Document:

EX-10.14

 Exhibit 10.14 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of September 19, 2017 (the “Effective
Date”) between (a) SILICON VALLEY BANK, a California corporation (“Bank”), and (b) UPWORK INC., a Delaware corporation, ELANCE, INC., a Delaware corporation, UPWORK GLOBAL INC., a
California corporation, and UPWORK TALENT GROUP INC., a Delaware corporation (each and together, jointly and severally, “Borrower”), provides the terms on which Bank shall lend to Borrower and Borrower shall repay Bank. The
parties agree as follows: 
 1 ACCOUNTING AND OTHER TERMS 

Accounting terms not defined in this Agreement shall be construed following GAAP. Calculations and determinations must be made following GAAP.
Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Section 13. All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning provided by the Code to the extent such
terms are defined therein. 
 2 LOAN AND TERMS OF PAYMENT 

2.1 Promise to Pay. Borrower hereby unconditionally promises to pay Bank the outstanding principal amount of all Credit Extensions and
accrued and unpaid interest thereon as and when due in accordance with this Agreement. 
 2.2 Revolving Line. 

(a) Availability. Subject to the terms and conditions of this Agreement, to the completion of the Initial Audit, and to deduction of
Reserves, Bank shall make Advances not exceeding the Availability Amount. Amounts borrowed under the Revolving Line may be repaid and, prior to the Revolving Line Maturity Date, reborrowed, subject to the applicable terms and conditions precedent
herein. 
 (b) Termination; Repayment. The Revolving Line terminates on the Revolving Line Maturity Date, when the principal amount of
all Advances, the unpaid interest thereon, and all other Obligations relating to the Revolving Line shall be immediately due and payable. 

2.3 Cash Management Services Sublimit. Borrower may use the Revolving Line in an aggregate amount not to exceed the lesser of
(A) (i) Two Million Five Hundred Thousand Dollars ($2,500,000), minus (ii) the aggregate Dollar Equivalent of the face amount of any outstanding Letters of Credit issued by Bank (including drawn but unreimbursed Letters of Credit and any
Letter of Credit Reserve) (provided, however, the aggregate amount of Letters of Credit referred to in clause (ii) shall not be deducted from clause (i) if such Letters of Credit are secured by cash collateral pursuant to
Section 4.1) or (B) (i) the lesser of the Revolving Line or the Borrowing Base, minus (ii) the sum of all outstanding principal amounts of any Advances, minus (iii) the aggregate Dollar Equivalent of the face amount of any
outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve), for Bank’s cash management services, which may include merchant services, direct deposit of payroll, business credit card, and
check cashing services identified in Bank’s various cash management services agreements (collectively, the “Cash Management Services”). Any amounts Bank pays on behalf of Borrower for any Cash Management Services will be
treated as Advances under the Revolving Line and will accrue interest at the interest rate applicable to Advances. 
 2.4 Letters of
Credit Sublimit. 
 (a) As part of the Revolving Line, Bank shall issue or have issued Letters of Credit denominated in Dollars or a
Foreign Currency for Borrower’s account. The aggregate Dollar Equivalent amount utilized for the issuance of Letters of Credit issued by Bank shall at all times reduce the amount otherwise available for Advances under the Revolving Line unless
such Letters of Credit are secured by cash collateral pursuant to Section 4.1. The aggregate Dollar Equivalent of the face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit
Reserve) may not exceed the lesser of (A) (i) Two Million Five Hundred Thousand Dollars ($2,500,000), minus (ii) the sum of all amounts used for Cash Management Services or (B) (i) the lesser of the Revolving Line or the Borrowing
Base, minus (ii) the sum of all outstanding principal amounts of any Advances (including any amounts used for Cash Management Services). 
  

 (b) If, on the Revolving Line Maturity Date (or the effective date of any termination of this
Agreement), there are any outstanding Letters of Credit, then on such date Borrower shall provide to Bank cash collateral in an amount equal to at least one hundred percent (100%) for Letters of Credit denominated in Dollars or at least one hundred
five percent (105%) for Letters of Credit denominated in a Foreign Currency, in each case of the aggregate Dollar Equivalent of the face amount of all such Letters of Credit plus all interest, fees, and costs due or estimated by Bank to become due
in connection therewith, to secure all of the Obligations relating to such Letters of Credit. All Letters of Credit shall be in form and substance reasonably acceptable to Bank in its sole discretion and shall be subject to the terms and conditions
of Bank’s standard Application and Letter of Credit Agreement (the “Letter of Credit Application”). Borrower agrees to execute any further documentation in connection with the Letters of Credit as Bank may reasonably request.
Borrower further agrees to be bound by the regulations and interpretations of the issuer of any Letters of Credit guaranteed by Bank and opened for Borrower’s account or by Bank’s interpretations of any Letter of Credit issued by Bank for
Borrower’s account, and Borrower understands and agrees that Bank shall not be liable for any error, negligence, or mistake, whether of omission or commission, in following Borrower’s instructions or those contained in the Letters of
Credit or any modifications, amendments, or supplements thereto. 
 (c) The obligation of Borrower to immediately reimburse Bank for drawings
made under Letters of Credit shall be absolute, unconditional, and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement, such Letters of Credit, and the Letter of Credit Application. 

(d) Borrower may request that Bank issue a Letter of Credit payable in a Foreign Currency. If a demand for payment is made under any such
Letter of Credit, Bank shall treat such demand as an Advance to Borrower of the Dollar Equivalent of the amount thereof (plus fees and charges in connection therewith such as wire, cable, SWIFT or similar charges). 

(e) To guard against fluctuations in currency exchange rates, upon the issuance of any Letter of Credit payable in a Foreign Currency, Bank
shall create a reserve (the “Letter of Credit Reserve”) under the Revolving Line in an amount equal to a percentage (which percentage shall be determined by Bank in its reasonable discretion) of the face amount of such Letter of
Credit. The amount of the Letter of Credit Reserve may be adjusted by Bank from time to time to account for fluctuations in the exchange rate. The availability of funds under the Revolving Line shall be reduced by the amount of such Letter of Credit
Reserve for as long as such Letter of Credit remains outstanding. 
 2.5 Term Loan. 

(a) Availability. Subject to the terms and conditions of this Agreement, on the Effective Date, Bank shall make a term loan to Borrower
in the original principal amount of Fifteen Million Dollars ($15,000,000) (the “Term Loan”). After repayment, the Term Loan (or any portion thereof) may not be reborrowed. 

(b) Repayment. Commencing on the first Payment Date following the Effective Date, and continuing on each Payment Date thereafter,
Borrower shall make monthly payments of interest, in arrears, on the principal amount of the Term Loan at the rate set forth in Section 2.7(a)(ii). Commencing on the first Payment Date following the expiration of the Interest Only Period, and
continuing on each Payment Date thereafter, Borrower shall repay the Term Loan in (i) thirty-six (36) equal monthly installments of principal, plus (ii) monthly payments of accrued interest as
set forth above. All outstanding principal and accrued and unpaid interest under the Term Loan, and all other outstanding Obligations with respect to the Term Loan, are due and payable in full on the Term Loan Maturity Date. 

(c) Permitted Prepayment. Borrower shall have the option to prepay all, but not less than all, of the Term Loan, provided Borrower
(i) delivers written notice to Bank of its election to prepay the Term Loan at least ten (10) days prior to such prepayment, and (ii) pays, on the date of such prepayment (A) the outstanding principal plus accrued and unpaid
interest with respect to the Term Loan, and (B) all other sums, if any, that shall have become due and payable with respect to the Term Loan, including interest at the Default Rate with respect to any past due amounts. 

  
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 (d) Mandatory Prepayment Upon an Acceleration. If the Term Loan is accelerated by Bank
following the occurrence and during the continuance of an Event of Default, Borrower shall immediately pay to Bank an amount equal to the sum of (i) all outstanding principal plus accrued and unpaid interest with respect to the Term Loan, and
(ii) all other sums, if any, that shall have become due and payable with respect to the Term Loan, including interest at the Default Rate with respect to any past due amounts. 

2.6 Overadvances. If, at any time, the sum of (a) the outstanding principal amount of any Advances (including any amounts used for
Cash Management Services), plus (b) the face amount of any outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve), exceeds the lesser of either the Revolving Line or the Borrowing
Base, Borrower shall immediately pay to Bank in cash the amount of such excess (such excess, the “Overadvance”). Without limiting Borrower’s obligation to repay Bank any Overadvance, Borrower agrees to pay Bank interest on the
outstanding amount of any Overadvance, on demand, at a per annum rate equal to the rate that is otherwise applicable to Advances plus five percent (5.0%). 

2.7 Payment of Interest on the Credit Extensions. 

(a) Interest Rates. 

(i) Advances. Subject to Section 2.7(b), the principal amount outstanding under the Revolving Line shall accrue
interest at a floating per annum rate equal to the Prime Rate, which interest shall be payable monthly in accordance with Section 2.7(d) below. 

(ii) Term Loan. Subject to Section 2.7(b), the principal amount outstanding under the Term Loan shall accrue
interest at a floating per annum rate equal to one-quarter of one percent (0.25%) above the Prime Rate, which interest shall be payable monthly in accordance with Section 2.7(d) below. 

(b) Default Rate. Immediately upon the occurrence and during the continuance of an Event of Default, Obligations shall bear interest at
a rate per annum which is five percent (5.00%) above the rate that is otherwise applicable thereto (the “Default Rate”). Fees and expenses which are required to be paid by Borrower pursuant to the Loan Documents (including, without
limitation, Bank Expenses) but are not paid when due shall bear interest until paid at a rate equal to the highest rate applicable to the Obligations. Payment or acceptance of the increased interest rate provided in this Section 2.7(b) is not a
permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Bank. 

(c) Adjustment to Interest Rate. Changes to the interest rate of any Credit Extension based on changes to the Prime Rate shall be
effective on the effective date of any change to the Prime Rate and to the extent of any such change. 
 (d) Payment; Interest
Computation. Interest is payable monthly on the Payment Date of each month and shall be computed on the basis of a 360-day year for the actual number of days elapsed. In computing interest, (i) all
payments received after 2:00 p.m. Pacific time on any day shall be deemed received at the opening of business on the next Business Day, and (ii) the date of the making of any Credit Extension shall be included and the date of payment shall be
excluded; provided, however, that if any Credit Extension is repaid on the same day on which it is made, such day shall be included in computing interest on such Credit Extension. 

2.8 Fees. Borrower shall pay to Bank: 

(a) Commitment Fee. A fully earned, non-refundable commitment fee of Sixty Two Thousand Five
Hundred Dollars ($62,500), on the Effective Date, less the good faith deposit of Twenty Thousand Dollars ($20,000) previously remitted by Borrower to Bank. 

  
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 (b) Bank Expenses. All documented Bank Expenses (including reasonable attorneys’ fees
and expenses for documentation and negotiation of this Agreement, which fees for the documentation and negotiation of this Agreement will not exceed $25,000 provided no more than two turns of the Loan Documents and provided further that any legal
fees in excess of $25,000 shall require Bank’s counsel to provide an itemized bill containing detailed task descriptions with associated time expended for each task) incurred through and after the Effective Date, when due (or, if no stated due
date, upon demand by Bank). 
 (c) Letter of Credit Fee. Bank’s customary fees and expenses for the issuance or renewal of
Letters of Credit, upon the issuance of such Letter of Credit, each anniversary of the issuance during the term of such Letter of Credit, and upon the renewal of such Letter of Credit by Bank. 

(d) Fees Fully Earned. Unless otherwise provided in this Agreement or in a separate writing by Bank, Borrower shall not be entitled to
any credit, rebate, or repayment of any fees earned by Bank pursuant to this Agreement notwithstanding any termination of this Agreement or the suspension or termination of Bank’s obligation to make loans and advances hereunder. Bank may deduct
amounts owing by Borrower under the clauses of this Section 2.8 pursuant to the terms of Section 2.9(c). Bank shall provide Borrower written notice of deductions made from the Designated Deposit Account pursuant to the terms of the clauses
of this Section 2.8. 
 2.9 Payments; Application of Payments; Debit of Accounts. 

(a) All payments to be made by Borrower under any Loan Document shall be made in immediately available funds in Dollars, without setoff or
counterclaim, before 2:00 p.m. Pacific time on the date when due. Payments of principal and/or interest received after 2:00 p.m. Pacific time are considered received at the opening of business on the next Business Day. When a payment is due on a day
that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. 

(b) Bank has the exclusive right to determine the order and manner in which all payments with respect to the Obligations may be applied.
Borrower shall have no right to specify the order or the accounts to which Bank shall allocate or apply any payments required to be made by Borrower to Bank or otherwise received by Bank under this Agreement when any such allocation or application
is not specified elsewhere in this Agreement. 
 (c) Bank may debit Borrower’s deposit accounts, including the Designated Deposit
Account, and any other accounts which are mutually agreed upon in advance, for principal and interest payments or any other amounts Borrower owes Bank when due. These debits shall not constitute a set-off.

 2.10 Withholding. Payments received by Bank from Borrower under this Agreement will be made free and clear of and without deduction
for any and all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority (including any interest, additions to tax or penalties applicable thereto).
Specifically, however, if at any time any Governmental Authority, applicable law, regulation or international agreement requires Borrower to make any withholding or deduction from any such payment or other sum payable hereunder to Bank, Borrower
hereby covenants and agrees that the amount due from Borrower with respect to such payment or other sum payable hereunder will be increased to the extent necessary to ensure that, after the making of such required withholding or deduction, Bank
receives a net sum equal to the sum which it would have received had no withholding or deduction been required, and Borrower shall pay the full amount withheld or deducted to the relevant Governmental Authority. Borrower will, upon request, furnish
Bank with proof reasonably satisfactory to Bank indicating that Borrower has made such withholding payment; provided, however, that Borrower need not make any withholding payment if the amount or validity of such withholding payment is contested in
good faith by appropriate and timely proceedings and as to which payment in full is bonded or reserved against by Borrower. The agreements and obligations of Borrower contained in this Section 2.10 shall survive the termination of this
Agreement. 

  
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 3 CONDITIONS OF LOANS 

3.1 Conditions Precedent to Initial Credit Extension. Bank’s obligation to make the initial Credit Extension is subject to the
condition precedent that Bank shall have received, in form and substance satisfactory to Bank, such documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate, including, without limitation: 

(a) duly executed signatures to the Loan Documents; 

(b) [reserved]; 
 (c) the
Operating Documents and long-form good standing certificates of Borrower certified by the Secretary of State (or equivalent agency) of Borrower’s jurisdiction of organization or formation and each jurisdiction in which Borrower is qualified to
conduct business, each as of a date no earlier than thirty (30) days prior to the Effective Date; 
 (d) a secretary’s certificate
of Borrower with respect to such Borrower’s Operating Documents, incumbency, specimen signatures and resolutions authorizing the execution and delivery of this Agreement and the other Loan Documents to which it is a party; 

(e) duly executed signatures to the completed Borrowing Resolutions for Borrower; 

(f) [reserved]; 
 (g) duly
executed signature to a payoff letter from Pacific Western Bank; 
 (h) evidence that (i) the Liens securing Indebtedness owed by
Borrower to Pacific Western Bank will be terminated and (ii) the documents and/or filings evidencing the perfection of such Liens, including without limitation any financing statements and/or control agreements, have or will, concurrently with
the initial Credit Extension, be terminated; 
 (i) certified copies, dated as of a recent date, of financing statement searches, as Bank may
reasonably request, accompanied by written evidence (including any UCC termination statements) that the Liens indicated in any such financing statements either constitute Permitted Liens or have been or, in connection with the initial Credit
Extension, will be terminated or released; 
 (j) the Perfection Certificate of Borrower, together with the duly executed signatures thereto;

 (k) [reserved]; 
 (l)
[reserved]; 
 (m) [reserved]; 

(n) evidence reasonably satisfactory to Bank that the insurance policies and endorsements required by Section 6.7 hereof are in full force
and effect, together with appropriate evidence showing lender loss payable and/or additional insured clauses or endorsements in favor of Bank; 

(o) [reserved]; 
 (p) [reserved];
and 
 (q) payment of the fees and Bank Expenses then due as specified in Section 2.7 hereof. 

  
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 3.2 Conditions Precedent to all Credit Extensions. Bank’s obligations to make each
Credit Extension, including the initial Credit Extension, is subject to the following conditions precedent: 
 (a) timely receipt of the
Credit Extension request and any materials and documents required by Section 3.4; 
 (b) the representations and warranties in this
Agreement shall be true, accurate, and complete in all material respects on the date of the proposed Credit Extension and on the Funding Date of each Credit Extension, taking into account updates thereof subsequent to the Effective Date to the
extent permitted by notice to the Bank by one or more specific provisions of this Agreement; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by
materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date or time period shall be true, accurate and complete in all material respects as of such date or with respect to
such time period, and no Event of Default shall have occurred and be continuing or result from the Credit Extension. Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties in this
Agreement remain true, accurate, and complete in all material respects, taking into account updates thereof subsequent to the Effective Date to the extent permitted by notice to the Bank by one or more specific provisions of this Agreement;
provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and
warranties expressly referring to a specific date or time period shall be true, accurate and complete in all material respects as of such date or with respect to such time period; and 

(c) Bank determines to its reasonable satisfaction that there has not been a Material Adverse Change. 

3.3 Covenant to Deliver. Borrower agrees to deliver to Bank each item required to be delivered to Bank under this Agreement as a
condition precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Bank of any such item shall not constitute a waiver by Bank of Borrower’s obligation to deliver such item, and the
making of any Credit Extension in the absence of a required item shall be in Bank’s sole discretion. 
 3.4 Procedures for Borrowing.
Subject to the prior satisfaction of all other applicable conditions to the making of an Advance (other than Advances under Sections 2.3 or 2.4) set forth in this Agreement, to obtain an Advance, Borrower (via an individual duly authorized by an
Administrator) shall notify Bank (which notice shall be irrevocable) by electronic mail by 2:00 p.m. Pacific time on the Funding Date of the Advance. Such notice shall be made by Borrower through Bank’s online banking program, provided,
however, if Borrower is not utilizing Bank’s online banking program, then such notice shall be in a written format reasonably acceptable to Bank that is executed by an Authorized Signer. Bank shall have received reasonably satisfactory evidence
that the Board has approved that such Authorized Signer may provide such notices and request Advances. In connection with any such notification, Borrower must promptly deliver to Bank by electronic mail or through Bank’s online banking program
such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may reasonably request in its sole discretion. Bank shall credit proceeds of an Advance to the Designated
Deposit Account. Bank may make Advances under this Agreement based on instructions from an Authorized Signer or without instructions if the Advances are necessary to meet Obligations which have become due. 

3.5 Post-Closing Requirements. 

(a) Within ninety (90) days after the Effective Date, Borrower shall replace all existing letters of credit issued by financial
institutions other than Bank with one or more Letters of Credit issued by Bank; 
 (b) Within thirty (30) days after the Effective Date,
Borrower shall deliver to Bank duly executed Control Agreements for the Borrower’s deposit and securities accounts listed on Exhibit C reasonably satisfactory to Bank in its sole discretion; 

(c) Prior to Bank’s initial Advance, the completion of the Initial Audit; and 

(d) Prior to Bank’s initial Advance, Borrower shall deliver to Bank a completed Borrowing Base Report (and any schedules related thereto
and including any other information requested by Bank with respect to Borrower’s Accounts). 

  
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 4 CREATION OF SECURITY INTEREST 

4.1 Grant of Security Interest. Borrower hereby grants Bank, to secure the payment and performance in full of all of the Obligations, a
continuing security interest in, and pledges to Bank, the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. 

Borrower acknowledges that it previously has entered, and/or may in the future enter, into Bank Services Agreements with Bank. Regardless of
the terms of any Bank Services Agreement, Borrower agrees that any amounts Borrower owes Bank thereunder shall be deemed to be Obligations hereunder and that it is the intent of Borrower and Bank to have all such Obligations secured by the first
priority perfected security interest in the Collateral granted herein (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Bank’s Lien in this Agreement). 

If this Agreement is terminated in accordance with the provisions set forth in Section 12.1, Bank’s Lien in the Collateral shall
continue until the Obligations (other than inchoate indemnity obligations) are repaid in full in cash. Upon payment in full in cash of the Obligations (other than inchoate indemnity obligations) and at such time as Bank’s obligation to make
Credit Extensions has terminated, Bank shall, at the sole cost and expense of Borrower, release its Liens in the Collateral and all rights therein shall revert to Borrower. In the event (x) all Obligations (other than inchoate indemnity
obligations), except for Bank Services, are satisfied in full, and (y) this Agreement is terminated, Bank shall terminate the security interest granted herein upon Borrower providing cash collateral acceptable to Bank in its reasonable judgment
for Bank Services, if any. Bank shall use reasonable commercial efforts to inform Borrower within a commercially reasonable period of time what constitutes acceptable cash collateral with respect to each Bank Services Agreement in force and effect
when Borrower delivers its written termination notice. In the event such Bank Services consist of outstanding Letters of Credit, Borrower shall provide to Bank cash collateral in an amount equal to (x) if such Letters of Credit are denominated
in Dollars, then at least one hundred percent (100%); and (y) if such Letters of Credit are denominated in a Foreign Currency, then at least one hundred five percent (105%), of the Dollar Equivalent of the face amount of all such Letters of
Credit plus all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in its business judgment), to secure all of the Obligations relating to such Letters of Credit. 

4.2 Priority of Security Interest. Borrower represents, warrants, and covenants that the security interest granted herein is and shall
at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Bank’s Lien under this
Agreement). If Borrower shall acquire a commercial tort claim, Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds
thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank. 
 4.3
Authorization to File Financing Statements. Borrower hereby authorizes Bank to file financing statements, without notice to Borrower, with all appropriate jurisdictions to perfect or protect Bank’s interest or rights hereunder, including a
notice that any disposition of the Collateral, by either Borrower or any other Person, shall be deemed to violate the rights of Bank under the Code.    Such financing statements may indicate the Collateral as “all assets of
the Debtor” or words of similar effect, or as being of an equal or lesser scope, or with greater detail, all in Bank’s discretion. 

5 REPRESENTATIONS AND WARRANTIES 

Borrower represents and warrants as follows: 

5.1 Due Organization, Authorization; Power and Authority. Borrower is duly existing and in good standing as a Registered Organization in
its jurisdiction of formation and is qualified and licensed to do business and is in good standing in any jurisdiction in which the conduct of its business or its ownership of property requires that it be qualified except where the failure to do so
could not reasonably be expected to have a material adverse effect on Borrower’s business. In connection with this Agreement, Borrower has delivered to Bank a completed certificate signed by each Borrower entitled “Perfection
Certificate” (the “Perfection Certificate”). Borrower represents and warrants to Bank that (a) Borrower’s exact legal name is that indicated on the Perfection Certificate and on the signature page hereof;
(b) Borrower is an organization of the type and is organized in the jurisdiction set forth in the Perfection Certificate; (c) the Perfection Certificate accurately sets forth Borrower’s organizational identification

  
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number or accurately states that Borrower has none; (d) the Perfection Certificate accurately sets forth the mailing address at which Borrower owns, leases or occupies real property and the
Borrower has provided written notice of Borrowers’ principal place of business and/or chief executive office; (e) Borrower (and each of its predecessors) has not, in the past five (5) years, changed its jurisdiction of formation,
organizational structure or type, or any organizational number assigned by its jurisdiction; and (f) all other information set forth on the Perfection Certificate pertaining to Borrower and each of its Subsidiaries is accurate and complete in
all material respects (it being understood and agreed that Borrower may from time to time update certain information in the Perfection Certificate after the Effective Date (whether through the delivery of a new Perfection Certificate, written notice
to Bank of updates thereto, or delivery of a Compliance Statement) to the extent permitted by one or more specific provisions in this Agreement). If Borrower is not now a Registered Organization but later becomes one, Borrower shall promptly notify
Bank of such occurrence and provide Bank with Borrower’s organizational identification number. 
 The execution, delivery and
performance by Borrower of the Loan Documents to which it is a party have been duly authorized, and do not (i) conflict with any of Borrower’s organizational documents, (ii) contravene, conflict with, constitute a default under or
violate any material Requirement of Law, (iii) contravene, conflict or violate any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or any of its Subsidiaries or any of
their property or assets may be bound or affected, (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been
obtained and are in full force and effect), or (v) conflict with, contravene, constitute a default or breach under, or result in or permit the termination or acceleration of, any material agreement by which Borrower is bound. Borrower is not in
default under any agreement to which it is a party or by which it is bound in which the default would reasonably be expected to have a material adverse effect on Borrower’s business. 

5.2 Collateral. Borrower has good title to, rights in, and the power to transfer each item of the Collateral upon which it purports to
grant a Lien hereunder, free and clear of any and all Liens except Permitted Liens. Borrower has no Collateral Accounts at or with any bank or financial institution other than Bank or Bank’s Affiliates except for the Collateral Accounts
described in the Perfection Certificate delivered to Bank in connection herewith and which Borrower has taken such actions as are necessary to give Bank a perfected security interest therein, pursuant to the terms of Section 6.8(b). The
Accounts are bona fide, existing obligations of the Account Debtors. 
 The Collateral is not in the possession of any third party bailee
(such as a warehouse) except as otherwise provided in the Perfection Certificate. None of the components of the Collateral shall be maintained at locations other than as provided in the Perfection Certificate or as permitted pursuant to
Section 7.2. 
 All Inventory is in all material respects of good and marketable quality, free from material defects. 

Borrower is the sole owner of the Intellectual Property which it owns or purports to own except for
(a) non-exclusive licenses granted to its customers in the ordinary course of business, (b) over-the-counter software
that is commercially available to the public, and (c) material Intellectual Property licensed to Borrower and noted on the Perfection Certificate. Each Patent which it owns or purports to own and which is material to Borrower’s business
is, to Borrower’s knowledge, valid and enforceable, and no part of the Intellectual Property which Borrower owns or purports to own and which is material to Borrower’s business has been judged invalid or unenforceable, in whole or in part.
To the best of Borrower’s knowledge, no claim has been made that any part of the Intellectual Property violates the rights of any third party except to the extent such claim would not reasonably be expected to have a material adverse effect on
Borrower’s business. 
 Except as noted on the Perfection Certificate, Borrower is not a party to, nor is it bound by, any Restricted
License. 
 5.3 Accounts Receivable. 

(a) For each Account with respect to which Advances are requested, on the date each Advance is requested and made, such Account shall be an
Eligible Account. 

  
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 (b) All statements made and all unpaid balances appearing in all invoices, instruments and other
documents evidencing the Eligible Accounts are and shall be true and correct and all such invoices, instruments and other documents, and all of Borrower’s Books are genuine and in all respects what they purport to be. All sales and other
transactions underlying or giving rise to each Eligible Account shall comply in all material respects with all applicable laws and governmental rules and regulations. Borrower has no knowledge of any actual or imminent Insolvency Proceeding of any
Account Debtor whose accounts are Eligible Accounts in any Borrowing Base Statement. To the best of Borrower’s knowledge, all signatures and endorsements on all documents, instruments, and agreements relating to all Eligible Accounts are
genuine, and all such documents, instruments and agreements are legally enforceable in accordance with their terms. 
 5.4 Litigation.
Except as set forth in the Perfection Certificate (as updated from time to time in accordance with Section 5.1), there are no actions or proceedings pending or, to the knowledge of any Responsible Officer, threatened in writing by or
against Borrower or any of its Subsidiaries involving more than, individually or in the aggregate, One Million Dollars ($1,000,000). 

5.5 Financial Statements; Financial Condition. All consolidated financial statements for Borrower and any of its Subsidiaries delivered
to Bank by submission to the Financial Statement Repository or otherwise submitted to Bank fairly present in all material respects Borrower’s consolidated financial condition and Borrower’s consolidated results of operations. There has not
been any material deterioration in Borrower’s consolidated financial condition since the date of the most recent financial statements submitted to the Financial Statement Repository or otherwise submitted to Bank. 

5.6 Solvency. The fair salable value of Borrower’s consolidated assets (including goodwill minus disposition costs) exceeds the
fair value of Borrower’s liabilities; Borrower is not left with unreasonably small capital after the transactions in this Agreement; and Borrower is able to pay its debts (including trade debts) as they mature. 

5.7 Regulatory Compliance. Borrower is not an “investment company” or a company “controlled” by an “investment
company” under the Investment Company Act of 1940, as amended. Borrower is not engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and U of the Federal Reserve Board of Governors). Borrower
(a) has complied in all material respects with all Requirements of Law, and (b) has not violated any Requirements of Law the violation of which would reasonably be expected to have a material adverse effect on its business. None of
Borrower’s or any of its Subsidiaries’ properties or assets has been used by Borrower or any Subsidiary or, to the best of Borrower’s knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting any
hazardous substance other than legally. Borrower and each of its Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all Governmental Authorities that are
necessary to continue their respective businesses as currently conducted or where failure to obtain such consents, approvals and authorizations would be reasonably likely to result in a Material Adverse Change. 

5.8 Subsidiaries; Investments. Borrower does not own any stock, partnership, or other ownership interest or other equity securities
except for Permitted Investments. 
 5.9 Tax Returns and Payments; Pension Contributions. Borrower has timely filed all required tax
returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except (a) to the extent such taxes are being contested in good faith by appropriate
proceedings promptly instituted and diligently conducted, so long as such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made therefor, or (b) if such taxes, assessments, deposits
and contributions do not, individually or in the aggregate, exceed Two Hundred Fifty Thousand Dollars ($250,000). 
 To the extent Borrower
defers payment of any contested taxes, Borrower shall (i) notify Bank in writing of the commencement of, and any material development in, the proceedings, and (ii) post bonds or take any other steps required to prevent the Governmental
Authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a “Permitted Lien.” Borrower is unaware of any claims or adjustments proposed for any of Borrower’s prior tax years which could
reasonably be expected to result in additional taxes becoming due and payable by Borrower in excess of Two Hundred Fifty Thousand Dollars ($250,000). Borrower has paid all 

  
 9 

 
amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and Borrower has not withdrawn from participation in, and has not
permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit
Guaranty Corporation or its successors or any other governmental agency. 
 5.10 Use of Proceeds. Borrower shall use the proceeds of
the Credit Extensions solely as working capital and to fund its general business requirements and not for personal, family, household or agricultural purposes. 

5.11 Full Disclosure. No written representation, warranty or other statement of Borrower in any certificate or written statement
submitted to the Financial Statement Repository or otherwise submitted to Bank, as of the date such representation, warranty, or other statement was made, taken together with all such written reports, written certificates and written statements
submitted to the Financial Statement Repository or otherwise submitted to Bank, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the reports, certificates, or written
statements not misleading (it being recognized by Bank that the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered
by such projections and forecasts may differ from the projected or forecasted results). 
 5.12 Definition of “Knowledge.”
For purposes of the Loan Documents, whenever a representation or warranty is made to Borrower’s knowledge or awareness, to the “best of” Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the
actual knowledge, after reasonable investigation, of any Responsible Officer. 
 6 AFFIRMATIVE COVENANTS 

Until such time as all Obligations are satisfied in full and Bank has no further obligation to make Credit Extensions to Borrower, Borrower
shall do all of the following: 
 6.1 Government Compliance. 

(a) Maintain its and all its Subsidiaries’ legal existence and good standing in their respective jurisdictions of formation and maintain
qualification in each jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on Borrower’s business or operations, provided that Borrower, in its sole discretion, may choose to shut down
or dissolve any Subsidiary, including without limitation Elance EEC Ireland Limited; provided that the assets and property of such Subsidiary (if not a Borrower or Guarantor) shall be transferred to a Borrower or Guarantor. Borrower shall comply,
and have each Subsidiary comply, in all material respects, with all laws, ordinances and regulations to which it is subject, where the failure to so comply would reasonably be expected to have a material adverse effect on Borrower’s business or
operations. 
 (b) Obtain all of the Governmental Approvals necessary for the performance by Borrower of its obligations under the Loan
Documents to which it is a party and the grant of a security interest to Bank in all of its property. Borrower shall promptly provide copies of any such obtained Governmental Approvals to Bank. 

6.2 Financial Statements, Reports. Provide Bank with the following by submitting to the Financial Statement Repository or otherwise
submitting to Bank: 
 (a) a Borrowing Base Statement (and any schedules related thereto and including any other information reasonably
requested by Bank with respect to Borrower’s Accounts) within thirty (30) days after the end of each month; 
 (b) within thirty
(30) days after the end of each month, (A) monthly accounts receivable agings for Borrower’ Enterprise Accounts, aged by invoice date, (B) monthly accounts payable agings, aged by invoice date, and outstanding or held check
registers, if any, and (C) monthly reconciliations of accounts receivable agings for Borrower’ Enterprise Accounts (aged by invoice date), and general ledger; 

  
 10 

 (c) as soon as available, but no later than thirty (30) days after the last day of each
month, a company prepared consolidated balance sheet and income statement covering Borrower’s consolidated operations for such month in a form reasonably acceptable to Bank (the “Monthly Financial Statements”), which Monthly
Financial Statements shall include a detailed cash report that shows month-end balances for all of the Borrower’s and its Subsidiaries’ Collateral Accounts; 

(d) within thirty (30) days after the last day of each month and together with the Monthly Financial Statements, a completed Compliance
Statement, confirming that, as of the end of such month, Borrower was in full compliance with all of the terms and conditions of this Agreement, and setting forth calculations showing compliance with the financial covenants set forth in this
Agreement and such other information as Bank may reasonably request, including, without limitation, a statement that at the end of such month there were no held checks; 

(e) as soon as available, and in any event within thirty (30) days after the end of each fiscal quarter of Borrower, a recurring revenue
cohort report in a form reasonably acceptable to Bank; 
 (f) within sixty (60) days after the end of each fiscal year of Borrower, and
contemporaneously with any updates or amendments thereto, (A) annual operating budgets (including income statements, balance sheets and cash flow statements, by month) for the then current fiscal year of Borrower, and (B) annual financial
projections for such fiscal year (on a quarterly basis), in each case as approved by the Board, together with any related business forecasts used in the preparation of such annual financial projections; 

(g) as soon as available, and in any event within one hundred eighty (180) days following the end of Borrower’s fiscal year, audited
consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion (provided that such opinion may contain a “going concern” qualification typical for venture backed companies similar to
Borrower) on the financial statements from an independent certified public accounting firm reasonably acceptable to Bank, which includes any of the “Big Four” US accounting firms; 

(h) in the event that Borrower becomes subject to the reporting requirements under the Exchange Act within ten (10) days of filing, copies
of all periodic and other reports, proxy statements and other materials filed by Borrower and/or any Guarantor with the SEC, any Governmental Authority succeeding to any or all of the functions of the SEC or with any national securities exchange, or
distributed to its shareholders, as the case may be. Documents required to be delivered pursuant to the terms hereof (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so
delivered, shall be deemed to have been delivered on the date on which Borrower posts such documents, or provides a link thereto, on Borrower’s website on the internet at Borrower’s website address; provided, however, Borrower shall
promptly notify Bank in writing (which may be by electronic mail) of the posting of any such documents; 
 (i) within ten (10) days of
delivery, copies of all statements, reports and notices made available to Borrower’s security holders or to any holders of Subordinated Debt; 

(j) prompt report of any legal actions pending or threatened in writing against Borrower or any of its Subsidiaries that could reasonably be
expected to result in a judgment against Borrower or any of its Subsidiaries of, individually or in the aggregate, Seven Hundred Fifty Thousand Dollars ($750,000) or more; and 

(k) promptly, from time to time, such other information regarding Borrower or compliance with the terms of any Loan Documents as reasonably
requested by Bank. 
 Any submission by Borrower of a Compliance Statement, a Borrowing Base Statement or any other financial statement submitted to the
Financial Statement Repository pursuant to this Section 6.2 or otherwise submitted to Bank shall be deemed to be a representation by Borrower that (i) as of the date of such Compliance Statement, Borrowing Base Statement or other financial
statement, the information and calculations set forth therein are true, accurate and correct, (ii) as of the end of the compliance period set forth in such submission, Borrower is in complete compliance with all required covenants except as
noted in such Compliance Statement, Borrowing Base Statement or other financial statement, as applicable, (iii) as of the date of such submission, no Events of Default have occurred or are continuing, (iv) all representations and
warranties other than any representations or warranties that are made as of a specific date 

  
 11 

 
in Section 5 remain true and correct in all material respects as of the date of such submission except as noted in such Compliance Statement, Borrowing Base Statement or other financial
statement, as applicable, (v) as of the date of such submission, Borrower and each of its Subsidiaries has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments,
deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.9, and (vi) as of the date of such submission, no Liens have been levied or claims made against Borrower or any of its
Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Bank. 

6.3 Accounts Receivable. 

(a) Schedules and Documents Relating to Accounts. Borrower shall deliver to Bank transaction reports and schedules of collections, as
provided in Section 6.2, on Bank’s standard forms; provided, however, that Borrower’s failure to execute and deliver the same shall not affect or limit Bank’s Lien and other rights in all of Borrower’s Accounts, nor shall
Bank’s failure to advance or lend against a specific Account affect or limit Bank’s Lien and other rights therein. If requested by Bank, Borrower shall furnish Bank with copies (or, at Bank’s request, originals) of all contracts,
orders, invoices, and other similar documents, and all shipping instructions, delivery receipts, bills of lading, and other evidence of delivery, for any goods the sale or disposition of which gave rise to such Accounts. In addition, Borrower shall
deliver to Bank, on its request, the originals of all instruments, chattel paper, security agreements, guarantees and other documents and property evidencing or securing any Accounts, in the same form as received, with all necessary indorsements,
and copies of all credit memos. 
 (b) Disputes. Borrower shall promptly notify Bank of all disputes or claims relating to Accounts.
Borrower may forgive (completely or partially), compromise, or settle any Account for less than payment in full, or agree to do any of the foregoing so long as (i) Borrower does so in good faith, in a commercially reasonable manner, in the
ordinary course of business, in arm’s-length transactions, and reports the same to Bank in the regular reports provided to Bank; (ii) no Event of Default has occurred and is continuing; and
(iii) after taking into account all such discounts, settlements and forgiveness, the total outstanding Advances will not exceed the lesser of the Revolving Line or the Borrowing Base. 

(c) Collection of Enterprise Accounts. Borrower shall use commercially reasonable efforts to (i) within one (1) year after the
Effective Date, establish payment and billing system functionality necessary to utilize the Cash Collateral Account (as defined below) and (ii) promptly following the establishment thereof, direct Account Debtors to deliver or transmit all
proceeds of Enterprise Accounts into a lockbox account, or via electronic deposit capture into a “blocked account” as specified by Bank (either such account, the “Cash Collateral Account”). Subject to the foregoing
requirement, upon the occurrence and during the continuance of an Event of Default, Borrower shall, once Borrower has established payment and billing system functionality necessary to utilize the Cash Collateral Accounts, use commercially reasonable
efforts to immediately deliver all payments on and proceeds of Enterprise Accounts to the Cash Collateral Account. Subject to Bank’s right to maintain a reserve pursuant to Section 6.3(d), all amounts received in the Cash Collateral
Account shall be transferred on a daily basis to Borrower’s operating account with Bank (unless Bank, in its sole discretion, at times when an Event of Default exists, elects not to transfer such amounts). Following the establishment thereof,
Borrower hereby authorizes Bank to transfer to the Cash Collateral Account any amounts that Bank reasonably determines are proceeds of the Enterprise Accounts (provided that Bank is under no obligation to do so and this allowance shall in no event
relieve Borrower of its obligations hereunder). 
 (d) Reserves. Notwithstanding any terms in this Agreement to the contrary, at times
when an Event of Default exists, Bank may hold any proceeds of the Accounts and any amounts in the Cash Collateral Account that are not applied to the Obligations pursuant to Section 6.3(c) above (including amounts otherwise required to be
transferred to Borrower’s operating account with Bank) as a reserve to be applied to any Obligations regardless of whether such Obligations are then due and payable. 

