Document:

Lease Agreement between Embarcadero and Australia Pty Ltd

 EXHIBIT 10.1 
 Vulcann Pty Ltd  
 A.C.N. 102 379 493 
 and 
 Embarcadero Technologies Australia Pty Ltd 
 A.C.N. 098 379 493 
 Lease 
 Suite 9.2 
 Level 9 
 390 St Kilda Road 
 Melbourne 
 Arnold Bloch Leibler 
 Ref: PJM: 1403989

			
	THIS LEASE is made on	 	 2006

 PARTIES 
 Vulcann Pty Ltd 
 (A.C.N. 102 379 493) 
 of C/- Marks Henderson, Level 2, Professional Chambers, 120 Collins Street, Melbourne 
 (“Landlord”) 
 and

 Embarcadero Technologies Australia Pty Ltd 
 (A.C.N. 098 782 597) 
 of Level 9, 390 St. Kilda Road, Melbourne 
 (Tenant”) 
 and 
 Embarcadero Technologies Inc. 
 of 100
California Street, Suite 1200, San Francisco, CA 94111, United States of America 
 (“Guarantor”) 
 BACKGROUND 
  

	A	This deed concerns a lease (“Original Lease”) dated 12 October 2004 for the premises known as part of Level 9 (“Original
Premises”) known as suite 9.3 of the Landlord’s building at 390 St. Kilda Road, Melbourne (“Building”) granted for the term of 2 years commencing on 1 June 2004 at the rent and otherwise on and subject to the
terms and conditions contained in the Original Lease. 

  

	B	The term of the Original Lease expired on 31 May 2006 and the Tenant has continued to occupy the Original Premises since that time on an overholding basis under the provisions
of clause 10(b) of the Original Lease. 

  

	C	The Tenant has requested the Landlord to grant to the Tenant a renewal of the Original Lease of the Original Premises for the Further Term of 2 years but not in respect of the
Original Premises but rather for the adjoining area to be known as Suite 9.2 being the area identified on the attached plan shown hatched (“Suite 9.2”) which the Landlord has agreed to do on the following terms and conditions.

  

	D	All words and phrases used in this deed will mean the same as in the Original Lease unless the context or circumstances require otherwise. 

 AGREED TERMS 
  

	1	Grant 

 The Landlord leases to the Tenant and the
Tenant takes Suite 9.2 for the term of 2 years (“Term”) commencing on 1 August 2006 paying: 
  

	 	(a)	during the period of the first year of the Term the annual rent of Forty Eight Thousand Dollars ($48,000.00) per annum; and 

  

							
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	 	(b)	during each successive year of the Term the annual rent being 103.5% of the annual rent payable in the immediately preceding year 

 by equal calendar monthly payments in advance on the first day of each month with a proportionate payment for any broken period made in such manner and to
such place as the Landlord shall from time to time in writing direct and subject to and with the benefit and burden of the same terms and conditions (including the proviso for re-entry) contained in the Original Lease deleted varied or amended in
the following manner: 
  

	 	(c)	the covenant for payment of rent in the Original Lease applies to the rent reserved by this Lease; 

  

	 	(d)	clauses 10(a) and 14 of the Original Lease are deleted; the First Schedule of the Original Lease is deleted; and, 

  

	 	(e)	the renewal of the Original Lease will now be subject to GST under the terms set out in this deed. 

  

	2	Confirmation of terms 

 The Landlord and the Tenant
agree that they will perform and observe the terms and conditions of the Original Lease as fully as if the same terms and conditions had been repeated in full in this deed with such modifications only as are necessary to make them applicable to this
lease and specifically the modifications made by this deed. 
  

	3	Option for renewal 

  

	3.1	Exercise of option 

 The Landlord must, on the
written request of the Tenant delivered to the Landlord within the period not more than 9 months nor less than 6 months before the end of the Term and provided there is no unremedied breach of this lease by the Tenant of which the Landlord has given
the Tenant written notice, renew this Lease for the further term (“Further Term”) of 3 years: 
  

	 	(a)	at an initial Annual Rent determined as at the Commencement Date of the Further Term in the manner set out in clause 4; 

  

	 	(b)	containing provision for an annual increase in the rate of Annual Rent on each Review Date by 3.5%; and, 

  

	 	(c)	otherwise on the terms and conditions contained in this Lease but excluding this clause 3. 

  

	3.2	Conditions precedent 

 The Tenant will not be
entitled to exercise the option contained in Clause 3.1 if the Tenant has not remedied any default about which the Landlord has given the Tenant written notice or the Tenant has persistently defaulted under this Lease throughout its term and the
Landlord has given the Tenant written notice of the defaults. 
  

	4	Market rental determination 

  

	4.1	Method of determination 

 Where in this Lease it is
provided that the Annual Rent will be determined in the manner set out in this clause 4 for any period from or as at any Market Review Date (“Revised Annual 

  

							
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 Rent”) then the Revised Annual Rent will be reviewed as near as reasonably practical (in the
circumstances at that time) to the Market Review Date in the following manner. 
  

	4.2	Landlord’s notice 

 The Landlord is entitled to
serve written notice on the Tenant (“Landlord’s Notice”) fixing the Revised Annual Rent at each Market Review Date at an amount which in the opinion of the Landlord is the current market rental value of the Premises as at the
relevant Market Review Date based on the terms and conditions of this Lease. 
  

	4.3	Failure to give notice 

 The Landlord will not by
reason of the Landlord’s failure to give notice of the Revised Annual Rent which it proposes by or within a reasonable period after a Market Review Date forfeit its right to have the Annual Rent reviewed under this clause 4 as at the relevant
Market Review Date so long as the Landlord’s Notice is given before the next Review Date. 
  

	4.4	Tenant’s notice 

 If the Tenant considers the
Revised Annual Rent fixed by the Landlord in the Landlord’s Notice is not the current market rental value of the Premises, the Tenant may by written notice to the Landlord (“Tenant’s Notice”) within 30 days after receipt
of the Landlord’s Notice require the Revised Annual Rent to be fixed by a valuer and on receipt of the Tenant’s Notice the Landlord must request the President for the time being of the Institute to appoint a valuer
(“valuer”) who is both a practising Estate Agent and a member of the Institute and has not less than 5 years experience in the determination of the market rental value of comparable premises in the vicinity of the Building. The fees
of the valuer must be borne equally between the Landlord and the Tenant unless the current market rental value of the Premises fixed by the valuer is equal to or greater than the current market rental value fixed by the Landlord in accordance with
clause 4.2 in which event all fees of the valuer must be borne by the Tenant. 
  

