwithstanding anything to the contrary in the
Agreement or this Confirmation, in no event shall Dealer be entitled to receive, or shall be 

  
 23 

 
deemed to receive, any Shares if, immediately upon giving effect to such receipt of such Shares, (i) the “beneficial ownership” (within the meaning of Section 13 of the
Exchange Act and the rules promulgated thereunder) of Shares by Dealer, any of its affiliates subject to aggregation with Dealer for purposes of the “beneficial ownership” test under Section 13 of the Exchange Act and all persons who
may form a “group” (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) with Dealer with respect to “beneficial ownership” of any Shares (collectively, “Dealer Group”) would be equal to or greater than
9.5 % or more of the outstanding Shares on the date of determination or (ii) Dealer, Dealer Group or any person whose ownership position would be aggregated with that of Dealer or Dealer Group (Dealer, Dealer Group or any such person, a
“Dealer Person”) under Section 203 of the Delaware General Corporation Law or other federal, state or local law, rule, regulation or regulatory order or organizational documents or contracts of Issuer applicable to ownership of
Shares (“Applicable Restrictions”), would own, beneficially own, constructively own, control, hold the power to vote or otherwise meet a relevant definition of ownership in excess of a number of Shares equal to (x) the number
of Shares that would give rise to reporting or registration obligations or other requirements (including obtaining prior approval by a state or federal regulator) of a Dealer Person under Applicable Restrictions and with respect to which such
requirements have not been met or the relevant approval has not been received or that would subject a Dealer Person to restrictions (including restrictions relating to business combinations and other designated transactions) under Applicable
Restrictions minus (y) 1.0% of the number of Shares outstanding on the date of determination (either such condition described in clause (i) or (ii), an “Excess Ownership Position”). If any delivery owed to Dealer
hereunder is not made, in whole or in part, as a result of this provision, Issuer’s obligation to make such delivery shall not be extinguished and Issuer shall make such delivery as promptly as practicable after, but in no event later than
three Exchange Business Days after, Dealer gives notice to Issuer that such delivery would not result in the existence of an Excess Ownership Position. 
 (e) Limitations on Settlement by Issuer. Notwithstanding anything herein or in the Agreement to the contrary, in no event shall Issuer be required to deliver Shares in connection with the
Transaction in excess of [insert 2 x Number of Shares] Shares (as such number may be adjusted from time to time in accordance with the provisions hereof resulting from actions of Issuer or events within Issuer’s control) (the
“Capped Number”). Issuer represents and warrants to Dealer (which representation and warranty shall be deemed to be repeated on each day that the Transaction is outstanding) that the Capped Number is equal to or less than the number
of authorized but unissued Shares of the Issuer that are not reserved for future issuance in connection with transactions in the Shares (other than the Transaction) on the date of the determination of the Capped Number (such Shares, the
“Available Shares”). In the event Issuer shall not have delivered the full number of Shares otherwise deliverable as a result of this Section 8(e) (the resulting deficit, the “Deficit Shares”), Issuer shall be
continually obligated to deliver Shares, from time to time until the full number of Deficit Shares have been delivered pursuant to this paragraph, when, and to the extent, that (A) Shares are repurchased, acquired or otherwise received by
Issuer or any of its subsidiaries after the Trade Date (whether or not in exchange for cash, fair value or any other consideration), (B) authorized and unissued Shares reserved for issuance in respect of other transactions prior to such date
which prior to the relevant date become no longer so reserved and (C) Issuer additionally authorizes any unissued Shares that are not reserved for other transactions (such events as set forth in clauses (A), (B) and (C) above,
collectively, the “Share Issuance Events”). Issuer shall promptly notify Dealer of 

  
 24 

 
the occurrence of any of the Share Issuance Events (including the number of Shares subject to clause (A), (B) or (C) and the corresponding number of Shares to be delivered) and, as
promptly as reasonably practicable, deliver such Shares thereafter. Issuer shall not, until Issuer’s obligations under the Transaction have been satisfied in full, use any Shares that become available for potential delivery to Dealer as a
result of any Share Issuance Event for the settlement or satisfaction of any transaction or obligation other than the Transaction or reserve any such Shares for future issuance for any purpose other than to satisfy Issuer’s obligations to
Dealer under the Transaction. 
 (f) Equity Rights. Dealer acknowledges and agrees that this Confirmation is not intended
to convey to it rights with respect to the Transaction that are senior to the claims of common stockholders in the event of Issuer’s bankruptcy. For the avoidance of doubt, the parties agree that the preceding sentence shall not apply at any
time other than during Issuer’s bankruptcy to any claim arising as a result of a breach by Issuer of any of its obligations under this Confirmation or the Agreement. For the avoidance of doubt, the parties acknowledge that the obligations of
Issuer under this Confirmation are not secured by any collateral that would otherwise secure the obligations of Issuer herein under or pursuant to any other agreement. 
 (g) Amendments to Equity Definitions. The following amendments shall be made to the Equity Definitions: 
 (i) The first sentence of Section 11.2(c) of the Equity Definitions, prior to clause (A) thereof, is hereby amended to read as follows: ‘(c) If “Calculation Agent Adjustment” is
specified as the Method of Adjustment in the related Confirmation of a Share Option Transaction, then following the announcement or occurrence of any Potential Adjustment Event, the Calculation Agent will determine whether such Potential Adjustment
Event has a material effect on the theoretical value of the relevant Shares or options on the Shares and, if so, will (i) make appropriate adjustment(s), if any, to any one or more of:’ and, the portion of such sentence immediately
preceding clause (ii) thereof is hereby amended by deleting the words “diluting or concentrative” and the words “(provided that no adjustments will be made to account solely for changes in volatility, expected dividends, stock
loan rate or liquidity relative to the relevant Shares)” and replacing such latter phrase with the words “(provided that, solely in the case of Sections 11.2(e)(i), (ii)(A), (iv) and (v), no adjustments will be made to account solely
for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares but, for the avoidance of doubt, solely in the case of Sections 11.2(e)(ii)(B) through (D), (iii) (vi) and (vii) adjustments
may be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares)”; and 
 (ii) Sections 11.2(a) and 11.2(e)(vii) of the Equity Definitions are hereby amended by deleting the words “diluting or concentrative” and replacing them with “material” and adding the
phrase “or options on the Shares” at the end of the sentence; 
 (iii) Section 12.9(b)(iv) of the
Equity Definitions is hereby amended by (A) deleting (1) subsection (A) in its entirety, (2) the phrase “or (B)” following subsection (A) and (3) the phrase “in each case” in subsection (B);
(B) replacing “will lend” with 

  
 25 

 
“lends” in subsection (B); and (C) deleting the phrase “neither the Non-Hedging Party nor the Lending Party lends Shares in the amount of the Hedging Shares or” in the
penultimate sentence; “Lending Party” means a third party that is not the Issuer or an affiliate of the Issuer that Dealer considers to be an acceptable counterparty (acting in good faith and in a reasonable manner in light of
(x) other transactions that Dealer (or its agent or affiliate) may have entered into with such party and (y) any legal, regulatory or self-regulatory requirements or related policies and procedures (whether or not such requirements or
related policies and procedures are imposed by law or have been voluntarily adopted by Dealer) that apply generally to transactions of a nature and kind similar to the transactions contemplated with such party); 

(iv) Section 12.9(b)(v) of the Equity Definitions is hereby amended by (A) adding the word “or”
immediately before subsection “(B)” and deleting the comma at the end of subsection (A); and (B)(1) deleting subsection (C) in its entirety, (2) deleting the word “or” immediately preceding subsection (C),
(3) replacing in the penultimate sentence the words “either party” with “the Hedging Party” and (4) deleting clause (X) in the final sentence; and 

(v) Section 12.7(b) of the Equity Definitions is hereby amended by deleting the words “(and in any event within
five Exchange Business Days) by the parties after” appearing after the words “agreed promptly” and replacing with the words “by the parties on or prior to”. 

(h) Transfer and Assignment. Dealer may transfer or assign its rights and obligations hereunder and under the Agreement, in whole
or in part, at any time without the consent of Issuer, subject to the restrictions set forth in the legend appearing at the top of this Confirmation; provided that, Issuer would not, as a result of such transfer and assignment, reasonably be
expected to be required to pay the transferee on any payment date an amount under Section 2(d)(i)(4) of the Agreement greater than an amount that Issuer would have been required to pay to Dealer in the absence of such transfer and assignment,
and Dealer shall have caused the transferee to make such Payee Tax Representations and to provide such tax documentation as may be reasonably requested by Issuer to permit Issuer to determine that such transfer and assignment complies with the first
clause of this sentence. Dealer shall as soon as reasonably practicable notify Issuer of such transfer or assignment. 
 (i)
Disclosure. Effective from the date of commencement of discussions concerning the Transaction, Issuer and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax
treatment and tax structure of the Transaction and all materials of any kind (including opinions or other tax analyses) that are provided to Issuer relating to such tax treatment and tax structure. 

(j) Additional Termination Events. The occurrence of any of the following shall constitute an Additional Termination Event with
respect to which the Transaction shall be the sole Affected Transaction and Issuer shall be the sole Affected Party and Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement and to
determine the amount payable pursuant to Section 6(e) of the Agreement; provided that with respect to any Additional Termination Event, Dealer may choose to treat part of the 

  
 26 

 
Transaction as the sole Affected Transaction, and, upon the termination of the Affected Transaction, a Transaction with terms identical to those set forth herein except with a Number of Warrants
equal to the unaffected number of Warrants shall be treated for all purposes as the Transaction, which shall remain in full force and effect: 
 (i) Dealer reasonably determines that it is advisable to terminate a portion of the Transaction so that Dealer’s related hedging activities will comply with applicable securities laws, rules or
regulations or related policies and procedures of Dealer (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by Dealer), or Dealer, despite using commercially reasonable efforts, is unable or
reasonably determines that it is impractical or illegal to hedge its obligations pursuant to this Transaction in the public market without registration under the Securities Act or as a result of any legal, regulatory or self-regulatory requirements;

 (ii) at any time at which any Excess Ownership Position occurs, Dealer, in its discretion, is unable to effect
a transfer or assignment to a third party of the Transaction or any other transaction between the parties after using its commercially reasonable efforts on pricing and terms and within a time period reasonably acceptable to Dealer such that an
Excess Ownership Position no longer exists; provided that Dealer shall treat only that portion of the Transaction as the Affected Transaction as necessary so that such Excess Ownership Position no longer exists; 

(iii) a “person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than
Issuer, its wholly owned subsidiaries or its or their employee benefit plans, files a Schedule TO or any schedule, form or report under the Exchange Act disclosing that such person or group has become the direct or indirect “beneficial
owner,” as defined in Rule 13d-3 under the Exchange Act, of the common equity of Issuer representing more than 50% of the voting power of such common equity. Notwithstanding the foregoing, any transaction or transactions set forth in this
clause (iii) shall not constitute an Additional Termination Event if (x) at least 90% of the consideration received or to be received by holders of the Shares (excluding cash payments for fractional Shares or pursuant to statutory
appraisal rights) in connection with such transaction or transactions consists of shares of common stock or depositary receipts representing common equity interests, in each case, that are listed or quoted on any of the NASDAQ Global Select Market,
NASDAQ Global Market or New York Stock Exchange (or any of their respective successors) or will be so listed or quoted when issued or exchanged in connection with such transaction or transactions (these securities being referred to as “publicly
traded securities”), and (y) as a result of such transaction or transactions, the Shares will consist of such publicly traded securities, excluding cash payments for fractional Shares or pursuant to statutory appraisal rights; 

(iv) the consummation of (a) any recapitalization, reclassification or change of the Shares (other than changes
resulting from a subdivision or combination) as a result of which the Shares would be converted into, or exchanged for, cash, securities or other property or assets or (b) any consolidation, merger, combination, statutory or binding share
exchange or similar transaction involving Issuer pursuant to which the Shares will be converted into cash, securities or other property or assets; or (c) any sale, conveyance, 

