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EXECUTIVE AGREEMENT 
This Executive Agreement (“Agreement”) is made as of the 3rd day of August 2019 (the “Effective Date”), between Guidewire Software, Inc., a Delaware corporation (the “Company”), and Mike Rosenbaum (the “Executive”). 
In consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
1. Employment. 
(a) Term. The Company desires to employ the Executive, and the Executive desires to be employed by the Company, pursuant to the terms of this Agreement, until this Agreement is terminated by either party in accordance with the terms hereof. The Executive’s employment with the Company will be “at will,” meaning that the Executive’s employment may be terminated by the Company or the Executive at any time and for any reason. 
(b) Position. The Executive will serve as the Chief Executive Officer of the Company and will have such powers and duties as may from time to time be prescribed by the Board of Directors of the Company (the “Board of Directors”), provided that such duties are consistent with the Executive’s position. Subject to approval by the Company’s Board of Directors, following the Effective Date, Executive will also be appointed to the Board of Directors as a director, subject to the terms and conditions of the Company’s certificate of incorporation, bylaws and any shareholder approval requirements. While the Executive renders services to the Company, the Executive will not engage in any other employment, consulting or business activity that would create a conflict of interest with the Company. 
2. Compensation and Related Matters. 
(a) Base Salary. The Executive’s initial annual base salary will be $750,000, subject to redetermination by the Board of Directors or its Compensation Committee. The annual base salary in effect at any given time is referred to herein as “Base Salary.” The Base Salary will be payable in a manner that is consistent with the Company’s usual payroll practices for senior executives. 
(b) Incentive Compensation. The Executive will be eligible to be considered for annual cash incentive compensation (“Annual Bonus”) as determined by the Board of Directors or its Compensation Committee from time to time (the “Bonus Plan”). The Executive’s initial Annual Bonus target will be 100% of Base Salary. To earn the Annual Bonus, the Executive must be employed by the Company on the day such Annual Bonus is paid. The Bonus Plan may be revised at the discretion of the Board of Directors or its Compensation Committee at any time, and the Executive will be provided written notice of any such revisions. 

(c) Equity Grant. Subject to approval by the Company’s Board of Directors, the Executive will be granted an award of Restricted Stock Units (the “RSUs”) with a value equivalent to $17,000,000 under the Company’s 2011 Stock Plan (the “2011 Plan”). 

The grant of RSUs will be subject to the terms and conditions of the 2011 Plan and the applicable RSU award agreement as executed by the Executive and the Company (the “RSU Award Agreement”), the terms and conditions of which shall be controlling. The precise number of RSUs granted will be outlined in the RSU Award Agreement and will be calculated applying the Company’s grant conversion policy in effect on the grant date – currently the 90-day average closing share price of the Company’s stock for the quarter ended prior to the grant date, as determined in the Company’s sole discretion according to its standard practice. 
The grant of RSUs shall consist of time-based vesting RSUs with a value equivalent to $7,500,000 (“Time-vesting RSUs”), Company financial-performance-based vesting RSUs with a value equivalent to $5,700,000 (“PSUs”), and total-shareholder-return-based vesting RSUs with a value equivalent to $3,800,000 (“TSRs”). Each type of RSU will be subject to the terms of the RSU Award Agreement, and the related vesting terms outlined therein. The Time-vesting RSUs are anticipated to vest over time, with 25% vesting on September 15, 2020, and 6.25% of the Time-vesting RSUs vesting on each subsequent 15th of March, June, September, and December thereafter, until the Time-vesting RSUs are fully vested after 4 years. The PSUs are anticipated to vest based on the Company’s financial performance for FY20 (applying the metrics agreed by the Compensation Committee for executive PSU grants), with 25% vesting on September 15, 2020, and 6.25% of the PSUs vesting on each subsequent 15th of March, June, September, and December thereafter, until the PSUs are fully vested after 4 years. The TSRs are anticipated to vest at the end of the three-year performance period, based on the relative shareholder return in comparison to a peer group or index selected by the Compensation Committee for executive TSR grants. 
(d) Other Benefits. The Executive will be entitled to participate in the Company’s employee benefit plans, subject to the terms and the conditions of such plans and to the Company’s ability to amend and modify such plans. The Executive will be entitled to paid vacation in accordance with the terms of the Company’s vacation policy, as in effect from time to time. 
3. Termination. The Executive’s employment may be terminated under the following circumstances: 
(a) Death. The Executive’s employment will terminate upon the Executive’s death. 
(b) Disability. The Company may terminate the Executive’s employment if the Executive is disabled and unable to perform the essential functions of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any 12-month period. Nothing in this Section 3(b) will be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.

(c) Termination by Company for Cause. The Company may terminate the Executive’s employment for Cause as determined by the Board of Directors. For purposes of this Agreement, “Cause” means: (i) the Executive’s unauthorized use or disclosure of the Company’s confidential information or trade secrets, which use or disclosure causes material harm to the Company; (ii) the Executive’s material breach of any written agreement between the Executive and the Company; (iii) the Executive’s material failure to comply with the Company’s written policies or rules after receiving written notification of the failure from the Board of Directors and eight days to cure such failure; (iv) the Executive’s conviction of, or plea of “guilty” or “no contest” to, a felony under the laws of the United States or any State; (v) the Executive’s gross misconduct in the performance of his duties; (vi) the Executive’s continuing failure to perform assigned duties after receiving written notification of the failure from the Board of Directors; or (vii) the Executive’s failure to cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers or employees, if the Company has requested the Executive’s cooperation therewith. Before a termination for Cause under subparts 3(c)(ii), (v), (vi), or (vii), if the conduct constituting Cause is reasonably curable, then the Board shall provide the Executive with specific written notice of the category and nature of the conduct alleged to constitute Cause, and the Executive shall have a period not less than ten (10) business days following such notice (the “Cure Period”), to remedy the conduct alleged to constitute Cause. If the Executive cures the Cause condition during the Cure Period, then Cause will be deemed not to have occurred. 
(d) Termination Without Cause. The Company may terminate the Executive’s employment at any time without Cause. Any termination by the Company of the Executive’s employment that does not constitute a termination for Cause under Section 3(c) and does not result from the death or disability of the Executive under Sections 3(a) or (b) will be deemed a termination without Cause. 
(e) Termination by the Executive. The Executive may terminate employment at any time for any reason, including but not limited to Good Reason. For purposes of this Agreement, “Good Reason” means that the Executive has complied with the “Good Reason Process” (hereinafter defined) following the occurrence of any of the following events: (i) a material diminution in the Executive’s responsibilities, authority or duties; (ii) a material diminution in the Executive’s Base Salary; (iii) a material change in the geographic location at which the Executive provides services to the Company, which shall be deemed to be such a change that lengthens the Executive’s one-way commute distance by more than thirty (30) miles; or (iv) the material breach of this Agreement by the Company. “Good Reason Process” means that (1) the Executive reasonably determines in good faith that a “Good Reason” condition has occurred; (2) the Executive notifies the Company in writing of the first occurrence of the Good Reason condition within 60 days of the first occurrence of such condition; (3) the Executive cooperates in good faith with the Company’s efforts, within a Cure Period, to remedy the condition; (4) notwithstanding such efforts, the Good Reason condition continues to exist; and (5) the Executive terminates employment within 60 days after the end of the Cure Period. If the Company cures the Good Reason condition during the Cure Period, Good Reason will be deemed not to have occurred. 