	4.5	Determination by valuer 

 The valuer must:

  

	 	(a)	fix the Revised Annual Rent of the Premises at the current market rental value of the Premises on the basis of the terms and conditions of this Lease (or such of them as are
applicable) including the Permitted Use; 

  

	 	(b)	call for and if submitted consider submissions made by the parties within 21 days of their being informed of the valuer’s appointment; 

  

	 	(c)	in addition to any other relevant matters have regard to current market rental values for comparable premises in the vicinity of the Premises (whether such rentals are initial or
reviewed rentals); 

  

	 	(d)	assume that the Premises are available to be leased on the same conditions as those contained in this Lease (including any options for renewal) but with a tenant in possession;

  

	 	(e)	assume that the Tenant has met all its obligations under this Lease; 

  

	 	(f)	ignore the Tenant’s installations and all improvements made by the Tenant to the Premises without obligation to do so; 

  

	 	(g)	ignore the goodwill of the Tenant’s business conducted from the Premises; 

  

	 	(h)	ignore any rent free periods or incentives available for new lettings of comparable premises in the vicinity of the Premises; and, 

  

	 	(i)	act as an expert and not as an arbitrator and his determination will be final and binding on the parties. 

  

							
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 The valuation must: 
  

	 	(j)	be in writing; 

  

	 	(k)	contain detailed reasons for the valuer’s determination; and, 

  

	 	(l)	specify matters to which the valuer had regard in making the determination. 

  

	4.6	Amount of Annual Rent 

 If for any reason the
Tenant’s Notice is not delivered to the Landlord within 30 days after the Landlord has given to the Tenant the Landlord’s Notice then the amount fixed by the Landlord will be the Revised Annual Rent. Otherwise the current market rental
value fixed by the valuer in accordance with the provisions of clause 4.5 will be the Revised Annual Rent. 
  

	4.7	Interim payment 

 If the Revised Annual Rent has not
been ascertained by the Market Review Date then until the Revised Annual Rent has been fixed in accordance with the provisions of this clause 4 the Tenant must pay to the Landlord the Annual Rent applying immediately prior to the Market Review Date
plus an amount which equals 80% of the increase in rent fixed by the Landlord and within 14 days after the Revised Annual Rent has been agreed or fixed the Tenant must pay to the Landlord or the Landlord must refund to the Tenant the amount which
equals the difference between the Revised Annual Rent so agreed or fixed and the amount actually paid by the Tenant from and including the Market Review Date for the period commencing on the Market Review Date and ending on the last day of the
period for which rent has been paid by the Tenant. 
  

	4.8	GST exclusive value of reviewed rent 

 The amount of
the Revised Annual Rent as agreed or determined under this clause 4 is the GST exclusive value of the current market rent. 
  

	5	Not Retail Leases Act 2003 

 The Tenant warrants to
the Landlord that this is not a retail premises lease to which the provisions of the Retail Leases Act 2003 apply because the Premises is above the third storey of the Building and the Premises is not used nor to be used wholly or predominantly for
the purpose of the retail sale of any goods under the terms of this Lease and the Tenant is a subsidiary of a corporation (Embarcadero Technologies, Inc.) the shares of which are listed on the NASDAQ Stock Exchange. 
  

	6	Guarantee 

  

	 	(a)	The Guarantor in consideration of the Landlord having entered into this Lease at the Guarantor’s request: 

  

	 	(i)	guarantees that the Tenant will perform all its obligations under this Lease for the Term and any renewed term or terms and during any period of overholding after the end of the
Term; and 

  

	 	(ii)	must pay on demand any amount which the Landlord is entitled to recover from the Tenant under this Lease; and 

  

	 	(iii)	indemnifies the Landlord against all loss resulting from the Landlord’s having entered into this Lease, whether from the Tenant’s failure to perform its obligations under
it or from this Lease being or becoming unenforceable against the Tenant. 

  

							
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	 	(b)	The liability of the Guarantor will not be affected by: 

  

	 	(i)	the Landlord granting the Tenant or a Guarantor time or any other indulgence, or agreeing not to sue the Tenant or another Guarantor; or 

  

	 	(ii)	transfer or variation of this Lease, but if this Lease is transferred, the Guarantor’s obligations, other than those which have already arisen, end when the Term ends and do
not continue into a term renewed by a new Tenant nor a period of overholding. 

  

	 	(c)	The Guarantor agrees that: 

  

	 	(i)	the Landlord may retain all money received including dividends from the Tenant’s bankrupt estate, and need allow the Guarantor a reduction in its liability under this guarantee
only to the extent of the amount received; and 

  

	 	(ii)	the Guarantor must not seek to recover money from the Tenant to reimburse the Guarantor for payments made to the Landlord until the Landlord has been paid in full; and

  

	 	(iii)	the Guarantor must not prove in the bankruptcy or winding up of the Tenant for any amount which the Landlord has demanded from the Guarantor; and 

  

	 	(iv)	the Guarantor must pay the Landlord all money which the Landlord refunds to the Tenant’s liquidator or trustee in bankruptcy as preferential payments received from the Tenant.

  

	 	(d)	If any of the Tenant’s obligations are unenforceable against the Tenant, then this clause is to operate as a separate indemnity and the Guarantor indemnifies the Landlord
against all loss resulting from the Landlord’s inability to enforce performance of those obligations. The Guarantor must pay the Landlord the amount of the loss resulting from the unenforceability. 

  

	7	Legal costs 

 Each will pay all its own legal and
expenses of or in respect of this deed. 
  

	8	GST 

  

	8.1	For the purpose of this clause 8: 

  

	 	(a)	“GST” means GST within the meaning of the GST Act. 

  

	 	(b)	“GST Act” means the A New Tax System (Goods and Services Tax) Act 1999 (as amended). 

  

	 	(c)	Expressions set out in italics in this clause bear the same meaning as those expressions in the GST Act. 

  

	8.2	Except where express provision is made to the contrary, and subject to this clause 8, the consideration payable by any party under this deed represents the value of
any taxable supply for which payment is to be made. 

  

	8.3	Subject to clause 8.5, if a party makes a taxable supply in connection with this deed for a consideration, which, under clause 8.2 or clause 8.4, represents its
value, then the party liable to pay for the taxable supply must also pay, at the same time and in the same manner as the value is otherwise payable, the amount of any GST payable in respect of the taxable supply.

  

							
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	8.4	If this deed requires any party to pay, reimburse or contribute to an amount paid or payable by the Landlord in respect of an acquisition from a third party for which the
Landlord is entitled to claim an input tax credit, the amount required to be paid, reimbursed or contributed by that party will be the value of the acquisition by the Landlord plus, if the Landlord’s recovery from that
party is a taxable supply, any GST payable under clause 8.3. 

  

	8.5	A party’s right to payment under clause 8.3 is subject to a valid tax invoice being delivered to the party liable to pay for the taxable supply.