(e) Returns. Provided no Event of Default has occurred and is continuing, if any Account Debtor returns any Inventory to Borrower,
Borrower shall promptly (i) determine the reason for such return, (ii) issue a credit memorandum to the Account Debtor in the appropriate amount, and (iii) provide a copy of such credit memorandum to Bank, upon request from Bank. In
the event any attempted return occurs after the occurrence and during the continuance of any Event of Default, Borrower shall hold the returned Inventory in trust for Bank, and immediately notify Bank of the return of the Inventory. 

  
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 (f) Verifications; Confirmations; Credit Quality; Notifications. Bank may, from time to
time, (i) verify and confirm directly with the respective Account Debtors the validity, amount and other matters relating to the Accounts, either in the name of Borrower or Bank or such other name as Bank may choose, and notify any Account
Debtor of Bank’s security interest in such Account and/or (ii) conduct a credit check of any Account Debtor to approve any such Account Debtor’s credit. In addition, Bank may notify Account Debtors to make payments in respect of
Accounts directly to Bank. 
 (g) No Liability. Bank shall not be responsible or liable for any shortage or discrepancy in, damage to,
or loss or destruction of, any goods, the sale or other disposition of which gives rise to an Account, or for any error, act, omission, or delay of any kind occurring in the settlement, failure to settle, collection or failure to collect any
Account, or for settling any Account in good faith for less than the full amount thereof, nor shall Bank be deemed to be responsible for any of Borrower’s obligations under any contract or agreement giving rise to an Account. Nothing herein
shall, however, relieve Bank from liability for its own gross negligence or willful misconduct. 
 6.4 Remittance of Proceeds. Except
as otherwise provided in Section 6.3(c), deliver, in kind, all proceeds arising from the disposition of any Collateral to Bank in the original form in which received by Borrower not later than the following Business Day after receipt by
Borrower, to be applied to the Obligations (a) prior to an Event of Default, pursuant to the terms of Section 6.3(c) hereof, and (b) after the occurrence and during the continuance of an Event of Default, pursuant to the terms of
Section 9.4 hereof; provided that, if no Event of Default has occurred and is continuing, Borrower shall not be obligated to remit to Bank the proceeds of the sale of worn out, obsolete or fully-depreciated Equipment disposed of by Borrower in
good faith in an arm’s length transaction for an aggregate purchase price of Three Hundred Thousand Dollars ($300,000) or less (for all such transactions in any fiscal year). Borrower agrees that it will not commingle proceeds of Collateral
with any of Borrower’s other funds or property, but will hold such proceeds separate and apart from such other funds and property and in an express trust for Bank. Nothing in this Section 6.4 limits the restrictions on disposition of
Collateral set forth elsewhere in this Agreement. 
 6.5 Taxes; Pensions. Timely file, and require each of its Subsidiaries to timely
file, all required tax returns and reports and timely pay, and require each of its Subsidiaries to timely pay, all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower and each of its Subsidiaries, except
for deferred payment of any taxes contested pursuant to the terms of Section 5.9 hereof and taxes with respect to which the amount does not exceed the amount set forth in Section 5.9 hereof, and shall deliver to Bank, on demand,
appropriate certificates attesting to such payments, and pay all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms. 

6.6 Access to Collateral; Books and Records. At reasonable times, on three (3) Business Days’ notice (provided no notice is
required if an Event of Default has occurred and is continuing), Bank, or its agents, shall have the right to inspect the Collateral and the right to audit and copy Borrower’s Books. The foregoing inspections and audits shall be conducted no
more often than once every twelve (12) months (or more frequently as Bank in its reasonable discretion determines that conditions warrant) unless an Event of Default has occurred and is continuing in which case such inspections and audits shall
occur as often as Bank shall determine is necessary. The foregoing inspections and audits shall be conducted at Borrower’s expense and the charge therefor shall be One Thousand Dollars ($1,000) per person per day (or such higher amount as shall
represent Bank’s then-current standard charge for the same), plus reasonable out-of-pocket expenses. In the event Borrower and Bank schedule an audit more than ten
(10) days in advance, and Borrower cancels or seeks to or reschedules the audit with less than ten (10) days written notice to Bank, then (without limiting any of Bank’s rights or remedies) Borrower shall pay Bank a fee of One
Thousand Dollars ($1,000) plus any out-of-pocket expenses incurred by Bank to compensate Bank for the anticipated costs and expenses of the cancellation or rescheduling.

 6.7 Insurance. 
 (a)
Keep its business and the Collateral insured for risks and in amounts standard for companies in Borrower’s industry and location and as Bank may reasonably request. Insurance policies shall be in a form, with financially sound and reputable
insurance companies that are not Affiliates of Borrower, and in amounts that are reasonably satisfactory to Bank. All property policies shall have a lender’s loss payable endorsement showing Bank as the sole lender loss payee. All liability
policies shall show, or have endorsements showing, Bank as an additional insured. Bank shall be named as lender loss payee and/or additional insured with respect to any such insurance providing coverage in respect of any Collateral. 

 

  
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 (b) Ensure that proceeds payable under any property policy are, at Bank’s option, payable to
Bank on account of the Obligations. Notwithstanding the foregoing, (a) so long as no Event of Default has occurred and is continuing, Borrower shall have the option of applying the proceeds of any casualty policy up to One Hundred Thousand
Dollars ($100,000) in the aggregate for all losses under all casualty policies in any one year, toward the replacement or repair of destroyed or damaged property; provided that any such replaced or repaired property (i) shall be of equal or
like value as the replaced or repaired Collateral and (ii) shall be deemed Collateral in which Bank has been granted a first priority security interest, and (b) after the occurrence and during the continuance of an Event of Default, all
proceeds payable under such casualty policy shall, at the option of Bank, be payable to Bank on account of the Obligations. 
 (c) At
Bank’s request, Borrower shall deliver certified copies of insurance policies and evidence of all premium payments. Each provider of any such insurance required under this Section 6.7 shall agree, by endorsement upon the policy or policies
issued by it or by independent instruments furnished to Bank, that it will give Bank twenty (20) days prior written notice (ten (10) days for cancellation as a result of non-payment of premium)
before any such policy or policies shall be materially altered or canceled. If Borrower fails to obtain insurance as required under this Section 6.7 or to pay any amount or furnish any required proof of payment to third persons and Bank, Bank
may make all or part of such payment or obtain such insurance policies required in this Section 6.7, and take any action under the policies Bank deems prudent. 

6.8 Accounts. 
 (a)
Maintain its and all of its Subsidiaries’ Cash Collateral Accounts (subject to the terms and conditions set forth in Section 6.3(c)), and Domestic Investments with Bank and Bank’s Affiliates in the United States, which accounts shall
represent at least eighty-five percent (85%) of the dollar value of Borrower’s and such Subsidiaries’ Domestic Investments at all financial institutions. For purpose of clarity, if at any time Borrower does not maintain any Domestic
Investments, such failure shall not violate the requirement set forth above. 
 (b) In addition to and without limiting the restrictions in
(a), Borrower shall provide Bank ten (10) days prior written notice before establishing any Collateral Account at or with any bank or financial institution other than Bank or Bank’s Affiliates. For each Collateral Account that Borrower at
any time maintains, Borrower shall cause the applicable bank or financial institution (other than Bank) at or with which any Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to
such Collateral Account to perfect Bank’s Lien in such Collateral Account in accordance with the terms hereunder which Control Agreement may not be terminated without the prior written consent of Bank. The provisions of the previous sentence
shall not apply to deposit accounts exclusively used for payroll, payroll taxes, and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such. 

6.9 Financial Covenants. 

(a) Adjusted Quick Ratio. Maintain at all times, to be certified to Bank as of the last day of each month, an Adjusted Quick Ratio of
equal to or greater than 1.30 to 1.00. Additionally, the component of Quick Assets which makes up Borrower’s unrestricted and unencumbered cash in Deposit Accounts maintained with Bank shall be equal to or greater than Ten Million Dollars
($10,000,000). 
 (b) EBITDA. Achieve, measured as of the last day of each fiscal quarter during the following periods, EBITDA of at
least (loss not worse than) the following amounts: 

  
 14 

			
	Period	  	 Minimum EBITDA

(maximum loss)

	 Trailing three (3) month period ending September 30, 2017
	  	$500,000
	 Trailing six (6) month period ending December 31, 2017
	  	($3,000,000)
	 Trailing nine (9) month period ending March 31, 2018
	  	($6,000,000)
	 Trailing twelve (12) month period ending June 30, 2018
	  	($5,000,000)
	 Trailing twelve (12) month period ending September 30, 2018
	  	($4,000,000)
	 Trailing twelve (12) month period ending December 31, 2018
	  	($2,000,000)
	 Trailing twelve (12) month period ending March 31, 2019
	  	$1.00
	 June 30, 2019 and thereafter
	  	Bank and Borrower shall
use reasonable efforts to
mutually agree in good
faith upon reasonable
minimum EBITDA
numbers consistent with
past practices based on
Borrower’s
projections
approved by the Board
delivered pursuant to
Section 6.2(f); provided
failure to so agree on or
before March 31 of such
fiscal year shall be an
immediate Event of Default

 6.10 Protection of Intellectual Property Rights. 

(a) (i) Use all commercially reasonable efforts necessary to protect, defend and maintain the validity and enforceability of its
Intellectual Property; (ii) promptly advise Bank in writing of material infringements or any other event that could reasonably be expected to materially and adversely affect the value of its Intellectual Property; and (iii) not allow any
Intellectual Property material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Bank’s written consent. 

(b) Provide written notice to Bank within ten (10) days of entering or becoming bound by any Restricted License (other than over-the-counter software that is commercially available to the public). Borrower shall take such commercially reasonable steps as Bank requests to attempt to obtain the
consent of, or waiver by, any person whose consent or waiver is necessary for (i) any Restricted License to be deemed “Collateral” and for Bank to have a security interest in it that might otherwise be restricted or prohibited by law
or by the terms of any such Restricted License, whether now existing or entered into in the future if such Restricted License would be material to Borrower’s business, and (ii) Bank to have the ability in the event of a liquidation of any
Collateral to dispose of such Collateral in accordance with Bank’s rights and remedies under this Agreement and the other Loan Documents. 

  
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 6.11 Litigation Cooperation. From the date hereof and continuing through the termination
of this Agreement, make available to Bank, without expense to Bank, Borrower and its officers, employees and agents and Borrower’s books and records, to the extent that Bank may deem them reasonably necessary to prosecute or defend any
third-party suit or proceeding instituted by or against Bank with respect to any Collateral or relating to Borrower. 
 6.12 Online
Banking. 
 (a) Utilize Bank’s online banking platform for all matters reasonably requested by Bank which shall include, without
limitation (and without request by Bank for the following matters), uploading information pertaining to Accounts and Account Debtors, requesting approval for exceptions, requesting Credit Extensions, and uploading financial statements and other
reports required to be delivered by this Agreement (including, without limitation, those described in Section 6.2 of this Agreement). 

(b) Comply with the terms of the “Banking Terms and Conditions” and ensure that all persons utilizing the online banking platform are
duly authorized to do so by an Administrator. Bank shall be entitled to assume the authenticity, accuracy and completeness on any information, instruction or request for a Credit Extension submitted via the online banking platform and to further
assume that any submissions or requests made via the online banking platform have been duly authorized by an Administrator. 
 6.13
Formation or Acquisition of Subsidiaries. Notwithstanding and without limiting the negative covenants contained in Sections 7.3 and 7.7 hereof, at the time that Borrower or any Guarantor forms any direct or indirect Subsidiary, acquires any
direct or indirect Subsidiary after the Effective Date or if in Bank’s reasonable credit judgment with respect to any Subsidiary existing on the Effective Date, Borrower and such Guarantor shall (a) cause such Subsidiary to provide to Bank
a joinder to this Agreement to become a co-borrower, together with such appropriate financing statements and/or Control Agreements, all in form and substance reasonably satisfactory to Bank (including being
sufficient to grant Bank a first priority Lien (subject to Permitted Liens) in and to the assets of such newly formed or acquired Subsidiary), (b) provide to Bank appropriate certificates and powers and financing statements, pledging all of the
direct or beneficial ownership interest in such new Subsidiary, in form and substance reasonably satisfactory to Bank; and (c) provide to Bank all other documentation in form and substance reasonably satisfactory to Bank, including one or more
opinions of counsel reasonably satisfactory to Bank, which in its opinion is appropriate with respect to the execution and delivery of the applicable documentation referred to above; provided however that in no event shall Borrower or any Guarantor
be required to comply with any of the foregoing in respect of a Subsidiary (including without limitation, Upwork Escrow Inc.) that is subject to regulation of any internet escrow, regulator, money transmission regulator, trust company regulator or
similar Governmental Authority, including without limitation the State of California’s Department of Business Oversight to the extent compliance would not permitted by such regulation. Any document, agreement, or instrument executed or issued
pursuant to this Section 6.13 shall be a Loan Document. 
 6.14 Further Assurances. Execute any further instruments and take
further action as Bank reasonably requests to perfect or continue Bank’s Lien in the Collateral or to effect the purposes of this Agreement. Deliver to Bank, within five (5) days after the same are sent or received, copies of all
correspondence, reports, documents and other filings with any Governmental Authority regarding compliance with or maintenance of Governmental Approvals or Requirements of Law or that would reasonably be expected to have a material effect on any of
the Governmental Approvals or otherwise on the operations of Borrower or any of its Subsidiaries. 
 7 NEGATIVE COVENANTS 

Borrower shall not do any of the following without Bank’s prior written consent: 

7.1 Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of (collectively, “Transfer”), or permit
any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (each, a “Permitted Transfer”) (a) of Inventory in the ordinary course of business; (b) of
worn-out, fully-depreciated or obsolete Equipment that is, in the reasonable judgment of Borrower, no longer economically practicable to maintain or useful in the ordinary course of business of Borrower;
(c) consisting of Permitted Liens and Permitted Investments; (d) consisting of the sale or issuance of any stock of Borrower permitted under Section 7.2 of this Agreement; (e) consisting of Borrower’s use or transfer of
money or Cash Equivalents in the ordinary course of its business for the payment of ordinary course business expenses in a manner that is not prohibited by the terms of this Agreement or the other Loan Documents; and (f) of non-exclusive licenses for the use of the property of Borrower or its Subsidiaries in the ordinary course of business. 

  
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 7.2 Changes in Business, Management, Control, or Business Locations. (a) Engage in or
permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto; (b) liquidate or dissolve; (c) fail to provide notice to
Bank of any Key Person departing from or ceasing to be employed by Borrower within five (5) days after such Key Person’s departure from Borrower; or (d) permit or suffer any Change in Control. 

Borrower shall not, without at least thirty (30) days prior written notice to Bank: (1) add any new offices or business locations,
including warehouses (unless such new offices or business locations contain less than Two Hundred Fifty Thousand Dollars ($250,000) in Borrower’s assets or property) or deliver any portion of the Collateral valued, individually or in the
aggregate, in excess of Two Hundred Fifty Thousand Dollars ($250,000) to a bailee at a location other than to a bailee and at a location already disclosed in the Perfection Certificate, (2) change its jurisdiction of organization,
(3) change its organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of organization. If Borrower intends to deliver any portion of the Collateral
valued, individually or in the aggregate, in excess of Two Hundred Fifty Thousand Dollars ($250,000) to a bailee, and Bank and such bailee are not already parties to a bailee agreement governing both the Collateral and the location to which Borrower
intends to deliver the Collateral, then Borrower will first receive the written consent of Bank, and such bailee shall execute and deliver a bailee agreement in form and substance reasonably satisfactory to Bank. Any notices provided to Bank
pursuant to this Section 7.2 shall be deemed to update the information provided by Borrower in the Perfection Certificate. 
 7.3
Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property
of another Person (including, without limitation, by the formation of any Subsidiary), other than Permitted Acquisitions. Borrower or a Subsidiary may (i) merge or consolidate into another Subsidiary or into Borrower; provided that the Borrower
or Guarantor is the surviving entity if such merger of consolidation includes a Borrower or Guarantor or (ii) acquire all or substantially all of the capital stock or property of another Subsidiary or into Borrower; provided that the Borrower
or Guarantor is the surviving entity if stock acquisition includes a Borrower or Guarantor. 
 7.4 Indebtedness. Create, incur,
assume, or be liable for any Indebtedness, or permit any Subsidiary to do so, other than Permitted Indebtedness. 
 7.5 Encumbrance.
Create, incur, allow, or suffer any Lien on any of its property, or assign or convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, permit any Collateral not
to be subject to the first priority security interest granted herein, or enter into any agreement, document, instrument or other arrangement (except with or in favor of Bank) with any Person which directly or indirectly prohibits or has the effect
of prohibiting Borrower or any Subsidiary from assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any Intellectual Property of Borrower or any Subsidiary, except as is otherwise permitted in Section 7.1
hereof and the definition of “Permitted Liens” herein. 
 7.6 Maintenance of Collateral Accounts. Maintain any Collateral
Account except pursuant to the terms of Section 6.8(b) hereof. 
 7.7 Distributions; Investments. (a) Pay any dividends or
make any distribution or payment or redeem, retire or purchase any capital stock, provided that Borrower may (i) convert any of its convertible securities into other securities pursuant to the terms of such convertible securities or otherwise
in exchange thereof, (ii) pay dividends solely in common stock, (iii) repurchase the stock of directors, employees or consultants pursuant to employee stock purchase plans, restricted stock agreements, rights or first refusal or other
similar agreements so long as an Event of Default does not exist at the time of any such repurchase and would not exist after giving effect to any such repurchase, provided that the aggregate amount of all such repurchases does not exceed One
Hundred Thousand Dollars ($100,000) per fiscal year, or (iv) repurchase the stock of existing investors of Borrower other than pursuant to 

  
 17 

 
employee stock purchase plans, restricted stock agreements, rights of first refusal or other similar agreements in an aggregate amount not to exceed Ten Million Dollars ($10,000,000) in the
aggregate during the term of this Agreement so long as (x) an Event of Default does not exist at the time of any such repurchase and would not exist after giving effect to any such repurchase, (y) immediately prior to such repurchase,
Borrower is EBITDA positive on a trailing twelve (12) month basis, and (z) immediately after giving effect to any such repurchase, Borrower has cash of at least Twenty Five Million Dollars ($25,000,000); or (b) directly or indirectly
make any Investment (including, without limitation, by the formation of any Subsidiary) other than Permitted Investments, or permit any of its Subsidiaries to do so. 

7.8 Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any Affiliate of
Borrower, except for (i) sales of equity securities in bona fide venture financing transactions so long as such transaction doesn’t result in a Change of Control, (ii) the incurrence of Subordinated Debt, (iii) Investments
permitted under sub-clauses (f) and (g) of the definition of Permitted Investments, (iv) commercially reasonable and customary compensation arrangements approved by the Board of Directors of
Borrower, (v) transactions which are contemplated, described in, or permitted by Sections 7.4 or 7.7 and (vi) other transactions that are in the ordinary course of Borrower’s business or as otherwise permitted by this Agreement, upon
fair and reasonable terms that are no less favorable to Borrower than would be obtained in an arm’s length transaction with a non-affiliated Person. 

7.9 Subordinated Debt. (a) Make or permit any payment on any Subordinated Debt, except under the terms of the subordination,
intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof, provide for earlier or greater
principal, interest, or other payments thereon, or adversely affect the subordination thereof to Obligations owed to Bank. 
 7.10
Compliance. Become an “investment company” or a company controlled by an “investment company”, under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase
or carry margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System), or use the proceeds of any Credit Extension for that purpose; fail to meet the minimum funding requirements of ERISA, permit a Reportable
Event or Prohibited Transaction, as defined in ERISA, to occur; fail to comply with the Federal Fair Labor Standards Act or violate any other law or regulation, if the violation would reasonably be expected to have a material adverse effect on
Borrower’s business, or permit any of its Subsidiaries to do so; withdraw or permit any Subsidiary to withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any
present pension, profit sharing and deferred compensation plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental
agency. 
 8 EVENTS OF DEFAULT 

Any one of the following shall constitute an event of default (an “Event of Default”) under this Agreement: 

8.1 Payment Default. Borrower fails to (a) make any payment of principal or interest on any Credit Extension when due, or
(b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the Revolving Line Maturity Date or the Term Loan
Maturity Date). During the cure period, the failure to make or pay any payment specified under clause (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure period); 

8.2 Covenant Default. Borrower (a) fails or neglects to perform any obligation in Section 6 of this Agreement or violates any
covenant in Section 7 of this Agreement or (b) fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this Agreement or any Loan Documents and as to any default (other than
those specified in clause (a)) under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, grace and cure periods
provided under this Section 8.2 shall not apply, among other things, to financial covenants or any other covenants that are required to be satisfied, completed or tested by a date certain or any covenants set forth in clause (a); 

  
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 8.3 Investor Abandonment. There is a lack of Investor Support; 

8.4 Attachment; Levy; Restraint on Business. 

(a) (i) The service of process seeking to attach, by trustee or similar process, any funds of Borrower or of any entity under the control
of Borrower (including a Subsidiary), or (ii) a notice of lien or levy is filed against any of Borrower’s assets by any Governmental Authority, and the same under subclauses (i) and (ii) hereof are not, within fifteen (15) days
after the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during any fifteen (15) day cure period; or 

(b) (i) any material portion of Borrower’s assets is attached, seized, levied on, or comes into possession of a trustee or receiver,
or (ii) any court order enjoins, restrains, or prevents Borrower from conducting all or any material part of its business; 
 8.5
Insolvency. (a) Borrower or any of its Subsidiaries is unable to pay its debts (including trade debts) as they become due or otherwise becomes insolvent; (b) Borrower or any of its Subsidiaries begins an Insolvency Proceeding; or
(c) an Insolvency Proceeding is begun against Borrower or any of its Subsidiaries and is not dismissed or stayed within thirty (30) days (but no Credit Extensions shall be made while any of the conditions described in clause (a) exist
and/or until any Insolvency Proceeding is dismissed); 
 8.6 Other Agreements. There is, under any agreement to which Borrower or any
Guarantor is a party with a third party or parties, (a) any default resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount individually or in the aggregate in
excess of Seven Hundred Fifty Thousand Dollars ($750,000); or (b) any breach or default by Borrower or Guarantor, the result of which would reasonably be expected to have a material adverse effect on Borrower’s or any Guarantor’s
business; 
 8.7 Judgments; Penalties. One or more fines, penalties or final judgments, orders or decrees for the payment of money in
an amount, individually or in the aggregate, of at least Five Hundred Thousand Dollars ($500,000) (not covered by independent third-party insurance as to which liability has been accepted by such insurance carrier) shall be rendered against Borrower
by any Governmental Authority, and the same are not, within fifteen (15) days after the entry, assessment or issuance thereof, discharged, satisfied, or paid, or after execution thereof, stayed or bonded pending appeal, or such judgments are
not discharged prior to the expiration of any such stay (provided that no Credit Extensions will be made prior to the satisfaction, payment, discharge, stay, or bonding of such fine, penalty, judgment, order or decree); 

8.8 Misrepresentations. Borrower or any Person acting for Borrower makes any representation, warranty, or other statement now or later
in this Agreement, any Loan Document or in any writing delivered to Bank or to induce Bank to enter this Agreement or any Loan Document, and such representation, warranty, or other statement is incorrect in any material respect when made; 

8.9 Subordinated Debt. Any document, instrument, or agreement evidencing any Subordinated Debt shall for any reason be revoked or
invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation thereunder, or the
Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement or any applicable subordination or intercreditor agreement; 

8.10 Guaranty. (a) Any guaranty of any Obligations terminates or ceases for any reason to be in full force and effect; (b) any
Guarantor does not perform any obligation or covenant under any guaranty of the Obligations; (c) any circumstance described in Sections 8.3, 8.4, 8.5, 8.6, 8.7, or 8.8 of this Agreement occurs with respect to any Guarantor, (d) the death,
liquidation, winding up, or termination of existence of any Guarantor; or (e) a material impairment in the perfection or priority of Bank’s Lien in the collateral provided by Guarantor or in the value of such collateral; or 

  
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 8.11 Governmental Approvals. Any Governmental Approval shall have been (a) revoked,
rescinded, suspended, modified in an adverse manner or not renewed in the ordinary course for a full term or (b) subject to any decision by a Governmental Authority that designates a hearing with respect to any applications for renewal of any
of such Governmental Approval or that could reasonably be expected to result in the Governmental Authority taking any of the actions described in clause (a) above, and such decision or such revocation, rescission, suspension, modification or non-renewal (i) causes, or could reasonably be expected to cause, a Material Adverse Change, or (ii) adversely affects the legal qualifications of Borrower or any of its Subsidiaries to hold such
Governmental Approval in any applicable jurisdiction and such revocation, rescission, suspension, modification or non-renewal could reasonably be expected to affect the status of or legal qualifications of
Borrower or any of its Subsidiaries to hold any Governmental Approval in any other jurisdiction. 
 9 BANK’S RIGHTS AND
REMEDIES 
 9.1 Rights and Remedies. Upon the occurrence and during the continuance of an Event of Default, Bank may, without
notice or demand, do any or all of the following: 
 (a) declare all Obligations immediately due and payable (but if an Event of Default
described in Section 8.5 occurs all Obligations are immediately due and payable without any action by Bank); 
 (b) stop advancing money
or extending credit for Borrower’s benefit under this Agreement or under any other agreement between Borrower and Bank; 
 (c) demand
that Borrower (i) deposit cash with Bank in an amount equal to at least (A) one hundred percent (100%) of the Dollar Equivalent of the aggregate face amount of all Letters of Credit denominated in Dollars remaining undrawn, and
(B) one hundred five percent (105%) of the Dollar Equivalent of the aggregate face amount of all Letters of Credit denominated in a Foreign Currency remaining undrawn (plus, in each case, all interest, fees, and costs due or to become due in
connection therewith (as estimated by Bank in its reasonable business judgment)), to secure all of the Obligations relating to such Letters of Credit, as collateral security for the repayment of any future drawings under such Letters of Credit, and
Borrower shall forthwith deposit and pay such amounts, and (ii) pay in advance all letter of credit fees scheduled to be paid or payable over the remaining term of any Letters of Credit; 

(d) terminate any FX Contracts or require cash collateralization satisfactory to Bank with respect thereof; 

(e) verify the amount of, demand payment of and performance under, and collect any Accounts and General Intangibles, settle or adjust disputes
and claims directly with Account Debtors for amounts on terms and in any order that Bank considers advisable, and notify any Person owing Borrower money of Bank’s security interest in such funds. Borrower shall collect all payments in trust for
Bank and, if requested by Bank, immediately deliver the payments to Bank in the form received from the Account Debtor, with proper endorsements for deposit; 

(f) make any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its security interest in the
Collateral. Borrower shall assemble the Collateral if Bank requests and make it available as Bank designates. Bank may enter premises where the Collateral is located, take and maintain possession of any part of the Collateral, and pay, purchase,
contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Borrower grants Bank a license to enter and occupy any of its premises, without charge, to exercise any of Bank’s
rights or remedies; 
 (g) apply to the Obligations any (i) balances and deposits of Borrower it holds, or (ii) amount held by Bank
owing to or for the credit or the account of Borrower; 
 (h) ship, reclaim, recover, store, finish, maintain, repair, prepare for sale,
advertise for sale, and sell the Collateral. Bank is hereby granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s labels, Patents, Copyrights, mask works, rights
of use of any name, trade secrets, trade names, Trademarks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with
Bank’s exercise of its rights under this Section 9.1, Borrower’s rights under all licenses and all franchise agreements inure to Bank’s benefit; 

  
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 (i) place a “hold” on any account maintained with Bank and/or deliver a notice of
exclusive control, any entitlement order, or other directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral; 

(j) demand and receive possession of Borrower’s Books; and 

(k) exercise all rights and remedies available to Bank under the Loan Documents or at law or equity, including all remedies provided under the
Code (including disposal of the Collateral pursuant to the terms thereof); 
 (l) require the Borrower to (and Borrower shall) cause Upwork
Escrow Inc. to transfer cash and cash equivalents (each as defined under GAAP) held in accounts of Upwork Escrow Inc. to accounts of the Borrower held at Bank in an amount not to exceed 90% of Upwork Escrow Inc.’s aggregate cash and cash
equivalent balances within 5 days of such request; provided, however, that Borrower shall not be required to make any transfers which would result in a violation of applicable laws, including, without limitation, laws pertaining to internet escrow
agents. 
 9.2 Power of Attorney. Borrower hereby irrevocably appoints Bank as its lawful attorney-in-fact to: (a) exercisable following the occurrence of an Event of Default, (i) sign Borrower’s name on any invoice or bill of lading for any Account or drafts against Account
Debtors; (ii) demand, collect, sue, and give releases to any Account Debtor for monies due, settle and adjust disputes and claims about the Accounts directly with Account Debtors, and compromise, prosecute, or defend any action, claim, case, or
proceeding about any Collateral (including filing a claim or voting a claim in any bankruptcy case in Bank’s or Borrower’s name, as Bank chooses); (iii) make, settle, and adjust all claims under Borrower’s insurance policies;
(iv) pay, contest or settle any Lien, charge, encumbrance, security interest, or other claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; (v) transfer the
Collateral into the name of Bank or a third party as the Code permits; and (vi) receive, open and dispose of mail addressed to Borrower; and (b) regardless of whether an Event of Default has occurred, (i) endorse Borrower’s name
on any checks, payment instruments, or other forms of payment or security; and (ii) notify all Account Debtors to pay Bank directly. Borrower hereby appoints Bank as its lawful
attorney-in-fact to sign Borrower’s name on any documents necessary to perfect or continue the perfection of Bank’s security interest in the Collateral
regardless of whether an Event of Default has occurred until all Obligations have been satisfied in full and the Loan Documents have been terminated. Bank’s foregoing appointment as Borrower’s attorney in fact, and all of Bank’s
rights and powers, coupled with an interest, are irrevocable until all Obligations have been fully repaid and performed and the Loan Documents have been terminated. 

9.3 Protective Payments. If Borrower fails to obtain the insurance called for by Section 6.7 or fails to pay any premium thereon or
fails to pay any other amount which Borrower is obligated to pay under this Agreement or any other Loan Document or which may be required to preserve the Collateral, Bank may obtain such insurance or make such payment, and all amounts so paid by
Bank are Bank Expenses and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations, and secured by the Collateral. Bank will make reasonable efforts to provide Borrower with notice of Bank obtaining such
insurance at the time it is obtained or within a reasonable time thereafter. No payments by Bank are deemed an agreement to make similar payments in the future or Bank’s waiver of any Event of Default. 

9.4 Application of Payments and Proceeds. Bank shall have the right to apply in any order any funds in its possession, whether from
Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations. Bank shall pay any surplus to Borrower by credit to the Designated Deposit
Account or to other Persons legally entitled thereto; Borrower shall remain liable to Bank for any deficiency. If Bank, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral,
Bank shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price or deferring the reduction of the Obligations until the actual receipt by Bank of cash therefor. 

  
 21 

 9.5 Bank’s Liability for Collateral. So long as Bank complies with reasonable banking
practices regarding the safekeeping of the Collateral in the possession or under the control of Bank, Bank shall not be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage to the Collateral;
(c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears all risk of loss, damage or destruction of the Collateral. 

9.6 No Waiver; Remedies Cumulative. Bank’s failure, at any time or times, to require strict performance by Borrower of any
provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Bank thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder shall be effective unless signed by the
party granting the waiver and then is only effective for the specific instance and purpose for which it is given. Bank’s rights and remedies under this Agreement and the other Loan Documents are cumulative. Bank has all rights and remedies
provided under the Code, by law, or in equity. Bank’s exercise of one right or remedy is not an election and shall not preclude Bank from exercising any other remedy under this Agreement or other remedy available at law or in equity, and
Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay in exercising any remedy is not a waiver, election, or acquiescence. 

9.7 Demand Waiver. Borrower waives demand, notice of default or dishonor, notice of payment and nonpayment, notice of any default,
nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Bank on which Borrower is liable. 

9.8 Borrower Liability. Any Borrower may, acting singly, request Credit Extensions hereunder. Each Borrower hereby appoints each other
as agent for the other for all purposes hereunder, including with respect to requesting Credit Extensions hereunder. Each Borrower hereunder shall be jointly and severally obligated to repay all Credit Extensions made hereunder, regardless of which
Borrower actually receives said Credit Extension, as if each Borrower hereunder directly received all Credit Extensions. Each Borrower waives (a) any suretyship defenses available to it under the Code or any other applicable law, including,
without limitation, the benefit of California Civil Code Section 2815 permitting revocation as to future transactions and the benefit of California Civil Code Sections 1432, 2809, 2810, 2819, 2839, 2845, 2847, 2848, 2849, 2850, and 2899 and
3433, and (b) any right to require Bank to: (i) proceed against any Borrower or any other person; (ii) proceed against or exhaust any security; or (iii) pursue any other remedy. Bank may exercise or not exercise any right or
remedy it has against any Borrower or any security it holds (including the right to foreclose by judicial or non-judicial sale) without affecting any Borrower’s liability. Notwithstanding any other
provision of this Agreement or other related document, each Borrower irrevocably waives all rights that it may have at law or in equity (including, without limitation, any law subrogating Borrower to the rights of Bank under this Agreement) to seek
contribution, indemnification or any other form of reimbursement from any other Borrower, or any other Person now or hereafter primarily or secondarily liable for any of the Obligations, for any payment made by Borrower with respect to the
Obligations in connection with this Agreement or otherwise and all rights that it might have to benefit from, or to participate in, any security for the Obligations as a result of any payment made by Borrower with respect to the Obligations in
connection with this Agreement or otherwise. Any agreement providing for indemnification, reimbursement or any other arrangement prohibited under this Section 9.8 shall be null and void. If any payment is made to a Borrower in contravention of
this Section 9.8, such Borrower shall hold such payment in trust for Bank and such payment shall be promptly delivered to Bank for application to the Obligations, whether matured or unmatured. 

  
 22 

 10 NOTICES 

All notices, consents, requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be
in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and three (3) Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt
requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail or facsimile transmission; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when
delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent to the address, facsimile number, or email address indicated below. Bank or Borrower may change its mailing or electronic mail address or
facsimile number by giving the other party written notice thereof in accordance with the terms of this Section 10. 
  

			
	If to Borrower:	  	c/o Upwork Inc.
		  	441 Logue Avenue
		  	Mountain View, CA 94043
		  	 Attn: GENERAL COUNSEL’S OFFICE
 Email:
legalnotices@upwork.com

		
	with a copy (which shall	  	
	not constitute notice) to:	  	 FENWICK & WEST LLP
 Attn: Samuel Angus,
Esq.
 555 California St., 12th Floor

		  	San Francisco, CA 94104
		  	Telephone: (415)875-2300
		  	Email: sangus@fenwick.com
		
	If to Bank:	  	 Silicon Valley Bank
 555 Mission
Street

		  	San Francisco, CA 94105
		  	Attn: Sean Thompson
		  	Fax:
		  	Email: sthompson@svb.com
		
	with a copy (which shall	  	
	not constitute notice) to:	  	 Riemer & Braunstein LLP
 3 Center
Plaza

		  	Boston, MA 02108
		  	Attn: Charles W. Stavros, Esq.
		  	Fax: (617) 880-3456
		  	Email: cstavros@riemerlaw.com

  
 23 

 11 CHOICE OF LAW, VENUE, AND JURY TRIAL WAIVER 

Except as otherwise expressly provided in any of the Loan Documents, California law governs the Loan Documents without regard to principles of
conflicts of law. Borrower and Bank each submit to the exclusive jurisdiction of the State and Federal courts in Santa Clara County, California; provided, however, that nothing in this Agreement shall be deemed to operate to preclude Bank from
bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Bank. Borrower expressly submits and consents in
advance to such jurisdiction in any action or suit commenced in any such court, and Borrower hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the
granting of such legal or equitable relief as is deemed appropriate by such court. Borrower hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons,
complaints, and other process may be made by registered or certified mail addressed to Borrower at the address set forth in, or subsequently provided by Borrower in accordance with, Section 10 of this Agreement and that service so made shall be
deemed completed upon the earlier to occur of Borrower’s actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid. 

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH
PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 
 WITHOUT INTENDING IN ANY WAY TO LIMIT THE PARTIES’ AGREEMENT TO WAIVE THEIR
RESPECTIVE RIGHT TO A TRIAL BY JURY, if the above waiver of the right to a trial by jury is not enforceable, the parties hereto agree that any and all disputes or controversies of any nature between them arising at any time shall be decided by a
reference to a private judge, mutually selected by the parties (or, if they cannot agree, by the Presiding Judge of the Santa Clara County, California Superior Court) appointed in accordance with California Code of Civil Procedure Section 638
(or pursuant to comparable provisions of federal law if the dispute falls within the exclusive jurisdiction of the federal courts), sitting without a jury, in Santa Clara County, California; and the parties hereby submit to the jurisdiction of such
court. The reference proceedings shall be conducted pursuant to and in accordance with the provisions of California Code of Civil Procedure Sections 638 through 645.1, inclusive. The private judge shall have the power, among others, to grant
provisional relief, including without limitation, entering temporary restraining orders, issuing preliminary and permanent injunctions and appointing receivers. All such proceedings shall be closed to the public and confidential and all records
relating thereto shall be permanently sealed. If during the course of any dispute, a party desires to seek provisional relief, but a judge has not been appointed at that point pursuant to the judicial reference procedures, then such party may apply
to the Santa Clara County, California Superior Court for such relief. The proceeding before the private judge shall be conducted in the same manner as it would be before a court under the rules of evidence applicable to judicial proceedings. The
parties shall be entitled to discovery which shall be conducted in the same manner as it would be before a court under the rules of discovery applicable to judicial proceedings. The private judge shall oversee discovery and may enforce all discovery
rules and orders applicable to judicial proceedings in the same manner as a trial court judge. The parties agree that the selected or appointed private judge shall have the power to decide all issues in the action or proceeding, whether of fact or
of law, and shall report a statement of decision thereon pursuant to California Code of Civil Procedure Section 644(a). Nothing in this paragraph shall limit the right of any party at any time to exercise self-help remedies, foreclose against
collateral, or obtain provisional remedies. The private judge shall also determine all issues relating to the applicability, interpretation, and enforceability of this paragraph. 

This Section 11 shall survive the termination of this Agreement. 