(f) Notice of Termination. Except for termination as specified in Section 3(a), any termination of the Executive’s employment by the Company or any such termination by the Executive will be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” means a notice that indicates the specific termination provision in this Agreement relied upon. 

 (g) Date of Termination. “Date of Termination” means: (i) if the Executive’s employment is terminated by death, the date of Executive’s death; (ii) if the Executive’s employment is terminated on account of disability under Section 3(b) or by the Company for Cause under Section 3(c), the date on which Notice of Termination is given; (iii) if the Executive’s employment is terminated by the Company under Section 3(d), 30 days after the date on which a Notice of Termination is given; (iv) if the Executive’s employment is terminated by the Executive under Section 3(e) without Good Reason, 30 days after the date on which a Notice of Termination is given, and (v) if the Executive’s employment is terminated by the Executive under Section 3(e) with Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in the event that either party gives a Notice of Termination, the Company may unilaterally accelerate the Date of Termination. 
4. Compensation Upon Termination. 
(a) Termination Generally. If the Executive’s employment with the Company is terminated for any reason, the Company will pay or provide to the Executive (or to Executive’s authorized representative or estate), on or before the time required by law but in no event more than 30 days after the Executive’s Date of Termination, any Base Salary earned through the Date of Termination, unpaid expense reimbursements and unused vacation that accrued through the Date of Termination (collectively, the “Accrued Benefits”). Upon any termination of the Executive’s employment for any reason, the Executive will tender to the Company the Executive’s resignation from all positions with the Company and its subsidiaries, including without limitation, any positions as a member of the Board of Directors of the Company and/or any of its subsidiaries. 
(b) Termination by the Company Without Cause. If the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d), then the Company will pay the Executive the Accrued Benefits. In addition, subject to the Executive signing a general release of claims in favor of the Company and related persons and entities in a form and manner satisfactory to the Company (the “Release”) and the expiration of the seven-day revocation period for the Release: 
(i) the Company will pay the Executive an amount equal to the sum of the Executive’s Base Salary and then-current target Annual Bonus (the “Severance Amount”). The Severance Amount will be paid out in a lump sum, in accordance with the Company’s payroll practices, within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, the Severance Amount will begin to be paid in the second calendar year. Solely for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), each installment payment (if any) is considered a separate payment; 

(ii) if the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d) prior to the first anniversary of the Effective Date, notwithstanding anything to the contrary in the applicable restricted stock unit agreement, 50% of the outstanding Time-vesting RSUs, as defined in Section 2(c) and held by the Executive, will be fully accelerated and vested as of the Date of Termination; 

(iii) if the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d) at any point between the first and second anniversary of the Effective Date, notwithstanding anything to the contrary in the applicable restricted stock unit agreement, 25% of the outstanding Time-vesting RSUs, as defined in Section 2(c) and held by the Executive, will be fully accelerated and vested as of the Date of Termination; and 
(iv) if the Executive was participating in the Company’s group health plan immediately prior to the Date of Termination, then the Company will, in its sole discretion, either (x) continue to provide health coverage to the Executive or (y) pay to the Executive a lump sum cash payment (at the same time as the Severance Amount) equal to the amount of employer contributions that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company, in either case ((x) or (y)), for a period of 12 months. Notwithstanding the foregoing, in the event the Company elects to continue to provide health coverage to the Executive (in lieu of a cash payment), then the Company may discontinue such coverage in the event that the Executive obtains comparable health coverage prior to the end of the period specified above. 
For the avoidance of doubt, the acceleration provided in Sections 4(b)(ii) and 4(b)(iii) shall apply solely with respect to the Time-vesting RSUs granted in connection with Executive’s initial hiring as defined in Section 2(c) above and not to any other or subsequent equity grants (if any). 
5. Change in Control. The provisions of this Section 5 set forth certain terms of an agreement reached between the Executive and the Company regarding the Executive’s rights and obligations upon the occurrence of a Change in Control of the Company. These provisions are intended to assure and encourage in advance the Executive’s continued attention and dedication to Executive’s assigned duties and Executive’s objectivity during the pendency and after the occurrence of any such event. 
(a) Change in Control Severance Benefits. These provisions will apply in lieu of, and expressly supersede, the provisions of Section 4(b) regarding severance pay and benefits upon a termination of employment, if such termination of employment occurs within 2 months before or 12 months after a Change in Control. These provisions will terminate and be of no further force or effect beginning 12 months after the occurrence of a Change in Control. If within 2 months before or within 12 months after a Change in Control, the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d) or the Executive terminates employment for Good Reason as provided in Section 3(e), then, subject to the signing of the Release by the Executive and the expiration of the seven-day revocation period for the Release, 

