Document:

EX-10.2

 Exhibit 10.2 
 MARIN SOFTWARE INCORPORATED 

2006 EQUITY INCENTIVE PLAN 
 As Adopted on April 2, 2006 
 As Amended on November 8, 2006

 As Further Amended on September 9, 2007 
 As Further Amended on December 18, 2008 
 As Further Amended on
April 10, 2009 
 As Further Amended on December 2, 2009 

As Further Amended on April 29, 2010 
 As Further Amended on January 28, 2011 
 As Further Amended on
March 28, 2011 
 As Further Amended on January 23, 2012 

As Further Amended on March 28, 2012 
 As Further Amended on November 10, 2012 
 As
Further Amended on November 21, 2012 

As Further Amended on January 24, 20131 
 1. PURPOSE. The purpose of this Plan is to provide incentives to attract, retain and motivate eligible persons whose present and potential contributions are important to the success of the
Company, its Parent and Subsidiaries, by offering them an opportunity to participate in the Company’s future performance through awards of Options and Restricted Stock. Capitalized terms not defined in the text are defined in Section 22
hereof. Although this Plan is intended to be a written compensatory benefit plan within the meaning of Rule 701 promulgated under the Securities Act, grants may be 

 

	1 	 On April 2, 2006, 588,235 shares of Common Stock were reserved for issuance upon adoption of the Plan. 

On November 8, 2006, the Plan was amended to increase the number of shares available for grant by 547,304 shares, for a total of 1,135,539 shares of
Common Stock reserved for issuance thereunder. 
 On September 9, 2007, the Plan was amended to reserve an additional 569,283 shares, for an
aggregate total of 1,704,822 shares of Common Stock reserved for issuance thereunder. 
 On December 18, 2008, the Plan was amended to
reserve an additional 1,253,042 shares, for an aggregate total of 2,957,864 shares of Common Stock reserved for issuance thereunder. 
 On
April 10, 2009, the Plan was amended to reserve an additional 300,388 shares, for an aggregate total of 3,258,252 shares of Common Stock reserved for issuance thereunder. 
 On December 2, 2009, the Plan was amended to include Addendum A (Applicable to Certain Options Granted Participants in the United Kingdom). 
 On April 29, 2010, the Plan was amended to reserve an additional 485,435 shares, for an aggregate total of 3,743,687 shares of Common Stock reserved for issuance thereunder. In addition,
Section 5.4 of the Plan was amended and restated in its entirety to allow the Committee to grant to certain service providers of the Company who are non-US taxpayers and who reside in the United Kingdom, options to purchase the Company’s
Common Stock with an exercise price that is less than eighty-five percent (85%) of the then current fair market value of the Company’s Common Stock. 
 On January 28, 2011, the Plan was amended to reserve an additional 1,024,377 shares, for an aggregate total of 4,768,064 shares of Common Stock reserved for issuance thereunder. 

On March 28, 2011, the Plan was amended to reserve an additional 671,095 shares, for an aggregate total of 5,439,159 shares of Common Stock reserved
for issuance thereunder. 
 On January 23, 2012, the Plan was amended to reserve an additional 132,285 shares, for an aggregate total of
5,571,444 shares of Common Stock reserved for issuance thereunder. 
 On March 28, 2012, the Plan was amended to reserve an additional
761,536 shares, for an aggregate total of 6,332,980 shares of Common Stock reserved for issuance thereunder. 
 On November 10, 2012, the
Plan was amended to reserve an additional 872,000 shares, for an aggregate total of 7,204,980 shares of Common Stock reserved for issuance thereunder. 
 On November 21, 2012, the Plan was amended to reserve an additional 7,967 shares, for an aggregate total of 7,212,947 shares of Common Stock reserved for issuance thereunder. 

On January 24, 2013, the Plan was amended to reserve an additional 500,000 shares for an aggregate total of 7,712,947 shares of Common Stock reserved for
issuance thereunder. 

 
made pursuant to this plan which do not qualify for exemption under Rule 701 or Section 25102(o) of the California Corporations Code. Any requirement of this Plan which is required in law
only because of Section 25102(o) need not apply if the Committee so provides. 
 2. SHARES SUBJECT TO THE PLAN.

 2.1 Number of Shares Available. Subject to Sections 2.2 and 17 hereof, the total number of Shares
reserved and available for grant and issuance pursuant to this Plan will be Seven Million Seven Hundred Twelve Thousand Nine Hundred Forty-Seven 7,712,947 Shares or such lesser number of Shares as permitted under Section 260.140.45 of
Title 10 of the California Code of Regulations or under the laws of any other state in which a Participants resides. 
 Subject to Sections 2.2,
5.10 and 17 hereof, Shares subject to Awards previously granted will again be available for grant and issuance in connection with future Awards under this Plan to the extent such Shares: (i) cease to be subject to issuance upon exercise of an
Option, other than due to exercise of such Option; (ii) are subject to an Award granted hereunder but the Shares subject to such Award are forfeited or repurchased by the Company at the original issue price; or (iii) are subject to an
Award that otherwise terminates without Shares being issued. At all times the Company will reserve and keep available a sufficient number of Shares as will be required to satisfy the requirements of all Awards granted and outstanding under this
Plan. 
 2.2 Adjustment of Shares. In the event that the number of outstanding shares of the Company’s Common
Stock is changed by a stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination, reclassification or similar change in the capital structure of the Company without consideration, then (i) the number of Shares
reserved for issuance under this Plan, (ii) the Exercise Prices of and number of Shares subject to outstanding Options and (iii) the Purchase Prices of and number of Shares subject to other outstanding Awards will be proportionately
adjusted, subject to any required action by the Board or the stockholders of the Company and compliance with applicable securities laws; provided, however, that fractions of a Share will not be issued but will either be paid in cash at the Fair
Market Value of such fraction of a Share or will be rounded down to the nearest whole Share, as determined by the Committee; and provided, further, that the Exercise Price of any Option may not be decreased to below the par value of the Shares.

 3. ELIGIBILITY. ISOs (as defined in Section 5 hereof) may be granted only to employees (including officers
and directors who are also employees) of the Company or of a Parent or Subsidiary of the Company. NQSOs (as defined in Section 5 hereof) and Restricted Stock Awards may be granted to employees, officers, directors and consultants of the Company
or any Parent or Subsidiary of the Company; provided such consultants render bona fide services not in connection with the offer and sale of securities in a capital-raising transaction. A person may be granted more than one Award under this Plan.

 4. ADMINISTRATION. 
 4.1 Committee Authority. This Plan will be administered by the Committee or the Board if no Committee is created by the Board. Subject to the general purposes, terms and conditions of this
Plan, and to the direction of the Board, the Committee will have full power to implement and carry out this Plan. Without limitation, the Committee will have the authority to: 
 (a) construe and interpret this Plan, any Award Agreement and any other agreement or document executed pursuant to this Plan; 

  
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 (b) prescribe, amend and rescind rules and regulations relating to this Plan; 

(c) approve persons to receive Awards; 
 (d) determine the form and terms of Awards; 
 (e) determine the number of Shares
or other consideration subject to Awards; 
 (f) determine whether Awards will be granted singly, in combination with, in tandem
with, in replacement of, or as alternatives to, other Awards under this Plan or awards under any other incentive or compensation plan of the Company or any Parent or Subsidiary of the Company; 

(g) grant waivers of any conditions of this Plan or any Award; 
 (h) determine the terms of vesting, exercisability and payment of Awards; 
 (i)
correct any defect, supply any omission, or reconcile any inconsistency in this Plan, any Award, any Award Agreement, any Exercise Agreement or any Restricted Stock Purchase Agreement; 

(j) determine whether an Award has been earned; 
 (k) make all other determinations necessary or advisable for the administration of this Plan; and 
 (l) extend the vesting period beyond a Participant’s Termination Date. 

4.2 Committee Discretion. Unless in contravention of any express terms of this Plan or Award, any determination made by the
Committee with respect to any Award will be made in its sole discretion either (i) at the time of grant of the Award, or (ii) subject to Section 5.9 hereof, at any later time. Any such determination will be final and binding on the
Company and on all persons having an interest in any Award under this Plan. The Committee may delegate to one or more officers of the Company the authority to grant an Award under this Plan, provided such officer or officers are members of the
Board. 
 5. OPTIONS. The Committee may grant Options to eligible persons described in Section 3 hereof and
will determine whether such Options will be Incentive Stock Options within the meaning of the Code (“ISOs”) or Nonqualified Stock Options (“NQSOs”), the number of Shares subject to the Option, the
Exercise Price of the Option, the period during which the Option may be exercised, and all other terms and conditions of the Option, subject to the following: 
 5.1 Form of Option Grant. Each Option granted under this Plan will be evidenced by an Award Agreement which will expressly identify the Option as an ISO or an NQSO (“Stock Option
Agreement”), and will be in such form and contain such provisions (which need not be the same for each Participant) as the Committee may from time to time approve, and which will comply with and be subject to the terms and conditions of
this Plan. 
 5.2 Date of Grant. The date of grant of an Option will be the date on which the Committee makes the
determination to grant such Option, unless a later date is otherwise specified by 

  
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the Committee. The Stock Option Agreement and a copy of this Plan will be delivered to the Participant within a reasonable time after the granting of the Option. 

5.3 Exercise Period. Options may be exercisable immediately but subject to repurchase pursuant to Section 11 hereof or
may be exercisable within the times or upon the events determined by the Committee as set forth in the Stock Option Agreement governing such Option; provided, however, that no Option will be exercisable after the expiration of ten (10) years
from the date the Option is granted; and provided further that no ISO granted to a person who directly or by attribution owns more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any Parent
or Subsidiary of the Company (“Ten Percent Shareholder”) will be exercisable after the expiration of five (5) years from the date the ISO is granted. The Committee also may provide for Options to become exercisable at
one time or from time to time, periodically or otherwise, in such number of Shares or percentage of Shares as the Committee determines. Subject to earlier termination of the Option as provided herein, to the extent section 25102(o) of the California
Corporations Code is intended to apply, each Participant who is not an officer, director or consultant of the Company or of a Parent or Subsidiary of the Company shall have the right to exercise an Option granted hereunder at the rate of no less
than twenty percent (20%) per year over five (5) years from the date such Option is granted. 
 5.4 Exercise
Price. The Exercise Price of an Option will be determined by the Committee when the Option is granted and may not be less than eighty-five percent (85%) of the Fair Market Value of the Shares on the date of grant; provided that
(i) the Exercise Price of an ISO will not be less than one hundred percent (100%) of the Fair Market Value of the Shares on the date of grant, (ii) the Exercise Price of any Option granted to a Ten Percent Stockholder will not be less
than one hundred ten percent (110%) of the Fair Market Value of the Shares on the date of grant and (iii) the Committee may grant an Option with an Exercise Price that is less than eighty-five percent (85%) of the Fair Market Value of
the Shares on the date of grant if such Option is granted to a Participant who is a non-US taxpayer. Payment for the Shares purchased must be made in accordance with Section 7 hereof. 

5.5 Method of Exercise. Options may be exercised only by delivery to the Company of a written stock option exercise
agreement (the “Exercise Agreement”) in a form approved by the Committee (which need not be the same for each Participant). The Exercise Agreement will state (i) the number of Shares being purchased, (ii) the
restrictions imposed on the Shares purchased under such Exercise Agreement, if any, and (iii) such representations and agreements regarding Participant’s investment intent and access to information and other matters, if any, as may be
required or desirable by the Company to comply with applicable securities laws. Participant shall execute and deliver to the Company the Exercise Agreement together with payment in full of the Exercise Price, and any applicable taxes, for the number
of Shares being purchased. 
 5.6 Termination. Subject to earlier termination pursuant to Sections 17 and 18
hereof and notwithstanding the exercise periods set forth in the Stock Option Agreement, exercise of an Option will always be subject to the following: 
 (a) If the Participant is Terminated for any reason other than death, Disability or for Cause, then the Participant may exercise such Participant’s Options only to the extent that such Options are
exercisable as to Vested Shares upon the Termination Date or as otherwise determined by the Committee. Such Options must be exercised by the Participant, if at all, as to all or some of the Vested Shares calculated as of the Termination Date or such
other date determined by the Committee, within three (3) months after the Termination Date (or within such shorter time period, not less than thirty (30) days, or within such longer time period, not exceeding five (5) years, after the

  
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Termination Date as may be determined by the Committee, with any exercise beyond three (3) months after the Termination Date deemed to be an NQSO) but in any event, no later than the
expiration date of the Options. 
 (b) If the Participant is Terminated because of Participant’s death or Disability (or
the Participant dies within three (3) months after a Termination other than for Cause), then Participant’s Options may be exercised only to the extent that such Options are exercisable as to Vested Shares by Participant on the Termination
Date or as otherwise determined by the Committee. Such options must be exercised by Participant (or Participant’s legal representative or authorized assignee), if at all, as to all or some of the Vested Shares calculated as of the Termination
Date or such other date determined by the Committee, within twelve (12) months after the Termination Date (or within such shorter time period, not less than six (6) months, or within such longer time period, not exceeding five
(5) years, after the Termination Date as may be determined by the Committee, with any exercise beyond (i) three (3) months after the Termination Date when the Termination is for any reason other than the Participant’s death or
disability, within the meaning of Section 22(e)(3) of the Code, or (ii) twelve (12) months after the Termination Date when the Termination is for Participant’s disability, within the meaning of Section 22(e)(3) of the Code,
deemed to be an NQSO) but in any event no later than the expiration date of the Options. 
 (c) If the Participant is terminated
for Cause, the Participant may exercise such Participant’s Options, but not to an extent greater than such Options are exercisable as to Vested Shares upon the Termination Date and Participant’s Options shall expire on such
Participant’s Termination Date, or at such later time and on such conditions as are determined by the Committee. 
 5.7
Limitations on Exercise. The Committee may specify a reasonable minimum number of Shares that may be purchased on any exercise of an Option, provided that such minimum number will not prevent Participant from exercising the Option for the
full number of Shares for which it is then exercisable. 
 5.8 Limitations on ISOs. The aggregate Fair Market Value
(determined as of the date of grant) of Shares with respect to which ISOs are exercisable for the first time by a Participant during any calendar year (under this Plan or under any other incentive stock option plan of the Company or any Parent or
Subsidiary of the Company) will not exceed One Hundred Thousand Dollars ($100,000). If the Fair Market Value of Shares on the date of grant with respect to which ISOs are exercisable for the first time by a Participant during any calendar year
exceeds One Hundred Thousand Dollars ($100,000), then the Options for the first One Hundred Thousand Dollars ($100,000) worth of Shares to become exercisable in such calendar year will be ISOs and the Options for the amount in excess of One Hundred
Thousand Dollars ($100,000) that become exercisable in that calendar year will be NQSOs. In the event that the Code or the regulations promulgated thereunder are amended after the Effective Date (as defined in Section 18 hereof) to provide for
a different limit on the Fair Market Value of Shares permitted to be subject to ISOs, then such different limit will be automatically incorporated herein and will apply to any Options granted after the effective date of such amendment. 

