Document:

EX-10.3

 Exhibit 10.3 

UPWORK INC. 

2014 EQUITY INCENTIVE PLAN 

As Adopted on March 28, 2014 

Amended on August 13, 2014 

Amended on October 26, 2017 

1. PURPOSE. The purpose of this Plan is to provide incentives to attract, retain and motivate eligible persons
whose present and potential contributions are important to the success of the Company, its Parent and Subsidiaries by offering eligible persons an opportunity to participate in the Company’s future performance through the grant of Awards
covering Shares. Capitalized terms not defined in the text are defined in Section 14 hereof. Although this Plan is intended to be a written compensatory benefit plan within the meaning of Rule 701, grants may be made pursuant to this Plan
that do not qualify for exemption under Rule 701 or Section 25102(o). Any requirement of this Plan that is required in law only because of Section 25102(o) need not apply if the Committee so provides. 

2. SHARES SUBJECT TO THE PLAN. 

2.1 Number of Shares Available. Subject to Sections 2.2 and 11 hereof, the total number of Shares reserved and
available for grant and issuance pursuant to this Plan will be 19,964,076 Shares plus (a) shares that are subject to outstanding option grants under the oDesk Corporation 2004 Stock Plan (the “oDesk 2004 Plan”), the
Elance, Inc. 1999 Stock Option Plan (the “Elance 1999 Plan”) and/or the Elance, Inc. 2009 Stock Option Plan (the “Elance 2009 Plan” and, together with the oDesk 2004 Plan and the Elance 1999 Plan, the
“Prior Plans”) that were outstanding on the Effective Date (as defined in Section 13.1 hereof) (the “Prior Options”), but cease to be subject to an award for any reason other than exercise of an
option after the Effective Date; (b) any shares that, as of the date of stockholder approval of this Plan, have been reserved but not issued pursuant to any awards granted under the Prior Plans and are not subject to any awards granted
thereunder, and (c) shares that were issued under any of the Prior Plans pursuant to the exercise of the Prior Options, which are repurchased by the Company or which are forfeited or used to pay withholding obligations or pay the exercise price
of an option. Subject to Sections 2.2 and 11 hereof, Shares subject to Awards that are cancelled, forfeited, settled in cash, used to pay withholding obligations or pay the exercise price of an Option or that expire by their terms at any time will
again be available for grant and issuance in connection with other Awards. In the event that Shares previously issued under the Plan are reacquired by the Company pursuant to a forfeiture provision, right of first refusal, or repurchase by the
Company, such Shares shall be added to the number of Shares then available for issuance under the Plan. At all times the Company will reserve and keep available a sufficient number of Shares as will be required to satisfy the requirements of all
Awards granted and outstanding under this Plan. In no event shall the total number of Shares issued (counting each reissuance of a Share that was previously issued and then forfeited or repurchased by the Company as a separate issuance) under the
Plan upon exercise of ISOs exceed 61,000,000 Shares (adjusted in proportion to any adjustments under Section 2.2 hereof) over the term of the Plan (the “ISO Limit”). 

2.2 Adjustment of Shares. In the event that the number of outstanding shares of the Company’s Common Stock is changed by a
stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination, reclassification or other change in the capital structure of the Company affecting Shares without consideration, then in order to prevent diminution or
enlargement of the benefits or potential benefits intended to be made available under the Plan (a) the number of Shares reserved for issuance under this Plan, (b) the Exercise Prices of and number of Shares subject to outstanding Options
and SARs, and (c) the Purchase Prices of and/or number of Shares subject to other outstanding Awards will (to the extent 

  
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appropriate) be proportionately adjusted, subject to any required action by the Board or the stockholders of the Company and compliance with applicable securities laws; provided,
however, that fractions of a Share will not be issued but will either be paid in cash at the Fair Market Value of such fraction of a Share or will be rounded down to the nearest whole Share, as determined by the Committee. 

3. PLAN FOR BENEFIT OF SERVICE PROVIDERS 

3.1 Eligibility. The Committee will have the authority to select persons to receive Awards. ISOs (as defined in
Section 4 hereof) may be granted only to employees (including officers and directors who are also employees) of the Company or of a Parent or Subsidiary of the Company. NQSOs (as defined in Section 4 hereof) and all other types of Awards
may be granted to employees, officers, directors and consultants of the Company or any Parent or Subsidiary of the Company; provided such consultants render bona fide services not in connection with the offer and sale of securities in
a capital-raising transaction when Rule 701 is to apply to the Award granted for such services. A person may be granted more than one Award under this Plan. 

3.2 No Obligation to Employ. Nothing in this Plan or any Award granted under this Plan will confer or be deemed to confer
on any Participant any right to continue in the employ of, or to continue any other relationship with, the Company or any Parent or Subsidiary or limit in any way the right of the Company or any Parent or Subsidiary to terminate Participant’s
employment or other relationship at any time, with or without Cause. 
 4. OPTIONS. The Committee may grant
Options to eligible persons described in Section 3 hereof and will determine whether such Options will be Incentive Stock Options within the meaning of the Code (“ISOs”) or Nonqualified Stock Options
(“NQSOs”), the number of Shares subject to the Option, the Exercise Price of the Option, the period during which the Option may be exercised, and all other terms and conditions of the Option, subject to the following. 

4.1 Form of Option Grant. Each Option granted under this Plan will be evidenced by an Award Agreement which will expressly
identify the Option as an ISO or an NQSO (“Stock Option Agreement”), and will be in such form and contain such provisions (which need not be the same for each Participant) as the Committee may from time to time approve, and
which will comply with and be subject to the terms and conditions of this Plan. 
 4.2 Date of Grant. The date of grant
of an Option will be the date on which the Committee makes the determination to grant such Option, unless a later date is otherwise specified by the Committee. The Stock Option Agreement and a copy of this Plan will be delivered to the Participant
within a reasonable time after the granting of the Option. 
 4.3 Exercise Period. Options may be exercisable within the
time or upon the events determined by the Committee in the Award Agreement and may be awarded as immediately exercisable but subject to repurchase pursuant to Section 10 hereof or may be exercisable within the times or upon the events
determined by the Committee as set forth in the Stock Option Agreement governing such Option; provided, however, that (a) no Option will be exercisable after the expiration of ten (10) years from the date the
Option is granted; and (b) no ISO granted to a person who directly or by attribution owns more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any Parent or Subsidiary (“Ten
Percent Stockholder”) will be exercisable after the expiration of five (5) years from the date the ISO is granted. The Committee also may provide for Options to become exercisable at one time or from time to time, periodically or
otherwise, in such number of Shares or percentage of Shares as the Committee determines. 

  
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 4.4 Exercise Price. The Exercise Price of an Option will be determined
by the Committee when the Option is granted and shall not be less than the Fair Market Value per Share unless expressly determined in writing by the Committee on the Option’s date of grant; provided that the Exercise Price of an
ISO shall not be less than the Fair Market Value per Share and if granted to a Ten Percent Stockholder will not be less than one hundred ten percent (110%) of the Fair Market Value of the Shares on the date of grant. Payment for the Shares purchased
must be made in accordance with Section 8 hereof. 
 4.5 Method of Exercise. Options may be exercised only by
delivery to the Company of a written stock option exercise agreement (the “Exercise Agreement”) in a form approved by the Committee (which need not be the same for each Participant). The Exercise Agreement will state
(a) the number of Shares being purchased, (b) the restrictions imposed on the Shares purchased under such Exercise Agreement, if any, and (c) such representations and agreements regarding Participant’s investment intent and
access to information and other matters, if any, as may be required or desirable by the Company to comply with applicable securities laws. Each Participant’s Exercise Agreement may be modified by (i) agreement of Participant and the
Company or (ii) substitution by the Company, upon becoming a public company, in order to add the payment terms and Tax-Related Items provision set forth in Sections 8.1 and 8.2 that apply to a public
company and such other terms as shall be necessary or advisable in order to exercise a public company option. Upon exercise of an Option, Participant shall execute and deliver to the Company the Exercise Agreement then in effect, together with
payment in full of the Exercise Price for the number of Shares being purchased and payment of any applicable Tax-Related Items. No adjustment will be made for a dividend or other right for which the record
date is prior to the date the Shares are issued, except as provided in Section 2.2 of the Plan. Exercising an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under the
Option, by the number of Shares as to which the Option is exercised. 
 4.6 Termination. Subject to earlier termination
pursuant to Sections 11 and 13.3 hereof and notwithstanding the exercise periods set forth in the Stock Option Agreement, exercise of an Option will always be subject to the following terms and conditions. 

4.6.1 Other than Death or Disability or for Cause. If the Participant is Terminated for any reason other than death, Disability or for
Cause, then the Participant may exercise such Participant’s Options only to the extent that such Options are exercisable as to Vested Shares upon the Termination Date or as otherwise determined by the Committee. Such Options must be exercised
by the Participant, if at all, as to all or some of the Vested Shares calculated as of the Termination Date or such other date determined by the Committee, within three (3) months after the Termination Date (or within such longer time period
after the Termination Date as may be determined by the Committee, with any exercise beyond three (3) months after the date Participant ceases to be an employee deemed to be an NQSO) but in any event, no later than the expiration date of the
Options. 
 4.6.2 Death or Disability. If the Participant is Terminated because of Participant’s death or Disability (or the
Participant dies within three (3) months after a Termination other than for Cause), then Participant’s Options may be exercised only to the extent that such Options are exercisable as to Vested Shares by Participant on the Termination Date
or as otherwise determined by the Committee. Such options must be exercised by Participant (or Participant’s legal representative or authorized assignee), if at all, as to all or some of the Vested Shares calculated as of the Termination Date
or such other date determined by the Committee, within (i) in the case of Participant’s death, twelve (12) months after the Termination Date or (ii) in the case of Participant’s Disability, six (6) months after the
Termination Date, or in each case within such longer time period after the Termination Date as may be determined by the Committee, with any exercise beyond (a) three (3) months after the date Participant ceases to be an employee when the
Termination is for any reason other than the Participant’s death or disability, within the meaning of Section 22(e)(3) of the Code, or (b) twelve (12) months after the date Participant ceases to be an employee when the
Termination is for Participant’s disability, within the meaning of Section 22(e)(3) of the Code, deemed to be an NQSO, but in any event no later than the expiration date of the Options. 

  
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 4.6.3 For Cause. If the Participant is terminated for Cause, the Participant may
exercise such Participant’s Options, but not to an extent greater than such Options are exercisable as to Vested Shares upon the Termination Date and Participant’s Options shall expire on such Participant’s Termination Date, or at
such later time and on such conditions as are determined by the Committee. 
 4.7 Limitations on Exercise. The Committee
may specify a reasonable minimum number of Shares that may be purchased on any exercise of an Option, provided that such minimum number will not prevent Participant from exercising the Option for the full number of Shares for which it
is then exercisable. 
 4.8 Limitations on ISOs. The aggregate Fair Market Value (determined as of the date of grant) of
Shares with respect to which ISOs are exercisable for the first time by a Participant during any calendar year (under this Plan or under any other incentive stock option plan of the Company or any Parent or Subsidiary of the Company) will not exceed
One Hundred Thousand Dollars ($100,000). If the Fair Market Value of Shares on the date of grant with respect to which ISOs are exercisable for the first time by a Participant during any calendar year exceeds One Hundred Thousand Dollars ($100,000),
then the Options for the first One Hundred Thousand Dollars ($100,000) worth of Shares to become exercisable in such calendar year will be ISOs and the Options for the amount in excess of One Hundred Thousand Dollars ($100,000) that become
exercisable in that calendar year will be NQSOs. In the event that the Code or the regulations promulgated thereunder are amended after the Effective Date (as defined in Section 13.1 hereof) to provide for a different limit on the Fair Market
Value of Shares permitted to be subject to ISOs, then such different limit will be automatically incorporated herein and will apply to any Options granted after the effective date of such amendment. 

4.9 Modification, Extension or Renewal. The Committee may modify, extend or renew outstanding Options and authorize the
grant of new Options in substitution therefor, provided that any such action may not, without the written consent of a Participant, substantially impair any of such Participant’s rights under any Option previously granted. Any
outstanding ISO that is modified, extended, renewed or otherwise altered will be treated in accordance with Section 424(h) of the Code. Subject to Section 4.10 hereof, the Committee may reduce the Exercise Price of outstanding Options
without the consent of Participants by a written notice to them; provided, however, that the Exercise Price may not be reduced below the minimum Exercise Price that would be permitted under Section 4.4 hereof for
Options granted on the date the action is taken to reduce the Exercise Price. 
 4.10 No Disqualification.
Notwithstanding any other provision in this Plan, no term of this Plan relating to ISOs will be interpreted, amended or altered, nor will any discretion or authority granted under this Plan be exercised, so as to disqualify this Plan under
Section 422 of the Code or, without the consent of the Participant, to disqualify any Participant’s ISO under Section 422 of the Code. 

5. RESTRICTED STOCK. A Restricted Stock Award is an offer by the Company to sell or issue to an eligible person
Shares that are subject to certain specified restrictions. The Board or Committee as required under applicable law, will determine to whom an offer will be made, the number of Shares the person may purchase or acquire, the Purchase Price (if any),
the restrictions to which the Shares will be subject, and all other terms and conditions of the Restricted Stock Award, subject to the following terms and conditions. 

  
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 5.1 Form of Restricted Stock Award. All purchases or acquisitions under
a Restricted Stock Award made pursuant to this Plan will be evidenced by an Award Agreement (“Restricted Stock Purchase Agreement”) that will be in such form (which need not be the same for each Participant) as the Committee
will from time to time approve, and will comply with and be subject to the terms and conditions of this Plan. The Restricted Stock Award will be accepted by the Participant’s execution and delivery of the Restricted Stock Purchase Agreement and
full payment, if applicable, for the Shares to the Company within thirty (30) days from the date the Restricted Stock Purchase Agreement is delivered to the person. If such person does not execute and deliver the Restricted Stock Purchase
Agreement along with full payment, if applicable, for the Shares to the Company within such thirty (30) days, then the offer will terminate, unless otherwise determined by the Committee. 

5.2 Purchase Price. If applicable, the Purchase Price of Shares sold pursuant to a Restricted Stock Award will be
determined by the Committee on the date the Restricted Stock Award is granted or at the time the purchase is consummated. Payment of the Purchase Price must be made in accordance with Section 8 hereof. 

5.3 Dividends and Other Distributions. Participants holding Restricted Stock will be entitled to receive all dividends and
other distributions paid with respect to such Shares, unless the Committee provides otherwise at the time of award. If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability and
forfeitability as the Shares of Restricted Stock with respect to which they were paid. 
 5.4 Restrictions. Restricted
Stock Awards may be subject to the restrictions set forth in Sections 9 and 10 hereof or, with respect to a Restricted Stock Award to which Section 25102(o) is to apply, such other restrictions not inconsistent with Section 25102(o).

 6. RESTRICTED STOCK UNITS. 

6.1 Awards of Restricted Stock Units. A Restricted Stock Unit (“RSU”) is an Award covering a
number of Shares that may be settled in cash, or by issuance of those Shares at a date in the future, or both. No Purchase Price shall apply to an RSU settled in Shares. All grants of Restricted Stock Units will be evidenced by an Award Agreement
that will be in such form (which need not be the same for each Participant) as the Committee will from time to time approve, and will comply with and be subject to the terms and conditions of this Plan. 

6.2 Form and Timing of Settlement. To the extent permissible under applicable law, the Committee may permit a Participant
to defer payment under a RSU to a date or dates after the RSU is earned, provided that the terms of the RSU and any deferral satisfy the requirements of Section 409A of the Code (or any successor) and any regulations or rulings
promulgated thereunder. Payment may be made in the form of cash or whole Shares or a combination thereof, all as the Committee determines. 

7. STOCK APPRECIATION RIGHTS. 

7.1 Awards of SARs. Stock Appreciation Rights (“SARs”) may be settled in cash, or Shares (which
may consist of Restricted Stock or RSUs), having a value equal to the value determined by multiplying the difference between the Fair Market Value on the date of exercise over the Exercise Price and the number of Shares with respect to which the SAR
is being settled. All grants of SARs made pursuant to this Plan will be evidenced by an Award Agreement that will be in such form (which need not be the same for each Participant) as the Committee will from time to time approve, and will comply with
and be subject to the terms and conditions of this Plan. 

  
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 7.2 Exercise Period and Expiration Date. A SAR will be exercisable
within the times or upon the occurrence of events determined by the Committee and set forth in the Award Agreement governing such SAR. The Award Agreement shall set forth the Expiration Date; provided that no SAR will be exercisable
after the expiration of ten years from the date the SAR is granted. 
 7.3 Exercise Price. The Committee will determine
the Exercise Price of the SAR when the SAR is granted, and which may not be less than the Fair Market Value on the date of grant and may be settled in cash or in Shares. 

7.4 Termination. Subject to earlier termination pursuant to Sections 11 and 13.1 hereof and notwithstanding the
exercise periods set forth in the Award Agreement, exercise of SARs will always be subject to the following terms and conditions. 
 7.4.1
Other than Death or Disability or for Cause. If the Participant is Terminated for any reason other than death, Disability or for Cause, then the Participant may exercise such Participant’s SARs only to the extent that such SARs are
exercisable as to Vested Shares upon the Termination Date or as otherwise determined by the Committee. SARs must be exercised by the Participant, if at all, as to all or some of the Vested Shares calculated as of the Termination Date or such other
date determined by the Committee, within three (3) months after the Termination Date (or within such longer time period after the Termination Date as may be determined by the Committee) but in any event, no later than the expiration date of the
SARs. 
 7.4.2 Death or Disability. If the Participant is Terminated because of Participant’s death or Disability (or the
Participant dies within three (3) months after a Termination other than for Cause), then Participant’s SARs may be exercised only to the extent that such SARs are exercisable as to Vested Shares by Participant on the Termination Date or as
otherwise determined by the Committee. Such SARs must be exercised by Participant (or Participant’s legal representative or authorized assignee), if at all, as to all or some of the Vested Shares calculated as of the Termination Date or such
other date determined by the Committee, within (i) in the case of Participant’s death, twelve (12) months after the Termination Date or (ii) in the case of Participant’s Disability, six (6) months after the Termination
Date, or in each case within such longer time period after the Termination Date as may be determined by the Committee, but in any event no later than the expiration date of the SARs. 

7.4.3 For Cause. If the Participant is terminated for Cause, the Participant may exercise such Participant’s SARs, but not to an
extent greater than such SARs are exercisable as to Vested Shares upon the Termination Date and Participant’s SARs shall expire on such Participant’s Termination Date, or at such later time and on such conditions as are determined by the
Committee. 
 8. PAYMENT FOR PURCHASES AND EXERCISES. 

8.1 Payment in General. Payment for Shares acquired pursuant to this Plan may be made in cash (by check) or, where
expressly approved for the Participant by the Committee and where permitted by law: 
 (a) by cancellation of indebtedness of the Company
owed to the Participant; 
 (b) by surrender of shares of the Company that are clear of all liens, claims, encumbrances or security
interests and: (i) for which the Company has received “full payment of the purchase price” within the meaning of SEC Rule 144 (and, if such shares were purchased from the Company by use of a promissory note, such note has been
fully paid with respect to such shares) or (ii) that were obtained by Participant in the public market; 

  
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 (c) by tender of a full recourse promissory note having such terms as may be approved by
the Committee and bearing interest at a rate sufficient to avoid imputation of income under Sections 483 and 1274 of the Code; provided, however, that Participants who are not employees or directors of the Company
will not be entitled to purchase Shares with a promissory note unless the note is adequately secured by collateral other than the Shares; provided, further, that the portion of the Exercise Price or Purchase Price, as the
case may be, equal to the par value (if any) of the Shares must be paid in cash or other legal consideration permitted by the laws under which the Company is then incorporated or organized; 

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

(e) by participating in a formal cashless exercise program implemented by the Committee in connection with the Plan; 

(f) provided that a public market for the Company’s Common Stock exists, by exercising through a “same day sale” commitment
from the Participant and a broker-dealer whereby the Participant irrevocably elects to exercise the Award and to sell a portion of the Shares so purchased sufficient to pay the total Exercise Price or Purchase Price, and whereby the broker-dealer
irrevocably commits upon receipt of such Shares to forward the total Exercise Price or Purchase Price directly to the Company; 
 (g) by any
other method of payment approved by the Committee; or 
 (h) by any combination of the foregoing. 

8.2 Withholding Taxes. 

8.2.1 Withholding Generally. Whenever Shares are to be issued in satisfaction of Awards granted under this Plan, the Company may
require the Participant to remit to the Company an amount sufficient to satisfy applicable Tax-Related Items withholding requirements prior to the delivery of any certificate or certificates for such Shares.
Whenever, under this Plan, payments in satisfaction of Awards are to be made in cash by the Company, such payment will be net of an amount sufficient to satisfy applicable Tax-Related Items withholding
requirements. 
 8.2.2 Stock Withholding. When, under applicable tax laws, a Participant incurs
Tax-Related Items liability in connection with the exercise or vesting of any Award that is subject to Tax-Related Items withholding and the Participant is obligated to
pay the Company the amount required to be withheld, the Committee may in its sole discretion allow the Participant to satisfy the minimum Tax-Related Items withholding obligation by electing to have the
Company withhold from the Shares to be issued up to the minimum number of Shares having a Fair Market Value on the date that the amount of Tax-Related Items to be withheld is to be determined that is not more
than the minimum amount to be withheld; or to arrange a mandatory “sell to cover” on Participant’s behalf (without further authorization) but in no event will the Company withhold Shares or “sell to cover” if such
withholding would result in adverse accounting consequences to the Company. Any elections to have Shares withheld or sold for this purpose will be made in accordance with the requirements established by the Committee for such elections and be in
writing in a form acceptable to the Committee. 

  
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 9. RESTRICTIONS ON AWARDS. 

9.1 Transferability. Subject to the transfer restrictions set forth in the Company’s bylaws applicable to all
shares of the Company’s capital stock, except as permitted by the Committee, Awards granted under this Plan, and any interest therein, will not be transferable or assignable by Participant, other than by will or by the laws of descent and
distribution, and, with respect to NQSOs, and if authorized by the Committee, by instrument to an inter vivos or testamentary trust in which the NQSOs are to be passed to beneficiaries upon the death of the trustor (settlor), or by gift to
“family member” as that term is defined in Rule 701, and may not be made subject to execution, attachment or similar process. For the avoidance of doubt, the prohibition against assignment and transfer applies to a stock option and, prior
to exercise, the shares to be issued on exercise of a stock option, and pursuant to the foregoing sentence shall be understood to include, without limitation, a prohibition against any pledge, hypothecation, or other transfer, including any short
position, any “put equivalent position” or any “call equivalent position” (in each case, as defined in Rule 16a-1 promulgated under the Exchange Act). During the lifetime of the Participant
an Award will be exercisable only by the Participant or Participant’s legal representative and any elections with respect to an Award may be made only by the Participant or Participant’s legal representative. The terms of an Option shall
be binding upon the executor, administrator, successors and assigns of the Participant who is a party thereto. 
 9.2 Securities
Law and Other Regulatory Compliance. Although this Plan is intended to be a written compensatory benefit plan within the meaning of Rule 701 promulgated under the Securities Act, grants may be made pursuant to this Plan that do not
qualify for exemption under Rule 701 or Section 25102(o). Any requirement of this Plan which is required in law only because of Section 25102(o) need not apply with respect to a particular Award to which Section 25102(o) will not
apply. An Award will not be effective unless such Award is in compliance with all applicable federal, state or foreign securities laws, rules and regulations of any governmental body, and the requirements of any stock exchange or automated quotation
system upon which the Shares may then be listed or quoted, as they are in effect on the date of grant of the Award and also on the date of exercise or other issuance. Notwithstanding any other provision in this Plan, the Company will have no
obligation to issue or deliver certificates for Shares under this Plan prior to (a) obtaining any approvals from governmental agencies that the Company determines are necessary or advisable, and/or (b) compliance with any exemption,
completion of any registration or other qualification of such Shares under any state, federal or foreign law or ruling of any governmental body that the Company determines to be necessary or advisable. The Company will be under no obligation to
register the Shares with the SEC or to effect compliance with the exemption, registration, qualification or listing requirements of any state or foreign securities laws, stock exchange or automated quotation system, and the Company will have no
liability for any inability or failure so do. 
 9.3 Exchange and Buyout of Awards. The Committee may, at any time or
from time to time, authorize the Company, with the consent of the respective Participants, to issue new Awards in exchange for the surrender and cancellation of any or all outstanding Awards. Without prior stockholder approval the Committee may
reprice Options or SARs (and where such repricing is a reduction in the Exercise Price of outstanding Options or SARs, the consent of the affected Participants is not required provided written notice is provided to them). The Committee may at any
time buy from a Participant an Award previously granted with payment in cash, Shares (including Restricted Stock) or other consideration, based on such terms and conditions as the Committee and the Participant may agree. 

 

  
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 10. RESTRICTIONS ON SHARES. 

10.1 Privileges of Stock Ownership. No Participant will have any of the rights of a stockholder with respect to any Shares
until such Shares are issued to the Participant. After Shares are issued to the Participant, the Participant will be a stockholder and have all the rights of a stockholder with respect to such Shares, including the right to vote and receive all
dividends or other distributions made or paid with respect to such Shares; provided, that if such Shares are Restricted Stock, then any new, additional or different securities the Participant may become entitled to receive with respect
to such Shares by virtue of a stock dividend, stock split or any other change in the corporate or capital structure of the Company will be subject to the same restrictions as the Restricted Stock. The Participant will have no right to retain such
stock dividends or stock distributions with respect to Unvested Shares that are repurchased as described in this Section 10. 
 10.2
Rights of First Refusal and Repurchase. At the discretion of the Committee, the Company may reserve to itself and/or its assignee(s) in the Award Agreement (a) a right of first refusal to purchase all Shares that a Participant
(or a subsequent transferee) may propose to transfer to a third party, provided that such right of first refusal terminates upon the Company’s initial public offering of Common Stock pursuant to an effective registration statement
filed under the Securities Act and (b) a right to repurchase Unvested Shares held by a Participant for cash and/or cancellation of purchase money indebtedness owed to the Company by the Participant following such Participant’s Termination
at any time. 
 10.3 Escrow; Pledge of Shares. To enforce any restrictions on a Participant’s Shares, the
Committee may require the Participant to deposit all certificates representing Shares, together with stock powers or other instruments of transfer approved by the Committee, appropriately endorsed in blank, with the Company or an agent designated by
the Company to hold in escrow until such restrictions have lapsed or terminated. The Committee may cause a legend or legends referencing such restrictions to be placed on the certificate. Any Participant who is permitted to execute a promissory note
as partial or full consideration for the purchase of Shares under this Plan will be required to pledge and deposit with the Company all or part of the Shares so purchased as collateral to secure the payment of Participant’s obligation to the
Company under the promissory note; provided, however, that the Committee may require or accept other or additional forms of collateral to secure the payment of such obligation and, in any event, the Company will have full
recourse against the Participant under the promissory note notwithstanding any pledge of the Participant’s Shares or other collateral. In connection with any pledge of the Shares, Participant will be required to execute and deliver a written
pledge agreement in such form as the Committee will from time to time approve. The Shares purchased with the promissory note may be released from the pledge on a pro rata basis as the promissory note is paid. 

10.4 Securities Law Restrictions. All certificates for Shares or other securities delivered under this Plan will be
subject to such stock transfer orders, legends and other restrictions as the Committee may deem necessary or advisable, including restrictions under any applicable federal, state or foreign securities law, or any rules, regulations and other
requirements of the SEC or any stock exchange or automated quotation system upon which the Shares may be listed or quoted. 
 11.
CORPORATE TRANSACTIONS. 
 11.1 Acquisitions or Other Combinations. In the event that the Company is
subject to an Acquisition or Other Combination, outstanding Awards acquired under the Plan shall be subject to the agreement evidencing the Acquisition or Other Combination, which need not treat all outstanding Awards in an identical manner. Such
agreement, without the Participant’s consent, shall provide for one or more of the following with respect to all outstanding Awards as of the effective date of such Acquisition or Other Combination: 

(a) The continuation of such outstanding Awards by the Company (if the Company is the successor entity). 

  
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 (b) The assumption of outstanding Awards by the successor or acquiring entity (if any) in
such Acquisition or Other Combination (or by any of its Parents, if any), which assumption, will be binding on all Participants; provided that the exercise price and the number and nature of shares issuable upon exercise of any such option or stock
appreciation right, or any award that is subject to Section 409A of the Code, will be adjusted appropriately pursuant to Section 424(a) and Section 409A of the Code. For the purposes of this Section 11, an Award will be
considered assumed if, following the Acquisition or Other Combination, the Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the Acquisition or Other Combination, the consideration (whether
stock, cash, or other securities or property) received in the Acquisition or Other Combination by holders of Shares for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of
consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the Acquisition or Other Combination is not solely common stock of the successor corporation or its Parent, the
Committee may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of an Option or Stock Appreciation Right or upon the payout of a Restricted Stock Unit, for each Share subject to such
Award, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share consideration received by holders of Common Stock in the Acquisition or Other Combination. 

(c) The substitution by the successor or acquiring entity in such Acquisition or Other Combination (or by any of its Parents, if any) of
equivalent awards with substantially the same terms for such outstanding Awards (except that the exercise price and the number and nature of shares issuable upon exercise of any such option or stock appreciation right, or any award that is subject
to Section 409A of the Code, will be adjusted appropriately pursuant to Section 424(a) of the Code). 
 (d) The full or partial
exercisability or vesting and accelerated expiration of outstanding Awards. 
 (e) The settlement of the full value of such outstanding
Award (whether or not then vested or exercisable) in cash, cash equivalents, or securities of the successor entity (or its Parent, if any) with a Fair Market Value equal to the required amount, followed by the cancellation of such Awards; provided
however, that such Award may be cancelled without consideration if such Award has no value, as determined by the Committee, in its discretion. Subject to Section 409A of the Code, such payment may be made in installments and may be deferred
until the date or dates when the Award would have become exercisable or vested. Such payment may be subject to vesting based on the Participant’s continued service, provided that without the Participant’s consent, the vesting schedule
shall not be less favorable to the Participant than the schedule under which the Award would have become vested or exercisable. For purposes of this Section 11.1(e), the Fair Market Value of any security shall be determined without regard to
any vesting conditions that may apply to such security. 
 (f) The cancellation of outstanding Awards in exchange for no consideration. 

Immediately following an Acquisition or Other Combination, outstanding Awards shall terminate and cease to be outstanding, except to the extent
such Awards, have been continued, assumed or substituted, as described in Sections 11.1(a), (b) and/or (c). 
 11.2 Assumption
of Awards by the Company. The Company, from time to time, also may substitute or assume outstanding awards granted by another entity, whether in connection with an acquisition of such other entity or otherwise, by either (a) granting an
Award under this Plan in substitution of such other entity’s award or (b) assuming and/or converting such award as if it had been granted under this Plan if the terms of such assumed award could be applied to an Award granted under this
Plan. Such substitution or assumption will be permissible if the holder of the substituted or assumed award would have 

  
 10 

 
been eligible to be granted an Award under this Plan if the other entity had applied the rules of this Plan to such grant. In the event the Company assumes an award granted by another entity, the
terms and conditions of such award will remain unchanged (except that the exercise price and the number and nature of shares issuable upon exercise of any such option or stock appreciation right, or any award that is subject to Section 409A of
the Code, will be adjusted appropriately pursuant to Section 424(a) of the Code). In the event the Company elects to grant a new Option or SAR rather than assuming an existing option or stock appreciation right, such new Option or SAR may be
granted with a similarly adjusted Exercise Price. 
 12. ADMINISTRATION. 

12.1 Committee Authority. This Plan will be administered by the Committee or the Board if no Committee is created by the
Board. Subject to the general purposes, terms and conditions of this Plan, and to the direction of the Board, the Committee will have full power to implement and carry out this Plan. Without limitation, the Committee will have the authority to: 

(a) construe and interpret this Plan, any Award Agreement and any other agreement or document executed pursuant to this Plan; 

(b) prescribe, amend, expand, modify and rescind or terminate rules and regulations relating to this Plan; 

(c) approve persons to receive Awards; 

(d) determine the form and terms of Awards; 

(e) determine the number of Shares or other consideration subject to Awards granted under this Plan; 

(f) determine the Fair Market Value in good faith and interpret the applicable provisions of this Plan and the definition of Fair Market Value
in connection with circumstances that impact the Fair Market Value, if necessary; 
 (g) determine whether Awards will be granted singly, in
combination with, in tandem with, in replacement of, or as alternatives to, other Awards under this Plan or awards under any other incentive or compensation plan of the Company or any Parent or Subsidiary of the Company; 

(h) grant waivers of any conditions of this Plan or any Award; 

(i) determine the terms of vesting, exercisability and payment of Awards to be granted pursuant to this Plan; 

(j) correct any defect, supply any omission, or reconcile any inconsistency in this Plan, any Award, any Award Agreement, any Exercise
Agreement or any Restricted Stock Purchase Agreement; 
 (k) determine whether an Award has been earned; 

(l) extend the vesting period beyond a Participant’s Termination Date; 

  
 11 

 (m) adopt rules and/or procedures (including the adoption of any subplan under this Plan or
any annex to an Award Agreement) relating to the operation and administration of the Plan to accommodate requirements of local law and procedures outside of the United States; 

(n) delegate any of the foregoing to a subcommittee consisting of one or more executive officers pursuant to a specific delegation as may
otherwise be permitted by applicable law; 
 (o) change the vesting schedule of Awards under the Plan prospectively in the event that the
Participant’s service status changes between full and part time status in accordance with Company policies relating to work schedules and vesting of awards; and 

(p) make all other determinations necessary or advisable in connection with the administration of this Plan. 

12.2 Committee Composition and Discretion. The Board may delegate full administrative authority over the Plan and Awards
to a Committee consisting of at least one member of the Board (or such greater number as may then be required by applicable law). Unless in contravention of any express terms of this Plan or Award, any determination made by the Committee with
respect to any Award will be made in its sole discretion either (a) at the time of grant of the Award, or (b) subject to Section 4.9 hereof, at any later time. Any such determination will be final and binding on the Company and on all
persons having an interest in any Award under this Plan. To the extent permitted by applicable law, the Committee may delegate to one or more officers of the Company the authority to grant an Award under this Plan, provided that each
such officer is a member of the Board. 
 12.3 Nonexclusivity of the Plan. Neither the adoption of this Plan by the
Board, the submission of this Plan to the stockholders of the Company for approval, nor any provision of this Plan will be construed as creating any limitations on the power of the Board to adopt such additional compensation arrangements as it may
deem desirable, including, without limitation, the granting of stock options and other equity awards otherwise than under this Plan, and such arrangements may be either generally applicable or applicable only in specific cases. 

12.4 Governing Law. This Plan and all agreements hereunder shall be governed by and construed in accordance with the laws
of the State of Delaware, without giving effect to that body of laws pertaining to conflict of laws. 
 13. EFFECTIVENESS, AMENDMENT
AND TERMINATION OF THE PLAN. 
 13.1 Adoption and Stockholder Approval. This Plan will become effective
on the date that it is adopted by the Board (the “Effective Date”). This Plan will be approved by the stockholders of the Company (excluding Shares issued pursuant to this Plan), consistent with applicable laws, within twelve
(12) months before or after the Effective Date. Upon the Effective Date, the Board may grant Awards pursuant to this Plan; provided, however, that: (a) no Option or SAR may be exercised prior to initial
stockholder approval of this Plan; (b) no Option or SAR granted pursuant to an increase in the number of Shares approved by the Board shall be exercised prior to the time such increase has been approved by the stockholders of the Company;
(c) in the event that initial stockholder approval is not obtained within the time period provided herein, all Awards for which only the exemption from California’s securities qualification requirements provided by Section 25102(o)
can apply shall be canceled, any Shares issued pursuant to any such Award shall be canceled and any purchase of such Shares issued hereunder shall be rescinded; and (d) Awards (to which only the exemption from California’s securities
qualification requirements provided by Section 25102(o) can apply) granted pursuant to an increase in the number of Shares approved by the Board which increase is not approved by stockholders within the time then required under
Section 25102(o) shall be canceled, any Shares issued pursuant to any such Awards shall be canceled, and any purchase of Shares subject to any such Award shall be rescinded. 

  
 12 

 13.2 Term of Plan. Unless earlier terminated as provided herein, this
Plan will automatically terminate ten (10) years after the later of (i) the Effective Date, or (ii) the most recent increase in the number of Shares reserved under Section 2 that was approved by the Company’s stockholders.

 13.3 Amendment or Termination of Plan. Subject to Section 4.9 hereof, the Board may at any time
(a) terminate or amend this Plan in any respect, including without limitation amendment of any form of Award Agreement or instrument to be executed pursuant to this Plan and (b) terminate any and all outstanding Options or SARs upon a
dissolution or liquidation of the Company, followed by the payment of creditors and the distribution of any remaining funds to the Company’s stockholders; provided, however, that the Board will not, without the
approval of the stockholders of the Company, amend this Plan in any manner that requires such stockholder approval pursuant to Section 25102(o) or pursuant to the Code or the regulations promulgated under the Code as such provisions apply to
ISO plans. The termination of the Plan, or any amendment thereof, shall not affect any Share previously issued or any Award previously granted under the Plan. 

14. DEFINITIONS. For all purposes of this Plan, the following terms will have the following meanings. 

“Acquisition,” for purposes of Section 11, means: 

(a) any consolidation or merger in which the Company is a constituent entity or is a party in which the voting stock and other voting
securities of the Company that are outstanding immediately prior to the consummation of such consolidation or merger represent, or are converted into, securities of the surviving entity of such consolidation or merger (or of any Parent of such
surviving entity) that, immediately after the consummation of such consolidation or merger, together possess less than fifty percent (50%) of the total voting power of all voting securities of such surviving entity (or of any of its Parents, if any)
that are outstanding immediately after the consummation of such consolidation or merger; 
 (b) a sale or other transfer by the holders
thereof of outstanding voting stock and/or other voting securities of the Company possessing more than fifty percent (50%) of the total voting power of all outstanding voting securities of the Company, whether in one transaction or in a series of
related transactions, pursuant to an agreement or agreements to which the Company is a party and that has been approved by the Board, and pursuant to which such outstanding voting securities are sold or transferred to a single person or entity, to
one or more persons or entities who are Affiliates of each other, or to one or more persons or entities acting in concert; or 
 (c) the
sale, lease, transfer or other disposition, in a single transaction or series of related transactions, by the Company and/or any Subsidiary or Subsidiaries of the Company, of all or substantially all the assets of the Company and its Subsidiaries
taken as a whole, (or, if substantially all of the assets of the Company and its Subsidiaries taken as a whole are held by one or more Subsidiaries, the sale or disposition (whether by consolidation, merger, conversion or otherwise) of such
Subsidiaries of the Company), except where such sale, lease, transfer or other disposition is made to the Company or one or more wholly owned Subsidiaries of the Company (an “Acquisition by Sale of Assets”). 

“Affiliate” of a specified person means a person that directly, or indirectly through one or more intermediaries,
controls or is controlled by, or is under common control with, the person specified (where, for purposes of this definition, the term “control” (including the terms controlling, controlled
by and under common control with) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by
contract, or otherwise. 

  
 13 

 “Award” means any award pursuant to the terms and conditions of this
Plan, including any Option, Restricted Stock Unit, Stock Appreciation Right or Restricted Stock Award. 
 “Award
Agreement” means, with respect to each Award, the signed written or electronic agreement between the Company and the Participant setting forth the terms and conditions of the Award as approved by the Committee. For purposes of the Plan,
the Award Agreement may be executed via written or electronic means. 
 “Board” means the Board of Directors of the
Company. 
 “Cause” means Termination because of (a) Participant’s unauthorized misuse of the Company or a
Parent or Subsidiary of the Company’s trade secrets or proprietary information, (b) Participant’s conviction of or plea of nolo contendere to a felony or a crime involving moral turpitude, (c) Participant’s committing an act
of fraud against the Company or a Parent or Subsidiary of the Company or (d) Participant’s gross negligence or willful misconduct in the performance of his or her duties that has had or will have a material adverse effect on the reputation
or business of the Company or its Parent or Subsidiary. 
 “Code” means the Internal Revenue Code of 1986, as
amended. 
 “Common Stock” shall mean the common stock of the Company with a par value of $0.0001 per share. 

“Committee” means the committee created and appointed by the Board to administer this Plan, or if no committee is
created and appointed, the Board. 
 “Company” means Upwork Inc. or any successor corporation. 

“Disability” means a disability, whether temporary or permanent, partial or total, as determined by the Committee.