(i) the Company will pay the Executive an amount equal to 150% of the sum of Executive’s then-current Base Salary and then-current target Annual Bonus (the “CIC Payment”). The CIC Payment will be paid in a single lump sum within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, the CIC Payment will be paid in the second calendar year; and 
(ii) if the Executive was participating in the Company’s group health plan immediately prior to the Date of Termination, then the Company will, in its sole discretion, either (x) continue to provide health coverage to the Executive or (y) pay to the Executive a lump sum cash payment (at the same time as the Severance Amount) equal to the amount of monthly employer contributions that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company, in either case ((x) or (y)), for a period of 18 months. Notwithstanding the foregoing, in the event the Company elects to continue to provide health coverage to the Executive (in lieu of a cash payment), then the Company may discontinue such coverage in the event that the Executive obtains comparable health coverage prior to the end of the period specified above; and 
(iii) notwithstanding anything to the contrary in any applicable option agreement, restricted stock unit agreement, or other stock-based award agreement, 100% of the then outstanding stock options, restricted stock units, and other stock-based awards held by the Executive will be fully accelerated and vested as of the Date of Termination. 
(b) Additional Limitation. 
(i) Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, acceleration, payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Code and the applicable regulations thereunder (the “Severance Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, the following provisions will apply: 
(A) If the Severance Payments, reduced by the sum of (1) the Excise Tax and (2) the total of the Federal, state, and local income and employment taxes payable by the Executive on the amount of the Severance Payments which are in excess of the Threshold Amount, are greater than or equal to the Threshold Amount, the Executive will be entitled to the full benefits payable under this Agreement. 
(B) If the Threshold Amount is less than (x) the Severance Payments, but greater than (y) the Severance Payments reduced by the sum of (1) the Excise Tax and (2) the total of the Federal, state, and local income and employment taxes on the amount of the Severance Payments which are in excess of the Threshold Amount, then the Severance Payments will be reduced (but not below zero) to the extent necessary so that the sum of all Severance Payments will not exceed the Threshold Amount. In such event, the Severance Payments will be reduced in the following order: (1) cash payments not subject to Section 409A of the Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits. To the extent any payment is to be made over time (e.g., in installments, etc.), then the payments will be reduced in reverse chronological order. 

 (ii) For the purposes of this Section 5(b), “Threshold Amount” means three times the Executive’s “base amount” within the meaning of Section 280G(b)(3) of the Code and the regulations promulgated thereunder less one dollar ($1.00); and “Excise Tax” means the excise tax imposed by Section 4999 of the Code, and any interest or penalties incurred by the Executive with respect to such excise tax. 
(iii) The determination as to which of the alternative provisions of Section 5(b)(i) will apply to the Executive will be made by an accounting firm selected by the Company (the “Accounting Firm”), which will provide detailed supporting calculations both to the Company and the Executive within 15 business days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. For purposes of determining which of the alternative provisions of Section 5(b)(i) will apply, the Executive will be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in the state and locality of the Executive’s residence on the Date of Termination, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. Any determination by the Accounting Firm will be binding upon the Company and the Executive. 
(iv) Change in Control Definition. For purposes of this Section 5, “Change in Control” means any of the following: 
(v) the date any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Act”) (other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its subsidiaries), together with all “affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Act) of such person, becomes the “beneficial owner” (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 50 percent or more of the combined voting power of the Company’s then outstanding securities having the right to vote in an election of the Board of Directors (“Voting Securities”) (in such case other than as a result of an acquisition of securities directly from the Company); or 
(vi) the date a majority of the members of the Board of Directors is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board of Directors before the date of the appointment or election; or 
(vii) the date of consummation of (A) any consolidation or merger of the Company where the stockholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, shares representing in the aggregate more than 50 percent of the voting shares of the Company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (B) any sale or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company. 

Notwithstanding the foregoing, a “Change in Control” will not be deemed to have occurred for purposes of the foregoing clause (i) solely as the result of an acquisition of securities by the Company which, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of Voting Securities beneficially owned by any person to 50 percent or more of the combined voting power of all of the then outstanding Voting Securities; provided, however, that if any person referred to in this sentence will thereafter become the beneficial owner of any additional shares of Voting Securities (other than pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the Company) and immediately thereafter beneficially owns 50 percent or more of the combined voting power of all of the then outstanding Voting Securities, then a “Change in Control” will be deemed to have occurred for purposes of the foregoing clause (i). 
6. Section 409A. 
(a) Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment will not be payable and such benefit will not be provided until the date that is the earlier of (A) six months and one day after the Executive’s separation from service, or (B) the Executive’s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment will include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the installments will be payable in accordance with their original schedule. 
(b) All in-kind benefits provided and expenses eligible for reimbursement under this Agreement will be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements will be paid as soon as administratively practicable, but in no event will any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year will not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year. Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 
(c) To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such payments or benefits will be payable only upon the Executive’s “separation from service.” The determination of whether and when a separation from service has occurred will be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h).

(d) The parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision will be read in such a manner so that all payments hereunder comply with Section 409A of the Code. The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party. 
(e) The Company makes no representation or warranty and will have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 
7. Consent to Jurisdiction. The parties hereby consent to the jurisdiction of the Federal and State courts located in San Mateo County, California with respect to all matters arising under this Agreement. Accordingly, with respect to any such court action, the Executive (a) submits to the personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process. 
8. Integration. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements between the parties concerning such subject matter; provided that the Proprietary Information and Inventions Agreement between the Company and the Executive dated as of the Effective Date, the Indemnification Agreement between the Company and the Executive dated as of the Effective Date, and the RSU Award Agreement will not be superseded by this Agreement but will remain in full force and effect in accordance with its terms. 
9. Enforceability. If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) will to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, will not be affected thereby, and each portion and provision of this Agreement will be valid and enforceable to the fullest extent permitted by law. 
10. Survival. The provisions of this Agreement will survive the termination of this Agreement and/or the termination of the Executive’s employment to the extent necessary to effectuate the terms contained herein. 
11. Waiver. No waiver of any provision hereof will be effective unless made in writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, will not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 

12. Notices. Any notices, requests, demands and other communications provided for by this Agreement will be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board of Directors. 

13. Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative of the Company. 
14. Governing Law. This is a California contract and will be construed under and be governed in all respects by the laws of the State of California, without giving effect to the conflict of laws principles of such State. 
15. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered will be taken to be an original; but such counterparts will together constitute one and the same document. 
16. Successor to Company. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement to the same extent that the Company would be required to perform it if no succession had taken place. Failure of the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession will be a material breach of this Agreement. 
17. Gender Neutral. Wherever used herein, a pronoun in the masculine gender will be considered as including the feminine gender unless the context clearly indicates otherwise. 
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date and year first above written. 
			
	
	Guidewire Software, Inc.
	
	/s/ Marcus Ryu
	Name: Marcus Ryu
	
	Executive
	
	/s/ Michael Rosenbaum
	Mike Rosenbaum

FIRST AMENDMENT TO EXECUTIVE AGREEMENT
This First Amendment to Executive Agreement (this “Amendment”) is executed and effective as of November 4, 2020, by and between Guidewire Software, Inc., a Delaware corporation (the “Company”), and Mike Rosenbaum (the “Executive”).

WHEREAS, the Company and the Executive are parties to a certain Executive Agreement dated as of August 3, 2019 (the “Executive Agreement”);

WHEREAS, the Company and the Executive wish to amend the Executive Agreement to include a provision regarding the Company’s Clawback Policy; and

WHEREAS, capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Executive Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

1.A new Section 18 is hereby added to the Executive Agreement as follows:

“18.    Clawback Policy. The Executive acknowledges and agrees that the Company’s Clawback Policy (the “Clawback Policy”), as adopted by the Board of Directors, applies to the Executive under this Agreement and in the Executive’s role. The Executive acknowledges and agrees that the Executive has been provided with a copy of the Clawback Policy and understands and agrees to the terms thereunder. The Board of Directors has the authority to amend the Clawback Policy from time-to-time, and any such amended Clawback Policy will continue to apply to the Executive.”

2.All other provisions of the Executive Agreement shall remain in full force and effect according to their respective terms, and nothing contained herein shall be deemed a waiver of any right or abrogation of any obligation otherwise existing under the Executive Agreement except to the extent specifically provided for herein.

3.The validity, interpretation, construction and performance of this Amendment and the Executive Agreement, as amended herein, shall be governed by the laws of the State of California, without giving effect to the conflict of laws principles of such State.

4.This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document.

[Signature page follows]

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first set forth above.

GUIDEWIRE SOFTWARE, INC.

    

By:    /s/ Paul Lavin            
Name: Paul Lavin
Title:    Lead Independent Director

EXECUTIVE

/s/ Mike Rosenbaum            

[Signature Page to First Amendment to Executive Agreement]EX-10.1

 Exhibit 10.1 
  

 
 December 9, 2020 
 Dear Mike:

 As discussed, Forrester Research, Inc. (“Forrester” or the “Company”) recognizes the significant contributions you have made to
Forrester’s success during your tenure and greatly appreciates your willingness to work an extended notice period to complete critical business initiatives and to aid in the smooth transition of your duties upon your departure. Given these
factors, Forrester is pleased to offer the enhanced severance and other benefits set forth in this letter agreement (“Agreement”), which exceed the severance and other benefits provided for under the Forrester Research, Inc. Executive
Severance Plan. 
 Please be reminded of your continuing obligations pursuant to the Forrester Employee Confidentiality, Proprietary Rights and
Noncompetition Agreement that you signed on July 26, 2007 (copy enclosed) and the Restricted Activities to which you agreed in accepting previously awarded equity grants. These obligations continue following the conclusion of your employment
and apply regardless of whether you execute this Agreement. Notwithstanding the foregoing, the Company states that it considers competitive business activities to be those services that you provide to the Company within the two
years immediately prior to April 1, 2021. The Company further states that the twelve month non-compete period will begin the earlier of April 1, 2021, or the date your employment with Forrester
concludes. 
 In consideration of your fulfillment of your obligations set forth herein, and without admission of any wrongdoing or liability on the part of
Forrester, you and Forrester agree as follows: 
  

	1.	 From now through April 1, 2021, you will continue to perform your regular duties as Forrester’s Chief
Financial Officer and you will reasonably assist in the orderly transition of your duties. You will continue to receive your regular salary and remain eligible for all employee benefits in the normal course between now and April 1, 2021. If
Forrester, in its discretion, decides to pay bonuses to all members of the Executive Team for fiscal year 2020, you will also be paid a bonus. Effective April 2, 2021 and continuing through no later than December 31, 2021 (the
“Reduced Schedule Period”), you will be a reduced schedule employee, with an expected work schedule of a maximum of 10% of a full-time schedule (two days per month at mutually agreeable times and places, to the extent practicable). Your
total compensation during the Reduced Schedule Period will be $150,000.00 gross ($3,846.15 gross per week) payable in accordance with Forrester’s regular payroll practices, less appropriate withholdings. Forrester agrees that if it terminates
your employment for any reason other than “Cause” (as defined below) prior to December 31, 2021, you will receive a lump sum payment for unpaid salary within 30 days of the termination of your employment, as follows: (1) if your
last day of employment is between now and April 1, 2021, you will receive payment for your current base salary ($412,000.00 annualized) from the date of such termination through April 1, 2021 plus $150,000.00, less all appropriate
withholdings; or, (2) if your last day of employment is between April 2, 2021 and December 31, 2021, you will receive payment for any unpaid portion of the $150,000.00 Reduced Schedule Period salary, less all appropriate withholdings.

  

	2.	 You have agreed to resign from your position as Chief Financial Officer of Forrester effective April 1,
2021, and will submit a resignation letter to that effect by April 1, 2021. Also effective April 1, 2021, you agree that without further action, other than as to your role as an employee of Forrester, you will be treated as resigning from
any and all positions that you hold with the Company and each of the Company’s subsidiaries including as an officer, director, committee member, plan administrator, or employee benefit plan fiduciary. You further agree that you will execute any
and all documents as may be requested by the Company to effectuate your resignation from these positions. Forrester will provide you with the opportunity to review and provide input on any public announcement regarding your resignation, provided
that Forrester may in any event make such disclosures as are, in the opinion of Forrester’s legal counsel, required by applicable law or regulation. 