  

	9	Make good of suite 9.3 

 The Tenant agrees to pay to
the Landlord the sum of Two Thousand Three Hundred and Fifty Dollars ($2,350.00) (plus GST) in settlement of its make good requirements for its former adjoining premises in the Building known as suite 9.3. 
  

	10	Bank Guarantee 

 In lieu of providing the personal
guarantees of the Guarantor, the Tenant may choose to provide to the Landlord a bank guarantee subject to the following conditions: 
  

	 	(a)	The Tenant will provide to the Landlord by way of security on signing this Lease a Bank Guarantee in favour of the Landlord for payment to the Landlord on demand of the amount or
amounts up to a maximum aggregate of the sum equal to 3 monthly instalments of the Annual Rent plus the Tenant’s proportion of the Operating costs of the Building plus GST. 

  

	 	(b)	The Tenant must when requested by the Landlord procure the issue of a replacement Bank Guarantee addressed to a person nominated by the Landlord who must be a person who has
purchased or agreed to purchase the freehold (or will be entitled to possession at the end of this Lease) of the Premises. 

  

	 	(c)	The Landlord may (but will not be bound to) apply all or any part of the Bank Guarantee towards recouping itself for any Claims arising from any failure by the Tenant to perform its
obligations under this Lease and then the Tenant will immediately make such provision as may be necessary to restore the Bank Guarantee to its proper level. 

  

	 	(d)	On the expiration or sooner termination of this Lease and on the Tenant vacating the Premises and if it has performed all of the Tenant’s obligations under this Lease so much
of the Bank Guarantee which is not required to make good any Claims will be returned/refunded to the Tenant. 

  

	 	(e)	“Bank” means an Australian owned Authorised Deposit-taking Institution authorised to carry on banking business in Australia under Section 9 of the Banking
Act 1959 of the Commonwealth of Australia whose name includes the designation “bank”. 

  

	 	(f)	“Bank Guarantee” means an irrevocable and unconditional undertaking by a Bank with no expiry date and otherwise in a form acceptable to the Landlord to pay a
nominated amount on demand to the Landlord. 

  

	11	Jurisdiction 

 This document will be governed by and
construed in accordance with the laws in force in the State of Victoria and each party submits to the jurisdiction of the courts of that State. 
  

							
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	EXECUTED as a DEED	 		 	
			
	EXECUTED as a deed by Vulcann Pty Ltd         )	 		 	
	(A.C.N. 102 379 493) in accordance with its          )	 		 	
	 Constitution and Section 127 of the
 Corporations
Act 2001 by being signed by:
	 		 	
			
	   	 		 	   
	Signature of director	 		 	 Signature of director / company secretary
 (delete as
applicable)

			
	   	 		 	   
	Name of director (print)	 		 	Name of director / company secretary (print)

  

					
	EXECUTED as a deed by Embarcadero              )	 		 	
	Technologies Australia Pty
Ltd                            )	 		 	
	(A.C.N. 098 782 597) in accordance with its	 		 	
	 Constitution and Section 127 of the
 Corporations
Act 2001 by being signed by:
	 		 	
			
	/s/ Stephen Wong	 		 	/s/ Raj Sabhlok
	Signature of director	 		 	 Signature of director / company secretary
 (delete as
applicable)

			
	Stephen Wong	 		 	Raj Sabhlok
	Name of director	 		 	Name of director / company secretary (print)

  

					
	EXECUTED as a deed by Embarcadero             )	 		 	
	Technologies Inc. in accordance with its               )	 		 	
	Constitution by being signed by:	 		 	
			
	/s/ Stephen Wong	 		 	/s/ Michael Shahbazian
	Signature of director	 		 	Signature of director
			
	Stephen Wong	 		 	Michael Shahbazian
	Name of director	 		 	Name of directorLease Agreement between Embarcadero and Michael Shahbazian

 Exhibit 10.2 
 [EMBARCADERO LETTERHEAD] 
 July 27, 2006 
 Dear Michael: 
 We have previously entered into an Employment Agreement with you effective as of October 20, 2005 (the
“Employment Agreement’). 
 Pursuant to the Employment Agreement, we agreed that the stock options and restricted stock granted to you on
October 20, 2005 would accelerate and become fully vested pursuant to “double trigger” change-of-control provisions as set forth in the Employment Agreement and that we would formalize those provisions in a written severance and
termination agreement within 60 days thereof. 
 We have entered into the Restricted Stock Purchase Agreement as of October 20, 2005 and the Stock
Option Grant dated October 20, 2005, copies of which are attached to this letter as Exhibits A and B. We are hereby acknowledging that those agreements provide for the accelerated vesting of your restricted stock and option, respectively, in
the event of a Change of Control Termination (as defined therein) and those agreements, along with the Employment Agreement, state the severance benefits you are entitled to receive upon the termination of your employment. 
 We are asking you to acknowledge that the attached agreements constitute the written severance and termination agreement referenced in the Employment Agreement and,
along with the Employment Agreement, constitute the entire agreement between us relating to these matters. 
  

	
	/s/ Stephen Wong
	 Stephen Wong

	President and Chief Executive Officer
	
	 ACKNOWLEDGED AND AGREED

	
	/s/ Michael Shahbazian
	Michael Shahbazian
	
	Date: July 27, 2006.

 EMBARCADERO TECHNOLOGIES, INC. 
 2004 EQUITY INCENTIVE PLAN STOCK OPTION GRANT 
  

			
	Optionee Name:	  	Michael Shahbazian
		
	Address:	  	
		
	Total Option Shares:	  	200,000
		
	Exercise Price Per Share:	  	$6.53
		
	Date of Option Grant:	  	October 20, 2005
		
	Expiration Date:	  	October 20, 2012
		
	Type of Option:	  	  ̈        Incentive Stock Option

		
		  	 x       Nonqualified Stock Option

 1. Grant of Option. Embarcadero Technologies, Inc. (the “Company”), hereby grants to
Optionee named above (“Optionee”) and Optionee hereby accepts a nontransferable option to purchase the total number of shares of common stock of the Company set forth above (the “Shares”) at the exercise price per
share set forth above (the “Exercise Price”), subject to all of the terms and conditions of this Stock Option Grant (this “Option”) and the Company’s 2004 Equity Incentive Plan (the “Plan”).
Optionee acknowledges receipt of a copy of the Plan, which is attached hereto as Exhibit A. Optionee represents that he or she is familiar with the terms and conditions of the Plan and hereby accepts this Option subject to all of the terms
and conditions hereof and thereof. Optionee hereby agrees to accept as binding, conclusive and final, all decisions and interpretations of the Board, or other administrator of the Plan, as to any questions or disputes arising under the Plan or this
Agreement. 
 If designated as an Incentive Stock Option above, this Option is intended to qualify as an “incentive stock option”
(“ISO”) within the meaning of Section 422 of the Internal Code of 1986, as amended (the “Code”). Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to them in the
Plan. 
 2. Exercise of Option. 
 2.1. Schedule of Exercise. Subject to the terms and conditions of this Option and the Plan, 50,000 of the Shares covered by this Option shall become exercisable on October 20, 2006 and the remaining
150,000 of the shares covered by this Option shall become exercisable ratably, rounded to the nearest whole Share, at the end of each 3-month period following October 20, 2006, such that all of the Shares subject to this option shall be
exercisable on and as of the fourth annual anniversary of the Date of Option Grant. This schedule refers to the earliest times on which this Option may be exercised with respect to the specified number of Shares, and this Option may be exercised
with respect to all or any part of such Shares at any time (prior to the 