12 GENERAL PROVISIONS 

12.1 Termination Prior to Maturity Date; Survival. This Agreement and Bank’s Lien on the Collateral shall terminate when all
Obligations (other than inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) have been paid in full in cash and Bank has 

  
 24 

 
no commitment to make any Credit Extensions under this Agreement. All covenants, representations and warranties made in this Agreement shall continue in full force until this Agreement has
terminated pursuant to its terms and all Obligations have been satisfied. So long as Borrower has satisfied the Obligations (other than inchoate indemnity obligations, and any other obligations which, by their terms, are to survive the termination
of this Agreement, and any Obligations under Bank Services Agreements that are cash collateralized in accordance with Section 4.1 of this Agreement), this Agreement may be terminated prior to the Revolving Line Maturity Date and the Term Loan
Maturity Date by Borrower, effective three (3) Business Days after written notice of termination is given to Bank. Those obligations that are expressly specified in this Agreement as surviving this Agreement’s termination shall continue to
survive notwithstanding this Agreement’s termination. 
 12.2 Successors and Assigns. This Agreement binds and is for the benefit
of the successors and permitted assigns of each party. Borrower may not assign this Agreement or any rights or obligations under it without Bank’s prior written consent (which may be granted or withheld in Bank’s discretion). Bank has the
right, without the consent of or notice to Borrower, to sell, transfer, assign, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights, and benefits under this Agreement and the other Loan
Documents. 
 12.3 Indemnification. Borrower agrees to indemnify, defend and hold Bank and its directors, officers, employees, agents,
attorneys, or any other Person affiliated with or representing Bank (each, an “Indemnified Person”) harmless against: (i) all obligations, demands, claims, and liabilities (collectively, “Claims”) claimed or
asserted by any third party in connection with the transactions contemplated by the Loan Documents; and (ii) all losses or expenses (including Bank Expenses) in any way suffered, incurred, or paid by such Indemnified Person as a result of,
following from, consequential to, or arising from transactions between Bank and Borrower (including reasonable attorneys’ fees and expenses), except in each case for Claims and/or losses directly caused by such Indemnified Person’s gross
negligence or willful misconduct. 
 This Section 12.3 shall survive until all statutes of limitation with respect to the Claims,
losses, and expenses for which indemnity is given shall have run. 
 12.4 Time of Essence. Time is of the essence for the performance
of all Obligations in this Agreement. 
 12.5 Severability of Provisions. Each provision of this Agreement is severable from every
other provision in determining the enforceability of any provision. 
 12.6 Correction of Loan Documents. Bank may correct patent
errors and fill in any blanks in the Loan Documents consistent with the agreement of the parties. 
 12.7 Amendments in Writing; Waiver;
Integration. No purported amendment or modification of any Loan Document, or waiver, discharge or termination of any obligation under any Loan Document, shall be enforceable or admissible unless, and only to the extent, expressly set forth in a
writing signed by the party against which enforcement or admission is sought. Without limiting the generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require performance or course of conduct shall
operate as, or evidence, an amendment, supplement or waiver or have any other effect on any Loan Document. Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other
circumstance, whether similar or dissimilar, or give rise to, or evidence, any obligation or commitment to grant any further waiver. The Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or
agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of the Loan Documents merge into the Loan Documents. 

12.8 Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each
of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. 

  
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 12.9 Confidentiality. In handling any confidential information, including financial
information and other non-public information, Bank shall (i) hold such information in strict confidence and exercise the same degree of care that it exercises for its own proprietary information, and in
no event less than reasonable care, (ii) not use any such information for any purpose other than in connection with this Agreement, (iii) not disclose any such information to any third parties; provided, however, that disclosure of such
information may be made: (a) to Bank’s Subsidiaries or Affiliates (such Subsidiaries and Affiliates, together with Bank, collectively, “Bank Entities”); (b) to prospective transferees or purchasers of any interest in the
Credit Extensions (provided, however, that any prospective transferee or purchaser shall have entered into an agreement containing provisions substantially the same as those in this Section 12.9); (c) as required by law, regulation, subpoena,
or other order; (d) to Bank’s regulators or as otherwise required in connection with Bank’s examination or audit; (e) as Bank considers appropriate in exercising remedies under the Loan Documents; and (f) to third-party
service providers of Bank so long as such service providers have executed a confidentiality agreement with Bank with terms no less restrictive than those contained herein. Confidential information does not include information that is either:
(i) in the public domain or in Bank’s possession when disclosed to Bank, or becomes part of the public domain (other than as a result of its disclosure by Bank in violation of this Agreement) after disclosure to Bank; or
(ii) disclosed to Bank by a third party, if Bank does not know that the third party is prohibited from disclosing the information. 

Bank Entities may use anonymous forms of confidential information for aggregate datasets, for analyses or reporting, and for any other uses not
expressly prohibited in writing by Borrower. The provisions of the immediately preceding sentence shall survive the termination of this Agreement. 

12.10 Attorneys’ Fees, Costs and Expenses. In any action or proceeding between Borrower and Bank arising out of or relating to the
Loan Documents, the prevailing party shall be entitled to recover its reasonable attorneys’ fees and other costs and expenses incurred, in addition to any other relief to which it may be entitled. 

12.11 Electronic Execution of Documents. The words “execution,” “signed,” “signature” and words of like
import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or the use of a
paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. 

12.12 Right of Setoff. Borrower hereby grants to Bank a Lien and a right of setoff as security for all Obligations to Bank, whether now
existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Bank or any entity under the control of Bank (including a subsidiary of Bank) or in
transit to any of them. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may setoff the same or any part thereof and apply the same to any liability or Obligation of Borrower even
though unmatured and regardless of the adequacy of any other collateral securing the Obligations. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO
EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 

12.13 Captions. The headings used in this Agreement are for convenience only and shall not affect the interpretation of this Agreement.

 12.14 Construction of Agreement. The parties mutually acknowledge that they and their attorneys have participated in the
preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist. 

12.15 Relationship. The relationship of the parties to this Agreement is determined solely by the provisions of this Agreement. The
parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract. 

  
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 12.16 Third Parties. Nothing in this Agreement, whether express or implied, is intended
to: (a) confer any benefits, rights or remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors and assigns; (b) relieve or discharge the obligation or
liability of any person not an express party to this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any party to this Agreement. 

13 DEFINITIONS 

13.1 Definitions. As used in the Loan Documents, the word “shall” is mandatory, the word “may” is permissive, the
word “or” is not exclusive, the words “includes” and “including” are not limiting, the singular includes the plural, and numbers denoting amounts that are set off in brackets are negative. As used in this Agreement, the
following capitalized terms have the following meanings: 
 “Account” is, as to any Person, any “account”
of such Person as “account” is defined in the Code with such additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to such Person. 

“Account Debtor” is any “account debtor” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Acquisition” means the purchase or other acquisition (whether by merger, consolidation or otherwise)
by Borrower of all or substantially all of the assets, stock or other equity interests of a Person. 
 “Adjusted Net
Revenue” means the sum of Borrower’s (a) revenue as regularly computed and reported to the Board, minus (b) cost-of-sales associated with
Borrower’s Enterprise Managed Services, each determined according to GAAP. 
 “Adjusted Quick Ratio” means, for any
date of determination, the ratio of (a) Quick Assets, to (b) the sum of (i) the principal amount of Term Loans outstanding and Advances plus (ii) Borrower’s accounts payable determined according to GAAP. 

“Administrator” is an individual that is named (a) as an “Administrator” in the “SVB Online
Services” form completed by Borrower with the authority to determine who will be authorized to use SVB Online Services (as defined in the “Banking Terms and Conditions”) on behalf of Borrower; and (b) as an Authorized Signer of
Borrower in an approval by the Board. 
 “Advance” or “Advances” means a revolving credit loan (or
revolving credit loans) under the Revolving Line. 
 “Affiliate” is, with respect to any Person, each other Person that
owns or controls directly or indirectly the Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a
limited liability company, that Person’s managers and members. For purposes of the definition of Eligible Accounts, Affiliate shall include a Specified Affiliate. 

“Agreement” is defined in the preamble hereof. 

“Authorized Signer” is any individual listed in Borrower’s Borrowing Resolution who is authorized to execute the Loan
Documents, including making (and executing if applicable) any Credit Extension request, on behalf of Borrower. 
 “Availability
Amount” is (a) the lesser of (i) the Revolving Line or (ii) the amount available under the Borrowing Base, minus (b) the aggregate Dollar Equivalent amount of all outstanding Letters of Credit issued by Bank
(including drawn but unreimbursed Letters of Credit) plus an amount equal to the Letter of Credit Reserve, minus (c) any amounts used for Cash Management Services, and minus (d) the outstanding principal balance of any
Advances. For purposes of clarification, the aggregate amount of Letters of Credit referred to in clause (b) and amounts used for Cash Management Services in clause (c) shall not reduce the Availability Amount to the extent secured by cash
collateral pursuant to Section 4.1. 

  
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 “Bank” is defined in the preamble hereof. 

“Bank Entities” is defined in Section 12.9. 

“Bank Expenses” are all reasonable
out-of-pocket audit fees and expenses, costs, and expenses (including reasonable attorneys’ fees and expenses) for preparing, amending, negotiating, administering,
defending and enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred with respect to Borrower or any Guarantor. 

“Bank Services” are any products, credit services, and/or financial accommodations previously, now, or hereafter provided to
Borrower or any of its Subsidiaries by Bank or any Bank Affiliate, including, without limitation, any letters of credit, cash management services (including, without limitation, merchant services, direct deposit of payroll, business credit cards,
and check cashing services), interest rate swap arrangements, and foreign exchange services as any such products or services may be identified in Bank’s various agreements related thereto (each, a “Bank Services Agreement”) and
shall include, without limitation, any Letters of Credit pursuant to Section 2.4 and Cash Management Services pursuant to Section 2.3. 

“Bank Services Agreement” is defined in the definition of Bank Services. 

“Board” is Borrower’s board of directors. 

“Borrower” is defined in the preamble hereof. 

“Borrower’s Books” are all Borrower’s books and records including ledgers, federal and state tax returns, records
regarding Borrower’s assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information. 

“Borrowing Base” is (a) the Non-Formula Amount, plus (b) eighty-five
percent (85%) of Eligible Accounts, as determined by Bank from Borrower’s most recent Borrowing Base Statement (and as may subsequently be updated by Bank based upon information received by Bank including, without limitation, Accounts that are
paid and/or billed following the date of the Borrowing Base Statement); provided, however, that Bank has the right to decrease the foregoing percentage in its reasonable business judgment to mitigate the impact of events or conditions
which have adversely affected the value of the Collateral after providing written notice to Borrower at least five (5) Business Days in advance of such decrease. 

“Borrowing Base Statement” is that certain report of the value of certain Collateral in the form specified by Bank to
Borrower from time to time. 
 “Borrowing Resolutions” are, with respect to any Person, those resolutions adopted by such
Person’s board of directors (and, if required under the terms of such Person’s Operating Documents, stockholders) and delivered by such Person to Bank approving the Loan Documents to which such Person is a party and the transactions
contemplated thereby, together with a certificate executed by its secretary on behalf of such Person certifying (a) such Person has the authority to execute, deliver, and perform its obligations under each of the Loan Documents to which it is a
party, (b) that set forth as a part of or attached as an exhibit to such certificate is a true, correct, and complete copy of the resolutions then in full force and effect authorizing and ratifying the execution, delivery, and performance by
such Person of the Loan Documents to which it is a party, (c) the name(s) of the Person(s) authorized to execute the Loan Documents, including making (and executing if applicable) any Credit Extension request, on behalf of such Person, together
with a sample of the true signature(s) of such Person(s), and (d) that Bank may conclusively rely on such certificate unless and until such Person shall have delivered to Bank a further certificate canceling or amending such prior certificate.

  
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 “Business Day” is any day that is not a Saturday, Sunday or a day on which Bank
is closed, except that if any determination of a “Business Day” shall relate to an FX Contract, the term “Business Day” shall mean an FX Business Day. 

“Cash Collateral Account” is defined in Section 6.3(c). 

“Cash Equivalents” means (a) marketable direct obligations issued or unconditionally guaranteed by the United States or
any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its creation and having a rating of at least “investment
grade” or “A” by Moody’s or any successor rating agency; (c) Bank’s certificates of deposit issued maturing no more than one (1) year after issue; and (d) money market funds at least ninety-five percent (95%)
of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (c) of this definition. 

“Cash Management Services” is defined in Section 2.3. 

“Change in Control” means (a) at any time, any “person” or “group” (as such terms are used in
Sections 13(d) and 14(d) of the Exchange Act) shall become the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or
indirectly, of 50.0% or more of the ordinary voting power for the election of directors of Borrower (determined on a fully diluted basis) other than by the sale of Borrower’s equity securities in a public offering or to venture capital or
private equity investors so long as Borrower identifies to Bank the venture capital or private equity investors at least seven (7) Business Days prior to the closing of the transaction and provides to Bank a description of the material terms of
the transaction; or (b) at any time, Borrower shall cease to own and control, of record and beneficially, directly or indirectly, one hundred percent (100%) of each class of outstanding capital stock of each Subsidiary of Borrower free and
clear of all Liens (except Liens created by this Agreement or as otherwise permitted in this Agreement or if such Liens are required to be created in order to comply with applicable law). 

“Claims” is defined in Section 12.3. 

“Code” is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the State of New York;
provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in Article or Division 9
shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Bank’s Lien on any Collateral is governed by the Uniform
Commercial Code in effect in a jurisdiction other than the State of New York, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating
to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. 

“Collateral” is any and all properties, rights and assets of Borrower described on Exhibit A. 

“Collateral Account” is any Deposit Account, Securities Account, or Commodity Account. 

“Commodity Account” is any “commodity account” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Compliance Statement” is that certain certificate in the form attached hereto as Exhibit B.

 “Contingent Obligation” is, for any Person, any direct or indirect liability, contingent or not, of that Person for
(a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, directly or indirectly guaranteed, endorsed, co made, discounted or sold with recourse by that Person, or for which that
Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or commodity swap agreement, interest rate cap or collar
agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation” does not

  
 29 

 
include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent Obligation is
made or, if not determinable, the maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support arrangement. 

“Control Agreement” is any control agreement entered into among the depository institution at which Borrower maintains a
Deposit Account or the securities intermediary or commodity intermediary at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Bank pursuant to which Bank obtains control (within the meaning of the Code) over such
Deposit Account, Securities Account, or Commodity Account. 
 “Copyrights” are any and all copyright rights, copyright
applications, copyright registrations and like protections in each work of authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret. 

“Credit Extension” is any Advance, any Overadvance, Letter of Credit, FX Contract, amount utilized for Cash Management
Services, Term Loan, or any other extension of credit by Bank for Borrower’s benefit. 
 “Currency” is coined money
and such other banknotes or other paper money as are authorized by law and circulate as a medium of exchange. 
 “Default
Rate” is defined in Section 2.7(b). 
 “Deferred Revenue” is all amounts received or invoiced in advance of
performance under contracts and not yet recognized as revenue in accordance with GAAP. 
 “Deposit Account” is any
“deposit account” as defined in the Code with such additions to such term as may hereafter be made. 
 “Designated
Deposit Account” any deposit account of Borrower maintained with Bank as chosen by Bank. 
 “Dollars,”
“dollars” or use of the sign “$” means only lawful money of the United States and not any other currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily converted
into lawful money of the United States. 
 “Dollar Equivalent” is, at any time, (a) with respect to any amount
denominated in Dollars, such amount, and (b) with respect to any amount denominated in a Foreign Currency, the equivalent amount therefor in Dollars as determined by Bank at such time on the basis of the then-prevailing rate of exchange in San
Francisco, California, for sales of the Foreign Currency for transfer to the country issuing such Foreign Currency. 
 “Domestic
Investments” shall mean all investments determined according to GAAP, and shall exclude all cash and Cash Equivalents (including, without limitation, money market accounts and certificates of deposit that are classified as cash or Cash
Equivalents on Borrower’s balance sheet). 
 “Domestic Subsidiary” means a Subsidiary organized under the laws of the
United States or any state or territory thereof or the District of Columbia. 
 “EBITDA” shall mean, with respect to
Borrower and its Subsidiaries on a consolidated basis for any period, (a) Net Income, plus, (b) to the extent deducted in the calculation of Net Income, (i) Interest Expense, (ii) income tax expense, (iii) depreciation
expense and amortization expense, (iv) non-cash stock compensation expense, (v) other non-operating non-cash income and
expenses, excluding foreign currency gains/losses, (vi) write-off or impairment of intangible assets, (vii) any costs and expenses in connection with the repayment of Indebtedness owing to Pacific
Western Bank on the Effective Date, (viii) any costs and expenses in connection with the negotiation and preparation of this Agreement and the other Loan Documents, (ix) in respect of foreign currency gains/losses, (A) up to $500,000
in the trailing three (3) month period ending September 30, 2017, (B) up to $750,000 in the trailing six (6) month period ending December 31, 2017 and the trailing nine (9) month period ending March 31, 2018, and
(C) up to $1,000,000 thereafter, and (x) other non-cash expenses approved by Bank in writing on a case-by-case basis.

  
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 “Effective Date” is defined in the preamble hereof. 

“Eligible Accounts” means Accounts owing to Borrower in connection with Borrower’s Enterprise Accounts which arise in
the ordinary course of Borrower’s business that meet in all material respects all Borrower’s representations and warranties in Section 5.3, that have been, at the option of Bank, confirmed in accordance with Section 6.3(f) of
this Agreement, and are due and owing from Account Debtors deemed creditworthy by Bank in its reasonable discretion. Bank reserves the right, at any time after the Effective Date, in its reasonable discretion in each instance, to either
(i) adjust any of the criteria set forth below and to establish new criteria or (ii) deem any Accounts owing from a particular Account Debtor or Account Debtors to not meet the criteria to be Eligible Accounts. Unless Bank otherwise agrees
in writing, Eligible Accounts shall not include: 
 (a) Accounts (i) for which the Account Debtor is Borrower’s Affiliate, officer,
employee, investor, or agent, or (ii) that are intercompany Accounts; 
 (b) Accounts that the Account Debtor has not paid within ninety
(90) days of invoice date regardless of invoice payment period terms; 
 (c) Accounts with credit balances over ninety (90) days
from invoice date; 
 (d) Accounts owing from an Account Debtor if fifty percent (50%) or more of the Accounts owing from such Account Debtor
have not been paid within ninety (90) days of invoice date; 
 (e) Accounts owing from an Account Debtor (i) which is a Foreign
Subsidiary that is not located in the United States or (ii) whose billing address (as set forth in the applicable invoice for such Account) is not in the United States, in the case of clause (i) and (ii), other than Eligible Foreign
Accounts; 
 (f) Accounts billed from and/or payable to Borrower outside of the United States (sometimes called foreign invoiced accounts);

 (g) Accounts in which Bank does not have a first priority, perfected security interest under all applicable laws; 

(h) Accounts billed and/or payable in a Currency other than Dollars in an aggregate amount for all such Accounts not to exceed more than five
percent (5.00%) of the Borrowing Base; 
 (i) Accounts owing from an Account Debtor to the extent that Borrower is indebted or obligated in
any manner to the Account Debtor (as creditor, lessor, supplier or otherwise - sometimes called “contra” accounts, accounts payable, customer deposits or credit accounts); 

(j) Accounts with or in respect of accruals for marketing allowances, incentive rebates, price protection, cooperative advertising and other
similar marketing credits, unless otherwise approved by Bank in writing; 
 (k) Accounts owing from an Account Debtor which is a United
States government entity or any department, agency, or instrumentality thereof unless Borrower has assigned its payment rights to Bank and the assignment has been acknowledged under the Federal Assignment of Claims Act of 1940, as amended; 

(l) Accounts with customer deposits and/or with respect to which Borrower has received an upfront payment, to the extent of such customer
deposit and/or upfront payment; 

  
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 (m) Accounts for demonstration or promotional equipment, or in which goods are consigned, or sold
on a “sale guaranteed”, “sale or return”, “sale on approval”, or other terms if Account Debtor’s payment may be conditional; 

(n) Accounts owing from an Account Debtor where goods or services have not yet been rendered to the Account Debtor (sometimes called memo
billings or pre-billings); 
 (o) Accounts subject to contractual arrangements between Borrower and
an Account Debtor where payments shall be scheduled or due according to completion or fulfillment requirements (sometimes called contracts accounts receivable, progress billings, milestone billings, or fulfillment contracts); 

(p) Accounts owing from an Account Debtor the amount of which may be subject to withholding based on the Account Debtor’s satisfaction of
Borrower’s complete performance (but only to the extent of the amount withheld; sometimes called retainage billings); 
 (q) Accounts
subject to trust provisions, subrogation rights of a bonding company, or a statutory trust; 
 (r) Accounts owing from an Account Debtor that
has been invoiced for goods that have not been shipped to the Account Debtor unless Bank, Borrower, and the Account Debtor have entered into an agreement acceptable to Bank wherein the Account Debtor acknowledges that (i) it has title to and
has ownership of the goods wherever located, (ii) a bona fide sale of the goods has occurred, and (iii) it owes payment for such goods in accordance with invoices from Borrower (sometimes called “bill and hold” accounts); 

(s) Accounts for which the Account Debtor has not been invoiced; 

(t) Accounts that represent non-trade receivables or that are derived by means other than in the
ordinary course of Borrower’s business; 
 (u) Accounts for which Borrower has permitted Account Debtor’s payment to extend beyond
ninety (90) days (including Accounts with a due date that is more than ninety (90) days from invoice date); 
 (v) Accounts arising
from chargebacks, debit memos or other payment deductions taken by an Account Debtor; 
 (w) Accounts arising from product returns and/or
exchanges (sometimes called “warranty” or “Return Material Authorization (RMA)” accounts); 
 (x) Accounts in which the
Account Debtor disputes liability or makes any claim (but only up to the disputed or claimed amount), or if the Account Debtor is subject to an Insolvency Proceeding (whether voluntary or involuntary), or becomes insolvent, or goes out of business;

 (y) [reserved]; 
 (z) That
portion of Accounts owing from any single Account Debtor that exceeds thirty percent (30%) of all of Borrower’s Accounts, except for Johnson & Johnson and Alphabet Inc., for which such percentage is forty percent (40%), unless Bank
approves a greater percentage in writing; and 
 (aa) Accounts for which Bank in its reasonable business judgment determines collection to be
unlikely, including, without limitation, accounts represented by “refreshed” or “recycled” invoices. 

“Eligible Foreign Accounts” are Accounts billed and collected by Borrower in the United States which are owing from an
Account Debtor which has its principal place of business outside of the United States, but in each case otherwise constitute Eligible Accounts; provided, however, the aggregate amount of all Eligible Foreign Accounts included as
Eligible Accounts in the calculation of the Borrowing Base shall not exceed the lesser of (a) Five Million Dollars ($5,000,000) or (b) thirty percent (30%); for purposes of clarity and notwithstanding the provisions set forth above, the
Accounts of each of Johnson & Johnson, Mozilla and Unilever shall each constitute an Eligible Foreign Account subject to the cap set forth above. 

  
 32 

 “Enterprise Accounts” means those Accounts owing to Borrower from its clients
that have purchased a product that provides for net terms billing with Borrower. 
 “Enterprise Managed Services”
means those services provided by Borrower to its clients with Enterprise Accounts, whereby Borrower is responsible for delivering the final work product to the client and uses subcontractors to create or deliver such work product. 

“Equipment” is all “equipment” as defined in the Code with such additions to such term as may hereafter be
made, and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 

“ERISA” is the Employee Retirement Income Security Act of 1974, and its regulations. 

“Event of Default” is defined in Section 8. 

“Exchange Act” is the Securities Exchange Act of 1934, as amended. 

“Financial Statement Repository” is each of (a) Bank’s e-mail address
specified in Section 10 or such other means of collecting information approved and designated by Bank after providing notice thereof to Borrower from time to time and (b) Bank’s online banking platform described in Section 6.12.

 “Foreign Currency” means lawful money of a country other than the United States. 

“Foreign Subsidiary” means any Subsidiary which is not a Domestic Subsidiary. 

“Funding Date” is any date on which a Credit Extension is made to or for the account of Borrower which shall be a Business
Day. 
 “FX Business Day” is any day when (a) Bank’s Foreign Exchange Department is conducting its normal
business and (b) the Foreign Currency being purchased or sold by Borrower is available to Bank from the entity from which Bank shall buy or sell such Foreign Currency. 

“FX Contract” is any foreign exchange contract by and between Borrower and Bank under which Borrower commits to purchase from
or sell to Bank a specific amount of Foreign Currency on a specified date. 
 “GAAP” is generally accepted accounting
principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other
statements by such other Person as may be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the date of determination. 

“General Intangibles” is all “general intangibles” as defined in the Code in effect on the date hereof with such
additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income and other tax refunds, security and other deposits, payment intangibles, contract rights, options to purchase or sell real or
personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation key man, property damage, and business interruption insurance), payments of
insurance and rights to payment of any kind. 
 “Governmental Approval” is any consent, authorization, approval, order,
license, franchise, permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority. 

  
 33 

 “Governmental Authority” is any nation or government, any state or other
political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government,
any securities exchange and any self-regulatory organization. 
 “Guarantor” is any Person providing a Guaranty in favor of
Bank. 
 “Guaranty” is any guarantee of all or any part of the Obligations, as the same may from time to time be amended,
restated, modified or otherwise supplemented. 
 “Indebtedness” is (a) indebtedness for borrowed money or the deferred
price of property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital lease obligations, and
(d) Contingent Obligations. 
 “Indemnified Person” is defined in Section 12.3. 

“Initial Audit” is Bank’s inspection of Borrower’s Accounts, the Collateral, and Borrower’s Books, with
results satisfactory to Bank in its sole and absolute discretion. 
 “Insolvency Proceeding” is any proceeding by or
against any Person under the United States Bankruptcy Code, or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization,
arrangement, or other relief. 
 “Intellectual Property” means, with respect to any Person, all of such Person’s
right, title, and interest in and to the following: 
 (a) its Copyrights, Trademarks and Patents; 

(b) any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how and operating manuals; 
 (c) any and all source code; 

(d) any and all design rights which may be available to such Person; 

(e) any and all claims for damages by way of past, present and future infringement of any of the foregoing, with the right, but not the
obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above; and 
 (f)
all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents. 
 “Interest Expense” means for
any fiscal period, interest expense (whether cash or non-cash) determined in accordance with GAAP for the relevant period ending on such date, including, in any event, interest expense with respect to any
Credit Extension and other Indebtedness of Borrower and its Subsidiaries, including, without limitation or duplication, all commissions, discounts, or related amortization and other fees and charges with respect to letters of credit and
bankers’ acceptance financing and the net costs associated with interest rate swap, cap, and similar arrangements, and the interest portion of any deferred payment obligation (including leases of all types). 

“Interest Only Period” is the period of time commencing on the Effective Date through the earlier to occur of
(a) March 31, 2019 or (b) the occurrence of an Event of Default. 
 “Inventory” is all
“inventory” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping
materials, work in process and finished products, including without limitation such inventory as is temporarily out of Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any
of the above. 

  
 34 

 “Investment” is any beneficial ownership interest in any Person (including
stock, partnership interest or other securities), and any loan, advance or capital contribution to any Person. 
 “Investor
Support” means the Lead Investors have provided clear written indication (or have failed to otherwise confirm in writing (including via email) within fifteen (15) Business Days of Bank’s formal written request to the Lead
Investors and Borrower) that it is their intention to not continue to fund Borrower in the amounts and timeframe necessary (when taken together with Borrower’s other financial resources) to enable Borrower to satisfy the Obligations as they
become due and payable. 
 “Key Person” is each of Borrower’s (a) Chief Executive Officer, who is Stephane
Kasriel as of the Effective Date, and (b) Chief Financial Officer, who is Brian Levey as of the Effective Date. Mr. Levey also serves as Upwork Inc.’s General Counsel and Corporate Secretary as of the Effective Date. 

“Lead Investors” means each of (a) Benchmark Capital Partners V, L.P., (b) Sigma Partners 6, L.P. and its Affiliates,
(c) the Stripes Group, and (d) Thomas Layton. 
 “Letter of Credit” means a standby letter of credit issued by
Bank or another institution based upon an application, guarantee, indemnity or similar agreement on the part of Bank as set forth in Section 2.4. 

“Letter of Credit Application” is defined in Section 2.4(b). 

“Letter of Credit Reserve” is defined in Section 2.4(e). 

“Lien” is a claim, mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind, whether
voluntarily incurred or arising by operation of law or otherwise against any property. 
 “Loan Documents” are,
collectively, this Agreement and any schedules, exhibits, certificates, notices, and any other documents related to this Agreement, any Bank Services Agreement, any subordination agreement, any note, or notes or guaranties executed by Borrower or
any Guarantor, and any other present or future agreement by Borrower and/or any Guarantor with or for the benefit of Bank, all as amended, restated, or otherwise modified. 

“Material Adverse Change” is (a) a material impairment in the perfection or priority of Bank’s Lien in the
Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or financial condition of Borrower; and (c) a material impairment of the prospect of repayment of any portion of the Obligations.

 “Monthly Financial Statements” is defined in Section 6.2(c). 

“Net Income” means, as calculated on a consolidated basis for Borrower and its Subsidiaries for any period as at any date of
determination, the net profit (or loss), after provision for taxes, of Borrower and its Subsidiaries for such period taken as a single accounting period in accordance with GAAP. 

“Non-Formula Amount” is (a) from the Effective Date through and including
December 30, 2018, Five Million Dollars ($5,000,000), and (b) thereafter, Three Million Dollars ($3,000,000). 

“Obligations” are Borrower’s obligations to pay when due any debts, principal, interest, fees, Bank Expenses, and other
amounts Borrower owes Bank now or later, whether under this Agreement, the other Loan Documents, or otherwise, including, without limitation, all obligations relating to Bank Services and interest accruing after Insolvency Proceedings begin and
debts, liabilities, or obligations of Borrower assigned to Bank, and to perform Borrower’s duties under the Loan Documents. 

  
 35 

 “Operating Documents” are, for any Person, such Person’s formation
documents, as certified by the Secretary of State (or equivalent agency) of such Person’s jurisdiction of organization on a date that is no earlier than thirty (30) days prior to the Effective Date, and, (a) if such Person is a
corporation, its bylaws in current form, (b) if such Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar
agreement), each of the foregoing with all current amendments or modifications thereto. 
 “Overadvance” is defined in
Section 2.6. 
 “Patents” means all patents, patent applications and like protections including without limitation
improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same. 

“Payment Date” is (a) with respect to the Term Loan, the first
(1st) calendar day of each month and (b) with respect to Advances, the last calendar day of each month. 

“Perfection Certificate” is defined in Section 5.1. 

“Permitted Acquisition” or “Permitted Acquisitions” is any Acquisition by Borrower, provided that each of
the following shall be applicable to each such Acquisition: 
 (a) no Event of Default shall have occurred and be continuing or would result
from the consummation of the proposed Acquisition; 
 (b) the entity or assets acquired in such Acquisition are in the same or similar line
of business as Borrower is in as of the date of such Acquisition or reasonably related thereto; 
 (c) [reserved]; 

(d) Borrower shall provide Bank with written notice of the proposed Acquisition at least five (5) Business Days prior to the anticipated
closing date of the proposed Acquisition, including copies of the acquisition agreement and all other material documents relative to the proposed Acquisition (or if such acquisition agreement and other material documents are not in final form,
drafts of such acquisition agreement and other material documents; provided, that Borrower shall deliver final forms of such acquisition agreement and other material documents promptly upon completion); 

(e) the total cash consideration for all such Acquisitions does not exceed (i) Three Million Dollars ($3,000,000) in the aggregate in any
fiscal year, (ii) Five Million Dollars ($5,000,000) in any instance if (A) prior to the consummation of such Acquisition, Borrower has positive EBITDA on a trailing twelve (12) month basis and (B) after giving effect to any such
Acquisition, Borrower has cash of at least Twenty Five Million Dollars ($25,000,000), or (iii) such greater amounts as approved by Bank on a case-by-case basis, and
in each case, shall be approved by the Board; 
 (f) after giving effect to the consummation of such Acquisition, on a pro forma
twelve (12) month basis, Borrower shall be in compliance with the financial covenant set forth in Section 6.9; 
 (g) the entity or
assets acquired in such Acquisition shall not be subject to any Lien other than (x) the first-priority Liens granted in favor of Bank, if applicable and (y) Permitted Liens; and 

(h) the Acquisition shall not constitute an Unfriendly Acquisition. 

“Permitted Indebtedness” is: 

(a) Borrower’s Indebtedness to Bank under this Agreement and the other Loan Documents; 

(b) Indebtedness existing on the Effective Date which is shown on the Perfection Certificate; 

  
 36 

 (c) Subordinated Debt; 

(d) unsecured Indebtedness to trade creditors incurred in the ordinary course of business; 

(e) Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of business; 

(f) Indebtedness secured by Liens permitted under clauses (a), (c) and (j) of the definition of “Permitted Liens” hereunder;

 (g) Indebtedness of any Subsidiaries to Borrower in an aggregate principal amount not to exceed Seven Hundred Fifty Thousand Dollars
($750,000); 
 (h) undrawn letters of credit issued by Bank; 

(i) unsecured Indebtedness of Borrower arising from corporate credit cards and merchant services agreements incurred in the ordinary course of
business in an aggregate amount not to exceed One Million Dollars ($1,000,000); 
 (j) Indebtedness not to exceed One Million Dollars
($1,000,000) in aggregate amount outstanding at any time under letters of credit that serve to secure real property leases for a period of sixty (60) days following the Effective Date; 

(k) extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness (a) through (j) above,
provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon Borrower or its Subsidiary, as the case may be. 

“Permitted Investments” are: 

(a) Investments (including, without limitation, Subsidiaries) (i) existing on the Effective Date which are shown on the Perfection
Certificate or (ii) contemplated by and described in the Perfection Certificate delivered on the Effective Date; 
 (b) Investments
consisting of Cash Equivalents; 
 (c) Investments consisting of the endorsement of negotiable instruments for deposit or collection or
similar transactions in the ordinary course of Borrower; 
 (d) Investments consisting of deposit accounts (but only to the extent that
Borrower is permitted to maintain such accounts pursuant to Section 6.8 of this Agreement) in which Bank has a first priority perfected security interest; 

(e) Investments accepted in connection with Transfers permitted by Section 7.1; 

(f) Investments consisting of the creation of a Subsidiary for the purpose of consummating a merger transaction permitted by Section 7.3
of this Agreement, which is otherwise a Permitted Investment; 
 (g) Investments (i) by Borrower in any other Borrower or any Guarantor,
(ii) by the Borrower in Subsidiaries (that are not a Borrower or Guarantor) not to exceed One Million Dollars ($1,000,000) in the aggregate in any fiscal year and (iii) by a Subsidiary (that is not a Borrower or Guarantor) in another
Subsidiary or in Borrower; 

  
 37 

 (h) Investments consisting of (i) travel advances and employee relocation loans and other
employee loans and advances in the ordinary course of business (other than as contemplated by and described in the Perfection Certificate delivered on the Effective Date), and (ii) loans to employees, officers or directors in the ordinary
course of business, and in the case of both (i) and (ii) above, in an aggregate amount not to exceed Five Hundred Thousand Dollars ($500,000) at any time; 

(i) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in
settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; 
 (j)
Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates, in the ordinary course of business; provided that this paragraph (j) shall not apply to
Investments of Borrower in any Subsidiary; 
 (k) Investments that constitute a Permitted Acquisition; 

(l) joint ventures, strategic alliances, licensing and similar agreements, provided that any cash investments by Borrower do not exceed do not
exceed Two Million Dollars ($2,000,000) in the aggregate in any fiscal year; and 
 (m) other Investments not otherwise permitted by
Section 7.7 not exceeding Seven Hundred Fifty Thousand Dollars ($750,000) in the aggregate outstanding at any time. 

“Permitted Liens” are: 

(a) Liens existing on the Effective Date which are shown on the Perfection Certificate or arising under this Agreement or the other Loan
Documents; 
 (b) Liens for taxes, fees, assessments or other government charges or levies, either (i) not due and payable or
(ii) being contested in good faith and for which Borrower maintains adequate reserves on Borrower’s Books, provided that no notice of any such Lien has been filed or recorded under the Internal Revenue Code of 1986, as amended, and the
Treasury Regulations adopted thereunder; 
 (c) purchase money Liens and capital leases (i) on Equipment acquired or held by Borrower
incurred for financing the acquisition of the Equipment securing no more than Seven Hundred Fifty Thousand Dollars ($750,000) in the aggregate amount outstanding, or (ii) existing on Equipment when acquired, if the Lien is confined to the
property and improvements and the proceeds of the Equipment; 
 (d) Liens of carriers, mechanics, warehousemen, suppliers, or other Persons
that are possessory in nature arising in the ordinary course of business so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed Seven Hundred Fifty Thousand Dollars ($750,000) and which are not
delinquent or remain payable without penalty or which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto; 

(e) Liens to secure payment of workers’ compensation, employment insurance, old-age pensions,
social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); 
 (f) leases or
subleases of real property granted in the ordinary course of Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), and leases, subleases,
non-exclusive licenses or sublicenses of personal property (other than Intellectual Property) granted in the ordinary course of Borrower’s business (or, if referring to another Person, in the ordinary
course of such Person’s business), if the leases, subleases, licenses and sublicenses do not prohibit granting Bank a security interest therein; 

(g) non-exclusive licenses of Intellectual Property granted to third parties in the ordinary course of
business; 

  
 38 

 (h) deposits to secure the performance of bids, trade contracts (other than for borrowed money),
statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business (other than for indebtedness or any Liens arising under ERISA) in an aggregate amount not to exceed
Seven Hundred Fifty Thousand Dollars ($750,000) at any time; 
 (i) Liens on cash deposit or letters of credit to secure Borrower’s
obligations to landlords in connection with real estate leases in an aggregate amount not exceed One Million Dollars ($1,000,000) at any time; 

(j) Liens arising from attachments or judgments, orders, or decrees in circumstances not constituting an Event of Default under Sections 8.4
and 8.7; 
 (k) Liens in favor of other financial institutions arising in connection with Borrower’s deposit and/or securities accounts
held at such institutions, provided that (i) Bank has a first priority perfected security interest in the amounts held in such deposit and/or securities accounts (ii) such accounts are permitted to be maintained pursuant to
Section 6.8 of this Agreement; and 
 (l) Liens incurred in the extension, renewal or refinancing of the Indebtedness secured by Liens
described in (a) through (k), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase; 

“Person” is any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust,
unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 

“Prime Rate” is the rate of interest per annum from time to time published in the money rates section of The Wall Street
Journal or any successor publication thereto as the “prime rate” then in effect; provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of this Agreement; and provided further
that if such rate of interest, as set forth from time to time in the money rates section of The Wall Street Journal, becomes unavailable for any reason as determined by Bank, the “Prime Rate” shall mean the rate of interest per annum
announced by Bank as its prime rate in effect at its principal office in the State of California (such Bank announced Prime Rate not being intended to be the lowest rate of interest charged by Bank in connection with extensions of credit to
debtors); provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Quick Assets” is, on any date of determination, the sum of (a) the aggregate amount of unrestricted and unencumbered
cash held at such time by Borrower in Deposit Accounts maintained with Bank, plus (b) the aggregate amount of unrestricted and unencumbered cash held at such time by Borrower in Deposit Accounts maintained at financial institutions other
than Bank subject to Control Agreements in favor of Bank, plus (c) the aggregate amount of cash and Cash Equivalents held at such time by Upwork Escrow Inc., plus (d) Borrower’s accounts receivable determined according
to GAAP, minus (e) Borrower’s accrued hourly billing liabilities determined according to GAAP. 
 “Registered
Organization” is any “registered organization” as defined in the Code with such additions to such term as may hereafter be made. 