5.9 Modification, Extension or Renewal. The Committee may modify, extend or renew outstanding Options and authorize the
grant of new Options in substitution therefor, provided that any such action may not, without the written consent of a Participant, impair any of such Participant’s rights under any Option previously granted. Any outstanding ISO that is
modified, extended, renewed or otherwise altered will be treated in accordance with Section 424(h) of the Code. Subject to Section 5.10 hereof, the Committee may reduce the Exercise Price of outstanding Options without the consent of
Participants by a written notice to them; provided, however, that the Exercise 

  
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Price may not be reduced below the minimum Exercise Price that would be permitted under Section 5.4 hereof for Options granted on the date the action is taken to reduce the Exercise Price;
provided, further, that the Exercise Price will not be reduced below the par value of the Shares, if any. 
 5.10 No
Disqualification. Notwithstanding any other provision in this Plan, no term of this Plan relating to ISOs will be interpreted, amended or altered, nor will any discretion or authority granted under this Plan be exercised, so as to disqualify
this Plan under Section 422 of the Code or, without the consent of the Participant, to disqualify any Participant’s ISO under Section 422 of the Code. In no event shall the total number of Shares issued (counting each reissuance of a
Share that was previously issued and then forfeited or repurchased by the Company as a separate issuance) under the Plan upon exercise of ISOs exceed ten million (10,000,000) Shares (adjusted in proportion to any adjustments under
Section 2.2 hereof) over the term of the Plan. 
 5.11 Information to Optionees. If the Company is relying on
the exemption from registration under Section 12(g) of the Exchange Act, pursuant to Rule 12h-1(f)(1) promulgated under the Exchange Act, then the Company shall provide the Required Information (as defined below) in the manner required by Rule
12h-1(f)(1) to all optionees every six months until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act or is no longer relying on the exemption pursuant to Rule 12h-1(f)(1); provided,
that, prior to receiving access to the Required Information the optionee must agree to keep the Required Information confidential pursuant to a written agreement in the form provided by the Company. For purposes of this Section 5.11,
“Required Information” means the information described in Rules 701(e)(3), (4) and (5) under the Securities Act. 
 6. RESTRICTED STOCK. A Restricted Stock Award is an offer by the Company to sell to an eligible person Shares that are subject to certain specified restrictions. The Committee will determine
to whom an offer will be made, the number of Shares the person may purchase, the Purchase Price, the restrictions to which the Shares will be subject, and all other terms and conditions of the Restricted Stock Award, subject to the following:

 6.1 Form of Restricted Stock Award. All purchases under a Restricted Stock Award made pursuant to this Plan will
be evidenced by an Award Agreement (“Restricted Stock Purchase Agreement”) that will be in such form (which need not be the same for each Participant) as the Committee will from time to time approve, and will comply with and
be subject to the terms and conditions of this Plan. The Restricted Stock Award will be accepted by the Participant’s execution and delivery of the Restricted Stock Purchase Agreement and full payment for the Shares to the Company within thirty
(30) days from the date the Restricted Stock Purchase Agreement is delivered to the person. If such person does not execute and deliver the Restricted Stock Purchase Agreement along with full payment for the Shares to the Company within such
thirty (30) days, then the offer will terminate, unless otherwise determined by the Committee. 
 6.2 Purchase
Price. The Purchase Price of Shares sold pursuant to a Restricted Stock Award will be determined by the Committee and will be at least eighty-five percent (85%) of the Fair Market Value of the Shares on the date the Restricted Stock
Award is granted or at the time the purchase is consummated, except in the case of a sale to a Ten Percent Stockholder, in which case the Purchase Price will be one hundred percent (100%) of the Fair Market Value on the date the Restricted
Stock Award is granted or at the time the purchase is consummated. Payment of the Purchase Price must be made in accordance with Section 7 hereof. 

  
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 6.3 Restrictions. Restricted Stock Awards may be subject to the restrictions
set forth in Section 11 hereof or such other restrictions not inconsistent with Section 25102(o) of the California Corporations Code. 
 7. PAYMENT FOR SHARE PURCHASES. 
 7.1 Payment. Payment
for Shares purchased pursuant to this Plan may be made in cash (by check) or, where expressly approved for the Participant by the Committee and where permitted by law: 
 (a) by cancellation of indebtedness of the Company owed to the Participant; 
 (b)
by surrender of shares that: (i) either (A) have been owned by Participant for more than six (6) months and have been paid for within the meaning of SEC Rule 144 (and, if such shares were purchased from the Company by use of a
promissory note, such note has been fully paid with respect to such shares) or (B) were obtained by Participant in the public market and (ii) are clear of all liens, claims, encumbrances or security interests; 

(c) by tender of a full recourse promissory note having such terms as may be approved by the Committee and bearing interest at a rate
sufficient to avoid (i) imputation of income under Sections 483 and 1274 of the Code and (ii) variable accounting treatment under Financial Accounting Standards Board Interpretation No. 44 to APB No. 25; provided, however,
that Participants who are not employees or directors of the Company will not be entitled to purchase Shares with a promissory note unless the note is adequately secured by collateral other than the Shares; provided, further, that the portion of the
Exercise Price or Purchase Price, as the case may be, equal to the par value of the Shares must be paid in cash or other legal consideration permitted by Delaware General Corporation Law; 

(d) by waiver of compensation due or accrued to the Participant from the Company for services rendered; 

(e) with respect only to purchases upon exercise of an Option, and provided that a public market for the Company’s stock exists:

 (i) through a “same day sale” commitment from the Participant and a broker-dealer that is a member of the National
Association of Securities Dealers (an “NASD Dealer”) whereby the Participant irrevocably elects to exercise the Option and to sell a portion of the Shares so purchased sufficient to pay the total Exercise Price, and whereby
the NASD Dealer irrevocably commits upon receipt of such Shares to forward the total Exercise Price directly to the Company; or 

(ii) through a “margin” commitment from the Participant and an NASD Dealer whereby the Participant irrevocably elects to
exercise the Option and to pledge the Shares so purchased to the NASD Dealer in a margin account as security for a loan from the NASD Dealer in the amount of the total Exercise Price, and whereby the NASD Dealer irrevocably commits upon receipt of
such Shares to forward the total Exercise Price directly to the Company; or 
 (f) by any combination of the foregoing.

  
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 7.2 Loan Guarantees. The Committee may, in its sole discretion, elect to
assist the Participant in paying for Shares purchased under this Plan by authorizing a guarantee by the Company of a third-party loan to the Participant. 
 8. WITHHOLDING TAXES. 
 8.1 Withholding Generally.
Whenever Shares are to be issued in satisfaction of Awards granted under this Plan, the Company may require the Participant to remit to the Company an amount sufficient to satisfy federal, state and local withholding tax requirements prior to the
delivery of any certificate or certificates for such Shares. Whenever, under this Plan, payments in satisfaction of Awards are to be made in cash by the Company, such payment will be net of an amount sufficient to satisfy federal, state, and local
withholding tax requirements. 
 8.2 Stock Withholding. When, under applicable tax laws, a Participant incurs tax
liability in connection with the exercise or vesting of any Award that is subject to tax withholding and the Participant is obligated to pay the Company the amount required to be withheld, the Committee may in its sole discretion allow the
Participant to satisfy the minimum withholding tax obligation by electing to have the Company withhold from the Shares to be issued that minimum number of Shares having a Fair Market Value equal to the minimum amount required to be withheld,
determined on the date that the amount of tax to be withheld is to be determined; but in no event will the Company withhold Shares if such withholding would result in adverse accounting consequences to the Company. All elections by a Participant to
have Shares withheld for this purpose will be made in accordance with the requirements established by the Committee for such elections and be in writing in a form acceptable to the Committee. 

9. PRIVILEGES OF STOCK OWNERSHIP. 
 9.1 Voting and Dividends. No Participant will have any of the rights of a stockholder with respect to any Shares until the Shares are issued to the Participant. After Shares are issued to
the Participant, the Participant will be a stockholder and have all the rights of a stockholder with respect to such Shares, including the right to vote and receive all dividends or other distributions made or paid with respect to such Shares;
provided, that if such Shares are Restricted Stock, then any new, additional or different securities the Participant may become entitled to receive with respect to such Shares by virtue of a stock dividend, stock split or any other change in the
corporate or capital structure of the Company will be subject to the same restrictions as the Restricted Stock. The Participant will have no right to retain such stock dividends or stock distributions with respect to Unvested Shares that are
repurchased pursuant to Section 11 hereof. To the extent required, the Company will comply with Section 260.140.1 of Title 10 of the California Code of Regulations with respect to the voting rights of Common Stock. 

9.2 Financial Statements. The Company will provide financial statements to each Participant annually during the period such
Participant has Awards outstanding, or as otherwise required under Section 260.140.46 of Title 10 of the California Code of Regulations. Notwithstanding the foregoing, the Company will not be required to provide such financial statements
to Participants when issuance of Awards is limited to key employees whose services in connection with the Company assure them access to equivalent information. 
 10. TRANSFERABILITY. Except as permitted by the Committee, Awards granted under this Plan, and any interest therein, will not be transferable or assignable by Participant, other than by will
or by the laws of descent and distribution, and, with respect to NQSOs, by instrument to an inter vivos or testamentary trust in which the options are to be passed to beneficiaries upon the 

  
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death of the trustor (settlor), or by gift to “immediate family” as that term is defined in 17 C.F.R. 240.16a-1(e), and may not be made subject to execution, attachment or similar
process. During the lifetime of the Participant an Award will be exercisable only by the Participant or Participant’s legal representative and any elections with respect to an Award may be made only by the Participant or Participant’s
legal representative. For the avoidance of doubt, the prohibition against assignment and transfer applies to an Option and the shares to be issued on exercise of an Option, and shall be understood to include, without limitation, a prohibition
against any pledge, hypothecation, or other transfer, including any short position, any “put equivalent position” or any “call equivalent position” (in each case, as defined in Rule 16a-1 promulgated under the Exchange Act).
During the lifetime of the Participant an Award will be exercisable only by the Participant or Participant’s legal representative and any elections with respect to an Award may be made only by the Participant or Participant’s legal
representative. The terms of an Option shall be binding upon the executor, administrator, successors and assigns of the Participant who is a party thereto. 
 11. RESTRICTIONS ON SHARES. 
 11.1 Right of First
Refusal. At the discretion of the Committee, the Company may reserve to itself and/or its assignee(s) in the Award Agreement a right of first refusal to purchase all Shares that a Participant (or a subsequent transferee) may propose to
transfer to a third party, unless otherwise not permitted by Section 25102(o) of the California Corporations Code, provided that such right of first refusal terminates upon the Company’s initial public offering of Common Stock pursuant to
an effective registration statement filed under the Securities Act. 
 11.2 Right of Repurchase. At the discretion
of the Committee, the Company may reserve to itself and/or its assignee(s) in the Award Agreement a right to repurchase Unvested Shares held by a Participant for cash and/or cancellation of purchase money indebtedness owed to the Company by the
Participant following such Participant’s Termination at any time within the later of ninety (90) days after the Participant’s Termination Date and the date the Participant purchases Shares under the Plan at the Participant’s
Exercise Price or Purchase Price, as the case may be, provided that to the extent Section 25102(o) of the California Corporations Code is intended to apply, unless the Participant is an officer, director or consultant of the Company or of a
Parent or Subsidiary of the Company, such right of repurchase lapses at the rate of no less than twenty percent (20%) per year over five (5) years from: (a) the date of grant of the Option or (b) in the case of Restricted Stock,
the date the Participant purchases the Shares. 
 11.3 Market Stand-Off. At the discretion of the Committee, the
Company may require as a condition of an Award or exercise of an Option that the Participant agree, as required by the Company, not to sell, transfer, pledge or otherwise dispose of any Shares held by the Participant for a period up to 180 days
following a public offering of the Company’s Common Stock pursuant to a registration statement filed with and declared effective by the SEC. 
 12. CERTIFICATES. All certificates for Shares or other securities delivered under this Plan will be subject to such stock transfer orders, legends and other restrictions as the Committee may
deem necessary or advisable, including restrictions under any applicable federal, state or foreign securities law, or any rules, regulations and other requirements of the SEC or any stock exchange or automated quotation system upon which the Shares
may be listed or quoted. 
 13. ESCROW; PLEDGE OF SHARES. To enforce any restrictions on a Participant’s
Shares set forth in Section 11 hereof, the Committee may require the Participant to deposit all certificates representing Shares, together with stock powers or other instruments of transfer approved by the Committee, appropriately endorsed in
blank, with the Company or an agent designated by the 

  
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Company to hold in escrow until such restrictions have lapsed or terminated. The Committee may cause a legend or legends referencing such restrictions to be placed on the certificates. Any
Participant who is permitted to execute a promissory note as partial or full consideration for the purchase of Shares under this Plan will be required to pledge and deposit with the Company all or part of the Shares so purchased as collateral to
secure the payment of Participant’s obligation to the Company under the promissory note; provided, however, that the Committee may require or accept other or additional forms of collateral to secure the payment of such obligation and, in any
event, the Company will have full recourse against the Participant under the promissory note notwithstanding any pledge of the Participant’s Shares or other collateral. In connection with any pledge of the Shares, Participant will be required
to execute and deliver a written pledge agreement in such form as the Committee will from time to time approve. The Shares purchased with the promissory note may be released from the pledge on a pro rata basis as the promissory note is paid.