  

	3.	 Forrester agrees that you may secure additional other employment during the Reduced Schedule Period, provided
such employment does not conflict with your non-competition obligations. Forrester further agrees that you may resign your employment at any time during the Reduced Schedule Period. Furthermore, Forrester
agrees that if you die prior to December 31, 2021, Forrester will pay your heirs, estate or personal representatives any remaining unpaid portion of the $150,000.00 Reduced Schedule Period salary in a lump sum within thirty (30) days of
your death. 

  

	4.	 As you will be regularly scheduled to work less than 24 hours per week during the Reduced Schedule Period, you
will no longer be eligible for Forrester employee benefits (such as health, dental, disability and life insurance; vacation; etc.); however, you will remain eligible to participate in the Forrester 401k Plan. Please contact Fidelity directly if you
wish to change your elective salary deferral percentage. Please note your Forrester health insurance coverage will end on April 30, 2021. 

Please also be reminded that this Agreement and the Reduced Schedule Period do not alter the terms of any Company equity incentive plans (such
as the Company’s Amended and Restated Equity Incentive Plan), or the terms of any previously awarded 

  

							
		  	 Forrester Research, Inc.
 60 Acorn Park
Drive
 Cambridge, MA 02140
 USA
	  	  
 +1 617-613-6000
	  	  
 FORRESTER.COM

 

 
  

 
grants under such plans. Accordingly, so long as you remain continuously employed by Forrester, previously awarded grants will continue to vest in accordance with the plan documents and grant
awards. 
 Notwithstanding the foregoing, if Forrester terminates your employment for any reason other than for “Cause” (as defined
below), or you die, prior to August 4, 2021, the vesting of unvested Restricted Stock Units (RSUs) scheduled to vest no later than on August 4, 2021 will be accelerated to the date one day prior to the date of such termination or death, as
the case may be. 
 For purposes of this Agreement, “Cause” shall mean that Forrester has determined in its sole reasonable
discretion that any of the following has occurred: (i) conduct by you constituting a material act of misconduct or insubordination in connection with the performance of your duties, including, without limitation, misappropriation of funds or
property of Forrester or any of its subsidiaries or affiliates and dishonest statements or acts with respect to Forrester or any current or prospective customers, suppliers or vendors; (ii) your conviction or a plea of guilty or nolo
contendere to (A) any felony or (B) a misdemeanor involving moral turpitude, deceit, dishonesty or fraud; (iii) material violation of any written policy; (iv) material breach of fiduciary duty; or (v) any material
violation of any provision of this Agreement or the Forrester Employee Confidentiality, Proprietary Rights and Noncompetition Agreement; provided that Forrester shall provide you with written notice of the Cause events and you shall have 10 days
following such notice to cure such Cause event, if curable. 
  

	5.	 Subject to your execution and non-revocation of this Agreement and the
Affirmation of Waiver and Release attached at Exhibit A, as well as your continuing material fulfillment of all of your obligations hereunder, Forrester will provide you with the following: 

 

	 	a.	 Forrester will pay you severance compensation in the total amount of $690,800.00 gross. $425,800.00 gross of
this amount, which represents the sum of your current annual base salary ($412,000.00), and an amount approximately equal to twelve (12) months of Forrester’s current contribution towards your health and dental insurances ($1,150.00 per
month; $13,800.00 total), will be paid in equal installments over twelve (12) months in accordance with Forrester’s regular payroll practices and will be subject to all applicable withholdings. The first installment will begin as soon as
administratively possible following the expiration of the second revocation period set forth in paragraph 13, below. The remaining $265,000.00, which represents the sum of $255,000.00 (which represents your current annual target bonus) and $10,000
(which is in lieu of outplacement services) will be paid as a lump sum, less all applicable withholdings, as soon as reasonably practicable following the expiration of the second revocation period set forth in paragraph 13, below. For the avoidance
of doubt, the payments referenced in this paragraph may be used by you for any purpose, including, but not limited to, health care continuation coverage under COBRA. If you die before Forrester pays you all the severance compensation described in
this paragraph 5(a), Forrester will pay to your heirs, estate or personal representatives, any unpaid amounts of the severance compensation, provided your heirs, estate or personal representatives have executed a release of legal claims in
Forrester’s favor in a form substantially similar to the Affirmation of Waiver and Release attached at Exhibit A. 

  

	 	b.	 You acknowledge and agree that you are not due nor do you have any claim to any additional severance pay or
benefits, other than as set forth in this Agreement. You specifically acknowledge and agree that you are not due any additional severance pay or benefits under the Forrester Research, Inc. Executive Severance Plan or your offer letter dated
July 24, 2007. 

  

	 	c.	 Provided you do not terminate your employment prior to April 1, 2021, Forrester agrees not to contest any
truthful claim you may file for unemployment compensation benefits. However, nothing in this Agreement or Affirmation of Waiver and Release interferes with Forrester’s obligation to respond truthfully to any and all inquiries from the state
unemployment board. You acknowledge and agree that the decision whether to award such benefits rests with the state unemployment board and that Forrester cannot guarantee your receipt of such benefits. 

 

	6.	 By April 1, 2021, other than as to your personnel record, your Forrester benefits documents, and your
Forrester laptop, all of which you may keep, you agree to return to Forrester all Forrester property, including but not limited to all telephone cards, credit cards, building cards, keys, work papers, files and other documentation, equipment,
computer files, diskettes and other electronic storage devices, and all other Forrester records and property, without retaining any copies or derivations thereof. 

 

	7.	 You agree to submit for reimbursement purposes all business expense reports and any necessary supporting
documentation to Forrester by April 15, 2021. 