  
 27 

 
lease or other transfer or similar transaction in one transaction or a series of related transactions of all or substantially all of the consolidated assets of Issuer and its subsidiaries, taken
as a whole, to any person other than one or more of Issuer’s subsidiaries; provided, however, that if in any such transaction the holders of more than 50% of the shares of Issuer’s voting stock immediately prior to such
transaction, own, directly or indirectly, more than 50% of all shares of the voting stock of the continuing or surviving person or transferee or the parent thereof immediately after such transaction, such event shall not constitute an Additional
Termination Event under this clause (ii). Notwithstanding the foregoing, any transaction or transactions set forth in this clause (iv) shall not constitute an Additional Termination Event if (x) at least 90% of the consideration received
or to be received by holders of the Shares, excluding cash payments for fractional Shares or pursuant to statutory appraisal rights, in connection with such transaction or transactions consists of shares of common stock, depositary receipts
representing common equity interests or other certificates representing common equity interests, in each case, that are listed or quoted on any of the New York Stock Exchange, the NASDAQ Global Select Market or the NASDAQ Global Market (or any of
their respective successors) or will be so listed or quoted when issued or exchanged in connection with such transaction or transactions, and (y) as a result of such transaction or transactions, the Shares will consist of such consideration,
excluding cash payments for fractional Shares or pursuant to statutory appraisal rights; 
 (v) certain events of
bankruptcy, insolvency, or reorganization of Issuer, any of the significant subsidiaries of Issuer (as defined below) or any group of subsidiaries of Issuer that in the aggregate would constitute a “significant subsidiary.” A
“significant subsidiary” is a subsidiary that is a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X promulgated by the SEC; provided that in the case of a subsidiary that meets the criteria of
clause (3) thereof but not clause (1) or (2) thereof, such subsidiary shall not be a “significant subsidiary” unless such subsidiary’s income from continuing operations before income taxes, extra items and cumulative
effect of changes in accounting principles exclusive of amounts attributable to any non-controlling interests for the last completed fiscal year prior to the date of such determination exceeds USD35 million; or 

(vi) the Shares ceases to be listed or quoted on any of the NASDAQ Global Select Market, NASDAQ Global Market or New York
Stock Exchange (or any of their respective successors). 
 (k) Effectiveness. If, on or prior to the Effective Date,
Dealer reasonably determines that it is advisable to cancel the Transaction because of concerns that Dealer’s related hedging activities could be viewed as not complying with applicable securities laws, rules or regulations, the Transaction
shall be cancelled and shall not become effective, and neither party shall have any obligation to the other party in respect of the Transaction. 
 (l) Extension of Settlement. Dealer may divide any Component into additional Components and designate the Expiration Date and the Number of Warrants for each such Component if Dealer determines, in
its commercially reasonable discretion, that such further division is necessary or advisable to preserve Dealer’s hedging or hedge unwind activity 

  
 28 

 
hereunder in light of existing liquidity conditions in the cash market or stock loan market or to enable Dealer to effect purchases of Shares in connection with its hedging activity hereunder in
a manner that would, if Dealer were Issuer or an affiliated purchaser of Issuer, be compliance with applicable legal, regulatory and self-regulatory requirements or with related policies and procedures applicable to Dealer; provided that any
such extension pursuant to this clause shall not exceed 160 Exchange Business Days. 
 (m) Repurchase Notices. Issuer
shall, at least five Scheduled Trading Days prior to any day on which Issuer intends to effect any repurchase of Shares, give Dealer a written notice of such repurchase (a “Repurchase Notice”) on such day if, following such
repurchase, the number of outstanding Shares on such day, subject to any adjustments provided herein, is (i) less than
[                    
]1 (as such number may be adjusted from time to time in
accordance with the provisions hereof) in the case of the first such notice or (ii) thereafter more than 1% less than the number of Shares outstanding as of the date of the immediately preceding Repurchase Notice. Issuer agrees to indemnify and
hold harmless Dealer and its affiliates and their respective officers, directors, employees, affiliates, advisors, agents and controlling persons (each, an “Indemnified Person”) from and against any and all losses (including losses
relating to Dealer’s hedging activities as a consequence of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance from hedging activities or cessation of hedging activities
and any losses in connection therewith with respect to the Transaction), claims, damages, judgments, liabilities and reasonable expenses (including reasonable attorney’s fees), joint or several, which an Indemnified Person actually incurs as a
result of Issuer’s failure to provide Dealer with a Repurchase Notice on the day and in the manner specified in this paragraph. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be
brought or asserted against the Indemnified Person as a result of Issuer’s failure to provide Dealer with a Repurchase Notice in accordance with this paragraph, such Indemnified Person shall promptly notify Issuer in writing, and Issuer, upon
request of the Indemnified Person, shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others Issuer may designate in such proceeding and shall pay the fees and expenses of such counsel
related to such proceeding. Issuer shall be relieved from liability to the extent that the Indemnified Person fails promptly to notify Issuer of any action commenced against it in respect of which indemnity may be sought hereunder; provided
that failure to notify Issuer (x) shall not relieve Issuer from any liability hereunder to the extent it is not materially prejudiced as a result thereof and (y) shall not, in any event, relieve Issuer from any liability that it may have
otherwise than on account of the Transaction. Issuer shall not be liable for any settlement of any proceeding contemplated by this paragraph that is effected without its written consent, but if settled with such consent or if there be a final
judgment for the plaintiff, Issuer agrees to indemnify any Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Issuer shall not, without the prior written consent of the Indemnified Person, effect any
settlement of any pending or threatened proceeding contemplated by this paragraph that is in respect of which any Indemnified Person is or could have been a party and indemnity could have been sought 

 
  

	1 	 To be the number of Shares outstanding that would cause Dealer’s current position in the Warrants (including the number of Warrants if the
greenshoe is exercised in full, and any Shares under pre-existing warrant transactions with Company) to increase by 0.5%. 

  
 29 

 
hereunder by such Indemnified Person, unless such settlement includes an unconditional release of such Indemnified Person from all liability on claims that are the subject matter of such
proceeding on terms reasonably satisfactory to such Indemnified Person. If the indemnification provided for in this paragraph is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred
to therein, then Issuer, in lieu of indemnifying such Indemnified Person hereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities. The remedies provided for in
this paragraph are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity. The indemnity and contribution agreements contained in this paragraph shall remain operative
and in full force and effect regardless of the termination of the Transaction. 
 (n) No Netting and Set-off. The
provisions of Section 2(c) of the Agreement shall not apply to the Transaction. Each party waives any and all rights it may have to set-off delivery or payment obligations it owes to the other party under the Transaction against any delivery or
payment obligations owed to it by the other party, whether arising under the Agreement, under any other agreement between parties hereto, by operation of law or otherwise. 
 (o) Delivery of Cash. For the avoidance of doubt, nothing in this Confirmation shall be interpreted as requiring the Issuer to deliver cash in respect of the settlement of the Transaction, except
in circumstances where the required cash settlement thereof is permitted for classification of the contract as equity by ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity, as in effect on the relevant Trade Date
(including, without limitation, where the Issuer so elects to deliver cash or fails timely to elect to deliver Shares or Share Termination Delivery Property in respect of such settlement). 

(p) Payments by Dealer upon Early Termination. The parties hereby agree that, notwithstanding anything to the contrary herein, in
the Definitions or in the Agreement, following the payment of the Premium, in the event that an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated with respect to the Transaction or the
Transaction is terminated or cancelled pursuant to Article 12 of the Equity Definitions and, as a result, Dealer would owe to Issuer an amount calculated under Section 6(e) of the Agreement or Article 12 of the Equity Definitions, such amount
shall be deemed to be zero. 
 (q) Illegality. The parties agree that, for the avoidance of doubt, for purposes of
Section 5(b)(i) of the Agreement, “any applicable law” shall include the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, any rules and regulations promulgated thereunder and any similar law or regulation, without
regard to Section 739 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any similar legal certainty provision in any legislation enacted, or rule or regulation promulgated, on or after the Trade Date, and the
consequences specified in the Agreement, including without limitation, the consequences specified in Section 6 of the Agreement, shall apply to any Illegality arising from any such act, rule or regulation. 

(r) [Reserved][Role of Agent]. 

  
 30 

 (s) Governing Law. THE AGREEMENT, THIS CONFIRMATION AND ALL MATTERS ARISING IN
CONNECTION WITH THE AGREEMENT AND THIS CONFIRMATION SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CHOICE OF LAW DOCTRINE, OTHER THAN TITLE 14 OF THE NEW YORK GENERAL
OBLIGATIONS LAW). THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE FEDERAL AND STATE COURTS LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THE AGREEMENT,
THIS CONFIRMATION OR ANY TRANSACTIONS CONTEMPLATED HEREBY.  
 (t) Waiver of Right to Trial by Jury. EACH PARTY
HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE AGREEMENT, THIS CONFIRMATION OR ANY TRANSACTIONS CONTEMPLATED HEREBY.  

(u) Amendment. This Confirmation and the Agreement may not be modified, amended or supplemented, except in a written instrument
signed by Issuer and Dealer. 
 (v) Counterparts. This Confirmation may be executed in several counterparts, each of
which shall be deemed an original but all of which together shall constitute one and the same instrument. 
 [Rest of the page
intentionally left blank – Signatures on following pages] 

  
 31 

 [Issuer hereby agrees (a) to check this Confirmation carefully and immediately upon
receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer and Issuer with respect
to the Transaction, by manually signing this Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and immediately returning an executed copy to
[                    ], Facsimile No.
[                    
]]2. 

 

			
	Yours faithfully,
	
	[DEALER]
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Agreed and Accepted By:
	
	CORNERSTONE ONDEMAND, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
  

	2 	To be adapted for each Dealer. 

  
 32 

 Annex A 
 For each Component of the Transaction, the Number of Warrants and Expiration Date is set forth below.3 
  

					
	 Component Number
	 	 Number of Warrants
	 	 Expiration Date

		 		 	
		 		 	
		 		 	

  
  

	3 	The scheduled Expiration Dates shall be the 80 Exchange Business Days from October 1, 2018.EX-10.1

 Exhibit 10.1 
 Execution Copy 
 EMPLOYMENT AGREEMENT 

EMPLOYMENT AGREEMENT (this “Agreement”), effective as of July 1, 2013 (the “Effective Date”),
among Reis, Inc., a Maryland corporation (“Reis”), Reis Services, LLC, a Maryland limited liability company and a wholly-owned subsidiary of Reis (“LLC”, and together with Reis, the “Employers”),
and Lloyd Lynford (“Employee”). 
 Recitals 

WHEREAS, Employee is currently employed by the Employers under an Employment Agreement dated as of July 1, 2010 (the “Prior
Agreement”); and 
 WHEREAS, the Employers desire to employ Employee as the President and Chief Executive Officer of
Reis and as the President and Chief Executive Officer of LLC, and Employee desires to be employed by the Employers in such capacities effective as of the Effective Date pursuant to the terms and conditions set forth below. 

NOW, THEREFORE, Employee and Employers, in consideration of the mutual agreements, covenants and conditions contained herein, and for
other good and valuable consideration, hereby agree as follows: 
 1. Basic Employment Provisions. 