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

“Exercise Price” means the price per Share at which a holder of an Option may purchase Shares issuable upon exercise
of the Option. 
 “Fair Market Value” means, as of any date, the value of a share of the Company’s Common Stock
determined as follows: 
 (a) if such Common Stock is then publicly traded on a national securities exchange, its closing price on the date
of determination on the principal national securities exchange on which the Common Stock is listed or admitted to trading as reported in The Wall Street Journal; 

(b) if such Common Stock is publicly traded but is not listed or admitted to trading on a national securities exchange, the average of the
closing bid and asked prices on the date of determination as reported by The Wall Street Journal (or, if not so reported, as otherwise reported by any newspaper or other source as the Committee may determine); or 

  
 14 

 (c) if none of the foregoing is applicable to the valuation in question, by the Committee
in good faith. 
 “Option” means an award of an option to purchase Shares pursuant to Section 4 of this Plan.

 “Other Combination” for purposes of Section 11 means any (a) consolidation or merger in which the
Company is a constituent entity and is not the surviving entity of such consolidation or merger or (b) any conversion of the Company into another form of entity; provided that such consolidation, merger or conversion does not
constitute an Acquisition. 
 “Parent” of a specified entity means, any entity that, either directly or indirectly,
owns or controls such specified entity, where for this purpose, “control” means the ownership of stock, securities or other interests that possess at least a majority of the voting power of such specified entity (including
indirect ownership or control of such stock, securities or other interests). With respect to ISOs, a Parent shall meet the requirements of a “parent corporation” under Section 424(e) of the Code. 

“Participant” means a person who receives an Award under this Plan. 

“Plan” means this 2014 Equity Incentive Plan, as amended from time to time. 

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

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

“Restricted Stock Award” means an award of Shares pursuant to Section 5 hereof. 

“Restricted Stock Unit” or “RSU” means an award made pursuant to Section 6 hereof. 

“Rule 701” means Rule 701 et seq. promulgated by the Commission under the Securities Act. 

“SEC” means the Securities and Exchange Commission. 

“Section 25102(o)” means Section 25102(o) of the California Corporations Code.

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

“Shares” means shares of the Company’s Common Stock reserved for issuance under this Plan, as adjusted pursuant
to Sections 2.2 and 11 hereof, and any successor security. 
 “Stock Appreciation Right” or
“SAR” means an award granted pursuant to Section 7 hereof. 
 “Subsidiary” means any
entity (other than the Company) in an unbroken chain of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain owns stock or other equity securities representing fifty percent (50%) or more of
the total combined voting power of all classes of stock or other equity securities in one of the other entities in such chain. With respect to ISOs, a Subsidiary shall meet the requirements of a “subsidiary corporation” under
Section 424(f) of the Code. 

  
 15 

 “Tax-Related Items” means
all income tax, social insurance, payroll tax, fringe benefit tax, payment on account or other tax-related items related to the Participant’s participation in the Plan and legally applicable to the
Participant. 
 “Termination” or “Terminated” means, for purposes of this Plan with respect
to a Participant, that the Participant has for any reason ceased to provide services as an employee, officer, director or consultant to the Company or a Parent or Subsidiary of the Company (regardless of the reason for such termination and whether
or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or providing services, or the terms of Participant’s employment or services agreement, if any). A Participant will not be deemed
to have ceased to provide services while the Participant is on a bona fide leave of absence, if such leave was approved by the Company in writing. In the case of an approved leave of absence, the Committee may make such provisions respecting
crediting of service, including suspension of vesting of the Award (including pursuant to a formal policy adopted from time to time by the Company) it may deem appropriate, except that in no event may an Option be exercised after the expiration of
the term set forth in the Stock Option Agreement. A Participant shall not be deemed to be providing services during any statutory, contractual or common law notice period or any period of “garden leave” or similar period mandated under
employment laws in the jurisdiction where a participant is providing services or the terms of a Participant’s employment or service agreement, if any. The Committee will have sole discretion to determine whether a Participant has ceased to
provide services and the effective date on which the Participant ceased to provide services (the “Termination Date”). 

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

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

* * * * * * * * * * * 

  
 16 

 OPTION GRANT NO. «No» 

NOTICE OF STOCK OPTION GRANT 

UPWORK INC. 

2014 EQUITY INCENTIVE PLAN 

The Optionee named below (“Optionee”) has been granted an option (this “Option”) to purchase shares of Common
Stock (the “Common Stock”) of Upwork Inc. (the “Company”), pursuant to the Company’s 2014 Equity Incentive Plan, as amended from time to time (the “Plan”) on the
terms, and subject to the conditions, described below and in the Stock Option Agreement attached hereto as Exhibit A, including its annexes (the “Stock Option
Agreement”). 
  

			
	Optionee:	  	«Optionee»
		
	Maximum Number of Shares Subject to this Option (the “Shares”):	  	«Total_Number_of_Options»
		
	Exercise Price Per Share:	  	$____ per share
		
	Date of Grant:	  	«Grant_Date»
		
	Vesting Start Date:	  	«Vesting_Start_Date»
		
	Exercise Schedule:	  	This Option will become exercisable during its term with respect to portions of the Shares in accordance with the Vesting Schedule set forth below.
		
	Expiration Date:	  	The date ten (10) years after the Date of Grant set forth above, subject to earlier expiration in the event of Termination as provided in Section 3 of the Stock Option Agreement.
		
	 Tax Status of Option:
 (Check
Only One Box):
	  	 ☐ Incentive Stock Option (To the fullest extent permitted by the Code)

☐ Nonqualified Stock Option.
 (If
neither box is checked, this Option is a Nonqualified Stock Option).

 Vesting Schedule [EXAMPLE ONLY]: For so long as Optionee continuously provides services to the Company (or any
Subsidiary or Parent of the Company) as an employee, officer, director, contractor or consultant and has not been Terminated, this Option will vest (that is, become exercisable) with respect to the Shares as follows: (a) prior to the first one
(1) year anniversary of the Vesting Start Date this Option will not be vested or exercisable as to any of the Shares; (b) this Option will become vested and exercisable with respect to [1/4th] of the Shares on the one (1) year anniversary of the Vesting Start Date; and (c) thereafter, this Option will become vested and exercisable with respect to an additional
[1/48th] of the Shares when Optionee completes each month of continuous service following the first one (1) year anniversary of the Vesting Start Date. 

General; Agreement: By their signatures below, Optionee and the Company agree that this Option is granted under and governed by this Notice of Stock
Option Grant (this “Grant Notice”) and by the provisions of the Plan and the Stock Option Agreement. The Plan and the Stock Option Agreement are incorporated herein by reference. Capitalized terms used but not defined herein
shall have the meanings given to them in the Plan or in the Stock Option Agreement, as applicable. By signing below, Optionee acknowledges receipt of a copy of this Grant Notice, the Plan and the Stock Option Agreement, represents that Optionee has
carefully read and is familiar with their provisions, and hereby accepts the Option subject to all of their respective terms and conditions. Optionee acknowledges that there may be adverse Tax-Related Items
consequences with respect to the Option or the Shares and that Optionee should consult a tax adviser prior to exercise of the Option or disposition of the Shares. Optionee agrees and acknowledges that the Vesting Schedule may change prospectively in
the event that Optionee’s service status changes between full and part time status in accordance with Company policies relating to work schedules and vesting of equity awards. 

Execution and Delivery: This Grant Notice may be executed and delivered electronically whether via the Company’s intranet or the Internet site of
a third party or via email or any other means of electronic delivery specified by the Company. By Optionee’s acceptance hereof (whether written, electronic or otherwise), Optionee agrees, to the fullest extent permitted by law, that in lieu of
receiving documents in paper format, Optionee accepts the electronic delivery of any documents that the Company (or any third party the Company may designate), may deliver in connection with this grant (including the Plan, this Grant Notice, the
Stock Option Agreement, the information described in Rules 701(e)(2), (3), (4) and (5) under the Securities Act (the “701 Disclosures”), account statements, or other communications or information) whether via the
Company’s intranet or the Internet site of such third party or via email or such other means of electronic delivery specified by the Company. 
  

									
	Upwork Inc. 	 		  		 	
					
	By /Signature:	 	  
	 		  	Optionee Signature:	 	  

					
	Typed Name:	 	  
	 	        	  	Optionee’s Name:	 	 «Optionee»

					
	Title:	 	  
	 		  		 	

  

			
	ATTACHMENT:	  	Exhibit A – Stock Option Agreement

  
 17 

 Exhibit A 

Stock Option Agreement 

  
 1 

 STOCK OPTION EXERCISE NOTICE AND AGREEMENT 

UPWORK INC. 

2014 EQUITY INCENTIVE PLAN 

*NOTE: You must sign this Notice on
Page 3 before submitting it to Upwork Inc. (the “Company”) AND, if requested to do so by the Company, you
must also sign the signature page to the Company’s then-current Company Voting Agreement (as defined in the Stock Option Agreement) before submitting this Notice to the Company. 

 OPTIONEE INFORMATION: Please provide the following information about yourself
(“Optionee”): 
  

			
	Name:	 	 «Optionee»

		
	Address:	 	  

		
		 	  

 OPTION INFORMATION: Please provide this information on the option being exercised
(the “Option”): 
  

					
		 	 Grant No. «No»
  
	  	
		 	 Date of Grant: «Grant_Date»
  
	  	 Type of Stock Option:
  

		 	Option Price per Share: $____	  	☐ Nonqualified (NQSO)
			
		 	Total number of shares of Common Stock of the Company subject to the Option: «Total_Number_of_Options»	  	☐ Incentive (ISO)

 EXERCISE INFORMATION: 

Number of shares of Common Stock of the Company for which the Option is now being exercised
[                    ]. (These shares are referred to below as the “Purchased Shares.”) 

Total Exercise Price Being Paid for the Purchased Shares:
$                     
 Form of
payment enclosed [check all that apply]: 
 ☐ Check for
$                    , payable to “Upwork Inc.” 

☐ Certificate(s) for
                     shares of Common Stock of the Company. These shares will be valued as of the date this notice is
     received by the Company. [Requires Company consent.] 
 AGREEMENTS,
REPRESENTATIONS AND ACKNOWLEDGMENTS OF OPTIONEE: By signing this Stock Option Exercise Notice and Agreement, Optionee hereby agrees with, and represents to, the
Company as follows: 
  

	1.	 Terms Governing. I acknowledge and agree with the Company that I am acquiring the Purchased Shares by
exercise of this Option subject to all other terms and conditions of the Notice of Stock Option Grant and the Stock Option Agreement that govern the Option, including without limitation the terms of the Company’s 2014 Equity Incentive Plan, as
it may be amended (the “Plan”). 

  

	2.	 Investment Intent; Securities Law Restrictions. I represent and warrant to the Company that I am
acquiring and will hold the Purchased Shares for investment for my account only, and not with a view to, or for resale in connection with, any “distribution” of the Purchased Shares within the meaning of

	 	
the Securities Act of 1933, as amended (the “Securities Act”). I understand that the Purchased Shares have not been registered under the Securities Act by reason of a
specific exemption from such registration requirement and that the Purchased Shares must be held by me indefinitely, unless they are subsequently registered under the Securities Act or I obtain an opinion of counsel (in form and substance
satisfactory to the Company and its counsel) that registration is not required. I acknowledge that the Company is under no obligation to register the Purchased Shares under the Securities Act or under any other securities law. 

 

	3.	 Restrictions on Transfer: Rule 144. I will not sell, transfer or otherwise dispose of the Purchased
Shares in violation of the Securities Act, the Securities Exchange Act of 1934, or the rules promulgated thereunder (including Rule 144 under the Securities Act described below “Rule 144”)) or of any other applicable securities laws.
I am aware of Rule 144, which permits limited public resales of securities acquired in a non-public offering, subject to satisfaction of certain conditions, which include (without limitation) that:
(a) certain current public information about the Company is available; (b) the resale occurs only after the holding period required by Rule 144 has been met; (c) the sale occurs through an unsolicited “broker’s
transaction”; and (d) the amount of securities being sold during any three-month period does not exceed specified limitations. I understand that the conditions for resale set forth in Rule 144 have not been satisfied and that the
Company has no plans to satisfy these conditions in the foreseeable future. 

  

	4.	 Access to Information; Understanding of Risk in Investment. I acknowledge that I have received and had
access to such information as I consider necessary or appropriate for deciding whether to invest in the Purchased Shares and that I had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the
issuance of the Purchased Shares. I am aware that my investment in the Company is a speculative investment that has limited liquidity and is subject to the risk of complete loss. I am able, without impairing my financial condition, to hold the
Purchased Shares for an indefinite period and to suffer a complete loss of my investment in the Purchased Shares. 

  

	5.	 Waiver of Statutory Information Rights. Notwithstanding anything to the contrary herein, I acknowledge
and understand that, but for the waiver made herein, I would be entitled, upon written demand under oath stating the purpose thereof, to inspect for any proper purpose, and to make copies and extracts from, the Company’s stock ledger, a list of
its stockholders, and its other books and records, and the books and records of subsidiaries of the Company, if any, under the circumstances and in the manner provided in Section 220 of the Delaware General Corporation Law (any and all such
rights, and any and all such other rights as may be provided for in Section 220, the “Inspection Rights”). In light of the foregoing, until the first sale of Common Stock of the Company to the general public pursuant to
a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act, I hereby unconditionally and irrevocably waive the Inspection Rights, whether such Inspection Rights would be exercised or
pursued directly or indirectly pursuant to Section 220 or otherwise, and covenant and agree never to directly or indirectly commence, voluntarily aid in any way, prosecute, assign, transfer, or cause to be commenced any claim, action, cause of
action, or other proceeding to pursue or exercise the Inspection Rights. The foregoing waiver applies to my Inspection Rights in my capacity as a stockholder and shall not affect any rights of a director, in my capacity as such (if applicable),
under Section 220. The foregoing waiver shall not apply to any contractual inspection rights that I may have under any written agreement with the Company. 

 

	6.	 Rights of First Refusal; Market Stand-off. I acknowledge that
the Purchased Shares remain subject to the Company’s Right of First Refusal and the market stand-off covenants (sometimes referred to as the “lock-up”),
all in accordance with the applicable Notice of Stock Option Grant and the Stock Option Agreement that govern the Option. 

  
 2 

	7.	 Form of Ownership. I acknowledge that the Company has encouraged me to consult my own adviser to
determine the form of ownership of the Purchased Shares that is appropriate for me. In the event that I choose to transfer my Purchased Shares to a trust, I agree to sign a Stock Transfer Agreement. In the event that I choose to transfer my
Purchased Shares to a trust that is not an eligible revocable trust, I also acknowledge that the transfer will be treated as a “disposition” for tax purposes. As a result, the favorable ISO tax treatment will be unavailable and other
unfavorable tax consequences may occur. 

  

	8.	 Investigation of Tax Consequences. I acknowledge that the Company has encouraged me to consult my own
adviser to determine the tax consequences of acquiring the Purchased Shares at this time. 

  

	9.	 Other Tax Matters. I agree that the Company does not have a duty to design or administer the Plan or its
other compensation programs in a manner that minimizes my tax liabilities. I will not make any claim against the Company or its Board, officers or employees related to tax liabilities arising from my options or my other compensation. In particular,
I acknowledge that my options (including the Option) are exempt from section 409A of the Internal Revenue Code only if the exercise price per share is at least equal to the fair market value per share of the Common Stock at the time the option
was granted by the Board. Since shares of the Common Stock are not traded on an established securities market, the determination of their fair market value was made by the Board and/or by an independent valuation firm retained by the Company. I
acknowledge that there is no guarantee in either case that the Internal Revenue Service will agree with the valuation, and I will not make any claim against the Company or its Board, officers or employees in the event that the Internal Revenue
Service asserts that the valuation was too low. 

  

	10.	 Spouse Consent. I agree to seek the consent of my spouse to the extent required by the Company to
enforce the foregoing. 

  

	11.	 Agreement to Enter into Voting Agreement. Pursuant to the Stock Option Agreement, if requested to do so
by the Company, I agree to enter into and execute the then-current Company Voting Agreement concurrently with my exercise of the Option or at any other time I am requested to do so by the Company I acknowledge that by entering into the Voting
Agreement I will be subjected to voting and other obligations and covenants regarding all Company shares I own and all other provisions of the Company Voting Agreement, in addition to the right of first refusal and market stand-off provisions described above. 

  

	12.	 Tax Withholding. As a condition of exercising this Option, I agree to make adequate provision for
foreign, federal, state or other tax withholding obligations, if any, which arise upon the grant, vesting or exercise of this Option, or disposition of the Purchased Shares, whether by withholding, direct payment to the Company, or otherwise.

 The undersigned hereby executes and delivers this Stock Option Exercise Notice and Agreement to agrees to be bound by its terms 

 

					
	 SIGNATURE:

«OPTIONEE»
	 		 	DATE:
	  
	 		 	  

 [Signature Page to Stock Option Exercise Notice and Agreement] 

  
 3 

 STOCK OPTION AGREEMENT 

UPWORK INC. 

2014 EQUITY INCENTIVE PLAN 

This Stock Option Agreement, including any country-specific terms in Annex A hereto (this “Agreement”) is
made and entered into as of the date of grant (the “Date of Grant”) set forth on the Notice of Stock Option Grant attached as the facing page to this Agreement (the “Grant Notice”) by and between
Upwork Inc. (the “Company”), and the optionee named on the Grant Notice (the “Optionee”). Capitalized terms not defined in this Agreement shall have the meaning ascribed to them in the Company’s
2014 Equity Incentive Plan, as amended from time to time (the “Plan”), or in the Grant Notice, as applicable. 

1. GRANT OF OPTION. The Company hereby grants to Optionee an option (this “Option”) to purchase up to the total
number of shares of Common Stock of the Company (the “Common Stock”) set forth in the Grant Notice as the Shares (the “Shares”) at the Exercise Price Per Share set forth in the Grant Notice (the
“Exercise Price”), subject to all of the terms and conditions of the Grant Notice, this Agreement and the Plan. If designated as an Incentive Stock Option in the Grant Notice, then for U.S. taxpayer Optionees, this Option is
intended to qualify as an incentive stock option (the “ISO”) within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). 

2. EXERCISE PERIOD. 

2.1 Exercise Period of Option. This Option is considered to be “vested” with respect to any particular Shares
when this Option is exercisable with respect to such Shares. This Option will become vested during its term as to portions of the Shares in accordance with the Vesting Schedule set forth in the Grant Notice. Notwithstanding any provision in the Plan
or this Agreement to the contrary, on or after Optionee’s Termination Date, this Option may not be exercised with respect to any Shares that are Unvested Shares on Optionee’s Termination Date. 

2.2 Vesting of Option Shares. Shares with respect to which this Option is vested and exercisable at a given time pursuant
to the Vesting Schedule set forth in the Grant Notice are “Vested Shares.” Shares with respect to which this Option is not vested and exercisable at a given time pursuant to the Vesting Schedule set forth in the Grant
Notice are “Unvested Shares.” 
 2.3 Expiration. The Option shall expire on the
Expiration Date set forth in the Grant Notice or earlier as provided in Section 3 below. 
 3. TERMINATION. 

3.1 Termination for Any Reason Except Death, Disability or for Cause. Except as provided in subsection 3.2 in a case in
which Optionee dies within three (3) months after Optionee is Terminated other than for Cause, if Optionee is Terminated for any reason (other than Optionee’s death or Disability or for Cause), then this Option, to the extent (and
only to the extent) that it is exercisable with respect to Vested Shares, may be exercised by Optionee no later than three (3) months after Optionee’s Termination Date (but in no event may this Option be exercised after the
Expiration Date) after which this Option shall expire immediately with respect to all Unvested Shares and any Vested Shares that are not exercised on or prior to the expiration of such post-termination exercise period. 

 3.2 Termination Because of Death or Disability. If Optionee is
Terminated because of Optionee’s death or Disability (or if Optionee dies within three (3) months of the date of Optionee’s Termination for any reason other than for Cause), then this Option, to the extent (and only to the extent)
that it is exercisable with respect to Vested Shares, may be exercised by Optionee (or Optionee’s legal representative) no later than (i) in the case of Optionee’s death, twelve (12) months after the Optionee’s Termination
Date or (ii) in the case of Optionee’s Disability, six (6) months after the Optionee’s Termination Date, but in no event later than the Expiration Date, after which this Option shall expire immediately with respect to all
Unvested Shares and any Vested Shares that are not exercised on or prior to the expiration of such post-termination exercise period. Any exercise of this Option beyond (i) three (3) months after the date Optionee ceases to be an employee when
Optionee’s Termination is for any reason other than Optionee’s death or disability, within the meaning of Section 22(e)(3) of the Code, is deemed to be an NQSO. 

3.3 Termination for Cause. If Optionee is Terminated for Cause, then Optionee may exercise this Option, but
only with respect to any Shares that are Vested Shares on Optionee’s Termination Date, and this Option shall expire on Optionee’s Termination Date, or at such later time and on such conditions as may be affirmatively determined by the
Committee. On and after Optionee’s Termination Date, this Option shall expire immediately with respect to any Shares that are Unvested Shares and may not be exercised with respect to any Shares that are Unvested Shares on Optionee’s
Termination Date. 
 3.4 No Obligation to Employ. Nothing in the Plan or this Agreement shall confer on Optionee
any right to continue in the employ of, or other relationship with, the Company or any Parent or Subsidiary of the Company, or limit in any way the right of the Company or any Parent or Subsidiary of the Company to terminate Optionee’s
employment or other relationship at any time, with or without Cause. 
 4. MANNER OF EXERCISE. 

4.1 Stock Option Exercise Notice and Agreement. To exercise this Option, Optionee (or in the case of exercise after
Optionee’s death or incapacity, Optionee’s executor, administrator, heir or legatee, as the case may be) must deliver to the Company an executed Stock Option Exercise Notice and Agreement in the form attached hereto as
Annex B, or in such other form as may be approved by the Committee from time to time (the “Exercise Agreement”) and payment for the Shares being purchased in accordance with this
Agreement. The Exercise Agreement shall set forth, among other things, (i) Optionee’s election to exercise this Option, (ii) the number of Shares being purchased, (iii) any representations, warranties and agreements regarding
Optionee’s investment intent and access to information as may be required by the Company to comply with applicable securities laws in connection with any exercise of this Option, (iv) any other agreements required by the Company and
(v) Optionee’s obligation to execute and deliver certain Stock Powers and Assignments Separate from Stock Certificate to the Company. If someone other than Optionee exercises this Option, then such person must submit documentation
reasonably acceptable to the Company verifying that such person has the legal right to exercise this Option and such person shall be subject to all of the restrictions contained herein as if such person were Optionee. 

4.2 Limitations on Exercise. This Option may not be exercised unless such exercise is in compliance with all applicable
federal, state and foreign securities laws, as they are in effect on the date of exercise. 
 4.3 Payment. The Exercise
Agreement shall be accompanied by full payment of the Exercise Price for the shares being purchased in cash (by check or wire transfer), or where permitted by law: 

(a) by cancellation of indebtedness of the Company owed to Optionee; 

(b) for U.S. taxpayer Optionees, by surrender of shares of the Company that are free and clear of all security interests, pledges, liens,
claims or encumbrances and: (i) for which the Company has received “full payment of the purchase price” within the meaning of SEC Rule 144 (and, if such shares were purchased from the Company by use of a promissory note, such
note has been fully paid with respect to such shares) or (ii) that were obtained by Optionee in the public market; 

 (c) by participating in a formal cashless exercise program implemented by the Committee in
connection with the Plan; 
 (d) provided that a public market for the Common Stock exists, by exercising as set forth below, through a
“same day sale” commitment from Optionee and a broker-dealer whereby Optionee irrevocably elects to exercise this Option and to sell a portion of the Shares so purchased sufficient to pay the total Exercise Price, and whereby the
broker-dealer irrevocably commits upon receipt of such Shares to forward the total Exercise Price directly to the Company; 
 (e) by any
other method of payment approved by the Committee that constitutes legal consideration for the issuance of Shares; or 
 (f) by any
combination of the foregoing. 
 4.4 Responsibility for Taxes. Notwithstanding any contrary provision of the Agreement,
no certificate representing the exercised Shares will be issued to Optionee unless and until satisfactory arrangements (as determined by the Committee) will have been made by Optionee with respect to the payment of
Tax-Related Items which the Company or the Parent or Subsidiary employing or retaining Optionee (the “Employer”) determines must be withheld with respect to the Option or the Shares. In
this regard, Optionee acknowledges and agrees that: 
 (a) Optionee is ultimately responsible for all
Tax-Related Items and Optionee’s liability for Tax-Related Items may exceed the amount withheld by the Company and/or the Employer, if any; 

(b) the Company and/or the Employer make no representations or undertakings regarding the treatment of any
Tax-Related Items in connection with any aspect of the Option, including, but not limited to, the grant, vesting or exercise of the Option, the subsequent sale of Shares acquired upon exercise of the Option
and the receipt of any dividends; 
 (c) the Company and/or the Employer do not commit to and are under no obligation to structure the terms
of the grant or any aspect of the Option to reduce or eliminate Optionee’s liability for Tax-Related Items or achieve any particular tax result; 

(d) the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction if Optionee is subject to tax in more than one jurisdiction between the date of grant and the date of any relevant taxable or tax withholding event, as applicable; and

 (e) the Company may refuse to honor the Option exercise and refuse to deliver any Shares pursuant to such exercise if Optionee fails to
make satisfactory arrangements for the payment of any Tax-Related Items hereunder at the time of exercise. 

4.5 Withholding of Taxes. Prior to the exercise of the Option, Optionee will pay or make adequate arrangements
satisfactory to the Company and/or the Employer to satisfy all withholding and payment obligations of Tax-Related Items of the Company and/or the Employer. In this regard, Optionee authorizes the Company
and/or the Employer, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or more of the following methods: 

 (a) withholding from Optionee’s wages or other cash compensation paid to Optionee by
the Company and/or the Employer; 
 (b) withholding from proceeds of the sale of Shares acquired upon exercise of the Option either through
a voluntary sale or through a mandatory sale arranged by the Company (on Optionee’s behalf pursuant to this authorization) without further consent from Optionee; 

(c) withholding otherwise deliverable Shares with a Fair Market Value equal to the minimum amount of
Tax-Related Items that the Company and/or the Employer is required to withhold; and/or 
 (d) if
Optionee is a U.S. taxpayer, by surrender of other shares of Company common stock with a Fair Market Value equal to the amount of any Tax Related Items. 

(e) Alternatively, or in addition to the withholding methods in subsections (a)-(d) above, if permissible under applicable laws, the
Committee, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit or require Optionee to satisfy his or her obligations for Tax-Related Items, in whole or in
part (without limitation) by delivery of cash or check to the Company or the Employer. 
 (f) Depending on the method of withholding,
the Company may withhold or account for Tax-Related Items by considering maximum or minimum applicable rates. If withholding is performed from proceeds from the sale of Shares acquired upon exercise of the
Option, the Company may withhold or account for Tax-Related Items by considering maximum applicable rates, in which case Optionee will receive a cash refund of any over-withheld amount not remitted to
applicable tax authorities on Optionee’s behalf and Optionee will have no entitlement to receive the equivalent amount in Shares. If the obligation for Tax-Related Items is satisfied by withholding in
Shares, for tax purposes, Optionee is deemed to have been issued the full number of Shares subject to the portion of the Option that was exercised, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items. 
 4.6 Issuance of Shares. Provided that the Exercise Agreement and
payment are in form and substance satisfactory to counsel for the Company, the Company shall issue the Shares issuable upon a valid exercise of this Option registered in the name of Optionee, Optionee’s authorized assignee, or Optionee’s
legal representative, and shall deliver certificates representing the Shares with the appropriate legends affixed thereto. 
 5.
DATA PRIVACY. Optionee hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Optionee’s personal data as described in the Agreement and any other Option grant materials
(“Data”) by and among, as applicable, the Employer, the Company and any Parent or Subsidiary of the Company for the exclusive purpose of implementing, administering and managing Optionee’s participation in the Plan as follows:

 5.1 Optionee understands that Data may include certain personal information about Optionee, including, but not
limited to, Optionee’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all options or
any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Optionee’s favor. 

5.2 Optionee understands that Data may be transferred to a stock plan administrator, trustee, escrow agent, broker or
such other administrator as may be selected by the Company now or in the future to assist the Company with the implementation, administration and management of the Plan. Optionee understands that the recipients of Data may be located in the U.S.

 
or elsewhere, and that a recipient’s country of operation (e.g., the U.S.) may have different data privacy laws and protections than Optionee’s country. Optionee understands that if he
or she resides outside the U.S., he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative. Optionee authorizes the Company, the administrator and
any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purposes
of implementing, administering and managing Optionee’s participation in the Plan. Optionee understands that Data will be held only as long as is necessary to implement, administer and manage Optionee’s participation in the Plan. Optionee
understands that if he or she resides outside the U.S., he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents
herein, in any case without cost, by contacting in writing his or her local human resources representative. Further, Optionee understands that he or she is providing the consents herein on a purely voluntary basis. If Optionee does not consent, or
if Optionee later seeks to revoke his or her consent, his or her position and career with the Employer will not be adversely affected; the only consequence of refusing or withdrawing Optionee’s consent is that the Company would not be able to
grant Optionee options or other Awards or administer or maintain such Awards. Therefore, Optionee understands that refusing or withdrawing his or her consent may affect his or her ability to participate in the Plan. For more information on the
consequences of his or her refusal to consent or withdrawal of consent, Optionee understands that he or she may contact his or her local human resources representative. 

6. NATURE OF GRANT. In accepting the Option, Optionee acknowledges, understands and agrees that: 

6.1 the grant of the Option is voluntary and occasional and does not create any contractual or other right to receive future grants of
options, or benefits in lieu of options, even if options have been granted in the past; 
 6.2 all decisions with respect to future
option or other grants, if any, will be at the sole discretion of the Company; 
 6.3 Optionee is voluntarily participating in the
Plan; 
 6.4 the Option and any Shares acquired under the Plan, and the income and value of the same, are not intended to replace any
pension rights or compensation; 
 6.5 the Option and any Shares acquired under the Plan, and the income and value of the same, are
not part of Optionee’s normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service
payments, bonuses, long-service awards, pension or retirement benefits or payments or welfare benefits or similar payments; 
 6.6 the
future value of the Shares underlying the Option is unknown, indeterminable, and cannot be predicted with certainty; 
 6.7 if the
underlying Shares do not increase in value, the Option will have no value; 
 6.8 if Optionee exercises the Option and acquires
Shares, the value of such Shares may increase or decrease in value, even below the Exercise Price; 

 6.9 Unless otherwise provided in the Plan or by the Company in its discretion, the
Option and the benefits evidenced by the Agreement do not create any entitlement to have the Option or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any
corporate transaction affecting the Shares; and 
 6.10 in addition to subsections 6.1 through 6.10 above, the following provisions
will also apply if Optionee resides outside the United States: 
 (a) none of the Company, the Employer, or any Parent or
Subsidiary of the Company shall be liable for any foreign exchange rate fluctuation between Optionee’s local currency and the U.S. dollar that may affect the value of the Option or of any amounts due to Optionee pursuant to the exercise of the
Option or the subsequent sale of any Shares acquired upon exercise; 
 (b) no claim or entitlement to compensation or damages
shall arise from forfeiture of the Option resulting from the Termination of Optionee (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Optionee resides, or the terms of
Optionee’s employment or service agreement, if any), and in consideration of the grant of the Option to which Optionee is otherwise not entitled, Optionee irrevocably agrees never to institute any claim against the Company, the Employer, or any
Parent or Subsidiary of the Company, waives his or her ability, if any, to bring any such claim, and releases the Company, the Employer, and any Parent or Subsidiary of the Company from any such claim; if, notwithstanding the foregoing, any such
claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, Optionee shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or
withdrawal of such claim. 
 7.
COMPLIANCE WITH LAWS AND REGULATIONS. The Plan and this Agreement are intended to comply with Section 25102(o) and Rule 701. Any provision of this Agreement
that is inconsistent with Section 25102(o) or Rule 701 shall, without further act or amendment by the Company or the Committee, be reformed to comply with the requirements of Section 25102(o) and/or Rule 701. The exercise of this
Option and the issuance and transfer of Shares shall be subject to compliance by the Company and Optionee with all applicable requirements of federal, state and foreign securities and exchange control laws and with all applicable requirements of any
stock exchange on which the Common Stock may be listed at the time of such issuance or transfer. Optionee understands that the Company is under no obligation to register or qualify the Shares with the SEC, any state or foreign securities commission
or any stock exchange to effect such compliance. 
 8.
NONTRANSFERABILITY OF OPTION. This Option may not be transferred in any manner other than by will or by the laws of descent and distribution, and, with respect to NQSOs, by instrument to a
testamentary trust in which the options are to be passed to beneficiaries upon the death of the trustor (settlor) or a revocable trust, or by gift to “immediate family” as that term is defined in 17 C.F.R.
240.16a-1(e), and may be exercised during the lifetime of Optionee only by Optionee or in the event of Optionee’s incapacity, by Optionee’s legal representative. The terms of this Option shall be
binding upon the executors, administrators, successors and assigns of Optionee. 
 9. RESTRICTIONS ON TRANSFER. 

9.1 Restriction on Transfer. Optionee shall not transfer, sell, assign, pledge, enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of, or otherwise in any manner dispose of or encumber, whether voluntarily or by operation of law, or by gift or otherwise
(“transfer”) Shares issued pursuant to this Agreement or any right or interest therein except in compliance with the provisions of this Agreement, the Plan, the Company’s Bylaws, the Company’s then current Insider
Trading Policy (if any) and applicable securities laws. Optionee shall not transfer any of the Shares which are subject to the Company’s Right of First Refusal described below, except as permitted by this Agreement and the Company’s
Bylaws. 

 9.2 Transferee Obligations. Each person (other than the Company) to
whom the Shares are transferred by means of one of the permitted transfers specified in this Agreement must, as a condition precedent to the validity of such transfer, acknowledge in writing to the Company that such person is bound by the provisions
of this Agreement and that the transferred Shares are subject to (i) the Company’s Right of First Refusal granted hereunder and (ii) the market stand-off provisions of Section 10 below, to
the same extent such Shares would be so subject if retained by Optionee. 
 10. MARKET STANDOFF AGREEMENT. Optionee agrees
that, subject to any early release provisions that apply pro rata to stockholders of the Company according to their holdings of Common Stock (determined on an as-converted into Common Stock basis), Optionee
will not, if requested by the managing underwriter(s) in the initial underwritten sale of Common Stock of the Company to the public pursuant to a registration statement filed with, and declared effective by, the SEC under the Securities Act (the
“IPO”), for a period of up to one hundred eighty (180) days (plus up to an additional thirty five (35) days to the extent reasonably requested by the Company or such underwriter(s) to accommodate regulatory
restrictions on the publication or other distribution of research reports or earnings releases by the Company, including NASD and NYSE rules) following the effective date of the registration statement relating to such IPO, directly or indirectly
sell, offer to sell, grant any option for the sale of, or otherwise dispose of any Common Stock or securities convertible into Common Stock, except for: (i) transfers of Shares permitted under Section 11 hereof so long as
such transferee furnishes to the Company and the managing underwriter their written consent to be bound by this Section 10 as a condition precedent to such transfer; and (ii) sales of any securities to be included in the registration
statement for the IPO. For the avoidance of doubt, the provisions of this Section shall only apply to the IPO. The restricted period shall in any event terminate two (2) years after the closing date of the IPO. In order to enforce the foregoing
covenant, the Company shall have the right to place restrictive legends on the certificates representing the Shares subject to this Section and to impose stop transfer instructions with respect to the Shares until the end of such period. Optionee
further agrees to enter into any agreement reasonably required by the underwriters to implement the foregoing restrictions on transfer. For the avoidance of doubt, the foregoing provisions of this Section shall not apply to any registration of
securities of the Company (a) under an employee benefit plan or (b) in a merger, consolidation, business combination or similar transaction. 

11. COMPANY’S RIGHT OF FIRST REFUSAL. Before any Shares held by Optionee or any transferee of such Shares may be sold or
otherwise transferred (including, without limitation, a transfer by gift or operation of law), the Company and/or its assignee(s) will have a right of first refusal to purchase the Shares to be sold or transferred on the terms and conditions set
forth in the Company’s Bylaws (the “Right of First Refusal”). 
 12. RIGHTS AS A STOCKHOLDER.
Optionee shall not have any of the rights of a stockholder with respect to any Shares unless and until such Shares are issued to Optionee. Subject to the terms and conditions of this Agreement, Optionee will have all of the rights of a stockholder
of the Company with respect to the Shares from and after the date that Shares are issued to Optionee pursuant to, and in accordance with, the terms of the Exercise Agreement until such time as Optionee disposes of the Shares or the Company and/or
its assignee(s) exercise(s) the Right of First Refusal. Upon an exercise of the Right of First Refusal, Optionee will have no further rights as a holder of the Shares so purchased upon such exercise, other than the right to receive payment for the
Shares so purchased in accordance with the provisions of this Agreement, and Optionee will promptly surrender the stock certificate(s) evidencing the Shares so purchased to the Company for transfer or cancellation. 

13. ESCROW. As security for Optionee’s faithful performance of this Agreement, Optionee agrees, immediately upon receipt of
the stock certificate(s) evidencing the Shares, to deliver such certificate(s), together with two (2) copies of a blank Stock Power and Assignment Separate from Stock Certificate in the form attached to the Exercise Agreement (the
“Stock Powers”), both executed by Purchaser (and Purchaser’s spouse, if any) (with the transferee, certificate number, date and number of Shares left blank), to the Secretary of the Company or other designee of the
Company (the “Escrow Holder”), who is hereby appointed to hold such certificate(s) and Stock Powers in escrow and to take all 

 
such actions and to effectuate all such transfers and/or releases of such Shares as are in accordance with the terms of this Agreement. Optionee and the Company agree that Escrow Holder will not
be liable to any party to this Agreement (or to any other party) for any actions or omissions unless Escrow Holder is grossly negligent or intentionally fraudulent in carrying out the duties of Escrow Holder under this Agreement. Escrow Holder may
rely upon any letter, notice or other document executed with any signature purported to be genuine and may rely on the advice of counsel and obey any order of any court with respect to the transactions contemplated by this Agreement and will not be
liable for any act or omission taken by Escrow Holder in good faith reliance on such documents, the advice of counsel or a court order. The Shares will be released from escrow upon termination of the Right of First Refusal. 

14. COMPANY VOTING AGREEMENT. As a material inducement and consideration for the Company to enter into this Agreement, Optionee
hereby agrees that if, the Company requests Optionee to enter into and become a party to the Company Voting Agreement (pursuant to which Optionee would agree to vote all shares of Company stock held by Optionee for the election of directors and in
favor of certain material transactions (such as mergers or sales of the Company) and otherwise vote in accordance with the terms thereof), then Optionee will enter into such agreements and execute and deliver signature pages thereto (as requested by
the Company) in such capacities as the Company requests, at the time of exercising this Option and as a condition to such exercise or at any later time. 

15. RESTRICTIVE LEGENDS AND STOP-TRANSFER ORDERS. 

15.1 Legends. Optionee understands and agrees that the Company will place the legends set forth below or similar
legends on any stock certificate(s) evidencing the Shares, together with any other legends that may be required by state, foreign or U.S. Federal securities laws, the Company’s Certificate of Incorporation or Bylaws, any other agreement between
Optionee and the Company, or any agreement between Optionee and any third party (and any other legend(s) that the Company may become obligated to place on the stock certificate(s) evidencing the Shares under the terms of any agreement to which the
Company is or may become bound or obligated): 
 (a) THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES OR COUNTRIES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS
PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE OR NON-U.S. SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL
RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE
SECURITIES ACT AND ANY APPLICABLE STATE OR NON-U.S. SECURITIES LAWS. 
 (b) THE SHARES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON RESALE AND TRANSFER, INCLUDING THE RIGHT OF FIRST REFUSAL HELD BY THE ISSUER AND/OR ITS ASSIGNEE(S) AS SET FORTH IN A STOCK OPTION AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF
THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH SALE AND TRANSFER RESTRICTIONS, INCLUDING THE RIGHT OF FIRST REFUSAL, ARE BINDING ON TRANSFEREES OF THESE SHARES. 

(c) THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A MARKET STANDOFF RESTRICTION AS SET FORTH IN A CERTAIN STOCK OPTION AGREEMENT
BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. 