“Requirement of Law” is as to any Person, the organizational or governing documents of such Person, and any law (statutory or
common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is
subject. 
 “Reserves” means, as of any date of determination, such amounts as Bank may from time to time establish and
revise in its reasonable judgment, reducing the amount of Advances and other financial accommodations which would otherwise be available to Borrower (a) to reflect events, conditions, contingencies or risks which, as determined by Bank in its
good faith business judgment, do or may adversely affect (i) the Collateral or any other property which is security for the Obligations or its value (including without limitation any increase in delinquencies

  
 39 

 
of Accounts), (ii) the assets, business or prospects of Borrower or any Guarantor, or (iii) the security interests and other rights of Bank in the Collateral (including the enforceability,
perfection and priority thereof); or (b) to reflect Bank’s reasonable belief that any collateral report or financial information furnished by or on behalf of Borrower or any Guarantor to Bank is or may have been incomplete, inaccurate or
misleading in any material respect; or (c) in respect of any state of facts which Bank reasonably determines constitutes an Event of Default or may, with notice or passage of time or both, constitute an Event of Default. 

“Responsible Officer” is any of the Chief Executive Officer, President, Chief Financial Officer and Controller of Borrower.

 “Restricted License” is any license or other agreement which is material to the conduct of Borrower’s business with
respect to which Borrower is the licensee (a) that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other property, or (b) for which a default under
or termination of could reasonably be expected to interfere with Bank’s right to sell any Collateral. 
 “Revenue Trigger
Event” means the delivery to Bank of evidence reasonably satisfactory to Bank demonstrating that Borrower has achieved Adjusted Net Revenue of at least Forty Nine Million Dollars ($49,000,000) for any trailing three (3) month period on
or before June 30, 2018. 
 “Revolving Line” is an aggregate principal amount equal to Fifteen Million Dollars
($15,000,000); provided, however, upon the occurrence of the Revenue Trigger Event, “Revolving Line” shall mean an aggregate principal amount equal to Twenty Five Million Dollars ($25,000,000). 

“Revolving Line Maturity Date” is March 19, 2020. 

“SEC” shall mean the Securities and Exchange Commission, any successor thereto, and any analogous Governmental Authority.

 “Securities Account” is any “securities account” as defined in the Code with such additions to such
term as may hereafter be made. 
 “Specified Affiliate” is any Person (a) more than ten percent (10.0%) of whose
aggregate issued and outstanding equity or ownership securities or interests, voting, non-voting or both, are owned or held directly or indirectly, beneficially or of record, by Borrower, and/or
(ii) whose equity or ownership securities or interests representing more than ten percent (10.0%) of such Person’s total outstanding combined voting power are owned or held directly or indirectly, beneficially or of record, by Borrower.

 “Subordinated Debt” is indebtedness incurred by Borrower subordinated to all of Borrower’s now or hereafter
indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between Bank and the other creditor), on terms acceptable to Bank. 

“Subsidiary” is, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of
stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers
of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless the context otherwise requires,
each reference to a Subsidiary herein shall be a reference to a Subsidiary of Borrower or Guarantor. 
 “Term Loan” is
defined in Section 2.5(a) of this Agreement. 
 “Term Loan Maturity Date” is the earlier to occur of (a) the
occurrence and continuance of an Event of Default or (b) three (3) years after the expiration of the Interest Only Period. 

  
 40 

 “Trademarks” means any trademark and servicemark rights, whether registered or
not, applications to register and registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 

“Transfer” is defined in Section 7.1. 

“Unfriendly Acquisition” is any Acquisition that has not, at the time of the first public announcement of an offer relating
thereto, been approved by the board of directors (or other legally governing body) of the Person to be acquired. 
 [Signature page follows.]

  
 41 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
Effective Date. 
  

			
	BORROWER:
	
	UPWORK INC.
		
	By	 	 /s/ Brian Levey

	Name: Brian Levey
	Title: Chief Financial Officer, General Counsel and Secretary
	
	ELANCE, INC.
		
	By	 	 /s/ Junko Swain

	Name: Junko Swain
	Title: Treasurer
	
	UPWORK GLOBAL INC.
		
	By	 	 /s/ Brian Levey

	Name: Brian Levey
	Title: Chief Financial Officer, General Counsel and Secretary
	
	UPWORK TALENT GROUP INC.
		
	By	 	 /s/ Junko Swain

	Name: Junko Swain
	Title: Treasurer
	
	BANK:
	
	SILICON VALLEY BANK
		
	By	 	 /s/ Sean Thompson

	Name: Sean Thompson
	Title: Vice President

  
 Signature Page to Loan
and Security Agreement 

 EXHIBIT A - COLLATERAL DESCRIPTION 

The Collateral consists of all of Borrower’s right, title and interest in and to the following personal property: 

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license
agreements, franchise agreements, General Intangibles (except as provided below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, certificates
of deposit, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired,
wherever located; and 
 all Borrower’s Books relating to the foregoing, and any and all claims, rights and interests in any of the
above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

Notwithstanding the foregoing, the Collateral does not include (a) more than 65% of the presently existing and hereafter arising issued
and outstanding shares of capital stock owned by Borrower of any Foreign Subsidiary which shares entitle the holder thereof to vote for directors or any other matter, provided that the Collateral shall include one hundred percent (100%) of the
issued and outstanding non-voting capital stock of such Subsidiary; (b) all shares of capital stock of Upwork Escrow Inc. for which Elance, Inc. is the beneficial owner which are pledged to the California
Department of Business Oversight; (c) consents, authorizations, approvals, orders, licenses, franchises, permits, certificates, accreditations, registrations, filings or notice (collectively, “Governmental Approvals”) issued by or
from any governmental or regulatory authority if granting a security interest or Lien thereon is prohibited or would expose Borrower to the risk of termination, revocation or any similar result with respect to such Governmental Approval; provided,
however, that upon termination of such prohibition, such interest shall immediately become Collateral without any action by Borrower or Bank (d) any interest of Borrower as a lessee or sublessee under a real property lease; (e) rights held
under a license or other contract that are not assignable by their terms without the consent of the licensor thereof (but only to the extent such restriction on assignment is enforceable under applicable law); provided, however, that
upon termination of such prohibition, such interest shall immediately become Collateral without any action by Borrower or Bank.; (f) any interest of Borrower as a lessee under an equipment lease if Borrower is prohibited by the terms of such lease
from granting a security interest in such lease or under which such an assignment or lien would cause a default to occur under such lease; provided, however, that upon termination of such prohibition, such interest shall immediately become
Collateral without any action by Borrower or Bank; or (f) any Intellectual Property; provided, however, the Collateral shall include all Accounts and all proceeds of Intellectual Property. If a judicial authority (including a U.S.
Bankruptcy Court) would hold that a security interest in the underlying Intellectual Property is necessary to have a security interest in such Accounts and such property that are proceeds of Intellectual Property, then the Collateral shall
automatically, and effective as of the Effective Date, include the Intellectual Property to the extent necessary to permit perfection of Bank’s security interest in such Accounts and such other property of Borrower that are proceeds of the
Intellectual Property. 
 Pursuant to the terms of a certain negative pledge arrangement with Bank, Borrower has agreed not to encumber any
of its Intellectual Property without Bank’s prior written consent. 

 EXHIBIT B 

COMPLIANCE STATEMENT 
  

					
	TO:	  	SILICON VALLEY BANK	  	Date:                             
	FROM:    	  	 UPWORK INC., ELANCE, INC., UPWORK GLOBAL INC.,

and UPWORK TALENT GROUP INC.
	  	

 Under the terms and conditions of the Loan and Security Agreement between Upwork Inc., Elance, Inc., Upwork
Global Inc., and Upwork Talent Group Inc. (each and together, jointly and severally, “Borrower”) and Bank (the “Agreement”), Borrower is in complete compliance for the period ending _______________ with all required
covenants except as noted below. Attached are the required documents evidencing such compliance, setting forth calculations prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying
letter or footnotes. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 

Please indicate compliance status by circling Yes/No under “Complies” column. 

 

					
	 Reporting Covenants
	  	 Required
	  	 Complies

	Monthly financial statements with Compliance Statement	  	Monthly within 30 days	  	Yes  No
			
	Annual financial statements (CPA Audited)	  	FYE within 180 days	  	Yes  No
			
	10-Q, 10-K and 8-K	  	Within 10 days after filing with SEC	  	Yes  No
			
	A/R & A/P Agings	  	Monthly within 30 days	  	Yes  No
			
	Borrowing Base Statement	  	Monthly within 30 days	  	Yes  No
			
	Board approved projections	  	FYE within 60 days and as amended/updated	  	Yes  No
			
	Recurring revenue cohort report	  	Quarterly within 30 days	  	Yes  No
	
	 The following Intellectual Property was registered after the Effective Date (if no registrations, state “None”)

                          
                                         
                                         
                                         
                   

  

													
	 Financial Covenant
	  	Required	 	  	Actual	 	  	Complies	 
	 Maintain as indicated:
	  				  				  			
	 Minimum Adjusted Quick Ratio
	  	 	1.30:1.00	 	  	 	:1.00	 	  	 	Yes  No	 
	 Minimum EBITDA
	  	 	*	 	  	$		 	  	 	Yes  No	 

  

	*	See Section 6.9(b) 

 The following financial covenant analyses and information set forth
in Schedule 1 attached hereto are true and accurate as of the date of this Compliance Statement. 
 The following are the exceptions with
respect to the statements above: (If no exceptions exist, state “No exceptions to note.”) 

                          
                                         
                                         
                                         
                                         
               

                          
                                         
                                         
                                         
                                         
               

 Schedule 1 to Compliance Statement 

In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. 

I. Adjusted Quick Ratio (Section 6.9(a)) 
  

	Required:	Maintain at all times, to be certified to Bank as of the last day of each month, an Adjusted Quick Ratio of equal to or greater than 1.30 to 1.00. Additionally, the component of Quick Assets which makes up
Borrower’s unrestricted and unencumbered cash in Deposit Accounts maintained with Bank shall be equal to or greater than Ten Million Dollars ($10,000,000). 

Actual: 
  

							
	 A.
	  	 Aggregate value of the unrestricted and unencumbered cash of Borrower in Deposit Accounts
maintained with Bank
	  	$	            	 
	 B.
	  	 Aggregate value of the unrestricted and unencumbered cash of Borrower in Deposit Accounts
maintained with financial institutions other than Bank subject to a Control Agreement in favor of Bank
	  	$	            	 
	 C.
	  	 Aggregate value of cash and Cash Equivalents of Upwork Escrow Inc.
	  	$	            	 
	 D.
	  	 Aggregate value of the accounts receivable of Borrower determined according to GAAP
	  	$	            	 
	 E.
	  	 Aggregate value of the accrued hourly billing liabilities of Borrower determined according to
GAAP
	  	$	            	 
	 F.
	  	 Quick Assets (line A plus line B plus line C plus line D minus line E)
	  	$	            	 
	 G.
	  	 Aggregate value of principal amount of Term Loans outstanding and Advances
	  	$	            	 
	 H.
	  	 Aggregate value of Borrower’s accounts payable determined according to GAAP
	  	$	            	 
	 I.
	  	 The sum of lines G and H
	  	$	            	 
	 J.
	  	 Adjusted Quick Ratio (line F divided by line I)
	  	 	:1.00	 

 Is line J equal to or greater than 1.30:1:00? 

             No, not in compliance
                                         
                                         
                   Yes, in compliance 
 Is line A equal to
or greater than $10,000,000? 
              No, not in
compliance                                        
                                         
                    Yes, in compliance 

 II. EBITDA (Section 6.9(b)) 
  

	Required:	Achieve, measured as of the last day of each fiscal quarter during the following periods, EBITDA of at least (loss not worse than) the following amounts: 

 

			
	Period	  	 Minimum EBITDA

(maximum loss)

	 Trailing three (3) month period ending September 30, 2017
	  	$500,000
	 Trailing six (6) month period ending December 31, 2017
	  	($3,000,000)
	 Trailing nine (9) month period ending March 31, 2018
	  	($6,000,000)
	 Trailing twelve (12) month period ending June 30, 2018
	  	($5,000,000)
	 Trailing twelve (12) month period ending September 30, 2018
	  	($4,000,000)
	 Trailing twelve (12) month period ending December 31, 2018
	  	($2,000,000)
	 Trailing twelve (12) month period ending March 31, 2019
	  	$1.00
	 June 30, 2019 and thereafter
	  	Bank and Borrower shall use reasonable efforts to mutually agree in good faith upon reasonable minimum EBITDA numbers consistent with past practices based on Borrower’s projections approved by the Board
delivered pursuant to Section 6.2(f); provided failure to so agree on or before March 31 of such fiscal year shall be an immediate Event of Default

 Actual: 
  

							
	 A.
	  	 Net Income
	  	$	            	 
	 B.
	  	 To the extent included in the determination of Net Income
	  			
		  	 1.  Interest Expense
	  	$	            	 
		  	 2.  Income tax expense
	  	$	            	 
		  	 3.  Depreciation expense
	  	$	            	 
		  	 4.  Amortization expense
	  	$	            	 

							
		  		  			
		  	 5.  Non-cash stock compensation
expense
	  	$	            	 
		  	 6.  Other non-operating non-cash income and expenses, excluding foreign currency gains/losses
	  	$	            	 
		  	 7.  Write-off or impairment of intangible
assets
	  	$	            	 
		  	 8.  Costs and expenses in connection with the repayment of Indebtedness owing to
Pacific Western Bank on the Effective Date
	  	$	            	 
		  	 9.  Costs and expenses in connection with the negotiation and preparation of the Loan
Agreement and the other Loan Documents
	  	$	            	 
		  	 10.  In respect of foreign currency gains/losses, (A) up to $500,000 in the
trailing three (3) month period ending September 30, 2017, (B) up to $750,000 in the trailing six (6) month period ending December 31, 2017 and the trailing nine (9) month period ending March 31, 2018, and (C) up to
$1,000,000 thereafter
	  	$	            	 
		  	 11.  Other non-cash expenses approved by Bank
in writing on a case-by-case basis
	  	$	            	 
		  	 12.  Sum of lines B.1 through B.12
	  	$	            	 
	 C.
	  	 EBITDA (line A plus line B.12)
	  	$	            	 

 Is line C at least (loss not worse than) $______________? 

             No, not in
compliance                                        
                                         
                Yes, in compliance 

 EXHIBIT C 

POST-CLOSING CONTROL AGREEMENTS 
  

							
	 Institution Name
	  	 Institution Address
	  	 Account Number
	  	 Name of Account Owner

	 Wells Fargo Bank N.A
	  	 Wells Fargo Bank, N.A. (182), PO Box 63020 San Francisco, CA 94163
	  		  	 Upwork Inc.

				
	 Wells Fargo Bank N.A
	  	 Wells Fargo Bank, N.A. (182), PO Box 63020 San Francisco, CA 94163
	  		  	 Upwork Inc.

				
	 Wells Fargo Bank N.A
	  	 Wells Fargo Bank, N.A. (182), PO Box 63020 San Francisco, CA 94163
	  		  	 Upwork Inc.

				
	 Wells Fargo Bank N.A
	  	 Wells Fargo Bank, N.A. (182), PO Box 63020 San Francisco, CA 94163
	  		  	 Upwork Inc.

				
	 Wells Fargo Bank N.A
	  	 Wells Fargo Bank, N.A. (182), PO Box 63020 San Francisco, CA 94163
	  		  	 Upwork Inc.

				
	 Wells Fargo Bank N.A
	  	 Wells Fargo Bank, N.A. (182), PO Box 63020 San Francisco, CA 94163
	  		  	 Upwork Inc.

				
	 Wells Fargo Bank N.A
	  	 Wells Fargo Bank, N.A. (182), PO Box 63020 San Francisco, CA 94163
	  		  	 Upwork Inc.

				
	 Wells Fargo Bank N.A
	  	 Wells Fargo Bank, N.A. (182), PO Box 63020 San Francisco, CA 94163
	  		  	 Upwork Inc.

				
	 CitiBank N.A
	  	 P.O. Box 6201, Sioux Falls, SD 57117-6201
	  		  	 Elance-ODesk, Inc./Upwork Inc.

				
	 Wells Fargo Bank N.A
	  	 Wells Fargo Bank, N.A. (182), PO Box 63020 San Francisco, CA 94163
	  		  	 Elance Inc.

 FIRST AMENDMENT 

TO 
 LOAN AND SECURITY
AGREEMENT 
 This First Amendment to Loan and Security Agreement (this “Amendment”) is entered into this
29th day of November, 2017 by and between (a) SILICON VALLEY BANK, a California corporation (“Bank”), and (b) UPWORK INC., a Delaware corporation, ELANCE, INC., a Delaware corporation, UPWORK GLOBAL
INC., a California corporation, and UPWORK TALENT GROUP INC., a Delaware corporation (each and together, jointly and severally, “Borrower”). 

RECITALS 

A. Bank and Borrower have entered into that certain Loan and Security Agreement dated as of September 19, 2017 (as amended, and as
the same may from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”). 
 B.
Bank has previously extended credit to Borrower for the purposes permitted in the Loan Agreement. 
 C. Borrower has requested that
Bank amend the Loan Agreement to make certain revisions to the Loan Agreement as more fully set forth herein. 
 D. Bank has agreed to
so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 

AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 

Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement. 

Amendments to Loan Agreement. 

Section 2.5. Section 2.5 is amended and restated in its entirety as follows: 

Section 2.5. Term Loans. 

2.5.1. Term Loan A 

(a) Availability. On the Effective Date, Bank made a term loan available to Borrower in the original principal amount
of Fifteen Million Dollars ($15,000,000) (the “Term Loan A”). After repayment, the Term Loan A (or any portion thereof) may not be reborrowed. 

 (b) Repayment. Commencing on the first Payment Date following the
Effective Date, and continuing on each Payment Date thereafter, Borrower shall make monthly payments of interest, in arrears, on the principal amount of the Term Loan A at the rate set forth in Section 2.7(a)(ii). Commencing on the first
Payment Date following the expiration of the Interest Only Period, and continuing on each Payment Date thereafter, Borrower shall repay the Term Loan A in (i) thirty-six (36) equal monthly
installments of principal, plus (ii) monthly payments of accrued interest as set forth above. All outstanding principal and accrued and unpaid interest under the Term Loan A, and all other outstanding Obligations with respect to the Term Loan
A, are due and payable in full on the Term Loan Maturity Date. 
 (c) Permitted Prepayment. Borrower shall have the
option to prepay all, but not less than all, of the Term Loan A, provided Borrower (i) delivers written notice to Bank of its election to prepay the Term Loan A at least ten (10) days prior to such prepayment, and (ii) pays, on the
date of such prepayment (A) the outstanding principal plus accrued and unpaid interest with respect to the Term Loan A, and (B) all other sums, if any, that shall have become due and payable with respect to the Term Loan A, including
interest at the Default Rate with respect to any past due amounts. 
 (d) Mandatory Prepayment Upon an Acceleration.
If the Term Loan A is accelerated by Bank following the occurrence and during the continuance of an Event of Default, Borrower shall immediately pay to Bank an amount equal to the sum of (i) all outstanding principal plus accrued and unpaid
interest with respect to the Term Loan A, and (ii) all other sums, if any, that shall have become due and payable with respect to the Term Loan A, including interest at the Default Rate with respect to any past due amounts. 

2.5.2 Term Loan B.  

(a) Availability. Subject to the terms and conditions of this Agreement, on the First Amendment Effective Date, Bank
shall make a term loan to Borrower in the original principal amount of Nine Million Dollars ($9,000,000) (the “Term Loan B”). After repayment, the Term Loan B (or any portion thereof) may not be reborrowed. 

 (b) Repayment. Commencing on the first Payment Date following the
Effective Date, and continuing on each Payment Date thereafter, Borrower shall make monthly payments of interest, in arrears, on the principal amount of the Term Loan B at the rate set forth in Section 2.7(a)(ii). Commencing on the first
Payment Date following the expiration of the Interest Only Period, and continuing on each Payment Date thereafter, Borrower shall repay the Term Loan B in (i) forty-seven (47) (forty-two (42) if the
Term Loan B Interest Only Extension Trigger is achieved) equal monthly installments of principal, plus (ii) monthly payments of accrued interest as set forth above. All outstanding principal and accrued and unpaid interest under the Term Loan
B, and all other outstanding Obligations with respect to the Term Loan B, including the Final Payment, are due and payable in full on the Term Loan Maturity Date.  

(c) Permitted Prepayment. Borrower shall have the option to prepay all, or any portion, of the Term Loan B, provided
Borrower (i) delivers written notice to Bank of its election to prepay the Term Loan B at least ten (10) days prior to such prepayment, and (ii) pays, on the date of such prepayment (A) the outstanding principal plus accrued and
unpaid interest with respect to the Term Loan B, and (B) all other sums, if any, that shall have become due and payable with respect to the Term Loan B, including the Final Payment (or the pro rata portion of the Final Payment which shall be
due and payable in connection with any partial prepayment by Borrower) and any interest at the Default Rate with respect to any past due amounts. The amount prepaid in connection with any partial prepayments shall be applied to the outstanding
principal remaining on a pro rata basis to reduce the remaining principal repayment schedule. 
 (d) Mandatory Prepayment
Upon an Acceleration. If the Term Loan B is accelerated by Bank following the occurrence and during the continuance of an Event of Default, Borrower shall immediately pay to Bank an amount equal to the sum of (i) all outstanding principal
plus accrued and unpaid interest with respect to the Term Loan B, and (ii) all other sums, if any, that shall have become due and payable with respect to the Term Loan B, including the Final Payment and any interest at the Default Rate with
respect to any past due amounts. 

 Section 2.7(a)(ii). Section 2.7(a)(ii) is amended and restated in
its entirety as follows: 
 “(ii) Term Loan. Subject to Section 2.7(b), (A) the principal amount outstanding under the Term
Loan A shall accrue interest at a floating per annum rate equal to one-quarter of one percent (0.25%) above the Prime Rate, which interest shall be payable monthly in accordance with Section 2.7(d) below
and (B) the principal amount outstanding under the Term Loan B shall accrue interest at a floating per annum rate equal to five and one-quarter of one percent (5.25%) above the Prime Rate, which interest
shall be payable monthly in accordance with Section 2.7(d) below.” 
 Section 2.8. Section 2.8 is
hereby amended by inserting the following clause (e) immediately after clause (d) thereof: 
 “(e) Final Payment. The
Final Payment, when due hereunder. 
 Section 5.10. Section 5.10 is hereby amended and restated as follows:

 “Borrower shall use the proceeds of (i) the Credit Extensions solely as working capital and to fund its general business
requirements and not for personal, family, household or agricultural purposes and (ii) Term Loan B (together with Advances in an amount not to exceed $10,500,000) solely for the 2017 Stock Repurchase.” 

Section 7.7. Section 7.7 is hereby amended and restated as follows: 

“(a) Pay any dividends or make any distribution or payment or redeem, retire or purchase any capital stock, provided that Borrower may
(i) convert any of its convertible securities into other securities pursuant to the terms of such convertible securities or otherwise in exchange thereof, (ii) pay dividends solely in common stock, (iii) repurchase the stock of
directors, employees or consultants pursuant to employee stock purchase plans, restricted stock agreements, rights or first refusal or other similar agreements so long as an Event of Default does not exist at the time of any such repurchase and
would not exist after giving effect to any such repurchase, provided that the aggregate amount of all such repurchases does not exceed One Hundred Thousand Dollars ($100,000) per fiscal year, (iv) consummate the 2017 Stock Repurchase; or
(b) directly or indirectly make any Investment (including, without limitation, by the formation of any Subsidiary) other than Permitted Investments, or permit any of its Subsidiaries to do so.” 

Section 13 (Definitions). The following new terms and their respective definitions are inserted alphabetically in
Section 13.1: 
 “2017 Stock Repurchase” is the repurchase of stock of existing investors of Borrower
other than pursuant to employee stock purchase plans, restricted stock agreements, rights of first refusal or other similar agreements in an aggregate amount not to exceed Nineteen Million Five Hundred Thousand Dollars ($19,500,000) on the First
Amendment Effective Date using proceeds of the Term Loan B in addition to certain proceeds attributable to Advances, which proceeds from Advances shall not exceed $10,500,000. 

 “Final Payment” is a payment (in addition to and not a
substitution for the regular monthly payments of principal plus accrued interest) due on the earliest to occur of (a) the Term Loan Maturity Date for the Term Loan B, or (b) the acceleration of the Term Loan B, or (c) the prepayment
of the Term Loan B pursuant to Section 2.5.2(c), equal to $101,250 (or the pro rata portion of such amount which shall be due and payable in connection with any partial prepayment by Borrower). 

“First Amendment Effective Date” is November 29, 2017. 

“Term Loan A” is defined in Section 2.5.1(a). 

“Term Loan B” is defined in Section 2.5.2(a). 

“Term Loan B Interest Only Extension Trigger” means the delivery to Bank of evidence reasonably satisfactory
to Bank demonstrating that Borrower has achieved EBITDA of at least One Million Dollars ($1,000,000) for the trailing six (6) month period ending on September 30, 2018. 

Section 13 (Definitions). The following terms and their respective definitions set forth in Section 13.1 are
amended in their entirety and replaced with the following: 
 “Adjusted Quick Ratio” means, for any date of
determination, the ratio of (a) Quick Assets, to (b) the sum of (i) the principal amount of Term Loan A outstanding and Advances plus (ii) Borrower’s accounts payable determined according to GAAP; for purposes of
clarity, the principal amount of Term Loan B outstanding shall not be included in the Adjusted Quick Ratio calculation. 

“Credit Extension” is any Advance, any Overadvance, Letter of Credit, FX Contract, amount utilized for Cash
Management Services, Term Loan A, Term Loan B or any other extension of credit by Bank for Borrower’s benefit. 

“Interest Only Period” is (i) with respect to the Term Loan A, the period of time commencing on the
Effective Date through the earlier to occur of (a) March 31, 2019 or (b) the occurrence of an Event of Default and (ii) with respect to the Term Loan B, the period of time commencing on the Effective Date through the earlier to
occur of (a) October 31, 2018 (or March 31, 2019 if the Term Loan B Interest Only Extension Trigger is achieved) or (b) the occurrence of an Event of Default. 

“Payment Date” is (a) with respect to any Term Loan, the first (1st) calendar day of each month and (b) with respect to Advances, the last calendar day of each month. 

 “Term Loan” is Term Loan A or Term Loan B, as the context may
require. 
 “Term Loan Maturity Date” is (i) with respect to the Term Loan A, the earlier to occur of
(a) the occurrence and continuance of an Event of Default or (b) three (3) years after the expiration of the Interest Only Period and (ii) with respect to the Term Loan B, the earlier to occur of (a) the occurrence and
continuance of an Event of Default or (b) forty-seven (47) (forty-two (42) if the Term Loan B Interest Only Extension Trigger is achieved) months after the expiration of the Interest Only Period.

 Exhibit B (Compliance Certificate). The Compliance Certificate is amended in its entirety and replaced with the
Compliance Certificate in the form of Exhibit B attached hereto. 
 Limitation of Amendments. 

The amendments set forth in Section 2 above are effective for the purposes set forth herein and shall be limited precisely as written and
shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or
in connection with any Loan Document. 
 This Amendment shall be construed in connection with and as part of the Loan Documents and all
terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as
follows: 
 Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents
are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date or time period, in which case they are true and correct as of such date or with
respect to such time period), and (b) no Event of Default has occurred and is continuing; 
 Borrower has the power and authority to
execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 
 The
organizational documents of Borrower delivered to Bank on the Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as
amended by this Amendment, have been duly authorized; 

 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its
obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any
order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 

The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as
amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding
on Borrower, except as already has been obtained or made; and 
 This Amendment has been duly executed and delivered by Borrower and is the
binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application
and equitable principles relating to or affecting creditors’ rights. 
 Ratification of Perfection Certificate. Borrower hereby
ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate dated as of September 19, 2017, and acknowledges, confirms and agrees that the disclosures and information Borrower
provided to Bank in such Perfection Certificate have not materially changed, as of the date hereof except as set forth on Schedule A. 

No Defenses of Borrower. Borrower hereby acknowledges and agrees that Borrower has no offsets, defenses, claims, or counterclaims
against Bank with respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against Bank, whether known or unknown, at law or in equity, all of them are hereby expressly
WAIVED and Borrower hereby RELEASES Bank from any liability thereunder. 
 Integration. This Amendment and the Loan Documents
represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this
Amendment and the Loan Documents merge into this Amendment and the Loan Documents. 
 Counterparts. This Amendment may be executed in
any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

Effectiveness. As a condition precedent to the effectiveness of this Amendment and the Bank’s obligation to make the Term Loan B
and further Advances under the Revolving Line, the Bank shall have received the following documents prior to or concurrently with this Amendment, each in form and substance acceptable to Bank: 

this Amendment duly executed by each party hereto; 

 Borrower’s payment of a fully earned, non-refundable
facility fee of Ninety Thousand Dollars ($90,000); and 
 Borrower’s payment of documented Bank Expenses (including reasonable
attorneys’ fees and expenses for documentation and negotiation of this Amendment), but only the amount by which such Bank Expenses exceed $10,000. 

a secretary’s certificate of Borrower with respect to such Borrower’s Operating Documents, incumbency, specimen signatures and
resolutions authorizing the execution and delivery of this Agreement and the other Loan Documents to which it is a party; 
 duly executed
signatures to the completed Borrowing Resolutions for Borrower; 
 such further documents as Bank may reasonably request to effect the
purposes of this Amendment. 
 [Signature page follows.] 

 IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be duly executed and delivered as of the date first written above. 
  

			
	BORROWER:
	
	UPWORK INC.
		
	By	 	 /s/ Brian Levey

	Name: Brian Levey
	Title: General Counsel and Secretary
	
	ELANCE, INC.
		
	By	 	 /s/ Junko Swain

	Name: Junko Swain
	Title: Treasurer
	
	UPWORK GLOBAL INC.
		
	By	 	 /s/ Brian Levey

	Name: Brian Levey
	Title: General Counsel and Secretary
	
	UPWORK TALENT GROUP INC.
		
	By	 	 /s/ Junko Swain

	Name: Junko Swain
	Title: Treasurer
	
	BANK:
	
	SILICON VALLEY BANK
		
	By	 	 /s/ Ashlee Kaji

	Name: Ashlee Kaji
	Title: Vice President

 EXHIBIT B 

COMPLIANCE STATEMENT 
  

					
	TO:	  	SILICON VALLEY BANK	  	Date:                             
	FROM:    	  	 UPWORK INC., ELANCE, INC., UPWORK GLOBAL INC.,

and UPWORK TALENT GROUP INC.
	  	

 Under the terms and conditions of the Loan and Security Agreement between Upwork Inc., Elance, Inc., Upwork
Global Inc., and Upwork Talent Group Inc. (each and together, jointly and severally, “Borrower”) and Bank (the “Agreement”), Borrower is in complete compliance for the period ending _______________ with all required
covenants except as noted below. Attached are the required documents evidencing such compliance, setting forth calculations prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying
letter or footnotes. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 
 Please indicate
compliance status by circling Yes/No under “Complies” column. 
  

					
	 Reporting Covenants
	  	 Required
	  	 Complies

	Monthly financial statements with Compliance Statement	  	Monthly within 30 days	  	Yes  No
			
	Annual financial statements (CPA Audited)	  	FYE within 180 days	  	Yes  No
			
	10-Q, 10-K and 8-K	  	Within 10 days after filing with SEC	  	Yes  No
			
	A/R & A/P Agings	  	Monthly within 30 days	  	Yes  No
			
	Borrowing Base Statement	  	Monthly within 30 days	  	Yes  No
			
	Board approved projections	  	FYE within 60 days and as amended/updated	  	Yes  No
			
	Recurring revenue cohort report	  	Quarterly within 30 days	  	Yes  No
	
	 The following Intellectual Property was registered after the Effective Date (if no registrations, state “None”)

                          
                                         
                                         
                                         
                   

  

													
	 Financial Covenant
	  	Required	 	  	Actual	 	  	Complies	 
	 Maintain as indicated:
	  				  				  			
	 Minimum Adjusted Quick Ratio
	  	 	1.30:1.00	 	  	 	:1.00	 	  	 	Yes  No	 
	 Minimum EBITDA
	  	 	*	 	  	$		 	  	 	Yes  No	 

  

	*	See Section 6.9(b) 

 The following financial covenant analyses and information set forth
in Schedule 1 attached hereto are true and accurate as of the date of this Compliance Statement. 
 The following are the exceptions with
respect to the statements above: (If no exceptions exist, state “No exceptions to note.”) 

                          
                                         
                                         
                                         
                                         
               

                          
                                         
                                         
                                         
                                         
               

                          
                               

 Schedule 1 to Compliance Statement 

In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. 

I. Adjusted Quick Ratio (Section 6.9(a)) 
  

	Required:	Maintain at all times, to be certified to Bank as of the last day of each month, an Adjusted Quick Ratio of equal to or greater than 1.30 to 1.00. Additionally, the component of Quick Assets which makes up
Borrower’s unrestricted and unencumbered cash in Deposit Accounts maintained with Bank shall be equal to or greater than Ten Million Dollars ($10,000,000). 

Actual: 
  

							
	 A.
	  	 Aggregate value of the unrestricted and unencumbered cash of Borrower in Deposit Accounts
maintained with Bank
	  	$	            	 
	 B.
	  	 Aggregate value of the unrestricted and unencumbered cash of Borrower in Deposit Accounts
maintained with financial institutions other than Bank subject to a Control Agreement in favor of Bank
	  	$	            	 
	 C.
	  	 Aggregate value of cash and Cash Equivalents of Upwork Escrow Inc.
	  	$	            	 
	 D.
	  	 Aggregate value of the accounts receivable of Borrower determined according to GAAP
	  	$	            	 
	 E.
	  	 Aggregate value of the accrued hourly billing liabilities of Borrower determined according to
GAAP
	  	$	            	 
	 F.
	  	 Quick Assets (line A plus line B plus line C plus line D minus line E)
	  	$	            	 
	 G.
	  	 Aggregate value of principal amount of the Term Loan A outstanding and Advances
	  	$	            	 
	 H.
	  	 Aggregate value of Borrower’s accounts payable determined according to GAAP
	  	$	            	 
	 I.
	  	 The sum of lines G and H
	  	$	            	 
	 J.
	  	 Adjusted Quick Ratio (line F divided by line I)
	  	 	:1.00	 

 Is line J equal to or greater than 1.30:1:00? 

             No, not in compliance
                                         
                                         
                   Yes, in compliance 
 Is line A equal to
or greater than $10,000,000? 
              No, not in
compliance                                        
                                         
                    Yes, in compliance 

 II. EBITDA (Section 6.9(b)) 
  

	Required:	Achieve, measured as of the last day of each fiscal quarter during the following periods, EBITDA of at least (loss not worse than) the following amounts: 

 

			
	Period	  	 Minimum EBITDA

(maximum loss)

	 Trailing three (3) month period ending September 30, 2017
	  	$500,000
	 Trailing six (6) month period ending December 31, 2017
	  	($3,000,000)
	 Trailing nine (9) month period ending March 31, 2018
	  	($6,000,000)
	 Trailing twelve (12) month period ending June 30, 2018
	  	($5,000,000)
	 Trailing twelve (12) month period ending September 30, 2018
	  	($4,000,000)
	 Trailing twelve (12) month period ending December 31, 2018
	  	($2,000,000)
	 Trailing twelve (12) month period ending March 31, 2019
	  	$1.00
	 June 30, 2019 and thereafter
	  	Bank and Borrower shall use reasonable efforts to mutually agree in good faith upon reasonable minimum EBITDA numbers consistent with past practices based on Borrower’s projections approved by the Board
delivered pursuant to Section 6.2(f); provided failure to so agree on or before March 31 of such fiscal year shall be an immediate Event of Default

 Actual: 
  

							
	 A.
	  	 Net Income
	  	$	            	 
	B.	  	 To   the extent included in the determination of Net Income
	  			
		  	 1.  Interest Expense
	  	$	            	 
		  	 2.  Income tax expense
	  	$	            	 
		  	 3.  Depreciation expense
	  	$	            	 
		  	 4.  Amortization expense
	  	$	            	 
		  	 5.  Non-cash stock compensation
expense
	  	$	            	 
		  	 6.  Other non-operating non-cash income and expenses, excluding foreign currency gains/losses
	  	$	            	 
		  	 7.  Write-off or impairment of intangible
assets
	  	$	            	 
		  	 8.  Costs and expenses in connection with the repayment of Indebtedness owing to
Pacific Western Bank on the Effective Date
	  	$	            	 
		  	 9.  Costs and expenses in connection with the negotiation and preparation of the Loan
Agreement and the other Loan Documents
	  	$	            	 
		  	 10.  In respect of foreign currency gains/losses, (A) up to $500,000 in the
trailing three (3) month period ending September 30, 2017, (B) up to $750,000 in the trailing six (6) month period ending December 31, 2017 and the trailing nine (9) month period ending March 31, 2018, and (C) up
to $1,000,000 thereafter
	  	$	            	 
		  	 11.  Other non-cash expenses approved by Bank
in writing on a case-by-case basis
	  	$	            	 
		  	 12.  Sum of lines B.1 through B.12
	  	$	            	 
	 C.
	  	 EBITDA (line A plus line B.12)
	  	$	            	 

 Is line C at least (loss not worse than) $______________? 

             No, not in
compliance                                        
                                         
                Yes, in compliance 

 Schedule A 

Pursuant to Section 5 of this Amendment and Section 5.1 of that certain Loan Agreement, the following are updates to the Perfection Certificate:

 1f. Upwork Inc. is registered to transact business as a foreign entity in California, Colorado, Florida, Georgia, Illinois, Oregon and Tennessee.

 4b. The table in Section 4b is amended as follows: 
  

					
	 Complete street and mailing address, including
county
	  	 Name of

Company/Subsidiary
	  	 Equipment/Inventory/other
Collateral

	441 Logue Avenue, Mountain View, CA 94043, Santa Clara County	  	 Upwork Inc.
	  	 Furniture and equipment

	475 Brannan Street, Suite 400 and 430, San Francisco, CA 94107, San Francisco County	  	 Upwork Inc.
	  	 Furniture and equipment

	224 N. Desplaines Street, Suite 350 and 400, Chicago, IL 60661, Cook COunty	  	 Upwork Inc.
	  	 Furniture and equipment

	Tordenskiolds gate 3, 0160 Oslo, Norway	  	 Elance Limited
	  	 Furniture and equipment

	241 Walsh Ave, Floor 1, Suite Note, Santa Clara, CA 95051, Santa Clara County	  	 Upwork Inc.
	  	 Servers and equipment

 6a. The entry for debt owed to Pacific Western Bank in the amount of $262,878 with a maturity date of June 30th, 2019 is deleted. 
 8. In the ordinary course of business from time to time, Borrower receives
threats of litigation from its users that include indefinite amounts of damages, however, to the Borrower’s knowledge, there is no threatened litigation or claims against Borrower that are reasonably expected to exceed $50,000 in liability. In
addition to the disclosures in the existing Perfection Certificate, Borrower received one complaint filed on November 13, 2017, MFA Oil Company, Janice Serpico and Tami Ensor vs. Upwork Global Inc., United States District Court for the Western
District of Missouri, Central Division, Case No. 2:17-cv-4222. No specific monetary demand was stated in the complaint, but Borrower believes all claims therein have no
merit. 
 Schedule 2(c) 
 Upwork’s updated
capitalization table as of November 21, 2017 was provided to Bank via email on November 21, 2017 and titled “11.21.17 Board Upwork Detailed Cap Reconciled.pdf” 

Schedule 11 
 Updates: 

Brian Kinion is Chief Financial Officer of Upwork Inc. and Upwork Global Inc. 