 
Expiration Date or earlier termination of this Option) on or after such dates. No accrual of exercise rights shall be calculated for any partial 3-month
period. 
 3. Restrictions on Exercise. The grant of this Option and the issuance and subsequent transfer of the Shares are subject to compliance with
all applicable laws, including all applicable securities laws. Thus, for example, the Option may not be exercised unless: (a) a registration statement under the Securities Act of 1933, as amended (the “Securities Act”), is then
in effect with respect to the Shares, or (b) in the opinion of legal counsel to the Company, the Shares may be issued in accordance with an applicable exemption from the registration requirements of the Securities Act and any other applicable
securities laws. As a condition to the exercise of this Option or the transfer of any Shares, the Company may require Optionee to satisfy any requirements or qualifications that may be necessary or appropriate to comply with or evidence compliance
with any applicable law. 
 4. Termination of Option. Except as provided below and in the Plan, after Optionee’s Termination, this Option shall
be exercisable, to the extent the Shares are vested on the date of Termination, during the 90 days after the Termination, but in no event after the Expiration Date. This Option shall terminate upon the expiration of such 90-day period. 

4.1. Leaves of Absence. This Option may not be exercised more than three months after the beginning of a leave of absence, other than a
personal or medical leave approved by an authorized representative of the Company with employment guaranteed upon return. This Option will continue to vest during a leave of absence of not more than three months, unless otherwise determined by the
Administrator in accordance with the Plan. 
 4.2. Death or Disability. If Optionee’s Termination is due to death or disability
as provided in the Plan, this Option may be exercised, to the extent exercisable at the date of Termination, for one year after Termination, but in no event after the Expiration Date and in accordance with the other provisions of the Plan.

 4.3. Termination for Cause. If Optionee’s Termination is due to Cause as provided in the Plan, this Option shall automatically
terminate and cease to be exercisable at the time of Termination and the Administrator may rescind any exercise of this Option by Optionee that occurred after the first event constituting Cause. 
 4.4. Change of Control. Notwithstanding the foregoing, in the event of a Change of Control Termination (as defined below), this Option will become
exercisable in full. 
 The following definitions shall apply to this Section 4.4: 
 (a) “Change of Control Termination” shall have occurred if Optionee’s employment by the Company, or any of its
subsidiaries or affiliates, is terminated without Cause or the Optionee Resigns for Good Reason, in either case within 12 months following the effective date of a Change of Control; provided, however, that, if a Change of Control occurs before
October 20, 2006, a Change of Control Termination shall have been deemed to occur if 

  

 2 

 
Optionee’s employment by the Company, or any of its subsidiaries or affiliates, is terminated without Cause or the Optionee Resigns for Good Reason, in
either case before October 20, 2007. 
 (b) “Cause” means (solely for purposes of this Section 4.4)
(i) Optionee’s material breach of this Agreement or any confidentiality agreement between the Company and Optionee; (ii) Optionee’s failure or refusal materially to comply with the Company’s Employee Manual, the
Company’s Code of Business Conduct and Ethics, or other policies or procedures established by the Company (iii) Optionee’s appropriation (or attempted appropriation) of a material business opportunity of the Company, including
attempting to secure or securing any personal profit in connection with any transaction entered into on behalf of the Company; (iv) Optionee’s misappropriation (or attempted misappropriation) of any of the Company’s funds or property;
(v) Optionee’s conviction of, or the entering of a guilty plea or plea of no contest with respect to a felony, the equivalent thereof, or any other crime with respect to which imprisonment is a possible punishment;
(vi) Optionee’s willful misconduct or incompetence; (vii) Optionee’s physical or mental disability or other inability to perform the essential functions of his position, with or without reasonable accommodation; or
(viii) Optionee’s death. 
 (c) “Resignation for Good Reason” means a resignation based on:
(1) a material reduction in Optionee’s duties and responsibilities from those in effect upon execution of this Agreement; or (2) the assignment to Optionee of duties inconsistent with his status a Senior Vice President and Chief
Financial Officer of the Company; or (3) the assignment to Optionee of duties less than the status of chief financial officer of an entity that acquires the Company or on terms not reasonably acceptable to Optionee; or (4) a relocation of
Optionee’s principal place of work to more than 25 miles from San Francisco, California; or (5) requiring Optionee to report to a chief executive officer whose principal place of work is more than 50 miles from
                                    , California. 

(d) A “Change of Control” shall have occurred if, and only if, (1) any individual, partnership, firm,
corporation, association, trust, unincorporated organization or other entity or person, or any syndicate or group deemed to be a person under Section 14(d)(2) of the Securities Exchange Act of 1934 (the “Exchange Act”) is or
becomes the “Beneficial Owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities
entitled to vote in the election of directors of the Company; or (2) if those individuals who constituted the Company’s Board of Directors on October 20, 2005 constitute a majority of the Board as a result of a proxy solicitation made
by a third party pursuant to Regulation 14A under the Securities Exchange Act of 1934; or (3) there occurs a reorganization, merger, consolidation or other corporate transaction involving the Company (“Transaction”), in each
case, with respect to which the stockholders of the Company immediately prior to such Transaction do not, immediately after the Transaction, own more than 50% of the combined voting power of the Company’s then outstanding securities entitled to
vote in the election of directors of the Company or of the securities of any other corporation resulting from such Transaction; or (4) all or substantially all of the assets of the Company are sold, liquidated or distributed, other than in
connection with a bankruptcy, insolvency or other similar proceeding, or an assignment for the benefit of creditors. 
  

 3 

 4.5. No Right to Employment. Nothing in the Plan or this Option shall confer on Optionee any right
to continue in the employ of, or other relationship with, the Company or any Affiliate or limit in any way the right of the Company or any Affiliate to terminate Optionee’s employment or other relationship at any time, with or without cause.