  

	8.	 In consideration of the undertakings described herein, including the severance pay and benefits which Forrester
has agreed to pay you hereunder, and to which you would not otherwise be entitled, you, on behalf of yourself and your representatives, assigns, executors, administrators, and heirs, hereby voluntarily completely release and forever discharge
Forrester Research, Inc. and its parents and subsidiaries, and all of their respective shareholders (but only in their capacity as shareholders), officers, and all other representatives, agents, directors, employees, employee benefit plans,
predecessors, successors, and assigns, both individually and in their official capacities (any and all of which are referred to as “Releasees”), from any and all claims, charges, complaints,

  
 2 

 

 
  

	 	
rights, demands, actions, obligations, liabilities, damages and causes of action, of every kind, nature, and character, known or unknown (“Claims”), which you now have, may now have, or
have ever had, against them through to the date on which you execute this Agreement arising from or in any way connected with your employment relationship with Forrester Research, Inc., any actions during the relationship, and/or the termination of
such relationship. This general release of Claims includes, without limitation: all Claims under the Forrester Research, Inc. U.S. Severance Pay Plan; all Claims under the Forrester Research, Inc. Executive Severance Plan; all Claims of
“wrongful discharge”; all Claims relating to any contracts of employment, express or implied; all Claims relating to payment of wages under the Massachusetts Wage Act, Gen. Laws ch. 149; all Claims related to defamation, privacy,
misrepresentation, or breach of the covenant of good faith and fair dealing, express or implied, and tort Claims of every nature; all Claims under municipal, state, or federal statutes or ordinances; all Claims related to fair employment practices,
anti-discrimination, or civil rights laws, (including but not limited to all Claims under Title VII of the Civil Rights Act of 1964, Massachusetts General Laws ch. 151B, and all Claims of discrimination on the basis of race, sex, pregnancy, age,
religion, national origin, sexual orientation or sexual preference, handicap, disability, veteran status or any other protected classification; all Claims under the Age Discrimination in Employment Act, as amended; all Claims under the Family and
Medical Leave Act, as amended, or any other federal or state law concerning leaves of absence; all Claims under the Americans With Disabilities Act, as amended, and any other laws and regulations relating to employment discrimination); all Claims
under the Worker Adjustment and Retraining Notification (“WARN”) Act; all Claims under the Employee Retirement Income Security Act (other than Claims against an employee benefit plan seeking payment of a vested benefit under the terms of
that plan); all Claims for wages, bonuses, incentive compensation, stock payments, stock options, any form of equity participation, or any other compensation or benefits; all Claims for compensatory or punitive damages or attorney’s fees; all
Claims under any laws related to whistleblowers; and all other statutory and common law Claims. This release does not apply to any vested equity awards nor does it alter the terms of any equity incentive plans or previously awarded grants under such
plans. This release does not apply to any claim to enforce this Agreement. This release does not waive any right which cannot be waived by law, including but not limited to the right to file an administrative charge with federal or state agencies.
This release, moreover, does not release any rights to indemnification and defense pursuant to any Forrester policy, such as its by-laws, or any insurance policy it may hold; any claim for Workers’
Compensation benefits, for unemployment compensation benefits or COBRA benefits; and any claim to any vested benefits under any Forrester employee welfare benefit plan. 

For good and valuable consideration, the receipt of which is hereby acknowledged, Forrester Research, Inc., for itself and for its parents and
subsidiaries, and all of its and their respective shareholders (but only in their capacity as shareholders), officers, and all other representatives, agents, directors, employee benefit plans, successors, and assigns, both individually and in their
official capacities, (collectively “Forrester Releasors”) hereby completely releases and forever discharges you, on behalf of yourself and your representatives, assigns, executors, personal representatives, administrators, and heirs, from
all claims, rights, demands, actions, obligations, and causes of action, of every kind, nature, and character, known or unknown, which the Forrester Releasors now have, may now have, or have ever had, against you until the date Forrester executes
this Agreement arising from or in any way connected with your employment relationship with Forrester, any actions during the relationship, and/or the termination of such relationship, except for any criminal conduct by you and any claim to enforce
this Agreement. Forrester affirms that it is currently not aware of any criminal conduct by you. 
  

	9.	 You represent and warrant that you have not filed any complaints, charges or claims for relief against any of
the Releasees with any local, state or federal court or administrative agency. 

  

	10.	 You agree that unless and until Forrester determines that, under applicable law, Forrester is required to make
the provisions of this Agreement public, the terms of this Agreement and the Affirmation of Waiver and Release are confidential. All information relating to the subject matter of this Agreement, including the terms and amounts set forth herein, have
been and will be held confidential by you and not publicized or disclosed to any person (other than an immediate family member, legal counsel, or financial advisor, provided that any such individual to whom permissible disclosure is made agrees to
be bound by these confidentiality obligations), business entity, or government agency (except as mandated by state or federal law). You also agree that you will not knowingly make any statement, written or oral, which disparages Forrester or any of
those connected with it (but only to the extent you know any such individuals are connected with Forrester), or Forrester’s products or services. Forrester agrees that it will request the Executive Team and the Board of Directors refrain from
disparaging your personal or professional reputation. You represent that, as of the date of this Agreement, you have not breached the Forrester Employee Confidentiality, Proprietary Rights and Noncompetition Agreement you entered into with
Forrester, and you further agree to abide by such Agreement going forward. This paragraph does not prevent you from communicating with any state, federal, or local governmental agency or from participating in or assisting with any state, federal or
local governmental agency investigation. 

  

	11.	 This Agreement and the Affirmation of Waiver and Release shall be governed and construed in accordance with the
laws of the Commonwealth of Massachusetts, without regard to its conflict of laws provisions. All disputes shall be subject to the exclusive jurisdiction of the courts of Massachusetts. 

  
 3 

 

 
  

	12.	 Any term or provision of this Agreement or the Affirmation of Waiver and Release that is determined to be
invalid or unenforceable by any court of competent jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this
Agreement and the Affirmation of Waiver and Release or affecting the validity or enforceability of any of the terms or provisions of this Agreement or the Affirmation of Waiver and Release in any other jurisdiction; and any such invalid or
unenforceable provision shall be modified by such court so that it is enforceable to the greatest extent permitted by applicable law. 