Brian Levey is General Counsel and Secretary of Upwork Inc. and Upwork Global Inc. and has tendered his resignation as Chief Financial Officer of Upwork Inc.
and Upwork Global Inc. 
 Zoe Harte is Senior Vice President, HR & Talent Innovation of Upwork Inc.EX-10.15

 Exhibit 10.15 

441 LOGUE AVENUE LEASE AGREEMENT 

by and between 
 441 LOGUE
AVENUE ASSOCIATES, LLC 
 (“Landlord”) 

and 
 ELANCE, INC.

 (“Tenant”) 

 BASIC LEASE INFORMATION 

 

					
	Lease Date:	  	March 27, 2007	  	
		
	LANDLORD:	  	 441 LOGUE AVENUE ASSOCIATES, LLC
 a
Delaware limited liability company

		
	Managing Agent:	  	DOSTART DEVELOPMENT COMPANY, LLC
		
	 Landlord’s and
 Managing Agent’s
Address:
	  	 c/o DOSTART DEVELOPMENT COMPANY, LLC

777 High Street
 Palo Alto, CA 94301

			
	TENANT:	  	 ELANCE, INC.
 a Delaware corporation
	  	
			
	Tenant’s Address:	  	FOR NOTICE	  	FOR BILLING
			
		  	 Elance, Inc.
 441 Logue Avenue, Suite 150

Mountain View, CA 94043
	  	 Elance, Inc.
 441 Logue Avenue, Suite 150

Mountain View, CA 94043

		
	Land:	  	The real property described in Exhibit “A-1”
		
	Building:	  	The two story building located at 441 Logue Avenue, Mountain View as shown on the site plan attached hereto as Exhibit “A-2”
			
	Suite:	  	150	  	
		
	Premises:	  	A portion of the first floor of the Building, as shown on the floor plans attached hereto in Exhibit “A”, including exclusive use of the side lobby.
		
	Rentable Area of the Premises:	  	14,889 rentable square feet. Square footage measurements were made to the outside face of exterior walls and to the center line of interior walls with no deductions for interior vertical penetrations.
			
	Rentable Area of the Building:	  	31,864 square feet.	  	
			
	Parking Spaces:	  	See Paragraph 34 of Lease.	  	
			
	Tenant’s Use of the Premises:	  	Office, research and development.	  	
			
	Lease Term:	  	Three (3) years (the “Term”).	  	
			
	Scheduled Commencement Date:	  	May 1, 2007.	  	
			
	Commencement Date:	  	See Paragraph 2(a) of Lease.	  	
		
	Expiration Date:	  	The date which is one day prior to the third anniversary of the Commencement Date.
			
	Rent Commencement Date:	  	May 1, 2007.	  	

  
 - i - 

					
	Tenant Allowance:	  	N/A.	  	
			
	Base Rent:	  	Months:	  	Rental Rate per rentable square foot per month:
	  	01-12	  	$2.25
	  	13-24:	  	$2.31
	  	25-36:	  	$2.39

					
		
		  	(All rent periods are calculated beginning from the Rent Commencement Date)
			
	Base Rent Adjustment:	  	See above	  	
			
	Tenant’s Prorata Share and Tenant’s Share of Expenses and Real Estate Taxes:	  	46.73%	  	
		
	Security Deposit:	  	See Paragraph 32
			
	Guarantor of Lease:	  	N/A	  	
		
	Broker:	  	Colliers International (Tenant) & CPS/Corfac International (Landlord)
			
	Broker’s Fee or Commission, If Any, Paid By:	  	Landlord	  	

 The foregoing Basic Lease Information is hereby incorporated into and made a
part of this Lease. Each reference in this Lease to any of the Basic Lease Information shall mean the respective information hereinabove set forth and shall be construed to incorporate all of the terms provided under the particular paragraph
pertaining to such information. In the event of any conflict between any Basic Lease Information and the Lease, the latter shall control. 
  

					
	Exhibit “A”	  	Premises	  	
	Exhibit “A-1”	  	Land	  	
	Exhibit “A-2”	  	Building	  	
	Exhibit “A-3”	  	Project	  	
	Exhibit “B”	  	Work Letter	  	
	Exhibit “C”	  	Rules and Regulations	  	
	Exhibit “D”	  	Commencement Date Memorandum	  	

 [SIGNATURES FOLLOW ON NEXT PAGE] 

  
 - ii - 

 
			
	LANDLORD:
	
	 441 LOGUE AVENUE ASSOCIATES, LLC,
 a
Delaware limited liability company

		
	By:	 	 /s/ Steve Dostart

	Name:	 	Steve Dostart
	Its:	 	Manager
		
	TENANT:	 	
	
	 ELANCE, INC.,
 a Delaware
corporation

		
	By:	 	 /s/ Fabio Rosati

	Name:	 	Fabio Rosati
	Its:	 	President & CEO
		
	By:	 	 /s/ Ved Sinha

	Name:	 	Ved Sinha
	Its:	 	VP, Product

  
 - iii - 

 LEASE AGREEMENT 

THIS LEASE AGREEMENT is made and entered into as of March 27, 2007, by and between 441 LOGUE AVENUE ASSOCIATES, LLC a
Delaware limited liability company, (herein called “Landlord”), and ELANCE, INC., a Delaware corporation, (herein called “Tenant”). 

Upon and subject to the terms, covenants and conditions hereinafter set forth, Landlord hereby leases to Tenant and Tenant hereby hires from
Landlord those premises (the “Premises”) consisting of the portion of the Building as shown on the floor plans attached hereto in EXHIBIT “A”, (hereinafter referred to as the “Building”). The land on which the Building
is located is described on attached EXHIBIT “A-1” (the “Land”), and the Building is shown on the site plan attached hereto in EXHIBIT
“A-2”. The Land, together with the Building, any and all other improvements is referred to as “Project” comprising the area substantially as cross hatched on the attached EXHIBIT “A-3”. The term “Common Area” shall mean all areas and facilities within the Project that are not designated by Landlord for the exclusive use of Tenant or any other tenant or other occupant of
the Project, including but not limited to the parking areas, access and perimeter roads, pedestrian sidewalks, landscaped areas, trash enclosures, recreation areas, common use facilities on the first floor (e.g. building electrical room) and the
like. Landlord shall permit Tenant, at no additional cost or expense to Tenant, to use the cubicals and phone system currently located in the Premises, in their current as-is condition, without representation
or warranty as their fitness for Tenant’s purposes. 
 1. OCCUPANCY AND USE. Tenant may use and occupy the Premises for
the purpose specified in the Basic Lease Information and for no other use or purpose without the prior written consent of Landlord, which consent shall not be unreasonably withheld, conditioned or delayed. Tenant shall be entitled to the use on a
nonexclusive basis (subject to Paragraph 34) of the Common Area with Landlord and other occupants (if any) of the Project in accordance with the Rules and Regulations established by Landlord from time to time. Tenant shall be deemed to occupy the
entire Premises as of the Commencement Date as determined in accordance with the provisions of Paragraph 2(a). 
 2. TERM AND
POSSESSION. 
 (a) The term of this Lease (the “Term”) shall commence on May 1, 2007 (the “Commencement
Date”) and, unless sooner terminated pursuant to the express provisions of this Lease, shall expire on the Expiration Date (as defined below). The “Expiration Date” shall be the day which is one day prior to the third anniversary of
the Commencement Date, unless the Lease is sooner terminated pursuant to the express provisions of this Lease. If Landlord, for any reason whatsoever, cannot deliver possession of the Premises to Tenant on the Scheduled Commencement Date, this Lease
shall not be void or voidable, nor shall Landlord be liable to Tenant for any loss or damage resulting therefrom. Notwithstanding the foregoing, if Landlord fails to deliver possession of the Premises to Tenant with all of Landlord’s Work (as
such term is defined in Section 2(b) below) substantially complete on or before May 1, 2007 (as extended day-for-day for each day of Tenant Delay or Force
Majeure Delay), then Tenant shall have the right to terminate this Lease by providing written notice to Landlord at any time within five (5) days after the expiration of such period. Within five (5) business days after the Commencement
Date, the parties shall execute a letter confirming the Commencement Date and certifying that Tenant has accepted delivery of the Premises, in the form attached hereto as EXHIBIT “D” (the “Commencement Date Memorandum”). Either
party’s failure to request execution of, or to execute, the Commencement Date Memorandum shall not in any way alter the Commencement Date. 

(b) Notwithstanding the provisions of Paragraph 2(a), Tenant shall be entitled to early occupancy of the Premises at any time after the full
execution of this Lease provided that (i) Tenant covenants and agrees that neither Tenant not Tenant’s employees, guests or invitees will interfere with the performance and completion of the Landlord’s Work, (ii) Landlord shall
have no liability to Tenant for delays in completing the Landlord’s Work which result from, are caused by or arise out of the interference by Tenant or Tenant’s employees, guests or invitees in the performance of the Landlord’s Work,
(iii) Tenant shall promptly comply with any and all requests made by Landlord or Landlord’s contractor(s) that Tenant remove its property from those areas in or around which Landlord is performing the Landlord Work, and (iv) Landlord
shall not be liable for, Tenant hereby waives all claims which Tenant may have against Landlord Parties (as such term is defined in Section 10(a) below), and Tenant agrees to indemnify and hold harmless for any injury or
damage to any person or property in or about the Premises 

  
 - 1 - 

 resulting from or arising out of or in connection with the performance of Landlord’s Work, including without
limitation interruption in the HVAC services provided to the Server room (unless arising from the negligence or willful misconduct of Landlord). Tenant’s early occupancy of the Premises shall be subject to all of the terms and conditions of
this Lease, provided that (i) the term shall not begin until the Commencement Date, and (ii) Tenant shall not be obligated to pay monthly base Rent for the period from the delivery of early occupancy of the Premises until the Rent
Commencement Date. 
 (c) Tenant shall accept the Premises in its “as-is” condition,
provided, however, that Landlord shall at its sole expense, in a good and workman-like manner, in compliance with applicable Laws and Regulations, and using Building standard materials and finishes, make those improvements to the Premises described
in the separate work letter (“Work Letter”) attached hereto as EXHIBIT “B” (collectively, the “Landlord’s Work”): 

(d) Landlord reserves from the leasehold estate hereunder (i) all exterior walls and windows bounding the Premises, and all space located
within the Premises for vertical penetrations, conduits, electric and all other utilities, air-conditioning, sinks or other Building facilities, the use thereof and access thereto through the Premises for
operation, maintenance, repair or replacement thereof, and (ii) the right from time to time, without unreasonable interference with Tenant’s use, to install, remove or relocate any of the foregoing for service to any part of the Building
to locations that will not materially interfere with Tenant’s use of the Premises, to have access to and use of areas or facilities located within the Premises and serving or providing services to other parts of the Building (such as, by way of
example only, risers, the plenum, the janitorial closet, and the elevator mechanical room located adjacent to the Building elevator), to make alterations or additions to the Building, to alter or relocate any other Common Area facility or any other
common facility, and to make changes or alterations therein or enlargements thereof, provided that such changes do not increase Tenant’s obligations under the Lease in any material respect. Landlord shall use commercially reasonable efforts to
minimize any material interference with Tenant’s business conducted at the Premises resulting from the performance of Landlord’s obligations under this Paragraph. Subject to the rights of Tenant specified in this Lease, Landlord shall have
the sole and exclusive right to possession and control of the Common Areas, all other public areas of the Project and the reserved areas or facilities described above in this Paragraph 2(d) which are located within the Premises. 

 

	3.	RENT; RENT ADJUSTMENTS; ADDITIONAL CHARGES FOR EXPENSES AND TAXES. 

 (a)
Monthly Base Rent. Commencing on May 1, 2007 (“Rent Commencement Date”), Tenant shall pay to Landlord throughout the Term the annual rental specified in the Basic Lease Information (“Base Rent”), which sum shall be
payable by Tenant in equal monthly installments on, or at Tenant’s election before, the first day of each month, in advance, in lawful money of the United States (without any prior demand therefor and without deduction or offset whatsoever,
except as expressly provided for in Paragraphs 12, 20 and 21) to Landlord or its managing agent at the address specified in the Basic Lease Information or to such other firm or to such other place as Landlord or its Managing Agent may from time to
time designate in writing. The first month’s rent shall be due upon Tenant’s execution of this Lease. Tenant shall pay to Landlord all charges and other amounts whatsoever as provided in this Lease (“Additional Charges”) at the
place where the Rent is payable and Landlord shall have the same remedies for a default in the payment of Additional Charges as for a default in the payment of Rent, subject to the notice and cure rights provided in Paragraph 19(a) of this Lease. If
the Rent Commencement Date should occur on a day other than the first day of a calendar month, or the Expiration Date should occur on a day other than the last day of a calendar month, then the Rent and Additional Charges for such fractional month
shall be prorated on a daily basis. 
 (b) Adjustments in Base Rent. The monthly Base Rent provided for in Paragraph 3(a) shall be
adjusted on each anniversary of the Commencement Date as provided in the Basic Lease Information. 
 (c) Additional Charges for Expenses
and Taxes. 
 (1) Definitions of Additional Charges: For purposes of this Paragraph 3(c), the following terms shall have the
meanings hereinafter set forth: 

  
 - 2 - 

 (A) “Tax Year” shall mean each twelve (12) consecutive month period
commencing January 1st of the calendar year during which the Commencement Date of this Lease occurs. 
 (B) “Tenant’s
Share” shall mean the percentage figure so specified in the Basic Lease Information. 
 (C) “Real Estate Taxes”
shall mean all taxes, assessments and charges levied upon or with respect to the Project or any personal property of Landlord which is required for, or which is of a decorative nature which is used in, the operation thereof, or Landlord’s
interest in the Project or such personal property. Real Estate Taxes shall include, without limitation, all general real property taxes and general and special assessments, charges, fees or assessments for police, fire or other governmental services
(including transit or housing fees imposed subsequent to the Commencement Date) or purported benefits to the Building (provided, however, that any refunds of Real Estate Taxes paid by Tenant (as part of Tenant’s Share of Real Estate Taxes)
shall be credited against the next installments of Rent due under this Lease, or, if this Lease has expired, shall be promptly refunded to Tenant), service payments in lieu of taxes, and any tax, fee or excise on the act of entering into this Lease,
or any other lease of space in the Building, or on the use or occupancy of the Building or any part thereof, or on the rent payable under any lease or in connection with the business of renting space in the Building, that are now or hereafter levied
or assessed against Landlord by the United States of America, the State of California, or any political subdivision, public corporation, district or any other political or public entity, and shall also include any other tax, fee or other excise,
however described, that may be levied or assessed as a substitute for, or as an addition to, in whole or in part, any other Real Estate Taxes, whether or not now customary or in the contemplation of the parties on the date of this Lease. Real Estate
Taxes shall also include reasonable legal fees, costs, and disbursements incurred in connection with proceedings to contest, determine or reduce Real Estate Taxes; provided that such fees, costs and disbursements do not exceed the actual savings in
Real Estate Taxes obtained by Tenant over the Term of the Lease. Real Estate Taxes shall not include: (i) succession, gift, estate, franchise, transfer, inheritance or capital stock taxes or income taxes measured by the net income of Landlord
from all sources; (ii) any impact fees, special assessments or other exactions imposed on Landlord as a condition to the initial development or construction of the Project; or (iii) any late payment charges and penalties imposed because of
Landlord’s late payment of Real Estate Taxes unless Tenant is in default with respect to its obligation to pay Rent at the time the installment of Real Estate Taxes for which the late payment charge or penalty is incurred was due. If any
assessments are levied on the Project, Tenant shall have no obligation to pay more than Tenant’s Share of the minimum installment of principal and interest that would become due during any Tax Year had Landlord elected to pay the assessment in
the maximum number of permissible installment payments, even if Landlord pays the assessment in full, provided, however, that Tenant shall not be responsible for any portion of an assessment levied against the Building as a result of any
improvement(s) made by or for another tenant (other than an assignee or sublessee of Tenant) of the Building or as a result of any specific use of the Building by another tenant. Landlord shall deliver copies of all assessment notices promptly after
receipt, but in no event later than forty five (45) days prior to the last day to file an appeal (provided that Landlord has received such notice by that date). In the event that Tenant desires to challenge the assessments levied against the
Project for Real Estate Taxes, Tenant shall provide written notice to Landlord of such intent. Landlord shall have a period of fifteen (15) days within which to notify Tenant of its election to (i) challenge the assessment or (ii) not
challenge the assessment. A lack of response from Landlord shall indicate that Landlord has elected to not challenge the assessment. If Tenant desires to directly challenge the assessment, it shall then notify Landlord of its intent to do so and
then Landlord shall cooperate fully with Tenant in its efforts to challenge such reassessment (including executing and filing, in Landlord’s name, any reasonable documentation necessary) so long as Tenant pays all costs of such challenge and
posts a bond or pays any other costs necessary to prevent a lien from being placed against the Project while such challenge is pending; provided, however, Landlord shall have the right to approve any such challenge, in advance, during the last two
(2) years of the Term, which approval shall not be unreasonably withheld. The benefit of any reduction in taxes during applicable periods shall accrue to Tenant. 

  
 - 3 - 

 (D) “Expenses” shall mean the total costs and reasonable expenses paid or
incurred by Landlord in connection with the management, operation, maintenance and repair of the Building, including, without limitation (i) the cost of air conditioning, electricity, heating, mechanical, ventilating and all other utilities and
the cost of supplies and equipment and maintenance and service contracts in connection therewith; (ii) the cost of repairs and general maintenance and cleaning; (iii) the cost of fire, extended coverage, boiler, sprinkler, public
liability, property damage, rental loss, earthquake (if available at commercially reasonable rates) and other insurance; (iv) management fees, reasonable legal fees, fees of all independent contractors engaged by Landlord directly related to
the operation of the Building or reasonably charged by Landlord if Landlord performs management services in connection with the Building, (though the management fee shall not exceed 3% of Base Rent); and (v) the cost (amortized in accordance
with the provisions of the next sentence) of any capital improvements made to the Building after the Commencement Date (a) as a labor saving device or to effect other economies in the operation or maintenance of the Building (from which a
reasonable person would anticipate that savings would actually result, but not in excess of the actual savings), (b) to repair or replace capital items which are no longer capable of providing the services required of them, or (c) that are made
to the Building (excluding improvements made to the premises of any other tenant) after the date of this Lease and are required under any governmental law or regulation that was not applicable to the Building as of the date the Lease was executed.
The cost of the foregoing capital improvements and any other capital improvements the cost of which is the responsibility of Tenant pursuant to this Lease, shall be amortized over the useful life of the capital item in question as determined in
accordance with generally accepted accounting principles (“GAAP”), but in no event over a longer period than ten (10) years, together with interest on the unamortized balance at the rate paid by Landlord on funds borrowed for the
purpose of constructing such capital improvements; or, if Landlord does not elect to borrow funds, at the “prime rate” of interest announced by the Wall Street Journal over the period the funds are advanced, plus two percent (2%)
(“Interest Rate”). Any “deductible” amounts relating to capital improvements required to be paid by Tenant hereunder in connection with any casualty policy carried by Landlord shall be amortized over the useful life of the
restoration work in accordance with GAAP; provided, however Tenant shall not be responsible for any deductible amounts in excess of the greater of (i) $10,000 or (ii) ten percent (10%) of the actual loss. 

Notwithstanding anything to the contrary herein contained, Expenses shall not include, and in no event shall Tenant have any obligation to
pay for pursuant to this Paragraphs 3 or 7(b), (aa) any costs in connection with the initial construction of the Project or acquisition of the Land on which the Building is located; (bb) the cost of providing tenant improvements to Tenant or any
other tenant; (cc) debt service (including, but without limitation, finance charges, interest, principal, any impound payments and late fees not reimbursed pursuant to Paragraph 3(d)) required to be made on any mortgage or deed of trust
recorded with respect to the Building and/or the real property on which the Building is located other than debt service and financing charges imposed pursuant to clause (v) of Paragraph 3(c)(1)(D); (dd) the cost of special services, goods or
materials provided to any tenant; (ee) depreciation; (ff) any management fee, regardless of whether paid to Landlord, its affiliate or any other party, which is in excess of three percent (3%) of Base Rent; (gg) costs occasioned by Landlord’s
fraud, gross negligence or willful misconduct under applicable laws; (hh) costs for which Landlord has a right of and has received reimbursement from others (including insurance reimbursements which Landlord would have been received through
Landlord’s insurance required to be carried under this Lease had Landlord complied with the provisions of Paragraph 10(f) below); (ii) costs to correct any construction or design defects in the original construction of the Premises, the
Building or the Project; (jj) repairs, replacement and upgrades made during the Term to the structural elements of the Building, (including the concrete tilt-up walls), roof structure (including the membrane),
foundation, plate glass (which breaks due to construction reasons as opposed to due to vandalism), and concrete slabs; (kk) any costs for which Landlord has indemnified Tenant pursuant to Paragraph 39; (ll) advertising or promotional costs;
(mm) leasing commissions; (nn) the cost of any repairs or replacements following a casualty to the extent they are reimbursed via insurance or to the extent any deductible amounts exceed the maximum deductible amounts noted in the preceding
paragraph; (oo) any costs of repairs or replacements caused by a condemning authority; (pp) rental payments for any Base Building equipment such as HVAC equipment, elevators and the like included in Landlord’s Work; (qq) legal expenses,
accounting expenses or consulting expenses of any kind not directly related to the management of the Building and Property (as opposed to the business of Landlord’s 

  
 - 4 - 

 partnership) or not expressly provided elsewhere in this Lease; (rr) any costs paid to affiliates or parties
related to Landlord for services or materials to the extent that such costs are in excess of the fair market amount for such services or materials (Landlord’s 3% management fee shall be deemed a market amount for such service); (ss) amounts for
which Landlord has indemnified Tenant elsewhere in this Lease and for fines, penalties and fees for late payments unless caused by Tenant’s failure to timely pay Rent and Additional Charges; (tt) repairs or construction necessitated by
violations of laws applicable to the Building as of the date the permits for the construction thereof were obtained; (uu) artwork; (vv) costs and expenses incurred by Landlord in connection with upgrading the Building (excluding the Premises) to
comply with disability or life insurance requirements, or life safety codes, ordinances, statutes or other laws, including without limitation the Americans with Disabilities Act, in effect at the time building permits were obtain for the
construction of the Building; (xx) costs of decorating, redecorating, or special cleaning or other services not provided on a regular basis to tenants of the Building; (yy) wages, salaries, fees, and fringe benefits paid to executive personnel
or officers or partners of Landlord; (zz) any charge for Landlord’s income taxes, excess profit taxes, franchise taxes, or similar taxes on Landlord’s business; (aaa) any costs for which Tenant or any other tenant in the building is being
charged other than pursuant to the operating expense provisions of such tenant’s lease (including without limitation the provisions of Section 3(c) hereof); (bbb) the cost of any repair made by Landlord because of the total or partial
destruction of the building or the condemnation of a portion of the Building to the extent such cost is covered by any policy of insurance which Landlord is required to maintain pursuant to the provisions of this Lease; (ccc) any increase in
insurance premiums to the extent that such increase is caused or attributable to the use, occupancy or act of another tenant; (ddd) the cost of any items for which Landlord is reimbursed by insurance or otherwise compensated by parties other than
tenants of the Building pursuant to clauses similar to this paragraph; (eee) any operating expense representing an amount paid to a related corporation, entity, or person which is in excess of the amount which would be paid in the absence of such
relationship; (fff) the cost of tools and equipment used in the initial construction of the Building; (ggg) the cost of any work or service performed for or facilities furnished to any tenant of the Building to a greater extent or in a manner more
favorable to such tenant than that performed for or furnished to Tenant; (hhh) the cost of any work or service performed for or facilities furnished for the account of, separately billed to, and paid by, specific tenants; (iii) the cost of
alterations of space in the Building leased to other tenants, (jjj) the cost of overtime or other expense to Landlord in curing its defaults or performing work expressly provided for in this Lease to be borne at Landlord’s expense; or (kkk)
ground rent or similar payments to a ground Lessor. 
 All costs and expenses shall be determined in accordance with generally accepted
real property management practices consistently applied (with accruals appropriate to Landlord’s business). 
 (E) “Expense
Year” shall mean each twelve (12) consecutive month period commencing January 1, 2007. 
 (2) Payment of Real Estate
Taxes: With reasonable promptness after Landlord has received the tax bills for any Tax Year, Landlord shall furnish Tenant with a statement which shall include a copy of the tax bill (herein called “Landlord’s Tax Statement”)
setting forth the amount of Real Estate Taxes for such Tax Year, and Tenant’s Share thereof. Unless otherwise required in Paragraph 3(c)(4) below, Tenant shall pay, subject to Tenant’s dispute rights in Paragraph 3(c)(1)(C), to Landlord
Tenant’s Share of actual Real Estate Taxes no later than thirty (30) days after billing by Landlord. In no event shall Landlord recapture more than 100% of the actual taxes. 

(3) Payment of Expenses: Commencing on the Commencement Date (or upon the date upon which Tenant commences the operation of its
business at the Premises if Landlord delivers early occupancy of the Premises pursuant to the provisions of Paragraph 2(b) above and Tenant so commences the operation of its business at the Premises prior to the Commencement Date), unless otherwise
provided for in Paragraph 3(a), Tenant shall pay to Landlord as Additional Charges one-twelfth (1/12th) of Tenant’s Share of Expenses for each Expense Year on or before the first day of each month of such
Expense Year, in advance, in an amount reasonably estimated by Landlord and billed by Landlord to Tenant, and Landlord shall have the right initially to determine monthly estimates and to revise such estimates from time to time, but in no event more
than twice each calendar year. As promptly as possible in the circumstances after the expiration of each Expense Year, 

  
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 Landlord shall furnish Tenant with a statement (herein called “Landlord’s Expense Statement”),
setting forth in reasonable detail the Expenses for such Expense Year and Tenant’s Share thereof. If Tenant’s Share of the actual Expenses for such Expense Year exceed the estimated Expenses paid by Tenant for such Expense Year, Tenant
shall pay to Landlord, subject to Tenant’s dispute rights in Paragraph 3(c)(1)(D), the difference between the amount paid by Tenant and Tenant’s Share of the actual Expenses within thirty (30) days after the receipt of Landlord’s
Expense Statement, and if the total amount paid by Tenant for any such Expense Year shall exceed Tenant’s Share of the actual Expenses for such Expense Year, such excess (together with interest on such excess if Landlord’s Expense
Statement is delivered later than ninety (90) days after the end of the Expense Year, at the Interest Rate from the date which is ninety (90) days after the end of the Expense Year until such excess has been credited or returned in full)
shall be credited against the next installment(s) of Rent due from Tenant to Landlord hereunder or if the Term has ended it shall be returned to Tenant within thirty (30) days. Any utility rebates for the Project which Landlord receives for
payments made by Tenant (as part of Tenant’s Share of Expenses) shall be forwarded to Tenant so long as such rebate is received within two years following the Expiration Date or sooner termination of the Lease. If it has been determined that
Tenant has overpaid Expenses during the last year of the Lease Term (including rebates of utilities applicable to Tenant), then Landlord shall reimburse Tenant for such overage on or before the thirtieth (30th) day following the date on which
Landlord makes such determination (together with interest on such overage if such determination is made later than ninety (90) days after the end of the Expense Year in which the Lease Term expires, at the Interest Rate from the date which is
ninety (90) days after the end of such Expense Year until such overage has been reimbursed in full). Any disputes pursuant to this Paragraph shall be settled pursuant to the arbitration provisions of this Lease. 

(4) Other: To the extent any item of Real Estate Taxes or Expenses is payable by Landlord in advance of the period to which it is
applicable due to (i) a requirement by Landlord’s lender for an escrow account (i.e. insurance and tax escrows required by Landlord’s Lender), or (ii) because prepayment to the third party billing authority is customary for the
service or matter (e.g. insurance or taxes), Landlord may (i) include such items in Landlord’s estimate for periods prior to the date such item is to be paid by Landlord and (ii) to the extent Landlord has not collected the full
amount of such item prior to the date such item is to be paid by Landlord, Landlord may include the balance of such full amount in a revised monthly estimate for Additional Charges. If the Commencement Date (or the date upon which Tenant commences
the operation of its business at the Premises if Landlord delivers early occupancy of the Premises pursuant to the provisions of Paragraph 2(b) above and Tenant so commences the operation of its business at the Premises prior to the Commencement
Date) or Expiration Date shall occur on a date other than the first day of a Tax Year and/or Expense Year, Tenant’s Share of Real Estate Taxes and Expenses, for the Tax Year and/or Expense Year in which the Commencement Date (or the date upon
which Tenant commences the operation of its business at the Premises if Landlord delivers early occupancy of the Premises pursuant to the provisions of Paragraph 2(b) above and Tenant so commences the operation of its business at the Premises prior
to the Commencement Date) occurs shall be prorated. 
 (5) Audit: Within one hundred eighty (180) days after receipt of any
Expense Statement or Tax Statement from Landlord, Tenant shall have the right to examine Landlord’s books and records relating to such Expense Statements and Tax Statements. In making such examination, Tenant agrees, and shall cause its agents
and employees conducting the examination to agree in writing, to keep confidential any and all information contained in such books and records, save and except that Tenant may disclose such information to a trier of fact in the event of any dispute
between Tenant and Landlord with regard to Additional Charges, provided that Tenant shall stipulate to such protective or other orders in the proceeding as may be reasonably required to preserve the confidentiality of such information. Such
inspection may be made either by employees of Tenant or by an accounting firm or audit firm selected by Tenant which is accustomed to engaging in such activity and which is not compensated on a contingent fee basis. All of the information obtained
through any such examination or audit and any compromise, settlement or adjustment reached between Landlord and Tenant relative to the results of such examination or audit shall be held in strict confidence by Tenant and any accounting or audit firm
selected by Tenant, except for any reasonably necessary disclosure in any litigation or arbitrating proceeding between Landlord and Tenant with respect to such examination or audit, to Tenant’s consultants, or as may be required by applicable
Laws. If Tenant determines, based on such audit, that Tenant believes that it has overpaid Expenses or Real Estate Taxes for the year covered by the applicable Expense Statement or Tax Statement, Tenant shall notify Landlord of its dispute within
two hundred ten (210) days after the date the applicable Expense Statement or Tax Statement was received by Tenant. All of the information obtained through any such examination or audit and any compromise, settlement or adjustment reached
between Landlord and Tenant relative to the results of such examination or audit 

  
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 shall be held in strict confidence by the Tenant and by any accounting or audit firm engaged by Tenant to perform
such examination or audit, except for any reasonably necessary disclosure in any litigation or arbitration between Landlord and Tenant regarding such examination or audit, to Tenant’s consultants, or as may be required by applicable Laws.
Following Tenant’s notice of dispute to Landlord, Landlord and Tenant shall, for a period of thirty (30) days thereafter, attempt to resolve the dispute. If the parties are unable to resolve the dispute within such thirty (30) day
period, the dispute shall be resolved by arbitration as provided in Paragraph 40 of this Lease. If Tenant prevails in any such arbitration proceeding, then Landlord shall promptly reimburse Tenant for such overage, and if such overage exceeds four
percent (4%) of the actual amount of Expenses or Real Estate Taxes paid by Landlord for the Tax or Expense Year covered by such audit, then Landlord shall bear the cost of such audit, up to a maximum cost of $5,000 and repay the overage with
interest at the Interest Rate. Additionally, if Tenant prevails in such arbitration, then Tenant shall have the right to audit the same expense or tax items during the previous three (3) years by giving to Landlord a written notice evidencing
Tenant’s election to exercise said right within fifteen (15) days after Tenant prevailed in the arbitration. Said audit shall be conducted pursuant to the provisions of this Paragraph. If Tenant fails to object to any such Expense
Statement or Tax Statement or request an independent audit thereof within such one hundred and eighty (180) day period, such Expense Statement and/or Tax Statement shall be final and shall not be subject to any audit, challenge or adjustment.

 (d) Late Charges. Tenant recognizes that late payment of any Base Rent or Additional Charges will result in administrative expenses
to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if any Base Rent or Additional Charges remain unpaid three (3) days after the date of written
notice from Landlord, the amount of such unpaid Base Rent or Additional Charges shall be increased by a late charge to be paid to Landlord by Tenant, as an Additional Charge, in an amount equal to five percent (5%) (or such greater amount not to
exceed six percent (6%) as may be charged by any Mortgagee for a late payment of a monthly mortgage payment) of the amount of the delinquent Base Rent or Additional Charges. In addition, any outstanding Base Rent, Additional Charges, late charges
and other outstanding amounts shall accrue interest at an annualized rate of the greater of 10% or the “prime”, “base”, “index” or “reference” rate of Bank of America NT&SA reported in the Wall Street
Journal as published on the last day of said five (5) business day period plus two percent (2%), but in no event greater than the maximum rate allowed by law (the “Default Rate”), until paid to Landlord; provided, however, that in the
event that Bank of America NT&SA shall cease to establish or publish a “prime”, “base”, “index” or “reference” rate, whether so denominated or otherwise named, the Default Rate shall be determined with
reference to the average of the “prime”, “base”, “index” or “reference” rate of Citibank N.A. and The Chase Manhattan Bank, N.A. (in the event either such banking institution publishes more than one such rate,
the rate used shall be the highest amount so published by such banking institution) as reported in the Wall Street Journal. Notwithstanding the foregoing, Landlord shall not be required to provide such notice more than two (2) times during any
two (2) year period during the Term, the late charge accruing with respect to the third such non-payment from the date which is three (3) days after the due date of such amount without the
requirement of notice from Landlord. Tenant agrees that such amount is a reasonable estimate of the loss and expense to be suffered by Landlord as a result of such late payment by Tenant and may be charged by Landlord to defray such loss and
expense. The provisions of this Paragraph 3(d) shall not relieve Tenant of the obligation to pay Base Rent or Additional Charges on or before the date on which they are due, or in any way affect Landlord’s remedies pursuant to Paragraph 19
[Landlord’s Remedies] if any Base Rent or Additional Charges are unpaid after they are due. 
 (e) Additional Rent. All sums
payable by Tenant hereunder other than Base Rent or Additional Charges shall be payable as, and are collectively referred to herein as, “Additional Rent.” 

4. RESTRICTIONS ON USE. Tenant shall not do or permit anything to be done in or about the Premises which will obstruct or
interfere with the rights of other tenants or occupants of the Building or the Project or injure or unreasonably annoy them, nor use or allow the Premises to be used for any unlawful purpose, nor shall Tenant cause or maintain or permit any nuisance
in, on or about the Premises. Tenant shall not commit or suffer the commission of any waste in, on or about the Premises. Said restrictions shall apply equally to all tenants or occupants of the Building and the Project. 

  
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 5. COMPLIANCE WITH LAWS. Tenant shall not use the Premises or permit anything to be
done in or about the Premises which will in any way conflict with any law, statute, ordinance or governmental rule or regulation now in force or which may hereafter be enacted or promulgated. Tenant shall not do or permit anything to be done in or
about the Premises or bring or keep anything therein which will in any way increase the rate of any insurance upon the Project or any of its contents (unless Tenant agrees to pay for such increase) or cause a cancellation of such insurance, and
Tenant shall at its sole cost and expense promptly comply with all laws, statutes, ordinances and governmental rules, regulations or requirements now in force or which may hereafter be in force and with the requirements of any board of fire
underwriters or other similar body now or hereafter constituted relating to or affecting the condition, use or occupancy of the Premises, to the extent required because of (i) Tenant’s unique use of the Premises, (ii) alterations or
improvements made by or for Tenant, or (iii) Tenant’s negligence or willful misconduct. The foregoing restrictions and obligations shall apply equally to all tenants or occupants of the Building. The provisions this Paragraph 5 shall in no
way limit Tenant’s obligation to pay Expenses as noted in Paragraph 3 of the Lease. The judgment of any court of competent jurisdiction or the admission of Tenant in an action against Tenant, whether Landlord be a party thereto or not, that
Tenant has so violated any such law, statute, ordinance, rule, regulation or requirement, shall be conclusive of such violation as between Landlord and Tenant. Landlord represents and warrants to Tenant that those portions of the Building which were
designed and built by Landlord shall comply with all applicable laws, rules, regulations, ordinances, building codes, and orders of any public authority, including without limitation those related to Hazardous Substances (as defined below) which are
in effect on the Commencement Date. 
 6. ADDITIONAL ALTERATIONS. Tenant shall be entitled to make alterations (“Minor
Alterations”) without Landlord’s consent so long as such alterations do not violate any of the four conditions set forth below (in the definition of Major Alterations) and do not exceed a cost of $10,000 in any calendar year. Tenant shall
not make or suffer to be made any additional alterations, additions or improvements, that exceed the dollar limitations set forth above or (i) materially affect the structure of the Building or its electrical, plumbing, HVAC or other systems,
(ii) are visible from the exterior of the Premises, (iii) are not consistent with Tenant’s permitted use hereunder, or (iv) are not commonly considered typical for customary office use and/or and research and development use
(“Major Alterations”) without the prior written consent of Landlord, which consent shall not be unreasonably withheld, conditioned or delayed. Failure of Landlord to give its disapproval within fifteen (15) calendar days after receipt
of Tenant’s written request for approval shall constitute approval by Landlord. Any alterations (whether Major Alterations or Minor Alterations) in, on or to the Premises, except for Tenant’s movable furniture and equipment, shall be the
property of Tenant during the Term and shall become Landlord’s property at the end of the Term without compensation to Tenant. All Minor Alterations shall be made by Tenant, at Tenant’s sole cost and expense, and, in the event Landlord
consents to any Major Alterations, such Major Alterations shall be made by Tenant at Tenant’s sole expense, in accordance with plans and specifications reasonably approved by Landlord, and any contractor or person selected by Tenant to make the
same must first be reasonably approved in writing by Landlord. Upon the expiration or sooner termination of the Term, Tenant shall upon demand by Landlord, at Landlord’s election either (i) at Tenant’s sole cost and expense, forthwith
and with all due diligence remove any Major Alterations made by or for the account of Tenant, designated by Landlord to be removed (provided, however, that upon the written request of Tenant prior to installation of such Major Alterations, Landlord
shall advise Tenant at that time whether or not such Major Alterations must be removed upon the expiration or sooner termination of this Lease), and restore the Premises to its original condition as of the Commencement Date, subject to normal wear
and tear and the rights and obligations of Tenant concerning casualty damage pursuant to Paragraph 20 or (ii) pay Landlord the reasonable estimated cost thereof. 

7. REPAIR AND MAINTENANCE. 

(a) Landlord shall be responsible for the following repair and maintenance obligations: (i) maintenance and repair of the exterior
(including glass), structural portions of the Building, roof structure (including membrane) and concrete slabs; (ii) repairs and maintenance of the Building systems for electrical, mechanical, HVAC serving the Premises or plumbing and all
controls appurtenant thereto; and (iii) parking areas, courtyards, sidewalks, entry ways, lawns, landscaping and other similar facilities of the Project. In emergency situations, Tenant shall have the authority to contact directly any venders
approved by Landlord and order repairs. In the event of a dispute between Landlord and Tenant concerning which party should pay for the cost of said repairs and maintenance, the dispute shall be resolved by arbitration pursuant to Paragraph 40 of
this Lease. 