(a) Employment Period. Subject to the terms and conditions of this Agreement, (i) the Employers hereby employ Employee, and
(ii) Employee agrees to be employed by the Employers, in each case for a period of three years from the Effective Date; provided, however, that if this Agreement would otherwise expire during a period when (A) either of the
Employers is party to an agreement, the consummation of which would result in the occurrence of a Change of Control or (B) the Board of Directors of Reis (the “Board”) or a committee thereof is engaged in active negotiations or
has commenced a process regarding a transaction, the consummation of which would result in the occurrence of a Change of Control (such period of time described by clause (A) and/or (B) of this Section 1(a), a “Change of
Control Protection Period”), then this Agreement shall continue in effect until the seven-month anniversary of the earlier of (x) the date of the consummation of such Change of Control or (y) the date of the final and complete
rescission or abandonment of the agreement or transaction, the consummation of which would have resulted in such Change of Control (the initial three-year period plus any such extension period(s), together, the “Employment Period”).
The Prior Agreement shall remain in full force and effect through the Effective Date. 
 (b) Duties. During the
Employment Period, Employee shall serve as the President and Chief Executive Officer of Reis and as the President and Chief Executive Officer of LLC. Employee shall (x) have general responsibility for implementation of the policies of the
Employers, as determined by the Board, and for the management of the business and affairs of the Employers; (y) in general, supervise and control all of the business and affairs of the Employers; and (z) perform those services as set from
time to time by the Board or other governing body of the Employers or a committee thereof, commensurate with Employee’s positions, it being understood that Employee shall not be required to perform any services, acts

 
or things not in accordance with applicable law or ethical standards or in the best interests of the shareholders of either Employer. Employee shall report directly to the Board and
Employee’s principal place of employment shall be 530 Fifth Avenue, New York, NY 10036 (the “Principal Location”). In furtherance of the foregoing, Employee shall have the primary right and responsibility for providing the
Board or other governing body of the Employers with recommendations as to the Employers’ policies and business strategies and their implementation, including, without limitation, those relating to Reis’ real estate assets. During the
Employment Period, Employee agrees to perform his duties hereunder faithfully and to the best of his ability and to devote his full professional working time, attention and energies to the transaction of the Employers’ business, in each case
subject to the terms hereof. During the Employment Period, Employee shall not be employed or otherwise engaged in any other business or enterprise without the written consent of the Employers. Notwithstanding any other term hereof, but subject to
the terms and provisions of Sections 8, 9 and 10, nothing contained herein shall preclude Employee from (i) serving on the boards of a reasonable number of other trade associations and/or civic or charitable organizations and businesses
which do not compete with the business of the Employers, (ii) engaging in charitable activities and community affairs, (iii) managing his personal and family investments and affairs, or (iv) writing and selling works of fiction and
non-fiction (to the extent that such works do not disclose Confidential Information (as defined below)), in each case as long as such activities do not materially interfere with the discharge of his duties and responsibilities under this
Section 1(b). Employee shall continue to serve as a member of the Board. 
 (c) Compliance with the
Employers’ Policies. During the Employment Period, Employee shall be governed by and be subject to, and Employee hereby agrees to comply with, all of the Employers’ policies applicable to the Employers’ employees generally or to
the Employers’ employees at Employee’s grade level, including, without limitation, the Employers’ Codes of Business Ethics and Conduct, in each case, as any such policies are in effect from time to time (collectively, the
“Policies”). 
 2. Compensation. 
 (a) Salary. As compensation for the services to be rendered by Employee hereunder, the Employers are jointly and severally obligated to pay to Employee for each year of the Employment Period,
commencing on the Effective Date, a gross annual base salary of not less than $450,000 per year (as in effect from time to time after any increase (but not decrease), the “Gross Annual Base Salary”), payable in accordance with the
payroll practices of the Employers in effect from time to time (but in all events no less frequently than semi-monthly). Employee shall be entitled to such increases (but not decreases) in Gross Annual Base Salary, if any, as may be determined from
time to time by the Compensation Committee of the Board (the “Compensation Committee”). The Compensation Committee shall consider such increases in Gross Annual Base Salary at least annually, and shall take into account market data,
the consumer price index, and any other factors it deems relevant. 
 (b) Bonus. 

(i) With respect to the fiscal year that includes the Effective Date and each other fiscal year that begins during the Employment Period,
Employee shall be entitled to 

  
 2 

 
receive, in addition to Employee’s Gross Annual Base Salary, an annual cash bonus award (or a pro rated portion thereof in the event that the applicable fiscal year ends following the
Employment Period) (the “Annual Bonus”), with a target bonus opportunity of not less than seventy five percent (75%) of the Gross Annual Base Salary, based upon the achievement of target performance goals established by the
Compensation Committee (as in effect from time to time after any increase (but not decrease), the “Target Bonus”); provided that in no event shall such targets or the method for determining payouts based on the degree to
which such targets are attained be less favorable to Employee than those applying to other senior executives of the Employers generally for the applicable fiscal year. Upon achievement of the targeted performance goals for the applicable fiscal
year, Employee shall be paid the Target Bonus. The applicable bonus plan shall specify the Annual Bonus payable upon achievement of threshold, target, and maximum performance goals. The “Maximum Bonus” for achievement of all
applicable performance goal(s) at maximum performance level shall be at least one hundred seventy-five percent (175%) of the Target Bonus and the minimum Annual Bonus opportunity for failing to achieve threshold performance under the applicable
performance goal(s) shall be $0. To the extent the performance goals are sufficiently quantifiable and Employee’s achievement level falls between performance goal benchmarks, the Annual Bonus shall be determined using a straight line
interpolation between the two appropriate performance goals. Employee shall be entitled to such increases (but not decreases) in Target Bonus, if any, as may be determined from time to time by the Compensation Committee. The Compensation Committee
shall consider such increases in Target Bonus at least annually, and shall take into account market data, the consumer price index, and any other factors it deems relevant. 

(ii) The Annual Bonus will be paid in cash to Employee not later than the date annual bonuses are generally paid to
senior executives of the Employers, but in all events not later than the later of the 15th day of the third month following the end of Employee’s first taxable year in which the right to payment is no longer subject to a “substantial risk of forfeiture” (within the meaning of
Section 409A of the U.S. Internal Revenue Code of 1986 (the “Code”) and any proposed, temporary or final regulation, or any other guidance, promulgated with respect to Section 409A of the Code by the U.S. Department of
Treasury or the Internal Revenue Service (“Section 409A”)). 
 (c) Benefits. During the Employment
Period, the Employers shall provide Employee (and Employee’s spouse and eligible dependents) with the benefits to which senior executives of the Employers are or become entitled under the terms of any benefit plans or programs instituted by the
Employers, as in effect from time to time (it being understood that Reis or LLC may amend or terminate such benefit plans or programs in accordance with the terms of such plans or programs at any time during the Employment Period). For purposes of
determining Employee’s eligibility for participation in employee benefit plans and for other fringe benefits, Employee shall be deemed to be a full time employee of whichever of the Employers provides more favorable benefits, in the aggregate,
to its senior executives. Employee shall be entitled to six weeks paid vacation per year, which shall be taken in accordance with the policies of Reis governing vacation of senior executives. In addition, notwithstanding anything contained in this
Agreement to the contrary, as soon as reasonably practicable following the Effective Date, the Employers shall (i) ensure that the term life insurance policy secured on behalf of the Employee pursuant to Section 2(c) of the Prior Agreement
shall remain in full force and effect at all times during the Employment Period; and (ii) pay for, or reimburse the Employee for, the cost of $100,000 of supplemental life insurance pursuant to the Employers’ group life insurance policy,
such insurance to be in effect at all times during the Employment Period. 

  
 3 

 (d) Equity Awards. 

(i) Annual Long-Term Incentive Awards. During the Employment Period, Employee shall be entitled to receive annual equity and/or
long-term incentive awards at the time such awards are generally made by the Employers to senior executives of the Employers, on a basis no less favorable than such awards are made to other senior executives of the Employers (including with respect
to the form of award, the vesting and forfeiture conditions and the value of the award as a percentage of total annual compensation) and consistent with past practices for awarding equity to Employee. All equity and/or long-term incentive awards
granted in connection with this Agreement or during the Employment Period will provide that Employee may, at his option, satisfy the minimum required tax withholdings and, in the case of stock options, pay the applicable exercise price, by either
(A) the actual or constructive transfer to Reis of nonforfeitable unrestricted shares of Reis common stock that have been owned by Employee for more than six months prior to the date of exercise or the date on which such taxes are required to
be withheld (the “Previously Acquired Shares”), or (B) in the event that Employee does not then own a sufficient number of Previously Acquired Shares, an automatic reduction in the number of shares otherwise required to be
delivered to Employee, as applicable, in all cases unless and to the extent that any such transfer or reduction (1) is prohibited by a material financing or other agreement that restricts the ability of the Employers to permit such reduction,
or (2) would reasonably be expected to jeopardize the cash flow of either of the Employers. 
 (ii) Acceleration.
Upon a Change of Control (as defined herein or in the applicable stock incentive compensation plan), all Employee’s outstanding equity awards shall vest and become non-forfeitable, with any outstanding stock options immediately vesting and
becoming exercisable (and, subject to Section 10.5 (Adjustments) of the Reis, Inc. 2008 Omnibus Incentive Plan (or any similar provision of an applicable successor plan), with all stock options remaining exercisable for the duration of their
original term), the restriction period (including, without limitation, any vesting requirements) on any restricted stock and restricted stock units held by Employee shall lapse, and any other vesting requirements or conditions with respect to the
foregoing or other equity-based awards held by Employee shall lapse and be disregarded. 
 (iii) Other Incentive
Compensation. Employee shall be eligible to participate in any other incentive compensation methods or programs established by either of the Employers and offered to senior executives of Reis or LLC. 

3. Termination. Employee’s employment may be terminated prior to the expiration of the Employment Period under the following
conditions, in each case subject to the terms of Section 4. In the event any party or parties (in the case of the Employers) hereto elect to terminate the Employment Period, such party or parties shall deliver written notice thereof
(other than a termination pursuant to Section 3(a)) in accordance with the terms of this Section 3, which written notice shall set forth the provision of this Section 3 under which such termination is effective. A
notice of termination hereunder may not be retracted or withdrawn by the party or parties delivering the same, without the consent of the other party or parties hereto. 

  
 4 

 (a) Death. The Employment Period shall terminate automatically, without notice,
effective upon the death of Employee. 
 (b) Disability. The Employers may terminate the Employment Period at any time,
effective upon not less than 10 days prior written notice to Employee after Employee has been unable to perform the essential duties of his positions because of “Disability” (as determined on the basis of medical evidence
satisfactory to the Board, in the Board’s reasonable discretion) for a period of (i) 180 consecutive days in any 12-month period or (ii) 270 days in any 12-month period, subject to reasonable accommodation provisions of applicable
law. 
 (c) Cause. The Employers may terminate the Employment Period at any time for Cause, effective upon delivery of
prior written notice to Employee. For the purposes of this Agreement, “Cause” shall mean Employee’s (i) breach of Section 9, (ii) material breach of any other term or provision of this Agreement which is
not cured by Employee within 20 days of written notice thereof from either of the Employers (which notice shall specify that such notice is being delivered for purposes of this Section 3(c)(ii)), (iii) fraud or dishonesty in the
course of Employee’s employment, (iv) for reasons other than Disability, continued gross neglect of the duties to be performed by Employee hereunder which results in material harm to the Employers and which is not cured by Employee within
20 days of written notice thereof from the Employers (which notice shall specify that such notice is being delivered for purposes of this Section 3(c)(iv)), (v) material violation of any of the Policies that results in material
injury to one or both of the Employers or (vi) conviction or pleading guilty or nolo contendere to any felony charge. Notwithstanding the foregoing, Employee shall not be deemed to have been terminated for Cause pursuant to clauses
(i) through (v) of this Section 3(c) unless and until there shall have been delivered to Employee a copy of a resolution duly adopted by the affirmative vote of not less than either (A) a majority of the members of the
Board or (B) two-thirds of the independent members of the Board, at a meeting of the Board called and held for such purpose (after reasonable notice to Employee and an opportunity for Employee, together with counsel of Employee’s choosing,
to be heard before the Board not less than 10 days after the giving of such notice), finding that in the good faith opinion of the Board, Employee conducted himself as set forth above in clauses (i) through (v) of this
Section 3(c) and specifying the particulars of such conduct in detail. Notwithstanding anything contained in this Agreement to the contrary, Employee’s failure to perform his duties or fulfill his obligations under this Agreement
after receiving a notice of termination shall not constitute proper Cause for purposes of this Agreement. 
 (d) Change of
Control. 
 (i) In the event there is a termination by the Employers without Cause or a termination by Employee for Good
Reason, in either case (A) during a Change of Control Protection Period (whether or not a Change of Control actually occurs) or (B) upon or within the two-year period following a Change of Control (the periods described in clauses
(A) and (B) of this Section 3(d)(i), together, the “Change of Control Period”), Employee shall be entitled to payment under Section 4(d). 