  

	13.	 This Agreement, and the Affirmation of Waiver and Release, constitute the entire understanding of the parties
with respect to your employment, its termination, and all related matters, excepting only the Forrester Employee Confidentiality, Proprietary Rights and Noncompetition Agreement and any previously awarded equity grants that will remain in full force
and effect according to their terms. You expressly warrant that you have read and fully understand this Agreement; that Forrester has advised you to consult with an attorney before signing this Agreement; that you have had the opportunity to consult
with legal counsel of your own choosing and to have the terms of this agreement fully explained to you; that you are not executing this Agreement in reliance on any promises, representations, or inducements other than those contained herein; and
that you are executing this agreement knowingly and voluntarily, and free of any duress or coercion. You may take up to twenty-one (21) days from the date of your receipt of this Agreement to decide to
sign and return this agreement to Forrester. The offer contained in this Agreement will automatically become null and void if Forrester does not receive your signed acceptance in this twenty-one (21) day
time frame. Additionally, for a period of seven (7) days after you sign this Agreement, you may revoke your acceptance of this agreement by delivery of written notice to Ryan Darrah, Chief Legal Officer, Forrester Research, Inc., at
rdarrah@forrester.com. Your receipt of the severance pay set forth in paragraph 5(a), above, is conditioned upon your execution and non-revocation of the attached Affirmation of Waiver and Release. You may
take up to twenty-one (21) days from the earlier of April 1, 2021 or your termination of employment to sign and return the Affirmation of Waiver and Release, provided that you may not sign the
Affirmation until the earlier of April 2, 2021 or the day after your full-time employment with Forrester concludes. Additionally, for a period of seven (7) days after you sign the Affirmation of Waiver and Release, you may revoke your
acceptance of the Affirmation by delivery of written notice to Ryan Darrah, Chief Legal Officer, Forrester Research, Inc., at rdarrah@forrester.com. Your right to receive the severance pay listed in paragraph 5(a), above, will not be effective until
this second revocation period has expired, and further provided you have not timely revoked your acceptance of the Affirmation of Waiver and Release. This Agreement may be modified only by a written agreement signed by you and an authorized officer
of the Company. 

  

	14.	 In the event you die after signing this Agreement and prior to signing the Affirmation of Waiver and Release,
your heirs, estate or personal representatives will receive the severance pay set forth in paragraph 5(a), above, provided they execute and do not revoke a release of legal claims in Forrester’s favor in a form substantially similar to the
Affirmation of Waiver and Release attached at Exhibit A (“the Heirs Affirmation”). Your heirs, estate or personal representatives may take up to twenty-one (21) days from your death to sign and
return the Heirs Affirmation. Additionally, for a period of seven (7) days after your heirs, estate, or personal representatives sign the Heirs Affirmation, they may revoke such acceptance by delivery of written notice to Ryan Darrah, Chief
Legal Officer, Forrester Research, Inc., at rdarrah@forrester.com. The right to receive the severance pay listed in paragraph 5(a), above, will not be effective until this revocation period has expired, and further provided your heirs, estate, or
personal representatives have not timely revoked such acceptance of the Heirs Affirmation. 

  

	15.	 Any material breach of this Agreement, the Affirmation of Waiver and Release, or the Forrester Employee
Confidentiality, Proprietary Rights and Noncompetition Agreement, will be grounds for immediate termination and/or cessation of any of the pay and benefits provided to you hereunder, subject to the cure provision included in paragraph 4 above. You
further agree that a breach of paragraphs 6 and 10 herein may result in irreparable harm to the Company and that money damages may not provide an adequate remedy. Therefore, you agree that in addition to any other rights that it may have, the
Company shall have the right to seek specific performance and injunctive relief in the event you breach either of those paragraphs of this agreement. 

  

	16.	 This Agreement, the Affirmation of Waiver and Release, and the rights and obligations of the Company and you
hereunder, shall inure to the benefit of and shall be binding upon, you and the Company, and the Company’s and your respective successors, assigns, heirs, estate, personal representatives and representatives. 

 

	17.	 Internal Revenue Code Section 409A: 

(a) The provisions of this Agreement and all payments made hereunder are intended to be exempt from, or if not so exempt, to comply with the
requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the guidance issued thereunder (collectively “Section 409A”), and this Agreement shall be interpreted, operated and administered accordingly. To
the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A, the provision shall be read in 

  
 4 

 

 
  

 
such a manner so that all payments hereunder are either exempt from or comply with Section 409A. Each payment made pursuant to this Agreement shall be deemed to be a separate payment for
purposes of Section 409A. 
 (b) To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under Section 409A, then such payments or benefits shall be payable only upon your “separation from service.” The determination of whether and when a
separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder.
Notwithstanding anything to the contrary in this Agreement, if, upon your separation from service, you are a “specified employee” as defined under Section 409A, then, to the extent required under Section 409A, any amounts that
would otherwise be payable, on account of your separation from service, within six (6) months following your Separation Date that would constitute deferred compensation within the meaning of Section 409A and that would not qualify for an
exemption under Section 409A, shall instead be paid in a lump sum on the first business day following the expiration of such six (6) month period, or if earlier, upon your death. 

(c) To the extent that any reimbursement of expenses provided to you under this Agreement constitutes taxable income, such reimbursement or in-kind benefits shall be subject to the following additional rules: (i) all reimbursements shall be paid in the time period provided for herein, but in no event shall any reimbursement be paid after the last
day of the calendar year following the calendar year in which the expense was incurred, (ii) the amount of in-kind benefits provided or reimbursable expenses incurred in one calendar year shall not affect
the in-kind benefits to be provided or the expenses eligible for reimbursement in any other calendar year, and (iii) the right to reimbursement or in-kind benefits
shall not be subject to liquidation or exchange for any other benefit. 
  

	18.	 Forrester affirms that this Agreement has been duly authorized by Forrester’s Board of Directors or the
requisite committee thereof. 