  
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 (b) Tenant shall maintain and repair the interior portion of the Premises and any improvements
serving only the Premises, such as security systems, and any additional tenant improvements, alterations or additions installed by or on behalf of Tenant within the Premises, however, excluding any portions thereof which are structural in nature or
which are the obligation of Landlord under Paragraph 7(a). Tenant shall be responsible for the expense of installation, operation, and maintenance of its telephone and other communications cabling from the point of entry into the Building to the
Premises and throughout the Premises. Tenant hereby waives and releases its right to make repairs at Landlord’s expense under Sections 1941 and 1942 of the California Civil Code or under any similar law, statute or ordinance now or hereafter in
effect. In addition, Tenant hereby waives and releases its right to terminate this Lease under Section 1932(1) of the California Civil Code or under any similar law, statute or ordinance now or hereafter in effect. If Tenant fails after thirty
(30) days’ written notice by Landlord to proceed with due diligence to make repairs required to be made by Tenant, the same may be made by Landlord at the expense of Tenant and the reasonable expenses thereof incurred by Landlord shall be
reimbursed immediately as Additional Rent within thirty (30) days after submission of a bill or statement therefor; provided, however, that in the event of non-emergency repairs, Tenant shall have the
right to notify Landlord, in writing, within ten (10) business days of its receipt of Landlord’s written notice that Tenant disputes that said repairs should be made by Tenant. If Tenant provides such written notice to Landlord, Landlord
and Tenant shall, for a period of twenty (20) days thereafter, attempt to resolve the dispute. If the parties are unable to resolve the dispute within such twenty (20) day period, the dispute shall be resolved by arbitration pursuant to
Paragraph 40. Landlord shall not undertake any non-emergency repairs until the dispute is resolved. In the event that Landlord undertakes any emergency repairs, Tenant shall have the right to notify Landlord,
in writing, within ten (10) business days of the date Tenant learns of the emergency repairs, that Tenant disputes the need for such repairs or that the costs thereof are Landlord’s responsibility under this Lease. If Tenant notifies
Landlord of such dispute, Landlord and Tenant shall then for a period of twenty (20) days thereafter, attempt to resolve the dispute. If the parties are unable to resolve the dispute within such twenty (20) day period, the dispute shall be
resolved by arbitration pursuant to Paragraph 40. 
 (c) The purpose of Paragraphs 7(a) and 7(b) is to define the obligations of Landlord
and Tenant to perform various repair and maintenance functions; the allocation of the costs therefor are covered under this Paragraph 7(c) and Paragraph 3. Tenant shall bear the full cost of repairs or maintenance interior or exterior, structural or
otherwise, to preserve the Premises and the Building in good working order and condition, arising out of (i) the performance or existence of any alteration or modification to the Premises made by Tenant; (ii) the installation, use or
operation of Tenant’s property or fixtures; (iii) the moving of Tenant’s property or fixtures in or out of the Building or in and about the Premises; or (iv) except to the extent any claims arising from any of the foregoing are
reimbursed by insurance carried by Landlord (or would have been reimbursed by Landlord’s insurance required to be carried under this Lease had Landlord maintained the insurance required pursuant to Paragraph 10(f) of this Lease), are covered by
the waiver of subrogation in Paragraph 11 or are otherwise provided for in Paragraph 20, the acts, omissions or negligence of Tenant, or any of its servants, employees, contractors, agents, visitors, or licensees, or the particular use or particular
occupancy or manner of use or occupancy of the Premises by Tenant or any such person. 
 (d) Except to the extent any claims arising from any
of the foregoing are reimbursed by insurance carried by Landlord, are covered by the waiver of subrogation in Paragraph 11 or are otherwise provided for in Paragraphs 20 and 21, there shall be no abatement of Rent with respect to, and except for
Landlord’s gross. negligence or willful misconduct, Landlord shall not be liable for any injury to or interference with Tenant’s business arising from, any repairs, maintenance, alteration or improvement in or to any portion of the
Building, including the Premises, or in or to the fixtures, appurtenances and equipment therein. 
 8. LIENS. Tenant shall keep
the Premises free from any liens arising out of any work performed, material furnished or obligations incurred by Tenant. In the event that Tenant shall not, within twenty (20) days following the earlier of (i) the date that Tenant
actually learns of the imposition of any such lien or (ii) the date Tenant receives written notice of such lien from Landlord, cause the same to be released of record by payment or posting of a proper bond, Landlord shall have, in addition to
all other remedies provided herein and by law, the right, but not the obligation, to cause the same to be released by such means as it shall deem proper, including payment of the claim giving rise to such lien. All such sums paid by Landlord and all
expenses incurred by it in connection therewith shall be considered Additional Rent and shall be payable to it by Tenant on demand with interest at the Interest Rate. Landlord shall have the right at all times to post and keep posted on the Premises
any 

  
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notices permitted or required by law, or which Landlord shall deem proper, for the protection of Landlord, the Premises, the Building and any other party having an interest therein, from
mechanics’ and materialmen’s liens, and Tenant shall give notice to Landlord at five(5) business days’ prior notice of commencement of any construction on the Premises. 

9. ASSIGNMENT AND SUBLETTING. 

(a) Except as otherwise provided in this Paragraph 9, Tenant shall not directly or indirectly, voluntarily or by operation of law, sell,
assign, encumber, pledge or otherwise transfer or hypothecate all or any part of the Premises or Tenant’s leasehold estate hereunder (collectively, “Assignment”), or permit the Premises to be occupied by anyone other than Tenant or
sublet the Premises (collectively, “Sublease”) or any portion thereof without Landlord’s prior written consent in each instance, which consent shall not be unreasonably withheld or delayed by Landlord. Without otherwise limiting the
criteria upon which Landlord may withhold its consent to any proposed Sublease or Assignment, if Landlord withholds its consent where either (i) the creditworthiness of the proposed Sublessee or Assignee is not reasonably acceptable to Landlord
(e.g. there does not exist reasonable evidence that Sublessee or Assignee can pay the rent to be charged to Sublessee or Assignee) or, (ii) the proposed Sublessee’s or Assignee’s use of the Premises is not in compliance with the
allowed Tenant’s Use of the Premises as described in the Basic Lease Information, such withholding of consent shall be presumptively reasonable. If Landlord consents to the Sublease or Assignment, Tenant may thereafter enter into a valid
Sublease or Assignment upon the terms and conditions set forth in this Paragraph 9. 
 (b) If Tenant desires at any time to enter into an
Assignment of this Lease or a Sublease of the Premises or any portion thereof, it shall first give written notice to Landlord of its desire to do so, which notice shall contain (i) the name of the proposed assignee, subtenant or occupant;
(ii) the name of the proposed assignee’s, subtenant, or occupant’s business to be carried on in the Premises; (iii) the terms and provisions of the proposed Assignment or Sublease; (iv) in the case of a Sublease, the
arrangements which will exist for the establishment as Common Area of such portions of the Premises as may be necessary for ingress, egress, use of bathrooms, stairs and elevators, and similar rights of the proposed subtenant which will be necessary
for the use and enjoyment of the subleased premises and the compliance thereof will all applicable laws, and (v) such financial information as Landlord may reasonably request concerning the proposed assignee, subtenant or occupant. 

(c) At any time within ten (10) business days after Landlord’s receipt of the notice specified in Paragraph 9(b), Landlord may by
written notice to Tenant elect to (i) terminate this Lease as to the portion of the Premises that is specified in Tenant’s notice (so long as (A) the term of sublease (including any rights on the part of the sublessee to extend or
renew such term) as to the portion of the Premises involved will expire on or after the date which is six (6) months before the expiration of the Term, or (B) the named Tenant herein, any Transfer Entity (defined below) which who becomes
an Assignee through a Permitted Transfer (defined below), and any Affiliates thereof will not collectively occupy, after vacating the portion of the Premises which specified in Tenant’s notice, at least 5,000 useable square feet of the Building
pursuant to this Lease), with a proportionate abatement in Rent and Additional Charges, and Tenant will cooperate in the establishment of the “common areas” described in Tenant’s notice to Landlord; (ii) consent to the Sublease
or Assignment, which consent shall not be unreasonably withheld, conditioned or delayed; or (iii) disapprove the Sublease or Assignment setting forth the specific reasons therefor. Notwithstanding anything in this Paragraph 9(c) to the
contrary, Landlord shall not have the rights set forth in (i), (ii) and (iii) of this Paragraph 9(c) if the sublease is to an “Affiliate” (hereinafter defined) or if the sublease or assignment is made in connection with a
“Permitted Transfer” (hereinafter defined). In the event Landlord elects the options set forth in clause (i) above, with respect to a portion of the Premises, Tenant shall at all times provide reasonable and appropriate access to such
portion of the Premises and use of any common facilities, and Landlord shall have the right to use or relet such portion of the Premises for any legal purpose in its sole discretion. If Landlord consents to the Sublease or Assignment within said ten
(10) business day period, Tenant may thereafter within three hundred and sixty five (365) days after Landlord’s consent, but not later than the expiration of said three hundred and sixty five (365) days, enter into such
Assignment or Sublease of the Premises or portion thereof upon the terms and conditions set forth in the notice furnished by Tenant to Landlord pursuant to Paragraph 9(b). Failure by Landlord to either consent or refuse such consent to a proposed
assignment, encumbrance or sublease within the ten (10) business day time period specified above shall be deemed to be Landlord’s consent thereto. If Landlord has the right of recapture as described in clause (i) above in this
Paragraph 9(c) but does not exercise such right, profits from sublease or assignment shall be divided, and paid by the sublessee or assignee, fifty percent (50%) to Landlord 

  
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and fifty percent (50%) to Tenant, after deducting reasonable costs specifically related to the sublease of the Premises, including brokerage costs, reasonable legal fees and tenant improvements,
all to be amortized over the term of the sublease. Sublease profits are defined as the excess of the total rent paid by the subtenant (including operating cost reimbursements) over the total rent paid by Tenant to Landlord (including taxes,
insurance and operating expenses) for the prorata area of the space subleased. 
 (d) No consent by Landlord to any Assignment or Sublease by
Tenant shall relieve Tenant of any obligation to be performed by Tenant under this Lease, whether arising before or after the Assignment or Sublease. The consent by Landlord to any Assignment or Sublease shall not relieve Tenant from the obligation
to obtain Landlord’s express written consent to any other Assignment or Sublease. Any Assignment or Sublease that is not in compliance with this Paragraph 9 shall be void and, at the option of Landlord, shall constitute a material default by
Tenant under this Lease. The acceptance of Rent, Additional Charges or Additional Rent by Landlord from a proposed assignee or sublessee shall not constitute the consent to such Assignment or Sublease by Landlord. 

(e) The following shall be deemed a voluntary assignment of Tenant’s interest in this Lease: (i) any dissolution, merger, consolidation,
or other reorganization of Tenant; and (ii) if the capital stock of Tenant is not publicly traded, the sale or transfer to one person or entity stock possessing more than fifty percent (50%) of the total combined voting power of all classes of
Tenant’s stock issued, outstanding and entitled to vote for the election of directors. Notwithstanding anything to the contrary contained in this Paragraph 9, Tenant may enter into any of the following transfers (a “Permitted
Transfer”) without Landlord’s prior written consent and without being subject to Landlord’s termination or rent sharing rights provided in Paragraph 9(c) above: (1) Tenant may assign its interest in the Lease to a corporation,
partnership, professional corporation, limited liability company, or limited liability partnership (“Transfer Entity”) which results from a merger, consolidation or other reorganization, so long as the Transfer Entity has a net worth
immediately following such transaction that is equal to or greater than the net worth of Tenant both as of the date of this Lease and as of the date immediately prior to such transaction; and (2) Tenant may assign this Lease to a Transfer
Entity which purchases or otherwise acquires all or substantially all of the assets of Tenant, so long as such acquiring Transfer Entity has a net worth immediately following such transaction that is equal to or greater than the net worth of Tenant
as of the date immediately prior to such transaction. 
 (f) Each assignee, sublessee or other transferee shall assume, as provided in this
Paragraph 9(f), all obligations of Tenant under this Lease and shall be and remain liable jointly and severally with Tenant for the payment of Rent, Additional Charges and Additional Rent, and for the performance of all the terms, covenants,
conditions and agreements herein contained on Tenant’s part to be performed for the Term; provided, however, that the assignee, sublessee, mortgagee, pledgee or other transferee shall be liable to Landlord for rent only in the amount set forth
in the Assignment or Sublease and shall only be required to perform those obligations under the Lease to the extent that they relate to the portion of the Premises subleased or interest in the Lease assigned. No Assignment shall be binding on
Landlord unless the assignee or Tenant shall deliver to Landlord a counterpart of the Assignment and an instrument in recordable form that contains a covenant of assumption by the assignee satisfactory in substance and form to Landlord, consistent
with the requirements of this Paragraph 9(f), but the failure or refusal of the assignee to execute such instrument of assumption shall not release or discharge the assignee from its liability as set forth above. 

(g) Any other provision of this Paragraph 9 to the contrary notwithstanding, Tenant shall have the right, without Landlord’s consent but
upon written notice to Landlord given at least ten (10) days prior thereto and without being subject to Landlord’s termination or rent sharing rights provided in Paragraph 9(c) above, to assign Tenant’s interest in the lease or
sublease of all or any portion the Premises to an Affiliate (defined below) provided that (i) the Affiliate delivers to the Landlord concurrent with such Assignment a written notice of the Assignment and an assumption agreement whereby the
Affiliate assumes and agrees to perform, observe and abide by the terms, conditions, obligations, and provisions of this lease, and (ii) the entity remains an Affiliate at all times during the Term. No subletting or assignment by Tenant made
pursuant to this Paragraph 9(g) shall relieve Tenant of Tenant’s obligations under this Lease. As used herein, the term “Affiliate” shall mean and collectively refer to a corporation or other entity which controls, is controlled by or
is under common control with Tenant, by means of an ownership of either (i) more than fifty percent (50%) of the outstanding voting shares of stock or (ii) stock, partnership, membership or other ownership interests which provide the right to
control the operations, transactions and activities of the applicable entity. 

  
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 10. INSURANCE AND INDEMNIFICATION. 

(a) Landlord shall indemnify and hold Tenant harmless from and against (i) any and all claims or liability for any injury or damage to any
person or property including any reasonable attorney’s fees (but excluding any consequential damages or loss of business in all circumstances except where such claims or liability are caused by the willful misconduct of Landlord) occurring in,
on, or about the Project to the extent such injury or damage is caused by the negligence or willful misconduct of Landlord, its agents, servants, contractors, employees (collectively, including Landlord, “Landlord Parties”) and
(ii) any and all claims, losses, or liabilities, including damage to Tenant’s property fees (but excluding any consequential damages or loss of business) arising from any breach of this Lease by Landlord. 

(b) Landlord shall not be liable to Tenant, and Tenant hereby waives all claims against Landlord Parties for any injury or damage to any person
or property in or about the Premises by or from any cause whatsoever (other than the negligence or willful misconduct of Landlord Parties, including Landlord’s negligence or willful misconduct as related to construction or property management),
and without limiting the generality of the foregoing, whether caused by water leakage of any character from the roof, walls,, or other portion of the Premises or the Building, or caused by gas, fire, oil, electricity, or any cause whatsoever, in,
on, or about the Premises, the Building or any part thereof (other than that caused by the negligence or willful misconduct of Landlord Parties). Tenant acknowledges that any casualty insurance carried by Landlord will not cover loss of income to
Tenant or damage to the alterations in the Premises installed by Tenant or Tenant’s personal property located within the Premises. Tenant shall be required to maintain the insurance described in Paragraph 10(d) during the Term. In the event of
a discrepancy between the terms of this paragraph and the terms of Paragraph 39 of the Lease concerning Hazardous Substance liability, the latter shall control. Nothing in this Paragraph 10(b) is intended to nor shall it be deemed to override the
provisions of Paragraph 11. 
 (c) Except to the extent caused by the negligence or willful misconduct of Landlord Parties, Tenant shall
indemnify and hold Landlord harmless from and defend Landlord against any and all claims or liability for any injury or damage to any person or property whatsoever: (i) occurring in or on the Premises; (ii) occurring in, on, or about any
other portion of the Project to the extent such injury or damage shall be caused by the negligence or willful misconduct by Tenant, its agents, servants, employees, or invitees (collectively, including Tenant, “Tenant Parties”), or
(iii) arising from any breach of this Lease by Tenant. Tenant further agrees to indemnify and hold Landlord harmless from, and defend Landlord against, any and all claims, losses, or liabilities (including damage to Landlord’s property)
arising from (x) any breach of this Lease by Tenant and/or (y) the conduct of any work or business of Tenant Parties in or about the Project, including, but not limited to any release, discharge, storage or use of any hazardous substance,
hazardous waste, toxic substance, oil, explosives, asbestos, or similar material. In the event of a discrepancy between the terms of this Paragraph and the terms of Paragraph 39 of the Lease concerning Hazardous Substance liability, the latter shall
control. Nothing in this Paragraph 10(c) is intended to nor shall it be deemed to override the provisions of Paragraph 11. 
 (d) Tenant
shall procure at its cost and expense and keep in effect during the Term the following insurance: 
 (1) commercial general liability
insurance including contractual liability with a minimum combined single limit of liability of Three Million Dollars ($3,000,000). Such insurance shall name Landlord as an additional insured, shall specifically include the liability assumed
hereunder by Tenant, and is intended to be primary insurance, and not excess over or contributory with any other valid, existing, and applicable insurance in force for or on behalf of Landlord, and shall provide that Landlord shall receive thirty
(30) days’ written notice from the insurer prior to any cancellation or change of coverage; 
 (2) “all risk” property
insurance (including, without limitation, boiler and machinery (if applicable); sprinkler damage, vandalism and malicious mischief) on any Alterations installed in the Premises by or on behalf of Tenant all leasehold improvements installed in the
Premises by Tenant at its expense, and all of Tenant’s personal property, such insurance to include a building ordinance provision (as to those Alterations for which such a provision will apply). Such insurance shall be an amount equal to full
replacement cost of the aggregate of the foregoing and shall provide coverage comparable to the coverage in the standard ISO All Risk form, when such form is supplemented with the coverages required above, and shall name Landlord as a loss payee;

  
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 (3) worker’s compensation insurance; and 

(4) such other insurance as may be required by the law. 

All insurance policies required under this Paragraph 10(d) shall be issued by carriers each with a Best’s Insurance Reports policy
holder’s rating of not less than A and a financial size category, of not less than Class VIII. Tenant shall deliver policies of such insurance or certificates thereof to Landlord on or before the Commencement Date, and thereafter at any
time and from time-to-time within ten (10) business days after written request from Landlord. In the event Tenant shall fail to procure and keep such insurance in
full force and effect during the Term, or to deliver such policies or certificates within said time frame, Landlord may, at its option, procure same for the account of Tenant, and the cost thereof shall be paid to Landlord as Additional Rent within
five (5) business days after delivery to Tenant of bills therefor. 
 (e) The provisions of this Paragraph 10 shall survive the expiration or
termination of this Lease with respect to any claims or liability occurring prior to such expiration or termination. 
 (f) Landlord shall
maintain insurance on the Project against fire and risks covered by “all risk” (excluding earthquake and flood, though Landlord, at its option, may include this coverage provided it can be obtained at commercially reasonable rates) on a
100% of “replacement cost” basis (though reasonable deductibles may be included under such coverage). Landlord’s insurance: (i) shall cover the Building; (ii) not cover any Alterations installed in the Premises by or on
behalf of Tenant; (iii) shall have a building ordinance provision; and (iv) shall provide for rental interruption insurance covering a period of twelve (12) full months. In no event shall Landlord agree to any co-insurance obligations under any such policies (beyond standard deductibles). Landlord shall also maintain commercial general liability insurance including, without limitation, contractual liability coverage (or
with contractual liability endorsement) on an occurrence basis in amounts not less than Three Million Dollars ($3,000,000) per occurrence with respect to bodily injury or death and property damage. Notwithstanding the foregoing obligations of
Landlord to carry insurance, Landlord may modify the foregoing coverages if and to the extent it is commercially reasonable to do so. If Tenant disagrees that such coverage is commercially reasonable or believes it is not necessary, then Tenant
shall have the right to submit such matter to arbitration. In the event, however, that Tenant prevails in said arbitration and deductibles are increased, then Tenant shall be fully responsible for covering such increased deductibles in the event of
casualty. 
 11. WAIVER OF CLAIMS AND SUBROGATION. Notwithstanding anything to the contrary in this Lease, to the extent
that this waiver does not invalidate or impair their respective insurance policies, the parties hereto release each other and their respective agents, employees, successors, assignees and subtenants from all liability for injury to any person or
damage to any property that is caused by or results from a risk (i) which is actually insured against, to the extent of receipt of payment under such policy (unless the failure to receive payment under any such policy results from a failure of
the insured party to comply with or observe the terms and conditions of the insurance policy covering such liability, in which event, such release shall not be so limited), (ii) which is required to be insured against under this Lease, or
(iii) which would normally be covered by the standard form of “all risk-extended coverage” property and casualty insurance, without regard to the negligence or willful misconduct of the entity so released. Landlord and Tenant shall
each obtain from their respective insurers under all policies of fire, theft, and other property insurance maintained by either of them at any time during the Term insuring or covering the Project or any portion thereof of its contents therein, a
waiver of all rights of subrogation which the insurer of one party might otherwise, if at all, have against the other party, and Landlord and Tenant shall each indemnify the other against any loss or expense, including reasonable attorneys’
fees, resulting from the failure to obtain such waiver. 
 12. SERVICES AND UTILITIES. 

(a) Subject to the provisions elsewhere herein contained and to the Rules And Regulations, Tenant shall be responsible for arranging for, and
direct payment of the cost of recycling, janitorial, security, transportation management and mitigation programs, telephone, cable and digital services, and any garbage pickup, water, electricity, gas, or other utilities or services which are used
by or serve exclusively Tenant (i.e., utilities which are separately metered to the Premises or a portion thereof); and, Landlord shall cooperate with Tenant’s efforts to arrange such services. In addition, Landlord shall be obligated to
provide HVAC service to the Building, including 

  
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the Premises, and to provide storm sewer and drainage services for the Project, pursuant to the terms of EXHIBIT “B”. Tenant agrees at all times to cooperate fully with Landlord and to
abide by all the reasonable regulations and requirements which Landlord may prescribe for the proper functioning and protection of the heating, ventilating and air conditioning system. 

(b) Landlord shall, subject to the provisions elsewhere herein contained and to the Rules And Regulations, be responsible for arranging for
(subject to Landlord’s right to reimbursement pursuant to the provisions of Paragraph 3(c)) the following to be provided to the Common Area: 

(1) Hot and cold water, electricity, central heat and air conditioning in season, at such temperatures and in such amounts as are considered
by Landlord to be standard or as may be permitted or controlled by applicable laws, ordinances, rules and regulations; 
 (2) Routine
maintenance and repairs; and 
 (3) Lamps, bulbs and ballasts. 

(4) Additionally, Landlord shall, subject to the provisions elsewhere herein contained and to the Rules And Regulations, be responsible for
arranging for (subject to Landlord’s right to reimbursement pursuant to the provisions of Paragraph 3(c)) (i) utilities and services to be provided outside of the Building, and (ii) any garbage pickup, water, electricity, gas, or other
utilities or services which are used by or serve both Tenant and one or more other tenants in the Building (i.e., utilities which are not separately metered to the Premises or a portion thereof). 

(c) Unless such apparatus or device is included in Tenant’s space plans approved by Landlord, Tenant will not without the written consent
of Landlord, which consent shall not be unreasonably withheld, conditioned or delayed, use any apparatus or device in the Premises which, when used, puts an excessive load (i.e., materially beyond the designed building load) on the Building or its
structure or systems, including, without limitation, electronic data processing machines and other machines using excess lighting or voltage in excess of the amount for which the Building is designed without providing the necessary (in
Landlord’s reasonable discretion) alteration necessary for the safe and adequate operation of said apparatus or device. 
 (d) If, in
Landlord’s reasonable opinion, Tenant’s use of any utility or service provide by Landlord to the Building is in excess of the customary usage by a tenant using similar office space in the Mountain View area for similar uses as the
Permitted Uses (including without limitation uses occurring if other than Business Hours), Tenant shall pay Landlord the cost of providing such additional utility or service, together with all costs incurred by Landlord in determining the charges to
be paid by Tenant, within ten (10) days following presentation of an invoice therefor by Landlord to Tenant. The cost chargeable to Tenant for all extra utilities and/or services shall constitute Additional Rent. 

(e) The HVAC system for the first floor shall automatically run Monday through Friday from 7:00 a.m. to 6:00 p.m. (“Business
Hours”). Tenant shall have an after-hours switch to activate the HVAC system on the first floor of the Building during non-Business Hours. The cost of non-Business
Hour operation of the HVAC system shall be borne by Tenant at Landlord’s direct cost with no mark-up from Landlord. In addition, Landlord shall reasonably allocate the variable expenses for services and
utilities provided by Landlord in the Building (e.g. utilities, HVAC) among the tenants in the Building depending on their actual usage and shall use reasonable efforts to allocate after-hours charges if multiple tenants are using the system
concurrently on a predictable and consistent basis. 
 (f) Landlord shall not be in default hereunder, nor be deemed to have evicted Tenant,
nor be liable for any damages directly or indirectly resulting from, nor shall the rental herein reserved be abated by reason of (i) the installation, use or interruption of use of any equipment in connection with the foregoing utilities and
services; (ii) failure to furnish or delay in furnishing any services to be provided by Landlord when such failure or delay is caused by Acts of God or the elements, labor disturbances of any character, any other accidents or other conditions
beyond the reasonable control of Landlord (any of the foregoing, “Force Majeure”), or by the making of 

  
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repairs or improvements to the Premises or to the Building; or (iii) the limitation, curtailment, rationing or restriction on use of water or electricity, gas or any other form of energy or
any other service or utility whatsoever serving the Premises or the Building. The foregoing shall not, however, be deemed to limit Landlord’s liability for any of the acts or events described in the immediately preceding sentence which result
from or are caused by Landlord’s gross negligence or willful misconduct. Furthermore, Landlord shall be entitled to cooperate voluntarily in a reasonable manner with the efforts of national, state or local governmental agencies or utilities
suppliers in reducing energy or other resources consumption. 
 13. TENANT’S CERTIFICATES. Tenant shall, at any
time and from time to time, within ten (10) business days from receipt of written notice from Landlord, execute estoppel certificates addressed to (i) any Mortgagee or prospective Mortgagee of Landlord, (ii) any purchaser or
prospective purchaser of all or any portion of, or interest in, the Project, or (iii) any party acquiring an interest in Landlord, on a form specified by Landlord, certifying as to such facts (if true) and agreeing to such notice provisions and
other matters as such Mortgagee(s) or purchaser(s) may reasonably require; provided, however, that in no event shall any such estoppel certificate require an amendment of the provisions hereof. It is intended that any such certificate of Tenant
delivered pursuant to this Paragraph 13 may be relied upon by Landlord and any Mortgagee or purchaser, or prospective Mortgagee or purchaser. If requested by Tenant, Landlord shall provide Tenant with a similar certificate. 

14. HOLDING OVER. Any holding over after the expiration of the Term with the consent of Landlord shall be construed
to be a tenancy from month to month at one hundred twenty-five percent (125%) of the Rent herein specified together with an amount estimated by Landlord for the monthly Additional Charges payable under this Lease, and shall otherwise be on the terms
and conditions herein specified so far as applicable. Any holding over without Landlord’s consent shall constitute a default by Tenant and entitle Landlord to re-enter the Premises as provided in
Paragraph 19. 
 15. SUBORDINATION. Without the necessity of any additional document being executed by Tenant for the
purpose of effecting a subordination, this Lease shall be subject and subordinate at all times to: (i) all ground leases or underlying leases which may now exist or hereafter be executed affecting the Building or the land upon which the
Building is situated or both; and (ii) the lien of any mortgage or deed of trust which may now exist or hereafter be executed in any amount for which the Building, land, ground leases or underlying leases, or Landlord’s interest or estate
in any of said items, is specified as security. Notwithstanding the foregoing, Landlord shall have the right to subordinate or cause to be subordinated any such ground leases or underlying leases or any such liens to this Lease. In the event that
any ground lease or underlying lease terminates for any reason or any mortgage or deed of trust is foreclosed or a conveyance in lieu of foreclosure is made for any reason, Tenant shall, notwithstanding any subordination, attorn to and become the
Tenant of the successor in interest to Landlord at the option of such successor in interest. Tenant covenants and agrees to execute and deliver upon demand by Landlord any additional documents, in commercially reasonably form,
evidencing the priority or subordination of this Lease with respect to any such ground leases or underlying leases or the lien of any such mortgage or deed of trust. Tenant shall execute, deliver and record any such documents within twenty
(20) days after Landlord’s written request, provided such documents are reasonably acceptable to Tenant. 
 16. RULES AND
REGULATIONS. Tenant shall faithfully observe and comply with the rules and regulations attached to this Lease as EXHIBIT “C” and all reasonable, non-discriminatory modifications
thereof and additions thereto from time to time put into effect by Landlord. Landlord shall not be responsible for the nonperformance by any other Tenant or occupant of the Building or the Project of any said rules and regulations. Subject to
reasonable exclusions, Landlord shall apply the Rules and Regulations to all tenants in the Building in a non-discriminatory manner. In the event of an express and direct conflict between the terms, covenants,
agreements and conditions of this Lease and those set forth in the rules and regulations, as modified and amended from time to time by Landlord, this Lease shall control. 

17. RE-ENTRY BY LANDLORD. Landlord reserves and shall at all reasonable times,
upon reasonable prior notice (twenty-four (24) hours), except in the case of an emergency, and subject to Tenant’s reasonable security precautions and the right of Tenant to accompany Landlord at all times, have the right to re-enter the Premises to inspect the same, to supply janitor service and any other service to be provided by Landlord to Tenant hereunder (unless Tenant is supplying such service), to show the Premises to
prospective purchasers, mortgagees or tenants (as to prospective tenants, only during the last six (6) months of the Lease Term), to post 

  
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 notices of non-responsibility or as otherwise required or allowed by this
Lease or by law, and to alter, improve (in the case of to alter or improve the interior of the Premises, such entry shall only be in the event so required by laws or by Paragraph 7) or repair the Premises and any portion of the Building which
Landlord is obligated to or has the right to alter, improve or repair pursuant to the terms of this Lease and may for that purpose erect, use, and maintain scaffolding, pipes, conduits, and other necessary structures in and through the Premises
where reasonably required by the character of the work to be performed. Landlord shall not be liable in any manner for any inconvenience, disturbance, loss of business, nuisance or other damage arising from Landlord’s entry and acts pursuant to
this Paragraph and Tenant shall not be entitled to an abatement or reduction of rent or Additional Charges if Landlord exercises any rights reserved in this Paragraph. Tenant hereby waives any claim for damages for any injury or inconvenience to or
interference with Tenant’s business, any loss of occupancy or quiet enjoyment of the Premises, and any other loss occasioned thereby, except for Landlord’s negligence or willful misconduct. For each of the aforesaid purposes, Landlord
shall at all times have and retain a key with which to un-lock all of the doors in, upon and about the Premises, excluding Tenant’s vaults and safes, or special security areas (designated in advance), and
Landlord shall have the right to use any and all means which Landlord may deem necessary or proper to open said doors in an emergency, in order to obtain entry to any portion of the Premises, and any entry to the Premises, or portion thereof
obtained by Landlord by any of said means, or otherwise, shall not under any emergency circumstances be construed or deemed to be a forcible or unlawful entry into, or a detainer of, the Premises, or an eviction, actual or constructive, of Tenant
from the Premises or any portions thereof. Landlord shall use best efforts during re-entry to not unreasonably interfere with Tenant’s use of the Premises or its business conducted therein. 

18. INSOLVENCY OR BANKRUPTCY. The appointment of a receiver to take possession of all or substantially all of the assets
of Tenant, or a general assignment of Tenant for the benefit of creditors, or any action taken or suffered by Tenant under any insolvency, bankruptcy, reorganization or other debtor relief proceedings, whether now existing or hereafter amended or
enacted, shall at Landlord’s option constitute a breach of this Lease by Tenant unless a petition in bankruptcy, or receiver attachment, or other remedy pursued by a third party is discharged within ninety (90) days. Upon the happening of
any such event or at any time thereafter, this Lease shall terminate five (5) days after written notice of termination from Landlord to Tenant. In no event shall this Lease be assigned or assignable by operation of law or by voluntary or
involuntary bankruptcy proceedings or otherwise and in no event shall this Lease or any rights or privileges hereunder be an asset of Tenant under any bankruptcy, insolvency, reorganization or other debtor relief proceedings. 

19. DEFAULT. 
 (a)
The failure to perform or honor any covenant, condition or representation made under this Lease shall constitute a “default” hereunder by Tenant upon expiration of the appropriate cure period hereinafter provided. Tenant shall have a
period of three (3) business days from the date of written notice from Landlord (which notice shall be in lieu of and not in addition to the notice required by Section 1161 of the California Code of Civil Procedure) within which to cure
any default in the payment of Rent, Additional Charges or Additional Rent. Tenant shall have a period of thirty (30) days from the date of written notice from Landlord within which to cure any other default under this Lease; provided, however,
that with respect to any default other than the payment of Rent, Additional Charges or Additional Rent that cannot reasonably be cured within thirty (30) days, the default shall not be deemed to be uncured if Tenant commences to cure within
thirty (30) days from Landlord’s notice and continues to prosecute diligently the curing thereof. Upon an uncured default of this Lease by Tenant, Landlord shall have the following rights and remedies in addition to any other rights or
remedies available to Landlord at law or in equity: 
 (1) The rights and remedies provided by California Civil Code, Section 1951.2,
including but not limited to, recovery of the worth at the time of award of the amount by which the unpaid Rent, Additional Charges and Additional Rent for the balance of the Term after the time of award exceeds the amount of rental loss for the
same period that the Tenant proves could be reasonably avoided, as computed pursuant to subsection (b) of said Section 1951.2; 

(2) The rights and remedies provided by California Civil Code, Section 1951.4, that allows Landlord to continue this Lease in effect and
to enforce all of its rights and remedies under this Lease, including the right to recover Rent, Additional Charges and Additional Rent as they become due, for so long as Landlord does not terminate Tenant’s right to possession; provided,
however, if Landlord elects to exercise its 

  
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remedies described in this Paragraph 19(a)(2) and Landlord does not terminate this Lease, Tenant shall continue to have the right to Assign or Sublease in accordance with all of the provisions of
Paragraph 9 of this Lease. Acts of maintenance or preservation, efforts to relet the Premises or the appointment of a receiver upon Landlord’s initiative to protect its interest under this Lease shall not constitute a termination of
Tenant’s rights to possession; 
 (3) The right to terminate this Lease by giving notice to Tenant in accordance with applicable law;

 (4) If Landlord elects to terminate this Lease, the right and power to enter the Premises and remove therefrom all persons and property
and, to store such property in a public warehouse or elsewhere at the cost of and for the account of Tenant pursuant to applicable California law. 

(b) Landlord shall have a period of thirty (30) days from the date of written notice from Tenant within which to cure any default under
this Lease; provided, however, that with respect to any default that cannot reasonably be cured within thirty (30) days, the default shall not be deemed to be uncured if Landlord commences to cure within thirty (30) days from Tenant’s
notice and continues to prosecute diligently the curing thereof. Tenant agrees to give any Mortgagee and/or Trust Deed Holders (“Mortgagee”), by Registered Mail, a copy of any Notice of Default served upon the Landlord, provided that prior
to such notice Tenant has been notified in writing, (by way of Notice of Assignment of Rents and Leases, or otherwise) of the address of such Mortgagee. Tenant further agrees that if Landlord shall have failed to cure such default within the time
provided for in this Lease, then the Mortgagee shall have an additional thirty (30) days (provided that Tenant notifies Mortgagee concurrently with Tenant’s notice to Landlord at the beginning of Landlord’s thirty (30) day
period; otherwise Mortgagee shall have sixty days from the date on which it is noticed) within which to cure such default or if such default cannot be cured within that time, then such additional time as may be necessary to cure such default shall
be granted if within such applicable period Mortgagee has commenced and is diligently pursuing the remedies necessary to cure such default (including, but not limited to, commencement of foreclosure proceedings, if necessary to effect such cure), in
which event the Lease shall not be terminated while such remedies are being so diligently pursued; provided, however, if such default causes a material interference with Tenant’s use of and enjoyment of the Premises, such additional time for
Mortgagee shall be limited to an additional thirty (30) days. 
 20. DAMAGE BY FIRE, ETC. If the
Premises or the Building are damaged by fire or other casualty Landlord shall forthwith repair the same, provided that Tenant does not elect to terminate this Lease as provided for below and further provided that such repairs can be made within six
(6) months after the date of such damage under the laws and regulations of the federal, state and local governmental authorities having jurisdiction thereof. The scope of the work which Landlord shall repair shall include the Landlord’s
Work but shall exclude any Alterations installed in the Premises by or on behalf of Tenant. In such event, this Lease shall remain in full force and effect except that Tenant shall be entitled to a proportionate reduction of Rent, Additional Charges
and Additional Rent from the date of such damage and while such repairs to be made hereunder by Landlord are being made. Such reduction of rent, if any, shall be based upon the greater of (i) the proportion that the area of the Premises
rendered untenantable by such damage bears to the total area of the Premises; or (ii) the extent to which such damage and the making of such repairs by Landlord shall interfere with the business carried on by Tenant in the Premises, where
clause (ii) is limited to the extent of rental abatement insurance allowed by Landlord’s “all risks” property insurance carried pursuant to Landlord’s obligations under Paragraph 10 of this Lease. Within thirty
(30) days after the date of such damage, Landlord shall notify Tenant whether or not in Landlord’s reasonable opinion (supported by reasonable written confirmation from a third party architect or general contractor) such repairs can be
made within six (6) months after the date of such damage and such determination thereof shall be binding on Landlord and Tenant. If such repairs cannot be made within six (6) months from the date of such damage, Landlord shall have the
option within thirty (30) days after the date of such damage either to: (i) notify Tenant of Landlord’s intention to repair such damage and diligently prosecute such repairs, in which event this Lease shall continue in full force and
effect, Tenant shall be responsible for the full repair and restoration of any Alterations installed in the Premises by or on behalf of Tenant, and the Rent, Additional Charges and Additional Rent shall be reduced as provided herein; or
(ii) notify Tenant of Landlord’s election to terminate this Lease as of a date specified in such notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after notice is given. In the event that
such notice to terminate is given by Landlord, this Lease shall terminate on the date specified in such notice. In the event that Landlord notifies Tenant that Landlord’s restoration or repair will take more than six (6) months, Tenant
shall have a right to terminate the Lease within fifteen (15) days following receipt of Landlord’s notice, by providing 

  
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Landlord with written notice of its election to do so; and if Tenant so terminates this Lease (and also in the event Landlord terminates this Lease pursuant to the immediately preceding
sentence), Tenant shall have no liability for payment of the deductible (except to the extent of increased deductibles pursuant to Tenant’s request as provided in Paragraph 10(f) of this Lease) under Landlord’s insurance relating to such
damage and Landlord shall have no obligation to Tenant to restore the Building or the Premises. In case of termination by either Tenant or Landlord, the Rent and Additional Charges shall be reduced by a proportionate amount based upon the extent to
which such damage interfered with the business carried on by Tenant in the Premises, and Tenant shall pay such reduced Rent and Additional Charges up to the date of termination. Landlord agrees to refund to Tenant any Rent and Additional Charges
previously paid for any period of time subsequent to such date of termination. The repairs to be made hereunder by Landlord within the Premises shall include only Landlord’s Work, and shall not include, and Landlord shall not be required to
repair, any damage by fire or other cause to the property of Tenant or any repairs or replacements of any paneling, decorations, railings, floor coverings or any alterations, additions, fixtures or improvements installed on the Premises by or at the
expense of Tenant. Tenant hereby waives the provisions of Section 1932.2, and Section 1933.4, of the Civil Code of California. Notwithstanding anything contained herein to the contrary, if a Major Casualty occurs with respect to any
portion of the Building, and the net insurance proceeds obtained by Landlord as a result of such casualty are ninety percent (90%) or a lesser percentage of the cost of restoration, rebuilding or replacement (provided Landlord had in place at the
time of the casualty, insurance meeting the requirements of this Lease), then Landlord shall not be obligated to undertake such restoration, rebuilding or replacement unless Landlord elects to do so in writing. For the purpose of this Lease, a
“Major Casualty” shall mean a casualty that renders unusable thirty five percent (35%) or more of the Net Rentable Area of the Building or which materially adversely affects the use of such Building. If Landlord elects to terminate this
Lease as a result of a Major Casualty which meets the qualifications set forth in the preceding two sentences, Landlord must so notify Tenant, in writing, of such termination on or before sixty (60) days following the date of the casualty. In
the event that Landlord elects to terminate the Lease pursuant to the preceding Major Casualty provision, then subject to Landlord’s lender’s approval, Tenant shall have the right to fully fund any shortfall of insurance proceeds and cause
Landlord to restore the Premises. Tenant shall have to exercise said right to restore a Major Casualty by providing written notice to Landlord of its election to do so as well as proof of its ability to pay any shortfall insurance proceeds within
ten (10) business days of Landlord’s termination notice to Tenant. 
 21. EMINENT DOMAIN. If any part over ten
percent (10%) of the Premises or ten percent (10%) of the parking spaces serving the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its
option; however, Tenant’s right to terminate due to a taking of over ten percent (10%) of the parking spaces shall be void if either: (i) Landlord builds a parking structure on the Land to replace said spaces within ninety (90) days
of the taking subject to Tenant’s reasonable approval of the design, location and construction of said structure; or (ii) if such a parking structure cannot be built within said ninety (90) day period, Landlord agrees in writing
within such ninety (90) day period to build such a parking structure within two hundred seventy (270) days of the taking and provides valet parking during Business Hours (at no cost or expense to Tenant) for the number of cars which is
equal to the number of parking spaces which have been so taken or appropriated, and if Landlord agrees to so build a parking structure it shall promptly commence and diligently pursue the building of such parking structure to completion. In either
of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the exercise of such power of eminent domain, and Tenant
shall have no claim against Landlord for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that Tenant shall be entitled to petition the condemning authority for
the following : (i) the then unamortized cost of any Alterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures;
(iii) Tenant’s relocation costs; (iv) Tenant’s goodwill, loss of business and business interruption; and (v) one-half of the amount which is the lesser of (a) the bonus value of
this Lease, or (b) the amount of the award in excess of the sum of amounts payable to Landlord’s ground lessor (if any) and any holder of a mortgage or other third party lien encumbering Landlord’s ground lease estate or fee simple
ownership in the Property. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or
appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any injury or damage to the property of
Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent and Additional Charges to be paid under this Lease for the remainder of the

  
 - 18 - 

 
Term shall be proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the ratio that they are of the portion of the Premises not so taken bears to the total
area of the Premises prior to such taking. Notwithstanding anything to the contrary contained in this Paragraph 21, if the temporary use or occupancy of any part of the Premises shall be taken or appropriated under power of eminent domain during the
Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in full all Rent and Additional Charges payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or
taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use of or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the
cost of restoration of the Premises and the use and occupancy of the Premises after the end of the Term. If such temporary taking is for a period longer than ninety (90) days and unreasonably interferes with Tenant’s use of the Premises or
the Project Common Areas, then Tenant shall have the right to terminate the Lease unless Landlord agrees to provide valet parking (at no cost to Tenant) in the same as described in clause (ii) of the first sentence of this Section. 