 
AS A RESULT OF SUCH AGREEMENT, THESE SHARES MAY NOT BE TRADED PRIOR TO 180 DAYS (AND POSSIBLY LONGER) AFTER THE EFFECTIVE DATE OF CERTAIN PUBLIC OFFERINGS OF THE COMMON STOCK OF THE ISSUER
HEREOF. SUCH RESTRICTION IS BINDING ON TRANSFEREES OF THESE SHARES. 
 Optionee agrees that if Optionee becomes a party to (A) the Company’s
Amended and Restated Voting Agreement dated as of December 17, 2013 among the Company and certain stockholders and other investors in the Company, as such may be amended and/or restated from time to time and/or (B) any other voting
agreement that is a successor to or replacement of such Voting Agreement (collectively, the “Company Voting Agreement”) then Optionee agrees that the stock certificate(s) evidencing the Shares shall, in addition, bear any
legends required under the Company Voting Agreement. 
 15.2 Stop-Transfer Instructions. Optionee agrees that, to ensure
compliance with the restrictions imposed by this Agreement, the Company may issue appropriate “stop-transfer” instructions to its transfer agent, if any, and if the Company transfers its own securities, it may make appropriate notations to
the same effect in its own records. 
 15.3 Refusal to Transfer. The Company will not be required (i) to
transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares, or to accord the right to vote or pay dividends to any purchaser or
other transferee to whom such Shares have been so transferred. 
 16. CERTAIN TAX CONSEQUENCES. Set forth below is a brief
summary as of the Effective Date of the Plan of some of the U.S. federal tax consequences of exercise of the Option and disposition of the Shares for U.S. taxpayer Optionees. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS
ARE SUBJECT TO CHANGE. IT DOES NOT ADDRESS THE NON-U.S. TAX CONSEQUENCES FOR OPTIONEES RESIDING OUTSIDE THE U.S. OPTIONEE SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THE OPTION OR DISPOSING OF THE SHARES.

 16.1 Exercise of ISO. If the Option qualifies as an ISO, for U.S. taxpayers, there will be no regular U.S. federal
income tax liability upon the exercise of the Option, although the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price will be treated as a tax preference item for federal alternative minimum tax
purposes and may subject the Optionee to the alternative minimum tax in the year of exercise. 
 16.2 Exercise of Nonqualified
Stock Option. If the Option does not qualify as an ISO, there may be a regular U.S. federal income tax liability upon the exercise of the Option for U.S. taxpayers. Optionee will be treated as having received compensation income (taxable at
ordinary income tax rates) equal to the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price. If Optionee is a current or former employee of the Company or its Parent or Subsidiary, the Company or
the Parent or Subsidiary, as applicable, may be required to withhold from Optionee’s compensation or collect from Optionee and pay to the applicable taxing authorities an amount equal to a percentage of this compensation income at the time of
exercise. 
 16.3 Disposition of Shares. The following tax consequences may apply to U.S. taxpayers upon disposition of
the Shares. 
 (a) Incentive Stock Options. If the Shares are held for more than twelve (12) months after the date of purchase
of the Shares pursuant to the exercise of an ISO and are disposed of more than two (2) years after the Date of Grant, any gain realized on disposition of the Shares will be treated as long term capital gain for U.S. federal income tax purposes.
If Shares purchased under an ISO are disposed of within the applicable one (1) year or two (2) year period, any gain realized on such disposition will be treated as compensation income (taxable at ordinary income rates in the year of the
disposition) to the extent of the excess, if any, of the Fair Market Value of the Shares on the date of exercise (or, if less, the amount realized on the disposition of the Shares) over the Exercise Price. Any further gain (or loss) realized will be
taxed as short-term or long-term capital gain (or loss), as the case may be, depending on whether the Shares are held for more than twelve (12) months after the date of exercise. 

 (b) Nonqualified Stock Options. If the Shares are held for more than twelve
(12) months after the date of purchase of the Shares pursuant to the exercise of an NQSO, any gain realized on disposition of the Shares will be treated as long term capital gain. 

17. GENERAL PROVISIONS 

17.1 Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by Optionee or
the Company to the Committee for review. The resolution of such a dispute by the Committee shall be final and binding on the Company and Optionee. 

17.2 Entire Agreement. The Plan, the Grant Notice and the Exercise Agreement are each incorporated herein by
reference. This Agreement, the Grant Notice, the Plan and the Exercise Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior undertakings and agreements with respect to such
subject matter. 
 18. NOTICES. Any and all notices required or permitted to be given to a party pursuant to the provisions of
this Agreement will be in writing and will be effective and deemed to provide such party sufficient notice under this Agreement on the earliest of the following: (i) at the time of personal delivery, if delivery is in person; (ii) at the
time an electronic confirmation of receipt is received, if delivery is by email; (iii) at the time of transmission by facsimile, addressed to the other party at its facsimile number specified herein (or hereafter modified by subsequent notice
to the parties hereto), with confirmation of receipt made by both telephone and printed confirmation sheet verifying successful transmission of the facsimile; (iv) one (1) business day after deposit with an express overnight courier for United
States deliveries, or two (2) business days after such deposit for deliveries outside of the United States, with proof of delivery from the courier requested; or (v) three (3) business days after deposit in the United States mail by
certified mail (return receipt requested) for United States deliveries. Any notice for delivery outside the United States will be sent by email, facsimile or by express courier. Any notice not delivered personally or by email will be sent with
postage and/or other charges prepaid and properly addressed to Optionee at the last known address or facsimile number on the books of the Company, or at such other address or facsimile number as such other party may designate by one of the indicated
means of notice herein to the other parties hereto or, in the case of the Company, to it at its principal place of business. Notices to the Company will be marked “Attention: Chief Financial Officer.” Notices by facsimile shall be machine
verified as received. 
 19. LANGUAGE. If Optionee has received the Agreement or any other document related to the Option or
the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control. 

20. ANNEX A. Notwithstanding any provision of the Agreement, the Option grant shall be subject to any additional terms and
conditions for Optionee’s country set forth in the Annex A. Moreover, if Optionee relocates to one of the countries included in the Annex A, the terms and conditions for such country will apply to Optionee to the extent the Company determines
that the application of such terms and conditions to Optionee is necessary or advisable for legal or administrative reasons. The Annex A constitutes part of the Agreement. 

21. SUCCESSORS AND ASSIGNS. The Company may assign any of its rights under this Agreement including its rights to purchase Shares
under the Right of First Refusal. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement shall be binding upon Optionee and
Optionee’s heirs, executors, administrators, legal representatives, successors and assigns. 

 22. GOVERNING LAW AND VENUE. This Agreement shall be governed by and construed
in accordance with the internal laws of the State of Delaware, without giving effect to that body of laws pertaining to conflict of laws. If any provision of this Agreement is determined by a court of law to be illegal or unenforceable, then such
provision will be enforced to the maximum extent possible and the other provisions will remain fully effective and enforceable. For purposes of litigating any dispute that arises under the Option or Agreement, the parties submit to and consent to
the jurisdiction of the State of California, and agree that such litigation will be conducted in the courts of Santa Clara County, California, or the U.S. federal courts for the Northern District of California and no other courts, where the Option
is made and/or to be performed. 
 23. FURTHER ASSURANCES. The parties agree to execute such further documents and instruments
and to take such further actions as may be reasonably necessary to carry out the purposes and intent of this Agreement. 
 24. TITLES AND
HEADINGS. The titles, captions and headings of this Agreement are included for ease of reference only and will be disregarded in interpreting or construing this Agreement. Unless otherwise specifically stated, all references herein to
“sections” and “exhibits” will mean “sections” and “exhibits” to this Agreement. 
 25.
COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered will be deemed an original, and all of which together shall constitute one and the same agreement. 

26. SEVERABILITY. If any provision of this Agreement is determined by any court or arbitrator of competent jurisdiction to be
invalid, illegal or unenforceable in any respect, such provision will be enforced to the maximum extent possible given the intent of the parties hereto. If such clause or provision cannot be so enforced, such provision shall be stricken from this
Agreement and the remainder of this Agreement shall be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been contained in this Agreement. Notwithstanding the forgoing, if the value
of this Agreement based upon the substantial benefit of the bargain for any party is materially impaired, which determination as made by the presiding court or arbitrator of competent jurisdiction shall be binding, then both parties agree to
substitute such provision(s) through good faith negotiations. 
 * * * * * 

Attachment: Annex A: Country Annex to Stock Option Agreement 

      Annex B: Form of Stock Option Exercise Notice and Agreement 

 ANNEX A 

COUNTRY ANNEX TO STOCK OPTION AGREEMENT 

Terms and Conditions 
 This Annex A includes
additional terms and conditions that govern Optionee’s participation in the Plan if Optionee works and/or resides in one of the countries listed below. If Optionee is a citizen or resident of a country other than the one in which Optionee is
currently working (or is considered as such for local law purposes), or Optionee transfers employment or residence to a different country after the Option is granted, the Company will, in its discretion, determine the extent to which the terms and
conditions contained herein will apply to Optionee. 
 Capitalized terms used but not defined in this Annex A shall have the same meanings assigned to them
in the Plan or the Agreement. 
 Notifications 

This Annex A also includes information regarding certain other issues of which Optionee should be aware with respect to Optionee’s participation in the
Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of April 2014. Such laws are often complex and change frequently. As a result, the Company strongly recommends that
Optionee not rely on the information noted herein as the only source of information relating to the consequences of participation in the Plan because the information may be
out-of-date at the time Optionee exercises the Option or sells any Shares acquired upon such exercise. 

In addition, the information contained herein is general in nature and may not apply to Optionee’s particular situation and the Company is not in a
position to assure Optionee of any particular result. Accordingly, Optionee is advised to seek appropriate professional advice as to how the relevant laws in Optionee’s country may apply to his or her individual situation. 

If Optionee is a citizen or resident of a country other than the one in which Optionee is currently working (or is considered as such for local law purposes),
or if Optionee relocates to a different country after the Option is granted, the notifications contained in this Annex A may not be applicable to Optionee in the same manner. 

*** 
 NORWAY 

There are no country-specific provisions. 

 ANNEX B 

FORM OF STOCK OPTION EXERCISE NOTICE AND AGREEMENT 

 STOCK OPTION EXERCISE NOTICE AND AGREEMENT 

UPWORK INC. 
 2014 EQUITY
INCENTIVE PLAN 
 *NOTE: You must sign this Notice on
Page 3 before submitting it to Upwork Inc. (the “Company”) AND, if requested to do so by the Company, you
must also sign the signature page to the Company’s then-current Company Voting Agreement (as defined in the Stock Option Agreement) before submitting this Notice to the Company. 

 OPTIONEE INFORMATION: Please provide the following information about yourself
(“Optionee”): 
  

			
	Name:	 	 «Optionee»

		
	Address:	 	  

		
		 	  

 OPTION INFORMATION: Please provide this information on the option being exercised
(the “Option”): 
  

					
		 	Grant No. «No»	  	
			
		 	Date of Grant: «Grant_Date»	  	Type of Stock Option:
			
		 	Option Price per Share: $        	  	☐ Nonqualified (NQSO)
			
		 	Total number of shares of Common Stock of the Company subject to the Option: «Total_Number_of_Options»	  	☐ Incentive (ISO)

 EXERCISE INFORMATION: 

 

			
		 	Number of shares of Common Stock of the Company for which the Option is now being exercised [                    ]. (These
shares are referred to below as the “Purchased Shares.”)
		
		 	 Total Exercise Price Being Paid for the Purchased Shares:
$                

		
		 	 Form of payment enclosed [check all that apply]:

		
		 	 ☐ Check for
$                    , payable to “Upwork Inc.”

		
		 	 ☐ Certificate(s) for
                     shares of Common Stock of the Company. These shares will be valued as of the date this notice is received by the Company.
[Requires Company consent.]

 AGREEMENTS, REPRESENTATIONS AND ACKNOWLEDGMENTS
OF OPTIONEE: By signing this Stock Option Exercise Notice and Agreement, Optionee hereby agrees with, and represents to, the Company as follows: 

 

	1.	 Terms Governing. I acknowledge and agree with the Company that I am acquiring the Purchased Shares by
exercise of this Option subject to all other terms and conditions of the Notice of Stock Option Grant and the Stock Option Agreement that govern the Option, including without limitation the terms of the Company’s 2014 Equity Incentive Plan, as
it may be amended (the “Plan”). 

  

	2.	 Investment Intent; Securities Law Restrictions. I represent and warrant to the Company that I am
acquiring and will hold the Purchased Shares for investment for my account only, and not with a view to, or for resale in connection with, any “distribution” of the Purchased Shares within the meaning of

	 	
the Securities Act of 1933, as amended (the “Securities Act”). I understand that the Purchased Shares have not been registered under the Securities Act by reason of a
specific exemption from such registration requirement and that the Purchased Shares must be held by me indefinitely, unless they are subsequently registered under the Securities Act or I obtain an opinion of counsel (in form and substance
satisfactory to the Company and its counsel) that registration is not required. I acknowledge that the Company is under no obligation to register the Purchased Shares under the Securities Act or under any other securities law. 

 

	3.	 Restrictions on Transfer: Rule 144. I will not sell, transfer or otherwise dispose of the Purchased
Shares in violation of the Securities Act, the Securities Exchange Act of 1934, or the rules promulgated thereunder (including Rule 144 under the Securities Act described below “Rule 144”)) or of any other applicable securities laws.
I am aware of Rule 144, which permits limited public resales of securities acquired in a non-public offering, subject to satisfaction of certain conditions, which include (without limitation) that:
(a) certain current public information about the Company is available; (b) the resale occurs only after the holding period required by Rule 144 has been met; (c) the sale occurs through an unsolicited “broker’s
transaction”; and (d) the amount of securities being sold during any three-month period does not exceed specified limitations. I understand that the conditions for resale set forth in Rule 144 have not been satisfied and that the
Company has no plans to satisfy these conditions in the foreseeable future. 

  

	4.	 Access to Information; Understanding of Risk in Investment. I acknowledge that I have received and had
access to such information as I consider necessary or appropriate for deciding whether to invest in the Purchased Shares and that I had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the
issuance of the Purchased Shares. I am aware that my investment in the Company is a speculative investment that has limited liquidity and is subject to the risk of complete loss. I am able, without impairing my financial condition, to hold the
Purchased Shares for an indefinite period and to suffer a complete loss of my investment in the Purchased Shares. 

  

	5.	 Waiver of Statutory Information Rights. Notwithstanding anything to the contrary herein, I acknowledge
and understand that, but for the waiver made herein, I would be entitled, upon written demand under oath stating the purpose thereof, to inspect for any proper purpose, and to make copies and extracts from, the Company’s stock ledger, a list of
its stockholders, and its other books and records, and the books and records of subsidiaries of the Company, if any, under the circumstances and in the manner provided in Section 220 of the Delaware General Corporation Law (any and all such
rights, and any and all such other rights as may be provided for in Section 220, the “Inspection Rights”). In light of the foregoing, until the first sale of Common Stock of the Company to the general public pursuant to
a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act, I hereby unconditionally and irrevocably waive the Inspection Rights, whether such Inspection Rights would be exercised or
pursued directly or indirectly pursuant to Section 220 or otherwise, and covenant and agree never to directly or indirectly commence, voluntarily aid in any way, prosecute, assign, transfer, or cause to be commenced any claim, action, cause of
action, or other proceeding to pursue or exercise the Inspection Rights. The foregoing waiver applies to my Inspection Rights in my capacity as a stockholder and shall not affect any rights of a director, in my capacity as such (if applicable),
under Section 220. The foregoing waiver shall not apply to any contractual inspection rights that I may have under any written agreement with the Company. 

 

	6.	 Rights of First Refusal; Market Stand-off. I acknowledge that
the Purchased Shares remain subject to the Company’s Right of First Refusal and the market stand-off covenants (sometimes referred to as the “lock-up”),
all in accordance with the applicable Notice of Stock Option Grant and the Stock Option Agreement that govern the Option. 

	7.	 Form of Ownership. I acknowledge that the Company has encouraged me to consult my own adviser to
determine the form of ownership of the Purchased Shares that is appropriate for me. In the event that I choose to transfer my Purchased Shares to a trust, I agree to sign a Stock Transfer Agreement. In the event that I choose to transfer my
Purchased Shares to a trust that is not an eligible revocable trust, I also acknowledge that the transfer will be treated as a “disposition” for tax purposes. As a result, the favorable ISO tax treatment will be unavailable and other
unfavorable tax consequences may occur. 

  

	8.	 Investigation of Tax Consequences. I acknowledge that the Company has encouraged me to consult my own
adviser to determine the tax consequences of acquiring the Purchased Shares at this time. 

  

	9.	 Other Tax Matters. I agree that the Company does not have a duty to design or administer the Plan or its
other compensation programs in a manner that minimizes my tax liabilities. I will not make any claim against the Company or its Board, officers or employees related to tax liabilities arising from my options or my other compensation. In particular,
I acknowledge that my options (including the Option) are exempt from section 409A of the Internal Revenue Code only if the exercise price per share is at least equal to the fair market value per share of the Common Stock at the time the option
was granted by the Board. Since shares of the Common Stock are not traded on an established securities market, the determination of their fair market value was made by the Board and/or by an independent valuation firm retained by the Company. I
acknowledge that there is no guarantee in either case that the Internal Revenue Service will agree with the valuation, and I will not make any claim against the Company or its Board, officers or employees in the event that the Internal Revenue
Service asserts that the valuation was too low. 

  

	10.	 Spouse Consent. I agree to seek the consent of my spouse to the extent required by the Company to
enforce the foregoing. 

  

	11.	 Agreement to Enter into Voting Agreement. Pursuant to the Stock Option Agreement, if requested to do so
by the Company, I agree to enter into and execute the then-current Company Voting Agreement concurrently with my exercise of the Option or at any other time I am requested to do so by the Company I acknowledge that by entering into the Voting
Agreement I will be subjected to voting and other obligations and covenants regarding all Company shares I own and all other provisions of the Company Voting Agreement, in addition to the right of first refusal and market stand-off provisions described above. 

  

	12.	 Tax Withholding. As a condition of exercising this Option, I agree to make adequate provision for
foreign, federal, state or other tax withholding obligations, if any, which arise upon the grant, vesting or exercise of this Option, or disposition of the Purchased Shares, whether by withholding, direct payment to the Company, or otherwise.
 

 The undersigned hereby executes and delivers this Stock Option Exercise Notice and Agreement to agrees to be bound by its terms

  
  

					
	 SIGNATURE:

«OPTIONEE»
	 		 	DATE:
			
	  
	 		 	  

 [Signature Page to Stock Option Exercise Notice and Agreement] 

 EARLY EXERCISE FORM 

OPTION GRANT NO. «No» 

NOTICE OF STOCK OPTION GRANT 

UPWORK INC. 

2014 EQUITY INCENTIVE PLAN 

The Optionee named below (“Optionee”) has been granted an option (this “Option”) to purchase shares of Common
Stock (the “Common Stock”) of Upwork Inc. (the “Company”), pursuant to the Company’s 2014 Equity Incentive Plan, as amended from time to time (the “Plan”) on
the terms, and subject to the conditions, described below and in the Stock Option Agreement attached hereto as Exhibit A, including its annexes (the “Stock Option
Agreement”). 
  

			
	Optionee:	  	«Optionee»
		
	Maximum Number of Shares Subject to this Option (the “Shares”):	  	«Total_Number_of_Options»
		
	Exercise Price Per Share:	  	$____ per share
		
	Date of Grant:	  	«Grant_Date»
		
	Vesting Start Date:	  	«Vesting_Start_Date»
		
	Exercise Schedule:	  	This Option is immediately exercisable for all of the Shares, subject to the terms of the Stock Option Agreement
		
	Expiration Date:	  	The date ten (10) years after the Date of Grant set forth above, subject to earlier expiration in the event of Termination as provided in Section 3 of the Stock Option Agreement.
		
	 Tax Status of Option:
 (Check
Only One Box):
	  	 ☐ Incentive Stock Option (To the fullest extent permitted by the Code)

☐ Nonqualified Stock Option.
 (If
neither box is checked, this Option is a Nonqualified Stock Option).

 Vesting Schedule [EXAMPLE ONLY]: For so long as Optionee continuously provides services to the Company (or any
Subsidiary or Parent of the Company) as an employee, officer, director, contractor or consultant and has not been Terminated, the Shares subject to this Option will vest as follows: (a) prior to the first one (1) year anniversary of the
Vesting Start Date, none of the Shares will be vested; (b) [1/4th] of the Shares will be vested on the one (1) year anniversary of the Vesting Start Date; and
(c) thereafter, an additional [1/48th] of the Shares when Optionee completes each month of continuous service following the first one (1) year anniversary of the
Vesting Start Date. 
 General; Agreement: By their signatures below, Optionee and the Company agree that this Option is granted under and governed
by this Notice of Stock Option Grant (this “Grant Notice”) and by the provisions of the Plan and the Stock Option Agreement. The Plan and the Stock Option Agreement are incorporated herein by reference. Capitalized terms used
but not defined herein shall have the meanings given to them in the Plan or in the Stock Option Agreement, as applicable. By signing below, Optionee acknowledges receipt of a copy of this Grant Notice, the Plan and the Stock Option Agreement,
represents that Optionee has carefully read and is familiar with their provisions, and hereby accepts the Option subject to all of their respective terms and conditions. Optionee acknowledges that there may be adverse
Tax-Related Items consequences with respect to the Option or the Shares and that Optionee should consult a tax adviser prior to exercise of the Option or disposition of the Shares. Optionee agrees and
acknowledges that the Vesting Schedule may change prospectively in the event that Optionee’s service status changes between full and part time status in accordance with Company policies relating to work schedules and vesting of equity awards.

 Execution and Delivery: This Grant Notice may be executed and delivered electronically whether via the Company’s intranet or the Internet
site of a third party or via email or any other means of electronic delivery specified by the Company. By Optionee’s acceptance hereof (whether written, electronic or otherwise), Optionee agrees, to the fullest extent permitted by law, that in
lieu of receiving documents in paper format, Optionee accepts the electronic delivery of any documents that the Company (or any third party the Company may designate), may deliver in connection with this grant (including the Plan, this Grant Notice,
the Stock Option Agreement, the information described in Rules 701(e)(2), (3), (4) and (5) under the Securities Act (the “701 Disclosures”), account statements, or other communications or information) whether via the
Company’s intranet or the Internet site of such third party or via email or such other means of electronic delivery specified by the Company. 
  

			
	Upwork Inc.	  	
		
	By /Signature:
                                         
                         	  	Optionee Signature:
                                         
                           
		
	Typed Name:
                                         
                           	  	Optionee’s Name: «Optionee»
		
	Title:
                                         
                                        	  	

 ATTACHMENT: 

Exhibit A – Stock Option Agreement 

 Exhibit A 

Stock Option Agreement 

 EARLY EXERCISE FORM 

STOCK OPTION AGREEMENT 

UPWORK INC. 
 2014
EQUITY INCENTIVE PLAN 
 This Stock Option Agreement, including any country-specific terms
in Annex A hereto (this “Agreement”) is made and entered into as of the date of grant (the “Date of Grant”) set forth on the Notice of Stock Option Grant attached as the facing page to
this Agreement (the “Grant Notice”) by and between Upwork Inc. (the “Company”), and the optionee named on the Grant Notice (the “Optionee”). Capitalized terms not defined in
this Agreement shall have the meaning ascribed to them in the Company’s 2014 Equity Incentive Plan, as amended from time to time (the “Plan”), or in the Grant Notice, as applicable. 

1. GRANT OF OPTION. The Company hereby grants to Optionee an option (this “Option”) to purchase up to the
total number of shares of Common Stock of the Company (the “Common Stock”) set forth in the Grant Notice as the Shares (the “Shares”) at the Exercise Price Per Share set forth in the Grant Notice (the
“Exercise Price”), subject to all of the terms and conditions of the Grant Notice, this Agreement and the Plan. If designated as an Incentive Stock Option in the Grant Notice, then for U.S. taxpayer Optionees, this Option is
intended to qualify as an incentive stock option (the “ISO”) within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). 

2. EXERCISE PERIOD. 

2.1. Exercise Period of Option. Subject to the conditions set forth in this Agreement, all or part of this Option may be
exercised at any time after the Date of Grant. Shares purchased by exercising this Option may be subject to the Repurchase Option as set forth in Section 9 below. This Option will become vested during its term as to portions of the Shares in
accordance with the Vesting Schedule set forth in the Grant Notice. Notwithstanding any provision in the Plan or this Agreement to the contrary, on or after Optionee’s Termination Date, this Option may not be exercised with respect to any
Shares that are Unvested Shares on Optionee’s Termination Date. 
 2.2. Vesting of Option Shares. Shares with
respect to which this Option is vested and exercisable at a given time pursuant to the Vesting Schedule set forth in the Grant Notice are “Vested Shares.” Shares with respect to which this Option is not vested at a
given time pursuant to the Vesting Schedule set forth in the Grant Notice are “Unvested Shares.” 

2.3. Expiration. The Option shall expire on the Expiration Date set forth in the Grant Notice or earlier as provided in
Section 3 below. 
 3. TERMINATION. 

3.1. Termination for Any Reason Except Death, Disability or Cause. Except as provided in subsection 3.2 in a case in which
Optionee dies within three (3) months after Optionee is Terminated other than for Cause, if Optionee is Terminated for any reason (other than Optionee’s death or Disability or for Cause), then this Option, to the extent (and only to
the extent) that it is exercisable with respect to Vested Shares, may be exercised by Optionee no later than three (3) months after Optionee’s Termination Date (but in no event may this Option be exercised after the Expiration Date)
after which this Option shall expire immediately with respect to all Unvested Shares and any Vested Shares that are not exercised on or prior to the expiration of such post-termination exercise period. 

 EARLY EXERCISE FORM 

 

 3.2. Termination Because of Death or Disability. If Optionee is
Terminated because of Optionee’s death or Disability (or if Optionee dies within three (3) months of the date of Optionee’s Termination for any reason other than for Cause), then this Option, to the extent (and only to the extent)
that it is exercisable with respect to Vested Shares, may be exercised by Optionee (or Optionee’s legal representative) no later than (i) in the case of Optionee’s death, twelve (12) months after the Optionee’s Termination
Date or (ii) in the case of Optionee’s Disability, six (6) months after the Optionee’s Termination Date, but in no event later than the Expiration Date, after which this Option shall expire immediately with respect to all
Unvested Shares and any Vested Shares that are not exercised on or prior to the expiration of such post-termination exercise period. Any exercise of this Option beyond (i) three (3) months after the date Optionee ceases to be an employee when
Optionee’s Termination is for any reason other than Optionee’s death or disability, within the meaning of Section 22(e)(3) of the Code, is deemed to be an NQSO. 

3.3. Termination for Cause. If Optionee is Terminated for Cause, then Optionee may exercise this Option, but
only with respect to any Shares that are Vested Shares on Optionee’s Termination Date, and this Option shall expire on Optionee’s Termination Date, or at such later time and on such conditions as may be affirmatively determined by the
Committee. On and after Optionee’s Termination Date, this Option shall expire immediately with respect to any Shares that are Unvested Shares and may not be exercised with respect to any Shares that are Unvested Shares on Optionee’s
Termination Date. 
 3.4. No Obligation to Employ. Nothing in the Plan or this Agreement shall confer on Optionee
any right to continue in the employ of, or other relationship with, the Company or any Parent or Subsidiary of the Company, or limit in any way the right of the Company or any Parent or Subsidiary of the Company to terminate Optionee’s
employment or other relationship at any time, with or without Cause. 
 4. MANNER OF EXERCISE. 

4.1. Stock Option Exercise Notice and Agreement. To exercise this Option, Optionee (or in the case of exercise after
Optionee’s death or incapacity, Optionee’s executor, administrator, heir or legatee, as the case may be) must deliver to the Company an executed Stock Option Exercise Notice and Agreement in the form attached hereto as
Annex B, or in such other form as may be approved by the Committee from time to time (the “Exercise Agreement”) and payment for the Shares being purchased in accordance with this
Agreement. The Exercise Agreement shall set forth, among other things, (i) Optionee’s election to exercise this Option, (ii) the number of Shares being purchased, (iii) any representations, warranties and agreements regarding
Optionee’s investment intent and access to information as may be required by the Company to comply with applicable securities laws in connection with any exercise of this Option, (iv) any other agreements required by the Company and
(v) Optionee’s obligation to execute and deliver certain Stock Powers and Assignments Separate from Stock Certificate to the Company. If someone other than Optionee exercises this Option, then such person must submit documentation
reasonably acceptable to the Company verifying that such person has the legal right to exercise this Option and such person shall be subject to all of the restrictions contained herein as if such person were Optionee. 

4.2. Limitations on Exercise. This Option may not be exercised unless such exercise is in compliance with all applicable
federal, state and foreign securities laws, as they are in effect on the date of exercise. 
 4.3. Payment. The Exercise
Agreement shall be accompanied by full payment of the Exercise Price for the shares being purchased in cash (by check or wire transfer), or where permitted by law: 

(a) by cancellation of indebtedness of the Company owed to Optionee; 

(b) for U.S. taxpayer Optionees, by surrender of shares of the Company that are free and clear of all security interests, pledges, liens,
claims or encumbrances and: (i) for which the Company has received “full payment of the purchase price” within the meaning of SEC Rule 144 (and, if such shares were purchased from the Company by use of a promissory note, such
note has been fully paid with respect to such shares) or (ii) that were obtained by Optionee in the public market; 

  

 EARLY EXERCISE FORM 

 

 (c) by participating in a formal cashless exercise program implemented by the Committee in
connection with the Plan; 
 (d) provided that a public market for the Common Stock exists, by exercising as set forth below, through a
“same day sale” commitment from Optionee and a broker-dealer whereby Optionee irrevocably elects to exercise this Option and to sell a portion of the Shares so purchased sufficient to pay the total Exercise Price, and whereby the
broker-dealer irrevocably commits upon receipt of such Shares to forward the total Exercise Price directly to the Company; 
 (e) by any
other method of payment approved by the Committee that constitutes legal consideration for the issuance of Shares; or 
 (f) by any
combination of the foregoing. 
 4.4. Responsibility for Taxes. Notwithstanding any contrary provision of the Agreement,
no certificate representing the exercised Shares will be issued to Optionee unless and until satisfactory arrangements (as determined by the Committee) will have been made by Optionee with respect to the payment of
Tax-Related Items which the Company or the Parent or Subsidiary employing or retaining Optionee (the “Employer”) determines must be withheld with respect to the Option or the Shares. In
this regard, Optionee acknowledges and agrees that: 
 (a) Optionee is ultimately responsible for all Tax-Related Items and Optionee’s liability for Tax-Related Items may exceed the amount withheld by the Company and/or the Employer, if any; 

(b) the Company and/or the Employer make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Option, including, but not limited to, the grant, vesting or exercise of the Option, the subsequent sale of Shares acquired upon exercise of the Option and the
receipt of any dividends; 
 (c) the Company and/or the Employer do not commit to and are under no obligation to structure
the terms of the grant or any aspect of the Option to reduce or eliminate Optionee’s liability for Tax-Related Items or achieve any particular tax result; 

(d) the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction if Optionee is subject to tax in more than one jurisdiction between the date of grant and the date of any relevant taxable or tax withholding event, as applicable; and

 (e) the Company may refuse to honor the Option exercise and refuse to deliver any Shares pursuant to such exercise if
Optionee fails to make satisfactory arrangements for the payment of any Tax-Related Items hereunder at the time of exercise. 

4.5. Withholding of Taxes. Prior to the exercise of the Option, Optionee will pay or make adequate arrangements
satisfactory to the Company and/or the Employer to satisfy all withholding and payment obligations of Tax-Related Items of the Company and/or the Employer. In this regard, Optionee authorizes the Company
and/or the Employer, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or more of the following methods: 

  

 EARLY EXERCISE FORM 

 

 (a) withholding from Optionee’s wages or other cash compensation paid to
Optionee by the Company and/or the Employer; 
 (b) withholding from proceeds of the sale of Shares acquired upon exercise of
the Option either through a voluntary sale or through a mandatory sale arranged by the Company (on Optionee’s behalf pursuant to this authorization) without further consent from Optionee; 

(c) withholding otherwise deliverable Shares with a Fair Market Value equal to the minimum amount of Tax-Related Items that the Company and/or the Employer is required to withhold; and/or 

(d) if Optionee is a U.S. taxpayer, by surrender of other shares of Company common stock with a Fair Market Value equal to the
amount of any Tax Related Items. 
 (e) Alternatively, or in addition to the withholding methods in subsections (a)-(d)
above, if permissible under applicable laws, the Committee, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit or require Optionee to satisfy his or her obligations for Tax-Related Items, in whole or in part (without limitation) by delivery of cash or check to the Company or the Employer. 

(f) Depending on the method of withholding, the Company may withhold or account for
Tax-Related Items by considering maximum or minimum applicable rates. If withholding is performed from proceeds from the sale of Shares acquired upon exercise of the Option, the Company may withhold or account
for Tax-Related Items by considering maximum applicable rates, in which case Optionee will receive a cash refund of any over-withheld amount not remitted to applicable tax authorities on Optionee’s behalf
and Optionee will have no entitlement to receive the equivalent amount in Shares. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, Optionee is deemed to have
been issued the full number of Shares subject to the portion of the Option that was exercised, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items.

 4.6. Issuance of Shares. Provided that the Exercise Agreement and payment are in form and substance satisfactory to
counsel for the Company, the Company shall issue the Shares issuable upon a valid exercise of this Option registered in the name of Optionee, Optionee’s authorized assignee, or Optionee’s legal representative, and shall deliver
certificates representing the Shares with the appropriate legends affixed thereto. 
 5. DATA PRIVACY. Optionee hereby explicitly and
unambiguously consents to the collection, use and transfer, in electronic or other form, of Optionee’s personal data as described in the Agreement and any other Option grant materials (“Data”) by and among, as applicable, the
Employer, the Company and any Parent or Subsidiary of the Company for the exclusive purpose of implementing, administering and managing Optionee’s participation in the Plan as follows: 

Optionee understands that Data may include certain personal information about Optionee, including, but not limited to,
Optionee’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all options or any other
entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Optionee’s favor. 
 Optionee
understands that Data may be transferred to a stock plan administrator, trustee, escrow agent, broker or such other administrator as may be selected by the Company now or in the future to assist the Company with the implementation, administration
and management of the Plan. Optionee understands that the recipients of Data may be located in the U.S. or elsewhere, and 

  

 EARLY EXERCISE FORM 

 

 
that a recipient’s country of operation (e.g., the U.S.) may have different data privacy laws and protections than Optionee’s country. Optionee understands that if he or she resides
outside the U.S., he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative. Optionee authorizes the Company, the administrator and any other
possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purposes of
implementing, administering and managing Optionee’s participation in the Plan. Optionee understands that Data will be held only as long as is necessary to implement, administer and manage Optionee’s participation in the Plan. Optionee
understands that if he or she resides outside the U.S., he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents
herein, in any case without cost, by contacting in writing his or her local human resources representative. Further, Optionee understands that he or she is providing the consents herein on a purely voluntary basis. If Optionee does not consent, or
if Optionee later seeks to revoke his or her consent, his or her position and career with the Employer will not be adversely affected; the only consequence of refusing or withdrawing Optionee’s consent is that the Company would not be able to
grant Optionee options or other Awards or administer or maintain such Awards. Therefore, Optionee understands that refusing or withdrawing his or her consent may affect his or her ability to participate in the Plan. For more information on the
consequences of his or her refusal to consent or withdrawal of consent, Optionee understands that he or she may contact his or her local human resources representative. 

6. NATURE OF GRANT. In accepting the Option, Optionee acknowledges, understands and agrees that: 

6.1. the grant of the Option is voluntary and occasional and does not create any contractual or other right to receive future grants of
options, or benefits in lieu of options, even if options have been granted in the past; 
 6.2. all decisions with respect to future
option or other grants, if any, will be at the sole discretion of the Company; 
 6.3. Optionee is voluntarily participating in the
Plan; 
 6.4. the Option and any Shares acquired under the Plan, and the income and value of the same, are not intended to replace any
pension rights or compensation; 
 6.5. the Option and any Shares acquired under the Plan, and the income and value of the same, are
not part of Optionee’s normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service
payments, bonuses, long-service awards, pension or retirement benefits or payments or welfare benefits or similar payments; 
 6.6.
the future value of the Shares underlying the Option is unknown, indeterminable, and cannot be predicted with certainty; 
 6.7.
if the underlying Shares do not increase in value, the Option will have no value; 
 6.8. if Optionee exercises the Option and
acquires Shares, the value of such Shares may increase or decrease in value, even below the Exercise Price; 

  

 EARLY EXERCISE FORM 

 

 6.9. Unless otherwise provided in the Plan or by the Company in its discretion, the
Option and the benefits evidenced by the Agreement do not create any entitlement to have the Option or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any
corporate transaction affecting the Shares; and 
 6.10. in addition to subsections 6.1 through 6.10 above, the following provisions
will also apply if Optionee resides outside the United States: 
 (a) none of the Company, the Employer, or any Parent or
Subsidiary of the Company shall be liable for any foreign exchange rate fluctuation between Optionee’s local currency and the U.S. dollar that may affect the value of the Option or of any amounts due to Optionee pursuant to the exercise of the
Option or the subsequent sale of any Shares acquired upon exercise; 
 (b) no claim or entitlement to compensation or damages
shall arise from forfeiture of the Option resulting from the Termination of Optionee (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Optionee resides, or the terms of
Optionee’s employment or service agreement, if any), and in consideration of the grant of the Option to which Optionee is otherwise not entitled, Optionee irrevocably agrees never to institute any claim against the Company, the Employer, or any
Parent or Subsidiary of the Company, waives his or her ability, if any, to bring any such claim, and releases the Company, the Employer, and any Parent or Subsidiary of the Company from any such claim; if, notwithstanding the foregoing, any such
claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, Optionee shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or
withdrawal of such claim. 
 7.
COMPLIANCE WITH LAWS AND REGULATIONS. The Plan and this Agreement are intended to comply with Section 25102(o) and Rule 701. Any provision of this
Agreement that is inconsistent with Section 25102(o) or Rule 701 shall, without further act or amendment by the Company or the Committee, be reformed to comply with the requirements of Section 25102(o) and/or Rule 701. The exercise
of this Option and the issuance and transfer of Shares shall be subject to compliance by the Company and Optionee with all applicable requirements of federal, state and foreign securities and exchange control laws and with all applicable
requirements of any stock exchange on which the Common Stock may be listed at the time of such issuance or transfer. Optionee understands that the Company is under no obligation to register or qualify the Shares with the SEC, any state or foreign
securities commission or any stock exchange to effect such compliance. 
 8.
NONTRANSFERABILITY OF OPTION. This Option may not be transferred in any manner other than by will or by the laws of descent and distribution, and, with respect to NQSOs, by instrument to a
testamentary trust in which the options are to be passed to beneficiaries upon the death of the trustor (settlor) or a revocable trust, or by gift to “immediate family” as that term is defined in 17 C.F.R.
240.16a-1(e), and may be exercised during the lifetime of Optionee only by Optionee or in the event of Optionee’s incapacity, by Optionee’s legal representative. The terms of this Option shall be
binding upon the executors, administrators, successors and assigns of Optionee. 
 9. COMPANY’S REPURCHASE OPTION FOR UNVESTED
SHARES. If Optionee is Terminated for any reason, or no reason, including without limitation, Optionee’s death, Disability, voluntary resignation or termination by the Company with or without Cause and Optionee has acquired Unvested Shares
by exercising this Option, then the Company and/or its assignee(s) shall have the option to repurchase all or a portion of Optionee’s Unvested Shares (as defined in Section 2.2 of this Agreement) as of the Termination Date on the terms and
conditions set forth in this Section 9 (the “Repurchase Option”). 

  

 EARLY EXERCISE FORM 

 

 9.1. Termination and Termination Date. In case of any dispute as
to whether Optionee is Terminated, the Committee shall have discretion to determine whether Optionee has been Terminated and the effective date of such Termination (the “Termination Date”). 

9.2. Exercise of Repurchase Option. Subject to the foregoing provisions of this Section, at any time within ninety
(90) days after Optionee’s Termination Date, the Company and/or its assignee(s), may elect to repurchase any or all of Optionee’s Unvested Shares by giving Optionee written notice of exercise of the Repurchase Option. 

9.3. Calculation of Repurchase Price for Unvested Shares. The Company or its assignee shall have the option to
repurchase from Optionee (or from Optionee’s personal representative as the case may be) the Unvested Shares at the lower of (i) the Fair Market Value (as defined in the Plan) per Share of such Shares on the Termination Date or
(ii) Optionee’s Exercise Price, as such may be proportionately adjusted for any stock split or similar change in the capital structure of the Company as set forth in Section 2.2 of the Plan (the “Repurchase
Price”). 
 9.4. Payment of Repurchase Price. The Repurchase Price shall be payable, at the option
of the Company or its assignee, by check or by cancellation of all or a portion of any outstanding indebtedness owed by Optionee to the Company and/or such assignee, or by any combination thereof. The Repurchase Price shall be paid without
interest within the term of the Repurchase Option as described in Section 9.2. 
 9.5. Right of Termination
Unaffected. Nothing in this Agreement shall be construed to limit or otherwise affect in any manner whatsoever the right or power of the Company (or any Parent or Subsidiary of the Company) to terminate Optionee’s
employment or other relationship with Company (or any Parent or Subsidiary of the Company) at any time, for any reason or no reason, with or without Cause. 