(ii) For purposes of this Agreement, “Change of Control” shall mean the occurrence of any of the following after the
Effective Date, whether directly or indirectly, 

  
 5 

 
voluntarily or involuntarily, whether as part of a single transaction or a series of transactions: (A) individuals who as of the Effective Date constitute the Board cease, for any reason, to
constitute at least a majority of the Board, unless the election or nomination for election of each new director was approved by at least two-thirds of the directors then still in office who were directors as of the Effective Date (either by a
specific vote of such directors or by the approval of the Employers’ proxy statement in which each such individual is named as a nominee for a director without written objection to such nomination by such directors); provided,
however, that no individual initially elected or nominated as a director as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by
or on behalf of any person other than the Board shall be deemed to be approved (solely for purposes of this Section 3(d)(ii)); (B) the sale, transfer or other disposition of all or substantially all of the assets of either of the
Employers (other than to a wholly-owned direct or indirect subsidiary of either of the Employers or a benefit plan of either of the Employers); (C) any person or entity or group of affiliated persons or entities (other than Employee, Jonathan
Garfield or a group including either of them) acquiring beneficial ownership (as that term is used in Rules 13d-3, 13d-5 or 16a-1 under the Securities Exchange Act of 1934, as amended, whether or not applicable) of 30% or more of the shares of
capital stock or other equity of either of the Employers, having by the terms thereof voting power to elect the members of the Board (in the case of Reis only), or, convertible into shares of such capital stock or other equity of either of the
Employers (collectively, “Voting Shares”), as the case may be; (D) the stockholders or members of either of the Employers adopting a plan of liquidation providing for the distribution of all or substantially all of either of
the Employers’ assets or approving the dissolution of either of the Employers; or (E) the merger, consolidation, or reorganization of either of the Employers or any similar transaction which results in (1) the beneficial owners of the
Voting Shares of either of the Employers immediately prior to such merger, consolidation, reorganization or transaction beneficially owning, after giving effect to such merger, consolidation, reorganization or transaction, interests or securities of
the surviving or resulting entity representing 50% or less of the shares of capital stock or other equity of the surviving or resulting entity having by the terms thereof voting power to elect the members of the board or directors (or equivalent
thereof) or convertible into shares of such capital stock or other equity of such entity or (2) any person or entity or group of affiliated persons or entities (other than Employee, Jonathan Garfield or a group including either of them) owning,
after giving effect to such merger, consolidation, reorganization or transaction, interests or securities of the surviving or resulting entity, representing 30% or more of the shares of capital stock or other equity of the surviving or resulting
entity having by the terms thereof voting power to elect the members of the board of directors (or equivalent thereof) or convertible into shares of such capital stock or other equity of such entity. 

(e) Good Reason. Employee may terminate the Employment Period at any time for Good Reason, effective upon not less than 10 days
prior written notice to the Employers. For purposes of this Agreement, “Good Reason” means (i) a material diminution in Employee’s duties or responsibilities for either of the Employers, demotion of Employee or a change
for any reason in Employee’s direct reporting relationship to other than the Board or a committee thereof (or, following a Change of Control, reorganization of either of the Employers, or the shares of Reis ceasing to be publicly traded, a
change for any reason in Employee’s direct reporting relationship to other than the board of directors of any successor or acquiring entity (including the ultimate parent of any such successor or acquiring entity), whether such successor or

  
 6 

 
acquiring entity (or its ultimate parent) is a public, private or other form of corporation, limited liability company, partnership, holding company, hedge fund, private equity firm, investment
firm or other form of entity); (ii) Employee’s being removed from, not nominated for re-election to, or not re-elected to the Board, other than for Cause or at his request; (iii) either of the Employers’ (or any of their
successors’ or acquiring entities’) material breach of this Agreement which is not cured within 20 days of written notice thereof to the Employers (which notice shall specify that such notice is being delivered for purposes of this
Section 3(e)(iii)); (iv) Employee’s being required to report to an office to work on a regular basis at a location outside of a 30-mile radius from the Principal Location; (v) a reduction of Employee’s Gross Annual
Base Salary or Target Bonus; (vi) any failure by the Employers to obtain the assumption in writing of any obligation of the Employers to perform any agreement between Employee and either of the Employers (A) by any successor to all or
substantially all of the assets of either of the Employers or (B) by any successor or acquiring entity upon a Change of Control of either of the Employers, in either case whether by operation of law or contractually, as of the date of such
transaction; or (vii) Employee is not for any reason the most senior executive officer responsible for all business units, functions and departments of either of the Employers (including, without limitation, sales, marketing,
accounting/finance, legal, information technology, human resources, research & development, operations, and all divisions and product lines) (any such business unit, function or department, a “Department”) (or, following a
Change of Control, reorganization of either of the Employers, or the shares of Reis ceasing to be publicly traded, Employee is not for any reason the most senior executive officer of any successor or acquiring entity (including the ultimate parent
of any such successor or acquiring entity) responsible for all Departments of such successor or acquiring entity (or its ultimate parent), whether such successor or acquiring entity (or its ultimate parent) is a public, private or other form of
corporation, limited liability company, partnership, holding company, hedge fund, private equity firm, investment firm or other form of entity). For purposes of any determination regarding the existence of Good Reason, any claim by Employee that
Good Reason exists shall be presumed to be correct unless a court of competent jurisdiction issues a final judgment, order or decree determining that the Employers have established by clear and convincing evidence that Good Reason does not exist.

 (f) Termination of the Employment Period Other Than for Death, Disability, Cause, Change of Control or Good Reason.
The Employers may terminate Employee’s employment (and thereby terminate the Employment Period) at any time, for any or no reason, effective upon not less than 30 days prior written notice. Employee may terminate his employment, or resign, from
the Employers (and thereby terminate the Employment Period) at any time, for any or no reason, effective upon not less than 30 days prior written notice. 
 4. Obligations of the Employers Upon Termination of the Employment Period. 
 (a) Termination Pursuant to Section 3(a) (Death). In the event that the Employment Period terminates pursuant to Section 3(a), no further compensation shall be paid to Employee
following the effective date of termination, provided that: 
 (i) within 35 days of the effective date of termination,
the Employers shall pay to Employee’s estate or other beneficiary(ies), as applicable, a lump sum cash payment equal to the sum of (A) Employee’s Gross Annual Base Salary through the effective date of termination to the extent not
theretofore paid, (B) any accrued vacation pay to the extent not 

  
 7 

 
theretofore paid, (C) subject to Section 6, all business expenses which were incurred by Employee prior to or as of the effective date of termination but not yet reimbursed by
the Employers and (D) the Annual Bonus payable for each year preceding the year during which termination occurs, to the extent not theretofore paid (the aggregate amounts set forth in clauses (A), (B), (C) and (D) above, collectively
the “Accrued Obligations”); 
 (ii) within 35 days of the effective date of termination, the Employers shall
pay to Employee’s estate or other beneficiary(ies), as applicable, a lump sum cash payment of a pro rata portion of the Target Bonus (as in effect on the effective date of termination) that Employee would have been eligible to receive pursuant
to Section 2(b) for the fiscal year in which the effective date of termination occurs, based upon the percentage of the fiscal year that shall have elapsed through the effective date of termination (the “Pro Rata
Bonus”); 
 (iii) for 18 months following the effective date of termination, the Employers will reimburse
Employee’s spouse and eligible dependents on a monthly basis (within 35 days following the date the cost is incurred) for the cost (on a grossed-up basis) of maintaining health benefits for Employee’s spouse and eligible dependents under a
group health plan of the Employers, provided that (A) Employee’s spouse and/or legal guardian for Employee’s eligible dependents timely elects the continuation of group health plan benefits under the Consolidated Omnibus Budget
Reconciliation Act of 1985 (“COBRA”) and (B) Employee’s spouse and/or legal guardian for Employee’s eligible dependents makes a monthly payment to the Employers in an amount equal to the monthly premium payments (both
the employee and employer portion) required to maintain such coverage. Employee and the Employers acknowledge that this coverage will count towards the Employers’ and such group health plan’s obligation to provide Employee’s spouse
and eligible dependents with the right to continuation coverage pursuant to COBRA and that Employee’s spouse and/or eligible dependents will be able to continue such coverage at their own expense for the balance of the period provided under
COBRA (for the avoidance of doubt, the foregoing will not cover any short-term or long-term disability insurance benefits); and 

(iv) as of the effective date of termination, all of Employee’s outstanding equity awards shall vest and become non-forfeitable,
with any outstanding stock options immediately vesting and becoming exercisable (and with all stock options remaining exercisable for three years following Employee’s termination date (but no later than the original term)), the restriction
period (including, without limitation, any vesting requirements) on any restricted stock and restricted stock units held by Employee shall lapse, and any other vesting requirements or conditions with respect to the foregoing or other equity-based
awards held by Employee shall lapse and be disregarded, and such awards shall be settled in accordance with the terms of the plan and/or the applicable award agreement (all acceleration pursuant to this paragraph, together, the “Equity
Acceleration”). 
 (b) Termination Pursuant to Section 3(b) (Disability). In the event that the Employment
Period is terminated pursuant to Section 3(b), no further compensation shall be paid to Employee following the effective date of termination, provided that: 
 (i) within 35 days of the effective date of termination, the Employers shall pay to Employee or his legal representative, as applicable, a lump sum cash payment equal to the Accrued Obligations;

  
 8 

 (ii) within 35 days of the effective date of termination, the Employers shall pay to
Employee or his legal representative, as applicable, a lump sum cash payment equal to the Pro Rata Bonus; 
 (iii) for 18 months
following the effective date of termination, the Employers will reimburse Employee on a monthly basis (within 35 days following the day the cost is incurred) for the cost (on a grossed-up basis) of maintaining health benefits for Employee (and
Employee’s spouse and eligible dependents) under a group health plan of the Employers, provided that (A) Employee timely elects the continuation of group health plan benefits under COBRA and (B) Employee makes a monthly payment
to the Employers in an amount equal to the monthly premium payments (both the employee and employer portion) required to maintain such coverage. Employee and the Employers acknowledge that this coverage will count towards the Employers’ and
such group health plan’s obligation to provide Employee with the right to continuation coverage pursuant to COBRA and that Employee will be able to continue such coverage at Employee’s own expense for the balance of the period provided
under COBRA (for the avoidance of doubt, the foregoing will not cover any short-term or long-term disability insurance benefits) (with the exception of the duration, all such reimbursement payments, gross-ups and related conditions described in this
paragraph, the “COBRA Reimbursement”); and 
 (iv) as of the effective date of termination, Employee shall be
entitled to the Equity Acceleration. 
 (c) Termination Pursuant to Section 3(c) (Cause). In the event that the
Employment Period is terminated pursuant to Section 3(c), no further compensation shall be paid to Employee following the effective date of termination, provided that, within 35 days of the effective date of termination, the
Employers shall pay to Employee a lump sum cash payment equal to the Accrued Obligations. 
 (d) Termination Pursuant to
Section 3(d) (Change of Control). In the event that the Employment Period is terminated during the Change of Control Period (A) by the Employers for any reason (other than Employee’s death or Disability, or with Cause) or
(B) by Employee for Good Reason, no further compensation shall be paid to Employee following the effective date of termination, provided that: 
 (i) within 35 days of the effective date of termination, the Employers shall pay to Employee a lump sum cash payment equal to the Accrued Obligations; 

(ii) within 35 days of the effective date of termination, the Employers shall pay to Employee a lump sum cash payment equal to the Pro
Rata Bonus; 
 (iii) within 35 days of the effective date of termination, the Employers shall pay to Employee a lump sum cash
payment equal to 2.5 multiplied by the sum of (A) the Gross Annual Base Salary (as in effect on the effective date of termination or, if higher, as in effect immediately prior to any such Change of Control) plus (B) the Target Bonus (as in
effect on the 

  
 9 

 
effective date of termination or, if higher, as in effect immediately prior to any such Change of Control) that Employee would have been eligible to receive pursuant to Section 2(b)
for the fiscal year in which the effective date of termination occurs; 
 (iv) for 18 months following the effective date of
termination, the Employers will provide Employee with the COBRA Reimbursement on a monthly basis (within 35 days following the day the cost is incurred) (and, in addition, to the extent Employee remains eligible (provided that Employee may at
any time supplement any cost necessary to allow for continued eligibility as provided under the terms of the applicable policy), Employee may continue participation in the Employers’ long-term disability plan on the same basis as provided prior
to the termination of Employee’s employment, at his own cost and expense, through the end of the Employment Period, without regard to any earlier termination of employment); and 

(v) as of the effective date of termination, Employee shall be entitled to the Equity Acceleration. 