22. SALE BY LANDLORD. If Landlord sells or otherwise conveys its interest in the Premises, Landlord shall be relieved of
its obligations under the Lease from and after the date of sale or conveyance (including the obligations of Landlord under Section 39), only when Landlord transfers any security deposit of Tenant to its successor and the successor assumes in
writing the obligations to be performed by Landlord on and after the effective date of the transfer (including the obligations of Landlord under Paragraph 39), whereupon Tenant shall attorn to such successor. 

23. RIGHT OF LANDLORD TO PERFORM. All covenants and agreements to be performed by Tenant under any of the terms of this
Lease shall be performed by Tenant at Tenant’s sole cost and expense and without any abatement of Rent, Additional Charges or Additional Rent, except as expressly provided for in Paragraphs 20 and 21. If Tenant shall fail to perform any act or
pay any amount on its part to be performed or paid hereunder, and such failure shall continue beyond the cure periods as noted in Paragraph 19, Landlord may, but shall not be obligated so to do, and without waiving or releasing Tenant from any
obligations of Tenant, make any such payment or perform any such act on Tenant’s part to be made or performed as provided in this Lease. All reasonable sums so paid by Landlord and all necessary incidental costs together with interest thereon
at the Interest Rate identified in Paragraph 3, from the date of such payment by Landlord shall be payable as Additional Rent to Landlord on demand. 

24. SURRENDER OF PREMISES. 

(a) At the end of the Term or any renewal thereof or other sooner termination of this Lease, Tenant will peaceably deliver to Landlord
possession of the Premises, together with all improvements or additions upon or belonging to Landlord, by whomsoever made, in the same condition as received (e.g., the Premises upon completion of the Landlord’s Work), or first installed,
subject to the terms of Paragraphs 21 and 39, subject to normal wear and tear and the rights and obligation of Tenant concerning casualty damage pursuant to Paragraph 20, damage by fire, earthquake, Act of God, or the elements alone excepted, and
subject to any items which are the obligation of Landlord to repair or replace pursuant to the terms of this Lease (however, Landlord shall be entitled to charge Tenant for such repairs and replacements pursuant to Paragraph 3). Tenant may, upon the
termination of this Lease, remove all personal property, movable furniture, trade fixtures and equipment belonging to Tenant, at Tenant’s sole cost, provided that Tenant repairs any damage caused by such removal. Property not so removed shall
be deemed abandoned by Tenant, and title to the same shall thereupon pass to Landlord, excluding any intellectual property rights. Upon request by Landlord, but only if Landlord is entitled to require such removal pursuant to the provisions of
Paragraph 6, Tenant shall remove, at Tenant’s sole cost, any or all Alterations to the Premises installed by or at the expense of Tenant and all movable furniture and equipment belonging to Tenant which may be left by Tenant and repair any
damage resulting from such removal. 
 (b) The voluntary or other surrender of this Lease by Tenant, or a mutual cancellation thereof, shall
not work a merger, and shall, at the option of Landlord, terminate all or any existing subleases or subtenancies, or may, at the option of Landlord, operate as an assignment to it of any or all such subleases or subtenancies. 

  
 - 19 - 

 25. WAIVER. If either Landlord or Tenant waives the performance of any term,
covenant or condition contained in this Lease, such waiver shall not be deemed to be a waiver of any subsequent breach of the same or any other term, covenant or condition contained herein. Furthermore, the acceptance of Rent, Additional Charges or
Additional Rent by Landlord shall not constitute a waiver of any preceding breach by Tenant of any term covenant or condition of this Lease, regardless of Landlord’s knowledge of such preceding breach at the time Landlord accepted such Rent,
Additional Charges or Additional Rent. Failure by either party to enforce any of the terms, covenants or conditions of this Lease for any length of time shall not be deemed to waive or to decrease the right of such party to insist thereafter upon
strict performance by the other party. Waiver by either party of any term, covenant or condition contained in this Lease may only be made by a written document signed by the waiving party. 

26. NOTICES. Except as otherwise expressly provided in this Lease, any bills, statements, notices, demands, requests or other
communications given or required to be given under this Lease shall be effective only if rendered or given in writing, sent by certified mail, return receipt requested, reputable overnight carrier, or delivered personally, (i) to Tenant at
Tenant’s address set forth in the Basic Lease Information; or (ii) to Landlord at Landlord’s address set forth in the Basic Lease Information; or (iii) to such other address as either Landlord or Tenant may designate as its new
address for such purpose by notice given to the other in accordance with the provisions of this Paragraph 26. Any such bill, statement, notice, demand, request or other communication shall be deemed to have been rendered or given on the date the
return receipt indicates delivery of or refusal of delivery if sent by certified mail, the day upon which recipient accepts and signs for delivery from a reputable overnight carrier, or on the date a reputable overnight carrier indicates refusal of
delivery, or upon the date personal delivery is made. If Tenant is notified in writing of the identity and address of any Mortgagee or ground or underlying lessor, Tenant shall give to such Mortgagee or ground or underlying lessor notice of any
default by Landlord under the terms of this Lease in writing sent by registered or certified mail, and such Mortgagee or ground or underlying lessor shall be. given the opportunity to cure such default (as defined in Paragraph 19(b)) prior to Tenant
exercising any remedy available to it. 
 27. TAXES PAYABLE BY TENANT. At least five (5) days prior to delinquency
Tenant shall pay all taxes levied or assessed upon Tenant’s equipment, furniture, fixtures and other personal property located in or about the Premises. If the assessed value of Landlord’s property (including without limitation the
Property) is increased by the inclusion therein of a value placed upon any Alterations installed in the Premises by or on behalf of Tenant, or Tenant’s equipment, furniture, fixtures or other personal property, Tenant shall pay to Landlord,
upon written demand, the taxes so levied against Landlord, or the proportion thereof resulting from said increase in assessment. 
 28.
[Intentionally Omitted] 
 29. SUCCESSORS AND ASSIGNS. Subject to the provisions of Paragraphs 9 and 22, the
terms, covenants and conditions contained herein shall be binding upon and inure to the benefit of the parties hereto and their respective legal and personal representatives, successors and assigns. 

30. ATTORNEY’S FEES. If Tenant or Landlord brings any action for any relief against the other, declaratory or
otherwise, arising out of this Lease, including any suit by Landlord for the recovery of Rent, Additional Charges or Additional Rent or possession of the Premises, the losing party shall pay to the prevailing party a reasonable sum for
attorney’s fees, which shall be deemed to have accrued on the commencement of such action and shall be paid whether or not the action is prosecuted to judgment. 

31. LIGHT AND AIR. Tenant covenants and agrees that no diminution of light, air or view by any structure which may
hereafter be erected (whether or not by Landlord) shall entitle Tenant to any reduction of rent under this Lease, result in any liability of Landlord to Tenant, or in any other way affect this Lease or Tenant’s obligations hereunder. 

32. SECURITY DEPOSIT. 

(a) Concurrently with Tenant’s execution of this Lease Tenant shall deposit with Landlord a security deposit in the sum of $33,500.25.

  
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 (b) Tenant covenants and agrees to provided Landlord with (1) Tenant’s quarterly
financial statements within thirty (30) days after the end of each of the first three quarters of Tenant’s fiscal year, certified by Tenant’s chief financial officer, and (2) Tenant’s audited annual financial statements
within sixty (60) days after the end of Tenant’s fiscal year. If any such financial statement shows that Tenant has less than $5,000,000 in unencumbered cash and cash equivalents, or if Tenant fails to timely deliver any such financial
statement, then Tenant shall deposit with Landlord, without notice or demand from Landlord, cash in an amount sufficient to increase the security deposit to an amount equal to two (2) times the then-current monthly Base Rent, which deposit
shall be made on the earlier of (1) the date on which Tenant delivers such financial statement to Landlord or (2) the date which is the deadline for Tenant’s delivery of its financial statement as specified in the immediately
preceding sentence. This sum is a deposit securing Tenant’s performance of the Lease and shall remain the sole and separate property of Landlord until actually repaid to Tenant (or at Landlord’s option the last assignee, if any, of
Tenant’s interest hereunder). Tenant does not earn said sum until all conditions precedent for its payment to Tenant have been fulfilled. As this sum both in equity and at law is Landlord’s separate property, Landlord is not required to
keep it separate from its general accounts or pay interest for its use. If Tenant fails to pay Rent or other charges when due hereunder, or otherwise defaults with respect to any provision of this Lease, including Tenant’s obligation to restore
or clean the Premises following vacation thereof, at Landlord’s election, Tenant shall be deemed not to have earned the right to repayment of the Security Deposit, except those portions not used by Landlord for the payment of any Rent or other
charges in default, or for the payment of any other sum to which Landlord may become obligated by reason of Tenant’s default, or to compensate Landlord for any loss or damage which Landlord may suffer thereby. Landlord may retain such portion
of the Security Deposit as it reasonably deems necessary to restore or clean the Premises following vacation by Tenant to the condition in which Tenant is required hereunder to leave the Premises at the expiration or sooner termination of the Term.
The Security Deposit is not to be characterized as Rent until and unless so applied to a Tenant default. 
 (c) All sums deposited with
Landlord pursuant to Sections 32(a) and 32(b) above are deposits securing Tenant’s performance of the Lease and shall remain the sole and separate property of Landlord until actually repaid to Tenant (or at Landlord’s option the last
assignee, if any, of Tenant’s interest hereunder). Tenant does not earn said sum until all conditions precedent for its payment to Tenant have been fulfilled. As this sum both in equity and at law is Landlord’s separate property, Landlord
is not required to keep it separate from its general accounts or pay interest for its use. If Tenant fails to pay Rent or other charges when due hereunder, or otherwise defaults with respect to any provision of this Lease, including Tenant’s
obligation to restore or clean the Premises following vacation thereof, at Landlord’s election, Tenant shall be deemed not to have earned the right to repayment of the Security Deposit, except those portions not used by Landlord for the payment
of any Rent or other charges in default, or for the payment of any other sum to which Landlord may become obligated by reason of Tenant’s default, or to compensate Landlord for any loss or damage which Landlord may suffer thereby. Landlord may
retain such portion of the Security Deposit as it reasonably deems necessary to restore or clean the Premises following vacation by Tenant. The Security Deposit is not to be characterized as Rent until and unless so applied to a Tenant default. 

(d) If Landlord elects to use or apply all or any portion of the Security Deposit as provided in Paragraph 32(c) above, Tenant shall within
ten (10) business days after written demand therefor pay to Landlord in cash, an amount equal to that portion of the Security Deposit used or applied by Landlord, and Tenant’s failure to so do shall be a material breach of this Lease. The
ten (10) business day notice specified in the preceding sentence shall insofar as not prohibited by law, constitute full satisfaction of notice of default provisions required by law or ordinance. 

33. CORPORATE AUTHORITY; FINANCIAL INFORMATION. Each of the persons executing this Lease on behalf of Tenant does hereby
covenant and warrant that they are authorized to do so. Tenant does hereby covenant and warrant that Tenant is a duly authorized and existing corporation, that Tenant has and is qualified to do business in California, and that Tenant has full right
and authority to enter into this Lease. Upon Landlord’s request, Tenant shall provide Landlord with evidence reasonably satisfactory to Landlord confirming the foregoing covenants and warranties. Tenant hereby further covenants and warrants to
Landlord that all financial information and other descriptive information regarding Tenant’s business, which has been or shall be furnished to Landlord, is and shall be accurate and complete in all material respects at the time of delivery to
Landlord. 

  
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 34. PARKING. Tenant shall have the
non-exclusive right to use its Prorata Share of the parking situated on the Land, rounded downward to the next lowest Whole number of parking spaces (which equals approximately 3.8 spaces per rentable 1,000
square feet of the Premises). Subject to Landlord’s rights to be reimbursed for Expenses (including, but not limited to governmental fees) Landlord shall not charge Tenant for use of such parking by Tenant or by Tenant’s employees or
visitors during the Term. Landlord shall have the right and option of reserving some or all of the parking spaces situated on the Land for the exclusive use of tenants (including Tenant) within the Building on a prorata basis. 

35. MISCELLANEOUS. 

(a) The paragraph headings herein are for convenience of reference and shall in no way define, increase, limit or describe the scope or intent
of any provision of this Lease. The term “Landlord” shall include Landlord and its successors and assigns. In any case where this Lease is signed by more than one person, the obligations hereunder shall be joint and several. The term
“Tenant” or any pronoun used in place thereof shall indicate and include the masculine or feminine, the singular or plural number, individuals, firms or corporations, and their and each of their respective successors, executors,
administrators, and permitted assigns, according to the context hereof. 
 (b) Time is of the essence of this Lease and all of its
provisions. This Lease shall in all respects be governed by the laws of the State of California. This Lease, together with its exhibits, contains all the agreements of the parties hereto and supersedes any previous negotiations. There have been no
representations made by the Landlord or understandings made between the parties other than those set forth in this Lease and its exhibits. This Lease may not be modified except by a written instrument by the parties hereto. 

(c) If for any reason whatsoever any of the provisions hereof shall be unenforceable or ineffective, all of the other provisions shall be and
remain in full force and effect. 
 (d) Upon Tenant paying the Rent, Additional Charges and Additional Rent and, so long as Tenant is not in
default under this Lease beyond the applicable cure periods noted in Paragraph 19, Tenant may peacefully and quietly enjoy the Premises during the Term as against all persons or entities lawfully claiming by or through Landlord; subject, however, to
the provisions of this Lease. 
 (e) This Lease may be executed in counterparts, each of which shall be an original, but all of which shall
constitute one (1) instrument. 
 36. TENANT’S REMEDIES AND LANDLORD’S REMEDIES. Tenant shall look solely to
Landlord’s interest in the Project for the recovery of any judgment from Landlord. Landlord, or if Landlord is a limited liability company, its members or managers, or if Landlord is a partnership, its partners whether general or limited, or if
Landlord is a corporation, its directors, officers or shareholders, shall never be personally liable for any such judgment. Any lien obtained to enforce such judgment and any levy of execution thereon shall be subject and subordinate to any mortgage
or deed of trust (excluding any mortgage or deed of trust which was created as part of an effort to defraud creditors, i.e., a fraudulent conveyance); provided, however that any such judgment and any such levy of execution thereon shall not be
subject or subordinated to any mortgage or deed of trust that shall have been created or recorded in the official records of Santa Clara County after the date of the judgment giving rise to such lien. Landlord’s interest in the Project shall
include any insurance proceeds received by Landlord to the extent that such proceeds are available to Landlord, any condemnation awards paid to Landlord, any payments by Tenant for Real Estate Taxes and Expenses which were not applied to the payment
of said Real Estate Taxes and Expenses, and any rights of indemnity owed to Landlord by any insurance company. 
 37. REAL ESTATE
BROKERS. Each party represents that it has not had dealings with any real estate broker, finder or other person with respect to this Lease in any manner, except for any broker named in the Basic Lease Information, whose fees or commission,
if earned, shall be paid as provided in the Basic Lease Information. Each party shall hold harmless the other party from all damages resulting from any claims that may be asserted against the other party by any other broker, finder or other person
with whom the other party has or purportedly has dealt. 

  
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 38. LEASE EFFECTIVE DATE. Submission of this instrument for examination or
signature by Tenant does not constitute a reservation of or option for lease, and it is not effective as a lease or otherwise until execution and delivery by both Landlord and Tenant. 

39. HAZARDOUS SUBSTANCE LIABILITY. Landlord shall, upon written request from Tenant, make the following reports (the
“Environmental Reports”) available for Tenant’s review: (i) Phase I Environmental site Assessment and Soil and Ground Water Quality Evaluation, 441 Logue Avenue, Mountain View, California, dated December 2, 1999 and prepared
by Lowney Associates (Project #1509-1); and (ii) Phase I Site Assessment Report, Professional Office Building, 441 Logue Avenue, Mountain View, California, dated January 18, 2002 and prepared by
National Assessment Corporation (Project 02-8012.1). Except as noted in the Environmental Reports, Landlord represents and warrants that to the best of its knowledge, the Premises and Project are presently
free of asbestos, toxic waste, underground storage tanks and other Hazardous Substances in amounts exceeding legally established maximum thresholds. Additionally, except as noted in the Environmental Reports, Landlord represents that it has received
no written notice of any violation or claimed violation with respect to the presence of toxic or Hazardous Substances on, in or under the Project or of any pending or contemplated investigation or other action relating thereto. 

(a) Definition of Hazardous Substances. For the purpose of this Lease, “Hazardous Substances” shall be defined,
collectively, as oil, flammable explosives, asbestos, radioactive materials, hazardous wastes, toxic or contaminated substances or similar materials, including, without limitation, any substances which are “hazardous substances,”
“hazardous wastes,” “hazardous materials” or “toxic substances” under applicable environmental laws, ordinance or regulation. 

(b) Tenant Indemnity. Tenant releases Landlord from any liability for, waives all claims against Landlord and shall
indemnify, defend and hold harmless Landlord, its employees, partners, agents, subsidiaries and affiliate organizations against any and all claims, suits, loss, costs (including costs of investigation, clean up, monitoring, restoration and
reasonably attorney fees), damage or liability, whether foreseeable or unforeseeable, by reason of property damage (including diminution in the value of the property of Landlord), personal injury or death directly arising from or related to
Hazardous Substances released, manufactured, discharged, disposed, used or stored on, in, or under the Property or Premises during the Term by Tenant or its employees, agents or contractors. The provisions of this Tenant Indemnity regarding
Hazardous Substances shall survive the termination of the Lease. Tenant has informed Landlord, that (i) except for immaterial amounts of toxic materials incidental to its office use (e.g. copier toner, typical janitorial cleaning materials),
and (ii) except for immaterial amounts of toxic materials incidental to its research and development use, Tenant will not use and Hazardous Substances in material amounts within the Building and shall comply with any applicable laws to the
extent that it does. If Tenant intends to use any Hazardous Substances in connection with its research and development use which is beyond levels typical for office tenants, Tenant shall (i) provide written notice to Landlord of the identity of
such Hazardous Substances and Tenant’s proposed plan for the use, storage and disposal of such Hazardous Substances, such use, storage and disposal shall be subject to Landlord’s approval, which approval shall not be unreasonably withheld,
conditioned or delayed, and (ii) provide evidence satisfactory to Landlord, in the exercise of Landlord’s reasonable discretion, that (A) Tenant has contracted with a responsible chemical supplier and waste pick-up and disposal firm, (B) Tenant is in compliance with all applicable Laws with respect to such Hazardous Substances, and (C) Tenant has adopted secondary containment procedures that are reasonably
acceptable to Landlord. Tenant shall provide Landlord with quarterly reports with respect to the use and storage of any Hazardous Substances in connection with its research and development use which is beyond levels typical for office tenants and
shall immediately notify Landlord if and when Tenant learns or has reason to believe there has been any release of Hazardous Substances in, on or about the Premises. 

  
 - 23 - 

 (c) Landlord Indemnity. Landlord releases Tenant from any liability for,
waives all claims against Tenant and shall indemnify, defend and hold harmless Tenant, its officers, employees, and agents to the extent of Landlord’s interest in the Project, against (i) any and all actions by any governmental agency for
clean up of Hazardous Substances existing on, in or under the Property or the Premises as of the date of this Lease or released, manufactured, discharged, disposed, used or stored on, in or under the Property by Landlord or its employees (including,
without limitation, any groundwater contamination) including costs of legal proceedings, investigation, clean up, monitoring, and restoration, including reasonable attorney fees, (ii) any and all actions for damages to property instituted by
any third parties, if, and to the extent, in either case, arising from the presence of Hazardous Substances on, in or under the Property or Premises as of the date of this Lease or released, manufactured, discharged, disposed, used or stored on, in
or under the Property by Landlord or its employees, and (iii) any and all claims, suits, loss, costs (including costs of investigation, clean up, monitoring, restoration and reasonably attorney fees), damage or liability, whether foreseeable or
unforeseeable, by reason of property damage (including diminution in the value of the property of Tenant), personal injury or death directly arising from or related to Hazardous Substances released, manufactured, discharged, disposed, used or stored
on, in, or under the Property or Premises prior to the date of this Lease or at any time by Landlord or Landlord’s employees. The provisions of this Landlord Indemnity regarding Hazardous Substances shall survive the termination of the Lease.

 40. ARBITRATION OF DISPUTES. 

ANY CONTROVERSY OR CLAIM (I) ARISING OUT OF THIS LEASE OR A BREACH OF THIS LEASE SOLELY BETWEEN LANDLORD AND TENANT RELATING TO A
MONETARY DEFAULT IN AN AMOUNT OF LESS THAN FIFTY THOUSAND DOLLARS ($50,000), BUT NOT INCLUDING A DEFAULT WITH RESPECT TO THE TIMELY PAYMENT OF RENT AND ADDITIONAL CHARGES AND (II) ANY OTHER MATTER EXPRESSLY PROVIDED FOR IN THIS LEASE OR IN THE
WORK LETTER ATTACHED TO THIS LEASE AS EXHIBIT “B” TO BE SETTLED BY ARBITRATION, SHALL BE SETTLED BY ARBITRATION IN ACCORDANCE WITH THE RULES OF THE AMERICAN ARBITRATION ASSOCIATION, AND JUDGMENT ON THE AWARD RENDERED BY THE ARBITRATOR(S)
MAY BE ENTERED IN ANY COURT HAVING JURISDICTION. 
 NOTICE: BY INITIALING IN THE SPACE BELOW YOU ARE AGREEING TO HAVE ANY DISPUTE
ARISING OUT OF THE MATTERS INCLUDED IN THE IMMEDIATELY PRECEDING PARAGRAPH OF THIS “ARBITRATION OF DISPUTES” PROVISION DECIDED BY NEUTRAL ARBITRATION AS PROVIDED BY CALIFORNIA LAW AND YOU ARE GIVING UP ANY RIGHTS YOU MIGHT POSSESS TO HAVE
THE DISPUTE LITIGATED IN A COURT OR JURY TRIAL. BY INITIALING IN THE SPACE BELOW YOU ARE GIVING UP YOUR JUDICIAL RIGHTS TO DISCOVERY AND APPEAL, UNLESS THOSE RIGHTS ARE SPECIFICALLY INCLUDED IN THE “ARBITRATION OF DISPUTES” PROVISION. IF
YOU REFUSE TO SUBMIT TO ARBITRATION AFTER AGREEING TO THIS PROVISION, YOU MAY BE COMPELLED TO ARBITRATE UNDER THE AUTHORITY OF THE CALIFORNIA CODE OF CIVIL PROCEDURE. YOUR AGREEMENT TO THIS ARBITRATION PROVISION IS VOLUNTARY. 

WE HAVE READ AND UNDERSTAND THE FOREGOING AND AGREE TO SUBMIT DISPUTES ARISING OUT OF THE MATTERS INCLUDED IN THE FIRST PARAGRAPH OF THIS
“ARBITRATION OF DISPUTES” PROVISION TO NEUTRAL ARBITRATION. 
 Consent to neutral arbitration by: /s/ Steve Dostart
(Landlord): /s/ Fabio Rosati (Tenant). 
 41. SIGNAGE. Tenant shall have the exclusive right to have its name displayed
on the lower position on the monument sign located at the Building entrance. (Landlord reserves the right to give another tenant signage at the front of the Building). Any signage (including the addition of Tenant’s name to the monument sign)
shall be subject to approval by Landlord as well as applicable regulatory bodies. All signage shall be at Tenant’s expense. 

  
 - 24 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Lease as of the date
first above written. 
  

			
	LANDLORD:
	
	441 LOGUE AVENUE ASSOCIATES, LLC a Delaware limited liability company
		
	By:	 	 /s/ Steve Dostart

	Name:	 	Steve Dostart
	Its:	 	Manager
		
	TENANT:	 	
	
	 ELANCE, INC.
 a Delaware
corporation

		
	By:	 	 /s/ Fabio Rosati

	Name:	 	Fabio Rosati
	Its:	 	President & CEO
		
	By:	 	 /s/ Ved Sinha

	Name:	 	Ved Sinha
	Its:	 	VP, Product

  
 -25- 

 EXHIBIT “A” 

PREMISES 
  

 

 EXHIBIT “A-1” 

LAND 
 REAL PROPERTY in the City of
Mountain View, County of Santa Clara, State of California, described as follows: 
 All of Parcel One, as shown on a Parcel Map recorded February 3,
1984 in Book 524 of Maps, page 27, Records of Santa Clara County. 
 APN:
160-57-013 
 ARB: 159-43-042 

  
 Exhibit A-1 - Page 

 EXHIBIT “A-2” 

BUILDING 
  

 

  
 Exhibit A-2 - Page 1 

 EXHIBIT “A-3” 

PROJECT 
  

 

  
 Exhibit A-3 - Page 1 

 EXHIBIT “B” 

WORK LETTER 
 1.
Landlord’s Work: Tenant shall accept the Premises in its “as-is” condition (regardless of how the plan attached hereto as Schedule 1 depicts the Premises) provided, however,
that Landlord shall at its sole expense, in a good and workman-like manner, in compliance with applicable Laws and Regulations, and using Building standard materials and finishes, make the following improvements (collectively, the
“Landlord’s Work”) to the Premises: 
 (a) Reconstruct the front lobby used to access the second floor of the Building so as
to eliminate access from such lobby to the conference room within the Premises (it is anticipated that the Premises following such reconstruction will be configured as shown on Schedule 1 hereto, subject to changes required by any applicable
governmental authorities); 
 (b) Replacing all stained or damaged ceiling tiles in the Premises with new ceiling tiles; 

(c) Ensuring that all light fixtures are working properly and new light bulbs have been installed where required; 

(d) Washing all windows and professionally cleaning the Premises; 

(e) Delivering all mechanical, HVAC and electrical systems servicing the Building and the Premises in good operational condition and increasing
the tonnage of the HVAC equipment and corresponding duct and ventilation capacity servicing the Server room to seven (7) tons; and 

(f) Providing all existing floor furniture for Tenant’s Use during the term of the Lease (although such furniture shall remain the
property of Landlord after the termination of the Lease). 
 In addition to the work to be performed above, Landlord warrants that the
Premises and the Building were ADA compliant at the time of the original construction of the Building. 

  
 Exhibit B - Page 1 

 SCHEDULE 1 

ANTICIPATED RE-CONFIGURATION OF PREMISES 

 
 

 

  
 Exhibit B - Page 2 

 EXHIBIT “C” 

RULES AND REGULATIONS 
 1.
Sidewalks, exits, entrances, elevators and stairways shall not be obstructed by Tenant or used by Tenant for any purpose other than for ingress to and egress from the Premises. Tenant, and Tenant’s employees or invitees, shall not go upon the
roof of the Building, except as authorized by Landlord or pursuant to Paragraph 46 of the Lease. 
 2. Except as expressly permitted by the
Lease, no sign, placard, picture, name, advertisement or notice visible from the exterior of the Premises shall be inscribed, painted, affixed, installed or otherwise displayed by Tenant either on the Premises or any part of the Building without the
prior written consent of Landlord, which consent not be unreasonably withheld, conditioned or delayed, and Landlord shall have the right to remove any such sign, placard, picture, name, advertisement or notice without notice to and at the expense of
Tenant. If Landlord shall have given such consent to Tenant at any time, whether before or after the execution of the Lease, such consent shall not in any way operate as a waiver or release of any of the provisions hereof or of the Lease, and shall
be deemed to relate only to the particular sign, placard, picture, name, advertisement or notice so consented to by Landlord and shall not be construed as dispensing with the necessity of obtaining the specific written consent of Landlord with
respect to any other such sign, placard, picture, name, advertisement or notice. 
 3. No curtains, draperies, blinds, shutters, shades,
screens or other coverings, awnings, hangings or decorations shall be attached to, hung or placed in, or used in connection with, any window, door or patio on the Premises without the prior written consent of Landlord. In any event with the prior
written consent of Landlord, all such items shall be installed inboard of Landlord’s window coverings and shall not in any way be visible from the exterior of the Building. No articles shall be placed or kept on the window sills so as to be
visible from the exterior of the Building. No articles shall be placed against glass partitions or doors which might appear unsightly from outside the Building. 

4. During the continuance of any invasion, mob, riot, public excitement or other circumstance rendering such action advisable in
Landlord’s opinion, Landlord reserves the right to prevent access to the Building by closing the doors, or otherwise, for the safety of tenants and protection of the Building and property in the Building. 

5. Tenant shall see that the doors of the Premises are closed and securely locked and must observe strict care and caution that all water
faucets or water apparatus are entirely shut off (other than as required for security or safety purposes) before Tenant or its employees leave such Premises, and that all utilities shall likewise be carefully shut off, so as to prevent waste or
damage. On multiple-tenancy floors, all tenants shall keep the door or doors to the Building corridors closed at all times except for ingress and egress. 

6. Tenant shall not alter any lock or access device or install a new or additional lock-or access
device or any bolt on any door of the Premises without prior written notice to Landlord, and shall immediately provide Landlord with new keys or other access devises upon such alteration or installation. Tenant shall not make or have made additional
copies of any keys or access devices provided by Landlord but shall instead obtain any necessary additional keys or devices from Landlord. Tenant, upon the termination of the tenancy, shall deliver to Landlord all the keys or access devices for the
Building, offices, rooms and toilet rooms which shall have been furnished to Tenant or which Tenant shall have had made. In the event of the loss of any keys or access devices so furnished by Landlord, Tenant shall pay Landlord the actual cost
(including rekeying if necessary) therefor. 
 7. The toilet rooms, toilets, urinals, wash bowls and other apparatus shall not be used for
any purpose other than that for which they were constructed and no foreign substance of any kind whatsoever shall be thrown therein, and the expense of any breakage, stoppage or damage resulting from the violation of this rule by Tenant or
Tenant’s employees or invitees shall be borne by Tenant. 
 8. Tenant shall not use or keep in the Premises or the Building any
kerosene, gasoline or inflammable or combustible fluid or material other than limited quantities necessary for the operation or maintenance of office or office equipment. Tenant shall not use any method of heating or air conditioning other than
supplied or approved by Landlord. 

  
 Exhibit C - Page 1 

 9. Tenant shall not use, keep or permit to be used or kept in the Premises any foul or noxious
gas or substance or permit or suffer the Premises to be occupied or used in a manner offensive or objectionable to Landlord or other occupants of the Building by reason of noise, odors and/or vibrations or interfere in any way with other tenants or
those having business therein, nor shall any animals or birds be brought or kept in or about the Premises or the Building. 
 10. Except as
consented to by Landlord, no cooking shall be done or permitted by Tenant on the Premises (except that use by the Tenant of Underwriter’s Laboratory approved equipment for the preparation of coffee, tea, hot chocolate and similar beverages for
Tenant and its employees shall be permitted, provided that such equipment and use are in accordance with all applicable federal, state and city laws, codes, ordinances, rules and regulations), nor shall Premises be used for lodging. 

11. Except as allowed by, and then in accordance with, the express provisions of the Lease, Tenant shall not install any radio or television
antenna, loudspeaker or any other device on the exterior walls or the roof of the Building. Tenant shall not interfere with radio or television broadcasting or reception from or in the Building or elsewhere. 

12. Tenant shall not lay linoleum, tile, carpet or any other floor covering so that the same shall be affixed to the floor of the Premises in
any manner except as approved in writing by Landlord. The expense of repairing any damage resulting from a violation of this rule by Tenant or Tenant’s contractors, employees or invitees or the removal of any floor covering shall be borne by
Tenant. 
 13. Business machines and mechanical equipment belonging to Tenant which cause noise or vibration that may be transmitted to the
structure of the Building or to any space therein to such a degree as to be objectionable to Landlord or to any tenants in the Building shall be placed and maintained by Tenant, at Tenant’s expense, on vibration eliminators or other devices
sufficient to eliminate noise or vibration. The persons employed to move such equipment in or out of the Building must be acceptable to Landlord. 

14. Tenant shall not place a load upon any floor of the Premises which exceeds the load per square foot which such floor was designed to carry
and which is allowed by law. Tenant shall not mark, use double-sided adhesive tape on, or drive nails, screw or drill into, the partitions, woodwork or plaster or in any way deface the Premises or any part thereof. Tenant may hang pictures on walls
in the Premises. Any damage to the walls caused by molly bolts, or like hanging materials, will be repaired by Tenant. 
 15. Tenant shall
store all trash and garbage within the interior of the Premises or in the appropriate trash collection areas outside of the Premises. No material shall be placed in the trash boxes or receptacles if such material is of such nature that it may not be
disposed of in the ordinary and customary manner of removing and disposing of trash and garbage in the jurisdiction in which the Premises is located, without violation of any law or ordinance governing such disposal. All trash, garbage and refuse
disposal shall be made only through entry ways and elevators provided for such purposes and at such times as Landlord shall designate. 
 16.
Canvassing, soliciting, distribution of handbills or any other written material and peddling in the Building or Project are prohibited, and Tenant shall cooperate to prevent the same. Tenant shall not make room-to-room solicitation of business from other tenants in the Building or Project. 
 17. Landlord
shall have the right, exercisable upon reasonable advance notice and without liability to Tenant, to change the name and address of the Building or Project. Without the prior written consent of Landlord, Tenant shall not use the name of the Building
in connection with or in promoting or advertising the business of Tenant except as Tenant’s address. Tenant may use Project’s name on its stationery and business cards. 

18. Landlord reserves the right to exclude or expel from the Building or Project any person who, in Landlord’s judgment, is intoxicated or
under the influence of liquor or drugs or who is in violation of any of the rules or regulations of the Building. 

  
 Exhibit C - Page 2 

 19. Tenant shall comply with all safety, fire protection and evacuation procedures and
regulations established by any governmental agency. 
 20. Tenant assumes any and all responsibility for protecting the Premises from theft,
robbery and pilferage which includes keeping doors locked and other means of entry to the Premises closed, unless caused by the negligence or willful misconduct of Landlord, its agents, servants, or employees (“Landlord Parties”). 

21. Tenant shall be responsible for the observance of all of the foregoing Rules and Regulations by Tenant’s employees, agents, clients,
customers, invitees and guests. 
 22. Tenant shall not use the Common Areas for any gathering, party, picnic or similar functions without
Landlord’s prior written consent. Any such consent shall be conditioned upon Tenant indemnifying, defending and holding Landlord harmless against any personal injury, death or damages to the Project or any portion thereof or any other property
of Landlord or any other tenants in the building or any other party as a result of the function, and to paying to Landlord as an Additional Charge any costs incurred by Landlord in connection with such event. Prior to any such gathering, party,
picnic or similar function, Tenant shall provide Landlord with evidence of insurance, in the form and liability amounts reasonably required by Landlord, covering the foregoing indemnification obligations. 

23. Landlord may waive any one or more of these Rules and Regulations for the benefit of any particular tenant or tenants, but no such waiver
by Landlord shall be construed as a waiver of such Rules and Regulations in favor of any other tenant or tenants, nor prevent Landlord from thereafter enforcing any such Rules and Regulations against any or all tenants of the Building or Project.
Where Landlord’s consent is provided for in these Rules and Regulations, such consent shall not be unreasonably withheld, conditioned or delayed. 

24. Landlord reserves the right to make such other and reasonable rules and regulations as in its judgment may from time to time be needed for
safety and security, for care and cleanliness of the Building and Project and for the preservation of good order therein. Tenant agrees to abide by all such Rules and Regulations hereinafter stated and any additional rules and regulations which are
adopted and which are not contrary to Tenant’s rights under the Lease. No new Rule or Regulation shall be designed to discriminate solely against Tenant. 