10. RESTRICTIONS ON TRANSFER. 

10.1. Restriction on Transfer. Optionee shall not transfer, sell, assign, pledge, enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of, or otherwise in any manner dispose of or encumber, whether voluntarily or by operation of law, or by gift or otherwise
(“transfer”) Shares issued pursuant to this Agreement or any right or interest therein except in compliance with the provisions of this Agreement, the Plan, the Company’s Bylaws, the Company’s then current Insider
Trading Policy (if any) and applicable securities laws. Optionee shall not transfer any of the Shares which are subject to the Company’s Repurchase Option or the Company’s Right of First Refusal described below, except as permitted by this
Agreement and the Company’s Bylaws. 
 10.2. Transferee Obligations. Each person (other than the Company) to whom
the Shares are transferred by means of one of the permitted transfers specified in this Agreement must, as a condition precedent to the validity of such transfer, acknowledge in writing to the Company that such person is bound by the provisions of
this Agreement and that the transferred Shares are subject to (i) both the Company’s Repurchase Option and the Company’s Right of First Refusal granted hereunder and (ii) the market
stand-off provisions of Section 11 below, to the same extent such Shares would be so subject if retained by Optionee. 

11. MARKET STANDOFF AGREEMENT. Optionee agrees that, subject to any early release provisions that apply pro rata to stockholders of the
Company according to their holdings of Common Stock (determined on an as-converted into Common Stock basis), Optionee will not, if requested by the managing underwriter(s) in the initial underwritten sale of
Common Stock of the Company to the public pursuant to a registration statement filed with, and declared effective by, the SEC under the Securities Act (the “IPO”), for a period of up to one hundred eighty (180) days
(plus up to an additional thirty five (35) days to the extent reasonably requested by the Company or such underwriter(s) to accommodate 

  

 EARLY EXERCISE FORM 

 

 
regulatory restrictions on the publication or other distribution of research reports or earnings releases by the Company, including NASD and NYSE rules) following the effective date of the
registration statement relating to such IPO, directly or indirectly sell, offer to sell, grant any option for the sale of, or otherwise dispose of any Common Stock or securities convertible into Common Stock, except for:
(i) transfers of Shares permitted under Section 12 hereof so long as such transferee furnishes to the Company and the managing underwriter their written consent to be bound by this Section 11 as a condition precedent to such transfer;
and (ii) sales of any securities to be included in the registration statement for the IPO. For the avoidance of doubt, the provisions of this Section shall only apply to the IPO. The restricted period shall in any event terminate two
(2) years after the closing date of the IPO. In order to enforce the foregoing covenant, the Company shall have the right to place restrictive legends on the certificates representing the Shares subject to this Section and to impose stop
transfer instructions with respect to the Shares until the end of such period. Optionee further agrees to enter into any agreement reasonably required by the underwriters to implement the foregoing restrictions on transfer. For the avoidance of
doubt, the foregoing provisions of this Section shall not apply to any registration of securities of the Company (a) under an employee benefit plan or (b) in a merger, consolidation, business combination or similar transaction. 

12. COMPANY’S RIGHT OF FIRST REFUSAL. Unvested Shares may not be sold or otherwise transferred, or pledged by Optionee or made
subject to a security interest, pledge or other lien without the Company’s prior written consent, which may be withheld in the Company’s sole and absolute discretion. Before any Vested Shares held by Optionee or any transferee of such
Shares may be sold or otherwise transferred (including, without limitation, a transfer by gift or operation of law), the Company and/or its assignee(s) will have a right of first refusal to purchase the Shares to be sold or transferred on the terms
and conditions set forth in the Company’s Bylaws (the “Right of First Refusal”). 
 13. RIGHTS AS A
STOCKHOLDER. Optionee shall not have any of the rights of a stockholder with respect to any Shares unless and until such Shares are issued to Optionee. Subject to the terms and conditions of this Agreement, Optionee will have all of the rights
of a stockholder of the Company with respect to the Shares from and after the date that Shares are issued to Optionee pursuant to, and in accordance with, the terms of the Exercise Agreement until such time as Optionee disposes of the Shares or the
Company and/or its assignee(s) exercise(s) the Repurchase Option or the Right of First Refusal. Upon an exercise of the Repurchase Option or Right of First Refusal, Optionee will have no further rights as a holder of the Shares so purchased upon
such exercise, other than the right to receive payment for the Shares so purchased in accordance with the provisions of this Agreement, and Optionee will promptly surrender the stock certificate(s) evidencing the Shares so purchased to the Company
for transfer or cancellation. 
 14. ESCROW. As security for Optionee’s faithful performance of this Agreement, Optionee agrees,
immediately upon receipt of the stock certificate(s) evidencing the Shares, to deliver such certificate(s), together with two (2) copies of a blank Stock Power and Assignment Separate from Stock Certificate in the form attached to the Exercise
Agreement (the “Stock Powers”), both executed by Purchaser (and Purchaser’s spouse, if any) (with the transferee, certificate number, date and number of Shares left blank), to the Secretary of the Company or other
designee of the Company (the “Escrow Holder”), who is hereby appointed to hold such certificate(s) and Stock Powers in escrow and to take all such actions and to effectuate all such transfers and/or releases of such Shares as
are in accordance with the terms of this Agreement. Optionee and the Company agree that Escrow Holder will not be liable to any party to this Agreement (or to any other party) for any actions or omissions unless Escrow Holder is grossly negligent or
intentionally fraudulent in carrying out the duties of Escrow Holder under this Agreement. Escrow Holder may rely upon any letter, notice or other document executed with any signature purported to be genuine and may rely on the advice of counsel and
obey any order of any court with respect to the transactions contemplated by this Agreement and will not be liable for any act or omission taken by Escrow Holder in good faith reliance on such documents, the advice of counsel or a court order. The
Shares will be released from escrow upon termination of both the Repurchase Option and the Right of First Refusal. 

  

 EARLY EXERCISE FORM 

 

 15. COMPANY VOTING AGREEMENT. As a material inducement and consideration for the
Company to enter into this Agreement, Optionee hereby agrees that if, the Company requests Optionee to enter into and become a party to the Company Voting Agreement (pursuant to which Optionee would agree to vote all shares of Company stock held by
Optionee for the election of directors and in favor of certain material transactions (such as mergers or sales of the Company) and otherwise vote in accordance with the terms thereof), then Optionee will enter into such agreements and execute and
deliver signature pages thereto (as requested by the Company) in such capacities as the Company requests, at the time of exercising this Option and as a condition to such exercise or at any later time. 

16. RESTRICTIVE LEGENDS AND STOP-TRANSFER ORDERS. 

16.1. Legends. Optionee understands and agrees that the Company will place the legends set forth below or similar
legends on any stock certificate(s) evidencing the Shares, together with any other legends that may be required by state, foreign or U.S. Federal securities laws, the Company’s Certificate of Incorporation or Bylaws, any other agreement between
Optionee and the Company, or any agreement between Optionee and any third party (and any other legend(s) that the Company may become obligated to place on the stock certificate(s) evidencing the Shares under the terms of any agreement to which the
Company is or may become bound or obligated): 
 (a) THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES OR COUNTRIES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS
PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE OR NON-U.S. SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL
RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE
SECURITIES ACT AND ANY APPLICABLE STATE OR NON-U.S. SECURITIES LAWS. 
 (b) THE SHARES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON RESALE AND TRANSFER, INCLUDING THE REPURCHASE OPTION AND RIGHT OF FIRST REFUSAL HELD BY THE ISSUER AND/OR ITS ASSIGNEE(S) AS SET FORTH IN A STOCK OPTION AGREEMENT BETWEEN THE ISSUER AND THE
ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH SALE AND TRANSFER RESTRICTIONS, INCLUDING THE REPURCHASE OTPION AND RIGHT OF FIRST REFUSAL, ARE BINDING ON TRANSFEREES OF THESE SHARES. 

(c) THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A MARKET STANDOFF RESTRICTION AS SET FORTH IN A CERTAIN STOCK OPTION AGREEMENT
BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. AS A RESULT OF SUCH AGREEMENT, THESE SHARES MAY NOT BE TRADED PRIOR TO 180 DAYS (AND POSSIBLY LONGER) AFTER THE
EFFECTIVE DATE OF CERTAIN PUBLIC OFFERINGS OF THE COMMON STOCK OF THE ISSUER HEREOF. SUCH RESTRICTION IS BINDING ON TRANSFEREES OF THESE SHARES. 
 Optionee
agrees that if Optionee becomes a party to (A) the Company’s Amended and Restated Voting Agreement dated as of December 17, 2013 among the Company and certain stockholders and other investors in the Company, as such may be amended
and/or restated from time to time and/or (B) any other voting agreement that is a successor to or replacement of such Voting Agreement (collectively, the “Company Voting Agreement”) then Optionee agrees that the stock
certificate(s) evidencing the Shares shall, in addition, bear any legends required under the Company Voting Agreement. 

  

 EARLY EXERCISE FORM 

 

 16.2. Stop-Transfer Instructions. Optionee agrees that, to ensure
compliance with the restrictions imposed by this Agreement, the Company may issue appropriate “stop-transfer” instructions to its transfer agent, if any, and if the Company transfers its own securities, it may make appropriate notations to
the same effect in its own records. 
 16.3. Refusal to Transfer. The Company will not be required (i) to
transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares, or to accord the right to vote or pay dividends to any purchaser or
other transferee to whom such Shares have been so transferred. 
 17. CERTAIN TAX CONSEQUENCES. Set forth below is a brief summary as
of the Effective Date of the Plan of some of the U.S. federal tax consequences of exercise of the Option and disposition of the Shares for U.S. taxpayer Optionees. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT
TO CHANGE. IT DOES NOT ADDRESS THE NON-U.S. TAX CONSEQUENCES FOR OPTIONEES RESIDING OUTSIDE THE U.S. OPTIONEE SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THE OPTION OR DISPOSING OF THE SHARES. 

17.1. Exercise of ISO. If the Option qualifies as an ISO, for U.S. taxpayers, there will be no regular U.S. federal income
tax liability upon the exercise of the Option, although the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price will be treated as a tax preference item for federal alternative minimum tax purposes
and may subject the Optionee to the alternative minimum tax in the year of exercise. 
 17.2. Exercise of Nonqualified Stock
Option. If the Option does not qualify as an ISO, there may be a regular U.S. federal income tax liability upon the exercise of the Option for U.S. taxpayers. Optionee will be treated as having received compensation income (taxable at
ordinary income tax rates) equal to the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price. If Optionee is a current or former employee of the Company or its Parent or Subsidiary, the Company or
the Parent or Subsidiary, as applicable, may be required to withhold from Optionee’s compensation or collect from Optionee and pay to the applicable taxing authorities an amount equal to a percentage of this compensation income at the time of
exercise. 
 17.3. Disposition of Shares. The following tax consequences may apply to U.S. taxpayers upon disposition of
the Shares. 
 (a) Incentive Stock Options. If the Shares are held for more than twelve (12) months after the date of purchase
of the Shares pursuant to the exercise of an ISO and are disposed of more than two (2) years after the Date of Grant, any gain realized on disposition of the Shares will be treated as long term capital gain for U.S. federal income tax purposes.
If Vested Shares purchased under an ISO are disposed of within the applicable one (1) year or two (2) year period, any gain realized on such disposition will be treated as compensation income (taxable at ordinary income rates in the year
of the disposition) to the extent of the excess, if any, of the Fair Market Value of the Shares on the date of exercise (or, if less, the amount realized on the disposition of the Shares) over the Exercise Price. Any further gain (or loss) realized
will be taxed as short-term or long-term capital gain (or loss), as the case may be, depending on whether the Shares are held for more than twelve (12) months after the date of exercise. To the extent the Shares were exercised prior to vesting
coincident with the filing of an 83(b) Election, the amount taxed because of a disqualifying disposition will be based upon the excess, if any, of the fair market value on the date of vesting over the exercise price. 

  

 EARLY EXERCISE FORM 

 

 (b) Nonqualified Stock Options. If the Shares are held for more than twelve
(12) months after the date of purchase of the Shares pursuant to the exercise of an NQSO, any gain realized on disposition of the Shares will be treated as long term capital gain. 

17.4. Section 83(b) Election for Unvested Shares. With respect to Unvested Shares, which
are subject to the Repurchase Option, unless an election is filed by Optionee with the Internal Revenue Service (and, if necessary, the proper state taxing authorities), within thirty (30) days of the purchase of the
Unvested Shares, electing pursuant to Section 83(b) of the Code (and similar state tax provisions, if applicable) to be taxed currently on any difference between the Exercise Price of the Unvested Shares and their Fair Market Value on the date
of purchase, there may be a recognition of taxable income (including, where applicable, alternative minimum taxable income) to Optionee, measured by the excess, if any, of the Fair Market Value of the Unvested Shares at the time they cease to be
Unvested Shares, over the Exercise Price of Unvested Shares. 
 18. GENERAL PROVISIONS 

18.1. Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by Optionee or
the Company to the Committee for review. The resolution of such a dispute by the Committee shall be final and binding on the Company and Optionee. 

18.2. Entire Agreement. The Plan, the Grant Notice and the Exercise Agreement are each incorporated herein by
reference. This Agreement, the Grant Notice, the Plan and the Exercise Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior undertakings and agreements with respect to such
subject matter. 
 19. NOTICES. Any and all notices required or permitted to be given to a party pursuant to the provisions of this
Agreement will be in writing and will be effective and deemed to provide such party sufficient notice under this Agreement on the earliest of the following: (i) at the time of personal delivery, if delivery is in person; (ii) at the time
an electronic confirmation of receipt is received, if delivery is by email; (iii) at the time of transmission by facsimile, addressed to the other party at its facsimile number specified herein (or hereafter modified by subsequent notice to the
parties hereto), with confirmation of receipt made by both telephone and printed confirmation sheet verifying successful transmission of the facsimile; (iv) one (1) business day after deposit with an express overnight courier for United States
deliveries, or two (2) business days after such deposit for deliveries outside of the United States, with proof of delivery from the courier requested; or (v) three (3) business days after deposit in the United States mail by certified
mail (return receipt requested) for United States deliveries. Any notice for delivery outside the United States will be sent by email, facsimile or by express courier. Any notice not delivered personally or by email will be sent with postage and/or
other charges prepaid and properly addressed to Optionee at the last known address or facsimile number on the books of the Company, or at such other address or facsimile number as such other party may designate by one of the indicated means of
notice herein to the other parties hereto or, in the case of the Company, to it at its principal place of business. Notices to the Company will be marked “Attention: Chief Financial Officer.” Notices by facsimile shall be machine verified
as received. 
 20. LANGUAGE. If Optionee has received the Agreement or any other document related to the Option or the Plan
translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control. 

21. ANNEX A. Notwithstanding any provision of the Agreement, the Option grant shall be subject to any additional terms and conditions
for Optionee’s country set forth in the Annex A. Moreover, if Optionee relocates to one of the countries included in the Annex A, the terms and conditions for such country will apply to Optionee to the extent the Company determines that the
application of such terms and conditions to Optionee is necessary or advisable for legal or administrative reasons. The Annex A constitutes part of the Agreement. 

  

 EARLY EXERCISE FORM 

 

 22. SUCCESSORS AND ASSIGNS. The Company may assign any of its rights under this
Agreement including its rights to purchase Shares under both the Repurchase Option and the Right of First Refusal. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the
restrictions on transfer set forth herein, this Agreement shall be binding upon Optionee and Optionee’s heirs, executors, administrators, legal representatives, successors and assigns. 

23. GOVERNING LAW AND VENUE. This Agreement shall be governed by and construed in accordance with the internal laws of the State of
Delaware, without giving effect to that body of laws pertaining to conflict of laws. If any provision of this Agreement is determined by a court of law to be illegal or unenforceable, then such provision will be enforced to the maximum extent
possible and the other provisions will remain fully effective and enforceable. For purposes of litigating any dispute that arises under the Option or Agreement, the parties submit to and consent to the jurisdiction of the State of California, and
agree that such litigation will be conducted in the courts of Santa Clara County, California, or the U.S. federal courts for the Northern District of California and no other courts, where the Option is made and/or to be performed. 

24. FURTHER ASSURANCES. The parties agree to execute such further documents and instruments and to take such further
actions as may be reasonably necessary to carry out the purposes and intent of this Agreement. 
 25. TITLES AND HEADINGS.
The titles, captions and headings of this Agreement are included for ease of reference only and will be disregarded in interpreting or construing this Agreement. Unless otherwise specifically stated, all references herein to “sections”
and “exhibits” will mean “sections” and “exhibits” to this Agreement. 
 26. COUNTERPARTS.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered will be deemed an original, and all of which together shall constitute one and the same agreement. 

27. SEVERABILITY. If any provision of this Agreement is determined by any court or arbitrator of competent jurisdiction to
be invalid, illegal or unenforceable in any respect, such provision will be enforced to the maximum extent possible given the intent of the parties hereto. If such clause or provision cannot be so enforced, such provision shall be stricken from this
Agreement and the remainder of this Agreement shall be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been contained in this Agreement. Notwithstanding the forgoing, if the value
of this Agreement based upon the substantial benefit of the bargain for any party is materially impaired, which determination as made by the presiding court or arbitrator of competent jurisdiction shall be binding, then both parties agree to
substitute such provision(s) through good faith negotiations. 
 * * * * * 

Attachment: Annex A: Country Annex to Stock Option Agreement 

  Annex B: Form of Stock Option Exercise Notice and Agreement 

  

 EARLY EXERCISE FORM 

 

 ANNEX A 

COUNTRY ANNEX TO STOCK OPTION AGREEMENT 

Terms and Conditions 
 This Annex A includes
additional terms and conditions that govern Optionee’s participation in the Plan if Optionee works and/or resides in one of the countries listed below. If Optionee is a citizen or resident of a country other than the one in which Optionee is
currently working (or is considered as such for local law purposes), or Optionee transfers employment or residence to a different country after the Option is granted, the Company will, in its discretion, determine the extent to which the terms and
conditions contained herein will apply to Optionee. 
 Capitalized terms used but not defined in this Annex A shall have the same meanings assigned to them
in the Plan or the Agreement. 
 Notifications 

This Annex A also includes information regarding certain other issues of which Optionee should be aware with respect to Optionee’s participation in the
Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of April 2014. Such laws are often complex and change frequently. As a result, the Company strongly recommends that
Optionee not rely on the information noted herein as the only source of information relating to the consequences of participation in the Plan because the information may be
out-of-date at the time Optionee exercises the Option or sells any Shares acquired upon such exercise. 

In addition, the information contained herein is general in nature and may not apply to Optionee’s particular situation and the Company is not in a
position to assure Optionee of any particular result. Accordingly, Optionee is advised to seek appropriate professional advice as to how the relevant laws in Optionee’s country may apply to his or her individual situation. 

If Optionee is a citizen or resident of a country other than the one in which Optionee is currently working (or is considered as such for local law purposes),
or if Optionee relocates to a different country after the Option is granted, the notifications contained in this Annex A may not be applicable to Optionee in the same manner. 

*** 
 NORWAY 

There are no country-specific provisions. 

  

 ANNEX B 

FORM OF STOCK OPTION EXERCISE NOTICE AND AGREEMENT 

 EARLY EXERCISE FORM 

 

 STOCK OPTION EXERCISE NOTICE AND AGREEMENT 

UPWORK INC. 

2014 EQUITY INCENTIVE PLAN 

*NOTE: You must sign this Notice on
Page 3 before submitting it to Upwork Inc. (the “Company”) AND, if requested to do so by the Company, you
must also sign the signature page to the Company’s then-current Company Voting Agreement (as defined in the Stock Option Agreement) before submitting this Notice to the Company. 

 OPTIONEE INFORMATION: Please provide the following information about yourself
(“Optionee”): 
  

			
	Name:	 	 «Optionee»

		
	Address:	 	  

		
		 	  

 OPTION INFORMATION: Please provide this information on the option being exercised
(the “Option”): 
  

					
		 	Grant No. «No»	  	
			
		 	Date of Grant: «Grant_Date»	  	Type of Stock Option:
			
		 	Option Price per Share: $____	  	☐ Nonqualified (NQSO)
			
		 	Total number of shares of Common Stock of the Company subject to the Option: «Total_Number_of_Options»	  	☐ Incentive (ISO)

 EXERCISE INFORMATION: 

 

			
		 	Number of shares of Common Stock of the Company for which the Option is now being exercised [                    ]. (These
shares are referred to below as the “Purchased Shares.”)
		
		 	 Total Exercise Price Being Paid for the Purchased Shares:
$                    

		
		 	 Form of payment enclosed [check all that apply]:

		
		 	 ☐ Check for
$                    , payable to “Upwork Inc.”

		
		 	 ☐ Certificate(s) for
                     shares of Common Stock of the Company. These shares will be valued as of the date this notice is received by the Company.
[Requires Company consent.]

 AGREEMENTS, REPRESENTATIONS AND ACKNOWLEDGMENTS
OF OPTIONEE: By signing this Stock Option Exercise Notice and Agreement, Optionee hereby agrees with, and represents to, the Company as follows: 

 

	1.	 Terms Governing. I acknowledge and agree with the Company that I am acquiring the Purchased Shares by
exercise of this Option subject to all other terms and conditions of the Notice of Stock Option Grant and the Stock Option Agreement that govern the Option, including without limitation the terms of the Company’s 2014 Equity Incentive Plan, as
it may be amended (the “Plan”). 

  

	2.	 Investment Intent; Securities Law Restrictions. I represent and warrant to the Company that I am
acquiring and will hold the Purchased Shares for investment for my account only, and not with a view to, or for resale in connection with, any “distribution” of the Purchased Shares within the meaning of

  

 EARLY EXERCISE FORM 

 

	 	
the Securities Act of 1933, as amended (the “Securities Act”). I understand that the Purchased Shares have not been registered under the Securities Act by reason of a
specific exemption from such registration requirement and that the Purchased Shares must be held by me indefinitely, unless they are subsequently registered under the Securities Act or I obtain an opinion of counsel (in form and substance
satisfactory to the Company and its counsel) that registration is not required. I acknowledge that the Company is under no obligation to register the Purchased Shares under the Securities Act or under any other securities law. 

 

	3.	 Restrictions on Transfer: Rule 144. I will not sell, transfer or otherwise dispose of the Purchased
Shares in violation of the Securities Act, the Securities Exchange Act of 1934, or the rules promulgated thereunder (including Rule 144 under the Securities Act described below “Rule 144”)) or of any other applicable securities laws.
I am aware of Rule 144, which permits limited public resales of securities acquired in a non-public offering, subject to satisfaction of certain conditions, which include (without limitation) that:
(a) certain current public information about the Company is available; (b) the resale occurs only after the holding period required by Rule 144 has been met; (c) the sale occurs through an unsolicited “broker’s
transaction”; and (d) the amount of securities being sold during any three-month period does not exceed specified limitations. I understand that the conditions for resale set forth in Rule 144 have not been satisfied and that the
Company has no plans to satisfy these conditions in the foreseeable future. 

  

	4.	 Access to Information; Understanding of Risk in Investment. I acknowledge that I have received and had
access to such information as I consider necessary or appropriate for deciding whether to invest in the Purchased Shares and that I had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the
issuance of the Purchased Shares. I am aware that my investment in the Company is a speculative investment that has limited liquidity and is subject to the risk of complete loss. I am able, without impairing my financial condition, to hold the
Purchased Shares for an indefinite period and to suffer a complete loss of my investment in the Purchased Shares. 

  

	5.	 Waiver of Statutory Information Rights. Notwithstanding anything to the contrary herein, I acknowledge
and understand that, but for the waiver made herein, I would be entitled, upon written demand under oath stating the purpose thereof, to inspect for any proper purpose, and to make copies and extracts from, the Company’s stock ledger, a list of
its stockholders, and its other books and records, and the books and records of subsidiaries of the Company, if any, under the circumstances and in the manner provided in Section 220 of the Delaware General Corporation Law (any and all such
rights, and any and all such other rights as may be provided for in Section 220, the “Inspection Rights”). In light of the foregoing, until the first sale of Common Stock of the Company to the general public pursuant to
a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act, I hereby unconditionally and irrevocably waive the Inspection Rights, whether such Inspection Rights would be exercised or
pursued directly or indirectly pursuant to Section 220 or otherwise, and covenant and agree never to directly or indirectly commence, voluntarily aid in any way, prosecute, assign, transfer, or cause to be commenced any claim, action, cause of
action, or other proceeding to pursue or exercise the Inspection Rights. The foregoing waiver applies to my Inspection Rights in my capacity as a stockholder and shall not affect any rights of a director, in my capacity as such (if applicable),
under Section 220. The foregoing waiver shall not apply to any contractual inspection rights that I may have under any written agreement with the Company. 

 

	6.	 Rights of First Refusal; Repurchase Option; Market Stand-off. I
acknowledge that the Purchased Shares remain subject to the Company’s Right of First Refusal, the Company’s Repurchase Option (with respect to unvested Purchased Shares) and the market stand-off
covenants (sometimes referred to as the “lock-up”), all in accordance with the applicable Notice of Stock Option Grant and the Stock Option Agreement that govern the Option. 

  
 2 

 EARLY EXERCISE FORM 

 

	7.	 Form of Ownership. I acknowledge that the Company has encouraged me to consult my own adviser to
determine the form of ownership of the Purchased Shares that is appropriate for me. In the event that I choose to transfer my Purchased Shares to a trust, I agree to sign a Stock Transfer Agreement. In the event that I choose to transfer my
Purchased Shares to a trust that is not an eligible revocable trust, I also acknowledge that the transfer will be treated as a “disposition” for tax purposes. As a result, the favorable ISO tax treatment will be unavailable and other
unfavorable tax consequences may occur. 

  

	8.	 Investigation of Tax Consequences. I acknowledge that the Company has encouraged me to consult my own
adviser to determine the tax consequences of acquiring the Purchased Shares at this time. 

  

	9.	 Other Tax Matters. I agree that the Company does not have a duty to design or administer the Plan or its
other compensation programs in a manner that minimizes my tax liabilities. I will not make any claim against the Company or its Board, officers or employees related to tax liabilities arising from my options or my other compensation. In particular,
I acknowledge that my options (including the Option) are exempt from section 409A of the Internal Revenue Code only if the exercise price per share is at least equal to the fair market value per share of the Common Stock at the time the option
was granted by the Board. Since shares of the Common Stock are not traded on an established securities market, the determination of their fair market value was made by the Board and/or by an independent valuation firm retained by the Company. I
acknowledge that there is no guarantee in either case that the Internal Revenue Service will agree with the valuation, and I will not make any claim against the Company or its Board, officers or employees in the event that the Internal Revenue
Service asserts that the valuation was too low. 

  

	10.	 Spouse Consent. I agree to seek the consent of my spouse to the extent required by the Company to
enforce the foregoing. 

  

	11.	 Agreement to Enter into Voting Agreement. Pursuant to the Stock Option Agreement, if requested to do so
by the Company, I agree to enter into and execute the then-current Company Voting Agreement concurrently with my exercise of the Option or at any other time I am requested to do so by the Company I acknowledge that by entering into the Voting
Agreement I will be subjected to voting and other obligations and covenants regarding all Company shares I own and all other provisions of the Company Voting Agreement, in addition to the right of first refusal, repurchase option and market stand-off provisions described above. 

  

	12.	 Tax Withholding. As a condition of exercising this Option, I agree to make adequate provision for
foreign, federal, state or other tax withholding obligations, if any, which arise upon the grant, vesting or exercise of this Option, or disposition of the Purchased Shares, whether by withholding, direct payment to the Company, or otherwise.

 IMPORTANT NOTE: UNVESTED PURCHASED SHARES ARE SUBJECT TO REPURCHASE BY THE COMPANY. PLEASE CONSULT WITH YOUR TAX
ADVISER CONCERNING THE ADVISABILITY OF FILING AN 83(b) ELECTION WITH THE INTERNAL REVENUE SERVICE WHICH MUST BE FILED WITHIN THIRTY (30) DAYS AFTER THE PURCHASE OF SHARES TO BE EFFECTIVE.  

A form of Election under Section 83(b) is attached hereto as Exhibit 1 for reference. Unless an 83(b) election is timely filed with the
Internal Revenue Service (and, if necessary, the proper state taxing authorities), electing pursuant to Section 83(b) of the Internal Revenue Code (and similar state tax provisions, if applicable) to be taxed currently on any difference between
the purchase price of the unvested Purchased Shares and their fair market value on the date of purchase, there may be a recognition of taxable income (including, where applicable, alternative minimum taxable income) to you, measured by the excess,
if any, of the Fair Market Value of the unvested Purchased Shares at the time they cease to be unvested Purchased Shares, over the purchase price of the unvested Purchased Shares. 

  
 3 

 EARLY EXERCISE FORM 

 

 The undersigned hereby executes and delivers this Stock Option Exercise Notice and Agreement to agrees to be
bound by its terms 
  

					
	 SIGNATURE:

«OPTIONEE»
	 		 	 DATE:

			
	  
	 		 	  

 Attachments: 
 Exhibit
1 – Section 83(b) Election Form 
 [Signature Page to Stock Option Exercise Notice and Agreement] 

  
 4 

 EARLY EXERCISE FORM 

 

 EXHIBIT 1 

ELECTION UNDER SECTION 83(b) OF THE INTERNAL REVENUE CODE 

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

					
	1.	  	TAXPAYER’S NAME:	  	 «Optionee»

			
		  	TAXPAYER’S ADDRESS:	  	  

			
		  		  	  

			
		  	SOCIAL SECURITY NUMBER:	  	  

  

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

  

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

  

	4.	 The shares received upon exercise of the option are subject to the following restrictions: The Company may
repurchase all or a portion of the shares at the lower of (a) Taxpayer’s original purchase price per share or (b) the then fair market value per share of the shares, under certain conditions at the time of Taxpayer’s termination
of employment or services. 

  

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

 

	6.	 The amount paid for such shares upon exercise of the option was
$                 per share x                     
shares = $                    . 

  

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

 

	8.	 The amount to include in gross income is
$                    . [The result of the amount reported in Item 5 minus the amount reported in Item 6.] 

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

 

			
	Dated:
                                         
                                         
      	  	                                      
                                         
         
		  	 «Optionee»

  
 5 

 OPTION GRANT NO. «No» 

NOTICE OF STOCK OPTION GRANT 

UPWORK INC. 

2014 EQUITY INCENTIVE PLAN 

The Optionee named below (“Optionee”) has been granted an option (this “Option”) to purchase shares of Common
Stock (the “Common Stock”) of Upwork Inc. (the “Company”), pursuant to the Company’s 2014 Equity Incentive Plan, as amended from time to time (the “Plan”) on the
terms, and subject to the conditions, described below and in the Stock Option Agreement attached hereto as Exhibit A, including its annexes (the “Stock Option
Agreement”). 
  

			
	Optionee:	  	«Optionee»
		
	Maximum Number of Shares Subject to this Option (the “Shares”):	  	«Total_Number_of_Options»
		
	Exercise Price Per Share:	  	$         per share
		
	Date of Grant:	  	«Grant_Date»
		
	Vesting Start Date:	  	«Vesting_Start_Date»
		
	Exercise Schedule:	  	This Option will become exercisable during its term with respect to portions of the Shares in accordance with the Vesting Schedule set forth below.
		
	Expiration Date:	  	The date ten (10) years after the Date of Grant set forth above, subject to earlier expiration in the event of Termination as provided in Section 3 of the Stock Option Agreement.
		
	 Tax Status of Option:
 (Check
Only One Box):
	  	 ☐ Incentive Stock Option (To the fullest extent permitted by the Code)

☐ Nonqualified Stock Option.
 (If
neither box is checked, this Option is a Nonqualified Stock Option).

 Vesting Schedule: For so long as Optionee continuously provides services to the Company (or any Subsidiary or Parent of
the Company) as an employee, officer, director, contractor or consultant and has not been Terminated, this Option will vest (that is, become exercisable) with respect to the Shares as follows: 

[Insert if vesting is 48 monthly installments (vesting schedule (2) on Exhibit
A-1 of the April 7, 2014 Board minutes):] This Option will become vested and exercisable with respect to 2.0833% of the Shares when Optionee completes each month of
continuous service following the Vesting Start Date. 
 [Insert if vesting is 24 monthly installments (vesting schedule
(5) on Exhibit A-1 of the April 7, 2014 Board minutes):] This Option will become vested and exercisable with respect to 4.1667% of the
Shares when Optionee completes each month of continuous service following the Vesting Start Date. 
 [Insert if vesting, together with vesting of
unvested portion of assumed option, is in 60 variable monthly installments (vesting schedule (6) on Exhibit A-1 of the April 7, 2014 Board
minutes/vesting schedule (2) on Exhibit A-1 of the May 1, 2014 Board minutes):] This Option will become vested and exercisable with
respect to the number of Shares set forth in the table below on each date of continuous service following the Vesting Start Date set forth in the table below: 
  

			
	 Date
	  	 Number of Shares

	[Date]	  	[No. Shares]
	[Date]	  	[No. Shares]
	[Date]	  	[No. Shares]
	[Date]	  	[No. Shares]
	[Date]	  	[No. Shares]
	[Date]	  	[No. Shares]
	TOTAL:	  	[No. Shares]

 [Insert if vesting is 60 monthly installments (vesting schedule (9) on Exhibit A-1 of the April 7, 2014 Board minutes):] This Option will become vested and exercisable with respect to 1.6667% of the Shares when Optionee completes each month of
continuous service following the Vesting Start Date. 
 [Insert for all Optionees with acceleration in their Upwork offer letters entered into in
connection with the merger:] In the event: (i) of an Acquisition (as defined in the Plan) and (ii) Optionee’s employment is Terminated by the Company or its successor other than for Cause (as defined that certain Offer Letter
dated [____] from the Company to Optionee (the “Offer Letter”)) or by Optionee for Good Reason (as defined in the Offer Letter), in either case upon or within 12 months following the Acquisition, then, subject to fulfillment
of the release requirements set forth in the Offer Letter, effective immediately prior to such Termination, 50% of the then Unvested Shares will become Vested Shares. For the avoidance of doubt, the Merger (as defined in the Offer Letter) does not
constitute an Acquisition for purposes of the foregoing vesting acceleration provisions. 

 [Insert for all Optionees with an extended post-termination exercise period in their Upwork
offer letters entered into in connection with the merger (note that this section assumes that “Offer Letter” is defined under the acceleration provision above; if such provision is not included, please define the term in this
section):] Extended Post-Termination Exercise Period 
 [Insert for all Optionees with an extended
three tier post-termination exercise period:] Notwithstanding anything to the contrary in Section 3 of the Stock Option Agreement, if Optionee is Terminated by the Company other than for Cause,
then this Option, to the extent (and only to the extent) that it is exercisable with respect to Vested Shares, may be exercised by Optionee for a period of (i) the date that is twenty-four (24) months following such Termination if the
Termination occurs prior to March 31, 2015, (ii) the date that is eighteen (18) months following such Termination if the Termination occurs on or after March 31, 2015, but prior to March 31, 2016, or (iii) the date that is
twelve (12) months following such Termination if the Termination occurs on or after March 31, 2016, but in no event later than the Expiration Date, after which this Option shall expire immediately with respect to all Unvested Shares and
any Vested Shares that are not exercised on or prior to the expiration of the applicable post-termination exercise period; provided, however, that the applicable foregoing post-termination exercise period shall end upon the
consummation of an Acquisition. For the avoidance of doubt, the Merger (as defined in the Offer Letter) does not constitute an Acquisition for purposes of the foregoing sentence. The term “Cause” as used in the forgoing provisions and in
Section 3 of the Stock Option Agreement shall have the meaning ascribed to such term in the Offer Letter. Any exercise of this Option beyond (i) three (3) months after the date Optionee ceases to be an employee when Optionee’s
Termination is for any reason other than Optionee’s death or disability, within the meaning of Section 22(e)(3) of the Code, is deemed to be an NQSO. 

[Insert for all Optionees with an extended two tier post-termination exercise period:] Notwithstanding
anything to the contrary in Section 3 of the Stock Option Agreement, if Optionee is Terminated by the Company other than for Cause, then this Option, to the extent (and only to the extent) that it is exercisable with respect to Vested
Shares, may be exercised by Optionee for a period of (i) the date that is twenty-four (24) months following such Termination if the Termination occurs prior to March 31, 2015, or (ii) the date that is twelve (12) months
following such Termination if the Termination occurs on or after March 31, 2015, but in no event later than the Expiration Date, after which this Option shall expire immediately with respect to all Unvested Shares and any Vested Shares that are
not exercised on or prior to the expiration of the applicable post-termination exercise period; provided, however, that the applicable foregoing post-termination exercise period shall end upon the consummation of an Acquisition. For
the avoidance of doubt, the Merger (as defined in the Offer Letter) does not constitute an Acquisition for purposes of the foregoing sentence. The term “Cause” as used in the forgoing provisions and in Section 3 of the Stock Option
Agreement shall have the meaning ascribed to such term in the Offer Letter. Any exercise of this Option beyond (i) three (3) months after the date Optionee ceases to be an employee when Optionee’s Termination is for any reason other than
Optionee’s death or disability, within the meaning of Section 22(e)(3) of the Code, is deemed to be an NQSO. 
 General; Agreement: By
their signatures below, Optionee and the Company agree that this Option is granted under and governed by this Notice of Stock Option Grant (this “Grant Notice”) and by the provisions of the Plan and the Stock Option
Agreement. The Plan and the Stock Option Agreement are incorporated herein by reference. Capitalized terms used but not defined herein shall have the meanings given to them in the Plan or in the Stock Option Agreement, as applicable. By signing
below, Optionee acknowledges receipt of a copy of this Grant Notice, the Plan and the Stock Option Agreement, represents that Optionee has carefully read and is familiar with their provisions, and hereby accepts the Option subject to all of their
respective terms and conditions. Optionee acknowledges that there may be adverse Tax-Related Items consequences with respect to the Option or the Shares and that Optionee should consult a tax adviser prior to
exercise of the Option or disposition of the Shares. Optionee agrees and acknowledges that the Vesting Schedule may change prospectively in the event that Optionee’s service status changes between full and part time status in accordance with
Company policies relating to work schedules and vesting of equity awards. 
 Execution and Delivery: This Grant Notice may be executed and delivered
electronically whether via the Company’s intranet or the Internet site of a third party or via email or any other means of electronic delivery specified by the Company. By Optionee’s acceptance hereof (whether written, electronic or
otherwise), Optionee agrees, to the fullest extent permitted by law, that in lieu of receiving documents in paper format, Optionee accepts the electronic delivery of any documents that the Company (or any third party the Company may designate), may
deliver in connection with this grant (including the Plan, this Grant Notice, the Stock Option Agreement, the information described in Rules 701(e)(2), (3), (4) and (5) under the Securities Act (the “701 Disclosures”),
account statements, or other communications or information) whether via the Company’s intranet or the Internet site of such third party or via email or such other means of electronic delivery specified by the Company. 

 

					
	Upwork Inc. 	 		  	
			
	By /Signature:
                                         
                                   	 		  	Optionee Signature:
                                         
                       
			
	Typed Name:
                                         
                                    	 		  	Optionee’s Name:
«Optionee»                                      
          
			
	Title:
                                         
                                         
        	 		  	

 ATTACHMENT: Exhibit A – Stock Option Agreement 

 Exhibit A 

Stock Option Agreement 

 OPTION GRANT NO. «No» 

NOTICE OF STOCK OPTION GRANT 

UPWORK INC. 

2014 EQUITY INCENTIVE PLAN 

The Optionee named below (“Optionee”) has been granted an option (this “Option”) to purchase shares of Common
Stock (the “Common Stock”) of Upwork Inc. (the “Company”), pursuant to the Company’s 2014 Equity Incentive Plan, as amended from time to time (the “Plan”) on the
terms, and subject to the conditions, described below and in the Stock Option Agreement attached hereto as Exhibit A, including its annexes (the “Stock Option
Agreement”). 
  

			
	Optionee:	  	«Optionee»
		
	Maximum Number of Shares Subject to this Option (the “Shares”):	  	«Total_Number_of_Options»
		
	Exercise Price Per Share:	  	$         per share
		
	Date of Grant:	  	«Grant_Date»
		
	Vesting Start Date:	  	N/A
		
	Exercise Schedule:	  	This Option is fully exercisable on the Date of Grant.
		