(e) Termination by Employee Without Good Reason. In the event that the Employment Period is terminated by Employee without Good
Reason, no further compensation shall be paid to Employee following the effective date of termination, provided that, within 35 days of the effective date of termination, the Employers shall pay to Employee a lump sum cash payment equal to
the Accrued Obligations. 
 (f) Termination by the Employers Without Cause or by Employee for Good Reason. In the event
that the Employment Period is terminated (other than during the Change of Control Period) either (A) by the Employers for any reason (other than Employee’s death or Disability, or with Cause) or (B) by Employee for Good Reason, no
further compensation shall be paid to Employee following the effective date of termination, provided that: 
 (i) within
35 days of the effective date of termination, the Employers shall pay to Employee a lump sum cash payment equal to the Accrued Obligations; 
 (ii) on the
35th day following the effective date of termination, the
Employers shall pay to Employee a lump sum cash payment equal to the Pro Rata Bonus; 
 (iii) on the
35th day following the effective date of termination, the
Employers shall pay to Employee a lump sum cash payment equal to 1.5 multiplied by the sum of (A) the Gross Annual Base Salary (as in effect on the effective date of termination) plus (B) the Target Bonus (as in effect on the effective
date of termination) that Employee would have been eligible to receive pursuant to Section 2(b) for the fiscal year in which the effective date of termination occurs; 

(iv) for 18 months following the effective date of termination, the Employers will provide Employee with the COBRA Reimbursement on a
monthly basis (within 35 days following the day the cost is incurred) (and, in addition, to the extent Employee remains eligible (provided that Employee may at any time supplement any cost necessary to allow for continued eligibility as
provided under the terms of the applicable policy), Employee may continue participation in the Employers’ long-term disability plan on the same basis as provided prior to the termination of Employee’s employment, at his own cost and
expense, through the end of the Employment Period, without regard to any earlier termination of employment); and 
 (v) as of
the effective date of termination, Employee shall be entitled to the Equity Acceleration. 

  
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 (g) Mutual Release of Claims. Payments under
Section 4(f) (except the Accrued Obligations and any equity or long-term incentive awards which were previously accelerated pursuant to Section 2(d)(ii) or otherwise) shall be owed and made to Employee as described in
Section 4(f); provided that (i) the Employers have delivered to Employee a fully-executed copy of the Mutual Release of Claims in the form attached hereto as Exhibit A (subject to adjustment as necessary to comply with
changes in applicable law) (the “Mutual Release”) within three days following the effective date of termination of Employee’s employment, and (ii) Employee has executed and not revoked the Mutual Release within 35 days
following the effective date of termination of Employee’s employment (and the Rescission Period set forth therein shall have expired prior to such 35th day). Failure by the Employers to provide Employee with a Mutual Release (executed by both of the Employers) within
three days following the effective date of termination of Employee’s employment shall release Employee from his obligation to execute the Mutual Release, and Employee shall be entitled to the payments under Section 4(f) as described
therein. Employee’s (or his estate’s or representative’s) failure or refusal to sign, or revocation of, the Mutual Release, following the delivery by the Employers of the Mutual Release contemplated by this Section 4(g),
shall relieve the Employers of liability to provide Employee any and all payments under Section 4(f) (except the Accrued Obligations and any equity or long-term incentive awards which were previously accelerated pursuant to
Section 2(d)(ii) or otherwise). 
 5. Potential Reductions. 

(a) Notwithstanding any other provisions in this Agreement, in the event that any payment or benefit received or to be received by
Employee (including, without limitation, any payment or benefit received in connection with a Change of Control or the termination of Employee’s employment, whether pursuant to the terms of this Agreement or any other plan, program, arrangement
or agreement) (all such payments and benefits, together the “Total Payments”) would be subject (in whole or part), to any excise tax imposed under Section 4999 of the Code, or any successor provision thereto (the
“Excise Tax”), then, after taking into account any reduction in the Total Payments provided by reason of Section 280G of the Code in such other plan, program, arrangement or agreement, the Employers will reduce Employee’s
payments and/or benefits under this Agreement, to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax (but in no event to less than zero), in the following order: (i) any cash severance amounts derived
based upon the sum of Gross Annual Base Salary plus Target Bonus; (ii) any cash severance amounts derived based upon the Pro Rata Bonus; (iii) any COBRA Reimbursement or other reimbursement of health benefits; and (iv) any Equity
Acceleration or other acceleration of outstanding equity awards (the payments and benefits set forth in clauses (i) through (iv) of this Section 5(a), together, the “Potential Payments”); provided,
however, that the Potential Payments shall only be reduced if (y) the net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state and local income taxes on such reduced Total Payments and
after taking into account the phase out of 

  
 11 

 
itemized deductions and personal exemptions attributable to such reduced Total Payments) is greater than or equal to (z) the net amount of such Total Payments without such reduction (but
after subtracting the net amount of federal, state and local income taxes on such Total Payments and the amount of Excise Tax to which Employee would be subject in respect of such unreduced Total Payments and after taking into account the phase out
of itemized deductions and personal exemptions attributable to such unreduced Total Payments. 
 (b) For purposes of determining
whether and the extent to which the Total Payments will be subject to the Excise Tax: (i) no portion of the Total Payments the receipt or enjoyment of which Employee shall have waived at such time and in such manner as not to constitute a
“payment” within the meaning of Section 280G(b) of the Code shall be taken into account; (ii) no portion of the Total Payments shall be taken into account which, in the opinion of tax counsel (“Tax Counsel”)
reasonably acceptable to Employee and selected by the accounting firm which was, immediately prior to the Change of Control, the Employers’ independent auditor (the “Auditor”), does not constitute a “parachute
payment” within the meaning of Section 280G(b)(2) of the Code (including, without limitation, by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments shall be taken into
account which, in the opinion of Tax Counsel, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the “base amount” (as set forth in
Section 280G(b)(3) of the Code) that is allocable to such reasonable compensation; and (iii) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payments shall be determined by the Auditor in
accordance with the principles of Sections 280G(d)(3) and (4) of the Code. 
 (c) At the time that payments are made under
this Agreement, the Employers shall provide Employee with a written statement setting forth the manner in which such payments were calculated and the basis for such calculations, including, without limitation, any opinions or other advice the
Employers received from Tax Counsel, the Auditor, or other advisors or consultants (and any such opinions or advice which are in writing shall be attached to the statement). If Employee objects to the Employers’ calculations, the Employers
shall pay to Employee such portion of the Potential Payments (up to 100% thereof) as Employee determines is necessary to result in the proper application of this Section 5. All determinations required by this Section 5 (or
requested by either Employee or the Employers in connection with this Section 5) shall be at the expense of the Employers. The fact that Employee’s right to payments or benefits may be reduced by reason of the limitations contained
in this Section 5 shall not of itself limit or otherwise affect any other rights of Employee under this Agreement. 
 6.
Reimbursement of Expenses. The applicable Employer shall reimburse Employee for any and all reasonable expenses incurred by him in the performance of his duties hereunder, subject to the presentment of appropriate vouchers in
accordance with the applicable Employer’s normal policies for expense verification and subject to Section 22. 
 7. No
Mitigation; No Offset. All amounts paid or due to Employee under Section 4 shall be paid without regard to whether Employee has taken or takes actions to mitigate damages. Employee shall be under no obligation to seek other
employment. Accordingly, there shall be no offset against amounts due to Employee under this Agreement, or otherwise, on account of any remuneration attributable to any subsequent employment that he may obtain or on account of any

  
 12 

 
claim that either of the Employers may have against him. The Employers’ obligation to make the payments provided for in this Agreement and otherwise to perform their obligations hereunder
shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Employers may have against Employee or others. 
 8. Ownership of Materials. All records, materials, lists, files, manuals, tapes and all other written or recorded data and information in whatever form that may be used by, or made available
to Employee in connection with his employment hereunder (“Materials”) are and shall remain the sole property of the Employers. As soon as practicable following the voluntary or involuntary termination of Employee’s employment
hereunder, Employee shall return or cause to be returned to the Employers Materials in Employee’s possession and/or under his control. 

9. Covenant Not to Compete; Covenant Not to Solicit; Confidentiality. Employee expressly recognizes and acknowledges that: 

(a) The Employers have developed and established a valuable and extensive clientele for their real estate information reporting services.

 (b) The Employers’ business connections and clients have been established and maintained at great expense and are of
great value to the Employers. 
 (c) Employee has and will become familiar with and possessed of the manner, method, secrets,
and confidential and proprietary information pertaining to the Employers’ business methods and the business requirements and needs of their clients (collectively, “Confidential Information”). 

(d) By virtue of this Agreement and predecessor agreements, Employee has and will become personally acquainted with the clients, business
methods, and trade secrets of the Employers. 
 (e) In recognition and in consideration of the foregoing, Employee expressly
covenants and agrees as follows: 
 (i) During the Employment Period and continuing until the Non-Competition Termination Date
(as defined below), Employee shall not in any way, directly or indirectly, for himself or on behalf of or in conjunction with any other person or entity, solicit for the benefit of a Competitive Business (as defined below), divert, take away, or
attempt to take away, any of the Employers’ clients or the business or patronage of any such clients. For purposes of applying this provision after the termination or expiration of the Employment Period, “clients” shall mean any
person or entity to whom the Employers provided their services within six months prior to such effective date of termination or expiration. 
 (ii) During the Employment Period and continuing until the Non-Competition Termination Date, Employee shall not in any way, directly or indirectly, for himself or on behalf of or in connection with any
other person or entity, solicit, entice, hire, employ, or endeavor to employ, any of the Employers’ employees. For purposes of applying this provision after the termination or expiration of the Employment Period, “employees” shall
mean any person employed by the Employers within six months prior to such effective date of termination or expiration. 

  
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 (iii) During the Employment Period and continuing until the Non-Competition Termination
Date, Employee shall not, directly or indirectly, for himself or on behalf of or in connection with any other person or entity: (A) enter into the employ of or render any services to any person, firm, corporation or other entity engaged in any
Competitive Business; (B) engage in any Competitive Business for his own account; or (C) become associated with or own an interest in any Competitive Business as an individual, partner, shareholder, member, creditor, director, officer,
principal, agent, employee, trustee, consultant, advisor or in any other relationship or capacity; provided that so long as Employee is not otherwise in breach hereof, following his termination of employment, Employee’s entering into the
employ of or rendering any services to an entity that engages in a Competitive Business that generates less than 20% of such entity’s aggregate annual gross revenues from such Competitive Business (calculated as an average of the three most
recently completed fiscal years of such entity immediately prior to Employee’s commencement of employment by or rendering services to such entity) shall not, in and of itself, be deemed a breach hereof so long as Employee is not rendering any
services with respect to and has no direct or indirect involvement with such Competitive Business. For purposes of this Agreement, “Competitive Business” means (1) the business of developing data, analysis or forecasts
pertaining to the construction, absorption, occupancy, rents, sales prices, automated valuation, or automated credit risk analysis for United States commercial office, industrial, retail, multi-family, hotel or other properties or real estate
markets and (2) each other business in which the Employers are engaged during the Employment Period. For informational purposes only and not for the purpose of construing or restricting the scope of the term “Competitive Business,”
the parties hereto hereby agree that the following companies and/or their respective affiliates are currently engaged in a Competitive Business: CoStar Group Inc. (including Property & Portfolio Research, Inc. and LoopNet, Inc.),
Moody’s KMV, Real Capital Analytics Inc. and CBRE Econometric Advisors. Mere passive ownership of stock representing 2% or less of the capital stock of a publicly traded entity shall not be deemed to constitute participation in a Competitive
Business. Nothing in this Section 9(e)(iii) shall be deemed to prohibit Employee from engaging in research related to any of the foregoing subjects for persons or entities developing data related to such subjects in a manner incidental
to their businesses (by way of example, nothing herein would prevent Employee from engaging in any research for an investment banking firm that develops real estate data as a portion of its overall business). 