25. Tenant shall be responsible for the observance of all of the foregoing Rules and Regulations by Tenant’s employees, agents, clients,
customers, invitees and guests. 
 26. Unless otherwise defined, terms used in these Rules and Regulations shall have the same meaning as in
the Lease. 

  
 Exhibit C - Page 3 

 EXHIBIT “D” 

ACKNOWLEDGEMENT OF COMMENCEMENT OF TERM 
  

	
	                    , 2007
	
	Elance, Inc.
	 
	 
	Attn:
                                         
   

  

	 	Re:	Acknowledgement and Confirmation of Commencement Date under the 441 Logue Avenue Lease Agreement between 441 Logue Avenue Associates, LLC (“Landlord”) and Elance, Inc. (“Tenant”), dated as of
March 27, 2007 (the “Lease”) 

 Dear Sirs: 

This letter will confirm that: 
  

	 	1.	The Commencement Date under (and as defined in) the Lease is May 1, 2007; 

  

	 	2.	Elance, Inc. has accepted delivery of the Premises; and 

  

	 	3.	The condition of the Building (including Landlord’s Work) complies with Landlord’s obligations under (punch list items excepted). 

Please acknowledge your receipt of this letter and confirmation of and agreement with the foregoing by signing and returning a copy to the undersigned. 

Very truly yours, 
 441 Logue Avenue Associates, LLC, 

a Delaware limited liability company 
  

	
	 By:
                                         
                               

	 Name:
                                         
                           

	 Its:         Manager

  
 Exhibit D - Page 1 

			
	Acknowledged and Agreed:
	
	 Elance, Inc.,
 a Delaware
corporation

		
	By:	 	  

	Name:	 	  

	Its:	 	  

  
 Exhibit D - Page 2 

 EXHIBIT A 

SCHEDULE OF SALE PROPERTY 
  

									
	DESCRIPTION	  	AMOUNT	 	  	SIZE	 
	 Cubicles / Office Furniture
	  				  			
	 8 x 8 Teknion Cubicles with overhead/bb/bbf
	  	 	39	 	  			
	 Conference Table
	  	 	1	 	  	 	7 x 7 Square	 
	 Office - P-Top with return overhead with bulletin
board
	  	 	6	 	  	 	11x12 office	 
	 Task chairs
	  				  			
	 Reception Desk/Station
	  	 	1	 	  			
	 NEC 124i Phone system
	  				  			
	 Key Telephone System
	  	 	1	 	  			
	 Voicemail System, Vanguard Mail
	  	 	1	 	  			
	 Telephones
	  				  			
	 16 button
	  	 	5	 	  			
	 22 button
	  	 	51	 	  			
	 Reception extension
	  	 	1	 	  			
	 Racks
	  				  			
	 Server racks
	  	 	4	 	  	 	19 inch	 

  
 - 3 - 

 AMENDMENT TO LEASE 

THIS AMENDMENT TO LEASE (this “Amendment”) is entered into as of June 30, 2009, by and between 441 LOGUE AVENUE ASSOCIATES, LLC
a Delaware limited liability company (“Landlord”), and ELANCE, INC., a Delaware corporation (“Tenant”). 

RECITALS 
 This Amendment
is entered into on the basis of the following facts, understandings and intentions of the parties: 
 A. Landlord and Tenant entered into
that certain 441 Logue Avenue Lease Agreement (the “Lease”) dated as of March 27, 2007. 
 B. Pursuant to the Lease,
Tenant leases certain space and improvements consisting of approximately 14,889 rentable square feet on the first floor of the building located at 441 Logue Avenue, Mountain View, California, as more particularly described in the Lease (the
“Premises”). Capitalized terms used herein but not defined herein shall have the meanings given such terms in the Lease. 

C. The Term of the Lease is scheduled to expire on April 30, 2010. Landlord and Tenant now desire to amend the Lease pursuant to
the provisions hereof. 
 NOW, THEREFORE, IN CONSIDERATION of the mutual covenants and promises of the parties, the parties hereto agree as
follows: 
 1. Extension of Term. The Term of the Lease is hereby extended to and including April 30, 2013, which date shall hereafter
be the Expiration Date. All reference in the Lease to the “Expiration Date” are hereby amended to mean and refer to April 30, 2013. 

2. Base Rent. Effective as of July 1, 2009, monthly Base Rent payable under the Lease shall be as follows: 

 

			
	 Months:
	  	Rental Rate per rentable square foot per month:
	 July, 2009 – April, 2010
	  	$1.85
	 May, 2010 – April, 2011
	  	$1.95
	 May, 2011 – April, 2012
	  	$2.05
	 May, 2012 – April, 2013
	  	$2.15

 3. Condition of Premises. Tenant acknowledges that it is currently in possession of the Premises and
agrees to continue in possession thereof “AS IS” without any agreements, representations, understandings or obligations on the part of Landlord to perform any alterations, repairs or improvements to the Premises on account of the extension
of the Term hereunder or for any other reason, purposes or cause. 

  
 - 1 - 

 4. Brokerage Commission. Landlord hereby warrants and represents to Tenant that Landlord
has not had dealings with any real estate broker, finder or other person with respect to this Amendment in any manner, except for CPS CORFAC International/CB Richard Ellis; and Tenant hereby warrants and represents to that Landlord has not had
dealings with any real estate broker, finder or other person with respect to this Amendment in any manner, except for Colliers International. Landlord shall pay all commissions due to CPS CORFAC International/CB Richard Ellis and to Colliers
International in connection with this Amendment. Each party shall hold harmless the other party from all damages resulting from any claims that may be asserted against the other party by any other broker, finder or other person with whom the other
party has or purportedly has dealt. 
 5. Acknowledgements. Tenant (i) acknowledges and agrees that Landlord has performed each
and every obligation of Landlord to be performed under the Lease as of the date of this Amendment, and that Landlord is not in default of any such obligation, and (ii) represents and warrants to Landlord that Tenant is not in default under the
Lease and that, to the best of Tenant’s knowledge, no event, condition or circumstance exists which, with the giving of notice and/or the passage of time, would constitute a default by Tenant under the Lease. 

6. Lease Remains in Full Force and Effect. Except as modified above, the Lease shall remain unmodified and in full force and effect. In
the event of any inconsistency between the terms and provisions of the Lease and the terms and provisions of this Amendment, the terms and provisions of this Amendment shall govern. 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment to Lease as of the day first above written. 

  
 - 2 - 

 
			
	LANDLORD:
	
	 441 LOGUE AVENUE ASSOCIATES, LLC,
 a
Delaware limited liability company

		
	By:	 	 /s/ Steve Dostart

	Name:	 	Steve Dostart
	Its:	 	Manager
		
	TENANT:	 	
	
	 ELANCE, INC.,
 a Delaware
corporation

		
	By:	 	 /s/ Fabio Rosati

	Name:	 	Fabio Rosati
	Its:	 	President & CEO
		
	By:	 	 /s/ Michael J. Culver

	Name:	 	Michael J. Culver
	Its:	 	VP Finance/Legal

  
 - 3 - 

 SECOND AMENDMENT TO LEASE 

THIS SECOND AMENDMENT TO LEASE (this “Amendment”) is entered into as of May 31, 2012 (the “Effective Date”),
by and between 441 LOGUE AVENUE ASSOCIATES, LLC a Delaware limited liability company (“Landlord”), and ELANCE, INC., a Delaware corporation (“Tenant”). 

RECITALS 
 This Amendment
is entered into on the basis of the following facts, understandings and intentions of the parties: 
 A. Landlord and Tenant entered into
that certain 441 Logue Avenue Lease Agreement dated as of March 27, 2007 (as amended by that certain Amendment to Lease dated June 30, 2009, the “Lease”). 

B. Pursuant to the Lease, Tenant leases certain space and improvements consisting of approximately 14,889 rentable square feet on the first
floor of the building located at 441 Logue Avenue, Mountain View, California (the “Building”), as more particularly described in the Lease (the “Initial Premises”). Capitalized terms used herein but not defined
herein shall have the meanings given such terms in the Lease. 
 C. Tenant desires to (i) extend the Term of the Lease, and
(ii) lease an additional approximately 16,975 rentable square feet on the second floor of the Building, all on the terms and conditions set forth herein. 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants and promises of the parties, the parties hereto agree as follows: 

1. Definitions. The terms defined in this Section 1 shall, for all purposes of this Amendment, the Lease and
all agreements supplemental hereto, have the meanings specified in this Section 1 unless expressly stated otherwise. 

(a) “Expansion Date” means the earlier to occur of (i) August 1, 2012, or (ii) the date upon which Tenant
commences to conduct business operations from the Expansion Premises. 
 (b) “Expansion Premises” means Suite 200,
containing approximately 16,975 square feet of Rentable Area, outlined on Exhibit A attached hereto. 
 (c) “Expansion
Premises Delivery Date” means June 1, 2012 or such later date as the current tenant of the Expansion Premises surrenders possession thereof. 

(d) “Initial Premises” means the premises described in the Lease and outlined on Exhibit B to the Lease, which premises is
commonly known and referred to as Suite 150 and contains approximately 14,889 square feet of Rentable Area. 

  
 - 1 - 

 (e) “Premises” means (i) the Initial Premises until the day preceding the
Expansion Date, and (ii) the Initial Premises and the Expansion Premises from and after the Expansion Date. 
 2. Extension of
Term. The Term of the Lease is hereby extended to and including April 30, 2019, which date shall hereafter be the Expiration Date. All reference in the Lease to the “Expiration Date” are hereby amended to mean and refer to
April 30, 2019. 
 3. Expansion of Premises. 

(a) Effective as of the Expansion Date the Premises (and the definition of the “Premises”) shall be modified to mean and
include both the Initial Premises and the Expansion Premises. As a result of such expansion, effective upon the Expansion Date, the deemed square footage of the Premises shall be and become 31,684 square feet and Tenant’s Prorata Share and
Tenant’s Share of Expenses and Real Estate Taxes shall be one hundred percent (100.00%). 
 (b) If Landlord, for any reason whatsoever,
cannot deliver possession of the Expansion Premises to Tenant on before August 1, 2012 for the purpose specified in Section 3(c), this Amendment shall not be void or voidable, Landlord shall not be liable to Tenant for any
loss or damage resulting therefrom, and Tenant shall have no obligation to pay monthly Base Rent or Additional Charges with respect to the Expansion Premises until the day following the date on which possession of the Expansion Premises is delivered
to Tenant (such date thereupon becoming the “Expansion Date” for purposes of this Amendment). Notwithstanding the foregoing, if Landlord is unable to deliver the Expansion Premises by August 1, 2012 (as extended day-for-day for each day of Force Majeure Delay) (the “Expansion Premises Outside Delivery Date”), then Tenant shall have the right, as its sole
remedy, to terminate this Amendment to Lease by providing written notice to Landlord within fifteen (15) business days following the Expansion Premises Outside Delivery Date, in which event the Lease shall continue in full force and effect as
if the parties had not entered into this Amendment and Landlord shall promptly return to Tenant the August, 2012 Base Rent for the Expansion Premises paid by Tenant pursuant to the provisions of Section 6(d). For purposes
hereof, the failure of the existing tenant of the Expansion Premises to vacate the Expansion Premises shall not be an event of Force Majeure Delay. 

(c) Notwithstanding the above, Tenant shall be entitled to early occupancy of the Expansion Premises at any time after the Expansion Premises
Delivery Date for the sole purposes of (1) installing Tenant’s furniture and telephone and other communications cabling and (2) performing Tenant’s Expansion Work (defined below), provided that (i) Tenant covenants and
agrees that Tenant and Tenant’s employees, agents or contractors will cooperate with Landlord to coordinate the performance and completion of the Landlord’s Expansion Work concurrently with Tenant’s Expansion Work, (ii) Landlord
shall have no liability to Tenant for delays in completing the Landlord’s Expansion Work which result from, are caused by or arise out of the interference by Tenant or Tenant’s employees, agents or contractors in the performance of the
Landlord’s Expansion Work, (iii) Tenant and Tenant’s employees, agents and contractors shall promptly comply with any and all requests made by Landlord or Landlord’s contractor(s) that Tenant remove its property from those areas
in or around which Landlord is performing the Landlord’s Expansion Work, and (iv) Landlord shall not be liable for, Tenant hereby waives all 

  
 - 2 - 

 
claims which Tenant may have against the Landlord Parties, and Tenant shall indemnify and hold harmless Landlord from and defend Landlord against any and all claims or liability for any injury or
damage to any person or property in or about the Expansion Premises resulting from or arising out of or in connection with the performance of Tenant’s Expansion Work (except to the extent arising from the negligence or willful misconduct of
Landlord). Tenant’s early occupancy of the Expansion Premises for the sole purpose provided in this Section shall be subject to all of the terms and conditions of the Lease, provided that (x) the Premises shall not include the Expansion
Premises until the Expansion Date, and (y) Tenant shall not be obligated to pay monthly Base Rent or Additional Charges with respect to the Expansion Premises for the period from the Expansion Premises Delivery Date until the Expansion Date.

 (d) Within five (5) business days after the Expansion Date, the parties shall execute a letter confirming the Expansion Date and
certifying that Tenant has accepted delivery of the Premises, in form substantially similar to EXHIBIT “D” attached to the Lease (the “Expansion Date Memorandum”). Either party’s failure to request execution of, or to
execute, the Expansion Date Memorandum shall not in any way alter the Expansion Date. 
 4. Landlord’s Expansion Work. 

(a) Landlord shall deliver the Expansion Premises to Tenant on the Expansion Date having completed the work necessary (“Landlord’s
Expansion Work”) to deliver the Expansion Premises (i) in clean and sanitary condition, and (ii) with all electrical and mechanical systems in good working order, without taking into effect thereon any alterations or modifications
which may thereafter be made to the Expansion Premises by Tenant, its agents or contractors. 
 (b) Landlord’s Expansion Work shall be
performed at Landlord’s sole cost and expense. Except as expressly provided in this Section 3(b), Landlord shall not be required to make any improvements to the Initial Premises or the Expansion Premises, and Tenant
shall accept the Expansion Premises in its condition existing as of the Expansion Premises Delivery Date (subject to Landlord’s obligation to complete Landlord’s Expansion Work”) “AS IS” without any agreements,
representations, understandings or obligations on the part of Landlord to perform any alterations, repairs or improvements to the Premises on account of the extension of the Term or the expansion of the Premises hereunder or for any other reason,
purposes or cause. 
 5. Tenant’s Expansion Work. 

(a) Construction of Tenant’s Expansion Alterations. 

(i) Landlord hereby acknowledges that Tenant wishes to (i) carpet and paint the Premises (including both the Expansion Premises and the
Initial Premises), and (ii) construct within the Expansion Premises those improvements described on Exhibit B attached hereto (collectively herein, the “Approved Tenant Expansion Alterations”) and Landlord hereby
consents to the construction of the Approved Tenant Expansion Alterations, subject to Landlord’s approval to final carpet and paint specifications, and provided, however, that Tenant shall not be entitled to commence any work on the Approved
Tenant Expansion Alterations or the Tenant’s Additional Expansion Alterations (defined below) until Tenant has provided 

  
 - 3 - 

 Landlord with a letter of credit satisfying the requirements of Section 8. Any changes
to Tenant’s Preliminary Plans (defined below), including without limitation the addition of any improvements not shown on Tenant’s Preliminary Plans shall be subject to Landlord’s prior written consent (any such additional
improvements to which Landlord gives its prior written consent are referred to herein as “Tenant’s Additional Expansion Alterations” and the Approved Tenant Expansion Alterations and any Tenant’s Additional Expansion
Alterations are referred to herein as “Tenant’s Expansion Alterations”). At the time Landlord gives its consent to any Tenant’s Additional Expansion Alterations, Landlord shall designate which portions, if any, thereof
Tenant shall be required to remove or restore upon the expiration or sooner termination of the Term. Tenant and Landlord hereby acknowledge and agree that the provisions of Paragraph 6 of the Lease and the provisions of Exhibit B—Work Letter
attached to and made a part of the Lease shall not apply to the Tenant Expansion Alterations. Landlord further acknowledges and agrees that, from and after the Expansion Premises Delivery Date, Tenant, the Contractor (defined below) and
Tenant’s agents and contractors shall be provided access to the Expansion Premises and shall be permitted to construct the Tenant Expansion Alterations therein subject to the provisions of this Section 5.
Notwithstanding anything to the contrary within the Lease, including, without limitation, the provisions of Paragraph 6 of the Lease, at the expiration or sooner termination of the Lease, (A) the Approved Tenant Expansion Alterations (including
without limitation any replacement cubicles which may be installed by Tenant, with Landlord’s prior written consent, in the Initial Premises) shall remain within the Premises and shall become the property of Landlord except as provided in
clause (B) below, (B) Tenant shall remove or restore any Tenant’s Additional Expansion Alterations as specified by Landlord at the time it gave its written consent thereto, and (C) Tenant shall deliver to Landlord possession of the
Premises with all of the Tenant Expansion Alterations (including without limitation any replacement cubicles but excluding any of Tenant’s Additional Expansion Alterations which are required to be removed or restored) in place and in good
condition and repair, subject to normal wear and tear and damage by casualty. 
 (ii) Tenant shall retain and cause TEAMWRKX, Inc. (the
“Contractor”) to construct and install the Tenant Expansion Alterations in accordance with a construction contract reasonably approved by Landlord (the “Tenant’s Expansion Work”). Tenant’s Expansion Work
shall be performed in a good and workmanlike manner in accordance with Tenant’s Plans (defined below), Tenant shall administer the construction of Tenant’s Expansion Work in cooperation with Landlord, and Landlord shall reasonably
cooperate with Tenant’s construction of the Tenant Expansion Alterations within the Premises, including, without limitation, providing afterhours access to the Expansion Premises to Tenant and Tenant’s agents and contractors and affording
access to the elevators within the building for the purpose of affording construction access. 

  
 - 4 - 

 (iii) Landlord and its agents may inspect Tenant’s Expansion Work in the course of
construction and on completion of Tenant’s Expansion Work, provided, however, that Landlord’s failure to inspect Tenant’s Expansion Work shall in no event constitute a waiver of any of Landlord’s rights hereunder nor shall
Landlord’s inspection of Tenant’s Expansion Work constitute Landlord’s approval of the same. Landlord shall have the right to object to any material deviation from Tenant’s Plans not previously approved by Landlord, and Tenant
shall cause such deviation to be corrected. If the deviation is material in the Landlord’s reasonable judgment and may have an adverse affect on the Building, and if the deviation is not promptly corrected by Tenant, Landlord may cause such
deviation to be remedied, at Tenant’s expense. 
 (b) Payment for Tenant’s Expansion Work. 

(i) All costs of designing, permitting and constructing Tenant’s Expansion Work shall be borne by Tenant, except as otherwise expressly
provided in this Amendment. Landlord agrees to provide Tenant a one-time tenant improvement allowance in the amount of up to, but not exceeding, $259,861 (the “Tenant Allowance”) to be applied
toward the hard and soft costs (excluding architect’s and engineering costs) of constructing the Tenant Improvements in accordance with the approved Tenant’s Plans (defined below) (collectively, the “Allowance Costs”). The
Allowance Costs shall not include, and the Tenant Allowance shall not be used for, the costs of acquisition or installation of Tenant’s trade fixtures, equipment, furniture, furniture partitions, furnishings, personal property or for any other
matter or purpose not permitted above, and Tenant shall be responsible for the direct payment of all costs and expenses incurred in connection with Tenant’s Expansion Work which are not Allowance Costs. Tenant shall not be required to pay
Landlord any in-house supervisory profit or other compensation in connection with the performance of Tenant’s Expansion Work by a third party. Tenant shall be allowed to request monthly draws against the
Tenant Allowance in a format reasonably required by Landlord. 
 (ii) The Tenant Allowance shall be disbursed as provided below. Subject to
Section 5(b)(iii) below, Landlord shall make all payments directly to the Contractor, subcontractors and/or material suppliers, as appropriate, using Landlord’s disbursement process which shall include such conditions
(such as the receipt of lien waivers from the payees) as Landlord may reasonably require. 
 (iii) If any changes to Tenant’s Plans
increase Landlord’s reasonable estimate of the total Allowance Costs beyond the amount of the Tenant Allowance, Landlord shall deliver such updated cost estimate to Tenant and the difference between (i) the amount of the updated estimated
total Allowance Costs and (ii) the amount of the Tenant Allowance plus any deposits previously made by Tenant pursuant to this Section 5(b)(iii) (referred to herein as the “Over-Allowance Amount”) shall be paid by
Tenant directly to the Contractor, subcontractors and/or material suppliers, as appropriate, prior to Landlord’s disbursement of any portion of the Tenant Allowance. 

  
 - 5 - 

 (c) Changes to Tenant’s Plans. Landlord has previously approved Tenant’s
preliminary plans attached hereto as Exhibit B (“Tenant’s Preliminary Plans”). If Tenant desires to make further alterations to Tenant’s Preliminary Plans, Tenant shall contract with ArcTec, Inc. (the
“Architect”) to modify the construction drawings and shall submit such proposed changes to Landlord for Landlord’s prior written approval prior to commencing construction of any of such alterations. Landlord shall approve or
disapprove any requested changes to the Tenant’s Preliminary Plans within ten (10) days following Landlord’s receipt of Tenant’s request for the proposed change in sufficient detail to permit Landlord to fully evaluate such
request. Landlord and Tenant shall work cooperatively to mutually agree on any modifications to Tenant’s Preliminary Plans. Tenant’s Preliminary Plans together with any modifications thereto approved by Landlord shall be referred to as
“Tenant’s Plans”. 
 6. Modification of Base Rent. 

(a) Until April 30, 2013, the monthly Base Rent for the Initial Premises shall be as currently set forth in the Lease. From the Expansion
Date until April 30, 2013, the monthly Base Rent for the Expansion Premises shall be $46,186.25 per month (i.e. $2.75 per rentable square foot of the Expansion Premises). 

(b) From May 1, 2013 until April 30, 2014, the monthly Base Rent for the entire Premises shall be $89,665.72 per month (i.e. $2.83
per rentable square foot of the Premises). 
 (c) Commencing on May 1, 2014 and continuing on May 1 of each calendar year
thereafter, the monthly Base Rent shall increase by three percent (3.0%) over the monthly Base Rent which was in effect immediately preceding such adjustment. 

(d) Concurrently with Tenant’s execution of this Lease, Tenant shall pay to Landlord the August, 2012 Base Rent for the Expansion
Premises. 
 7. Electric Charging Stations. If requested by Tenant, Landlord shall work cooperatively with Tenant in obtaining any
governmental approvals and permits required for, and otherwise facilitating, the addition of four electric vehicle charging stations at the Building at Tenant’s sole cost and expense. Landlord makes no representation or warranty that such
electric vehicle charging stations can be added. 
 8. Security Deposit. On or before June 12, 2012, Tenant shall deliver to
Landlord a letter of credit in the form specified below in the amount of Two Hundred Sixty-Two Thousand Eight Hundred Seventy-Eight Dollars ($262,878.00), and promptly following its receipt of said letter of
credit, Landlord shall return to Tenant the existing cash Security Deposit of Thirty-Three Thousand Five Hundred and 25/100 Dollars ($33,500.25). Upon Landlord’s receipt of such letter of credit, Paragraph 32 of the Lease shall be amended to
read, in its entirety, as follows: 

  
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 “32. SECURITY DEPOSIT. 

(a) Tenant shall deposit with Landlord a security deposit in the sum of Two Hundred
Sixty-Two Thousand Eight Hundred Seventy-Eight Dollars ($262,878.00) in the form of an unconditional, irrevocable, transferable letter of credit (the “Letter of Credit”) satisfying the
requirements set forth in Paragraph 32(b). Provided that an uncured Draw Event (defined below) does not then exist, the Security Deposit shall be reduced to an amount equal to one (1) month’s Base Rent for the entire Premises upon the
later of (a) December 31, 2012, or (b) the date of Tenant’s delivery to Landlord of financial statements in accordance with Paragraph 33 below showing that Tenant has had twelve (12) consecutive quarters of net income
profitability (determined in accordance with GAAP). 

  
 - 7 - 

 (b) The Letter of Credit shall be issued by a financial institution, and in form
and substance, acceptable to Landlord, in its sole discretion, with an original term of no less than one year and automatic extensions through the end of the Term of this Lease and sixty (60) days thereafter. Landlord shall not unreasonably
withhold its approval of such a financial institution if it is a national bank, or a bank branch located in the United States (with an office in the United States allowing the Letter of Credit to be presented to and paid by such office pursuant to
procedures acceptable to Landlord in its reasonable discretion) with assets of the issuing bank or bank branch in excess of Twenty Billion Dollars ($20,000,000,000). Landlord hereby approves Silicon Valley Bank as an “issuing bank” for the
purposes of the Letter of Credit required by the provisions of this Paragraph 32(b). If Landlord determines at any time, in good faith with respect to any issuing bank other than Silicon Valley Bank, that either (A) the issuing bank or bank
branch has assets of less than Twenty Billion Dollars ($20,000,000,000), (B) the issuing bank does not have, or ceases to have, a long term rating of at least BBB+ or (C) the issuing bank or bank branch has or intends to close or cease
operations from the issuing bank branch, then Landlord may require that Tenant replace the Letter of Credit with a Letter of Credit from a different financial institution acceptable to Landlord, in the reasonable exercise of its discretion, within
fifteen (15) business days after Tenant’s receipt of notice of such requirement from Landlord. The Letter of Credit shall (A) be a stand-by irrevocable letter of credit; (B) be payable to
Landlord, its Mortgagee or their assignees (any of the foregoing, the “Beneficiary”); (C) require that any draw on the Letter of Credit shall be made only upon receipt by the issuer of a letter signed by a purported authorized
representative of the Beneficiary certifying that the Beneficiary is entitled to draw on the Letter of Credit pursuant to this Lease; (D) allow partial and multiple draws; (E) be fully transferable by Landlord, provided, however, that
Landlord shall be responsible, at Landlord’s sole cost and expense, for paying any transfer fees, reissuance fees and other costs and expenses in relation to any transfer of the Letter of Credit; (F) provide that it is governed by the Uniform
Customs and Practice for Documentary Credits (2007 revisions) International Chamber of Commerce Publication 600; (G) either provide for automatic annual extensions, without amendment (so-called
“evergreen” provision) with a final expiry date no sooner than sixty (60) days after the Expiration Date or be cancelable if, and only if, the issuer delivers to Beneficiary no less than sixty (60) days advance written notice of
issuer’s intent to cancel; and (H) require the issuer to make payment to the Beneficiary on the next business day after the day of presentation by the Beneficiary. Tenant shall keep the Letter of Credit, at its expense, in full force and
effect until the sixtieth (60th) day after the Expiration Date or other termination of this Lease, to insure the faithful performance by Tenant of all of the covenants, terms and conditions of this Lease, including, without limitation, Tenant’s
obligations to repair, replace or maintain the Premises. 

  
 - 8 - 

 (c) At any time after a Draw Event (as defined below) occurs, the Beneficiary may
present its written demand for payment of the entire face amount of the Letter of Credit (or, at the Beneficiary’s sole election, for payment of a portion of the amount of the Letter of Credit as is required to compensate Landlord for damages
incurred, with subsequent demands at the Beneficiary’s sole election as Landlord incurs further damages) and the funds so obtained shall become due and payable to the Beneficiary. The Beneficiary may retain such funds to the extent required to
compensate Landlord for damages incurred, or to reimburse Landlord as provided herein, in connection with any such default or other Draw Event, and any remaining funds shall be held as cash security for Tenant’s obligations hereunder. A
“Draw Event” shall mean any of the following: (A) a “default” (as defined in and determined pursuant to Paragraph 19(a) of this Lease) by Tenant in the performance of its obligations under this Lease occurs
(hereinafter referred to in this Paragraph 32 as a “Default”); (B) the existence of both (I) an uncured failure by Tenant to perform one or more of its obligations under this Lease beyond any notice, grace or cure period under
Paragraph 19(a) that would apply to such failure had such notice been given upon the first occurrence of such failure, and (II) circumstances in which Landlord is stayed, enjoined or otherwise prevented by operation of law from giving to Tenant
a written notice which would be necessary for such failure of performance to constitute a Default; (C) the Lease is terminated by Landlord due to a Default by Tenant; (D) the Letter of Credit is not replaced with a Letter of Credit from a
different financial institution if and when required by Paragraph 32(b); and (E) the Letter of Credit is not extended by the date which is sixty (60) days prior to its expiration. 

(d) If Landlord or the Beneficiary uses any portion of the Letter of Credit, or the cash security deposit resulting from a draw
on the Letter of Credit, to cure any Default by Tenant hereunder and/or for any other reason permitted or contemplated by this Paragraph 32, Landlord may, at its election, so inform Tenant in writing and request that Tenant provide a replacement
Letter of Credit or pay to Landlord a sum sufficient to return the Letter of Credit or cash security to one hundred percent (100%) of the original face amount of the Letter of Credit. Within five (5) business days of the receipt by Tenant of
such a notice from Landlord, Tenant shall provide a replacement Letter of Credit to Landlord or pay to Landlord in cash or immediately available funds the sum so requested, and the sum so paid by Tenant shall be held by Landlord as a part of the
required Security Deposit hereunder. Tenant’s failure to provide such replacement Letter of Credit or make such payment within such time period shall constitute a “default” under Paragraph 19(a) of this Lease without the necessity of
further notice or opportunity to cure. Such replenishment obligation shall bear interest at the Default Rate hereunder, and Tenant acknowledges that attachment will be a proper remedy by which Landlord may seek to recover the amount that Tenant has
then failed to pay. Any unused portion of the funds so obtained by Landlord or the Beneficiary shall be returned to Tenant upon replacement of the Letter of Credit in the full required amount. Any cash proceeds resulting from a draw upon or
replenishment of the Letter of Credit shall be treated as the Security Deposit required under this Paragraph 32. 

  
 - 9 - 

 (e) Landlord shall be entitled to assign the Letter of Credit and its rights
thereto from time to time in connection with an assignment of this Lease to a Mortgagee as security for the obligations of Landlord to such Mortgagee, or in connection with a sale or other transfer of Landlord’s interest in the Project. Tenant
shall cooperate with Landlord in connection with any modifications of or amendments to the Letter of Credit that may be reasonably requested by any Mortgagee in connection with any such assignment. At Landlord’s sole election, Landlord may also
direct Tenant to cause the Letter of Credit to directly name a Mortgagee as the sole beneficiary thereunder, provided, however, that Landlord shall be responsible, at Landlord’s sole cost and expense, for paying any transfer fees, reissuance
fees and other costs and expenses in relation to any transfer of the Letter of Credit. 
 (f) Within ninety (90) days of
the expiration of the Term or earlier termination of this Lease, and provided that Tenant is not then in Default, the Letter of Credit or any portion of the Security Deposit, as applicable, then held by Landlord shall be returned to Tenant, reduced
by those amounts that may be required by Landlord to remedy Defaults on the part of Tenant in the payment of rent, to repair damages to the Premises caused by Tenant, to pay for the cost of the removal of any improvements or property which Tenant is
required, by the terms of this Lease, to remove but fails to remove, and to clean the Premises; provided, however, that (i) notwithstanding the time period specified above, Landlord shall not be obligated to return the Letter of Credit or
Security Deposit or any part thereof until all breaches by Tenant of its obligations under this Lease have been cured and all damages which Landlord may suffer in connection with any such breach have been ascertained in amount and paid in full; and
(ii) in no event shall any such return be construed as an admission by Landlord that Tenant has performed all of its covenants and obligations hereunder. 

(g) If Landlord conveys or transfers its interest in the Premises and, as a part of such conveyance or transfer, Landlord
assigns its interest in this Lease: (i) the Letter of Credit or Security Deposit (or any portion thereof not previously applied) shall be transferred to Landlord’s successor; and (ii) Landlord shall be released and discharged from any
further liability to Tenant with respect to the Letter of Credit or Security Deposit after Landlord’s transfer of the Letter of Credit or Security Deposit. In no event shall any Mortgagee, or any purchaser of all or any portion of the Project
at a public or private foreclosure sale or exercise of a power of sale, have any liability or obligation whatsoever to Tenant or Tenant’s successors or assigns for the return of the Letter of Credit or Security Deposit in the event any such
Mortgagee or purchaser becomes a mortgagee in possession or succeeds to the interest of Landlord under this Lease unless, and then only to the extent that, such Mortgagee or purchaser has received all or any part of the Letter of Credit or Security
Deposit. No trust relationship is created herein between Landlord and Tenant with respect to the Letter of Credit or Security Deposit. Tenant acknowledges that the Security Deposit or Letter of Credit is not an advance payment of any kind or a
measure of Landlord’s damages in the event of a Default by Tenant. Tenant hereby waives any rights that it may now or hereafter have under California Civil Code Section 1950.7 (except subsections (b), (d) and (e) of
Section 1950.7) and the provisions of any other Law that are inconsistent with this Paragraph 32.” 

  
 - 10 - 

 9. Brokerage Commission. 

(a) Landlord hereby warrants and represents to Tenant that Landlord has not had dealings with any real estate broker, finder or other person
with respect to this Amendment in any manner, except for Cassidy Turley/CB Richard Ellis (“Cassidy Turley”) and Colliers International (“Colliers”); and Tenant hereby warrants and represents to that Landlord has not had
dealings with any real estate broker, finder or other person with respect to this Amendment in any manner, except for Cassidy Turley and Colliers. 

(b) Landlord shall pay, in connection with this Amendment, a commission due to Cassidy Turley and a commission due to Colliers pursuant to
separate written agreements between Landlord and Cassidy Turley and Colliers, respectively. 
 (c) Tenant shall indemnify and hold harmless
Landlord from all damages resulting from any claims that may be asserted against Landlord by any broker, finder or other person with whom Tenant has or purportedly has dealt, expressly excluding Cassidy Turley and Colliers; and Landlord shall
indemnify and hold harmless Tenant from all damages resulting from any claims that may be asserted against Tenant by (i) any broker, finder or other person with whom Landlord has or purportedly has dealt, expressly including Colliers, and
(ii) and Cassidy Turley. 
 10. Acknowledgements. Tenant (i) acknowledges and agrees that Landlord has performed each and
every obligation of Landlord to be performed under the Lease as of the date of this Amendment, and that Landlord is not in default of any such obligation, and (ii) represents and warrants to Landlord that Tenant is not in default under the
Lease and that, to the best of Tenant’s knowledge, no event, condition or circumstance exists which, with the giving of notice and/or the passage of time, would constitute a default by Tenant under the Lease. 

11. Limitation on Amendment. Except as expressly provided herein, nothing contained in this Amendment shall alter or affect any
provision, condition or covenant contained in the Lease, or affect or impair any rights, powers or remedies thereunder, it being the intent of the parties hereto that, except as expressly modified hereby, the provisions, conditions and covenants of
the Lease shall continue in full force and effect and are hereby ratified and confirmed. In the event of a conflict between the provisions of the Lease and this Amendment, the Lease shall prevail. 

12. Integration. This Amendment and the Lease contain or expressly incorporate by reference the entire agreement of the parties with
respect to the matters contemplated herein and supersede all prior negotiations between the parties. 

  
 - 11 - 

 13. Lease Amendment Effective Date. Submission of this Amendment for examination or
signature by Tenant does not constitute a reservation of or option for the lease of the Expansion Premises or of or for an amendment to the Lease, and it is not effective as a lease of the Expansion Premises, as an amendment to the Lease, or
otherwise until execution and delivery by both Landlord and Tenant. 
 14. Counterparts. This Amendment may be executed in
counterparts, each of which shall be an original, but all of which shall constitute one instrument. The parties agree that if the signature of Landlord and/or Tenant on this Amendment is not an original, but is a digital, mechanical, or electronic
reproduction (such as, but not limited to, a photocopy, e-mail, PDF, Adobe image, or jpeg), then such digital, mechanical, or electronic reproduction shall be as enforceable, valid, and binding as, and the
legal equivalent to, an authentic and traditional ink-on-paper original wet signature penned manually by its signatory. 

[Signatures Begin on Next Page] 

  
 - 12 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment to Lease as of the day first
above written. 
  

			
	LANDLORD:
	
	441 LOGUE AVENUE ASSOCIATES, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Steve Dostart

	Name:	 	Steve Dostart
	Its:	 	Manager
		
	TENANT:	 	
	
	 ELANCE, INC.,
 a Delaware
corporation

		
	By:	 	 /s/ Fabio Rosati

	Name:	 	Fabio Rosati
	Its:	 	President & CEO
		
	By:	 	 /s/ Michael J. Culver

	Name:	 	Michael J. Culver
	Its:	 	VP Finance/Legal

  
 - 13 - 

 

 

 

 

 

 

 

 

 441 LOGUE AVENUE ASSOCIATES, LLC 

145 ADDISON AVENUE 
 PALO ALTO, CA
94301 
 NOTICE TO TENANTS 

February 25, 2014 
 Elance, Inc. 

441 Logue Avenue 
 Mountain View, CA 94043 

Attn: Michael Culver 
  

	Re:	441 Logue Avenue, Mountain View, California 

 Dear Tenant: 

This will notify you that on February 25, 2014, the project known as 441 Logue Avenue Associates, LLC, located in Mountain View,
California, in which you are a tenant, was sold by 441 Logue Avenue Associates, LLC (“Prior Landlord”), to Google, Inc. (“New Owner”). Please note that, in connection with the transaction, your lease has been assigned by the
Prior Landlord to the New Owner and the letter of credit held by the Prior Landlord with respect to the lease has been transferred to, and the Prior Landlord’s obligations with respect to such letter of credit have been assumed by the New Owner
as of February 25, 2014. 
 As of February 25, 2014, the project will be managed by: 

Orchard Commercial, Inc. 

Commencing immediately, please make all future rent payments and other sums due under the lease payable to GOOGLE, INC. Accordingly, all rent
and other payments due under your lease should be submitted as follows: 
 if paying by check: 

Google, Inc. 
 c/o Orchard
Commercial, Inc. 
 2055 Laurelwood Road, Suite 130 

Santa Clara, CA 95054 
  

  
 -1- 

 441 LOGUE AVENUE ASSOCIATES, LLC 

145 ADDISON AVENUE 
 PALO ALTO, CA
94301 
 If paying by wire: 

Account Name: Google Inc. 

Account Number: 
 Wire ABA: 

Swift Code (Only for International Wires): 

Bank Name: Wells Fargo Bank 

Reference: Tenant Name 
 Any
written notices you desire or are required to make to the landlord under your lease should be sent to the following: 
 Google, Inc. 

c/o Orchard Commercial, Inc. 
 2055
Laurelwood Road, Suite 130 
 Santa Clara, CA 95054 

Any inquiries about the project or your lease should be made to the New Owner at this address, or by telephone to 

Shannon Freitag – 408-922-0400 –
Sfreitag@OrchardCommercial.com 
 Marissa Borgman –
408-922-0400 – Mborgman@OrchardCommercial.com 

[SIGNATURE ON FOLLOWING PAGE] 

  
 -2- 

 441 LOGUE AVENUE ASSOCIATES, LLC 

145 ADDISON AVENUE 
 PALO ALTO, CA
94301 
 Very truly yours, 
 PRIOR LANDLORD: 

441 LOGUE AVENUE ASSOCIATES, LLC, 
 a Delaware limited liability
company, 
  

			
	By:	 	  

	Name:	 	  

	Its:	 	  

  
 -3-

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