 14. EXCHANGE AND BUYOUT OF AWARDS. The Committee may, at any time or from time to time, authorize the Company,
with the consent of the respective Participants, to issue new Awards in exchange for the surrender and cancellation of any or all outstanding Awards. The Committee may at any time buy from a Participant an Award previously granted with payment in
cash, shares of Common Stock of the Company (including Restricted Stock) or other consideration, based on such terms and conditions as the Committee and the Participant may agree. 

15. SECURITIES LAW AND OTHER REGULATORY COMPLIANCE. Although this Plan is intended to be a written compensatory benefit
plan within the meaning of Rule 701 promulgated under the Securities Act, grants may be made pursuant to this plan which do not qualify for exemption under Rule 701 or Section 25102(o) of the California Corporations Code. Any requirement
of this Plan which is required in law only because of Section 25102(o) need not apply if the Committee so provides. An Award will not be effective unless such Award is in compliance with all applicable federal and state securities laws, rules
and regulations of any governmental body, and the requirements of any stock exchange or automated quotation system upon which the Shares may then be listed or quoted, as they are in effect on the date of grant of the Award and also on the date of
exercise or other issuance. Notwithstanding any other provision in this Plan, the Company will have no obligation to issue or deliver certificates for Shares under this Plan prior to (i) obtaining any approvals from governmental agencies that
the Company determines are necessary or advisable, and/or (ii) compliance with any exemption, completion of any registration or other qualification of such Shares under any state or federal law or ruling of any governmental body that the
Company determines to be necessary or advisable. The Company will be under no obligation to register the Shares with the SEC or to effect compliance with the exemption, registration, qualification or listing requirements of any state securities
laws, stock exchange or automated quotation system, and the Company will have no liability for any inability or failure to do so. 
 16. NO OBLIGATION TO EMPLOY. Nothing in this Plan or any Award granted under this Plan will confer or be deemed to confer on any Participant any right to continue in the employ of, or to
continue any other relationship with, the Company or any Parent or Subsidiary of the Company or limit in any way the right of the Company or any Parent or Subsidiary of the Company to terminate Participant’s employment or other relationship at
any time, with or without Cause. 
 17. CORPORATE TRANSACTIONS. 

17.1 Assumption or Replacement of Awards by Successor or Acquiring Company. In the event of (i) a dissolution or
liquidation of the Company, (ii) any reorganization, consolidation, merger or similar transaction or series of related transactions (each, a “combination transaction”)) in which the Company is a constituent corporation
or is a party if, as a result of such 

  
 10 

 
combination transaction, the voting securities of the Company that are outstanding immediately prior to the consummation of such combination transaction (other than any such
securities that are held by an “Acquiring Stockholder”, as defined below) do not represent, or are not converted into, securities of the surviving corporation of such combination transaction (or such surviving corporation’s parent
corporation if the surviving corporation is owned by the parent corporation) that, immediately after the consummation of such combination transaction, together possess at least a majority of the total voting power of all securities of such surviving
corporation (or its parent corporation, if applicable) that are outstanding immediately after the consummation of such combination transaction, including securities of such surviving corporation (or its parent corporation, if applicable) that are
held by the Acquiring Stockholder; or (b) a sale of all or substantially all of the assets of the Company, that is followed by the distribution of the proceeds to the Company’s stockholders, any or all outstanding Awards may be assumed,
converted or replaced by the successor or acquiring corporation (if any), which assumption, conversion or replacement will be binding on all Participants. In the alternative, the successor or acquiring corporation may substitute equivalent Awards or
provide substantially similar consideration to Participants as was provided to stockholders of the Company (after taking into account the existing provisions of the Awards). The successor or acquiring corporation may also substitute by issuing, in
place of outstanding Shares of the Company held by the Participant, substantially similar shares or other property subject to repurchase restrictions and other provisions no less favorable to the Participant than those which applied to such
outstanding Shares immediately prior to such transaction described in this Section 17.1. For purposes of this Section 17.1, an “Acquiring Stockholder” means a stockholder or stockholders of the Company that
(i) merges or combines with the Company in such combination transaction or (ii) owns or controls a majority of another corporation that merges or combines with the Corporation in such combination transaction. In the event such
successor or acquiring corporation (if any) does not assume, convert, replace or substitute Awards, as provided above, pursuant to a transaction described in this Section 17.1, then notwithstanding any other provision in this Plan to the
contrary, the vesting of such Awards will accelerate and the Options will become exercisable in full prior to the consummation of such event at such times and on such conditions as the Committee determines, and if such Options are not exercised
prior to the consummation of the corporate transaction, they shall terminate in accordance with the provisions of this Plan. 

17.2 Other Treatment of Awards. Subject to any greater rights granted to Participants under the foregoing provisions of this
Section 17, in the event of the occurrence of any transaction described in Section 17.1 hereof, any outstanding Awards will be treated as provided in the applicable agreement or plan of reorganization, merger, consolidation, dissolution,
liquidation or sale of assets. 
 17.3 Assumption of Awards by the Company. The Company, from time to time, also
may substitute or assume outstanding awards granted by another company, whether in connection with an acquisition of such other company or otherwise, by either (i) granting an Award under this Plan in substitution of such other company’s
award or (ii) assuming such award as if it had been granted under this Plan if the terms of such assumed award could be applied to an Award granted under this Plan. Such substitution or assumption will be permissible if the holder of the
substituted or assumed award would have been eligible to be granted an Award under this Plan if the other company had applied the rules of this Plan to such grant. In the event the Company assumes an award granted by another company, the terms and
conditions of such award will remain unchanged (except that the exercise price and the number and nature of shares issuable upon exercise of any such option will be adjusted appropriately pursuant to Section 424(a) of the Code). In the event
the Company elects to grant a new Option rather than assuming an existing option, such new Option may be granted with a similarly adjusted Exercise Price. 

  
 11 

 18. ADOPTION AND STOCKHOLDER APPROVAL. This Plan will become effective on the
date that it is adopted by the Board (the “Effective Date”). This Plan will be approved by the stockholders of the Company (excluding Shares issued pursuant to this Plan), consistent with applicable laws, within twelve
(12) months before or after the Effective Date. Upon the Effective Date, the Board may grant Awards pursuant to this Plan; provided, however, that: (i) no Option may be exercised prior to initial stockholder approval of this Plan;
(ii) no Option granted pursuant to an increase in the number of Shares approved by the Board shall be exercised prior to the time such increase has been approved by the stockholders of the Company; (iii) in the event that initial
stockholder approval is not obtained within the time period provided herein, all Awards granted hereunder shall be canceled, any Shares issued pursuant to any Award shall be canceled and any purchase of Shares issued hereunder shall be rescinded;
and (iv) Awards granted pursuant to an increase in the number of Shares approved by the Board which increase is not timely approved by stockholders shall be canceled, any Shares issued pursuant to any such Awards shall be canceled, and any
purchase of Shares subject to any such Award shall be rescinded. 
 19. TERM OF PLAN/GOVERNING LAW. Unless earlier
terminated as provided herein, this Plan will terminate ten (10) years from the Effective Date or, if earlier, the date of stockholder approval. This Plan and all agreements hereunder shall be governed by and construed in accordance with the
laws of the State of Delaware. 
 20. AMENDMENT OR TERMINATION OF PLAN. Subject to Section 5.9 hereof, the
Board may at any time terminate or amend this Plan in any respect, including without limitation amendment of any form of Award Agreement or instrument to be executed pursuant to this Plan; provided, however, that the Board will not, without the
approval of the stockholders of the Company, amend this Plan in any manner that requires such stockholder approval pursuant to Section 25102(o) of the California Corporations Code or the Code or the regulations promulgated thereunder as such
provisions apply to ISO plans. 
 21. NONEXCLUSIVITY OF THE PLAN. Neither the adoption of this Plan by the Board,
the submission of this Plan to the stockholders of the Company for approval, nor any provision of this Plan will be construed as creating any limitations on the power of the Board to adopt such additional compensation arrangements as it may deem
desirable, including, without limitation, the granting of stock options and other equity awards otherwise than under this Plan, and such arrangements may be either generally applicable or applicable only in specific cases. 

22. DEFINITIONS. As used in this Plan, the following terms will have the following meanings: 

“Award” means any award under this Plan, including any Option or Restricted Stock Award. 

“Award Agreement” means, with respect to each Award, the signed written agreement between the Company and the
Participant setting forth the terms and conditions of the Award, including the Stock Option Agreement and Restricted Stock Agreement. 
 “Board” means the Board of Directors of the Company. 

“Cause” means Termination because of (i) any willful, material violation by the Participant of any law or
regulation applicable to the business of the Company or a Parent or Subsidiary of the Company, the Participant’s conviction for, or guilty plea to, a felony or a crime involving moral turpitude, or any willful perpetration by the Participant of
a common law fraud, 

  
 12 

 
(ii) the Participant’s commission of an act of personal dishonesty which involves personal profit in connection with the Company or any other entity having a business relationship with
the Company, (iii) any material breach by the Participant of any provision of any agreement or understanding between the Company or any Parent or Subsidiary of the Company and the Participant regarding the terms of the Participant’s
service as an employee, officer, director or consultant to the Company or a Parent or Subsidiary of the Company, including without limitation, the willful and continued failure or refusal of the Participant to perform the material duties required of
such Participant as an employee, officer, director or consultant of the Company or a Parent or Subsidiary of the Company, other than as a result of having a Disability, or a breach of any applicable invention assignment and confidentiality agreement
or similar agreement between the Company or a Parent or Subsidiary of the Company and the Participant, (iv) Participant’s disregard of the policies of the Company or any Parent or Subsidiary of the Company so as to cause loss, damage or
injury to the property, reputation or employees of the Company or a Parent or Subsidiary of the Company, or (v) any other misconduct by the Participant which is materially injurious to the financial condition or business reputation of, or is
otherwise materially injurious to, the Company or a Parent or Subsidiary of the Company. 
 “Code” means
the Internal Revenue Code of 1986, as amended. 
 “Committee” means the committee created and appointed
by the Board to administer this Plan, or if no committee is created and appointed, the Board. 

“Company” means Marin Software Incorporated, a Delaware corporation, or any successor corporation. 

“Disability” means a disability, whether temporary or permanent, partial or total, as determined by the
Committee. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exercise Price” means the price at which a holder of an Option may purchase the Shares issuable upon exercise of
the Option. 
 “Fair Market Value” means, as of any date, the value of a share of the Company’s
Common Stock determined as follows: 
 (a) if such Common Stock is then quoted on the Nasdaq National Market, its closing price
on the Nasdaq National Market on the date of determination as reported in The Wall Street Journal; 
 (b) if such Common
Stock is publicly traded and is then listed on a national securities exchange, its closing price on the date of determination on the principal national securities exchange on which the Common Stock is listed or admitted to trading as reported in
The Wall Street Journal; 
 (c) if such Common Stock is publicly traded but is not quoted on the Nasdaq National Market
nor listed or admitted to trading on a national securities exchange, the average of the closing bid and asked prices on the date of determination as reported by The Wall Street Journal (or, if not so reported, as otherwise reported by any
newspaper or other source as the Board may determine); or 
 (d) if none of the foregoing is applicable, by the Committee in
good faith. 

  
 13 

 “Option” means an award of an option to purchase Shares pursuant to
Section 5 hereof. 
 “Parent” means any corporation (other than the Company) in an unbroken chain
of corporations ending with the Company if each of such corporations other than the Company owns stock representing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such
chain. 
 “Participant” means a person who receives an Award under this Plan. 

“Plan” means this 2006 Marin Software Incorporated Equity Incentive Plan, as amended from time to time.

 “Purchase Price” means the price at which a Participant may purchase Restricted Stock. 

“Restricted Stock” means Shares purchased pursuant to a Restricted Stock Award. 

“Restricted Stock Award” means an award of Shares pursuant to Section 6 hereof. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Shares” means shares of the Company’s Common Stock $0.001 par value, reserved for issuance under this Plan,
as adjusted pursuant to Sections 2 and 17 hereof, and any successor security. 
 “Subsidiary” means
any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company if each of the corporations other than the last corporation in the unbroken chain owns stock representing fifty percent (50%) or more of
the total combined voting power of all classes of stock in one of the other corporations in such chain. 