(iv) During the Employment Period and thereafter, Employee shall not divulge to others or use for his own benefit, or assist others in
using such information for their benefit, any Confidential Information obtained prior to or after the date hereof from the Employers by virtue of the relationship created hereunder or otherwise, unless such Confidential Information is or becomes
generally available to the public (other than by reason of Employee’s breach of this Section 9(e)(iv)) and except in connection with (A) the performance of Employee’s duties hereunder, (B) enforcement of
Employee’s rights under this Agreement and (C) as required by law. Notwithstanding anything in the foregoing, the parties hereto hereby acknowledge and agree that, subject to the terms and conditions of this Section 9(e),
Employee’s employment or retention as a consultant in the real estate information industry does not, in and of itself, constitute a breach of this Section 9(e)(iv). 

  
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 (f) For purposes of this Agreement, “Non-Competition Termination Date”
shall mean (i) the date that is two years following the effective date of termination of Employee’s employment for any reason during the Change of Control Period and (ii) the date that is one year following the effective date of
termination of Employee’s employment other than during the Change of Control Period. 
 10. Proprietary Rights. 

(a) For purposes of this Agreement, “Works” shall mean intellectual property and proprietary rights, including, without
limitation, ideas, designs, concepts, techniques, inventions, discoveries and works of authorship, whether or not patentable or protectable by copyright or as a mask work, and whether or not reduced to practice, including, without limitation,
devices, processes, trade secrets, formulas, techniques, compositions of matter, computer software programs, mask works and methods, together with any improvements thereon or thereto, derivative works made therefrom and know how related thereto, in
each case as it relates to the business of the Employers. 
 (b) Employee hereby agrees that all Works made, conceived,
developed or reduced to practice, in whole or in part, solely by Employee or jointly with others, either during or after the Employment Period, if such Works are (i) made through the use of any of the Confidential Information, (ii) result
from any work performed by Employee for either of the Employers, (iii) relate to either of the Employers’ present or prospective business and/or activities, or (iv) relate to either of the Employers’ actual or demonstrably
anticipated research and development during such term of engagement, shall belong exclusively to the Employers and shall be deemed part of the Confidential Information for purposes of this Agreement whether or not fixed in a tangible medium of
expression. Without limiting the forgoing, Employee agrees that all such Works shall be deemed to be “works made for hire” under the U.S. Copyright Act of 1976, as amended, and that the Employers shall be deemed the author and owner
thereof; provided that in the event and to the extent that such Works are determined not to constitute “works made for hire” as a matter of law, Employee hereby irrevocably assigns and transfers to the Employers the entire right,
title and interest, domestic and foreign, of Employee in and to such Works. The Employers shall have the right to obtain and to hold in their own names, copyrights, registrations or such other protection as may be appropriate to the subject matter,
and any extensions and renewals thereof. Subject to Section 26, Employee agrees to give the Employers, and any person designated by the Employers, any assistance the Employers deem necessary or appropriate to perfect the rights defined
in this Section 10. 
 (c) Employee will promptly disclose in writing (which may be by e-mail) to the Board or its
designee, every Work made, conceived, developed or reduced to practice solely by Employee, in connection with the business of either of the Employers either (i) during the Employment Period, or (ii) following the Employment Period, if such
Work is made through the use of Confidential Information. 
 (d) Subject to Section 26, Employee agrees to assist
each of the Employers, both during and following the Employment Period, in obtaining and enforcing for each of the Employers’ own benefit patents, copyrights, mask work rights, trade secret rights and other legal protections in any and all
countries for any and all Works made by Employee (in whole or in 

  
 15 

 
part), the rights to which belong to or have been assigned to the Employers pursuant to this Agreement. Upon request, but subject to Section 26, Employee will execute all
applications, assignments, instruments and papers and perform all acts that either of the Employers or their counsel may deem necessary or desirable to obtain or enforce any and all such patents, copyrights, mask work rights, trade secret rights and
other legal protections in such Works and otherwise to protect the interests of each of the Employers therein. The Employers jointly and severally agree to bear all expenses which they cause to be incurred by Employee in assigning, obtaining,
maintaining and enforcing said patents, copyrights, trade secret rights, mask work rights and other legal protections in accordance with this Agreement. 
 (e) Employee understands that utilization of the Works is in the sole discretion of the Employers, and that neither of the Employers is obligated to develop, market or otherwise use any device or product.

 11. Breach of Certain Provisions. Employee acknowledges that damages resulting from the breach of the provisions of
Section 9 or 10 may be difficult to calculate. In the event of a breach or threatened breach by Employee of the provisions of Section 9 or 10, the Employers shall be entitled to apply to any court of competent jurisdiction
for an injunction against such breach, actual or threatened. Notwithstanding the foregoing, the Employers shall at all times retain their right to recover from Employee or any other person or entity that may be held liable, their damages resulting
from such breach. 
 12. Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and permitted assigns, but neither this Agreement nor any of the rights, interests, or obligations hereunder shall be assigned by any of the parties hereto without the prior written
consent of all other parties hereto (except that Employee’s rights to payments hereunder may be transferred by will or the laws of descent or distribution without any such prior written consent). In the event of Employee’s death while any
payment, benefit or entitlement is due to Employee hereunder, such payment, benefit or entitlement shall be paid or provided to Employee’s designated beneficiaries, or if there are no such beneficiaries, to Employee’s estate. 

13. Representations. Employee represents and warrants to both of the Employers that (a) the execution, delivery, and performance of
this Agreement by Employee does not, with or without the giving of notice or the passage of time, or both, conflict with, result in a default, right to accelerate, or loss of rights under any provision of any agreement or understanding to which
Employee is a party or by which Employee may be bound or affected and (b) this Agreement is the legal, valid and binding obligation of Employee, enforceable against him in accordance with its terms (except to the extent enforcement may be
limited by applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability affecting the rights of creditors). Each of the Employers represents and warrants to Employee that the execution,
delivery, and performance of this Agreement by the Employers does not, with or without the giving of notice or the passage of time, or both, conflict with, result in a default, right to accelerate, or loss of rights under any provision of any
agreement or understanding to which either of the Employers, or, to the best knowledge of each of the Employers, any of the Employers’ affiliates is a party or by which either of the Employers, or, to the best knowledge of each of the
Employers, any of the Employers’ affiliates may be bound or affected. Each of the 

  
 16 

 
Employers further represents and warrants to Employee that (i) it has full power and authority to enter into and perform its obligations under this Agreement, (ii) the execution and
delivery of this Agreement by such Employer has been duly authorized by all necessary corporate or limited liability company actions, as applicable, and (iii) this Agreement is the legal, valid and binding obligation of each of the Employers,
enforceable jointly and severally against each of the Employers in accordance with its terms (except to the extent enforcement may be limited by applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of
general applicability affecting the rights of creditors). 
 14. Survival. The obligations of Employee and the Employers under
this Agreement which by their nature may require either partial or total performance after the expiration of the Employment Period (including, without limitation, those under Sections 2(c), 4, 5, 9, 10, 11, 15, 24 and 26) will survive any
termination or expiration of this Agreement. 
 15. Indemnification Agreement; Legal Fees 

(a) Concurrently herewith each Employer and Employee is executing and delivering the Indemnification Agreement of even date herewith by
and among such parties. 
 (b) If any contest or dispute shall arise under this Agreement involving termination of
Employee’s employment with either of the Employers or involving the failure or refusal of either of the Employers to perform fully in accordance with the terms hereof, the Employers shall reimburse Employee on a current basis for all reasonable
legal fees and related expenses, if any, incurred by Employee in connection with such contest or dispute (regardless of the result thereof), together with interest in an amount equal to the prime rate as reported in The Wall Street Journal,
such interest to accrue 30 days from the date the Employers receive Employee’s statement for such fees and expenses through the date of payment thereof, regardless of whether Employee’s claim is upheld by a court of competent jurisdiction;
provided, however, that Employee shall be required to repay immediately any such amounts to the Employers to the extent that a court of competent jurisdiction issues a final and non-appealable order setting forth the determination that
the position taken by Employee was in bad faith. 
 16. Captions. The captions, headings and arrangements used in this Agreement
are for convenience only and do not in any way affect, limit, or amplify the provisions hereof. 
 17. Notices. All notices
required or permitted to be given hereunder shall be in writing and shall be deemed delivered when actually received or, if mailed, whether or not actually received, five days after deposited in the United States mail, postage prepaid, registered or
certified mail, return receipt requested, addressed to the party to whom notice is being given at the following address or at such other address as such party may designate by notice (except that notice of a change of address shall be effective only
upon receipt): 
  

			
	To the Employers:	  	Reis, Inc.
		  	530 Fifth Avenue, 5th Floor
		  	New York, NY 10036
		  	Attention: Chairman of the Compensation Committee

  
 17 

			
	To the Employee:	  	The most recent address of Employee set forth in the personnel records of the Employers.
		
	with a copy to:	  	Friedman Kaplan Seiler & Adelman LLP
		  	7 Times Square
		  	New York, NY 10036
		  	Attention: David I. Tanenbaum

 18. Severability. In the event that any one or more of the provisions of this Agreement shall be or become
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby. Any such invalid, illegal or unenforceable provision shall be replaced by other
provisions which are as similar as possible in terms to such invalid, illegal or otherwise unenforceable provisions but are valid and enforceable (but without expanding the time period or the scope of any restriction in Section 9). 

19. Entire Agreement; Amendments. This Agreement (together with the Mutual Release) contains the entire agreement of the parties hereto
with respect to the subject matter hereof and supersedes all prior agreements and understandings relating to the subject matter hereof (including, without limitation, the Prior Agreement, which is superseded as of the Effective Date (for avoidance
of doubt, without limiting or otherwise affecting the validity of any transactions previously consummated pursuant thereto, including without limitation the grant of the Initial Options (as defined in the Prior Agreement) or any other incentive
awards to Employee)). This Agreement may be amended only by an instrument in writing duly executed by an officer of the Employers and by Employee. In the event of a conflict between any provision of this Agreement and any other provision of any
plan, program, policy, arrangement or other agreement of the Employers, the provisions of this Agreement, to the extent more favorable to Employee, shall apply. 
 20. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall constitute an original, and all of which together shall constitute one and the same agreement,
with the same effect as if the signatures upon such counterparts were upon the same instrument. 
 21. Governing Law. This
Agreement shall be governed by and construed and enforced according to the laws of the State of New York, without regard to conflicts of laws principles thereof (except that indemnification obligations owed to Employee in his capacity as an officer,
director or manager of either of the Employers shall be governed by Maryland law). The parties hereto agree that the state and federal courts located in the County and State of New York shall have exclusive jurisdiction in any action, suit or
proceeding based on or arising out of this Agreement and the parties hereto hereby: (a) submit to the personal jurisdiction of such courts; (b) consent to service of process in connection with any action, suit or proceeding; (c) agree
that venue is proper and convenient in such forum; and (d) waive any other requirement (whether imposed by statute, rule of court or otherwise) with respect to personal jurisdiction, subject matter jurisdiction, venue, or service of process.

  
 18 

 22. Compliance With Section 409A. 

(a) The parties hereto intend that any amounts payable under this Agreement, and the Employers’ and Employee’s exercise of
authority or discretion hereunder comply with the provisions of Section 409A so as not to subject Employee to the payment of the additional tax, interest and any tax penalty which may be imposed under Section 409A. The Employers shall
administer this Agreement in compliance with Section 409A. In furtherance thereof, to the extent that any provision hereof would result in Employee being subject to payment of the additional tax, interest and tax penalty under
Section 409A, the parties hereto agree to amend this Agreement if permitted under Section 409A in a manner which does not impose any additional taxes, interests or penalties on Employee in order to bring this Agreement into compliance with
Section 409A, without materially changing the economic value of the arrangements under this Agreement to any party hereto, and thereafter the parties hereto will interpret its provisions in a manner that complies with Section 409A.