	Expiration Date:	  	The date ten (10) years after the Date of Grant set forth above, subject to earlier expiration in the event of Termination as provided in Section 3 of the Stock Option Agreement.
		
	 Tax Status of Option:
 (Check
Only One Box):
	  	 ☐ Incentive Stock Option (To the fullest extent permitted by the Code)

☐ Nonqualified Stock Option.
 (If
neither box is checked, this Option is a Nonqualified Stock Option).

 Vesting Schedule: Fully vested (100%). 

General; Agreement: By their signatures below, Optionee and the Company agree that this Option is granted under and governed by this Notice of Stock
Option Grant (this “Grant Notice”) and by the provisions of the Plan and the Stock Option Agreement. The Plan and the Stock Option Agreement are incorporated herein by reference. Capitalized terms used but not defined herein
shall have the meanings given to them in the Plan or in the Stock Option Agreement, as applicable. By signing below, Optionee acknowledges receipt of a copy of this Grant Notice, the Plan and the Stock Option Agreement, represents that Optionee has
carefully read and is familiar with their provisions, and hereby accepts the Option subject to all of their respective terms and conditions. Optionee acknowledges that there may be adverse Tax-Related Items
consequences with respect to the Option or the Shares and that Optionee should consult a tax adviser prior to exercise of the Option or disposition of the Shares. Optionee agrees and acknowledges that the Vesting Schedule may change prospectively in
the event that Optionee’s service status changes between full and part time status in accordance with Company policies relating to work schedules and vesting of equity awards. 

Execution and Delivery: This Grant Notice may be executed and delivered electronically whether via the Company’s intranet or the Internet site of
a third party or via email or any other means of electronic delivery specified by the Company. By Optionee’s acceptance hereof (whether written, electronic or otherwise), Optionee agrees, to the fullest extent permitted by law, that in lieu of
receiving documents in paper format, Optionee accepts the electronic delivery of any documents that the Company (or any third party the Company may designate), may deliver in connection with this grant (including the Plan, this Grant Notice, the
Stock Option Agreement, the information described in Rules 701(e)(2), (3), (4) and (5) under the Securities Act (the “701 Disclosures”), account statements, or other communications or information) whether via the
Company’s intranet or the Internet site of such third party or via email or such other means of electronic delivery specified by the Company. 
  

					
	Upwork Inc. 	  		  	
			
	By /Signature:
                                         
                                   	  		  	Optionee Signature:
                                         
                       
			
	Typed Name:
                                         
                                    	  		  	Optionee’s Name:
«Optionee»                                      
          
			
	Title:
                                         
                                         
        	  		  	

 ATTACHMENT: Exhibit A – Stock Option Agreement 

 Exhibit A 

Stock Option Agreement 

 OPTION GRANT NO. «No» 

NOTICE OF STOCK OPTION GRANT 

UPWORK INC. 

2014 EQUITY INCENTIVE PLAN 

The Optionee named below (“Optionee”) has been granted an option (this “Option”) to purchase shares of Common
Stock (the “Common Stock”) of Upwork Inc. (the “Company”), pursuant to the Company’s 2014 Equity Incentive Plan, as amended from time to time (the “Plan”) on the
terms, and subject to the conditions, described below and in the Stock Option Agreement attached hereto as Exhibit A, including its annexes (the “Stock Option
Agreement”). 
  

			
	Optionee:	  	«Optionee»
		
	Maximum Number of Shares Subject to this Option (the “Shares”):	  	«Total_Number_of_Options»
		
	Exercise Price Per Share:	  	$____ per share
		
	Date of Grant:	  	«Grant_Date»
		
	Vesting Start Date:	  	«Vesting_Start_Date»
		
	Exercise Schedule:	  	This Option will become exercisable during its term with respect to portions of the Shares in accordance with the Vesting Schedule set forth below.
		
	Expiration Date:	  	The date ten (10) years after the Date of Grant set forth above, subject to earlier expiration in the event of Termination as provided in Section 3 of the Stock Option Agreement.
		
	 Tax Status of Option:
 (Check
Only One Box):
	  	 ☐ Incentive Stock Option (To the fullest extent permitted by the Code)

☐ Nonqualified Stock Option.
 (If
neither box is checked, this Option is a Nonqualified Stock Option).

 Vesting Schedule: For so long as Optionee continuously provides services to the Company (or any Subsidiary or Parent of
the Company) as an employee, officer, director, contractor or consultant and has not been Terminated, this Option will vest (that is, become exercisable) with respect to the Shares as follows: 

[Insert if vesting is over 4 years with a 1 year cliff (vesting schedule (1) on Exhibit
A-1 of the April 7, 2014 Board minutes and May 1, 2014 Board minutes):] For so long as Optionee continuously provides services to the
Company (or any Subsidiary or Parent of the Company) as an employee, officer, director, contractor or consultant and has not been Terminated, this Option will vest (that is, become exercisable) with respect to the Shares as follows: (a) prior
to the first one (1) year anniversary of the Vesting Start Date this Option will not be vested or exercisable as to any of the Shares; (b) this Option will become vested and exercisable with respect to 25% of the Shares on the one
(1) year anniversary of the Vesting Start Date; and (c) thereafter, this Option will become vested and exercisable with respect to an additional 2.0833% of the Shares when Optionee completes each month of continuous service following the
first one (1) year anniversary of the Vesting Start Date. 
 [Insert if vesting is over 5 years with 1 year cliff:] For so long as
Optionee continuously provides services to the Company (or any Subsidiary or Parent of the Company) as an employee, officer, director, contractor or consultant and has not been Terminated, this Option will vest (that is, become exercisable) with
respect to the Shares as follows: (a) prior to the first one (1) year anniversary of the Vesting Start Date this Option will not be vested or exercisable as to any of the Shares; (b) this Option will become vested and exercisable with
respect to 20% of the Shares on the one (1) year anniversary of the Vesting Start Date; and (c) thereafter, this Option will become vested and exercisable with respect to an additional 1.6667% of the Shares when Optionee completes each
month of continuous service following the first one (1) year anniversary of the Vesting Start Date. 
 [Insert for executives with acceleration
in their offer letters:] In the event: (i) of an Acquisition (as defined in the Plan) and (ii) Optionee’s employment is Terminated by the Company or its successor other than for Cause (as defined that certain Offer Letter
dated [____] from the Company to Optionee (the “Offer Letter”)) or by Optionee for Good Reason (as defined in the Offer Letter), in either case upon or within 12 months following the Acquisition, then, subject to fulfillment
of the release requirements set forth in the Offer Letter, effective immediately prior to such Termination, 50% of the then Unvested Shares will become Vested Shares. 

[Insert for all executives with an extended post-termination exercise period in their offer letters (note that this section assumes that
“Offer Letter” is defined under the acceleration provision above; if such provision is not included, please define the term in this section):] Extended Post-Termination Exercise Period 

  
 64 

 [Insert for all executives with an extended three tier
post-termination exercise period:] Notwithstanding anything to the contrary in Section 3 of the Stock Option Agreement, if Optionee is Terminated by the Company other than for Cause, then this Option, to the extent (and only to
the extent) that it is exercisable with respect to Vested Shares, may be exercised by Optionee for a period of (i) the date that is twenty-four (24) months following such Termination if the Termination occurs prior to March 31, 2015,
(ii) the date that is eighteen (18) months following such Termination if the Termination occurs on or after March 31, 2015, but prior to March 31, 2016, or (iii) the date that is twelve (12) months following such Termination
if the Termination occurs on or after March 31, 2016, but in no event later than the Expiration Date, after which this Option shall expire immediately with respect to all Unvested Shares and any Vested Shares that are not exercised on or prior
to the expiration of the applicable post-termination exercise period; provided, however, that the applicable foregoing post-termination exercise period shall end upon the consummation of an Acquisition. The term “Cause” as
used in the forgoing sentence and in Section 3 of the Stock Option Agreement shall have the meaning ascribed to such term in the Offer Letter. Any exercise of this Option beyond (i) three (3) months after the date Optionee ceases to be an
employee when Optionee’s Termination is for any reason other than Optionee’s death or disability, within the meaning of Section 22(e)(3) of the Code, is deemed to be an NQSO. 

[Insert for all executives with an extended two tier post-termination exercise period:] Notwithstanding
anything to the contrary in Section 3 of the Stock Option Agreement, if Optionee is Terminated by the Company other than for Cause, then this Option, to the extent (and only to the extent) that it is exercisable with respect to Vested
Shares, may be exercised by Optionee for a period of (i) the date that is twenty-four (24) months following such Termination if the Termination occurs prior to March 31, 2015, or (ii) the date that is twelve (12) months
following such Termination if the Termination occurs on or after March 31, 2015, but in no event later than the Expiration Date, after which this Option shall expire immediately with respect to all Unvested Shares and any Vested Shares that are
not exercised on or prior to the expiration of the applicable post-termination exercise period; provided, however, that the applicable foregoing post-termination exercise period shall end upon the consummation of an Acquisition. The
term “Cause” as used in the forgoing sentence and in Section 3 of the Stock Option Agreement shall have the meaning ascribed to such term in the Offer Letter. Any exercise of this Option beyond (i) three (3) months after the date
Optionee ceases to be an employee when Optionee’s Termination is for any reason other than Optionee’s death or disability, within the meaning of Section 22(e)(3) of the Code, is deemed to be an NQSO. 

General; Agreement: By their signatures below, Optionee and the Company agree that this Option is granted under and governed by this Notice of Stock
Option Grant (this “Grant Notice”) and by the provisions of the Plan and the Stock Option Agreement. The Plan and the Stock Option Agreement are incorporated herein by reference. Capitalized terms used but not defined herein
shall have the meanings given to them in the Plan or in the Stock Option Agreement, as applicable. By signing below, Optionee acknowledges receipt of a copy of this Grant Notice, the Plan and the Stock Option Agreement, represents that Optionee has
carefully read and is familiar with their provisions, and hereby accepts the Option subject to all of their respective terms and conditions. Optionee acknowledges that there may be adverse Tax-Related Items
consequences with respect to the Option or the Shares and that Optionee should consult a tax adviser prior to exercise of the Option or disposition of the Shares. Optionee agrees and acknowledges that the Vesting Schedule may change prospectively in
the event that Optionee’s service status changes between full and part time status in accordance with Company policies relating to work schedules and vesting of equity awards. 

Execution and Delivery: This Grant Notice may be executed and delivered electronically whether via the Company’s intranet or the Internet site of
a third party or via email or any other means of electronic delivery specified by the Company. By Optionee’s acceptance hereof (whether written, electronic or otherwise), Optionee agrees, to the fullest extent permitted by law, that in lieu of
receiving documents in paper format, Optionee accepts the electronic delivery of any documents that the Company (or any third party the Company may designate), may deliver in connection with this grant (including the Plan, this Grant Notice, the
Stock Option Agreement, the information described in Rules 701(e)(2), (3), (4) and (5) under the Securities Act (the “701 Disclosures”), account statements, or other communications or information) whether via the
Company’s intranet or the Internet site of such third party or via email or such other means of electronic delivery specified by the Company. 
  

					
	Upwork Inc. 	  		  	
			
	By /Signature:
                                         
                                   	  		  	Optionee Signature:
                                         
                       
			
	Typed Name:
                                         
                                    	  		  	Optionee’s Name:
«Optionee»                                      
          
			
	Title:
                                         
                                         
        	  		  	

 ATTACHMENT: Exhibit A – Stock Option Agreement 

 Exhibit A 

Stock Option Agreement 

 STOCK OPTION EXERCISE NOTICE AND AGREEMENT 

UPWORK INC. 

OMNIBUS FORM FOR USE WITH: 

ODESK 2004 STOCK PLAN 

ELANCE 1999 STOCK OPTION PLAN (“1999 ELANCE
PLAN”) 
 ELANCE 2009 STOCK OPTION PLAN
(“2009 ELANCE PLAN”) 
 UPWORK INC. 2014
EQUITY INCENTIVE PLAN (“2014 PLAN”) 

*NOTE: You must sign this Stock Option Exercise Notice and Agreement
before submitting it to Upwork Inc. (the “Company”).  
 OPTIONEE INFORMATION: Please
provide the following information about yourself (“Optionee”): 
  

					
	Name:    	  	«Optionee»                                  
                                      	  	Address:
                                         
                               
		  		  	

 OPTION INFORMATION: Please provide this information on each option being exercised
(each, the “Option” and together, the “Options”)). The total number of shares of Common Stock of the Company for which all Options are now being exercised is referred to
below as the “Purchased Shares”. 
  

																	
	 Grant Number
	  	 Grant Date
	  	 Grant Type
(NQSO / ISO)
	  	 Total

Shares
 Subject

to
 Option
	  	 Number of

Shares to Be
Exercised
	  	Per Share
Exercise Price	 	  	Aggregate
Exercise Price	 
		  		  		  		  		  	$	 	 	  	$	 	 
		  		  		  		  		  	$	 	 	  	$	 	 
		  		  		  		  		  	$	 	 	  	$	 	 
		  		  		  		  		  	$	 	 	  	$	 	 
		  		  		  		  		  	$	 	 	  	$	 	 
		  		  		  		  		  	$	 	 	  	$	 	 
		  		  		  		  		  	$	 	 	  	$	 	 
	 Total
	  		  		  		  		  				  	$	 	 

 Form of payment enclosed: Check #s
                                         
               , which amount to an aggregate exercise price of
$                    , each payable to “Upwork Inc.” 

AGREEMENTS, REPRESENTATIONS AND ACKNOWLEDGMENTS OF
OPTIONEE:    By signing this Stock Option Exercise Notice and Agreement (the “Exercise Agreement”), Optionee hereby agrees with, and represents to, the Company as follows: 

 

	1.	 Terms Governing. I acknowledge and agree with the Company that I am acquiring the Purchased Shares by
exercise of each Option subject to all other terms and conditions of the Notice of Stock Option Grant and the Stock Option Agreement that govern such Option, including without limitation the terms of the applicable Plan (as defined below) under
which such Option was granted and, if such Option is an Elance Option (as defined below), the terms and conditions set forth on Annex A. For purposes of this Exercise Agreement, “Plan” shall mean the oDesk 2004 Stock
Plan, the 1999 Elance Plan, the 2009 Elance Plan (and, together with the 1999 Elance Plan, the “Elance Plans”), or the 2014 Plan, as applicable, as each may be amended. For purposes of this Exercise Agreement,
“Elance Option” means an Option granted under one of the Elance Plans. The issuance and transfer of the Purchased Shares will be subject to and conditioned upon my compliance and the Company’s compliance with all
applicable state and U.S. Federal laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Company’s Common Stock may be listed or quoted at the time of such issuance or
transfer. 

  
 14 

	2.	 Investment Intent; Securities Law Restrictions. I represent and warrant to the Company that I am
acquiring and will hold the Purchased Shares for investment for my account only, and not with a view to, or for resale in connection with, any “distribution” of the Purchased Shares within the meaning of the Securities Act of 1933, as
amended (the “Securities Act”). I understand that the Purchased Shares have not been registered under the Securities Act by reason of a specific exemption from such registration requirement and that the Purchased Shares must
be held by me indefinitely, unless they are subsequently registered under the Securities Act or I obtain an opinion of counsel (in form and substance satisfactory to the Company and its counsel) that registration is not required. I acknowledge that
the Company is under no obligation to register the Purchased Shares under the Securities Act or under any other securities law. 

  

	3.	 Restrictions on Transfer: Rule 144. I will not sell, transfer or otherwise dispose of the Purchased
Shares in violation of the Company’s Right of First Refusal or of the Securities Act, the Securities Exchange Act of 1934, or the rules promulgated thereunder (including Rule 144 under the Securities Act described below “Rule
144”)) or of any other applicable securities laws. I am aware of Rule 144, which permits limited public resales of securities acquired in a non-public offering, subject to satisfaction of
certain conditions, which include (without limitation) that: (a) certain current public information about the Company is available; (b) the resale occurs only after the holding period required by Rule 144 has been met; (c) the
sale occurs through an unsolicited “broker’s transaction”; and (d) the amount of securities being sold during any three-month period does not exceed specified limitations. I understand that the conditions for resale set forth in
Rule 144 have not been satisfied and that the Company has no plans to satisfy these conditions in the foreseeable future. In addition, I will not sell, transfer or otherwise dispose of the Purchased Shares unless and until I have provided the
Company with written notice of the proposed disposition, which notice shall include (i) a summary of the terms and conditions of the proposed disposition and (ii) assurances, in form and substance satisfactory to the Company, that
(A) the proposed disposition will comply with all requirements of the applicable Notice of Stock Option Grant, the applicable Stock Option Agreement and this Exercise Agreement applicable to the disposition of the Purchased Shares, including
any transfer restrictions pursuant to the provisions of the laws, regulations and requirements referred to in Section 1 above, and (B) the proposed disposition does not require registration of the Purchased Shares under the Securities Act
or all appropriate actions necessary for compliance with the Securities Act (including Rule 144) have been taken. I acknowledge and understand that each person (other than the Company) to whom the Purchased Shares are transferred by permitted
transfer must, as a condition precedent to the validity of the transfer, acknowledge in writing to the Company that such transferee is bound by the terms and conditions of the applicable Plan, the applicable Notice of Stock Option Grant, the
applicable Stock Option Agreement and this Exercise Agreement, including the Right of First Refusal, Repurchase Option (with respect to unvested Purchased Shares) and market stand-off covenants referred to
therein and below. 

  

	4.	 Access to Information; Understanding of Risk in Investment. I acknowledge that I have received and had
access to such information as I consider necessary or appropriate for deciding whether to invest in the Purchased Shares and that I had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the
issuance of the Purchased Shares. I am aware that my investment in the Company is a speculative investment that has limited liquidity and is subject to the risk of complete loss. I am able, without impairing my financial condition, to hold the
Purchased Shares for an indefinite period and to suffer a complete loss of my investment in the Purchased Shares. 

  

	5.	 No General Solicitation. At no time was I presented with or solicited by any publicly issued or
circulated newspaper, mail, radio, television or other form of general advertising or solicitation in connection with the offer, sale and purchase of the Purchased Shares. 

 

	6.	 Waiver of Statutory Information Rights. Notwithstanding anything to the contrary herein, I acknowledge
and understand that, but for the waiver made herein, I would be entitled, upon written demand under oath stating the purpose thereof, to inspect for any proper purpose, and to make copies and extracts from, the Company’s stock ledger, a list of
its stockholders, and its other books and records, and the books and records of subsidiaries of the Company, if any, under the circumstances and in the manner provided in Section 220 of the Delaware General Corporation Law (any and all such
rights, and any and all such other rights as may be 

  
 15 

	 	
provided for in Section 220, the “Inspection Rights”). In light of the foregoing, until the first sale of Common Stock of the Company to the general public pursuant
to a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act, I hereby unconditionally and irrevocably waive the Inspection Rights, whether such Inspection Rights would be exercised
or pursued directly or indirectly pursuant to Section 220 or otherwise, and covenant and agree never to directly or indirectly commence, voluntarily aid in any way, prosecute, assign, transfer, or cause to be commenced any claim, action, cause
of action, or other proceeding to pursue or exercise the Inspection Rights. The foregoing waiver applies to my Inspection Rights in my capacity as a stockholder and shall not affect any rights of a director, in my capacity as such (if applicable),
under Section 220. The foregoing waiver shall not apply to any contractual inspection rights that I may have under any written agreement with the Company. 

  

	7.	 Rights of First Refusal; Repurchase Option; Market Stand-off. I
acknowledge that the Purchased Shares remain subject to the Company’s Right of First Refusal, the Company’s Repurchase Option (with respect to unvested Purchased Shares) and the market stand-off
covenants (sometimes referred to as the “lock-up”), all in accordance with the applicable Notice of Stock Option Grant, the applicable Stock Option Agreement that govern the Option and this Exercise
Agreement. I agree in connection with any registration of the Company’s securities that, upon the request of the Company or the underwriters managing any public offering of the Company’s securities, I will not sell or otherwise dispose of
any Purchased Shares without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed one hundred eighty (180) days or such longer period set forth in the applicable Stock Option
Agreement) after the effective date of such registration requested by such managing underwriters and subject to all restrictions as the Company or the underwriters may specify. I further agree to enter into any agreement reasonably required by the
underwriters to implement the foregoing. 

  

	8.	 Form of Ownership. I acknowledge that the Company has encouraged me to consult my own adviser to
determine the form of ownership of the Purchased Shares that is appropriate for me. In the event that I choose to transfer my Purchased Shares to a trust, I agree to sign a Stock Transfer Agreement. In the event that I choose to transfer my
Purchased Shares to a trust that is not an eligible revocable trust, I also acknowledge that the transfer will be treated as a “disposition” for tax purposes. As a result, the favorable ISO tax treatment will be unavailable and other
unfavorable tax consequences may occur. 

  

	9.	 Investigation of Tax Consequences. I acknowledge that the Company has encouraged me to consult my own
adviser to determine the tax consequences of acquiring the Purchased Shares at this time. 

  

	10.	 Other Tax Matters. I agree that the Company does not have a duty to design or administer any Plan or its
other compensation programs in a manner that minimizes my tax liabilities. I will not make any claim against the Company or its Board, officers or employees related to tax liabilities arising from my options or my other compensation. In particular,
I acknowledge that my options (including the Option(s)) are exempt from Section 409A of the Internal Revenue Code only if the exercise price per share is at least equal to the fair market value per share of the Common Stock at the time the
option was granted by the Board. Since shares of the Common Stock are not traded on an established securities market, the determination of their fair market value was made by the Board and/or by an independent valuation firm retained by the Company.
I acknowledge that there is no guarantee in either case that the Internal Revenue Service will agree with the valuation, and I will not make any claim against the Company or its Board, officers or employees in the event that the Internal Revenue
Service asserts that the valuation was too low. 

  

	11.	 Spouse Consent. I agree to seek the consent of my spouse to the extent required by the Company to
enforce the foregoing. 

  

	12.	 Tax Withholding. As a condition of exercising each Option, I agree to make adequate provision for
foreign, federal, state or other tax withholding obligations, if any, which arise upon the grant, vesting or exercise of such Option, or disposition of the Purchased Shares, whether by withholding, direct payment to the Company, or otherwise.

 IMPORTANT NOTE: UNVESTED PURCHASED SHARES ARE SUBJECT TO REPURCHASE BY THE COMPANY. PLEASE CONSULT WITH YOUR TAX
ADVISER CONCERNING THE ADVISABILITY OF FILING AN 83(b) ELECTION WITH THE INTERNAL REVENUE SERVICE WHICH MUST BE FILED WITHIN THIRTY (30) DAYS AFTER THE PURCHASE OF SHARES TO BE EFFECTIVE.  

  
 16 

 A form of Election under Section 83(b) is attached hereto as Exhibit 1 for reference. Unless
an 83(b) election is timely filed with the Internal Revenue Service (and, if necessary, the proper state taxing authorities), electing pursuant to Section 83(b) of the Internal Revenue Code (and similar state tax provisions, if applicable) to
be taxed currently on any difference between the purchase price of the unvested Purchased Shares and their fair market value on the date of purchase, there may be a recognition of taxable income (including, where applicable, alternative minimum
taxable income) to you, measured by the excess, if any, of the Fair Market Value of the unvested Purchased Shares at the time they cease to be unvested Purchased Shares, over the purchase price of the unvested Purchased Shares. 

The undersigned hereby executes and delivers this Stock Option Exercise Notice and Agreement to agrees to be bound by its terms. If the undersigned is
exercising an Elance Option, then by signing below, the undersigned agrees to be bound by the terms of Annex A. 
  

					
	SIGNATURE:	 		 	DATE:
	«OPTIONEE»	 		 	
	  
	 		 	  

			
	Upwork Inc. 	 		 	
			
	By/Signature:
                                         
                               	 		 	
			
	Typed Name:
                                         
                               	 		 	
			
	Title:
                                         
                                         
   	 		 	

 Attachments: 
 Annex A
– Elance Option Only – Additional Terms and Conditions 
 Exhibit 1 – Section 83(b) Election Form 

[Signature Page to Stock Option Exercise Notice and Agreement] 

  
 17 

 ANNEX A 

ELANCE OPTION ONLY 

ADDITIONAL TERMS AND CONDITIONS 

1. DEFINITIONS. As used in this Annex A to the Exercise Agreement (which is incorporated herein), the term
“Purchased Shares” refers to the Purchased Shares and includes all securities received (i) in replacement of the Purchased Shares, (ii) as a result of stock dividends or stock splits with respect to the Purchased
Shares, and (iii) all securities received in replacement of the Purchased Shares in a merger, recapitalization, reorganization or similar corporate transaction. Capitalized terms not defined herein shall have the meanings ascribed to them in
the applicable Elance Plan. 
 2. COMPANY’S REPURCHASE OPTION FOR UNVESTED SHARES. The Company, or its assignee, shall
have the option to repurchase all or a portion of the Purchased Shares that are Unvested Purchased Shares (as defined in the applicable Stock Option Agreement) on the terms and conditions set forth in this Section (the “Repurchase
Option”) if Optionee is Terminated (as defined in the applicable Elance Plan) for any reason, or no reason, including without limitation, Optionee’s death, Disability (as defined in the applicable Elance Plan), voluntary
resignation or termination by the Company with or without Cause. 
 2.1. Termination and Termination Date. In case of any
dispute as to whether Optionee is Terminated, the Committee shall have discretion to determine whether Optionee has been Terminated and the effective date of such Termination (the “Termination Date”). 

2.2. Exercise of Repurchase Option. At any time within ninety (90) days after the Optionee’s Termination Date
(or, in the case of securities issued upon exercise of an Option after the Optionee’s Termination Date, within ninety (90) days after the date of such exercise), the Company, or its assignee, may elect to repurchase any or all the
Purchased Shares that are Unvested Purchased Shares by giving Optionee written notice of exercise of the Repurchase Option. 
 2.3.
Calculation of Repurchase Price for Unvested Purchased Shares. The Company or its assignee shall have the option to repurchase from Optionee (or from Optionee’s personal representative as the case may be) the Unvested Purchased
Shares at the Optionee’s exercise price per share, proportionately adjusted for any stock split or similar change in the capital structure of the Company as set forth in Section 2.2 of the applicable Elance Plan (the “Repurchase
Price”). 
 2.4. Payment of Repurchase Price. The Repurchase Price shall be payable, at the option of the Company
or its assignee, by check or by cancellation of all or a portion of any outstanding purchase money indebtedness owed by Optionee to the Company or such assignee, or by any combination thereof. The Repurchase Price shall be paid without interest
within the term of the Repurchase Option as described in Section 2.2. 
 2.5. Right of Termination Unaffected. Nothing in
this Exercise Agreement shall be construed to limit or otherwise affect in any manner whatsoever the right or power of the Company (or any Parent or Subsidiary of the Company) to terminate Optionee’s employment or other relationship with
Company (or the Parent or Subsidiary of the Company) at any time, for any reason or no reason, with or without Cause. 
 3.
COMPANY’S RIGHT OF FIRST REFUSAL. Before any Vested Purchased Shares held by the Optionee or any transferee of such Vested Purchased Shares (either sometimes referred to herein as the “Holder”) may be sold
or otherwise transferred (including, without limitation, a transfer by gift or operation of law), the Company and/or its assignee(s) will have a right of first refusal to purchase the Vested Purchased Shares to be sold or transferred (the
“Offered Purchased Shares”) on the terms and conditions set forth in this Section (the “Right of First Refusal”). 

  
 18 

 3.1. Notice of Proposed Transfer. The Holder of the Offered Purchased Shares
will deliver to the Company a written notice (the “Notice of Transfer”) stating: (i) the Holder’s bona fide intention to sell or otherwise transfer the Offered Purchased Shares; (ii) the name and address of
each proposed purchaser or other transferee (the “Proposed Transferee”); (iii) the number of Offered Purchased Shares to be transferred to each Proposed Transferee; (iv) the bona fide cash price or other consideration
for which the Holder proposes to transfer the Offered Purchased Shares (the “Offered Price”); and (v) that the Holder acknowledges this Notice of Transfer is an offer to sell the Offered Purchased Shares to the Company
and/or its assignee(s) pursuant to the Company’s Right of First Refusal at the Offered Price as provided for in this Exercise Agreement. 

3.2. Exercise of Right of First Refusal. At any time within thirty (30) days after the date of the Notice of Transfer, the
Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all (or, with the consent of the Holder, less than all) the Offered Purchased Shares proposed to be transferred to any one or more of the Proposed
Transferees named in the Notice of Transfer, at the purchase price, determined as specified below. 
 3.3. Purchase Price. The
purchase price for the Offered Purchased Shares purchased under this Section will be the Offered Price, provided that if the Offered Price consists of no legal consideration (as, for example, in the case of a transfer by gift) the purchase price
will be the fair market value of the Offered Purchased Shares as determined in good faith by the Company’s Board of Directors. If the Offered Price includes consideration other than cash, then the value of the
non-cash consideration, as determined in good faith by the Company’s Board of Directors, will conclusively be deemed to be the cash equivalent value of such
non-cash consideration. 
 3.4. Payment. Payment of the purchase price for the Offered
Purchased Shares will be payable, at the option of the Company and/or its assignee(s) (as applicable), by check or by cancellation of all or a portion of any outstanding purchase money indebtedness owed by the Holder to the Company (or to such
assignee, in the case of a purchase of Offered Purchased Shares by such assignee) or by any combination thereof. The purchase price will be paid without interest within sixty (60) days after the Company’s receipt of the Notice of Transfer,
or, at the option of the Company and/or its assignee(s), in the manner and at the time(s) set forth in the Notice of Transfer. 
 3.5.
Holder’s Right to Transfer. If all of the Offered Purchased Shares proposed in the Notice of Transfer to be transferred to a given Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this
Section, then the Holder may sell or otherwise transfer such Offered Purchased Shares to each Proposed Transferee at the Offered Price or at a higher price, provided that (i) such sale or other transfer is consummated within one hundred
twenty (120) days after the date of the Notice of Transfer, (ii) any such sale or other transfer is effected in compliance with all applicable securities laws, and (iii) each Proposed Transferee agrees in writing that the provisions
of this Section will continue to apply to the Offered Purchased Shares in the hands of such Proposed Transferee. If the Offered Purchased Shares described in the Notice of Transfer are not transferred to each Proposed Transferee within such one
hundred twenty (120) day period, then a new Notice of Transfer must be given to the Company pursuant to which the Company will again be offered the Right of First Refusal before any Purchased Shares held by the Holder may be sold or otherwise
transferred. 
 3.6. Exempt Transfers. Notwithstanding anything to the contrary in this Section, the following transfers of
Vested or Unvested Purchased Shares will be exempt from the Right of First Refusal: (i) the transfer of any or all of the Vested or Unvested Purchased Shares during the Optionee’s lifetime by gift or on the Optionee’s death by will or
intestacy to the Optionee’s Immediate Family (as defined below) or to a trust for the benefit of the Optionee or the Optionee’s Immediate Family, provided that each transferee or other recipient agrees in a writing satisfactory to the
Company that the provisions of this Section will continue to apply to the transferred Vested or Unvested Purchased Shares in the hands of such transferee or other recipient; (ii) any transfer or conversion of Vested Purchased Shares made
pursuant to a statutory merger or statutory consolidation of the Company with or into another corporation or corporations (except that the Right of First Refusal will continue to apply thereafter to such Vested Purchased Shares, in which case the
surviving corporation of such merger or consolidation shall succeed to the rights of the Company under this Section unless (i) the common stock of the surviving corporation or any direct or indirect parent corporation thereof is registered 

  
 19 

 
under the Securities Exchange Act of 1934, as amended; or (ii) the agreement of merger or consolidation expressly otherwise provides); or (iii) any transfer of Vested Purchased Shares
pursuant to the winding up and dissolution of the Company. As used herein, the term “Immediate Family” will mean the Optionee’s spouse, the lineal descendant or antecedent, father, mother, brother or sister, child,
adopted child, grandchild or adopted grandchild of the Optionee or the Optionee’s spouse, or the spouse of any of the above. 
 3.7.
Termination of Right of First Refusal. The Right of First Refusal will terminate as to all Purchased Shares (i) on the effective date of the first sale of Common Stock of the Company to the general public pursuant to a
registration statement filed with and declared effective by the SEC under the Securities Act (other than a registration statement relating solely to the issuance of Common Stock pursuant to a business combination or an employee incentive or benefit
plan) or (ii) on any transfer or conversion of Purchased Shares made pursuant to a statutory merger or statutory consolidation of the Company with or into another corporation or corporations if the common stock of the surviving corporation or
any direct or indirect parent corporation thereof is registered under the Securities Exchange Act of 1934, as amended. 
 3.8.
Encumbrances on Vested Purchased Shares. The Optionee may grant a lien or security interest in, or pledge, hypothecate or encumber Vested Purchased Shares only if each party to whom such lien or security interest is granted, or to whom
such pledge, hypothecation or other encumbrance is made, agrees in a writing satisfactory to the Company that: (i) such lien, security interest, pledge, hypothecation or encumbrance will not apply to such Vested Purchased Shares after they are
acquired by the Company and/or its assignees under this Section; and (ii) the provisions of this Section will continue to apply to such Vested Purchased Shares in the hands of such party and any transferee of such party. The Optionee may not
grant a lien or security interest in, or pledge, hypothecate or encumber, any Unvested Purchased Shares. 
 4. RIGHTS AS A
STOCKHOLDER. Subject to the terms and conditions of this Exercise Agreement, the Optionee will have all of the rights of a stockholder of the Company with respect to the Purchased Shares from and after the date that Purchased Shares
are issued to the Optionee until such time as the Optionee disposes of the Purchased Shares or the Company and/or its assignee(s) exercise(s) the Right of Repurchase or Right of First Refusal. Upon an exercise of the Right of Repurchase or Right of
First Refusal, the Optionee will have no further rights as a holder of the Purchased Shares so purchased upon such exercise, other than the right to receive payment for the Purchased Shares so purchased in accordance with the provisions of this
Exercise Agreement, and the Optionee will promptly surrender the stock certificate(s) evidencing the Purchased Shares so purchased to the Company for transfer or cancellation. 

5. ESCROW. As security for the Optionee’s faithful performance of this Exercise Agreement, the Optionee agrees,
immediately upon receipt of the stock certificate(s) evidencing the Purchased Shares, to deliver such certificate(s), together with the Stock Powers executed by the Optionee and by the Optionee’s spouse, if any (with the date and number of
Purchased Shares left blank), to the Secretary of the Company or other designee of the Company (the “Escrow Holder”), who is hereby appointed to hold such certificate(s) and Stock Powers in escrow and to take all such actions
and to effectuate all such transfers and/or releases of such Purchased Shares as are in accordance with the terms of this Exercise Agreement. The Optionee and the Company agree that Escrow Holder will not be liable to any party to this Exercise
Agreement (or to any other party) for any actions or omissions unless Escrow Holder is grossly negligent or intentionally fraudulent in carrying out the duties of Escrow Holder under this Exercise Agreement. Escrow Holder may rely upon any letter,
notice or other document executed with any signature purported to be genuine and may rely on the advice of counsel and obey any order of any court with respect to the transactions contemplated by this Exercise Agreement. The Purchased Shares will be
released from escrow upon termination of both the Right of Repurchase Option and Right of First Refusal. 
 6. RESTRICTIVE LEGENDS AND
STOP-TRANSFER ORDERS. 
 6.1. Legends. The Optionee understands and agrees that the Company will place the legends set
forth below or similar legends on any stock certificate(s) evidencing the Purchased Shares, together with any other legends that may be required by state or U.S. Federal securities laws, the Company’s Certificate of Incorporation or Bylaws, any
other agreement between the Optionee and the Company or any agreement between the Optionee and any third party: 

  
 20 

 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UN- DER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT
FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY
APPLICABLE STATE SECURITIES LAWS. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON PUBLIC RESALE
AND TRANSFER, INCLUDING THE REPURCHASE AND RIGHT OF FIRST REFUSAL OPTIONS HELD BY THE ISSUER AND/OR ITS ASSIGNEE(S), AS SET FORTH IN A STOCK OPTION EXERCISE NOTICE AND AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF
WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH PUBLIC SALE AND TRANSFER RESTRICTIONS, INCLUDING THE RIGHT OF REPURCHASE AND RIGHT OF FIRST REFUSAL, ARE BINDING ON TRANSFEREES OF THESE SHARES. 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A 180 DAY MARKET STANDOFF RESTRICTION AS SET FORTH IN A CERTAIN AGREEMENT BETWEEN
THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. AS A RESULT OF SUCH AGREEMENT, THESE SHARES MAY NOT BE TRADED PRIOR TO 180 DAYS AFTER THE EFFECTIVE DATE OF ANY PUBLIC
OFFERING OF THE COMMON STOCK OF THE ISSUER HEREOF. SUCH RESTRICTION IS BINDING ON TRANSFEREES OF THESE SHARES. 
 6.2.
Stop-Transfer Instructions. The Optionee agrees that, to ensure compliance with the restrictions imposed by this Exercise Agreement, the Company may issue appropriate “stop- transfer” instructions to its transfer agent, if
any, and if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. 
 6.3.
Refusal to Transfer. The Company will not be required (i) to transfer on its books any Purchased Shares that have been sold or otherwise transferred in violation of any of the provisions of this Exercise Agreement or (ii) to
treat as owner of such Purchased Shares, or to accord the right to vote or pay dividends to any Optionee or other transferee to whom such Purchased Shares have been so transferred. 

  
 21 

 7. SUCCESSORS AND ASSIGNS. The Company may assign any of its rights under this
Exercise Agreement, including its right to purchase Purchased Shares under the Right of First Refusal. This Exercise Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions
on transfer herein set forth, this Exercise Agreement will be binding upon the Optionee and the Optionee’s heirs, executors, administrators, legal representatives, successors and assigns. 

8. GOVERNING LAW; SEVERABILITY. This Exercise Agreement shall be governed by and construed in accordance with the internal
laws of the State of California as such laws are applied to agreements between California residents entered into and to be performed entirely within California. If any provision of this Exercise Agreement is determined by a court of law to be
illegal or unenforceable, then such provision will be enforced to the maximum extent possible and the other provisions will remain fully effective and enforceable. 

9. ENTIRE AGREEMENT. The applicable Elance Plan, the applicable Notice of Stock Option Grant, the applicable Stock Option
Agreement and the Exercise Agreement, together with all Annexes and Exhibits thereto, constitute the entire agreement and understanding of the parties with respect to the subject matter of this Exercise Agreement, and supersede all prior
understandings and agreements, whether oral or written, between the parties hereto with respect to the specific subject matter hereof. 

  
 22 

 EXHIBIT 1 

ELECTION UNDER SECTION 83(b) OF THE INTERNAL REVENUE CODE 

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

					
	 1.
	  	TAXPAYER’S NAME:	  	 «Optionee»

		  	 TAXPAYER’S ADDRESS:
	  	  

		  		  	  

		  	 SOCIAL SECURITY NUMBER:
	  	  

  

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

  

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

  

	4.	 The shares received upon exercise of the option are subject to the following restrictions: The Company may
repurchase all or a portion of the shares at the lower of (a) Taxpayer’s original purchase price per share or (b) the then fair market value per share of the shares, under certain conditions at the time of Taxpayer’s termination
of employment or services. 

  

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

 

	6.	 The amount paid for such shares upon exercise of the option was
$             per share x                  shares =
$                . 

  

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

 

	8.	 The amount to include in gross income is
$                    . [The result of the amount reported in Item 5 minus the amount reported in Item 6.] 

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

 

			
	 Dated:
                                      
                                      
	  	  

		  	«Optionee»EX-10.4

 Exhibit 10.4 

UPWORK INC. 
 2018
EQUITY INCENTIVE PLAN 
 (Adopted August 30, 2018) 

1. PURPOSE. The purpose of this Plan is to provide incentives to attract, retain and motivate eligible persons whose present and
potential contributions are important to the success of the Company, and any Parents, Subsidiaries and Affiliates that exist now or in the future, by offering them an opportunity to participate in the Company’s future performance through the
grant of Awards. Capitalized terms not defined elsewhere in the text are defined in Section 28. 
 2. SHARES SUBJECT TO THE PLAN.