“Termination” or “Terminated” means, for purposes of this Plan with respect to a
Participant, that the Participant has for any reason ceased to provide services as an employee, officer, director or consultant to the Company or a Parent or Subsidiary of the Company. A Participant will not be deemed to have ceased to provide
services in the case of (i) sick leave, (ii) military leave, or (iii) any other leave of absence approved by the Committee, provided that such leave is for a period of not more than ninety (90) days (a) unless reinstatement
(or, in the case of an employee with an ISO, reemployment) upon the expiration of such leave is guaranteed by contract or statute, or (b) unless provided otherwise pursuant to formal policy adopted from time to time by the Company’s Board
and issued and promulgated in writing. In the case of any Participant on (i) sick leave, (ii) military leave or (iii) an approved leave of absence, the Committee may make such provisions respecting suspension of vesting of the Award
while on leave from the Company or a Parent or Subsidiary of the Company as it may deem appropriate, except that in no event may an Option be exercised after the expiration of the term set forth in the Stock Option Agreement. The Committee will have
sole discretion to determine whether a Participant has ceased to provide services and the effective date on which the Participant ceased to provide services (the “Termination Date”). 

“Unvested Shares” means “Unvested Shares” as defined in the Award Agreement. 

“Vested Shares” means “Vested Shares” as defined in the Award Agreement. 

  
 14 

 ADDENDUM A 
 APPLICABLE TO CERTAIN OPTIONS GRANTED PARTICIPANTS IN THE UNITED KINGDOM 
 1. PURPOSE
AND INTERPRETATION 
 (a) Purpose. The purpose of this Addendum to the Plan (the “UK
Addendum”) is to enable Options to be granted to UK Participants tax efficiently. 
 (b)
Interpretation. All definitions and rules in the Plan apply to the UK Addendum unless modified by it but the additional definitions and rules in the UK Addendum apply only to Options specifically designated by the Committee as
being granted under the UK Addendum. Options granted under the specific provisions of the UK Addendum are NQSOs for purposes of the Plan unless expressly determined otherwise by the Committee in writing. 

2. ADDITIONAL DEFINITIONS 
 “Approved Company Share Option” means an option granted by any Group member to acquire shares pursuant to a plan approved under Schedule 4 to ITEPA; 

“Eligible Employee” has meaning set out in Part 4 of Schedule 5; 

“Group” has the meaning in paragraph 58 of Schedule 5 and “Group Company”
means any such company; 
 “ITEPA” means the Income Tax (Earnings and Pensions) Act 2003; 

“Option Shares” means, in relation to any Option, the shares of Common Stock which are subject to it; 

“Rules” means the Rules of the Plan as set out in the main body of the Plan and this UK Addendum or as may be
validly amended from time to time in accordance with its terms, excluding additional addenda to the Plan that may be adopted for Awards granted to Participants outside of the United Kingdom; 

“Schedule 5” means Schedule 5 to ITEPA; 
 “Tax Charge” means all forms of taxation, including employee’s and employer’s national insurance contributions, income tax and any other imposts of whatever nature,
whenever created or arising and whether of the United Kingdom or any other jurisdiction together with any other amount whatsoever, without limitation, payable by any Group Company or in respect of which any Group Company has a duty to account as a
result of any laws of any jurisdiction relating to taxation. 
 “UK Addendum” means this UK Addendum to
the Plan as constituted by the Rules or as from time to time amended; 
 “UK Qualifying Option” means an
Option which satisfies the requirements of paragraph 1 of Schedule 5 which is granted as a qualifying option on the Award Date pursuant to this UK Addendum; 

  
 15 

 “Withholding Liability” means the liability of the Company, its
Parent or any Subsidiary or any other Group Company to account for any Tax Charge in relation to an Option. 
 3. GRANT OF UK QUALIFYING
OPTIONS 
 The Committee may grant Options as UK Qualifying Options pursuant to the UK Addendum if the following
additional conditions are satisfied namely: 
 (a) a UK Qualifying Option shall only be granted to an individual who is an
Eligible Employee; 
 (b) a UK Qualifying Option shall only be granted for commercial reasons in order to recruit or
retain an Eligible Employee and not as part of a scheme or arrangement the main purpose or one of the main purposes of which is the avoidance of tax; 
 (c) a UK Qualifying Option must be capable of being exercised within 10 years of grant; 
 (d) a UK Qualifying Option shall be designated as such on the grant date and granted in the form of a Grant Agreement between the Company and the Participant which satisfies the requirements of
paragraph 37 of Schedule 5. 
 4. LIMITS – UK QUALIFYING OPTIONS 

(a) No UK Qualifying Option shall be granted if following such grant the total value of Common Stock subject to unexercised UK
Qualifying Options exceeds £3 million or such other limit as may be specified in Schedule 5. 
 (b) No UK
Qualifying Option shall be granted to a person if, following such grant, the total market value of shares (of Common Stock or otherwise) which a Participant may acquire pursuant to all unexercised UK Qualifying Options and Approved Company Share
Options (in each case granted to him by reason of his employment with the Company or any subsidiary) would exceed £119,999. 
 (c) For the purposes of Rule 4 of the UK Addendum total value and market value will be determined in accordance with paragraphs 5(6) to 5(8) and 7(6) of Schedule 5. 

(d) If an Option is granted as a UK Qualifying Option and part of the Option Shares exceed the limit in Rule 4(b) of the UK
Addendum, it shall be treated as two Options, one shall be treated as a UK Qualifying Option in respect of such number of Option Shares as is within the limit and the other as an Option which is not a UK Qualifying Option in respect of the
balance of the Option Shares. 
 (e) Where options are granted simultaneously in breach of the limit in Rule 4(a) of
the UK Addendum, paragraph 7(5) of Schedule 5 will apply to determine the extent to which the Options are UK Qualifying Options. 
 5.
CEASING TO BE A UK QUALIFYING OPTION 
 If an Option ceases to be a UK Qualifying Option it will continue as if it had
been granted as an Option which is not a UK Qualifying Option. 
 6. ADDITIONAL TERMS 

  
 16 

 (a) Death. Notwithstanding any provision of the Plan or Grant Agreement, if a
Participant dies, his UK Qualifying Options will lapse 12 months following the date of death to the extent that they have not already lapsed. 
 (b) Notices. The Participant shall do all such things as may be reasonably required by the Company for the purposes of ensuring that the Option remains a UK Qualifying Option and to join with the
Company in giving notice of the grant of the UK Qualifying Option to HM Revenue & Customs as required in accordance with Part 7 of Schedule 5. 
 (c) Consideration. The purchase price of Option Shares shall be settled in cash (by cheque) at the time of exercise and Rules 4.3 (a) to (f) of Part 1 shall not apply. 

(d) Non-Transferability. A UK Qualifying Option may not, nor may any rights in respect of it, be transferred, assigned, charged or
otherwise disposed for any reason except on the death of the Participant when it may be transmitted to the Participant’s personal representatives. A UK Qualifying Option shall lapse immediately if the Participant purports to breach this Rule
6(d) of the UK Addendum. 
 (e) Vesting. The extent to which a UK Qualifying Option may vest shall be specified in the
Stock Option Agreement on the grant date. 
 (f) Income tax elections. The Committee may require the Participant to enter
into an election to pay income tax on the unrestricted market value of the Option Shares pursuant to section 431(1) ITEPA as a condition of exercising a UK Qualifying Option. 
 (g) National Insurance elections. The Committee may, as a condition of exercising a UK Qualifying Option, require the Participant to enter into an election to transfer the liability for the
secondary contributor’s National Insurance contributions that may arise on the exercise of the Option from the employer to the Participant. Such election must be in a form approved by HM Revenue & Customs. 

(h) Withholding. No UK Qualifying Option shall be exercisable unless and until the Committee is satisfied in its absolute
discretion that either: 
 (i) such Participant has made payment, or has made arrangements satisfactory to the Committee
for the payment to it and/or to any subsidiary, of such sum as is sufficient to settle any Withholding Liability in any jurisdiction which is or would be recoverable from such person as a result of such exercise and in respect of which the Company
and/or any Subsidiary and/or other Group Company is liable to account (in any jurisdiction); or 
 (ii) such person has
entered into an agreement with it and/or any such subsidiary (in a form satisfactory to the Committee) to ensure that such a payment is made by the Participant. 
 Personal Data. All Participants and Eligible Employees agree as a condition of their participation in the Plan that any personal data in relation to them may be held by any Group Company and/or
passed to any third party where necessary for the administration of the Plan. 

  
 17 

 No. «OptionNo» 

MARIN SOFTWARE INCORPORATED 
 2006 EQUITY INCENTIVE PLAN 
 STOCK OPTION AGREEMENT 

(IMMEDIATELY EXERCISABLE) 
 This Stock Option Agreement (the “Agreement”) is made and entered into as of the date of grant set forth below (the “Date of Grant”) by and between Marin
Software Incorporated, a Delaware corporation (the “Company”), and the participant named below (the “Participant”). Capitalized terms not defined herein shall have the meaning ascribed to them in the
Company’s 2006 Equity Incentive Plan, as amended from time to time (the “Plan”). 
  

			
	 Participant:
	  	«Optionee»
		
	 Social Security Number:
	  	  

		
	 Address:
	  	  

		
		  	  

		
	 Total Option Shares:
	  	«NoOptions»
		
	 Exercise Price per Share:
	  	«ExercisePrice»
		
	 Date of Grant:
	  	«GrantDate»
		
	 First Vesting Date:
	  	«FirstVestingDate»
		
	 Expiration Date:
	  	«ExpirationDate»
		  	(unless earlier terminated under Section 5.6 of the Plan)
		
	 Classification of Optionee
	  	[    ] Exempt Employee
		  	[    ] Nonexempt Employee
		
	 Type of Stock Option
	  	
	 (Check one):
	  	[«ISO»] Incentive Stock Option
		  	[«NSO»] Nonqualified Stock Option

 1. GRANT OF OPTION. The Company hereby grants to Participant an option (this
“Option”) to purchase the total number of shares of Common Stock $0.001 par value, of the Company set forth above as Total Option Shares (the “Shares”) at the Exercise Price Per Share set forth above
(the “Exercise Price”), subject to all of the terms and conditions of this Agreement and the Plan. If designated as an Incentive Stock Option above, the Option is intended to qualify as an “incentive stock option”
(the “ISO”) within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). 
 2. EXERCISE PERIOD. 
 2.1 Exercise Period of Option.
This Option is immediately exercisable although the Shares issued upon exercise of the Option will be subject to the restrictions on transfer and Repurchase Option and Right of First Refusal set forth in Sections 7, 8 and 9 below. Provided
Participant continues to provide services to the Company or to any Parent or Subsidiary of the 

 
Company, the Shares issuable upon exercise of this Option will become vested with respect to twenty-five percent (25%) of the Shares on the First Vesting Date set forth on the first page of
this Agreement (the “First Vesting Date”) and thereafter at the end of each full succeeding month after the First Vesting Date an additional 2.08333% of the Shares will become vested until the Shares are vested with respect
to one hundred percent (100%) of the Shares. If application of the vesting percentage causes a fractional share, such share shall be rounded down to the nearest whole share for each month except for the last month in such vesting period, at the
end of which last month this Option shall become vested for the full remainder of the Shares. 
 2.2 Vesting of
Options. Shares that are vested pursuant to the schedule set forth in Sections 2.1 and 2.2 are “Vested Shares.” Shares that are not vested pursuant to the schedule set forth in Sections 2.1 and 2.2 are “Unvested Shares.”

 2.3 Expiration. The Option shall expire on the Expiration Date set forth above or earlier as provided in
Section 3 below or pursuant to Section 5.6 of the Plan. 
 3. TERMINATION. 

3.1 Termination for Any Reason Except Death, Disability or Cause. If Participant is Terminated for any reason, except death,
Disability or for Cause, the Option, to the extent (and only to the extent) that it would have been exercisable by Participant on the Termination Date, may be exercised by Participant no later than three (3) months after the Termination Date,
but in any event no later than the Expiration Date. 
 3.2 Termination Because of Death or Disability. If
Participant is Terminated because of death or Disability of Participant (or Participant dies within three (3) months of Termination when Termination is for any reason other than Participant’s Disability or for Cause), the Option, to the
extent that it is exercisable by Participant on the Termination Date, may be exercised by Participant (or Participant’s legal representative) no later than twelve (12) months after the Termination Date, but in any event no later than the
Expiration Date. Any exercise beyond (i) three (3) months after the Termination Date when the Termination is for any reason other than the Participant’s death or disability, within the meaning of Section 22(e)(3) of the Code; or
(ii) twelve (12) months after the Termination Date when the termination is for Participant’s disability, within the meaning of Section 22(e)(3) of the Code, is deemed to be an NQSO. 

3.3 Termination for Cause. If the Participant is terminated for Cause, the Participant may exercise such Participant’s
Options, but not to an extent greater than such Options are exercisable as to Vested Shares upon the Termination Date and Participant’s Options shall expire on such Participant’s Termination Date, or at such later time and on such
conditions as are determined by the Committee. 
 3.4 No Obligation to Employ. Nothing in the Plan or this
Agreement shall confer on Participant any right to continue in the employ of, or other relationship with, the Company or any Parent or Subsidiary of the Company, or limit in any way the right of the Company or any Parent or Subsidiary of the Company
to terminate Participant’s employment or other relationship at any time, with or without Cause. 

  
 2 

 4. MANNER OF EXERCISE. 

4.1 Stock Option Exercise Agreement. To exercise this Option, Participant (or in the case of exercise after
Participant’s death or incapacity, Participant’s executor, administrator, heir or legatee, as the case may be) must deliver to the Company an executed stock option exercise agreement in the form attached hereto as Exhibit A, or
in such other form as may be approved by the Committee from time to time (the “Exercise Agreement”), which shall set forth, inter alia, (i) Participant’s election to exercise the Option, (ii) the
number of Shares being purchased, (iii) any restrictions imposed on the Shares and (iv) any representations, warranties and agreements regarding Participant’s investment intent and access to information as may be required by the
Company to comply with applicable securities laws. If someone other than Participant exercises the Option, then such person must submit documentation reasonably acceptable to the Company verifying that such person has the legal right to exercise the
Option and such person shall be subject to all of the restrictions contained herein as if such person were the Participant. 