 (b) Notwithstanding any provisions of this Agreement to the contrary, if Employee is a “specified employee” (within
the meaning of Section 409A and determined pursuant to policies adopted by the Employers consistent with Section 409A) at the time of Employee’s separation from service and if any portion of the payments or benefits to be received by
Employee upon separation from service would be considered deferred compensation under Section 409A and cannot be paid or provided to Employee without his incurring taxes, interest or penalties under Section 409A, amounts that would
otherwise be payable pursuant to this Agreement (the “Delayed Payments”) and benefits that would otherwise be provided pursuant to this Agreement (the “Delayed Benefits”), in each case, during the six-month period
immediately following Employee’s separation from service (such period, the “Delay Period”) will instead be paid or made available on the earlier of (i) the first day of the seventh month following the date of
Employee’s separation from service and (ii) Employee’s death (the applicable date, the “Permissible Payment Date”). The Employers will also reimburse Employee for the after-tax cost incurred by Employee in
independently obtaining any Delayed Benefits (the “Additional Delayed Payments”), with any gross-up payment being paid to Employee promptly but in no event later than the end of Employee’s taxable year immediately following the
year in which this gross-up payment is due. 
 (c) With respect to any amount of expenses eligible for
reimbursement or the provision of any in-kind benefits under this Agreement, to the extent such payment or benefit constitutes “deferred compensation” under Section 409A or is required to be included in Employee’s gross income
for federal income tax purposes, such expenses (including expenses associated with in-kind benefits) shall be reimbursed by the Employers no later than December 31st of the year following the year in which Employee incurs the related expenses. In no event shall the reimbursements or
in-kind benefits to be provided by the Employers in one taxable year affect the amount of reimbursements or in-kind benefits to be provided in any other taxable year, nor shall Employee’s right to reimbursement or in-kind benefits be subject to
liquidation or exchange for another benefit. 
 (d) Each payment under this Agreement is intended to be a “separate
payment” and not of a series of payments for purposes of Section 409A. 

  
 19 

 (e) A termination of employment shall not be deemed to have occurred for purposes of any
provision of this Agreement providing for the payment of any amounts or benefits subject to Section 409A upon or following a termination of employment unless such termination is also a “separation from service” (within the meaning of
Section 409A), and notwithstanding anything contained herein the contrary, the date on which such separation from service takes place shall be the termination date. 
 23. No Waiver. The failure of any party hereto to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or
deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. Any waiver of this Agreement to be effective must be in writing specifically referencing the provision being waived and
signed by the party against whom the waiver is being enforced. 
 24. Grantor Trust. If (a) any dispute
arises under or in connection with this Agreement or (b) Employee becomes eligible under Section 4(d) or 4(f), then the Employers shall deposit any and all cash amounts payable or shares (or cash proceeds thereof) deliverable to
Employee under (i) the provision(s) of this Agreement which are the subject of the dispute and/or (ii) Section 4(d) or 4(f) (including, in any case, any amount due if a Delayed Payment would result in the payment being made
after any such termination of employment, as well as any estimated Delayed Payments and estimated Additional Delayed Payments), as applicable, into an irrevocable grantor trust established pursuant to a trust agreement approved by the Board in good
faith (the “Grantor Trust”) not later than the date that any amount in dispute was due pursuant to the terms of this Agreement (or, in the event that Employee becomes eligible under Section 4(d) or 4(f), not later than
the 10th day following Employee’s termination date).
From and after such time(s) until the payment of all amounts from the Grantor Trust, the Employers shall deposit additional amounts into the Grantor Trust on a monthly basis equal to the interest accrued on the cash amounts contained therein
(including the interest paid previously) at the United States five-year treasury rate. The amounts and property held in the Grantor Trust shall be paid/delivered to Employee in accordance with the terms of the Grantor Trust upon the
(A) resolution of the applicable dispute and/or (B) payment/delivery date(s) specified in Section 4(d) or 4(f), as applicable (or, in any case, if required by Section 22, on the applicable Permissible Payment Date).

 25. Withholding Taxes. The Employers may withhold from any amounts payable under this Agreement such federal, state and local
income and employment taxes as may be required to be withheld pursuant to any applicable law or regulation. 
 26. Cooperation.
During the Employment Period and continuing until the Non-Competition Termination Date, subject to his other business and personal commitments, Employee will, upon reasonable request and at the Employers’ sole expense, cooperate with the
Employers, and furnish any and all complete and truthful information, testimony or affidavits in any action or proceeding in connection with any matter that arose during the Employment Period and that Employee has knowledge of or involvement with,
to the extent that such matter directly relates to (a) Employee’s performance of his duties solely as an employee of the Employers and (b) the business or operations of the Employers or any of their parents or subsidiary corporations
or affiliates; provided that such cooperation is not adverse to Employee’s legal or personal interests 

  
 20 

 
(but, subject to all other provisions of this Section 26, mere inconvenience alone shall not constitute adversity to Employee’s interests) (the “Cooperation”).
Following the Employment Period, the parties hereto will make their best efforts to have the Cooperation performed at reasonable times and places and in a manner as not to unreasonably interfere with any other employment or services in which
Employee may then be engaged. Nothing in this Agreement shall be construed or interpreted as requiring Employee to provide any testimony, sworn statement, declaration or affidavit that is not complete and truthful. If the Employers require Employee
to travel outside the metropolitan area in the United States where Employee then resides to provide any testimony or otherwise provide any Cooperation, then the Employers will reimburse Employee for all travel and lodging expenses incurred by
Employee to do so. To the extent that Employee undertakes to provide any Cooperation, Employee shall be entitled to legal representation of Employee’s choosing and the Employers shall reimburse Employee on a current basis for all reasonable
legal fees and related expenses, if any, incurred by Employee in connection with the Cooperation. In addition, to the extent that Employee undertakes to provide any Cooperation following the Employment Period, the Employers shall compensate Employee
on a current basis for all of Employee’s time (in excess of ten hours in any calendar year) spent providing Cooperation, at a rate of not less than Employee’s Hourly Rate. For purposes of this Agreement, Employee’s “Hourly
Rate” is equal to (i) the sum of Employee’s highest Gross Annual Base Salary during the Employment Period plus Employee’s highest Target Bonus during the Employment Period, (ii) divided by 2,000. Following the Employment
Period, in no event shall Employee be required to provide Cooperation on more than 30 days in any one calendar year. 

[signature page to follow] 

  
 21 

 IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the date(s)
written below, but effective as of the Effective Date. 
  

					
	REIS, INC.
		
	By:	 	 /s/ Jonathan Garfield

		 	Name:	 	Jonathan Garfield
		 	Title:	 	Executive Vice President
		 	Date:	 	June 13, 2013
	
	REIS SERVICES, LLC
		
	By:	 	 /s/ Jonathan Garfield

		 	Name:	 	Jonathan Garfield
		 	Title:	 	Executive Vice President
		 	Date:	 	June 13, 2013

  

			
	 /s/ Lloyd Lynford

	Lloyd Lynford
	Date:	 	June 13, 2013

  
 22 

 EXHIBIT A 

MUTUAL RELEASE OF CLAIMS 
 This Mutual Release of Claims (this “Agreement”) is made and entered into among Lloyd Lynford (the “Employee”), Reis, Inc., a Maryland corporation
(“Reis”) and Reis Services, LLC, a Maryland limited liability company and wholly-owned subsidiary of Reis (“Reis Services”, and collectively with Reis, the “Company”). Reis and Reis Services are
executing this Agreement on behalf of their respective divisions, subsidiaries and affiliates and each of their predecessors, successors and assigns. 
 WHEREAS, the Employee’s employment pursuant to the Employment Agreement between the Employee and the Company, effective as of July 1, 2013 (the “Employment Agreement”),
terminated effective                     , 201   (the “Termination Date”); and 

WHEREAS, in connection with such termination of employment and pursuant to the Employment Agreement, the Employee and the Company have
agreed to execute this Agreement. 
 NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, the
Employee and the Company (collectively, the “Parties” and each, a “Party”) agree as follows: 
 1.
Termination of Employment: The Employee’s employment with the Company, and any subsidiaries of the Company, terminated on the Termination Date. Notwithstanding anything herein to the contrary, the Company warrants that the
Employee’s (a) prior service as an employee and/or officer of the Company and any subsidiaries or affiliates of the Company and (b) prior and future service as a manager and/or director of the Company and any subsidiaries or
affiliates of the Company, will be covered by the Company’s indemnities and insurance, as set forth in the Employment Agreement. 
 2.
Releases: 
 (a) Employee Claims: 
 (i) In consideration for the Company’s commitment to provide the severance benefits contemplated by Section 4(f) of the Employment Agreement, the Employee releases and discharges the Company,
any parent, divisions, subsidiaries and affiliates and their current and former owners, managers, officers, directors, shareholders, agents and employees (whether acting as representatives of the Company or in their individual capacities), and each
of their predecessors, successors, and assigns (the “Company Released Parties”), from any and all claims and causes of action (except for the commitments set forth in this Agreement and the obligations under the Employment Agreement
which by their nature may require either partial or total performance after the expiration of the Employment Agreement (including, without limitation, those under Sections 2(c), 4, 5, 15 and 24 of the Employment Agreement)) arising out of or related
to the Employee’s employment or separation from employment, including, but not limited to, the General Claims (as defined below), that the Employee, his heirs, executors, administrators, successors, and assigns now have, ever had or may
hereafter have, whether known or unknown, suspected or unsuspected, up to and including the date of this Agreement; 

  

					
	Exhibit A	 	1	  	

 
provided that such claims or causes of action shall be released and discharged by the Employee only to the extent that they arose solely in the Employee’s capacity as an employee of
the Company or any subsidiaries or affiliates of the Company (and, for the avoidance of doubt, in no event shall any claim or cause of action be released or discharged by the Employee that arose in connection with the Employee’s role as a
director, manager and/or shareholder of the Company or any subsidiaries or affiliates of the Company) (collectively, “Employee Claims”). 
 (ii) For purposes of this Agreement, “General Claims” means any claims for back wages, bonuses, severance pay, vacation pay, holiday pay, or any other pay or benefits including, but not
limited to, benefits under the Employee Retirement Income Security Act of 1974 (except for vested benefits, which are not affected by this Agreement), sexual or other harassment, or discrimination or retaliation based on race, color, national
origin, ancestry, religion, marital status, sex, sexual orientation, citizenship status, pregnancy, medical condition or disability (as defined by the Americans with Disabilities Act, or any other state or local law), age, or any other unlawful
discrimination or retaliation (under the Americans with Disabilities Act, Age Discrimination in Employment Act, 29 USC § 621 et. seq., as amended by the Older Workers Benefit Protection Act of 1990 (the “ADEA”),
Title VII of the Civil Rights Act of 1964, as amended, the New York State Human Rights Law, the New York Labor Law, § 1 et. seq., Article 1, Section 11 of the New York State Constitution, the New York City Human Rights Law,
N.Y.C. Admin. Code § 8-101 et seq., and the New York Civil Rights Law, Civ. R. L. § 40-c, subd. 2 or any other federal, state or local laws), tort, breach of implied or express contract, breach of promises, misrepresentation,
negligence, fraud, estoppel, defamation, infliction of emotional distress, violation of public policy or wrongful or constructive discharge, and for attorneys’ fees, costs, disbursements or the like. 

(iii) The release of Employee Claims made by the Employee in this Agreement does not apply to Employee Claims that arise after the date
this Agreement is executed, nor is it intended to waive or release an Employee Claim under the Older Workers Benefit Protection Act that challenges the validity of the release of any ADEA Employee Claim. To the extent they are actually known to him
as of the date of this Agreement, the Employee certifies that, as of the date of this Agreement, he has reported all accidents, injuries or illnesses relating to or arising from his employment with the Company. 