 5. Manner of Exercise. 
 5.1.
Exercise Agreement. To the extent exercisable under the provisions of this Option, this Option shall be exercisable by delivery to the Company of an executed written Stock Option Exercise Notice substantially in the form attached hereto as
Exhibit B, or in such other form as may be approved by the Company. 
 5.2. Exercise Price. The Stock Option Exercise Notice
shall be accompanied by full payment of the Exercise Price for the Shares being purchased. Payment for the Shares may be made in cash, by check or wire transfer or any other form provided in Section 6.4 of the Plan and approved by the
Administrator in its sole discretion, including: (a) shares of common stock of the Company, or the designation of other Shares, which (i) are “mature” shares for purposes of avoiding variable accounting treatment under generally
accepted accounting principles (generally mature shares are those that have been owned by the Optionee for more than six months on the date of surrender), and (ii) have a Fair Market Value on the date of surrender equal to the Exercise Price;
(b) provided that a public market exists for the Company’s common stock, consideration received by the Company under a procedure under which a broker-dealer that is a member of the National Association of Securities Dealers advances funds
on behalf of Optionee or sells Shares on behalf of Optionee (a “Cashless Exercise Procedure”), provided that if the Company extends or arranges for the extension of credit to Optionee under any Cashless Exercise Procedure, no
Officer or Director may participate in that Cashless Exercise Procedure; (c) one or more promissory notes meeting the requirements stated in the Plan; (d) cancellation of any debt owed by the Company to the Optionee, including, without
limitation, waiver of compensation due or accrued for services previously rendered to the Company; and (e) any combination of the foregoing methods of payment. 
 5.3. Withholding Taxes. Prior to the issuance of the Shares upon exercise of this Option, Optionee must pay or make a provision for payment, in a form approved by the Administrator, of all applicable
withholding taxes due upon exercise of this Option. 
 5.4. Issuance of Shares. Provided that the Stock Option Exercise Notice and
payment are in form and substance satisfactory to counsel for the Company, the Company shall cause the Shares to be issued in the name of Optionee or if Optionee requests, in the name of Optionee and Optionee’s spouse. 
 6. Notice of Disqualifying Disposition of ISO Shares. If this Option is an ISO, and if Optionee sells or otherwise disposes of any of the Shares acquired pursuant
to the ISO within (a) the date two years after the Date of Option Grant, or (b) the date one year after exercise of the ISO with respect to the Shares to be sold or disposed, Optionee shall immediately notify the Company in writing of such
disposition. Optionee acknowledges and agrees that Optionee may be subject to income tax withholding by the Company on the compensation income recognized 

  

 4 

 
by Optionee from any such early disposition by payment in cash (or in Shares, to the extent permissible under Section 5.2) or out of the current wages
or other earnings payable to Optionee. 
 7. Nontransferability of Option. This Option shall not be assignable or otherwise transferable by Optionee,
except by will or by the laws of descent and distribution. However, Options may be transferred and exercised in accordance with a Domestic Relations Order and may be exercised by a guardian or conservator appointed to act for the Optionee. ISOs may
only be assigned in compliance with Section 7(h) of the Plan. 
 8. Independent Tax Advice. Optionee agrees that Optionee has or will obtain the
advice of independent tax counsel regarding the federal and state income tax consequences of the receipt and exercise of this Option and of the disposition of Shares acquired upon exercise hereof, including advice regarding the imposition of the
alternative minimum tax on tax preferences generated by exercise of stock options and regarding any holding period requirements for preferential tax treatment. Optionee acknowledges that he or she has not relied and will not rely upon any advice
or representations by the Company or by its employees or representatives with respect to the tax treatment of this Option or any Shares issued upon exercise of this Option. 
 9. Entire Agreement. The Plan and Stock Option Exercise Notice attached as Exhibits A and B, respectively, are incorporated herein by this reference. This Option, the Plan and the Stock Option Exercise
Notice constitute the entire agreement of the parties hereto and supersede all prior undertakings and agreements with respect to the subject matter hereof. 
  

									
	COMPANY:	 		 	EMBARCADERO TECHNOLOGIES, INC.
					
		 		 		 	 By:
	 	/s/ Steven Wong
		 		 		 	 Title:
	 	Chairman and CEO
		 		 		 	 Executed at:
	 	100 California Street, 12th Floor
		 		 		 		 	San Francisco, CA 94111
				
	OPTIONEE:	 		 		 	/s/ Michael Shahbazian
		 		 		 		 	Michael Shahbazian

  

 5 

 EMBARCADERO TECHNOLOGIES, INC. 
 RESTRICTED STOCK PURCHASE AGREEMENT 
 This Restricted Stock Purchase
Agreement (the “Agreement”) is made as of October 20, 2005, by and between Embarcadero Technologies, Inc., a Delaware corporation (the “Company”), and Michael Shahbazian (“Purchaser”).

 RECITALS 
 A. The
Company has made an inducement grant of restricted stock to Purchaser 
 B. Although the grant was not made under the Company’s 2004
Equity Incentive Plan (the “Plan”), it was granted otherwise subject to the terms and conditions of the Plan. 
 C. To the
extent any capitalized terms used in this Agreement are not defined, they shall have the meaning ascribed to them in the Plan. 
 AGREEMENT

 1. Sale of Stock. Subject to the terms and conditions of this Agreement and the Plan, on the Purchase Date (as defined
below) the Company will issue and sell to Purchaser, and Purchaser agrees to purchase from the Company, 100,000 shares of the Company’s Common Stock (the “Shares”) at a purchase price of $.001 per Share for a total purchase
price of $100.00. The term “Shares” refers to the purchased Shares and all securities received in replacement of the Shares or as stock dividends or splits, all securities received in replacement of the Shares in a recapitalization,
merger, reorganization, exchange or the like, and all new, substituted or additional securities or other properties to which Purchaser is entitled by reason of Purchaser’s ownership of the Shares. 
 2. Purchase. The purchase and sale of the Shares under this Agreement shall occur at the principal office of the Company simultaneously
with the execution of this Agreement by the parties or on such other date as the Company and Purchaser shall agree (the “Purchase Date”). On the Purchase Date, the Company will deliver to Purchaser a certificate representing the
Shares to be purchased by Purchaser (which shall be issued in Purchaser’s name) against payment of the purchase price therefor by Purchaser by check made payable to the Company. 
 3. Limitations on Transfer. In addition to any other limitation on transfer created by applicable securities laws, Purchaser shall not
assign, encumber or dispose of any interest in the Shares while the Shares are subject to the Company’s Repurchase Option (as defined below). After any Shares have been released from the Repurchase Option, Purchaser shall not assign, encumber
or dispose of any interest in such Shares except in compliance with the provisions below and applicable securities laws. 
  