4.2 Limitations on Exercise. The Option may not be exercised unless such exercise is in compliance with all applicable
federal and state securities laws, as they are in effect on the date of exercise. The Option may not be exercised as to fewer than one hundred (100) Shares unless it is exercised as to all Shares as to which the Option is then exercisable.

 4.3 Payment. The Exercise Agreement shall be accompanied by full payment of the Exercise Price for the shares
being purchased in cash (by check), or where permitted by law: 
 (a) by cancellation of indebtedness of the Company to the
Participant; 
 (b) by waiver of compensation due or accrued to Participant for services rendered; 

(c) provided that a public market for the Company’s stock exists: (i) through a “same day sale” commitment from
Participant and a broker-dealer that is a member of the National Association of Securities Dealers (an “NASD Dealer”) whereby Participant irrevocably elects to exercise the Option and to sell a portion of the Shares so
purchased sufficient to pay for the total Exercise Price and whereby the NASD Dealer irrevocably commits upon receipt of such Shares to forward the total Exercise Price directly to the Company, or (ii) through a “margin” commitment
from Participant and an NASD Dealer whereby Participant irrevocably elects to exercise the Option and to pledge the Shares so purchased to the NASD Dealer in a margin account as security for a loan from the NASD Dealer in the amount of the total
Exercise Price, and whereby the NASD Dealer irrevocably commits upon receipt of such Shares to forward the total Exercise Price directly to the Company; 
 (d) any other form of consideration approved by the Committee; or 
 (e) by any
combination of the foregoing. 
 4.4 Tax Withholding. Prior to the issuance of the Shares upon exercise of the
Option, Participant must pay or provide for any applicable federal, state and local withholding obligations of the Company. If the Committee permits, Participant may provide for payment of withholding taxes upon exercise of the Option by requesting
that the Company retain the minimum number of Shares with a Fair Market Value equal to the minimum amount of taxes required to be withheld; but in no event will the Company withhold Shares if such withholding would result in

  
 3 

 
adverse accounting consequences to the Company. In such case, the Company shall issue the net number of Shares to the Participant by deducting the Shares retained from the Shares issuable upon
exercise. 
 4.5 Issuance of Shares. Provided that the Exercise Agreement and payment are in form and
substance satisfactory to counsel for the Company, the Company shall issue the Shares registered in the name of Participant, Participant’s authorized assignee, or Participant’s legal representative, and shall deliver certificates
representing the Shares with the appropriate legends affixed thereto. 
 5. NOTICE OF DISQUALIFYING DISPOSITION OF ISO
SHARES. If the Option is an ISO, and if Participant sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years after the Date of Grant, and (ii) the date
one (1) year after transfer of such Shares to Participant upon exercise of the Option, Participant shall immediately notify the Company in writing of such disposition. Participant agrees that Participant may be subject to income tax withholding
by the Company on the compensation income recognized by Participant from the early disposition by payment in cash or out of the current wages or other compensation payable to Participant. 

6. COMPLIANCE WITH LAWS AND REGULATIONS. The Plan and this Agreement are intended to comply with
Section 25102(o) of the California Corporations Code and any regulations relating thereto. Any provision of this Agreement which is inconsistent with Section 25102(o) or any regulations relating thereto shall, without further act or
amendment by the Company or the Board, be reformed to comply with the requirements of Section 25102(o) and any regulations relating thereto. The exercise of the Option and the issuance and transfer of Shares shall be subject to compliance by
the Company and Participant with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Company’s Common Stock may be listed at the time of such issuance or
transfer. Participant understands that the Company is under no obligation to register or qualify the Shares with the SEC, any state securities commission or any stock exchange to effect such compliance. 

7. NONTRANSFERABILITY OF OPTION. The Option may not be transferred in any manner other than by will or by the
laws of descent and distribution, and, with respect to NQSOs, by instrument to an inter vivos or testamentary trust in which the options are to be passed to beneficiaries upon the death of the trustor (settlor), or by gift to “immediate
family” as that term is defined in 17 C.F.R. 240.16a-1(e), and may be exercised during the lifetime of Participant only by Participant or in the event of Participant’s incapacity, by Participant’s legal representative. The terms of
the Option shall be binding upon the executors, administrators, successors and assigns of Participant. 
 8.
COMPANY’S REPURCHASE OPTION FOR UNVESTED SHARES. The Company, or its assignee, shall have the option to repurchase Participant’s Unvested Shares on the terms and conditions set forth in the Exercise Agreement (the
“Repurchase Option”) if Participant is Terminated (as defined in the Plan) for any reason, or no reason, including without limitation Participant’s death, Disability (as defined in the Plan), voluntary resignation
or termination by the Company with or without Cause. 
 9. COMPANY’S RIGHT OF FIRST REFUSAL. Before any
Vested Shares held by Participant or any transferee of such Vested Shares may be sold or otherwise transferred (including 

  
 4 

 
without limitation a transfer by gift or operation of law), the Company and/or its assignee(s) shall have an assignable right of first refusal to purchase the Vested Shares to be sold or
transferred on the terms and conditions set forth in the Exercise Agreement (the “Right of First Refusal”). The Company’s Right of First Refusal will terminate when the Company’s securities become publicly traded.

 10. TAX CONSEQUENCES. Set forth below is a brief summary as of the Effective Date of the Plan of some of the
federal and California tax consequences of exercise of the Option and disposition of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. PARTICIPANT SHOULD CONSULT A TAX ADVISER BEFORE
EXERCISING THE OPTION OR DISPOSING OF THE SHARES. 
 10.1 Exercise of ISO. If the Option qualifies as an ISO,
there will be no regular federal or California income tax liability upon the exercise of the Option, although the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price will be treated as a tax
preference item for federal alternative minimum tax purposes and may subject the Participant to the alternative minimum tax in the year of exercise. 
 10.2 Exercise of Nonqualified Stock Option. If the Option does not qualify as an ISO, there may be a regular federal and California income tax liability upon the exercise of the Option.
Participant will be treated as having received compensation income (taxable at ordinary income tax rates) equal to the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price. If Participant is a
current or former employee of the Company, the Company may be required to withhold from Participant’s compensation or collect from Participant and pay to the applicable taxing authorities an amount equal to a percentage of this compensation
income at the time of exercise. 
 10.3 Disposition of Shares. The following tax consequences may apply upon
disposition of the Shares. 
 (a) Incentive Stock Options. If the Shares are held for more than twelve (12) months
after the date of purchase of the Shares pursuant to the exercise of an ISO and are disposed of more than two (2) years after the Date of Grant, any gain realized on disposition of the Shares will be treated as long term capital gain for
federal and California income tax purposes. If Vested Shares purchased under an ISO are disposed of within the applicable one (1) year or two (2) year period, any gain realized on such disposition will be treated as compensation income
(taxable at ordinary income rates in the year of the disposition) to the extent of the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price. 

(b) Nonqualified Stock Options. If the Shares are held for more than twelve (12) months after the date of purchase of the
Shares pursuant to the exercise of an NQSO, any gain realized on disposition of the Shares will be treated as long term capital gain. 
 (c) Withholding. The Company may be required to withhold from the Participant’s compensation or collect from the Participant and pay to the applicable taxing authorities an amount equal to a
percentage of this compensation income. 
 11. SECTION 409A. Unless expressly determined otherwise by the
Committee, an Award granted hereunder is intended to be compliant with Section 409A of the Code, including, without limitation, in the case of an Option, such Option being granted at not less than 100% of the

  
 5 

 
Fair Market Value per Share underlying such Option. In the event it is subsequently determined by the Committee or pursuant to Applicable Laws that an Award is subject to Section 409A of the
Code, the Participant expressly agrees, by accepting this Award, to hold the Committee and the Company harmless from any such determination, including the imposition of any tax, interest or other penalty that may arise from such a determination.

 12. PRIVILEGES OF STOCK OWNERSHIP. Participant shall not have any of the rights of a stockholder with respect
to any Shares until the Shares are issued to Participant. 
 13. INTERPRETATION. Any dispute regarding the
interpretation of this Agreement shall be submitted by Participant or the Company to the Committee for review. The resolution of such a dispute by the Committee shall be final and binding on the Company and Participant. 

14. ENTIRE AGREEMENT. The Plan is incorporated herein by reference. This Agreement and the Plan constitute the entire
agreement of the parties and supersede all prior undertakings and agreements with respect to the subject matter hereof. 

15. NOTICES. Any notice required to be given or delivered to the Company under the terms of this Agreement shall be in
writing and addressed to the Corporate Secretary of the Company at its principal corporate offices. Any notice required to be given or delivered to Participant shall be in writing and addressed to Participant at the address indicated above or to
such other address as such party may designate in writing from time to time to the Company. All notices shall be deemed to have been given or delivered upon: (i) personal delivery; (ii) three (3) days after deposit in the United
States mail by certified or registered mail (return receipt requested); (iii) one (1) business day after deposit with any return receipt express courier (prepaid); or (iv) one (1) business day after transmission by facsimile,
rapifax or telecopier. 
 16. SUCCESSORS AND ASSIGNS. The Company may assign any of its rights under this
Agreement, including its rights to purchase Shares under the Right of First Refusal. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth
herein, this Agreement shall be binding upon Participant and Participant’s heirs, executors, administrators, legal representatives, successors and assigns. 
 17. GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of California as such laws are applied to agreements between California
residents entered into and to be performed entirely within California. If any provision of this Agreement is determined by a court of law to be illegal or unenforceable, then such provision will be enforced to the maximum extent possible and the
other provisions will remain fully effective and enforceable. 
 18. ACCEPTANCE. Participant hereby acknowledges
receipt of a copy of the Plan and this Agreement. Participant has read and understands the terms and provisions thereof, and accepts the Option subject to all the terms and conditions of the Plan and this Agreement. Participant acknowledges that
there may be adverse tax consequences upon exercise of the Option or disposition of the Shares and that Participant should consult a tax adviser prior to such exercise or disposition. 

[Remainder of page left blank intentionally.] 

  
 6 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in duplicate
by its duly authorized representative and Participant has executed this Agreement in duplicate, effective as of the Date of Grant. 
  

							
	Marin Software Incorporated	    	Participant
			
	By:	 	  
	    	  

		 		    	Signature
		
	 Christopher Lien
	    	 «Optionee»

	(Please print name)	    	(Please print name)
			
	 President and Chief Executive Officer
	    		 	
	(Please print title)	    		 	
			
	Address: 123 Mission Street,
25th Floor	    	Address:	 	  

	                San Francisco, CA 94105	    	  

			
	Phone No.: [personally identifiable information withheld]	    	Phone No.:	 	  

			
	Fax No.: [personally identifiable information withheld]	    	Fax No.:	 	  

 SIGNATURE PAGE TO MARIN SOFTWARE INCORPORATED STOCK OPTION AGREEMENT 

(IMMEDIATELY EXERCISABLE) 

  
 7 

 EXHIBIT A 

FORM OF STOCK OPTION EXERCISE AGREEMENT 
 (IMMEDIATELY EXERCISABLE) 

 No. «OptionNo» 

MARIN SOFTWARE INCORPORATED 
 2006 EQUITY INCENTIVE PLAN 
 STOCK OPTION EXERCISE AGREEMENT

 (IMMEDIATELY EXERCISABLE) 
 This Stock Option Exercise Agreement (the “Exercise Agreement”) is made and entered into as of
                    (the “Effective Date”) by and between Marin Software Incorporated, a Delaware corporation (the
“Company”), and the purchaser named below (the “Purchaser”). Capitalized terms not defined herein shall have the meanings ascribed to them in the Company’s 2006 Equity Incentive Plan, as amended
from time to time (the “Plan”). 
  

			
	 Purchaser:
	  	«Optionee»
		
	 Social Security Number:
	  	  

		
	 Address:
	  	  

		
		  	  

		
	 Total Number of Shares:
	  	  

		
	 Exercise Price per Share:
	  	«ExercisePrice»
		
	 Date of Grant:
	  	«GrantDate»
		
	 First Vesting Date:
	  	«FirstVestingDate»
		
	 Expiration Date:
	  	«ExpirationDate»
		  	(Unless earlier terminated under Section 5.6 of the Plan)
		
	 Type of Stock Option
	  	
	 (Check one):
	  	[«ISO»] Incentive Stock Option
		  	[«NSO»] Nonqualified Stock Option

 1. EXERCISE OF OPTION. 

1.1 Exercise. Pursuant to exercise of that certain option (the “Option”) granted to Purchaser under
the Plan and subject to the terms and conditions of this Exercise Agreement, Purchaser hereby purchases from the Company, and the Company hereby sells to Purchaser, the Total Number of Shares set forth above (the “Shares”) of
the Company’s Common Stock $0.001 par value per share, at the Exercise Price Per Share set forth above (the “Exercise Price”). As used in this Exercise Agreement, the term “Shares” refers to the
Shares purchased under this Exercise Agreement and includes all securities received (i) in replacement of the Shares, (ii) as a result of stock dividends or stock splits with respect to the Shares, and (iii) all securities received in
replacement of the Shares in a merger, recapitalization, reorganization or similar corporate transaction. 