 (a) Number of Shares Available. Subject to Sections 2.6 and 21 and any other applicable provisions hereof, the total number of
Shares reserved and available for grant and issuance pursuant to this Plan as of the date of adoption of the Plan by the Board is Ten Million Five Hundred Thousand (10,500,000) Shares plus (a) any reserved shares not issued or subject to
outstanding grants under the Company’s 2014 Equity Incentive Plan (the “2014 Plan”) on the Effective Date, plus (b) shares that are subject to stock options or other awards granted under the 2014 Plan,
that cease to be subject to such stock options or other awards, by forfeiture or otherwise, after the Effective Date, (c) shares issued under the 2014 Plan before or after the Effective Date pursuant to the exercise of stock options that are
forfeited after the Effective Date, (d) shares issued under the 2014 Plan that are repurchased by the Company at the original issue price and (e) shares that are subject to stock options or other awards under the 2014 Plan that are used to
pay the Exercise Price of an option or withheld to satisfy the tax withholding obligations related to any award. For clarity, shares issuable under the 2014 Plan includes all shares issuable under the oDesk Corporation 2004 Stock Plan, the Elance
1999 Stock Option Plan, and the Elance 2009 Stock Option Plan as provided in Section 2.1 of the 2014 Plan. 
 2.2. Lapsed,
Returned Awards. Shares subject to Awards, and Shares issued under the Plan under any Award, will again be available for grant and issuance in connection with subsequent Awards under this Plan to the extent such Shares: (a) are subject to
issuance upon exercise of an Option or SAR granted under this Plan but which cease to be subject to the Option or SAR for any reason other than exercise of the Option or SAR; (b) are subject to Awards granted under this Plan that are forfeited
or are repurchased by the Company at the original issue price; (c) are subject to Awards granted under this Plan that otherwise terminate without such Shares being issued; or (d) are surrendered pursuant to an Exchange Program. To the
extent an Award under the Plan is paid out in cash or other property rather than Shares, such cash payment will not result in reducing the number of Shares available for issuance under the Plan. Shares used to pay the Exercise Price of an Award or
withheld to satisfy the tax withholding obligations related to an Award will become available for future grant or sale under the Plan. For the avoidance of doubt, Shares that otherwise become available for grant and issuance because of the
provisions of this Section 2.2 shall not include Shares subject to Awards that initially became available because of the substitution clause in Section 21.2 hereof. 

2.3. Minimum Share Reserve. At all times the Company shall reserve and keep available a sufficient number of Shares as shall be
required to satisfy the requirements of all outstanding Awards granted under this Plan. 
 2.4. Automatic Share Reserve
Increase. The number of Shares available for grant and issuance under the Plan shall be increased on January 1, of each of 2019 through 2028, by five percent (5%) of the total number of Shares and shares of preferred stock of the Company
outstanding (on an as-converted to common stock basis) on the immediately preceding December 31 (rounded down to the nearest whole share); provided, that the Board or the Committee may in its sole
discretion reduce the amount of the increase in any particular year. 

  
 1 

 2.5. ISO Limitation. No more than One Hundred Five Million (105,000,000)
Shares shall be issued pursuant to the exercise of ISOs. 
 2.6. Adjustment of Shares. If the outstanding Shares are changed by
a stock dividend, extraordinary dividends or distributions (whether in cash, shares or other property, other than a regular cash dividend), spin-off, recapitalization, stock split, reverse stock split,
subdivision, combination, reclassification or similar change in the capital structure of the Company, without consideration, then (a) the number and class of Shares reserved for issuance and future grant under the Plan set forth in
Section 2.1, (b) the Exercise Prices of and number and class of Shares subject to outstanding Options and SARs, (c) the number and class of Shares subject to other outstanding Awards, and (d) the maximum number and class of
Shares that may be issued as ISOs set forth in Section 2.5, shall be proportionately adjusted, subject to any required action by the Board or the stockholders of the Company and in compliance with applicable securities or other laws; provided
that fractions of a Share will not be issued. If, by reason of an adjustment pursuant to this Section 2.6, a Participant’s Award Agreement or other agreement related to any Award or the Shares subject to such Award covers additional or
different shares of stock or securities, then such additional or different shares, and the Award Agreement or such other agreement in respect thereof, shall be subject to all of the terms, conditions and restrictions which were applicable to the
Award or the Shares subject to such Award prior to such adjustment. 
 3. ELIGIBILITY. ISOs may be granted in the Company’s sole
discretion only to Employees. All other Awards may be granted in the Company’s sole discretion to Employees, Consultants, Directors and Non-Employee Directors; provided such Consultants, Directors
and Non-Employee Directors render bona fide services not in connection with the offer and sale of securities in a capital-raising transaction. Nothing in this Plan creates an entitlement or right in any
Employee, Consultant, Director and Non-Employee Director to any Award unless and until such Award is granted as provided in the Plan. 

4. ADMINISTRATION. 
 4.1.
Committee Composition; Authority. This Plan will be administered by the Committee or by the Board acting as the Committee. Subject to the general purposes, terms and conditions of this Plan, and to the direction of the Board, the
Committee will have full power to implement and carry out this Plan, except, however, the Board shall establish the terms for the grant of an Award to Non-Employee Directors. The Committee will have the
authority to: 
 (a) construe and interpret this Plan, any Award Agreement and any other agreement or document executed pursuant to this
Plan; 
 (b) prescribe, amend and rescind rules and regulations relating to this Plan or any Award; 

(c) select persons to receive Awards; 

(d) determine the form and terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and
conditions include, but are not limited to, the Exercise Price, the time or times when Awards may vest and be exercised (which may be based on performance criteria) or settled, any vesting acceleration or waiver of forfeiture restrictions, the
method to satisfy tax withholding obligations or any other tax liability legally due and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Committee will determine; 

(e) determine the number of Shares or other consideration subject to Awards; 

  
 2 

 (f) determine the Fair Market Value in good faith and interpret the applicable provisions of
this Plan and the definition of Fair Market Value in connection with circumstances that impact the Fair Market Value, if necessary; 
 (g)
determine whether Awards will be granted singly, in combination with, in tandem with, in replacement of, or as alternatives to, other Awards under this Plan or any other incentive or compensation plan of the Company or any Parent, Subsidiary or
Affiliate; 
 (h) grant waivers of Plan or Award conditions; 

(i) determine the vesting, exercisability and payment of Awards; 

(j) correct any defect, supply any omission or reconcile any inconsistency in this Plan, any Award or any Award Agreement; 

(k) determine whether an Award has been earned or has vested; 

(l) determine the terms and conditions of any, and to institute any Exchange Program; 

(m) reduce or waive any criteria with respect to Performance Factors; 

(n) adjust Performance Factors to take into account changes in law and accounting or tax rules as the Committee deems necessary or appropriate
to reflect the impact of extraordinary or unusual items, events or circumstances to avoid windfalls or hardships; 
 (o) adopt rules and/or
procedures (including the adoption of any subplan under this Plan) relating to the operation and administration of the Plan to accommodate requirements of local law and procedures outside of the United States or qualify Awards for special tax
treatment under laws of jurisdictions other than the United States; 
 (p) make all other determinations necessary or advisable for the
administration of this Plan; 
 (q) delegate any of the foregoing to one or more executive officers pursuant to a specific delegation as
permitted by applicable law, including Section 157(c) of the Delaware General Corporation Law; and 
 (r) to exercise negative
discretion on Performance Awards, reducing or eliminating the amount to be paid to Participants. 
 4.2.
Committee Interpretation and Discretion. Any determination made by the Committee with respect to any Award shall be made in its sole discretion at the time of grant of the Award or, unless in contravention of any
express term of the Plan or Award, at any later time, and such determination shall be final and binding on the Company and all persons having an interest in any Award under the Plan. Any dispute regarding the interpretation of the Plan or any Award
Agreement shall be submitted by the Participant or Company to the Committee for review. The resolution of such a dispute by the Committee shall be final and binding on the Company and the Participant. The Committee may delegate to one or more
executive officers the authority to review and resolve disputes with respect to Awards held by Participants who are not Insiders, and such resolution shall be final and binding on the Company and the Participant. 

4.3. Documentation. The Award Agreement for a given Award, the Plan and any other documents may be delivered to, and accepted by,
a Participant or any other person in any manner (including electronic distribution or posting) that meets applicable legal requirements. 

  
 3 

 4.4. Foreign Award Recipients. Notwithstanding any provision of the Plan to
the contrary, in order to comply with the laws and practices in other countries in which the Company and its Subsidiaries and Affiliates operate or have employees or other persons eligible for Awards, the Committee, in its sole discretion, shall
have the power and authority to: (a) determine which Subsidiaries and Affiliates shall be covered by the Plan; (b) determine which individuals outside the United States are eligible to participate in the Plan, which may include individuals
who provide services to the Company, Subsidiary or Affiliate under an agreement with a foreign nation or agency; (c) modify the terms and conditions of any Award granted to individuals outside the United States or foreign nationals to comply
with applicable foreign laws, policies, customs and practices; (d) establish subplans and modify exercise procedures and other terms and procedures, to the extent the Committee determines such actions to be necessary or advisable (and such
subplans and/or modifications shall be attached to this Plan as appendices); provided, however, that no such subplans and/or modifications shall increase the share limitations contained in Section 2.1 hereof; and (e) take any action,
before or after an Award is made, that the Committee determines to be necessary or advisable to obtain approval or comply with any local governmental regulatory exemptions or approvals. Notwithstanding the foregoing, the Committee may not
take any actions hereunder, and no Awards shall be granted, that would violate the Exchange Act or any other applicable United States securities law, the Code, or any other applicable United States governing statute or law. 

5. OPTIONS. An Option is the right but not the obligation to purchase a Share, subject to certain conditions, if applicable. The Committee
may grant Options to eligible Employees, Consultants and Directors and will determine whether such Options will be Incentive Stock Options within the meaning of the Code (“ISOs”) or Nonqualified Stock Options
(“NSOs”), the number of Shares subject to the Option, the Exercise Price of the Option, the period during which the Option may vest and be exercised, and all other terms and conditions of the Option, subject to the following
terms of this section. 
 5.1. Option Grant. Each Option granted under this Plan will identify the Option as an ISO or an NSO.
An Option may be, but need not be, awarded upon satisfaction of such Performance Factors during any Performance Period as are set out in advance in the Participant’s individual Award Agreement. If the Option is being earned upon the
satisfaction of Performance Factors, then the Committee will: (a) determine the nature, length and starting date of any Performance Period for each Option; and (b) select from among the Performance Factors to be used to measure the
performance, if any. Performance Periods may overlap and Participants may participate simultaneously with respect to Options that are subject to different performance goals and other criteria. 

5.2. Date of Grant. The date of grant of an Option will be the date on which the Committee makes the determination to grant such
Option, or a specified future date. The Award Agreement will be delivered to the Participant within a reasonable time after the granting of the Option. 

5.3. Exercise Period. Options may be vested and exercisable within the times or upon the conditions as set forth in the Award
Agreement governing such Option; provided, however, that no Option will be exercisable after the expiration of ten (10) years from the date the Option is granted; and provided further that no ISO granted to a person who, at
the time the ISO is granted, directly or by attribution owns more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any Parent or Subsidiary (“Ten Percent Stockholder”),
will be exercisable after the expiration of five (5) years from the date the ISO is granted. The Committee also may provide for Options to become exercisable at one time or from time to time, periodically or otherwise, in such number of Shares
or percentage of Shares as the Committee determines. 
 5.4. Exercise Price. The Exercise Price of an Option will be determined
by the Committee when the Option is granted; provided that: (a) the Exercise Price of an Option will be not less than one hundred percent (100%) of the Fair Market Value of the Shares on the date of grant and (b) the Exercise Price of any
ISO granted to a Ten Percent Stockholder will not be less than one hundred ten percent (110%) of the Fair Market Value of the Shares on the date of grant. Payment for the Shares purchased may be made in accordance with Section 11 and the Award
Agreement and in accordance with any procedures established by the Company. 

  
 4 

 5.5. Method of Exercise. Any Option granted hereunder will be vested and
exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Committee and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share. An Option will be deemed
exercised when the Company receives: (a) notice of exercise (in such form as the Committee may specify from time to time) from the person entitled to exercise the Option (and/or via electronic execution through the authorized third-party
administrator), and (b) full payment for the Shares with respect to which the Option is exercised together with applicable withholding taxes. Full payment may consist of any consideration and method of payment authorized by the Committee and
permitted by the Award Agreement and the Plan. Shares issued upon exercise of an Option will be issued in the name of the Participant. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly
authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Shares, notwithstanding the exercise of the Option. The Company will issue (or cause to be issued)
such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 2.6 of the Plan. Exercising an
Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised. 

5.6. Termination of Service. If the Participant’s Service terminates for any reason except for Cause or the
Participant’s death or Disability, then the Participant may exercise such Participant’s Options only to the extent that such Options would have been exercisable by the Participant on the date Participant’s Service terminates no later
than three (3) months after the date Participant’s Service terminates (or such shorter or longer time period as may be determined by the Committee, with any exercise beyond three (3) months after the date Participant’s employment
terminates deemed to be the exercise of an NSO), but in any event no later than the expiration date of the Options, except as required by applicable law. 

(a) Death. If the Participant’s Service terminates because of the Participant’s death (or the Participant dies within three
(3) months after Participant’s Service terminates other than for Cause or because of the Participant’s Disability), then the Participant’s Options may be exercised only to the extent that such Options would have been exercisable
by the Participant on the date Participant’s Service terminates and must be exercised by the Participant’s legal representative, or authorized assignee, no later than twelve (12) months after the date Participant’s Service
terminates (or such shorter or longer time period as may be determined by the Committee), but in any event no later than the expiration date of the Options, except as required by applicable law. 

(b) Disability. If the Participant’s Service terminates because of the Participant’s Disability, then the Participant’s
Options may be exercised only to the extent that such Options would have been exercisable by the Participant on the date Participant’s Service terminates and must be exercised by the Participant (or the Participant’s legal representative
or authorized assignee) no later than twelve (12) months after the date Participant’s Service terminates (or such shorter or longer time period as may be determined by the Committee, with any exercise beyond (a) three (3) months after
the date Participant’s employment terminates when the termination of Service is for a Disability that is not a “permanent and total disability” as defined in Section 22(e)(3) of the Code, or (b) twelve (12) months after the
date Participant’s employment terminates when the termination of Service is for a Disability that is a “permanent and total disability” as defined in Section 22(e)(3) of the Code, deemed to be exercise of an NSO), but in any
event no later than the expiration date of the Options. 
 (c) Cause. If the Participant’s Service is terminated for Cause, then
Participant’s Options shall expire on such Participant’s date of termination of Service, or at such later time and on such conditions as are determined by the Committee, but in any event no later than the expiration date of the Options.
Unless otherwise provided in an employment agreement, the Award Agreement or other applicable agreement, Cause shall have the meaning set forth in the Plan. 

  
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 5.7. Limitations on ISOs. With respect to Awards granted as ISOs, to the
extent that the aggregate Fair Market Value of the Shares with respect to which such ISOs are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds one
hundred thousand dollars ($100,000), such Options will be treated as NSOs. For purposes of this Section 5.8, ISOs will be taken into account in the order in which they were granted. The Fair Market Value of the Shares will be determined as of
the time the Option with respect to such Shares is granted. In the event that the Code or the regulations promulgated thereunder are amended after the Effective Date to provide for a different limit on the Fair Market Value of Shares permitted to be
subject to ISOs, such different limit will be automatically incorporated herein and will apply to any Options granted after the effective date of such amendment. 

5.8. Modification, Extension or Renewal. The Committee may modify, extend or renew outstanding Options and authorize the grant of
new Options in substitution therefor, provided that any such action may not, without the written consent of a Participant, impair any of such Participant’s rights under any Option previously granted, unless for the purpose of complying with
applicable laws and regulations. Any outstanding ISO that is modified, extended, renewed or otherwise altered will be treated in accordance with Section 424(h) of the Code. Subject to Section 18 of this Plan, by written notice to affected
Participants, the Committee may reduce the Exercise Price of outstanding Options without the consent of such Participants by a written notice to them; provided, however, that the Exercise Price may not be reduced below the minimum
Exercise Price that would be permitted under Section 5.4 for Options granted on the date the action is taken to reduce the Exercise Price. 

5.9. No Disqualification. Notwithstanding any other provision in this Plan, no term of this Plan relating to ISOs will be
interpreted, amended or altered, nor will any discretion or authority granted under this Plan be exercised, so as to disqualify this Plan under Section 422 of the Code or, without the written consent of the Participant, to disqualify any
Participant’s ISO under Section 422 of the Code. 
 6. RESTRICTED STOCK AWARDS. A Restricted Stock Award is an offer by the
Company to sell to an eligible Employee, Consultant, or Director Shares that are subject to restrictions (“Restricted Stock”). The Committee will determine to whom an offer will be made, the number of Shares the Participant
may purchase, the Purchase Price, the restrictions under which the Shares will be subject and all other terms and conditions of the Restricted Stock Award, subject to the Plan. 

6.1. Restricted Stock Purchase Agreement. All purchases under a Restricted Stock Award will
be evidenced by an Award Agreement. Except as may otherwise be provided in an Award Agreement, a Participant accepts a Restricted Stock Award by signing and delivering to the Company an Award Agreement with full payment of the Purchase Price, within
thirty (30) days from the date the Award Agreement was delivered to the Participant. If the Participant does not accept such Award within thirty (30) days, then the offer of such Restricted Stock Award will terminate, unless the Committee
determines otherwise. 
 6.2. Purchase Price. The Purchase Price for Shares issued pursuant to a Restricted
Stock Award will be determined by the Committee on the date the Restricted Stock Award is granted and, if permitted by law, no cash consideration will be required in connection with the payment for the Purchase Price where the Committee provides
that payment shall be in the form of services rendered. Payment of the Purchase Price must be made in accordance with Section 11 of the Plan, and the Award Agreement and in accordance with any procedures established by the Company. 

  
 6 

 6.3. Terms of Restricted Stock Awards. Restricted Stock Awards will be subject
to such restrictions as the Committee may impose or are required by law. These restrictions may be based on completion of a specified number of years of service with the Company or upon completion of Performance Factors, if any, during any
Performance Period as set out in advance in the Participant’s Award Agreement. Prior to the grant of a Restricted Stock Award, the Committee shall: (a) determine the nature, length and starting date of any Performance Period for the
Restricted Stock Award; (b) select from among the Performance Factors to be used to measure performance goals, if any; and (c) determine the number of Shares that may be awarded to the Participant. Performance Periods may overlap and a
Participant may participate simultaneously with respect to Restricted Stock Awards that are subject to different Performance Periods and having different performance goals and other criteria. 

6.4. Termination of Service. Except as may be set forth in the Participant’s Award Agreement, vesting ceases on such date
Participant’s Service terminates (unless determined otherwise by the Committee). 
 6.5. Dividends and Other
Distributions. Participants holding Restricted Stock Awards will be entitled to receive all dividends and other distributions paid with respect to such Shares, unless the Committee provides otherwise at the time the Award is granted. If any such
dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability and forfeitability as the Restricted Stock Awards with respect to which they were paid. 

7. STOCK BONUS AWARDS. A Stock Bonus Award is an award to an eligible Employee, Consultant, or Director of Shares for Services to be
rendered or for past Services already rendered to the Company or any Parent, Subsidiary or Affiliate. All Stock Bonus Awards shall be made pursuant to an Award Agreement. No payment from the Participant will be required for Shares awarded pursuant
to a Stock Bonus Award. 
 7.1. Terms of Stock Bonus Awards. The Committee will determine the number of Shares to be awarded to
the Participant under a Stock Bonus Award and any restrictions thereon. These restrictions may be based upon completion of a specified number of years of service with the Company or upon satisfaction of performance goals based on Performance Factors
during any Performance Period as set out in advance in the Participant’s Stock Bonus Agreement. Prior to the grant of any Stock Bonus Award the Committee shall: (a) determine the nature, length and starting date of any Performance Period
for the Stock Bonus Award; (b) select from among the Performance Factors to be used to measure performance goals; and (c) determine the number of Shares that may be awarded to the Participant. Performance Periods may overlap and a
Participant may participate simultaneously with respect to Stock Bonus Awards that are subject to different Performance Periods and different performance goals and other criteria. 

7.2. Form of Payment to Participant. Payment may be made in the form of cash, whole Shares, or a combination thereof, based on
the Fair Market Value of the Shares earned under a Stock Bonus Award on the date of payment, as determined in the sole discretion of the Committee. 

7.3. Termination of Service. Except as may be set forth in the Participant’s Award Agreement, vesting ceases on such date
Participant’s Service terminates (unless determined otherwise by the Committee). 
 8. STOCK APPRECIATION RIGHTS. A Stock
Appreciation Right (“SAR”) is an award to an eligible Employee, Consultant, or Director that may be settled in cash, or Shares (which may consist of Restricted Stock), having a value equal to (a) the difference between
the Fair Market Value on the date of exercise over the Exercise Price multiplied by (b) the number of Shares with respect to which the SAR is being settled (subject to any maximum number of Shares that may be issuable as specified in an Award
Agreement). All SARs shall be made pursuant to an Award Agreement. 

  
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 8.1. Terms of SARs. The Committee will determine the terms of each SAR
including, without limitation: (a) the number of Shares subject to the SAR; (b) the Exercise Price and the time or times during which the SAR may be settled; (c) the consideration to be distributed on settlement of the SAR; and
(d) the effect of the Participant’s termination of Service on each SAR. The Exercise Price of the SAR will be determined by the Committee when the SAR is granted, and may not be less than Fair Market Value on the date of grant. A SAR may
be awarded upon satisfaction of Performance Factors, if any, during any Performance Period as are set out in advance in the Participant’s individual Award Agreement. If the SAR is being earned upon the satisfaction of Performance Factors, then
the Committee will: (i) determine the nature, length and starting date of any Performance Period for each SAR; and (ii) select from among the Performance Factors to be used to measure the performance, if any. Performance Periods may
overlap and Participants may participate simultaneously with respect to SARs that are subject to different Performance Factors and other criteria. 

8.2. Exercise Period and Expiration Date. A SAR will be exercisable within the times or upon the occurrence of events determined
by the Committee and set forth in the Award Agreement governing such SAR. The SAR Agreement shall set forth the expiration date; provided that no SAR will be exercisable after the expiration of ten (10) years from the date the SAR is granted.
The Committee may also provide for SARs to become exercisable at one time or from time to time, periodically or otherwise (including, without limitation, upon the attainment during a Performance Period of performance goals based on Performance
Factors), in such number of Shares or percentage of the Shares subject to the SAR as the Committee determines. Except as may be set forth in the Participant’s Award Agreement, vesting ceases on the date Participant’s Service terminates
(unless determined otherwise by the Committee). Notwithstanding the foregoing, the rules of Section 5.6 also will apply to SARs. 

8.3. Form of Settlement. Upon exercise of a SAR, a Participant will be entitled to receive payment from the Company in an amount
determined by multiplying (a) the difference between the Fair Market Value of a Share on the date of exercise over the Exercise Price; times (b) the number of Shares with respect to which the SAR is exercised. At the discretion of the
Committee, the payment from the Company for the SAR exercise may be in cash, in Shares of equivalent value, or in some combination thereof. The portion of a SAR being settled may be paid currently or on a deferred basis with such interest or
Dividend Equivalent Right, if any, as the Committee determines, provided that the terms of the SAR and any deferral satisfy the requirements of Section 409A of the Code. 

8.4. Termination of Service. Except as may be set forth in the Participant’s Award Agreement, vesting ceases on such date
Participant’s Service terminates (unless determined otherwise by the Committee). 
 9. RESTRICTED STOCK UNITS. A Restricted Stock
Unit (“RSU”) is an award to an eligible Employee, Consultant, or Director covering a number of Shares that may be settled in cash or by issuance of those Shares (which may consist of Restricted Stock). No Purchase Price shall
apply to an RSU settled in Shares. All RSUs shall be made pursuant to an Award Agreement. 
 9.1. Terms of RSUs. The Committee
will determine the terms of an RSU including, without limitation: (a) the number of Shares subject to the RSU; (b) the time or times during which the RSU may be settled; (c) the consideration to be distributed on settlement; and
(d) the effect of the Participant’s termination of Service on each RSU; provided that no RSU shall have a term longer than ten (10) years. An RSU may be awarded upon satisfaction of such performance goals based on Performance Factors
during any Performance Period as are set out in advance in the Participant’s Award Agreement. If the RSU is being earned upon satisfaction of Performance Factors, then the Committee will: (i) determine the nature, length and starting date
of any Performance Period for the RSU; (ii) select from among the Performance Factors to be used to measure the performance, if any; and (iii) determine the number of Shares deemed subject to the RSU. Performance Periods may overlap and
participants may participate simultaneously with respect to RSUs that are subject to different Performance Periods and different performance goals and other criteria. 

  
 8 

 9.2. Form and Timing of Settlement. Payment of earned RSUs shall be made as
soon as practicable after the date(s) determined by the Committee and set forth in the Award Agreement. The Committee, in its sole discretion, may settle earned RSUs in cash, Shares, or a combination of both. The Committee may also permit a
Participant to defer payment under a RSU to a date or dates after the RSU is earned provided that the terms of the RSU and any deferral satisfy the requirements of Section 409A of the Code. 

9.3. Termination of Service. Except as may be set forth in the Participant’s Award Agreement, vesting ceases on such date
Participant’s Service terminates (unless determined otherwise by the Committee). 
 9.4. Dividend Equivalent Payments.
The Committee may permit Participants holding RSUs to receive dividend equivalent payments on outstanding RSUs if and when dividends are paid to stockholders on Shares. In the discretion of the Committee, such dividend equivalent payments
may be paid in cash or Shares and they may either be paid at the same time as dividend payments are made to stockholders or delayed until Shares are issued pursuant to the RSU grants and may be subject to the same vesting or performance requirements
as the RSUs. If the Committee permits dividend equivalent payments to be made on RSUs, the terms and conditions for such dividend equivalent payments will be set forth in the RSU Agreement. 

10. PERFORMANCE AWARDS. A Performance Award is an award to an eligible Employee, Consultant, or Director that is based upon the attainment
of performance goals, as established by the Committee, and other terms and conditions specified by the Committee, and may be settled in cash, Shares (which may consist of, without limitation, Restricted Stock), other property, or any combination
thereof. Grants of Performance Awards shall be made pursuant to an Award Agreement that cites Section 10 of the Plan. 
 10.1.
Types of Performance Awards. Performance Awards shall include Performance Shares, Performance Units, and cash-based Awards as set forth in Sections 10.1(a), 10.1(b), and 10.1(c) below. 

(a) Performance Shares. The Committee may grant Awards of Performance Shares, designate the Participants to whom Performance Shares are
to be awarded and determine the number of Performance Shares and the terms and conditions of each such Award. 
 (b) Performance
Units. The Committee may grant Awards of Performance Units, designate the Participants to whom Performance Units are to be awarded and determine the number of Performance Units and the terms and conditions of each such Award. 

(c) Cash-Settled Performance Awards. The Committee may also grant cash-settled Performance Awards to Participants under the terms of
this Plan. 
 The amount to be paid under any Performance Award may be adjusted on the basis of such further consideration as the Committee shall determine
in its sole discretion. 
 10.2. Terms of Performance Awards. Performance Awards will be based on the attainment of performance
goals using the Performance Factors within this Plan that are established by the Committee for the relevant Performance Period. The Committee will determine, and each Award Agreement shall set forth, the terms of each Performance Award including,
without limitation: (a) the amount of any cash bonus, (b) the number of Shares deemed subject to an award of Performance Shares; (c) the Performance Factors and Performance Period that shall determine the time and extent to which each
award of Performance Shares shall be settled; (d) the consideration to be distributed on settlement, and (e) the effect of the Participant’s termination of Service on each Performance Award. In establishing Performance Factors and the
Performance Period the Committee will: (i) determine the nature, length and starting date of any Performance Period; (ii) select from among the Performance Factors to be used; and (z) determine the number of Shares deemed subject to
the award of Performance Shares. Each 

  
 9 

 
Performance Share will have an initial value equal to the Fair Market Value of a Share on the date of grant. Prior to settlement the Committee shall determine the extent to which Performance
Awards have been earned. Performance Periods may overlap and Participants may participate simultaneously with respect to Performance Awards that are subject to different Performance Periods and different performance goals and other criteria. 

10.3. Termination of Service. Except as may be set forth in the Participant’s Award Agreement, vesting ceases on the date
Participant’s Service terminates (unless determined otherwise by the Committee). 
 11. PAYMENT FOR SHARE PURCHASES. Payment from a
Participant for Shares acquired pursuant to this Plan may be made in cash or cash equivalents or, where approved for the Participant by the Committee and where permitted by law (and to the extent not otherwise set forth in the applicable Award
Agreement): 
 (a) by cancellation of indebtedness of the Company owed to the Participant; 

(b) by surrender of shares of Company common stock held by the Participant that are clear of all liens, claims, encumbrances or security
interests that have a Fair Market Value on the date of surrender equal to the aggregate Exercise Price of the Shares as to which said Award will be exercised or settled; 

(c) by waiver of compensation due or accrued to the Participant for services rendered or to be rendered to the Company or a Parent, Subsidiary
or Affiliate; 
 (d) by consideration received by the Company pursuant to a broker-assisted or other form of cashless exercise program
implemented by the Company in connection with the Plan; 
 (e) by any combination of the foregoing; or 

(f) by any other method of payment as is permitted by applicable law. 

The Committee may limit the availability of any method of payment, to the extent the Committee determines, in its discretion, that such limitation is
necessary or advisable to comply with applicable law or facilitate the administration of the Plan. 
 12. GRANTS TO NON-EMPLOYEE DIRECTORS. Non-Employee Directors are eligible to receive any type of Award offered under this Plan except ISOs. Awards pursuant to this
Section 12 may be automatically made pursuant to policy adopted by the Board, or made from time to time as determined in the discretion of the Board. No Non-Employee Director may receive Awards under
the Plan with an aggregate grant date fair value that, when combined with cash compensation received for service as a Non-Employee Director, exceeds $1,000,000 in a calendar year. Grant date fair value for
purposes of Awards to Non-Employee Directors under the Plan will be determined as follows: (a) for Options and SARs, grant date fair value will be calculated using the Black-Scholes valuation methodology
on the date of grant of such Option or SAR and (b) for all other Awards, grant date fair value will be determined by either (i) calculating the product of the Fair Market Value per Share on the date of grant and the aggregate number of
Shares subject to the Award or (ii) calculating the product using an average of the Fair Market Value over a number of trading days and the aggregate number of Shares subject to the Award. Awards granted to an individual while he or she was
serving in the capacity as an Employee or while he or she was a Consultant but not a Non-Employee Director will not count for purposes of the limitations set forth in this Section 12. 

  
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 12.1. Eligibility. Awards pursuant to this Section 12 shall be granted
only to Non-Employee Directors. A Non-Employee Director who is elected or re-elected as a member of the Board will be eligible to
receive an Award under this Section 12. 
 12.2. Vesting, Exercisability and Settlement. Except as set forth in
Section 21, Awards shall vest, become exercisable and be settled as determined by the Board. With respect to Options and SARs, the Exercise Price granted to Non-Employee Directors shall not be less than
the Fair Market Value of the Shares at the time that such Option or SAR is granted. 
 13. WITHHOLDING TAXES. Prior to any relevant
taxable or tax withholding events in connection with the Awards under this Plan, the Company may require the Participant to pay or make adequate arrangements satisfactory to the Company with respect to any or all income tax, social insurance,
payroll tax, fringe benefits tax, payment on account and other tax-related items related to the Participant’s participation in this Plan and legally applicable to the Participant (collectively,
“Tax-Related Obligations”). The Committee may, in its sole discretion and pursuant to such procedures as it may specify from time to time, require or permit a Participant to satisfy
withholding obligations for such Tax-Related Obligations, in whole or in part by (without limitation) (a) paying cash, (b) having the Company withhold otherwise deliverable cash or Shares having a
value equal to the Tax-Related Obligations to be withheld, (c) delivering to the Company already-owned Shares having a value equal to the Tax-Related Obligations to
be withheld, or (d) withholding from proceeds of the sale of Shares issued pursuant to an Award either through a voluntary sale or through a mandatory sale arranged by the Company, provided that, in all instances, the satisfaction
of the Tax-Related Obligations will not result in any adverse accounting consequence to the Company, as the Committee may determine in its sole discretion. The Company may withhold or account for these Tax-Related Obligations by considering applicable statutory withholding rates or other applicable withholding rates, including maximum rates for the applicable tax jurisdiction to the extent consistent with
applicable laws. Unless otherwise determined by the Committee, the Fair Market Value of the Shares will be determined as of the date that the taxes are required to be withheld and such Shares shall be valued based on the value of the actual trade
or, if there is none, the Fair Market Value of the Shares as of the previous trading day. 
 14. TRANSFERABILITY. 

14.1. Transfer Generally. Unless determined otherwise by the Committee or pursuant to Section 14.2, an Award may not be
sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution. If the Committee makes an Award transferable, including, without limitation, by instrument to an inter
vivos or testamentary trust in which the Awards are to be passed to beneficiaries upon the death of the trustor (settlor) or by gift or by domestic relations order to a Permitted Transferee, such Award will contain such additional terms and
conditions as the Committee deems appropriate. All Awards shall be exercisable: (a) during the Participant’s lifetime only by (i) the Participant, or (ii) the Participant’s guardian or legal representative; (b) after
the Participant’s death, by the legal representative of the Participant’s heirs or legatees; and (c) in the case of all awards except ISOs, by a Permitted Transferee. 

14.2. Award Transfer Program. Notwithstanding any contrary provision of the Plan, the Committee shall have all discretion and
authority to determine and implement the terms and conditions of any Award Transfer Program instituted pursuant to this Section 14.2 and shall have the authority to amend the terms of any Award participating, or otherwise eligible to
participate in, the Award Transfer Program, including (but not limited to) the authority to (a) amend (including to extend) the expiration date, post-termination exercise period and/or forfeiture conditions of any such Award, (b) amend or
remove any provisions of the Award relating to the Award holder’s continued Service to the Company or its Parent, Subsidiary, or Affiliate, (c) amend the permissible payment methods with respect to the exercise or purchase of any such
Award, (d) amend the adjustments to be implemented in the event of changes in the capitalization and other similar events with respect to such Award, and (e) make such other changes to the terms of such Award as the Committee deems
necessary or appropriate in its sole discretion. 

  
 11 

 15. PRIVILEGES OF STOCK OWNERSHIP; RESTRICTIONS ON SHARES. 

15.1. Voting and Dividends. No Participant will have any of the rights of a stockholder with respect to any Shares until the
Shares are issued to the Participant, except for any Dividend Equivalent Rights permitted by an applicable Award Agreement. In addition, the Committee may provide that any Dividend Equivalent Rights permitted by an applicable Award Agreement shall
be deemed to have been reinvested in additional Shares or otherwise reinvested. After Shares are issued to the Participant, the Participant will be a stockholder and have all the rights of a stockholder with respect to such Shares, including the
right to vote and receive all dividends or other distributions made or paid with respect to such Shares; provided, that if such Shares are Restricted Stock, then any new, additional or different securities the Participant may become entitled
to receive with respect to such Shares by virtue of a stock dividend, stock split or any other change in the corporate or capital structure of the Company will be subject to the same restrictions as the Restricted Stock; provided,
further, that the Participant will have no right to retain such stock dividends or stock distributions with respect to Shares that are repurchased at the Participant’s Purchase Price or Exercise Price, as the case may be, pursuant to
Section 15.2. However, the Committee, in its discretion, may provide in the Award Agreement evidencing any Award that the Participant shall be entitled to Dividend Equivalent Rights with respect to the payment of cash dividends on Shares
underlying an Award during the period beginning on the date the Award is granted and ending, with respect to each Share subject to the Award, on the earlier of the date on which the Award is exercised or settled or the date on which it is forfeited.
Such Dividend Equivalent Rights, if any, shall be credited to the Participant in the form of additional whole Shares as of the date of payment of such cash dividends on Shares. Notwithstanding the foregoing, dividends and Dividend Equivalent Rights
may accrue with respect to unvested Awards, but will not be paid or issued until such Award is fully vested and the Shares are issued to Participant and such Shares are no longer subject to any vesting requirements or repurchase rights on behalf of
the Company. 
 15.2. Restrictions on Shares. At the discretion of the Committee, the Company may reserve to itself and/or its
assignee(s) a right to repurchase (a “Right of Repurchase”) a portion of any or all Unvested Shares held by a Participant following such Participant’s termination of Service at any time within ninety (90) days (or
such longer or shorter time determined by the Committee) after the later of the date Participant’s Service terminates and the date the Participant purchases Shares under this Plan, for cash and/or cancellation of purchase money indebtedness, at
the Participant’s Purchase Price or Exercise Price, as the case may be. 
 16. CERTIFICATES. All Shares or other securities whether
or not certificated, delivered under this Plan will be subject to such stock transfer orders, legends and other restrictions as the Committee may deem necessary or advisable, including restrictions under any applicable U.S. federal, state or foreign
securities law, or any rules, regulations and other requirements of any stock exchange or automated quotation system upon which the Shares may be listed or quoted and any non-U.S. exchange controls or
securities law restrictions to which the Shares are subject. 
 17. ESCROW; PLEDGE OF SHARES. To enforce any restrictions on a
Participant’s Shares, the Committee may require the Participant to deposit all written or electronic certificate(s) representing Shares, together with stock powers or other instruments of transfer approved by the Committee, appropriately
endorsed in blank, with the Company or an agent designated by the Company to hold in escrow until such restrictions have lapsed or terminated, and the Committee may cause a legend or legends referencing such restrictions to be placed on the
certificate(s). Any Participant who is permitted to execute a promissory note as partial or full consideration for the purchase of Shares under this Plan will be required to pledge and deposit with the Company all or part of the Shares so purchased
as collateral to secure the payment of Participant’s obligation to the Company under the promissory note; provided, however, that the Committee may require or accept other or additional forms of collateral to secure the

  
 12 

 
payment of such obligation and, in any event, the Company will have full recourse against the Participant under the promissory note notwithstanding any pledge of the Participant’s Shares or
other collateral. In connection with any pledge of the Shares, Participant will be required to execute and deliver a written pledge agreement in such form as the Committee will from time to time approve. The Shares purchased with the promissory note
may be released from the pledge on a pro rata basis as the promissory note is paid. 
 18. REPRICING; EXCHANGE AND BUYOUT OF AWARDS.
Without prior stockholder approval, the Committee may (a) reprice Options or SARs (and where such repricing is a reduction in the Exercise Price of outstanding Options or SARs, the consent of the affected Participants is not required provided
written notice is provided to them, notwithstanding any adverse tax consequences to them arising from the repricing), and (b) with the consent of the respective Participants (unless not required pursuant to Section 5.8 of the Plan), pay
cash or issue new Awards in exchange for the surrender and cancellation of any, or all, outstanding Awards. 
 19. SECURITIES LAW AND OTHER
REGULATORY COMPLIANCE. An Award will not be effective unless such Award is in compliance with all applicable U.S. and foreign federal and state securities and exchange control laws, rules and regulations of any governmental body, and the
requirements of any stock exchange or automated quotation system upon which the Shares may then be listed or quoted, as they are in effect on the date of grant of the Award and also on the date of exercise or other issuance. Notwithstanding any
other provision in this Plan, the Company will have no obligation to issue or deliver written or electronic certificates for Shares under this Plan prior to: (a) obtaining any approvals from governmental agencies that the Company determines are
necessary or advisable; and/or (b) completion of any registration or other qualification of such Shares under any state or federal or foreign law or ruling of any governmental body that the Company determines to be necessary or advisable. The
Company will be under no obligation to register the Shares or to effect compliance with the registration, qualification or listing requirements of any foreign, national or state securities laws, exchange control laws, stock exchange or automated
quotation system, and the Company will have no liability for any inability or failure to do so. 
 20. NO OBLIGATION TO EMPLOY. Nothing
in this Plan or any Award granted under this Plan will confer or be deemed to confer on any Participant any right to continue in the employ of, or to continue any other relationship with, the Company or any Parent, Subsidiary or Affiliate or limit
in any way the right of the Company or any Parent, Subsidiary or Affiliate to terminate Participant’s employment or other relationship at any time. 

21. CORPORATE TRANSACTIONS. 

21.1.
Assumption or Replacement of Awards by Successor. In the event that the Company is subject to a Corporate Transaction, outstanding Awards
acquired under the Plan shall be subject to the agreement evidencing the Corporate Transaction, which need not treat all outstanding Awards in an identical manner. Such agreement, without the Participant’s consent, shall provide for one or more
of the following with respect to all outstanding Awards as of the effective date of such Corporate Transaction: 
 (a) The continuation of an
outstanding Award by the Company (if the Company is the successor entity). 
 (b) The assumption of an outstanding Award by the successor or
acquiring entity (if any) of such Corporate Transaction (or by its parents, if any), which assumption, will be binding on all selected Participants; provided that the Exercise Price and the number and nature of shares issuable upon exercise of any
such option or stock appreciation right, or any award that is subject to Section 409A of the Code, will be adjusted appropriately pursuant to Section 424(a) of the Code and/or Section 409A of the Code, as applicable. 