 -1- 

 (a) Repurchase Option. 
 (i) In the event of Purchaser’s Termination, the Company shall upon the date of such termination (the “Termination
Date”) have an irrevocable, exclusive option (the “Repurchase Option”) for a period of 90 days from such date to repurchase all or any portion of the Shares held by Purchaser as of the Termination Date which have not yet
been released from the Company’s Repurchase Option at the original purchase price per Share specified in Section 1 (adjusted for any stock splits, stock dividends and the like). In addition, the event of a Purchaser’s Termination for
“Cause” as provided in Section 9.4 of the Plan, the Company shall have an irrevocable exclusive option to repurchase any Shares purchased after the first event constituting “Cause”. 
 (ii) Unless the Company notifies Purchaser within 90 days from the Termination Date that it does not intend to exercise its Repurchase
Option with respect to some or all of the Shares, the Repurchase Option shall be deemed automatically exercised by the Company as of the 90th day following the Termination Date, provided that the Company may notify Purchaser that it is exercising
its Repurchase Option as of a date prior to such 90th day. Unless Purchaser is otherwise notified by the Company pursuant to the preceding sentence that the Company does not intend to exercise its Repurchase Option as to some or all of the Shares to
which it applies at the time of termination, execution of this Agreement by Purchaser constitutes written notice to Purchaser of the Company’s intention to exercise its Repurchase Option with respect to all Shares to which such Repurchase
Option applies. The Company, at its choice, may satisfy its payment obligation to Purchaser with respect to exercise of the Repurchase Option by either (A) delivering a check to Purchaser in the amount of the purchase price for the Shares being
repurchased, or (B) in the event Purchaser is indebted to the Company, canceling an amount of such indebtedness equal to the purchase price for the Shares being repurchased, or (C) by a combination of (A) and (B) so that the
combined payment and cancellation of indebtedness equals such purchase price. In the event of any deemed automatic exercise of the Repurchase Option pursuant to this Section 3(a)(ii) in which Purchaser is indebted to the Company, such
indebtedness equal to the purchase price of the Shares being repurchased shall be deemed automatically canceled as of the 90th day following the Termination Date unless the Company otherwise satisfies its payment obligations. As a result of any
repurchase of Shares pursuant to this Section 3(a), the Company shall become the legal and beneficial owner of the Shares being repurchased and shall have all rights and interest therein or related thereto, and the Company shall have the right
to transfer to its own name the number of Shares being repurchased by the Company, without further action by Purchaser. 
 (iii) All of the Shares shall initially be subject to the Repurchase Option. Provided that Purchaser remains continuously employed (or continues to provide services to the Company as a consultant), 37,500 of the total number of Shares shall
be released from the Repurchase Option on the first anniversary of the Vesting Commencement Date (as set forth on the signature page of this Agreement), an additional 18,750 Shares on each of the end of eighteen months after the Vesting Commencement
Date and the second anniversary of the Vesting Commencement Date and an additional 12,500 Shares on each of the end of thirty months after the Vesting Commencement Date and the third anniversary of the Vesting 

  

 -2- 

 
Commencement Date so that all 100,000 Shares shall be released from the Repurchase Option on the Fully Vested Date (as set forth on the signature page of
this Agreement). 
 (iv) Notwithstanding the foregoing, in the event of a Change of Control Termination (as defined below in
Section 8(g)), all Shares shall be released from the Repurchase Option. 
 (b) Restrictions Binding on
Transferees. All transferees of Shares or any interest therein will receive and hold such Shares or interest subject to the provisions of this Agreement, including insofar as applicable the Company’s Repurchase Option. Any sale or
transfer of the Shares shall be void unless the provisions of this Agreement are satisfied. 
 (c) Termination of
Rights. Upon the expiration or exercise of the Repurchase Option, a new certificate or certificates representing the Shares not repurchased shall be issued, on request, without the legend referred to in Section 5(a) below and delivered
to Purchaser. 
 4. Escrow of Unvested Shares. For purposes of facilitating the enforcement of the provisions of Section 3
above, Purchaser agrees, immediately upon receipt of the certificate(s) for the Shares subject to the Repurchase Option, to deliver such certificate(s), together with an Assignment Separate from Certificate in the form attached to this Agreement as
Exhibit A executed by Purchaser and by Purchaser’s spouse (if required for transfer), in blank, to the Secretary of the Company, or the Secretary’s designee, to hold such certificate(s) and Assignment Separate from Certificate
in escrow and to take all such actions and to effectuate all such transfers and/or releases as are in accordance with the terms of this Agreement. Purchaser hereby acknowledges that the Secretary of the Company, or the Secretary’s designee, is
so appointed as the escrow holder with the foregoing authorities as a material inducement to make this Agreement and that said appointment is coupled with an interest and is accordingly irrevocable. Purchaser agrees that said escrow holder shall not
be liable to any party hereof (or to any other party). The escrow holder may rely upon any letter, notice or other document executed by any signature purported to be genuine and may resign at any time. Purchaser agrees that if the Secretary of the
Company, or the Secretary’s designee, resigns as escrow holder for any or no reason, the Board of Directors of the Company shall have the power to appoint a successor to serve as escrow holder pursuant to the terms of this Agreement.

 5. Restrictive Legends and Stop-Transfer Orders. 
 (a) Legends. The certificate or certificates representing the Shares shall bear the following legend (as well as any legends
required by applicable state and federal corporate and securities laws): 
 THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE
TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
  

 -3- 

 (b) Stop-Transfer Notices. Purchaser agrees that, in order to ensure
compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to
the same effect in its own records. 
 (c) Refusal to Transfer. The Company shall 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 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 shall have been so transferred. 
 6. No Employment Rights. Nothing in this Agreement
shall affect in any manner whatsoever the right or power of the Company, or a parent or subsidiary of the Company, to terminate Purchaser’s employment or consulting relationship, for any reason, with or without cause. 
 7. Section 83(b) Election. Purchaser understands that Section 83(a) of the Internal Revenue Code of 1986, as amended (the
“Code”), taxes as ordinary income the difference between the amount paid for the Shares and the fair market value of the Shares as of the date any restrictions on the Shares lapse. In this context, “restriction”
means the right of the Company to buy back the Shares pursuant to the Repurchase Option set forth in Section 3(a) of this Agreement. Purchaser understands that Purchaser may elect to be taxed at the time the Shares are purchased, rather than
when and as the Repurchase Option expires, by filing an election under Section 83(b) (an “83(b) Election”) of the Code with the Internal Revenue Service within 30 days from the date of purchase. However, the 83(b)
Election must be made if the Purchaser wishes to avoid additional income under Section 83(a) in the future. Accordingly, Purchaser understands that failure to file such an election in a timely manner may result in adverse tax consequences for
Purchaser. Purchaser further understands that an additional copy of such election form should be filed with his or her federal income tax return for the calendar year in which the date of this Agreement falls. Purchaser acknowledges that the
foregoing is only a summary of the effect of United States federal income taxation with respect to purchase of the Shares hereunder, and does not purport to be complete. Purchaser further acknowledges that the Company has directed Purchaser to seek
independent advice regarding the applicable provisions of the Code, the income tax laws of any municipality, state or foreign country in which Purchaser may reside, the tax consequences of Purchaser’s death and the decision as to whether or not
to file an 83(b) Election in connection with the acquisition of the Shares. 
 Purchaser agrees that Purchaser will execute and deliver to
the Company with this executed Agreement a copy of the Acknowledgment and Statement of Decision Regarding Section 83(b) Election (the “Acknowledgment”), attached hereto as Exhibit B. Purchaser further agrees that
Purchaser will execute and submit with the Acknowledgment a copy of the 83(b) Election, attached hereto as Exhibit C, if Purchaser has indicated in the Acknowledgment his or her decision to make such an election. 
  