 1.2 Title to Shares. The exact spelling of the name(s) under which Purchaser
will take title to the Shares is: 
  
  

 
  

Purchaser desires to take title to the Shares as follows: 
  ̈ Individual, as separate property 

 ̈ Husband and wife, as community property 

 ̈ Joint Tenants 
  ̈ Other; please specify: 
 To
assign the Shares to a trust, a stock transfer agreement in the form provided by the Company (the “Stock Transfer Agreement”) must be completed and executed. 

1.3 Payment. Purchaser hereby delivers payment of the Exercise Price in the manner permitted in the Stock Option
Agreement as follows (check and complete as appropriate): 
  ̈ in cash (by check)
in the amount of $            , receipt of which is acknowledged by the Company; 
  ̈ by cancellation of indebtedness of the Company owed to Purchaser in the amount of
$            ; 
  ̈
by the waiver hereby of compensation due or accrued for services rendered in the amount of $            . 
 2. DELIVERY. 
 2.1 Deliveries by Purchaser.
Purchaser hereby delivers to the Company (i) this Exercise Agreement, (ii) two (2) copies of a blank Stock Power and Assignment Separate from Stock Certificate in the form of Exhibit 1 attached hereto (the
“Stock Powers”), both executed by Purchaser (and Purchaser’s spouse, if any), (iii) if Purchaser is married, a Consent of Spouse in the form of Exhibit 2 attached hereto (the “Spouse
Consent”) executed by Purchaser’s spouse, and (iv) the Exercise Price and payment or other provision for any applicable tax obligations in the form of a check or other proofs of payment, as the case may be, a copy of which is
attached hereto as Exhibit 3. 
 2.2 Deliveries by the Company. Upon its receipt of the Exercise Price,
payment or other provision for any applicable tax obligations and all the documents to be executed and delivered by Purchaser to the Company under Section 2.1, the Company will issue a duly executed stock certificate evidencing the Shares in
the name of Purchaser to be placed in escrow as provided in Section 11. 
 3. REPRESENTATIONS AND WARRANTIES OF
PURCHASER. Purchaser represents and warrants to the Company that: 

  
 2 

 3.1 Agrees to Terms of the Plan. Purchaser has received a copy of the Plan and
the Stock Option Agreement, has read and understands the terms of the Plan, the Stock Option Agreement and this Exercise Agreement, and agrees to be bound by their terms and conditions. Purchaser acknowledges that there may be adverse tax
consequences upon exercise of the Option or disposition of the Shares, and that Purchaser should consult a tax adviser prior to such exercise or disposition. 
 3.2 Purchase for Own Account for Investment. Purchaser is purchasing the Shares for Purchaser’s own account for investment purposes only and not with a view to, or for sale in
connection with, a distribution of the Shares within the meaning of the Securities Act. Purchaser has no present intention of selling or otherwise disposing of all or any portion of the Shares and no one other than Purchaser has any beneficial
ownership of any of the Shares. 
 3.3 Access to Information. Purchaser has had access to all information regarding
the Company and its present and prospective business, assets, liabilities and financial condition that Purchaser reasonably considers important in making the decision to purchase the Shares, and Purchaser has had ample opportunity to ask questions
of the Company’s representatives concerning such matters and this investment. 
 3.4 Understanding of Risks.
Purchaser is fully aware of: (i) the highly speculative nature of the investment in the Shares; (ii) the financial hazards involved; (iii) the lack of liquidity of the Shares and the restrictions on transferability of the Shares
(e.g., that Purchaser may not be able to sell or dispose of the Shares or use them as collateral for loans); (iv) the qualifications and backgrounds of the management of the Company; and (v) the tax consequences of investment in the
Shares. Purchaser is capable of evaluating the merits and risks of this investment, has the ability to protect Purchaser’s own interests in this transaction and is financially capable of bearing a total loss of this investment. 

3.5 No General Solicitation. At no time was Purchaser presented with or solicited by any publicly issued or circulated
newspaper, mail, radio, television or other form of general advertising or solicitation in connection with the offer, sale and purchase of the Shares. 
 4. COMPLIANCE WITH SECURITIES LAWS. 
 4.1 Compliance with U.S.
Federal Securities Laws. Purchaser understands and acknowledges that the Shares have not been registered with the SEC under the Securities Act and that, notwithstanding any other provision of the Stock Option Agreement to the contrary, the
exercise of any rights to purchase any Shares is expressly conditioned upon compliance with the Securities Act and all applicable state securities laws. Purchaser agrees to cooperate with the Company to ensure compliance with such laws. 

4.2 Compliance with California Securities Laws. THE PLAN, THE STOCK OPTION AGREEMENT, AND THIS EXERCISE AGREEMENT
ARE INTENDED TO COMPLY WITH SECTION 25102(o) OF THE CALIFORNIA CORPORATIONS CODE AND ANY RULES (INCLUDING COMMISSIONER RULES, IF APPLICABLE) OR REGULATIONS PROMULGATED THEREUNDER BY THE CALIFORNIA DEPARTMENT OF CORPORATIONS (THE
“REGULATIONS”). ANY PROVISION OF THIS EXERCISE AGREEMENT THAT IS INCONSISTENT WITH SECTION 25102(o) SHALL, WITHOUT FURTHER ACT OR AMENDMENT BY THE COMPANY OR THE BOARD, BE REFORMED TO COMPLY WITH THE

  
 3 

 
REQUIREMENTS OF SECTION 25102(o). THE SALE OF THE SECURITIES THAT ARE THE SUBJECT OF THIS EXERCISE AGREEMENT, IF NOT YET QUALIFIED WITH THE CALIFORNIA COMMISSIONER OF CORPORATIONS AND NOT
EXEMPT FROM SUCH QUALIFICATION, IS SUBJECT TO SUCH QUALIFICATION, AND THE ISSUANCE OF SUCH SECURITIES, AND THE RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION IS UNLAWFUL UNLESS THE SALE IS EXEMPT. THE RIGHTS OF THE
PARTIES TO THIS EXERCISE AGREEMENT ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED OR AN EXEMPTION BEING AVAILABLE. 
 5. RESTRICTED SECURITIES. 
 5.1 No Transfer Unless Registered
or Exempt. Purchaser understands that Purchaser may not transfer any Shares unless such Shares are registered under the Securities Act or qualified under applicable state securities laws or unless, in the opinion of counsel to the Company,
exemptions from such registration and qualification requirements are available. Purchaser understands that only the Company may file a registration statement with the SEC and that the Company is under no obligation to do so with respect to the
Shares. Purchaser has also been advised that exemptions from registration and qualification may not be available or may not permit Purchaser to transfer all or any of the Shares in the amounts or at the times proposed by Purchaser. 

5.2 SEC Rule 144. In addition, Purchaser has been advised that SEC Rule 144 promulgated under the Securities Act, which
permits certain limited sales of unregistered securities, is not presently available with respect to the Shares and, in any event, requires that the Shares be held for a minimum of six (6) months and, in certain cases one (1) year, after
they have been purchased and paid for (within the meaning of Rule 144). Purchaser understands that Rule 144 may indefinitely restrict transfer of the Shares so long as Purchaser remains an “affiliate” of the Company or if
“current public information” about the Company (as defined in Rule 144) is not publicly available. 
 5.3 SEC
Rule 701. The Shares are issued pursuant to SEC Rule 701 promulgated under the Securities Act and may become freely tradable by non-affiliates (under limited conditions regarding the method of sale) ninety (90) days after the
first sale of Common Stock of the Company to the general public pursuant to a registration statement filed with and declared effective by the SEC, subject to the lengthier market standoff agreement contained in Section 11 of this Exercise
Agreement or any other agreement entered into by Purchaser. Affiliates must comply with the provisions (other than the holding period requirements) of Rule 144. 
 6. RESTRICTIONS ON TRANSFERS. 
 6.1 Disposition of
Shares. Purchaser hereby agrees that Purchaser shall make no disposition of the Shares (other than as permitted by this Exercise Agreement) unless and until: 
 (a) Purchaser shall have notified the Company of the proposed disposition and provided a written summary of the terms and conditions of the proposed disposition; 

(b) Purchaser shall have complied with all requirements of this Exercise Agreement applicable to the disposition of the Shares;

  
 4 

 (c) Purchaser shall have provided the Company with written assurances, in form and
substance satisfactory to counsel for the Company, that (i) the proposed disposition does not require registration of the Shares under the Securities Act or (ii) all appropriate actions necessary for compliance with the registration
requirements of the Securities Act or of any exemption from registration available under the Securities Act (including Rule 144) have been taken; and 
 (d) Purchaser shall have provided the Company with written assurances, in form and substance satisfactory to the Company, that the proposed disposition will not result in the contravention of any transfer
restrictions applicable to the Shares pursuant to the provisions of the Regulations referred to in Section 4.2 hereof. 

6.2 Restriction on Transfer. Purchaser shall not transfer, assign, grant a lien or security interest in, pledge,
hypothecate, encumber or otherwise dispose of any of the Shares which are subject to the Company’s Right of First Refusal described below, except as permitted by this Exercise Agreement. 

6.3 Transferee Obligations. Each person (other than the Company) to whom the Shares are transferred by means of one of the
permitted transfers specified in this Exercise Agreement must, as a condition precedent to the validity of such transfer, acknowledge in writing to the Company that such person is bound by the provisions of this Exercise Agreement and that the
transferred Shares are subject to (i) both the Company’s Right of First Refusal granted hereunder and (ii) the market stand-off provisions of Section 11 hereof, to the same extent such Shares would be so subject if retained by
the Purchaser. 
 7. MARKET STANDOFF AGREEMENT. Purchaser agrees in connection with any registration of
the Company’s securities that, upon the request of the Company or the underwriters managing any public offering of the Company’s securities, Purchaser will not sell or otherwise dispose of any Shares without the prior written consent of
the Company or such underwriters, as the case may be, for such period of time (not to exceed one hundred eighty (180) days) after the effective date of such registration requested by such managing underwriters and subject to all restrictions as
the Company or the underwriters may specify. Purchaser further agrees to enter into any agreement reasonably required by the underwriters to implement the foregoing. 
 8. COMPANY’S REPURCHASE OPTION FOR UNVESTED SHARES. The Company, or its assignee, shall have the option to repurchase Purchaser’s Unvested Shares (as defined in Section 2.3 of
the Stock Option Agreement) on the terms and conditions set forth in this Section 8 (the “Repurchase Option”) if Purchaser is Terminated (as defined in the Plan) for any reason, or no reason, including without
limitation Purchaser’s death, Disability (as defined in the Plan), voluntary resignation or termination by the Company with or without cause. 
 8.1 Termination and Termination Date. In case of any dispute as to whether Purchaser is Terminated, the Committee shall have discretion to determine whether Purchaser has been
Terminated and the effective date of such Termination (the “Termination Date”). 
 8.2
Exercise of Repurchase Option. At any time within ninety (90) days after the Purchaser’s Termination Date (or, in the case of securities issued upon exercise after the Purchaser’s Termination Date, within
ninety (90) days after the date of such exercise), the Company, or its assignee, may elect to repurchase the Purchaser’s Unvested Shares by giving Purchaser written notice of exercise of the Repurchase Option. 

  
 5 

 8.3 Calculation of Repurchase Price for Unvested Shares.
The Company or its assignee shall have the option to repurchase from Purchaser (or from Purchaser’s personal representative as the case may be) the Unvested Shares at the Purchaser’s Exercise Price, proportionately adjusted for any
stock split or similar change in the capital structure of the Company as set forth in Section 2.2 of the Plan. 
 8.4
Payment of Repurchase Price. The repurchase price shall be payable, at the option of the Company or its assignee, by check or by cancellation of all or a portion of any outstanding indebtedness of Purchaser to the Company
or such assignee, or by any combination thereof. The repurchase price shall be paid without interest within sixty (60) days after exercise of the Repurchase Option. 
 8.5 Right of Termination Unaffected. Nothing in this Exercise Agreement shall be construed to limit or otherwise affect in any manner whatsoever the right or power of the
Company (or any Parent or Subsidiary of the Company) to terminate Purchaser’s employment or other relationship with Company (or the Parent or Subsidiary of the Company) at any time, for any reason or no reason, with or without cause.

 9. COMPANY’S RIGHT OF FIRST REFUSAL. Before any Vested Shares held by Purchaser or any transferee of such
Vested Shares (either sometimes referred to herein as the “Holder”) may be sold or otherwise transferred (including, without limitation, a transfer by gift or operation of law), the Company and/or its assignee(s) will have a
right of first refusal to purchase the Vested Shares to be sold or transferred (the “Offered Shares”) on the terms and conditions set forth in this Section 9 (the “Right of First Refusal”).

 9.1 Notice of Proposed Transfer. The Holder of the Offered Shares will deliver to the Company a written notice
(the “Notice”) stating: (i) the Holder’s bona fide intention to sell or otherwise transfer the Offered Shares; (ii) the name and address of each proposed purchaser or other transferee (the “Proposed
Transferee”); (iii) the number of Offered Shares to be transferred to each Proposed Transferee; (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer the Offered Shares (the
“Offered Price”); and (v) that the Holder acknowledges this Notice is an offer to sell the Offered Shares to the Company and/or its assignee(s) pursuant to the Company’s Right of First Refusal at the Offered Price
as provided for in this Exercise Agreement. 
 9.2 Exercise of Right of First Refusal. At any time within thirty
(30) days after the date of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all (or, with the consent of the Holder, less than all) the Offered Shares proposed to be transferred to
any one or more of the Proposed Transferees named in the Notice, at the purchase price, determined as specified below. 
 9.3
Purchase Price. The purchase price for the Offered Shares purchased under this Section 9 will be the Offered Price, provided that if the Offered Price consists of no legal consideration (as, for example, in the case of a transfer by
gift) the purchase price will be the fair market value of the Offered Shares as determined in good faith by the Company’s Board of Directors. If the Offered Price includes consideration other than cash, then the value of the non-cash
consideration, as determined in good faith by the Company’s Board of Directors, will conclusively be deemed to be the cash equivalent value of such non-cash consideration. 