  
 13 

 (c) The substitution by the successor or acquiring entity in such Corporate Transaction (or
by its parents, if any) of equivalent awards with substantially the same terms for such outstanding Awards (except that the Exercise Price and the number and nature of shares issuable upon exercise of any such option or stock appreciation right, or
any award that is subject to Section 409A of the Code, will be adjusted appropriately pursuant to Section 424(a) of the Code and/or Section 409A of the Code, as applicable). 

(d) The full or partial acceleration of exercisability or vesting and accelerated expiration of an outstanding Award and lapse of the
Company’s right to repurchase or re-acquire shares acquired under an Award or lapse of forfeiture rights with respect to shares acquired under an Award. 

(e) The settlement of the full value of such outstanding Award (whether or not then vested or exercisable) in cash, cash equivalents, or
securities of the successor entity (or its parent, if any) with a Fair Market Value equal to the required amount, followed by the cancellation of such Awards; provided however, that such Award may be cancelled if such Award has no value, as
determined by the Committee, in its discretion. Subject to Section 409A of the Code, such payment may be made in installments and may be deferred until the date or dates the Award would have become exercisable or vested. Such payment may be
subject to vesting based on the Participant’s continued service, provided that the vesting schedule shall not be less favorable to the Participant than the schedule under which the Award would have become vested or exercisable. For purposes of
this Section 21.1(e), the Fair Market Value of any security shall be determined without regard to any vesting conditions that may apply to such security. 

(f) The cancellation of outstanding Awards in exchange for no consideration. 

The Board shall have full power and authority to assign the Company’s right to repurchase or
re-acquire or forfeiture rights to such successor or acquiring corporation. In addition, in the event such successor or acquiring corporation (if any) refuses to assume, convert, replace or substitute Awards,
as provided above, pursuant to a Corporate Transaction, the Committee will notify the Participant in writing or electronically that such Award will be exercisable for a period of time determined by the Committee in its sole discretion, and such
Award will terminate upon the expiration of such period. Awards need not be treated similarly in a Corporate Transaction. 
 21.2.
Assumption of Awards by the Company. The Company, from time to time, also may substitute or assume outstanding awards granted by another company, whether in connection with an acquisition of such other company or otherwise, by either;
(a) granting an Award under this Plan in substitution of such other company’s award; or (b) assuming such award as if it had been granted under this Plan if the terms of such assumed award could be applied to an Award granted under
this Plan. Such substitution or assumption will be permissible if the holder of the substituted or assumed award would have been eligible to be granted an Award under this Plan if the other company had applied the rules of this Plan to such grant.
In the event the Company assumes an award granted by another company, the terms and conditions of such award will remain unchanged (except that the Purchase Price or the Exercise Price, as the case may be, and the number and nature of Shares
issuable upon exercise or settlement of any such Award will be adjusted appropriately pursuant to Section 424(a) of the Code and/or Section 409A of the Code, as applicable). In the event the Company elects to grant a new Option in
substitution rather than assuming an existing option, such new Option may be granted with a similarly adjusted Exercise Price. Substitute Awards shall not be deducted from the number of Shares authorized for grant under the Plan or authorized for
grant to a Participant in a calendar year. 

  
 14 

 21.3. Non-Employee Directors’
Awards. Notwithstanding any provision to the contrary herein, in the event of a Corporate Transaction, the vesting of all Awards granted to Non-Employee Directors shall accelerate and such Awards shall
become exercisable (as applicable) in full prior to the consummation of such event at such times and on such conditions as the Committee determines. 

22. ADOPTION AND STOCKHOLDER APPROVAL. This Plan shall be submitted for the approval of the Company’s stockholders, consistent with
applicable laws, within twelve (12) months before or after the date this Plan is adopted by the Board. 
 23. TERM OF PLAN/GOVERNING
LAW. Unless earlier terminated as provided herein, this Plan will become effective on the Effective Date and will terminate ten (10) years from the date this Plan is adopted by the Board. This Plan and all Awards granted hereunder shall
be governed by and construed in accordance with the laws of the State of Delaware (excluding its conflict of law rules). 
 24. AMENDMENT OR
TERMINATION OF PLAN. The Board may at any time terminate or amend this Plan in any respect, including, without limitation, amendment of any form of Award Agreement or instrument to be executed pursuant to this Plan; provided,
however, that the Board will not, without the approval of the stockholders of the Company, amend this Plan in any manner that requires such stockholder approval; provided further, that a Participant’s Award shall be governed by
the version of this Plan then in effect at the time such Award was granted. No termination or amendment of the Plan shall affect any then-outstanding Award unless expressly provided by the Committee; in any event, no termination or amendment of the
Plan or any outstanding Award may adversely affect any then outstanding Award without the consent of the Participant, unless such termination or amendment is necessary to comply with applicable law, regulation or rule. 

25. NON-EXCLUSIVITY OF THE PLAN. Neither the adoption of this Plan by the Board, the submission of
this Plan to the stockholders of the Company for approval, nor any provision of this Plan will be construed as creating any limitations on the power of the Board to adopt such additional compensation arrangements as it may deem desirable, including,
without limitation, the granting of stock options and other equity awards and bonuses otherwise than under this Plan, and such arrangements may be either generally applicable or applicable only in specific cases. 

26. INSIDER TRADING POLICY. Each Participant who receives an Award shall comply with any policy adopted by the Company from time to time
covering transactions in the Company’s securities by Employees, officers and/or directors of the Company, as well as with any applicable insider trading or market abuse laws to which the Participant may be subject. 

27. ALL AWARDS SUBJECT TO COMPANY CLAWBACK OR RECOUPMENT POLICY. All Awards shall, subject to applicable law, be subject to clawback
or recoupment pursuant to any compensation clawback or recoupment policy adopted by the Board or the Committee or required by law during the term of Participant’s employment or other service with the Company that is applicable to executive
officers, employees, directors or other service providers of the Company, and in addition to any other remedies available under such policy and applicable law, may require the cancelation of outstanding Awards and the recoupment of any gains
realized with respect to Awards. 
 28. DEFINITIONS. As used in this Plan, and except as elsewhere defined herein, the following terms
will have the following meanings: 
 28.1. “Affiliate” means any person or entity that directly or indirectly
through one or more intermediaries controls, or is controlled by, or is under common control with, the Company, including any general partner, managing member, officer or director of the Company, in each case as of the date on which, or at any time
during the period for which, the determination of affiliation is being made. For purposes of this definition, the term “control” (including the correlative meanings of the terms “controlled by” and “under common control
with”), as used with respect to any person or entity, means the possession, directly or indirectly, of the power to direct or cause the direction of the management policies of such person or entity, whether through the ownership of voting
securities or by contract or otherwise. 

  
 15 

 28.2. “Award” means any award under the Plan, including any
Option, Restricted Stock, Stock Bonus, Stock Appreciation Right, Restricted Stock Unit or award of Performance Shares or Performance Units. 

28.3. “Award Agreement” means, with respect to each Award, the written or electronic agreement between the
Company and the Participant setting forth the terms and conditions of the Award, and country-specific appendix thereto for grants to non-U.S. Participants, which shall be in substantially a form (which need
not be the same for each Participant) that the Committee (or in the case of Award agreements that are not used for Insiders, the Committee’s delegate(s)) has from time to time approved, and will comply with and be subject to the terms and
conditions of this Plan. 
 28.4. “Award Transfer Program” means any program instituted by the Committee which
would permit Participants the opportunity to transfer any outstanding Awards to a financial institution or other person or entity approved by the Committee. 

28.5. “Board” means the Board of Directors of the Company. 

28.6. “Cause” means Participant’s (a) willful failure substantially to perform his or her duties and
responsibilities to the Company or deliberate violation of a Company policy; (b) commission of any act of fraud, embezzlement, dishonesty or any other willful misconduct that has caused or is reasonably expected to result in material injury to
the Company; (c) unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom the Participant owes an obligation of nondisclosure as a result of his or her relationship with the
Company; (d) misappropriation of a business opportunity of the Company; (e) provision of material aid to a competitor of the Company; or (f) willful breach of any of his or her obligations under any written agreement or covenant with
the Company. The determination as to whether a Participant’s Service is being terminated for Cause shall be made in good faith by the Company and shall be final and binding on the Participant. The foregoing definition does not in any way limit
the Company’s ability to terminate a Participant’s employment or consulting relationship at any time as provided in Section 20 above, and the term “Company” will be interpreted to include any Subsidiary or Parent, as
appropriate. Notwithstanding the foregoing, the definition of “Cause” may, in part or in whole, be modified or replaced in each individual employment agreement, Award Agreement or other applicable agreement with any Participant, provided
that such document supersedes the definition provided in this Section 28.6. 
 28.7. “Code” means the
United States Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder. 
 28.8.
“Committee” means the Compensation Committee of the Board or those persons to whom administration of the Plan, or part of the Plan, has been delegated as permitted by law. 

28.9. “Company” means Upwork Inc. or any successor corporation. 

28.10. “Consultant” means any natural person, including an advisor or independent contractor, engaged by the
Company or a Parent, Subsidiary or Affiliate to render services to such entity. 
 28.11. “Corporate
Transaction” means the occurrence of any of the following events: 
 (a) any “Person” (as such term is used in
Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing more
than fifty percent (50%) of the total voting power represented by the Company’s then-outstanding voting securities; provided, however, that for purposes of this subclause (a) the acquisition of additional securities by any one Person who
is considered to own more than fifty percent (50%) of the total voting power of the securities of the Company will not be considered a Corporate Transaction; 

  
 16 

 (b) the consummation of the sale or disposition by the Company of all or substantially all
of the Company’s assets; 
 (c) the consummation of a merger or consolidation of the Company with any other corporation, other than a
merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or
its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation; 

(d) any other transaction which qualifies as a “corporate transaction” under Section 424(a) of the Code wherein the stockholders
of the Company give up all of their equity interest in the Company (except for the acquisition, sale or transfer of all or substantially all of the outstanding shares of the capital stock of the Company) or 

(e) a change in the effective control of the Company that occurs on the date that a majority of members of the Board is replaced during any
twelve (12) month period by members of the Board whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purpose of this subclause (e), if any Person is
considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Corporate Transaction. 

For purposes of this definition, Persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger,
consolidation, purchase or acquisition of stock, or similar business transaction with the Company. Notwithstanding the foregoing, to the extent that any amount constituting deferred compensation (as defined in Section 409A of the Code) would
become payable under this Plan by reason of a Corporate Transaction, such amount shall become payable only if the event constituting a Corporate Transaction would also qualify as a change in ownership or effective control of the Company or a change
in the ownership of a substantial portion of the assets of the Company, each as defined within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final Treasury Regulations and IRS
guidance that has been promulgated or may be promulgated thereunder from time to time. 
 28.12. “Director”
means a member of the Board. 
 28.13. “Disability” means in the case of incentive stock options, total and
permanent disability as defined in Section 22(e)(3) of the Code and in the case of other Awards, that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment
that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. 
 28.14.
“Dividend Equivalent Right” means the right of a Participant, granted at the discretion of the Committee or as otherwise provided by the Plan, to receive a credit for the account of such Participant in an amount equal to
the cash, stock or other property dividends in amounts equal equivalent to cash, stock or other property dividends for each Share represented by an Award held by such Participant. 

28.15. “Effective Date” means the day immediately preceding the pricing of the Company’s initial public
offering, provided that the Board has adopted the Plan prior to, or on such date, subject to approval of the Plan by the Company’s stockholders. 

28.16. “Employee” means any person, including Officers and Directors, employed by the Company or any Parent,
Subsidiary or Affiliate. For the avoidance of doubt, neither service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company and the definition of “Employee”
herein shall not include Non-Employee Directors. 

  
 17 

 28.17. “Exchange Act” means the United States Securities
Exchange Act of 1934, as amended. 
 28.18. “Exchange Program” means a program pursuant to which
(a) outstanding Awards are surrendered, cancelled or exchanged for cash, the same type of Award or a different Award (or combination thereof) or (b) the Exercise Price of an outstanding Award is increased or reduced. 

28.19. “Exercise Price” means, with respect to an Option, the price at which a holder may purchase the Shares
issuable upon exercise of an Option and with respect to a SAR, the price at which the SAR is granted to the holder thereof. 
 28.20.
“Fair Market Value” means, as of any date, the value of a share of the Company’s common stock determined as follows: 

(a) if such common stock is publicly traded and is then listed on a national securities exchange, its closing price on the date of
determination on the principal national securities exchange on which the common stock is listed or admitted to trading as reported in The Wall Street Journal or such other source as the Committee may determine; 

(b) if such common stock is publicly traded but is neither listed nor admitted to trading on a national securities exchange, the average of the
closing bid and asked prices on the date of determination as reported in The Wall Street Journal or such other source as the Committee deems reliable; or 

(c) if none of the foregoing is applicable, by the Board or the Committee in good faith. 

Notwithstanding the foregoing, with respect to any Award granted after the effectiveness of the Company’s registration statement relating
to its initial public offering and prior to the first date upon which the Shares of the Company are listed (or approved for listing) on any securities exchange or designated (or approved for designation) as a national market security on an
interdealer quotation system, the Fair Market Value shall mean the initial public offering price of a Share as set forth in the Company’s final prospectus relating to its initial public offering. 

28.21. “Insider” means an officer or director of the Company or any other person whose transactions in the
Company’s common stock are subject to Section 16 of the Exchange Act. 
 28.22. “IRS” means the
United States Internal Revenue Service. 
 28.23. “Non-Employee
Director” means a Director who is not an Employee of the Company or any Parent, Subsidiary or Affiliate. 
 28.24.
“Option” means an award of an option to purchase Shares pursuant to Section 5 or Section 12. 

28.25. “Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending with
the Company if each of such corporations other than the Company owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 

  
 18 

 28.26. “Participant” means a person who holds an Award under
this Plan. 
 28.27. “Performance Award” means an award covering cash, Shares or other property
granted pursuant to Section 10 or Section 12 of the Plan. 
 28.28. “Performance
Factors” means any of the factors selected by the Committee and specified in an Award Agreement, from among the following objective measures, either individually, alternatively or in any combination, applied to the Company
as a whole or any business unit or Subsidiary, either individually, alternatively, or in any combination, on a GAAP or non-GAAP basis, and measured, to the extent applicable on an absolute basis or relative to
a pre-established target, to determine whether the performance goals established by the Committee with respect to applicable Awards have been satisfied: 

(a) Profit Before Tax; 
 (b)
Sales; 
 (c) Expenses; 
 (d)
Billings; 
 (e) Revenue; 
 (f)
Net revenue; 
 (g) Earnings (which may include earnings before interest and taxes, earnings before taxes, net earnings, stock-based
compensation expenses, depreciation and amortization); 
 (h) Operating income; 

(i) Operating margin; 
 (j)
Operating profit; 
 (k) Controllable operating profit, or net operating profit; 

(l) Net Profit; 
 (m) Gross
margin; 
 (n) Operating expenses or operating expenses as a percentage of revenue; 

(o) Net income; 
 (p) Earnings per
share; 
 (q) Total stockholder return; 

(r) Market share; 
 (s) Return on
assets or net assets; 
 (t) The Company’s stock price; 

  
 19 

 (u) Growth in stockholder value relative to a
pre-determined index; 
 (v) Return on equity; 

(w) Return on invested capital; 

(x) Cash Flow (including free cash flow or operating cash flows) 

(y) Balance of cash, cash equivalents and marketable securities; 

(z) Cash conversion cycle; 
 (aa)
Economic value added; 
 (bb) Individual confidential business objectives; 

(cc) Contract awards or backlog; 

(dd) Overhead or other expense reduction; 

(ee) Credit rating; 
 (ff)
Completion of an identified special project; 
 (gg) Completion of a joint venture or other corporate transaction; 

(hh) Strategic plan development and implementation; 

(ii) Succession plan development and implementation; 

(jj) Improvement in workforce diversity; 

(kk) Employee satisfaction; 
 (ll)
Employee retention; 
 (mm) Customer indicators and/or satisfaction; 

(nn) New product invention or innovation; 

(oo) Research and development expenses; 

(pp) Attainment of research and development milestones; 

(qq) Improvements in productivity; 

(rr) Bookings; 
 (ss)
Working-capital targets and changes in working capital; 
 (tt) Attainment of objective operating goals and employee metrics; and 

(uu) Any other metric that is capable of measurement as determined by the Committee. 

  
 20 

 The Committee may, in recognition of unusual or
non-recurring items such as acquisition-related activities or changes in applicable accounting rules, provide for one or more equitable adjustments (based on objective standards) to the Performance Factors to
preserve the Committee’s original intent regarding the Performance Factors at the time of the initial award grant. It is within the sole discretion of the Committee to make or not make any such equitable adjustments. 

28.29. “Performance Period” means one or more periods of time, which may be of varying and overlapping
durations, as the Committee may select, over which the attainment of one or more Performance Factors will be measured for the purpose of determining a Participant’s right to, and the payment of, a Performance Award. 

28.30. “Performance Share” means an Award granted pursuant to Section 10 or Section 12 of the Plan,
consisting of a unit valued by reference to a designated number of Shares, the value of which may be paid to the Participant by delivery of Shares or, if set forth in the instrument evidencing the Award, of such property as the Committee shall
determine, including, without limitation, cash, other property, or any combination thereof, upon the attainment of performance goals, as established by the Committee, and other terms and conditions specified by the Committee. 

28.31. “Performance Unit” means an Award granted pursuant to Section 10 or Section 12 of the Plan,
consisting of a unit valued by reference to a designated amount of property other than Shares, which value may be paid to the Participant by delivery of such property as the Committee shall determine, including, without limitation, cash, Shares,
other property, or any combination thereof, upon the attainment of performance goals, as established by the Committee, and other terms and conditions specified by the Committee. 

28.32. “Permitted Transferee” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse,
former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law (including adoptive relationships) of the Employee, any
person sharing the Employee’s household (other than a tenant or employee), a trust in which these persons (or the Employee) have more than 50% of the beneficial interest, a foundation in which these persons (or the Employee) control the
management of assets, and any other entity in which these persons (or the Employee) own more than 50% of the voting interests. 
 28.33.
“Plan” means this Upwork Inc. 2018 Equity Incentive Plan. 
 28.34. “Purchase
Price” means the price to be paid for Shares acquired under the Plan, other than Shares acquired upon exercise of an Option or SAR. 

28.35. “Restricted Stock Award” means an award
of Shares pursuant to Section 6 or Section 12 of the Plan, or issued pursuant to the early exercise of an Option. 
 28.36.
“Restricted Stock Unit” means an Award granted pursuant to Section 9 or Section 12 of the Plan. 

28.37. “Service” shall mean service as an Employee, Consultant, Director or
Non-Employee Director, subject to such further limitations as may be set forth in the Plan or the applicable Award Agreement. An Employee will not be deemed to have ceased to provide Service in the case of any
leave of absence approved by the Company. In the case of any Employee on an approved leave of absence or a reduction in hours worked (for illustrative purposes only, a change in schedule from that of full-time to part-time), the Committee may make
such provisions respecting suspension of or modification to vesting of the Award while on leave from the employ of the Company or a Parent, Subsidiary or Affiliate or during such change in working hours as it may deem appropriate, except that in no
event may an Award be exercised after the expiration of the term set forth in the applicable Award Agreement. In the event of 

  
 21 

 
military or other protected leave, if required by applicable laws, vesting shall continue for the longest period that vesting continues under any other statutory or Company approved leave of
absence and, upon a Participant’s returning from such leave (under conditions that would entitle him or her to protection upon such return under the Uniform Services Employment and Reemployment Rights Act or other applicable law), he or she
shall be given vesting credit with respect to Awards to the same extent as would have applied had the Participant continued to provide Service to the Company throughout the leave on the same terms as he or she was providing Service immediately prior
to such leave. An employee shall have terminated employment as of the date he or she ceases to provide Service (regardless of whether the termination is in breach of local employment laws or is later found to be invalid) and employment shall not be
extended by any notice period or garden leave mandated by local law, provided, however, that a change in status between an Employee, Consultant, Director or Non-Employee Director shall not
terminate the service provider’s Service, unless determined by the Committee, in its discretion. The Committee will have sole discretion to determine whether a Participant has ceased to provide Service and the effective date on which the
Participant ceased to provide Service. 
 28.38. “Shares” means shares of the common stock of the Company and
the common stock of any successor entity. 
 28.39. “Stock Appreciation Right” means an Award granted pursuant
to Section 8 or Section 12 of the Plan. 
 28.40. “Stock Bonus”
means an Award granted pursuant to Section 7 or Section 12 of the Plan. 
 28.41. “Subsidiary” means
any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company if each of the corporations other than the last corporation in the unbroken chain owns stock possessing fifty percent (50%) or more of the total
combined voting power of all classes of stock in one of the other corporations in such chain. 
 28.42. “Treasury
Regulations” means regulations promulgated by the United States Treasury Department. 
 28.43. “Unvested
Shares” means Shares that have not yet vested or are subject to a right of repurchase in favor of the Company (or any successor thereto). 

  
 22 

 NOTICE OF STOCK OPTION GRANT 

(GLOBAL) 
 UPWORK INC.

 2018 EQUITY INCENTIVE PLAN 

GRANT NUMBER: 
 Unless otherwise defined
herein, the terms defined in the Upwork Inc. (the “Company”) 2018 Equity Incentive Plan (the “Plan”) shall have the same meanings in this Notice of Stock Option Grant (the “Notice of
Grant”) and the attached Stock Option Agreement, including the Appendix attached hereto (the “Appendix”), which is generally applicable to you if you live or work outside the United States, and any special terms
and conditions for your country set forth therein (collectively, the “Option Agreement”). You have been granted an Option to purchase Shares under the Plan subject to the terms and conditions of the Plan, this Notice of Grant
and the Option Agreement. 
  

			
	Name:	  	  

		
	Address:	  	  

		
	Number of Shares:	  	  

		
	Exercise Price Per Share:	  	  

		
	Date of Grant:	  	  

		
	Vesting Commencement Date:	  	  

		
	Type of Option:	  	_____ Non-Qualified Stock Option
		
		  	_____ Incentive Stock Option
		
	Expiration Date:	  	_____________; subject to earlier expiration as provided in the Plan or the Option Agreement.
		
	Vesting Schedule:	  	[Sample vesting language:] [This Option becomes vested and exercisable with respect to the first 25% of the Shares subject to this Option when you complete 12 months of continuous Service from the Vesting Commencement Date.
Thereafter, this Option becomes vested and exercisable with respect to an additional 1/16th of the Shares subject to this Option when you complete each quarter of Service.] [Note: actual vesting language to match vesting schedule approved by the
Board or Committee]

 This Notice of Grant may be executed and delivered electronically, whether via the Company’s intranet or the Internet
site of a third party or via email or any other means of electronic delivery specified by the Company. By accepting this Option, you consent to the electronic delivery and acceptance as further set forth in the Option Agreement. You acknowledge that
the vesting of the Option pursuant to this Notice of Grant is earned only by continuing Service, but you understand that your employment or consulting relationship with the Company or a Parent, Subsidiary or Affiliate is for an unspecified duration
and can be terminated and that nothing in this Notice of Grant, the Option Agreement or the Plan changes the nature of that relationship. By accepting this Option, you and the Company agree that this Option is granted under and governed by the terms
and conditions of the Plan, this Notice of Grant and the Option Agreement. 
  

									
	PARTICIPANT	  		 	UPWORK INC.
					
	Signature:	  	  
	  		 	By:	  	  

					
	Print Name:	  	  
	  		 	Its:	  	  

 STOCK OPTION AGREEMENT 

UPWORK INC. 2018 
 EQUITY
INCENTIVE PLAN 
 You have been granted an Option by Upwork Inc. (the “Company”) under the 2018 Equity Incentive
Plan (the “Plan”) to purchase Shares (the “Option”), subject to the terms, restrictions and conditions of the Plan, the Notice of Stock Option Grant (the “Notice of Grant”) and
this Stock Option Agreement, including the Appendix, which is generally applicable to you if you live or work outside the United States, and any special terms and conditions for your country set forth therein (collectively, the
“Agreement”). 
 1. Grant of Option. You have been granted the Option for the number of Shares
set forth in the Notice of Grant at the Exercise Price per Share set forth in the Notice of Grant. In the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Agreement, the terms and conditions of
the Plan shall prevail. 
 If designated in the Notice of Grant as an Incentive Stock Option (“ISO”), this Option is
intended to qualify as an Incentive Stock Option under Section 422 of the Code. However, if this Option is intended to be an ISO, to the extent that it exceeds the $100,000 limit under Code Section 422(d), it shall be treated as a
Nonqualified Stock Option (“NSO”). 
 2. Termination. 

(a) General Rule. If your Service terminates for any reason except death or Disability, and other than for Cause, then this Option will
expire at the close of business at Company headquarters on the date three months after your termination of Service (subject to the expiration detailed in Section 6 or as provided in the Plan). If your Service is terminated for Cause, this
Option will expire upon the date of such termination. 
 You acknowledge and agree that the vesting schedule set forth in the Notice of
Grant may change prospectively in the event that your service status changes between full and part-time status in accordance with Company policies relating to work schedules and vesting of awards. You acknowledge that the vesting of the Option
pursuant to this Agreement is earned only by continuing Service. 
 (b) Death; Disability. If you die before your Service terminates
(or you die within three months of your termination of Service other than for Cause), then this Option will expire at the close of business at Company headquarters on the date 12 months after the date of death (subject to the expiration detailed in
Section 6 or as provided in the Plan). If your Service terminates because of your Disability, then this Option will expire at the close of business at Company headquarters on the date 12 months after your termination date (subject to the
expiration detailed in Section 6 or as provided in the Plan). 
 (c) Termination Date. For purposes of this Option, your Service
will be considered terminated as of the date you are no longer actively providing Service (regardless of the reason for such termination and whether or not later found to be invalid or in breach of labor laws in the jurisdiction where you are
employed or engaged or the terms of your employment or consulting agreement, if any), and your period of Service will not include any contractual notice period or any period of “garden leave” or similar period mandated under labor laws in
the jurisdiction where you are employed or engaged or the terms of your employment or consulting agreement, if any. In case of any dispute as to whether and when your termination of Service has occurred for purposes of this Option, the Committee
shall have the sole discretion to determine whether such termination has occurred (including whether you may still be considered to be providing Service while on a leave of absence) and the effective date of such termination. 

  
 2 

 (d) No Notice. You are responsible for keeping track of these exercise periods
following your termination of Service for any reason. The Company is not obligated to provide further notice of such periods and you should not depend on the Company or the Plan Broker (as defined below) providing any such notice (even if such
notices have been provided in the past or are provided in some but not all termination circumstances). In no event shall this Option be exercised later than the Expiration Date set forth in the Notice of Grant. 

3. Exercise of Option. 

(a) Right to Exercise. This Option is exercisable during its term in accordance with the vesting schedule set forth in the Notice of
Grant and the applicable provisions of the Plan and this Agreement. In the event of your death, Disability, or other cessation of Service, the exercisability of the Option is governed by the applicable provisions of the Plan, the Notice of Grant and
this Agreement. This Option may not be exercised for a fraction of a Share. 
 (b) Method of Exercise. This Option is exercisable by
delivery of an exercise notice in a form specified by the Company (the “Exercise Notice”), which shall state the election to exercise the Option, the number of Shares in respect of which the Option is being exercised (the
“Exercised Shares”), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. The Exercise Notice shall be delivered in person, by mail, via electronic mail or
facsimile or by other authorized method to the Secretary of the Company or other person designated by the Company. The Exercise Notice shall be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares. This Option shall be
deemed to be exercised upon receipt by the Company of a fully executed Exercise Notice accompanied by the aggregate Exercise Price and any applicable Tax-Related Obligations that are required to be withheld as
detailed in Section 8 below. 
 (c) Exercise by Another. If another person wants to exercise this Option after it has been
transferred to him or her in compliance with this Agreement, that person must prove to the Company’s satisfaction that he or she is entitled to exercise this Option. That person must also complete the proper Exercise Notice form (as described
above) and pay the Exercise Price (as described below) and any applicable Tax-Related Obligations that are required to be withheld as described in Section 8 below. 

4. Method of Payment. Payment of the aggregate Exercise Price shall be by any of the following, or a combination thereof,
at your election: 
 (a) your personal check, wire transfer, or a cashier’s check; 

(b) for U.S. taxpayers only: certificates for shares of Company stock that you own, along with any forms needed to effect a transfer of those
shares to the Company; the value of the shares, determined as of the effective date of the Option exercise, will be applied to the Exercise Price. Instead of surrendering shares of Company stock, you may attest to the ownership of those shares on a
form provided by the Company and have the same number of shares subtracted from the Exercised Shares issued to you. However, you may not surrender, or attest to the ownership of, shares of Company stock in payment of the Exercise Price of your
Option if your action would cause the Company to recognize compensation expense (or additional compensation expense) with respect to this Option for financial reporting purposes; 

(c) cashless exercise through irrevocable directions to a securities broker approved by the Company to sell all or part of the Exercised Shares
and to deliver to the Company from the sale proceeds an amount sufficient to pay the Exercise Price and any applicable Tax-Related Obligations that are required to be withheld. The balance of the sale
proceeds, if any, will be delivered to you. The directions must be given by signing a special notice of exercise form provided by the Company; or 

  
 3 

 (d) other method authorized by the Company; 

subject to any restrictions set forth in the Appendix or required by the Company for legal or administrative reasons. 

5. Non-Transferability of Option. In general, except as provided below, only you
may exercise this Option prior to your death. You may not transfer or assign this Option, except as provided below. For instance, you may not sell this Option or use it as security for a loan. If you attempt to do any of these things, this Option
will immediately become invalid. 
 However, if you are a U.S. taxpayer, you may dispose of this Option in your will. If you are a U.S.
taxpayer and this Option is designated as a NSO in the Notice of Grant, then the Committee may, in its sole discretion, allow you to transfer this Option as a gift to one or more family members. For purposes of this Agreement, “family
member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in- law, father-in-law, son-in-law,
daughter-in-law, brother-in-law or sister-in-law (including adoptive relationships), any individual sharing your household (other than a tenant or employee), a trust in which one or more of these individuals have more than 50% of the
beneficial interest, a foundation in which you or one or more of these persons control the management of assets, and any entity in which you or one or more of these persons own more than 50% of the voting interest. In addition, if you are a U.S.
taxpayer and this Option is designated as a NSO in the Notice of Grant, then the Committee may, in its sole discretion, allow you to transfer this Option to your spouse or former spouse pursuant to a domestic relations order in settlement of marital
property rights. The Committee will allow you to transfer this Option only if both you and the transferee(s) execute the forms prescribed by the Committee, which include the consent of the transferee(s) to be bound by this Agreement. 

This Option may not be transferred in any manner other than by will or by the laws of descent or distribution or court order and may be
exercised during your lifetime only by you, your guardian, or legal representative, as permitted in the Plan and applicable local laws. The terms of the Plan and this Agreement shall be binding upon the executors, administrators, heirs, successors
and assigns of you. 
 6. Term of Option. This Option shall in any event expire on the Expiration Date set forth in the
Notice of Grant, which date is ten years after the grant date (five years after the grant date if this Option is designated as an ISO in the Notice of Grant and you are a Ten Percent Stockholder). You are responsible for keeping track of the
Expiration Date. The Company is not obligated to provide notice of the Expiration Date and you should not depend on the Company or the Plan Broker (as defined below) providing any such notice (even if such notices have been provided in the past or
are provided in some but not all circumstances). 
 7. Tax Consequences. You should consult a tax adviser for tax
consequences relating to this Option in the jurisdiction(s) in which you are subject to tax. YOU SHOULD CONSULT A TAX ADVISER BEFORE ACCEPTING THIS OPTION, EXERCISING THIS OPTION OR DISPOSING OF THE SHARES. 

(a) Exercising the Option. You will not be allowed to exercise this Option unless you make arrangements acceptable to the Company to pay
Tax-Related Obligations that are required to be withheld as further described in Section 8 below. 

(b) Notice of Disqualifying Disposition of ISO Shares. If you sell or otherwise dispose of any of the Shares acquired pursuant to an ISO
on or before the later of (i) two years after the grant date, or (ii) one year after the exercise date, you shall immediately notify the Company in writing of such disposition. You agree that you may be subject to income tax withholding by
the Company on the compensation income recognized from such early disposition of ISO Shares by payment in cash or out of the current compensation paid to you. 

  
 4 

 8. Responsibility for Taxes. Regardless of any action the Company or,
if different, your employer (the “Employer”) takes with respect to any or all income tax, social insurance, payroll tax, fringe benefits tax, payment on account and other tax-related
items related to your participation in the Plan and legally applicable to you (“Tax-Related Obligations”), you acknowledge that the ultimate liability for all Tax-Related Obligations is and remains your responsibility and may exceed the amount actually withheld by the Company or the Employer. You further acknowledge that the Company and the Employer (a) make no
representations or undertakings regarding the treatment of any Tax-Related Obligations in connection with any aspect of this Option, including the grant, vesting or exercise of this Option, the subsequent sale
of Shares acquired pursuant to such exercise and the receipt of any dividends; and (b) do not commit to and are under no obligation to structure the terms of the grant or any aspect of this Option to reduce or eliminate your liability for Tax-Related Obligations or achieve any particular tax result. You acknowledge that if you are subject to Tax-Related Obligations in more than one jurisdiction, the Company
and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Obligations in more than one jurisdiction. 

Prior to exercise of the Option or any other relevant taxable or tax withholding event, as applicable, you shall pay or make adequate
arrangements satisfactory to the Company and/or the Employer to satisfy any withholding obligation the Company and/or the Employer may have for Tax-Related Obligations. In this regard, you authorize the
Company and/or the Employer, and their respective agents, at their discretion, to withhold all applicable Tax-Related Obligations from your wages or other cash compensation paid to you by the Company and/or
the Employer or by withholding from proceeds of the sale of the Shares either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf and you hereby authorize such sale pursuant to this authorization). The
Committee may also authorize one or a combination of the following methods to satisfy Tax-Related Obligations: (a) payment by you to the Company or the Employer of an amount equal to the Tax-Related Obligations in cash, (b) having the Company withhold otherwise deliverable cash or Shares having a value equal to the Tax-Related Obligations to be withheld,
(c) delivering to the Company already-owned Shares having a value equal to the Tax-Related Obligations to be withheld, or (d) any other arrangement approved by the Company and permissible under
applicable law; in all cases, under such rules as may be established by the Committee and in compliance with the Company’s Insider Trading Policy and 10b5-1 Trading Plan Policy, if applicable; provided,
however, that if you are a Section 16 officer of the Company under the Exchange Act, then the method of withholding shall be a mandatory sale (unless the Committee shall establish an alternate method prior to the taxable or withholding event).
You shall pay to the Company or the Employer any amount of Tax-Related Obligations that the Company or the Employer may be required to withhold as a result of your participation in the Plan or your issuance of
Shares upon exercise of the Option that cannot be satisfied by the means previously described. 
 Depending on the withholding method, the
Company may withhold or account for Tax-Related Obligations by considering applicable statutory withholding rates or other applicable withholding rates, including up to the maximum applicable rate in your
jurisdiction in which case you may receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent in Shares. If the obligation for Tax-Related Obligations is satisfied by
withholding in Shares, for tax purposes, you are deemed to have been issued the full number of Shares subject to the vested Options, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Obligations. 
 Finally, you acknowledge that the Company has no obligation to deliver Shares
or proceeds from the sale of Shares to you until you have satisfied the obligations in connection with the Tax-Related Obligations as described in this Section. 

9. Nature of Grant. In accepting this Option, you acknowledge, understand and agree that: 

(a) the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated
by the Company at any time, to the extent permitted by the Plan; 

  
 5 

 (b) the grant of this Option is exceptional, voluntary and occasional and does not create
any contractual or other right to receive future grants of stock options, or benefits in lieu of stock options, even if stock options have been granted in the past; 

(c) all decisions with respect to future stock options or other grants, if any, will be at the sole discretion of the Company; 

(d) you are voluntarily participating in the Plan; 

(e) this Option and any Shares acquired under the Plan, and the income from and value of same, are not intended to replace any pension rights
or compensation; 
 (f) this Option and any Shares acquired under the Plan, and the income from and value of same, are not part of normal or
expected compensation or salary for any purpose including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service
payments, holiday pay, bonuses, long-service awards, leave-related payments, pension or retirement benefits or payments or welfare benefits or similar mandatory payments; 

(g) unless otherwise agreed with the Company, this Option and any Shares acquired under the Plan, and the income from and value of same, are
not granted as consideration for, or in connection with, any Service you may provide as a director of a Subsidiary or Affiliate; 
 (h) the
future value of the Shares underlying this Option is unknown, indeterminable, and cannot be predicted with certainty; 
 (i) if the
underlying Shares do not increase in value, this Option will have no value; 
 (j) if you exercise this Option and acquire Shares, the value
of such Shares may increase or decrease, even below the Exercise Price; 
 (k) no claim or entitlement to compensation or damages shall arise
from forfeiture of this Option resulting from the termination of your Service (for any reason whatsoever whether or not later found to be invalid or in breach of labor laws in the jurisdiction where you are providing Service or the terms of your
employment or service agreement, if any); and 
 (l) neither the Company nor the Employer, nor any Parent, Subsidiary or Affiliate, shall be
liable for any foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of this Option or of any amounts due to you pursuant to the exercise of this Option or the Shares acquired upon
exercise of this Option or the subsequent sale of any Shares acquired upon exercise. 
 10. Data Privacy. 

(a) Declaration of Consent. By accepting this Option and indicating consent by signing this Agreement
or via the Company’s online acceptance procedure, you are declaring that you agree with the data processing practices described herein and consent to the collection, processing and use of Data by the Company and the transfer of Data to the
recipients mentioned below, including recipients located in countries which may not have a similar level of protection from the perspective of your country’s data protection law. 

(b) Data Collection and Usage. The Company and the Employer may collect, process and use certain
personal information about you, including, but not limited to, your name, home address and telephone number, email address, date of birth, social insurance number, passport or other identification number, salary, nationality, job title, any shares
of stock or directorships held in the Company, details of all Options granted under the Plan or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in your favor (“Data”), for the purposes
of implementing, administering and managing the Plan. The legal basis, where required, for the processing of Data is your consent. 

  
 6 

 (c) Stock Plan Administration Service Providers.
The Company transfers Data to [insert broker] (“Plan Broker”), an independent service provider based in the United States, which is assisting the Company with the implementation, administration and management of the
Plan. In the future, the Company may select a different service provider and share Data with such other provider serving in a similar manner. You may be asked to agree on separate terms and data processing practices with the service provider, with
such agreement being a condition to the ability to participate in the Plan. 
 (d) International Data
Transfers. The Company and its service providers are based in the United States. Your country or jurisdiction may have different data privacy laws and protections than the United States. For example, the
European Commission has issued a limited adequacy finding with respect to the United States that applies only to the extent companies register for the EU-U.S. Privacy Shield program. The Company’s legal
basis, where required, for the transfer of Data is your consent. 
 (e) Data
Retention. The Company will hold and use the Data only as long as is necessary to implement, administer and manage your participation in the Plan, or as required to comply with legal or regulatory
obligations, including under tax and security laws. 
 (f) Voluntariness and Consequences of Consent Denial or
Withdrawal. Participation in the Plan is voluntary and you are providing the consents herein on a purely voluntary basis. If you do not consent, or if you later seek to revoke your consent, your salary
from or employment and career with the Employer will not be affected; the only consequence of refusing or withdrawing your consent is that the Company would not be able to grant the Option under the Plan to you or administer or maintain your
participation in the Plan. 
 (g) Data Subject
Rights. You may have a number of rights under data privacy laws in your jurisdiction. Depending on where you are based, such rights may include the right to
(i) request access or copies of Data the Company processes, (ii) rectification of incorrect Data,
(iii) deletion of Data, (iv) restrictions on processing of Data, (v) portability of Data,
(vi) lodge complaints with competent authorities in your jurisdiction, and/or (vii) receive a list with the names and addresses of any potential recipients
of Data. To receive clarification regarding these rights or to exercise these rights, you understand that you can contact your local human resources representative. 

11. Acknowledgement. The Company and you agree that this Option is granted under and governed by the Notice of Grant, this
Agreement and the provisions of the Plan (incorporated herein by reference). You: (i) acknowledge receipt of a copy of the Plan and the Plan prospectus, (ii) represent that you have carefully read and are familiar with their provisions and
the provisions of the Notice of Grant and this Agreement, and (iii) hereby accept this Option subject to all of the terms and conditions set forth in this Agreement and those set forth in the Plan and the Notice of Grant. You hereby agree to
accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions relating to the Plan, the Notice of Grant and this Agreement. 