 -4- 

 8. Miscellaneous. 
 (a) Governing Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the
parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to principles of conflicts of law. 
 (b) Entire Agreement; Enforcement of Rights. This Agreement and the Plan set forth the entire agreement and understanding of
the parties relating to the subject matter herein and merge all prior discussions between them. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in writing signed by the
parties to this Agreement. The failure by either party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such party. 
 (c) Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties
agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the
balance of this Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of this Agreement shall be enforceable in accordance with its terms. 
 (d) Notices. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient when
delivered personally or sent by telegram or fax or 48 hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, and addressed to the party to be notified at such party’s address or fax number as set
forth below or as subsequently modified by written notice. 
 (e) Counterparts. This Agreement may be executed
in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. 
 (f) Successors and Assigns. The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by the Company’s successors and assigns. The rights and obligations of Purchaser under this Agreement
may only be assigned with the prior written consent of the Company. 
 (g) Definitions. The following
definitions shall apply to Section 3(a)(iv) above: 
 (i) “Change of Control Termination” shall have
occurred if Purchaser’s employment by the Company, or any of its subsidiaries or affiliates, is terminated without Cause or the Purchaser Resigns for Good Reason, in either case within 12 months following the effective date of a Change of
Control; provided, however, that, if a Change of Control occurs before October 20, 2006, a Change of Control Termination shall have been deemed to occur if Purchaser’s employment by the Company, or any of its subsidiaries or 

  

 -5- 

 
affiliates, is terminated without Cause or the Purchaser Resigns for Good Reason, in either case before October 20, 2007. 
 (ii) “Cause” means (i) Purchaser’s material breach of this Agreement or any confidentiality agreement between
the Company and Purchaser; (ii) Purchaser’s failure or refusal materially to comply with the Company’s Employee Manual, the Company’s Code of Business Conduct and Ethics, or other policies or procedures established by the Company
(iii) Purchaser’s appropriation (or attempted appropriation) of a material business opportunity of the Company, including attempting to secure or securing any personal profit in connection with any transaction entered into on behalf of the
Company; (iv) Purchaser’s misappropriation (or attempted misappropriation) of any of the Company’s funds or property; (v) Purchaser’s conviction of, or the entering of a guilty plea or plea of no contest with respect to a
felony, the equivalent thereof, or any other crime with respect to which imprisonment is a possible punishment; (vi) Purchaser’s willful misconduct or incompetence; (vii) Purchaser’s physical or mental disability or other
inability to perform the essential functions of his position, with or without reasonable accommodation; or (viii) Purchaser’s death. 
 (iii) “Resignation for Good Reason” means a resignation based on: (1) a material reduction in Purchaser’s duties and responsibilities from those in effect upon execution of this Agreement; or
(2) the assignment to Purchaser of duties inconsistent with his status a Senior Vice President and Chief Financial Officer of the Company; or (3) the assignment to Purchaser of duties less than the status of chief financial officer of an
entity that acquires the Company or on terms not reasonably acceptable to Purchaser; or (4) a relocation of Purchaser’s principal place of work to more than 25 miles from San Francisco, California; or (5) requiring Purchaser to report
to a chief executive officer whose principal place of work is more than 50 miles from San Francisco, California. 
 (iv) A
“Change of Control” shall have occurred if, and only if, (1)any individual, partnership, firm, corporation, association, trust, unincorporated organization or other entity or person, or any syndicate or group deemed to be a person
under Section 14(d)(2) of the Securities Exchange Act of 1934 (the “Exchange Act”) is or becomes the “Beneficial Owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the
Company representing 50% or more of the combined voting power of the Company’s then outstanding securities entitled to vote in the election of directors of the Company; or (2) if those individuals who constituted the Company’s Board
of Directors on October 20, 2005 constitute a majority of the Board as a result of a proxy solicitation made by a third party pursuant to Regulation 14A under the Securities Exchange Act of 1934; or (3) there occurs a reorganization,
merger, consolidation or other corporate transaction involving the Company (“Transaction”), in each case, with respect to which the stockholders of the Company immediately prior to such Transaction do not, immediately after the
Transaction, own more than 50% of the combined voting power of the Company’s then outstanding securities entitled to vote in the election of directors of the Company or of the securities of any other corporation resulting from such Transaction;
or (4) all or substantially all of the assets of the Company are sold, liquidated or distributed, other than in connection with a bankruptcy, insolvency or other similar proceeding, or an assignment for the benefit of creditors. 
 [Signature Page Follows] 
  

 -6- 

 The parties have executed this Agreement as of the date first set forth above. 
  

			
	COMPANY:
	
	EMBARCADERO TECHNOLOGIES, INC.
		
	 By:
	 	/s/ Stephen Wong
	 Title:
	 	Chairman and CEO
	
	Address:
	100 California Street, 12th Floor
San
Francisco, CA 94111

 PURCHASER ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO SECTION 3
HEREOF IS EARNED ONLY BY CONTINUING SERVICE AS AN PURCHASER OR CONSULTANT AT THE WILL OF THE COMPANY. PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS AGREEMENT SHALL CONFER UPON PURCHASER ANY RIGHT WITH RESPECT TO CONTINUATION OF SUCH
EMPLOYMENT OR CONSULTING RELATIONSHIP WITH THE COMPANY, NOR SHALL IT INTERFERE IN ANY WAY WITH PURCHASER’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE PURCHASER’S EMPLOYMENT OR CONSULTING RELATIONSHIP AT ANY TIME, WITH OR WITHOUT CAUSE.

  

	
	PURCHASER: MICHAEL SHAHBAZIAN
	
	/s/ Michael Shahbazian
	 (Signature)

	
	Michael Shahbazian
	(Printed Name)

 Vesting Commencement Date: October 20, 2005 
 Fully Vested Date: October 20, 2008 
 I, Haygo Shanbazian, spouse of
Michael Shahbazian, have read and hereby approve the foregoing Agreement. In consideration of the Company’s granting my spouse the right to purchase the Shares as set forth in the Agreement, I hereby agree to be irrevocably bound by the
Agreement and further agree that any community property or similar interest that I may have in the Shares shall be similarly bound by the Agreement. I hereby 

  

 -7- 

 
appoint my spouse as my attorney-in-fact with respect to any amendment or exercise of any rights under the Agreement. 
  