  
 6 

 9.4 Payment. Payment of the purchase price for the Offered Shares will be
payable, at the option of the Company and/or its assignee(s) (as applicable), by check or by cancellation of all or a portion of any outstanding purchase money indebtedness owed by the Holder to the Company (or to such assignee, in the case of a
purchase of Offered Shares by such assignee) or by any combination thereof. The purchase price will be paid without interest within sixty (60) days after the Company’s receipt of the Notice, or, at the option of the Company and/or its
assignee(s), in the manner and at the time(s) set forth in the Notice. 
 9.5 Holder’s Right to Transfer. If
all of the Offered Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section 9, then the Holder may sell or otherwise transfer such Offered
Shares to each Proposed Transferee at the Offered Price or at a higher price, provided that (i) such sale or other transfer is consummated within one hundred twenty (120) days after the date of the Notice, (ii) any such sale or
other transfer is effected in compliance with all applicable securities laws, and (iii) each Proposed Transferee agrees in writing that the provisions of this Section will continue to apply to the Offered Shares in the hands of such Proposed
Transferee. If the Offered Shares described in the Notice are not transferred to each Proposed Transferee within such one hundred twenty (120) day period, then a new Notice must be given to the Company pursuant to which the Company will again
be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred. 
 9.6
Exempt Transfers. Notwithstanding anything to the contrary in this Section, the following transfers of Vested Shares will be exempt from the Right of First Refusal: (i) the transfer of any or all of the Vested Shares during
Purchaser’s lifetime by gift or on Purchaser’s death by will or intestacy to Purchaser’s “Immediate Family” (as defined below) or to a trust for the benefit of Purchaser or Purchaser’s Immediate Family, provided that
each transferee or other recipient agrees in a writing satisfactory to the Company that the provisions of this Section will continue to apply to the transferred Vested Shares in the hands of such transferee or other recipient; (ii) any transfer
or conversion of Vested Shares made pursuant to a statutory merger or statutory consolidation of the Company with or into another corporation or corporations (except that the Right of First Refusal will continue to apply thereafter to such Vested
Shares, in which case the surviving corporation of such merger or consolidation shall succeed to the rights of the Company under this Section unless (i) the common stock of the surviving corporation or any direct or indirect parent corporation
thereof is registered under the Securities Exchange Act of 1934, as amended; or (ii) the agreement of merger or consolidation expressly otherwise provides); or (iii) any transfer of Vested Shares pursuant to the winding up and dissolution
of the Company. As used herein, the term “Immediate Family” will mean Purchaser’s spouse, the lineal descendant or antecedent, father, mother, brother or sister, child, adopted child, grandchild or adopted grandchild of
the Purchaser or the Purchaser’s spouse, or the spouse of any of the above. 
 9.7 Termination of Right of First
Refusal. The Right of First Refusal will terminate as to all Shares on the effective date of the first sale of Common Stock of the Company to the general public pursuant to a registration statement filed with and declared effective by the
SEC under the 1933 Act (other than a registration statement relating solely to the issuance of Common Stock pursuant to a business combination or an employee incentive or benefit plan). 

9.8 Encumbrances on Vested Shares. Purchaser may grant a lien or security interest in, or pledge, hypothecate or encumber
Vested Shares only if each party to whom such lien or security interest is granted, or to whom such pledge, hypothecation or other encumbrance is made, 

  
 7 

 
agrees in a writing satisfactory to the Company that: (i) such lien, security interest, pledge, hypothecation or encumbrance will not apply to such Vested Shares after they are acquired by
the Company and/or its assignees under this Section; and (ii) the provisions of this Section will continue to apply to such Vested Shares in the hands of such party and any transferee of such party. Purchaser may not grant a lien or security
interest in, or pledge, hypothecate or encumber, any Unvested Shares. 
 10.
RIGHTS AS A STOCKHOLDER. Subject to the terms and conditions of this Exercise Agreement, Purchaser will have all of the rights of a stockholder of the Company with respect to the Shares from and after the date that Shares
are issued to Purchaser until such time as Purchaser disposes of the Shares or the Company and/or its assignee(s) exercise(s) the Right of First Refusal. Upon an exercise of the Right of First Refusal, Purchaser will have no further rights as a
holder of the Shares so purchased upon such exercise, other than the right to receive payment for the Shares so purchased in accordance with the provisions of this Exercise Agreement, and Purchaser will promptly surrender the stock certificate(s)
evidencing the Shares so purchased to the Company for transfer or cancellation. 
 11. ESCROW. As security for
Purchaser’s faithful performance of this Exercise Agreement, Purchaser agrees, immediately upon receipt of the stock certificate(s) evidencing the Shares, to deliver such certificate(s), together with the Stock Powers executed by Purchaser and
by Purchaser’s spouse, if any (with the date and number of Shares left blank), to the Secretary of the Company or other designee of the Company (the “Escrow Holder”), who is hereby appointed to hold such certificate(s)
and Stock Powers in escrow and to take all such actions and to effectuate all such transfers and/or releases of such Shares as are in accordance with the terms of this Exercise Agreement. Purchaser and the Company agree that Escrow Holder will not
be liable to any party to this Exercise Agreement (or to any other party) for any actions or omissions unless Escrow Holder is grossly negligent or intentionally fraudulent in carrying out the duties of Escrow Holder under this Exercise Agreement.
Escrow Holder may rely upon any letter, notice or other document executed with any signature purported to be genuine and may rely on the advice of counsel and obey any order of any court with respect to the transactions contemplated by this Exercise
Agreement. The Shares will be released from escrow upon termination of and the Right of First Refusal. 
 12. RESTRICTIVE
LEGENDS AND STOP-TRANSFER ORDERS. 
 12.1 Legends. Purchaser understands and agrees that the Company
will place the legends set forth below or similar legends on any stock certificate(s) evidencing the Shares, together with any other legends that may be required by state or U.S. Federal securities laws, the Company’s Certificate of
Incorporation or Bylaws, any other agreement between Purchaser and the Company or any agreement between Purchaser and any third party: 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE
SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS
SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO 

  
 8 

 
BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER
TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON PUBLIC RESALE AND TRANSFER, INCLUDING THE RIGHT OF REPURCHASE AND RIGHT OF FIRST REFUSAL OPTIONS HELD BY THE ISSUER
AND/OR ITS ASSIGNEE(S) AS SET FORTH IN A STOCK OPTION EXERCISE AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH PUBLIC SALE AND TRANSFER RESTRICTIONS,
INCLUDING THE RIGHT OF REPURCHASE AND RIGHT OF FIRST REFUSAL, ARE BINDING ON TRANSFEREES OF THESE SHARES. 
 THE SHARES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A 180-DAY MARKET STANDOFF RESTRICTION AS SET FORTH IN A CERTAIN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE
ISSUER. AS A RESULT OF SUCH AGREEMENT, THESE SHARES MAY NOT BE TRADED PRIOR TO 180 DAYS AFTER THE EFFECTIVE DATE OF ANY PUBLIC OFFERING OF THE COMMON STOCK OF THE ISSUER HEREOF. SUCH RESTRICTION IS BINDING ON TRANSFEREES OF THESE SHARES.

 12.2 Stop-Transfer Instructions. Purchaser agrees that, to ensure compliance with the restrictions
imposed by this Exercise Agreement, the Company may issue appropriate “stop-transfer” instructions to its transfer agent, if any, and if the Company transfers its own securities, it may make appropriate notations to the same effect in its
own records. 
 12.3 Refusal to Transfer. The Company will not be required (i) to transfer on its
books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Exercise Agreement or (ii) to treat as owner of such Shares, or to accord the right to vote or pay dividends to any purchaser or other
transferee to whom such Shares have been so transferred. 
 13. TAX
CONSEQUENCES. PURCHASER UNDERSTANDS THAT PURCHASER MAY SUFFER ADVERSE TAX CONSEQUENCES AS A RESULT OF PURCHASER’S PURCHASE OR DISPOSITION OF THE SHARES. PURCHASER REPRESENTS: (i) THAT PURCHASER HAS CONSULTED WITH
ANY TAX ADVISER THAT PURCHASER DEEMS ADVISABLE IN CONNECTION WITH THE PURCHASE OR DISPOSITION OF THE SHARES AND (ii) THAT PURCHASER IS NOT RELYING ON THE COMPANY FOR ANY TAX ADVICE. Set forth below is a brief summary as of the date the Plan
was adopted by the Board of some of the U.S. Federal and California tax consequences of exercise of the Option and disposition of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE

  
 9 

 
SUBJECT TO CHANGE. PURCHASER SHOULD CONSULT HIS OR HER OWN TAX ADVISER BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES. 

13.1 Exercise of Incentive Stock Option. If the Option qualifies as an ISO, there will be no regular U.S. Federal income tax
liability or California income tax liability upon the exercise of the Option, although the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price will be treated as a tax preference item for U.S.
Federal alternative minimum tax purposes and may subject Purchaser to the alternative minimum tax in the year of exercise. 

13.2 Exercise of Nonqualified Stock Option. If the Option does not qualify as an ISO, there may be a regular U.S. Federal
income tax liability and a California income tax liability upon the exercise of the Option. Purchaser will be treated as having received compensation income (taxable at ordinary income tax rates) equal to the excess, if any, of the Fair Market Value
of the Shares on the date of exercise over the Exercise Price. If Purchaser is or was an employee of the Company, the Company may be required to withhold from Purchaser’s compensation or collect from Purchaser and pay to the applicable taxing
authorities an amount equal to a percentage of this compensation income at the time of exercise. 
 13.3 Disposition of
Shares. The following tax consequences may apply upon disposition of the Shares. 
 (a) Incentive Stock Options.
If the Shares are held for more than twelve (12) months after the date of purchase of the Shares pursuant to the exercise of an ISO and are disposed of more than two (2) years after the Date of Grant, any gain realized on disposition of
the Shares will be treated as long term capital gain for federal and California income tax purposes. If Vested Shares purchased under an ISO are disposed of within the applicable one (1) year or two (2) year period, any gain realized on
such disposition will be treated as compensation income (taxable at ordinary income rates in the year of the disposition) to the extent of the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price.

 (b) Nonqualified Stock Options. If the Shares are held for more than twelve (12) months after the date of
purchase of the Shares pursuant to the exercise of an NQSO, any gain realized on disposition of the Shares will be treated as long term capital gain. 
 (c) Withholding. The Company may be required to withhold from the Purchaser’s compensation or collect from the Purchaser and pay to the applicable taxing authorities an amount equal to a
percentage of this compensation income. 
 13.4 Section 83(b) Election for Unvested Shares. With respect to
Unvested Shares, which are subject to the Repurchase Option, unless an election is filed by the Purchaser with the Internal Revenue Service (and, if necessary, the proper state taxing authorities), within 30 days of the purchase of the Unvested
Shares, electing pursuant to Section 83(b) of the Code (and similar state tax provisions, if applicable) to be taxed currently on any difference between the Exercise Price of the Unvested Shares and their Fair Market Value on the date of
purchase, there may be a recognition of taxable income (including, where applicable, alternative minimum taxable income) to the Purchaser, measured by the excess, if any, of the Fair Market Value of the Unvested Shares at the time they cease to be
Unvested Shares, over the Exercise Price of the Unvested Shares. 

  
 10 

 14. COMPLIANCE WITH LAWS AND REGULATIONS. The issuance and
transfer of the Shares will be subject to and conditioned upon compliance by the Company and Purchaser with all applicable state and U.S. Federal laws and regulations and with all applicable requirements of any stock exchange or automated quotation
system on which the Company’s Common Stock may be listed or quoted at the time of such issuance or transfer. 
 15.
SUCCESSORS AND ASSIGNS. The Company may assign any of its rights under this Exercise Agreement, including its rights to purchase Shares under the Right of First Refusal. This Exercise Agreement shall be binding upon and inure to
the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Exercise Agreement will be binding upon Purchaser and Purchaser’s heirs, executors, administrators, legal representatives,
successors and assigns. 
 16. GOVERNING LAW; SEVERABILITY. This Exercise Agreement shall be governed by
and construed in accordance with the internal laws of the State of California as such laws are applied to agreements between California residents entered into and to be performed entirely within California. If any provision of this Exercise
Agreement is determined by a court of law to be illegal or unenforceable, then such provision will be enforced to the maximum extent possible and the other provisions will remain fully effective and enforceable. 

17. NOTICES. Any notice required to be given or delivered to the Company shall be in writing and addressed to the Corporate
Secretary of the Company at its principal corporate offices. Any notice required to be given or delivered to Purchaser shall be in writing and addressed to Purchaser at the address indicated above or to such other address as Purchaser may designate
in writing from time to time to the Company. All notices shall be deemed effectively given upon personal delivery, (i) three (3) days after deposit in the United States mail by certified or registered mail (return receipt requested),
(ii) one (1) business day after its deposit with any return receipt express courier (prepaid), or (iii) one (1) business day after transmission by rapifax or telecopier. 