 If you wish to accept this agreement, please sign the enclosed copy of this Agreement within twenty-one (21) days of your receipt, and return it to Sherri Kottmann, Chief People Officer. 
 Very truly yours,

 /s/ Sherri Kottmann 
 Sherri Kottmann 

Chief People Officer 
 Accepted and Agreed: 

/s/ Michael A. Doyle 
 Michael A. Doyle 

December 9, 2020 

  
 5 

 

 
  

 Exhibit A 

AFFIRMATION OF WAIVER AND RELEASE 
 I, Michael A.
Doyle, do hereby affirm my acceptance of the Letter Agreement (“Agreement”) dated December     , 2020, which I signed on
                    , 2020, attached hereto and agree as follows: 

1.     In consideration for the benefits set forth in the Agreement, and other good, valuable and sufficient consideration
which Forrester Research, Inc. has agreed to pay me, and to which I acknowledge I am not otherwise entitled, on behalf of myself and my representatives, assigns, executors, administrators, and heirs, I do hereby voluntarily completely release and
forever discharge Forrester Research, Inc. and its parents and subsidiaries, and all of their respective shareholders (but only in their capacity as shareholders), officers, and all other representatives, agents, directors, employees, employee
benefit plans, predecessors, successors, and assigns, both individually and in their official capacities (any and all of which are referred to as “Releasees”), from any and all claims, charges, complaints, rights, demands, actions,
obligations, liabilities, damages and causes of action, of every kind, nature, and character, known or unknown (“Claims”), which I now have, may now have, or have ever had, against them through to the date on which I execute this
Affirmation of Waiver and Release arising from or in any way connected with my employment relationship with Forrester Research, Inc., any actions during the relationship, and/or the termination of such relationship. This general release of Claims
includes, without limitation: all Claims under the Forrester Research, Inc. U.S. Severance Pay Plan; all Claims under the Forrester Research, Inc. Executive Severance Plan; all Claims of “wrongful discharge”; all Claims relating to any
contracts of employment, express or implied; all Claims relating to payment of wages under the Massachusetts Wage Act, Gen. Laws ch. 149; all Claims related to defamation, privacy, misrepresentation, or breach of the covenant of good faith and fair
dealing, express or implied, and tort Claims of every nature; all Claims under municipal, state, or federal statutes or ordinances; all Claims related to fair employment practices, anti-discrimination, or civil rights laws, (including but not
limited to all Claims under Title VII of the Civil Rights Act of 1964, Massachusetts General Laws ch. 151B, and all Claims of discrimination on the basis of race, sex, pregnancy, age, religion, national origin, sexual orientation or sexual
preference, handicap, disability, veteran status or any other protected classification; all Claims under the Age Discrimination in Employment Act, as amended; all Claims under the Family and Medical Leave Act, as amended, or any other federal or
state law concerning leaves of absence; all Claims under the Americans With Disabilities Act, as amended, and any other laws and regulations relating to employment discrimination); all Claims under the Worker Adjustment and Retraining Notification
(“WARN”) Act; all Claims under the Employee Retirement Income Security Act (other than Claims against an employee benefit plan seeking payment of a vested benefit under the terms of that plan); all Claims for wages, bonuses, incentive
compensation, stock payments, stock options, any form of equity participation, or any other compensation or benefits; all Claims for compensatory or punitive damages or attorney’s fees; all Claims under any laws related to whistleblowers; and
all other statutory and common law Claims. This release does not apply to any vested equity awards nor does it alter the terms of any equity incentive plans or previously awarded grants under such plans. This release does not apply to any claim to
enforce the Agreement. This release does not waive any right which cannot be waived by law, including but not limited to the right to file an administrative charge with federal or state agencies. This release, moreover, does not release any rights
to indemnification and defense pursuant to any Forrester policy, such as its by-laws, or any insurance policy it may hold; any claim for Workers’ Compensation benefits, for unemployment compensation
benefits or COBRA benefits; and any claim to any vested benefits under any Forrester employee welfare benefit plan. 

2.    I agree that unless and until Forrester determines that, under applicable law, Forrester is required to make the
provisions of this Agreement public, the terms of the Agreement and this Affirmation of Waiver and Release (“Affirmation”) are confidential. I will hold all information relating to the subject matter of the Agreement and this Affirmation
confidential and will not publicize or disclose to any person (other than an immediate family member, legal counsel, or financial advisor, provided that any such individual to whom permissible disclosure is made agrees to be bound by these
confidentiality obligations), business entity, or government agency (except as mandated by state or federal law). I also agree that since I signed the Agreement, I have not and will not knowingly disparage Forrester, its officers and directors and
any employee who I know to be an employee on April 1, 2021. I represent that, as of the date of the Agreement and this Affirmation, that I have not breached the Employee Confidentiality, Proprietary Rights and Noncompetition Agreement
(“Noncompetition Agreement”) I entered into with Forrester, and I further agree to abide by such Noncompetition Agreement going forward. Any material breach of the Agreement or the Noncompetition Agreement will be grounds for cessation of
the severance pay provided to me under the Agreement and this Affirmation, subject to the cure provision included in paragraph 4 of the Agreement. 

3.    I expressly warrant that I have read and fully understand the Agreement and this Affirmation; that Forrester has
advised me to consult with an attorney before signing this Affirmation, and that I have had the opportunity to consult with legal counsel of my own choosing and to have the terms of this Affirmation fully explained to me; that I am not executing
this Affirmation in reliance on 

  
 6 

 

 
  

 
any promises, representations, or inducements other than those contained herein; and that I am executing this Affirmation knowingly and voluntarily, and free of any duress or coercion. 

4.    I acknowledge that I was provided with twenty-one (21) days from my
last day as Forrester’s Chief Financial Officer to sign and return this Affirmation, and that in order to receive the severance pay as set forth in the Agreement, I must return this signed Affirmation within this
twenty-one (21) day period. For a period of seven (7) days after I sign this Affirmation, I may revoke my acceptance by delivery of written notice to Ryan Darrah, Chief Legal Officer, Forrester
Research, Inc., at rdarrah@forrester.com. I understand and agree that I will not receive the severance pay as set forth in the Agreement if I revoke my acceptance of this Affirmation. 

Accepted and Agreed: 
  

							
	          
	  	        	  	          
	  	
	 Michael A. Doyle
	  		  	Date	  	

  
 7

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