	
	/s/ Haygo Shahbazian
	 (Signature)

	
	Haygo Shahbazian
	 (Printed Name)

  

 -8- 

 EXHIBIT A 
 ASSIGNMENT SEPARATE FROM CERTIFICATE 
 FOR VALUE RECEIVED and pursuant to that certain
Restricted Stock Purchase Agreement between the undersigned (“Purchaser”) and Embarcadero Technologies, Inc. (the “Company”) dated October
            , 2005 (the “Agreement”), Purchaser hereby sells, assigns and transfers unto the Company
                                        
     (                  ) shares of the Common Stock of the Company standing in Purchaser’s name on the Company’s books
and represented by Certificate No.             , and does hereby irrevocably constitute and appoint
                                 to transfer said stock on the books of the
Company with full power of substitution in the premises. THIS ASSIGNMENT MAY ONLY BE USED AS AUTHORIZED BY THE AGREEMENT AND THE EXHIBITS THERETO. 
 Dated:
                     
  

	
	/s/ Michael Shahbazian
	 (Signature)

	
	Michael Shahbazian
	 (Printed Name)

	
	Haygo Shahbazian
	Spouse of Purchaser (if applicable)

 Instruction: Please do not fill in any blanks other than the signature line. The purpose of this assignment
is to enable the Company to exercise its repurchase option set forth in the Agreement without requiring additional signatures on the part of Purchaser. 

 EXHIBIT B 
 ACKNOWLEDGMENT AND STATEMENT OF DECISION 
 REGARDING SECTION 83(b) ELECTION

 The undersigned has entered a Restricted Stock Purchase Agreement with Embarcadero Technologies, Inc., a Delaware corporation (the
“Company”), pursuant to which the undersigned is purchasing 100,000 shares of Common Stock of the Company (the “Shares”). In connection with the purchase of the Shares, the undersigned hereby represents as follows:

 1. The undersigned has carefully reviewed the Restricted Stock Purchase Agreement pursuant to which the undersigned is purchasing the
Shares. 
 2. The undersigned either [check and complete as applicable]: 
  

	 	(a)     ̈	has consulted, and has been fully advised by, the undersigned’s own tax advisor,
                                        
        , whose business address is
                                        
    , regarding the federal, state and local tax consequences of purchasing the Shares, and particularly regarding the advisability of making elections pursuant to Section 83(b) of the Internal Revenue Code of 1986, as
amended (the “Code”) and pursuant to the corresponding provisions, if any, of applicable state law; or 

  

	 	(b)    x	has knowingly chosen not to consult such a tax advisor. 

 3. The undersigned hereby states that the undersigned has decided [check as applicable]: 
  

	 	(a)     ̈	to make an election pursuant to Section 83(b) of the Code, and is submitting to the Company, together with the undersigned’s executed Restricted Stock Purchase Agreement,
an executed form entitled “Election Under Section 83(b) of the Internal Revenue Code of 1986”; or 

  

	 	(b)    x	not to make an election pursuant to Section 83(b) of the Code. 

 4. Neither the Company nor any subsidiary or representative of the Company has made any warranty or
representation to the undersigned with respect to the tax consequences of the undersigned’s purchase of the Shares or of the making or failure to make an election pursuant to Section 83(b) of the Code or the corresponding provisions, if
any, of applicable state law. 
  

					
			
	Date: 7/27/06	 		 	/s/ Michael Shahbazian
		 		 	(Signature)
			
	 	 		 	Michael Shahbazian
		 		 	(Printed Name)
			
	Date: 7/27/06	 		 	Haygo Shahbazian
		 		 	(Spouse)

 EXHIBIT C 
 ELECTION UNDER SECTION 83(b) 
 OF THE INTERNAL REVENUE CODE OF 1986 
 The undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code, to include in taxpayer’s gross income for the
current taxable year, the amount of any compensation taxable to taxpayer in connection with taxpayer’s receipt of the property described below: 
  

	1.	The name, address, taxpayer identification number and taxable year of the undersigned are as follows: 

  

			
		
	 NAME OF TAXPAYER:
	  	  

			
		
	 NAME OF SPOUSE:
	  	  

			
		
	 ADDRESS:
	  	  
		
	  	  	  

			
		
	 IDENTIFICATION NO. OF TAXPAYER:
	  	  

			
		
	 IDENTIFICATION NO. OF SPOUSE:
	  	  

			
		
	 TAXABLE YEAR:
	  	  

  

	2.	The property with respect to which the election is made is described as follows: 

                      shares of the Common Stock
$             par value, of Embarcadero Technologies, Inc., a Delaware corporation (the “Company”). 
  

	3.	The date on which the property was transferred is:                     

  

	4.	The property is subject to the following restrictions: 

 Repurchase option at cost in favor of the Company upon termination of taxpayer’s employment or consulting relationship. 
  

	5.	The fair market value at the time of transfer, determined without regard to any restriction other than a restriction which by its terms will never lapse, of such property is:
$            . 

  

	6.	The amount (if any) paid for such property: $             

 The undersigned has submitted a copy of this statement to the person for whom the services were performed in connection with the undersigned’s receipt of the
above-described property. The transferee of such property is the person performing the services in connection with the transfer of said property. 
 The undersigned understands that the foregoing election may not be revoked except with the consent of the Commissioner. 
  

									
					
	Dated:	 	  	 		 		 	  
		 		 		 		 	Taxpayer
					
	Dated:	 	  	 		 		 	  
		 		 		 		 	Spouse of Taxpayer

 RECEIPT 
 Embarcadero Technologies, Inc. hereby acknowledges receipt of a check in the amount of $                    
given by [Name] as consideration for Certificate No.                      for
                     shares of Common Stock of Embarcadero Technologies, Inc. 
 Dated:
                                 
  

			
	Embarcadero Technologies, Inc.
		
	By:	 	  
	Title:	 	  

 RECEIPT AND CONSENT 
 The undersigned hereby acknowledges receipt of a photocopy of Certificate
No.              for
                             shares of Common Stock of Embarcadero Technologies, Inc. (the
“Company”). 
 The undersigned further acknowledges that the Secretary of the Company, or his or her designee, is acting as
escrow holder pursuant to the Restricted Stock Purchase Agreement the undersigned has previously entered into with the Company. As escrow holder, the Secretary of the Company, or his or her designee, holds the original of the aforementioned
certificate issued in the undersigned’s name. 
 Dated:
                                        
     
  

	
	
	   
	 (Signature)

	
	   
	(Printed Name)

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