18. FURTHER INSTRUMENTS. The parties agree to execute such further instruments and to take such further action as may be
reasonably necessary to carry out the purposes and intent of this Exercise Agreement. 
 19. HEADINGS. The
captions and headings of this Exercise Agreement are included for ease of reference only and will be disregarded in interpreting or construing this Exercise Agreement. All references herein to Sections will refer to Sections of this Exercise
Agreement. 
 20. ENTIRE AGREEMENT. The Plan, the Stock Option Agreement and this Exercise Agreement, together
with all Exhibits thereto, constitute the entire agreement and understanding of the parties with respect to the subject matter of this Exercise Agreement, and supersede all prior understandings and agreements, whether oral or written, between the
parties hereto with respect to the specific subject matter hereof. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 11 

 IN WITNESS WHEREOF, the Company has caused this Exercise Agreement to be executed in
duplicate by its duly authorized representative and Purchaser has executed this Exercise Agreement in duplicate as of the Effective Date, indicated above. 
  

					
	 Marin Software Incorporated
	    	Purchaser
			
	 By:
	 	  
	    	  

		 		    	(Signature)
		
	  
	    	 «Optionee»

	(Please print name)	    	(Please print name)
		
	  
	    	
	 (Please print title)
	    	

 [SIGNATURE PAGE TO MARIN SOFTWARE INCORPORATED STOCK OPTION 

EXERCISE AGREEMENT (IMMEDIATELY EXERCISABLE)] 

  
 12 

 LIST OF EXHIBITS 

 

	Exhibit 1:	Stock Power and Assignment Separate from Stock Certificate 

  

	Exhibit 2:	Spouse Consent 

  

	Exhibit 3:	Copy of Purchaser’s Check 

  

	Exhibit 4:	Section 83(b) Election 

 EXHIBIT 1 

STOCK POWER AND ASSIGNMENT 
 SEPARATE FROM STOCK CERTIFICATE 

 Stock Power and Assignment 

Separate From Stock Certificate 
 FOR VALUE RECEIVED and pursuant to that certain Stock Option Exercise Agreement No. «OptionNo» dated as of             ,
            , (the “Agreement”), the undersigned hereby sells, assigns and transfers unto             ,
            shares of the Common Stock, $0.001 par value per share, of Marin Software Incorporated, a Delaware corporation (the “Company”), standing in the
undersigned’s name on the books of the Company represented by Certificate No(s).             delivered herewith, and does hereby irrevocably constitute and appoint the Secretary of the
Company as the undersigned’s attorney-in-fact, with full power of substitution, to transfer said stock on the books of the Company. THIS ASSIGNMENT MAY ONLY BE USED AS AUTHORIZED BY THE AGREEMENT AND ANY EXHIBITS THERETO. 

 

					
	Dated:	 	  
	 	

  

	
	PURCHASER
	
	  

	(Signature)
	
	  

	(Please Print Name)
	
	  

	(Spouse’s Signature, if any)
	
	  

	(Please Print Spouse’s Name)

 Instructions to Purchaser: Please do not fill in any blanks other than the signature line. The
purpose of this Stock Power and Assignment is to enable the Company to acquire the shares pursuant to “Right of First Refusal” set forth in the Exercise Agreement without requiring additional signatures on the part of the Purchaser or
Purchaser’s Spouse. 

 EXHIBIT 2 

SPOUSE CONSENT 

 Spouse Consent 

The undersigned spouse of «Optionee» (the “Purchaser”) has read, understands, and hereby approves the
Stock Option Exercise Agreement between Purchaser and the Company (the “Agreement”). In consideration of the Company’s granting my spouse the right to purchase the Shares as set forth in the Agreement, the undersigned
hereby agrees to be irrevocably bound by the Agreement and further agrees that any community property interest I may have in the Shares shall similarly be bound by the Agreement. The undersigned hereby appoints Purchaser as my attorney-in-fact with
respect to any amendment or exercise of any rights under the Agreement. 
  

					
	 Dated:
	 	  
	 	

  

							
		 		 	  
	 	
		 		 	Print Name of Purchaser’s Spouse	 	
				
		 		 	  
	 	
		 		 	Signature of Purchaser’s Spouse	 	
				
		 	Address:	 	  
	 	
				
		 		 	  
	 	
				
		 		 	  
	 	

 EXHIBIT 3 

COPY OF PURCHASER’S CHECK 

 EXHIBIT 4 

SECTION 83(b) ELECTION 

 ELECTION UNDER SECTION 83(b) OF THE 

INTERNAL REVENUE CODE 

The undersigned Taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include the excess, if any,
of the fair market value of the property described below at the time of transfer over the amount paid for such property, as compensation for services in the calculation of: (1) regular gross income; (2) alternative minimum taxable income
or (3) disqualifying disposition gross income, as the case may be. 
  

					
	 1.
	  	TAXPAYER’S NAME:	  	 «Optionee»

			
		  	TAXPAYER’S ADDRESS:	  	  

			
		  		  	  

			
		  	SOCIAL SECURITY NUMBER:	  	  

  

	2.	The property with respect to which the election is made is described as follows:             shares of
Common Stock, $0.001 par value, which were transferred upon exercise of an option of Marin Software Incorporated, a Delaware corporation (the “Company”), which is Taxpayer’s employer or the corporation for whom the
Taxpayer performs services. 

  

	3.	The date on which the shares were transferred pursuant to the exercise of the option was             ,
201            and this election is made for calendar year 201    . 

  

	4.	The shares received upon exercise of the option are subject to the following restrictions: The Company may repurchase all or a portion of the shares at the
Taxpayer’s original purchase price under certain conditions at the time of Taxpayer’s termination of employment or services. 

  

	5.	The fair market value of the shares (without regard to restrictions other than restrictions which by their terms will never lapse) was
$            per share at the time of exercise of the option. 

  

	6.	The amount paid for such shares upon exercise of the option was «ExercisePrice» per share. 

 

	7.	The Taxpayer has submitted a copy of this statement to the Company. 

 THIS ELECTION MUST BE FILED WITH THE INTERNAL REVENUE SERVICE (“IRS”), AT THE OFFICE WHERE THE TAXPAYER FILES ANNUAL INCOME TAX RETURNS, WITHIN 30 DAYS AFTER THE DATE OF
TRANSFER OF THE SHARES, AND MUST ALSO BE FILED WITH THE TAXPAYER’S INCOME TAX RETURNS FOR THE CALENDAR YEAR. THE ELECTION CANNOT BE REVOKED WITHOUT THE CONSENT OF THE IRS. 

 

							
	Dated:	 	  
	  		  	  

		 		  		  	Taxpayer’s SignatureEX-10.5

 Exhibit 10.5 
 June 15, 2006 
 Mr. Joseph Chang 
 [personally identifiable information withheld] 
 Offer of Employment by Marin
Software Incorporated 
 Dear Joe: 
 I am very pleased to confirm our offer to you of employment with Marin Software Incorporated (the “Company”) in the position of Vice President of Engineering. In this
position you will report to Christopher Lien, Chief Executive Officer of the Company. Your start date shall be June 15, 2006. The terms of our offer and the benefits currently provided by the Company are as follows: 

1. Starting Salary. Your starting salary will be $150,000 per year (less normal payroll deductions and withholdings), and
will be subject to review on an annual basis. 
 2. Benefits. In addition, you will be eligible to participate in
regular health insurance, bonus and other employee benefit plans established by the Company for its employees from time to time. Except as expressly provided herein, the Company reserves the right to change or otherwise modify, in its sole
discretion, the preceding terms of employment, as well as any of the terms set forth herein at any time in the future. In addition, if so requested, the Company will reimburse you for your monthly COBRA costs prior to the establishment by the
Company of regular health insurance benefits. As discussed with you, the Company plans to offer to its employees health, dental and vision benefits. In addition, the Company agrees to provide you with 15 days per year of paid vacation in addition to
regular Company holidays. 
 3. Confidentiality. As an employee of the Company, you will have access to certain
confidential information of the Company and you may, during the course of your employment, develop certain information or inventions that will be the property of the Company. To protect the interests of the Company, you will need to sign the
Company’s standard “Employee Invention Assignment and Confidentiality Agreement” as a condition of your employment. We wish to impress upon you that we do not want you to, and we hereby direct you not to, bring with you any
confidential or proprietary material of any former employer or to violate any other obligations you may have to any former employer. During the period that you render services to the Company, you agree to not engage in any employment, business or
activity that is in any way competitive with the business or proposed business of the Company. You will disclose to the Company in writing any other gainful employment, business or activity that you are currently associated with or participate in
that competes with the Company. You will not assist any other person or organization in competing with the Company or in preparing to engage in competition with the business or proposed business of the Company. You represent that your signing of
this offer letter and the Company’s Employee Invention Assignment and Confidentiality Agreement and your commencement of employment with the Company will not violate any agreement currently in place between yourself and current or past
employers. Notwithstanding anything in this Agreement to the contrary, you may engage in charitable activities and community affairs, and with the prior approval of the Board of Directors you may serve as a director of any corporation which does not
compete in any way with Company business or proposed business; provided that such activities are not inconsistent with your obligations to the Company. 

 Joseph Chang 
 June 15, 2006 
 Page 2 of 3 

4. Options. 
 (a) We will recommend to the Board of Directors of the Company that you be granted, under the Company’s 2006 Equity Incentive Plan, as amended (the “Plan”), an option to
purchase 10.0% fully diluted of the Company’s Common Stock, with an exercise price equal to the fair market value of the Company’s Common Stock as determined by the Board of Directors on the date of grant. The shares of Common Stock
subject to the option will, for so long as you remain continuously employed by the Company become vested according to the following four-year schedule (subject to adjustment as described below): (i) 2.0833% of the shares will be vested as of
the first month from your employment start date (the “First Vesting Date”); and (ii) thereafter at the end of each full succeeding calendar month, 2.0833% of the total shares will become vested. 

(b) Stock Option Agreements. Following approval by the Board of Directors, the Company will provide you with a stock option
agreement, which will govern the terms of the option. 
 (c) Board Approval Required. The grant by the Company of the
stock option specified above is subject to the Board of Directors’ approval, and the references to the recommendation for such approval is not a promise of compensation and, prior to such approval, is not intended to create an obligation on the
part of the Company. 
 5. At Will Employment. While we look forward to a profitable relationship, should you
decide to accept our offer, you will be an at-will employee of the Company, which means the employment or other relationship can be terminated by either of us for any reason, at any time, with or without prior notice and with or without cause. You
should regard any statements or representations to the contrary (and, indeed, any statements contradicting any provision in this letter) as ineffective. Further, your participation in any stock option or benefit program is not to be regarded as
assuring you of continuing employment or service for any particular period of time. Any modification or change in your at-will employment status may only occur by way of a written employment agreement signed by you and an authorized officer of the
Company (other than you), and approved by the Company’s Board of Directors. 
 6. Authorization to Work.
Please note that because of employer regulations adopted in the Immigration Reform and Control Act of 1986, within three (3) business days of starting your new position you will need to present documentation demonstrating that you have
authorization to work in the United States. 
 7. Arbitration. You and the Company shall submit to mandatory and
exclusive binding arbitration of any controversy or claim arising out of, or relating to, this Agreement or any breach hereof, provided, however, that the parties retain their right to, and shall not be prohibited, limited or in any
other way restricted from, seeking or obtaining equitable relief from a court having jurisdiction over the parties. Such arbitration shall be governed by the Federal Arbitration Act and conducted through the American Arbitration Association in the
State of California, San Francisco County, before a single neutral arbitrator, in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association in effect at that time. The parties may conduct
only essential discovery prior to the hearing, as defined by the AAA arbitrator. The arbitrator shall issue a written decision that contains the essential findings and conclusions on which the decision is based. You shall bear only those costs of
arbitration you would otherwise bear had you brought a claim covered by this Agreement in court. Judgment upon the determination or award rendered by the arbitrator may be entered in any court having jurisdiction thereof. In addition to any other
award, the arbitrator shall award the prevailing party attorneys’ fees, costs and arbitration costs, incurred by the prevailing party as a result of the arbitration. 

 8. Successors, Binding Agreement. This Agreement shall not automatically be
terminated by the voluntary or involuntary dissolution of the Company or by any merger or consolidation, whether or not the Company is the surviving or resulting corporation, or upon any transfer of all or substantially all of the assets of the
Company. In the event of any such merger, consolidation or transfer of assets, the provisions of this Agreement shall bind and inure to the benefit of the surviving or resulting corporation, or the corporation to which such assets shall have been
transferred, as the case may be; provided, however, that the Company will require any successor to all or substantially all of the business and/or assets of the Company, by agreement in form and substance satisfactory to you, to expressly assume and
agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 
 9. Miscellaneous. This Agreement shall be construed and enforced in accordance with the laws of the State of California without giving effect to California’s choice of law rules. No
waiver of any term of this Agreement constitutes a waiver of any other term of this Agreement. This Agreement may be amended only in writing by an agreement specifically referencing this Agreement which is signed by both you and the Company. In the
event that a court or other trier of fact invalidates one or more terms of this Agreement, all the other terms of this Agreement shall remain valid and enforceable. You shall have no duty to mitigate any damages caused by the breach of the Company
of this Agreement. 
 10. Acceptance. If you decide to accept our offer, and I hope you will, please sign the
enclosed copy of this letter in the space indicated and return it to me. Your signature will acknowledge that you have read and understood and agreed to the terms and conditions of this offer letter and the attached documents, if any. Should you
have anything else that you wish to discuss, please do not hesitate to call me. 
 We look forward to the opportunity to welcome
you to the Company. 
  

	
	Very truly yours,
	
	 /s/ Christopher Lien

	Christopher Lien, Founder and CEO

 I have read and understood this offer letter and hereby acknowledge, accept and agree to the terms
as set forth above and further acknowledge that no other commitments were made to me as part of my employment offer except as specifically set forth herein. 
  

					
	 /s/ Joseph Chang
	 	    Date signed:	 	 6/15/06

	Joseph Chang

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