(b) Company Claims: In consideration for the Employee’s commitment to the various arrangements described herein, the Company,
for itself and on behalf of each Company Released Party, releases and discharges the Employee and his heirs, executors, administrators, successors and assigns from any and all claims and causes of action (except for the commitments set forth in this
Agreement and the obligations under the Employment Agreement which by their nature may require either partial or total performance after the expiration of the Employment Agreement (including, without limitation, those under Sections 9, 10, 11 and 26
of the Employment Agreement)) arising out of or related to the Employee’s service or separation from service (including, but not limited to, the Employee’s service as an employee, officer, director and/or manager of the Company or any
subsidiaries or affiliates of the Company) or the Employee’s role as a shareholder of the Company or any subsidiaries or affiliates of the Company, including, but not limited to, any claims relating to the General Claims, that any Company
Released Party now has, ever had or may hereafter have, whether known or unknown, suspected or unsuspected, up to and including the date of this Agreement (collectively, “Company Claims”). The release of Company Claims made by
Company Released Parties does not apply to Company Claims that arise after the date this Agreement is executed. 

  

					
	Exhibit A	 	2	  	

 3. No Filings: 
 (a) The Employee further agrees, represents, warrants, promises and covenants that neither he, nor any person, organization, or other entity acting on his behalf, has filed or will file, charge, claim,
sue, or cause or permit to be filed, charged or claimed, any action for damages or other relief (including injunctive, declaratory, monetary or other) against any Company Released Party with any federal, state or local court or any administrative,
regulatory or arbitration agency or body, involving or based upon any claims, demands, causes of action, obligations, damages or liabilities which are subject of this Agreement (other than an action (i) to enforce the terms hereof or the
applicable terms of the Employment Agreement or (ii) the subject matter of which does not constitute an Employee Claim). The Employee further agrees that he will not personally recover monies for filing any charge or complaint against any of
the Company Released Parties with any federal, state or local agency regarding his employment with or separation from the Company in the future (other than an action (A) to enforce the terms hereof or the applicable terms of the Employment
Agreement or (B) the subject matter of which does not constitute an Employee Claim). 
 (b) The Company, on its behalf and
on behalf of all Company Released Parties, further agrees, represents, warrants, promises and covenants that no Company Released Party, nor any person, organization, or other entity acting on his, her or its behalf, has filed or will file, charge,
claim, sue, or cause or permit to be filed, charged or claimed, any action for damages or other relief (including injunctive, declaratory, monetary or other) against the Employee with any federal, state or local court or any administrative,
regulatory or arbitration agency or body, involving any matter occurring in the past up to the date of this Agreement, or involving or based upon any claims, demands, causes of action, obligations, damages or liabilities which are subject of this
Agreement (other than an action (i) to enforce the terms hereof or the applicable terms of the Employment Agreement or (ii) the subject matter of which does not constitute a Company Claim). 

4. No Admission of Liability: Neither this Agreement, nor anything contained herein, shall be construed as an admission or concession by the
Company or the Employee that it or he has in any respect violated or abridged any federal, state or local law or any right or obligation that it or he may owe or may have owed to the other Party or engaged in any wrongdoing or illegal or actionable
acts or omissions. No final findings or final judgments have been made and neither Party purports, or will claim, to be a prevailing party, to any degree or extent, nor will this Agreement or its terms be admissible in any proceeding other than a
proceeding for enforcement or breach of the terms contained herein. 
 5. Statements: 

(a) The Company and the Employee agree that in consideration of the other commitments in this Agreement, and except as shall be required
by law, (i) except to the extent necessary to enforce this Agreement or the applicable portions of the Employment Agreement, each Party shall keep confidential and not disclose orally or in writing directly or indirectly to

  

					
	Exhibit A	 	3	  	

 
any person (except such Party’s family members, attorneys, accountants and other agents or advisors), any and all information concerning any facts, claims or assertions relating or referring
to any experiences of the Employee or treatment the Employee received by or on behalf of the Company through the date of this Agreement (in each case, solely in respect of the Employee’s capacity as an employee of the Company or any
subsidiaries or affiliates of the Company), which experiences or treatment could have provided a factual or legal basis for (A) a Company Claim or (B) an Employee Claim, as respectively applicable, in any action or proceeding before any
court or administrative or arbitral body, and (ii) the Company and the Employee shall not make, either directly or by or through another person, any oral or written negative, disparaging or adverse statements or representations of or concerning
the other Party, or make or solicit any comments, statements, or the like to the media or to others that are derogatory or detrimental to the good name or business reputation of the other Party; provided that this Section 5(a)
shall not restrict in any manner or to any degree, the Employee in his capacity or in connection in any respect with his role as a director, manager and/or shareholder of the Company or any subsidiary or affiliate of the Company. 

(b) Consistent with applicable law, the Company shall afford the Employee the right and a reasonable amount of time to review and comment
on any public filings and statements that will include a reference to the Employee, and the Company shall, consistent with applicable legal requirements, make any revisions to such references reasonably requested by the Employee. 

6. Property and Computer Access: The Employee represents and warrants that, except as specified below, he has returned, or will return on or prior
to the Termination Date, to the Company all property in his possession, including, but not limited to, keys, building and Company identification and access cards and credit cards, files, records, publications, address lists, computers, files,
software and other business equipment or information belonging to or relating to the Company or the Company’s business. All fixtures, property and equipment located in the Employee’s current office are and shall remain the sole property of
the Employee. 
 7. Entire Agreement and Severability: The parties hereto agree that this Agreement may not be modified, altered or
changed except by a written agreement signed by the Parties and evidencing an intent to modify this Agreement. Except for the Parties’ continuing obligations under the applicable portions of the Employment Agreement, the Parties acknowledge
that this Agreement constitutes the entire agreement between them regarding the subjects addressed herein, superseding all prior written and oral agreements. If any provision of this Agreement is held to be invalid, the remaining provisions shall
remain in full force and effect. 
 8. Voluntary Execution: The Employee acknowledges that he has carefully read this Agreement and
understands all of its terms including the full and final release of Employee Claims set forth herein (subject to Section 15 hereof). The Employee further acknowledges that he has voluntarily entered into this Agreement; that he has not
relied upon any representation or statement, written or oral, not set forth in this Agreement; that the only consideration for signing this Agreement is as set forth herein and in the Employment Agreement; that adequate consideration has been
received for executing this Agreement and that this document gives him the opportunity and encourages him to have this Agreement reviewed by his attorney and/or tax advisor prior to execution. The Employee also acknowledges that he has been afforded
up to 21 

  

					
	Exhibit A	 	4	  	

 
days to consider the release provision contained herein (the “Consideration Period”) and that he has seven days after signing this Agreement to revoke it in writing (the
“Rescission Period”). If the Employee signs this Agreement prior to the conclusion of the Consideration Period, the balance of the Consideration Period will be considered waived. Such revocation must be actually received by the
Company within the time period specified in order to be effective. Accordingly, this Agreement will not be effective or enforceable and no payments required under this Agreement shall be made until the expiration of the Rescission Period, unless
otherwise previously scheduled in the normal course of business. This Agreement becomes effective on the 8th day after it is signed by the Employee and is not rescinded (the “Effective Date”), unless the last day of the Rescission Period falls on a Saturday, Sunday or federal holiday. If the
last day of the Consideration Period and/or Rescission Period falls on a Saturday, Sunday or federal holiday, the last day of the applicable period shall be the next business day following the weekend or holiday, and the Effective Date shall be the
day following the last day of the Rescission Period. 
 9. Survival: The covenants, representations and acknowledgments made by both
Parties in this Agreement shall survive the execution of the Agreement, and this Agreement shall inure to the benefit of each Party, and the successors and assigns of each Party. 
 10. Successors; Binding Agreement: 
 (a) This Agreement shall inure to the
benefit of and be enforceable by the Employee’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 
 (b) The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of either Reis or Reis
Services to expressly assume and agree in writing to perform this Agreement and the applicable portions of the Employment Agreement in the same manner and to the same extent that Reis or Reis Services, as applicable, would be required to perform
them if no such succession had taken place. Failure of the Company to obtain such assumption and agreement prior to (but effective only upon) such succession shall be a breach of this Agreement. As used in this Agreement, references to
“Reis,” “Reis Services” or the “Company” shall extend to any successor to its or their business and/or assets as aforesaid which assumes and agrees to perform this Agreement, expressly, by operation of law, or
otherwise. Furthermore, each of Reis, Reis Services, and any successor(s) to its or their business and/or assets are jointly and severally liable for all obligations under this Agreement and the applicable portions of the Employment Agreement.

 (c) The Employee may assign his right to receive any payments due to him under this Agreement or the applicable portions of
the Employment Agreement to an entity owned or controlled by the Employee and/or any member(s) of his family. 
 11. Notices: All notices
provided for in this Agreement shall be in writing, and shall be deemed to have been duly given when delivered to the Party as specified in the Employment Agreement. 

  

					
	Exhibit A	 	5	  	

 12. Governing Law: This Agreement shall be governed by and construed and enforced according to the
laws of the State of New York, without regard to conflicts of laws principles thereof (except that indemnification obligations owed to the Employee in his capacity as an employee, officer, director and/or manager of the Company shall be governed by
Maryland law). The Parties agree that the state and federal courts located in the County and State of New York shall have exclusive jurisdiction in any action, suit or proceeding based on or arising out of this Agreement and the Parties hereby:
(a) submit to the personal jurisdiction of such courts; (b) consent to service of process in connection with any action, suit or proceeding; (c) agree that venue is proper and convenient in such forum; and (d) waive any other
requirement (whether imposed by statute, rule of court or otherwise) with respect to personal jurisdiction, subject matter jurisdiction, venue, or service of process. 
 13. The Employee’s Representations: The Employee represents and acknowledges that: (a) he has carefully read this Agreement and understands its terms; (b) he has had at least 21 days
to consider this Agreement prior to signing it; (c) the Company has advised the Employee to consult with an attorney of his choosing, and the Employee has done so to the extent he desired; and (d) the consideration provided in this
Agreement is sufficient to support the releases in this Agreement and includes sufficient additional consideration for the Employee’s release under the ADEA. 
 14. Expenses: This Agreement and all contests and disputes arising under or in connection with this Agreement shall be conclusively deemed to be in connection with, arising under, and otherwise
sufficiently related to the Employment Agreement, such that the Employee shall be entitled to reimbursement from the Company in the manner described in Section 15(b) of the Employment Agreement for any contest or dispute arising under or in
connection with this Agreement. 
 15. Claims Not Released; No Restriction: Notwithstanding anything herein to the contrary, nothing in
this Agreement purports to or shall (a) release or discharge any Company Claim or Employee Claim that may not be released or discharged by law, (b) release or discharge any of the Employee’s claims or causes of action that arose in
connection with the Employee’s role as a director, manager and/or shareholder of the Company or any subsidiaries or affiliates of the Company, (c) restrict the Employee in any manner or to any degree in his capacity or in connection in any
respect with his role as a director, manager and/or shareholder of the Company or any subsidiary or affiliate of the Company or (d) release or discharge any Company Claim that arose in connection with the Employee’s role as a director,
manager and/or shareholder of the Company or any subsidiaries or affiliates of the Company, to the extent that (i) the Employee brings a claim against the Company in respect of the Employee’s role as a director, manager and/or shareholder
of the Company or any subsidiaries or affiliates of the Company (a “Non-Employee Claim”), and (ii) such Company Claim is raised as a direct counterclaim, defense or offset to such Non-Employee Claim. 

[signature page to follow] 

  

					
	Exhibit A	 	6	  	

 IN WITNESS WHEREOF, the Parties hereto evidence their agreement by their signatures.

  

							
	REIS, INC.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

		 	Date:	 		 	, 201    
	
	REIS SERVICES, LLC
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

		 	Date:	 		 	, 201    

  

					
	  

	Lloyd Lynford
	Date:	 		 	, 201    

  

					
	Exhibit A	 	7

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