12. Consent to Electronic Delivery and Acceptance of All Plan Documents and Disclosures. By your acceptance of this
Option, you consent to the electronic delivery of the Notice of Grant, this Agreement, the Plan, account statements, Plan prospectuses required by the U.S. Securities and Exchange Commission, U.S. financial reports of the Company, and all other
documents that the Company is required to deliver to its securityholders (including, without limitation, annual reports and proxy statements) or other communications or information related to this Option. Electronic delivery may include the delivery
of a link to a Company intranet or the internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other delivery determined at the Company’s
discretion. You acknowledge that you may receive from the Company a paper copy of any 

  
 7 

 
documents delivered electronically at no cost if you contact the Company by telephone, through a postal service or electronic mail at [insert email]. You further acknowledge that you will be
provided with a paper copy of any documents delivered electronically if electronic delivery fails; similarly, you understand that you must provide on request to the Company or any designated third party a paper copy of any documents delivered
electronically if electronic delivery fails. You agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.
Also, you understand that your consent may be revoked or changed, including any change in the electronic mail address to which documents are delivered (if you have provided an electronic mail address), at any time by notifying the Company of such
revised or revoked consent by telephone, postal service or electronic mail at [insert email]. Finally, you understand that you are not required to consent to electronic delivery. 

13. Compliance with Laws and Regulations. The exercise of this Option will be subject to and conditioned upon compliance
by the Company and you with all applicable state, federal and foreign laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Company’s common stock may be listed or quoted at
the time of such issuance or transfer, which compliance the Company shall, in its absolute discretion, deem necessary or advisable. You understand that the Company is under no obligation to register or qualify the Company’s common stock with
any state, federal or foreign securities commission or to seek approval or clearance from any governmental authority for the issuance or sale of the Shares. Further, you agree that the Company shall have unilateral authority to amend the Plan and
this Agreement without your consent to the extent necessary to comply with securities or other laws applicable to issuance of Shares. Finally, the Shares issued pursuant to this Agreement shall be endorsed with appropriate legends, if any,
determined by the Company. 
 14. No Advice Regarding Grant. The Company is not providing any tax, legal or financial
advice, nor is the Company making any recommendations regarding your participation in the Plan, or your acquisition or sale of the underlying Shares. You should consult with your own personal tax, legal and financial advisors regarding your
participation in the Plan before taking any action related to the Plan. 
 15. Governing Law; Venue. This
Agreement, all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of
conflict of laws. For purposes of litigating any dispute that may arise directly or indirectly from the Plan, the Notice of Grant and this Agreement, the parties hereby submit and consent to litigation in the exclusive jurisdiction of the State of
California and agree that any such litigation shall be conducted only in the courts of California in Santa Clara County, California or the federal courts of the United States for the Northern District of California and no other courts. 

16. Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the
parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this Agreement,
(ii) the balance of this Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of this Agreement shall be enforceable in accordance with its terms. 

17. No Rights as Employee, Director or Consultant. Nothing in this Agreement shall create a right to employment or other
Service or be interpreted as forming or amending an employment, service contract or relationship with the Company and this Agreement shall not affect in any manner whatsoever any right or power of the Company, or a Parent, Subsidiary or Affiliate,
to terminate your Service, for any reason, with or without Cause. 

  
 8 

 18. Lock-Up Agreement. In
connection with the initial public offering of the Company’s securities and upon request of the Company or the underwriters managing any underwritten offering of the Company’s securities, you hereby agree not to sell, make any short sale
of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company however and whenever acquired (other than those included in the registration), except pursuant to a transfer for no consideration in accordance
with Section 5 above, without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed one hundred eighty (180) days) from the effective date of such registration as may be
requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the public offering; provided however that, if during the last seventeen
(17) days of the restricted period the Company issues an earnings release or material news or a material event relating to the Company occurs, or prior to the expiration of the restricted period the Company announces that it will release
earnings results during the sixteen (16)-day period beginning on the last day of the restricted period, then, upon the request of the managing underwriter, to the extent required by any Financial Industry
Regulatory Authority rules, the restrictions imposed by this Section shall continue to apply until the end of the third trading day following the expiration of the fifteen (15)-day period beginning on the
issuance of the earnings release or the occurrence of the material news or material event. In no event will the restricted period extend beyond two hundred sixteen (216) days after the effective date of the registration statement. 

19. Award Subject to Company Clawback or Recoupment. To the extent permitted by applicable law, the Option shall be
subject to clawback or recoupment pursuant to any clawback or recoupment policy adopted by the Board or the Committee or required by law during the term of your employment or other Service that is applicable to you. In addition to any other remedies
available under such policy, applicable law may require the cancellation of your Option (whether vested or unvested) and the recoupment of any gains realized with respect to your Option. 

20. Entire Agreement; Enforcement of Rights. This Agreement, the Plan and the Notice of Grant constitute the entire
agreement and understanding of the parties relating to the subject matter herein and supersede all prior discussions between them. Any prior agreements, commitments or negotiations concerning this Option are superseded. No modification of or
amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in writing and signed by the parties to this Agreement. The failure by either party to enforce any rights under this Agreement shall not be
construed as a waiver of any rights of such party. 
 21. Insider Trading Restrictions/Market Abuse Laws. You
acknowledge that, depending on the laws of applicable jurisdictions, including but not limited to your country and the United States, you may be subject to insider trading restrictions and/or market abuse laws, which may affect your ability to
accept, acquire, sell or otherwise dispose of Shares, rights to Shares (e.g., Options) or rights linked to the value of Shares under the Plan during such times as you are considered to have “material
non-public information” or “inside information” regarding the Company (as defined by the laws or regulations in the relevant jurisdictions). Any restrictions under these laws or regulations are
separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. You acknowledge that it is your responsibility to comply with any applicable restrictions, and you should speak to your
personal advisor on this matter. 
 22. Foreign Asset/Account Reporting. You acknowledge that there may be certain
foreign asset and/or account reporting requirements which may affect your ability to purchase or hold Shares acquired under the Plan or cash received from participating in the Plan (including from any dividends paid on Shares acquired under the
Plan) in a brokerage or bank account outside your country. You may be required to report such accounts, assets or transactions to the tax or other authorities in your country. 

23. Language. You acknowledge that you are proficient in the English language and understand the provisions in this
Agreement and the Plan. If you have received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English
version will control. 

  
 9 

 24. Appendix. Notwithstanding any provisions in this Agreement, this
Option shall be subject to the Appendix if you live or work outside the United States, including any special terms and conditions set forth therein for your country. Moreover, if you relocate to a country other than the United States, then the
Appendix, including the special terms and conditions for such country, will apply to you to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The
Appendix constitutes part of this Agreement. 
 25. Imposition of Other Requirements. The Company reserves the right to
impose other requirements on your participation in the Plan, on this Option and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require you to sign
any additional agreements or undertakings that may be necessary to accomplish the foregoing. 
 26. Waiver. You
acknowledge that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by you or any other Participant. 

BY ACCEPTING THIS OPTION, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN. 

  
 10 

 APPENDIX TO 

STOCK OPTION AGREEMENT 

UPWORK INC. 2018 
 EQUITY
INCENTIVE PLAN 
 Capitalized terms, unless explicitly defined in this Appendix, shall have the meanings given to them in the Agreement, the Notice of
Grant or in the Plan. 
 Terms and Conditions 

This Appendix includes special terms and conditions that govern this Option if you reside and/or work in one of the countries listed below. These terms and
conditions supplement or replace (as indicated) the terms and conditions set forth in the Agreement. If you are a citizen or resident of a country other than the country in which you are currently residing and/or working (or are considered as such
for local law purposes), or if you transfer to another country after receiving this Option, the Company shall, in its discretion, determine to what extent the special terms and conditions contained herein shall be applicable to you. 

Notifications 
 This Appendix also includes
information regarding securities, exchange control, tax and certain other issues of which you should be aware with respect to your participation in the Plan. The information is based on the securities, exchange control, tax and other laws in effect
in the respective countries as of August 2018. Such laws are often complex and change frequently. As a result, the Company strongly recommends that you not rely on the information in this Appendix as the only source of information relating to the
consequences of your participation in the Plan because the information may be out of date at the time you exercise this Option or at the time you sell Shares acquired under the Plan. 

In addition, the information contained herein is general in nature and may not apply to your particular situation, and the Company is not in a position to
assure you of any particular result. Accordingly, you should seek appropriate professional advice as to how the relevant laws in your country may apply to your individual situation. 

If you are a citizen or resident of a country other than the country in which you are currently residing and/or working (or are considered as such for local
tax purposes), or if you transfer to another country after the grant of this Option, the information contained herein may not be applicable to you in the same manner. 

GREECE 
 There are no
country-specific provisions. 
 NORWAY 

There are no country-specific provisions. 

UNITED KINGDOM 

Terms and Conditions 
 Taxes. The
following provision supplements Section 8 (Taxes) of the Agreement: 

 Without limitation to Section 8 of the Agreement, you agree that you are liable for all Tax-Related Obligations and hereby covenant to pay all such Tax-Related Obligations, as and when requested by the Company or, if different, the Employer or by Her
Majesty’s Revenue & Customs (“HRMC”) (or any other tax authority or any other relevant authority). You also agree to indemnify and keep indemnified the Company and, if different, the Employer against any Tax-Related Obligations that they are required to pay or withhold on your behalf or have paid or will pay to HMRC (or any other tax authority or any other relevant authority). 

Notwithstanding the foregoing, if you are a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), the
amount of any uncollected income tax may constitute 
 a benefit to you on which additional income tax and national insurance contributions
(“NICs”) may be payable. You will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime, and for paying the Company or the Employer (as
appropriate) the value of any employee NICs due on this additional benefit. 
 NIC Joint Election. As a condition of participation in the Plan and
the exercise of the Option or receipt of any benefit in connection with the Option, you agree to accept any liability for secondary Class 1 NICs that may be payable by the Company or the Employer (or any successor to the Company or the
Employer) in connection with the Option and any event giving rise to Tax-Related Obligations (the “Employer NICs”). The Employer NICs may be collected by the Company or the Employer
using any of the methods described in the Plan or in Section 8 of the Agreement. 
 Without limitation to the foregoing, you agree to enter into a
joint election with the Company and/or the Employer or another form of joint election formally approved by HMRC (the “NIC Joint Election”). You agree to execute any other consent or election required by the Company or the
Employer in respect of the Employer NICs liability. You further agree to execute such other elections as may be required by any successor to the Company and/or the Employer for the purpose of continuing the effectiveness of your Joint Election. 

If you do not enter into an NIC Joint Election prior to the applicable taxable event, you will not be entitled to exercise the Option and receive Shares (or
receive any other benefit in connection with the Option) unless and until you enter into a NIC Joint Election, and no Shares or other benefit will be issued to you under the Plan, without any liability to the Company, the Employer or any Parent or
Subsidiary or Affiliate. 
 UNITED STATES 

There are no country-specific provisions. 

 NOTICE OF RESTRICTED STOCK UNIT AWARD 

(GLOBAL) 
 UPWORK INC.

 2018 EQUITY INCENTIVE PLAN 

GRANT NUMBER:  
 Unless otherwise
defined herein, the terms defined in the Upwork Inc. (the “Company”) 2018 Equity Incentive Plan (the “Plan”) shall have the same meanings in this Notice of Restricted Stock Unit Award (the
“Notice”) and the attached Restricted Stock Unit Agreement, including the Appendix attached hereto (the “Appendix”), which is generally applicable to you if you live or work outside the United States,
and any special terms and conditions for your country set forth therein (collectively, the “RSU Agreement”). You have been granted an award of Restricted Stock Units (“RSUs”) under the
Plan subject to the terms and conditions of the Plan, this Notice and the attached RSU Agreement. 
  

			
		
	Name:	  	  

		
	Address:	  	  

		
	Number of RSUs:	  	  

		
	Date of Grant:	  	  

		
	Vesting Commencement Date:	  	  

		
	Expiration Date:	  	The earlier to occur of: (a) the settlement of all vested RSUs granted hereunder and (b) the tenth anniversary of the Date of Grant. The RSUs are subject to earlier expiration as provided in the Plan or the RSU
Agreement.
		
	Vesting Schedule:	  	[Sample vesting language:] [25% of the total number of RSUs will vest on the twelve month anniversary of the Vesting Commencement Date and 1/16th of the total number of RSUs will vest on each quarterly anniversary thereafter
so long as your Service continues.][Note: actual vesting language to match vesting schedule approved by the Board or Committee]

 This Grant Notice may be executed and delivered electronically, whether via the Company’s intranet or the Internet site
of a third party or via email or any other means of electronic delivery specified by the Company. By accepting this award of RSUs, you consent to the electronic delivery and acceptance as further set forth in the RSU Agreement. You acknowledge that
the vesting of the RSUs pursuant to this Notice is earned only by continuing Service, but you understand that your employment or consulting relationship with the Company or a Parent, Subsidiary or Affiliate is for an unspecified duration and can be
terminated and that nothing in this Notice of Grant, the RSU Agreement or the Plan changes the nature of that relationship. By accepting this award, you and the Company agree that this award is granted under and governed by the terms and conditions
of the Plan, this Notice and the RSU Agreement. 
  

			
		
	PARTICIPANT	  	UPWORK INC.
		
	Signature:
                                         
                                       	  	By:
                                         
                                         
      
		
	Print Name:
                                         
                                       	  	Its:
                                         
                                         
      

 RESTRICTED STOCK UNIT AGREEMENT 

UPWORK INC. 
 2018 EQUITY
INCENTIVE PLAN 
 You have been granted Restricted Stock Units (“RSUs”) by Upwork Inc. (the
“Company”) subject to the terms, restrictions and conditions of the Plan, the Notice of Restricted Stock Unit Award (the “Notice”) and this Restricted Stock Unit Agreement, including the Appendix,
which is generally applicable to you if you live or work outside the United States, and any special terms and conditions for your country set forth therein (collectively, this “RSU Agreement”). 

1. Settlement. Settlement of RSUs shall be made in the same calendar year as the applicable date of vesting under
the vesting schedule set forth in the Notice; provided, however, that if the vesting date under the vesting schedule set forth in the Notice is in December, then settlement of any RSUs that vest in December shall be within 30 days of vesting.
Settlement of RSUs shall be in Shares. Settlement means the delivery to you of the Shares vested under the RSUs. Fractional Shares will not be issued. 

2. No Stockholder Rights. Unless and until such time as Shares are issued in settlement of vested RSUs, you shall
have no ownership of the Shares allocated to the RSUs and shall have no right to dividends or to vote such Shares. 
 3.
Dividend Equivalents. Dividend equivalents, if any, shall not be credited to you, except as otherwise permitted by the Committee. 

4. No Transfer. RSUs may not be sold, assigned, transferred, pledged, hypothecated, or otherwise disposed of in any
manner other than by will or by the laws of descent or distribution or court order or unless otherwise permitted by the Committee. 
 5.
Termination. If your Service terminates for any reason, all unvested RSUs shall be forfeited to the Company forthwith, and all rights you have to such RSUs shall immediately terminate, without payment of any consideration to
you. For purposes of this award of RSUs, your Service will be considered terminated as of the date you are no longer providing Service (regardless of the reason for such termination and whether or not later found to be invalid or in breach of labor
laws in the jurisdiction where you are employed or the terms of your employment or service agreement, if any) and will not be extended by any notice period mandated under local employment laws (e.g., Service would not include a period of
“garden leave” or similar period). In case of any dispute as to whether and when your termination of Service has occurred for purposes of the RSUs, the Committee shall have sole discretion to determine whether such termination has occurred
(including whether you may still be considered to be providing Services while on a leave of absence) and the effective date of such termination. 

6. Responsibility for Taxes. Regardless of any action the Company or, if different, your employer (the
“Employer”) takes with respect to any or all income tax, social insurance, payroll tax, fringe benefits tax, payment on account and other tax-related items related to your participation
in the Plan and legally applicable to you (“Tax-Related Obligations”), you acknowledge that the ultimate liability for all Tax-Related
Obligations is and remains your responsibility and may exceed the amount actually withheld by the Company or the Employer. You further acknowledge that the Company and the Employer (a) make no representations or undertakings regarding the
treatment of any Tax-Related Obligations in connection with any aspect of the award, including the grant, vesting or settlement of the RSUs, the subsequent sale of Shares acquired pursuant to such settlement
and the receipt of any dividends; and (b) do not commit to and are under no obligation to structure the terms of the award or any aspect of the RSUs to reduce or eliminate your liability for Tax-Related
Obligations or achieve any particular tax result. You acknowledge that if you are subject to Tax-Related Obligations in more than one jurisdiction, the Company and/or the Employer (or former employer, as
applicable) may be required to withhold or account for Tax-Related Obligations in more than one jurisdiction. 

  
 1 

 Prior to any relevant taxable or tax withholding event, as applicable, you shall pay or make
adequate arrangements satisfactory to the Company and/or the Employer to satisfy any withholding obligation the Company and/or the Employer may have for Tax-Related Obligations. In this regard, you authorize
the Company and/or the Employer, and their respective agents, at their discretion, to withhold all applicable Tax-Related Obligations from your wages or other cash compensation paid to you by the Company
and/or the Employer or by withholding from proceeds of the sale of the Shares either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf and you hereby authorize such sale pursuant to this authorization). The
Committee may also authorize one or a combination of the following methods to satisfy Tax-Related Obligations: (a) payment by you to the Company or the Employer of an amount equal to the Tax-Related Obligations in cash, (b) having the Company withhold otherwise deliverable cash or Shares having a value equal to the Tax-Related Obligations to be withheld,
(c) delivering to the Company already-owned Shares having a value equal to the Tax-Related Obligations to be withheld, or (d) any other arrangement approved by the Company and permissible under
applicable law; in all cases, under such rules as may be established by the Committee and in compliance with the Company’s Insider Trading Policy and 10b5-1 Trading Plan Policy, if applicable; provided,
however, that if you are a Section 16 officer of the Company under the Exchange Act, then the method of withholding shall be a mandatory sale (unless the Committee shall establish an alternate method prior to the taxable or withholding event).
You shall pay to the Company or the Employer any amount of Tax-Related Obligations that the Company or the Employer may be required to withhold as a result of your participation in the Plan or your issuance of
Shares upon settlement of the RSUs that cannot be satisfied by the means previously described. 
 Depending on the withholding method, the
Company may withhold or account for Tax-Related Obligations by considering applicable statutory withholding rates or other applicable withholding rates, including up to the maximum applicable rate in your
jurisdiction in which case you may receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent in Shares. If the obligation for Tax-Related Obligations is satisfied by
withholding in Shares, for tax purposes, you are deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Obligations. 
 Finally, you acknowledge that the Company has no obligation to deliver Shares
or proceeds from the sale of Shares to you until you have satisfied the obligations in connection with the Tax-Related Obligations as described in this Section. 

7. Nature of Grant. In accepting this award of RSUs, you acknowledge, understand and agree that: 

(a) the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated
by the Company at any time, to the extent permitted by the Plan; 
 (b) the grant of the RSUs is exceptional, voluntary and occasional and
does not create any contractual or other right to receive future awards of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past; 

(c) all decisions with respect to future RSUs or other grants, if any, will be at the sole discretion of the Company; 

(d) you are voluntarily participating in the Plan; 

(e) the RSUs and the Shares subject to the RSUs, and the income from and value of same, are not intended to replace any pension rights or
compensation; 

  
 2 

 (f) the RSUs and the Shares subject to the RSUs, and the income from and value of same, are
not part of normal or expected compensation or salary for any purpose including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal,
end-of-service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension or retirement benefits or payments or welfare benefits or similar
mandatory payments; 
 (g) unless otherwise agreed with the Company, the RSUs and any Shares acquired under the Plan, and the income from and
value of same, are not granted as consideration for, or in connection with, any Service you may provide as a director of a Subsidiary or Affiliate; 

(h) the future value of the underlying Shares is unknown, indeterminable and cannot be predicted with certainty; 

(i) no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs resulting from the termination of your Service
(for any reason whatsoever whether or not later found to be invalid or in breach of labor laws in the jurisdiction where you are providing Service or the terms of your employment or service agreement, if any); and 

(j) neither the Company nor the Employer, nor any Parent, Subsidiary or Affiliate, shall be liable for any foreign exchange rate fluctuation
between your local currency and the United States Dollar that may affect the value of the RSUs or the Shares acquired upon settlement of the RSUs or the amount received upon the subsequent sale of any Shares. 

8. Data Privacy. 

(a) Declaration of Consent. By accepting this award of RSUs and indicating consent by signing this RSU
Agreement or via the Company’s online acceptance procedure, you are declaring that you agree with the data processing practices described herein and consent to the collection, processing and use of Data by the Company and the transfer of Data
to the recipients mentioned below, including recipients located in countries which may not have a similar level of protection from the perspective of your country’s data protection law. 

(b) Data Collection and Usage. The Company and the Employer may collect, process and use certain personal
information about you, including, but not limited to, your name, home address and telephone number, email address, date of birth, social insurance number, passport or other identification number, salary, nationality, job title, any shares of stock
or directorships held in the Company, details of all RSUs granted under the Plan or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in your favor (“Data”), for the purposes of
implementing, administering and managing the Plan. The legal basis, where required, for the processing of Data is your consent. 

(c) Stock Plan Administration Service Providers. The Company transfers Data to [insert broker] (“Plan
Broker”), an independent service provider based in the United States, which is assisting the Company with the implementation, administration and management of the Plan. In the future, the Company may select a different service provider and
share Data with such other provider serving in a similar manner. You may be asked to agree on separate terms and data processing practices with the service provider, with such agreement being a condition to the ability to participate in the
Plan. 
 (d) International Data Transfers. The Company and its service providers are based in the
United States. Your country or jurisdiction may have different data privacy laws and protections than the United States. For example, the European Commission has issued a limited adequacy finding with respect to the United States that applies only
to the extent companies register for the EU-U.S. Privacy Shield program. The Company’s legal basis, where required, for the transfer of Data is your consent. 

  
 3 

 (e) Data Retention. The Company will hold and use the Data
only as long as is necessary to implement, administer and manage your participation in the Plan, or as required to comply with legal or regulatory obligations, including under tax and security laws. 

(f) Voluntariness and Consequences of Consent Denial or Withdrawal. Participation in the Plan is voluntary and you are
providing the consents herein on a purely voluntary basis. If you do not consent, or if you later seek to revoke your consent, your salary from or employment and career with the Employer will not be affected; the only consequence of refusing or
withdrawing your consent is that the Company would not be able to grant the RSUs under the Plan to you or administer or maintain your participation in the Plan. 

(g) Data Subject Rights. You may have a number of rights under data privacy laws in your jurisdiction. Depending on where
you are based, such rights may include the right to (i) request access or copies of Data the Company processes, (ii) rectification of incorrect Data, (iii) deletion of Data, (iv) restrictions on processing of Data,
(v) portability of Data, (vi) lodge complaints with competent authorities in your jurisdiction, and/or (vii) receive a list with the names and addresses of any potential recipients of Data. To receive clarification regarding these rights
or to exercise these rights, you understand that you can contact your local human resources representative. 
 9.
Acknowledgement. The Company and you agree that the RSUs are granted under and governed by the Notice, this RSU Agreement and the provisions of the Plan (incorporated by reference). You: (i) acknowledge receipt of a
copy of the Plan and the Plan prospectus, (ii) represent that you have carefully read and are familiar with their provisions and the provisions of the Notice and this Agreement, and (iii) hereby accept the RSUs subject to all of the terms
and conditions set forth in this RSU Agreement and those set forth in the Plan and the Notice. You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions relating to the Plan, the
Notice and this RSU Agreement. 
 10. Entire Agreement; Enforcement of Rights. This RSU Agreement, the Plan and
the Notice constitute the entire agreement and understanding of the parties relating to the subject matter herein and supersede all prior discussions between them. Any prior agreements, commitments or negotiations concerning the acquisition of the
Shares hereunder are superseded. No modification of or amendment to this RSU Agreement, nor any waiver of any rights under this RSU Agreement, shall be effective unless in writing and signed by the parties to this RSU Agreement. The failure by
either party to enforce any rights under this RSU Agreement shall not be construed as a waiver of any rights of such party. 
 11.
Compliance with Laws and Regulations. The issuance of Shares will be subject to and conditioned upon compliance by the Company and you with all applicable state, federal and foreign laws and regulations and with all
applicable requirements of any stock exchange or automated quotation system on which the Company’s common stock may be listed or quoted at the time of such issuance or transfer, which compliance the Company shall, in its absolute discretion,
deem necessary or advisable. You understand that the Company is under no obligation to register or qualify the Company’s common stock with any state, federal or foreign securities commission or to seek approval or clearance from any
governmental authority for the issuance or sale of the Shares. Further, you agree that the Company shall have unilateral authority to amend the Plan and this RSU Agreement without your consent to the extent necessary to comply with securities
or other laws applicable to issuance of Shares. Finally, the Shares issued pursuant to this RSU Agreement shall be endorsed with appropriate legends, if any, determined by the Company. 

12. No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company
making any recommendations regarding your participation in the Plan, or your acquisition or sale of the underlying Shares. You should consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before
taking any action related to the Plan. 

  
 4 

 13. Governing Law; Venue. This RSU Agreement, all acts and
transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of conflict of laws. For
purposes of litigating any dispute that may arise directly or indirectly from the Plan, the Notice and this RSU Agreement, the parties hereby submit and consent to litigation in the exclusive jurisdiction of the State of California and agree that
any such litigation shall be conducted only in the courts of California in Santa Clara County, California or the federal courts of the United States for the Northern District of California and no other courts. 

14. Severability. If one or more provisions of this RSU Agreement are held to be unenforceable under applicable
law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this RSU
Agreement, (ii) the balance of this RSU Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of this RSU Agreement shall be enforceable in accordance with its terms. 

15. No Rights as Employee, Director or Consultant. Nothing in this RSU Agreement shall create a right to employment or
other Service or be interpreted as forming or amending an employment, service contract or relationship with the Company and this RSU Agreement shall not affect in any manner whatsoever any right or power of the Company, or a Parent, Subsidiary or
Affiliate, to terminate your Service, for any reason, with or without Cause. 
 16. Consent to Electronic Delivery and
Acceptance of All Plan Documents and Disclosures. By your acceptance of this award of RSUs, you consent to the electronic delivery of the Notice, this RSU Agreement, the Plan, account statements, Plan prospectuses required by the U.S.
Securities and Exchange Commission, U.S. financial reports of the Company, and all other documents that the Company is required to deliver to its securityholders (including, without limitation, annual reports and proxy statements) or other
communications or information related to the RSUs. Electronic delivery may include the delivery of a link to a Company intranet or the internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other delivery determined at the Company’s discretion. You acknowledge that you may receive from the Company a paper copy of any documents delivered electronically at no cost if you contact the
Company by telephone, through a postal service or electronic mail at [insert email]. You further acknowledge that you will be provided with a paper copy of any documents delivered electronically if electronic delivery fails; similarly, you
understand that you must provide on request to the Company or any designated third party a paper copy of any documents delivered electronically if electronic delivery fails. You agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. Also, you understand that your consent may be revoked or changed, including any change in the
electronic mail address to which documents are delivered (if you have provided an electronic mail address), at any time by notifying the Company of such revised or revoked consent by telephone, postal service or electronic mail at [insert email].
Finally, you understand that you are not required to consent to electronic delivery. 
 17. Insider Trading Restrictions/Market
Abuse Laws. You acknowledge that, depending on the laws of applicable jurisdictions, including but not limited to your country and the United States, you may be subject to insider trading restrictions and/or market abuse laws, which
may affect your ability to accept, acquire, sell or otherwise dispose of Shares, rights to Shares (e.g., RSUs) or rights linked to the value of Shares under the Plan during such times as you are considered to have “material non-public information” or “inside information” regarding the Company (as defined by the laws or regulations in the relevant jurisdictions). Any restrictions under these laws or regulations are
separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. You acknowledge that it is your responsibility to comply with any applicable restrictions, and you should speak to your
personal advisor on this matter. 

  
 5 

 18. Foreign Asset/Account Reporting. You acknowledge that there may be
certain foreign asset and/or account reporting requirements which may affect your ability to acquire Shares or hold Shares acquired under the Plan or cash received from participating in the Plan (including from any dividends paid on Shares acquired
under the Plan) in a brokerage or bank account outside your country. You may be required to report such accounts, assets or transactions to the tax or other authorities in your country. 

19. Language. You acknowledge that you are proficient in the English language and understand the provisions in this
RSU Agreement and the Plan. If you have received this RSU Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the
English version will control. 
 20. Appendix. Notwithstanding any provisions in this RSU Agreement, this award of RSUs
shall be subject to the Appendix if you live or work outside the United States, including any special terms and conditions set forth therein for your country. Moreover, if you relocate to a country other than the United States, then the Appendix,
including the special terms and conditions for such country will, apply to you to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix
constitutes part of this RSU Agreement. 
 21. Imposition of Other Requirements. The Company reserves the right
to impose other requirements on your participation in the Plan, on the RSUs and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require you to sign
any additional agreements or undertakings that may be necessary to accomplish the foregoing. 
 22. Waiver. You
acknowledge that a waiver by the Company of breach of any provision of this RSU Agreement shall not operate or be construed as a waiver of any other provision of this RSU Agreement, or of any subsequent breach by you or any other Participant. 

23. Code Section 409A. For purposes of this RSU Agreement, a termination of
employment will be determined consistent with the rules relating to a “separation from service” as defined in Section 409A of the Code and the regulations thereunder
(“Section 409A”). Notwithstanding anything else provided herein, to the extent any payments provided under this RSU Agreement in connection with your termination of employment constitute
deferred compensation subject to Section 409A, and you are deemed at the time of such termination of employment to be a “specified employee” under Section 409A, then such payment shall not be made or commence until the earlier of
(i) the expiration of the six-month period measured from your separation from service from the Company or (ii) the date of your death following such a separation from service; provided, however, that
such deferral shall only be effected to the extent required to avoid adverse tax treatment to you including, without limitation, the additional tax for which you would otherwise be liable under Section 409A(a)(1)(B) in the absence of such a
deferral. To the extent any payment under this RSU Agreement may be classified as a “short-term deferral” within the meaning of Section 409A, such payment shall be deemed a short-term deferral, even if it may also qualify for an
exemption from Section 409A under another provision of Section 409A. Payments pursuant to this section are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the
Treasury Regulations. 
 24. Lock-Up Agreement. In connection with the initial
public offering of the Company’s securities and upon request of the Company or the underwriters managing any underwritten offering of the Company’s securities, you hereby agree not to sell, make any short sale of, loan, grant any option
for the purchase of, or otherwise dispose of any securities of the Company however and whenever acquired (other than those included in the registration), except pursuant to a transfer for no consideration in accordance with Section 5 above,
without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed one hundred eighty (180) days) from the effective date of such registration as may be requested by the Company or
such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the public offering; provided however that, if during the last seventeen (17) days of the restricted period
the Company issues an earnings release or material news or a material event relating to the Company occurs, or prior to the expiration of the restricted period the Company announces that it will release earnings results during the sixteen (16)-day period beginning on the 

  
 6 

 
last day of the restricted period, then, upon the request of the managing underwriter, to the extent required by any Financial Industry Regulatory Authority rules, the restrictions imposed by
this Section shall continue to apply until the end of the third trading day following the expiration of the fifteen (15)-day period beginning on the issuance of the earnings release or the occurrence of the
material news or material event. In no event will the restricted period extend beyond two hundred sixteen (216) days after the effective date of the registration statement. 

25. Award Subject to Company Clawback or Recoupment. To the extent permitted by applicable law, the RSUs shall be subject
to clawback or recoupment pursuant to any clawback or recoupment policy adopted by the Board or the Committee or required by law during the term of your employment or other Service that is applicable to you. In addition to any other remedies
available under such policy, applicable law may require the cancellation of your RSUs (whether vested or unvested) and the recoupment of any gains realized with respect to your RSUs. 

BY ACCEPTING THIS AWARD OF RSUS, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN. 

  
 7 

 APPENDIX 

ADDITIONAL TERMS AND CONDITIONS 

RESTRICTED STOCK UNIT AGREEMENT 

UPWORK INC. 
 2018 EQUITY
INCENTIVE PLAN 
 Capitalized terms, unless explicitly defined in this Appendix, shall have the meanings given to them in the RSU Agreement, the Notice
or in the Plan. 
 Terms and Conditions 
 This
Appendix includes special terms and conditions that govern the RSUs granted to you under the Plan if you reside and/or work in one of the countries listed below. These terms and conditions supplement or replace (as indicated) the terms and
conditions set forth in the RSU Agreement. If you are a citizen or resident of a country other than the country in which you are currently residing and/or working (or are considered as such for local law purposes), or if you transfer to another
country after receiving the RSUs, the Company shall, in its discretion, determine to what extent the special terms and conditions contained herein shall be applicable to you. 

Notifications 
 This Appendix also includes
information regarding securities, exchange control, tax and certain other issues of which you should be aware with respect to your participation in the Plan. The information is based on the securities, exchange control, tax and other laws in effect
in the respective countries as of August 2018. Such laws are often complex and change frequently. As a result, the Company strongly recommends that you not rely on the information in this Appendix as the only source of information relating to the
consequences of your participation in the Plan because the information may be out of date at the time that the RSUs vest or you sell Shares acquired under the Plan. 

In addition, the information contained herein is general in nature and may not apply to your particular situation and the Company is not in a position to
assure you of any particular result. Accordingly, you should seek appropriate professional advice as to how the relevant laws in your country may apply to your individual situation. 

If you are a citizen or resident of a country other than the country in which you are currently residing and/or working (or are considered as such for local
tax purposes), or if you transfer to another country after the grant of the RSUs, the information contained herein may not be applicable to you in the same manner. 

GREECE 
 There are no
country-specific provisions. 
 NORWAY 

There are no country-specific provisions. 

UNITED KINGDOM 

Terms and Conditions 
 Responsibility for
Taxes. The following provision supplements Section 6 (Responsibility for Taxes) of the RSU Agreement: 

  
 8 

 Without limitation to Section 6 of the RSU Agreement, you agree that you are liable for all Tax-Related Obligations and hereby covenant to pay all such Tax-Related Obligations, as and when requested by the Company or, if different, the Employer or by Her
Majesty’s Revenue & Customs (“HRMC”) (or any other tax authority or any other relevant authority). You also agree to indemnify and keep indemnified the Company and, if different, the Employer against any Tax-Related Obligations that they are required to pay or withhold on your behalf or have paid or will pay to HMRC (or any other tax authority or any other relevant authority). 

Notwithstanding the foregoing, if you are a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), the
amount of any uncollected income tax may constitute a benefit to you on which additional income tax and national insurance contributions (“NICs”) may be payable. You will be responsible for reporting and paying any income tax
due on this additional benefit directly to HMRC under the self-assessment regime, and for paying the Company or the Employer (as appropriate) the value of any employee NICs due on this additional benefit. 

NIC Joint Election. As a condition of participation in the Plan and the vesting and settlement of the RSUs or receipt of any benefit in connection with
the RSUs, you agree to accept any liability for secondary Class 1 NICs that may be payable by the Company or the Employer (or any successor to the Company or the Employer) in connection with the RSUs and any event giving rise to Tax-Related Obligations (the “Employer NICs”). The Employer NICs may be collected by the Company or the Employer using any of the methods described in the Plan or in Section 6 of the
Agreement. 
 Without limitation to the foregoing, you agree to enter into a joint election with the Company and/or the Employer or another form of joint
election formally approved by HMRC (the “NIC Joint Election”). You agree to execute any other consent or election required by the Company or the Employer in respect of the Employer NICs liability. You further agree to execute
such other elections as may be required by any successor to the Company and/or the Employer for the purpose of continuing the effectiveness of your Joint Election. 

If you do not enter into an NIC Joint Election prior to the applicable taxable event, you will not be entitled to vest in the RSUs and receive Shares (or
receive any other benefit in connection with the RSUs) unless and until you enter into a NIC Joint Election, and no Shares or other benefit will be issued to you under the Plan, without any liability to the Company, the Employer or any Parent or
Subsidiary or Affiliate. 
 UNITED STATES 

There are no country-specific provisions. 

  
 9 

 For Non-Employee Directors 

NOTICE OF RESTRICTED STOCK UNIT AWARD 

(NON-EMPLOYEE DIRECTOR) 

UPWORK INC. 
 2018 EQUITY
INCENTIVE PLAN 
 GRANT NUMBER:  

Unless otherwise defined herein, the terms defined in the Upwork Inc. (the “Company”) 2018 Equity Incentive Plan (the
“Plan”) shall have the same meanings in this Notice of Restricted Stock Unit Award (the “Notice”) and the attached Restricted Stock Unit Agreement (the “RSU Agreement”).
You have been granted an award of Restricted Stock Units (“RSUs”) under the Plan subject to the terms and conditions of the Plan, this Notice and the attached RSU Agreement. 

 

			
		
	 Name:
	  	  

		
	 Address:
	  	  

		
	 Number of RSUs:
	  	  

		
	 Date of Grant:
	  	  

		
	 Vesting Commencement Date:
	  	  

		
	 Expiration Date:
	  	The earlier to occur of: (a) the settlement of all vested RSUs granted hereunder and (b) the tenth anniversary of the Date of Grant. The RSUs are subject to earlier expiration as provided in the Plan or the RSU
Agreement.
		
	 Vesting Schedule:
	  	[Sample vesting language:] [25% of the total number of RSUs will vest on each quarterly anniversary of the Vesting Commencement Date so long as your Service continues; provided that the final quarterly installment shall fully
vest on the earlier of (a) the date of the next annual meeting of the Company’s stockholders (or the date immediately prior to the next annual meeting of the Company’s stockholders if your service as a
non-employee Director ends at such meeting due to your failure to be re-elected or you do not stand for re-election) and
(b) the date that is the last day of the last full quarter of the vesting of the RSUs, in each case so long as you continue to provide Services through such date.] / [1/3rd of the total number of RSUs will vest on each annual anniversary of the
Vesting Commencement Date so long as your Service continues; provided that the final annual installment shall fully vest on the earlier of (a) the date of the next annual meeting of the Company’s stockholders (or the date immediately prior
to the next annual meeting of the Company’s stockholders if your service as a non-employee Director ends at such meeting due to your failure to be re-elected or you
do not stand for re-election) and (b) the date that is the last day of the last full year of the vesting of the RSUs, in each case so long as you continue to provide Services through such date.]
		
		  	In the event of a Corporate Transaction while you serve as a non-employee Director, the vesting of the RSUs shall accelerate in full prior to the consummation of such event at such times and
on such conditions as the Committee determines.

 This Grant Notice may be executed and delivered electronically, whether via the Company’s intranet or the Internet site
of a third party or via email or any other means of electronic delivery specified by the Company. By accepting this award of RSUs, you consent to the electronic delivery and acceptance as further set forth in the RSU Agreement. You acknowledge that
the vesting of the RSUs pursuant to this Notice is earned only by continuing Service, but you understand that your Service relationship can be terminated and that nothing in this Notice of Grant, the RSU Agreement or the Plan changes the nature of
that relationship. By accepting this award, you and the Company agree that this award is granted under and governed by the terms and conditions of the Plan, this Notice and the RSU Agreement. 

			
		
	PARTICIPANT	  	UPWORK INC.
		
	Signature:
                                         
                                   	  	By:
                                         
                                         
      
		
	Print Name:
                                         
                                   	  	Its:
                                         
                                         
      

  

 RESTRICTED STOCK UNIT AGREEMENT 

UPWORK INC. 
 2018 EQUITY
INCENTIVE PLAN 
 You have been granted Restricted Stock Units (“RSUs”) by Upwork Inc. (the
“Company”) subject to the terms, restrictions and conditions of the Plan, the Notice of Restricted Stock Unit Award (the “Notice”) and this Restricted Stock Unit Agreement (this
“RSU Agreement”). 
 1. Settlement.
Settlement of RSUs shall be made in the same calendar year as the applicable date of vesting under the vesting schedule set forth in the Notice. Settlement means the delivery to you of the Shares vested under the RSUs. Fractional Shares will not be
issued. 
 2. No Stockholder Rights. Unless and until such time as Shares are issued in settlement of vested
RSUs, you shall have no ownership of the Shares allocated to the RSUs and shall have no right to dividends or to vote such Shares. 
 3.
Dividend Equivalents. Dividend equivalents, if any, shall not be credited to you, except as otherwise permitted by the Committee. 

4. No Transfer. RSUs may not be sold, assigned, transferred, pledged, hypothecated, or otherwise disposed of in any
manner other than by will or by the laws of descent or distribution or court order or unless otherwise permitted by the Committee. 
 5.
Termination. If your Service terminates for any reason, all unvested RSUs shall be forfeited to the Company forthwith, and all rights you have to such RSUs shall immediately terminate, without payment of any consideration to
you. For purposes of this award of RSUs, your Service will be considered terminated as of the date you are no longer providing Service (regardless of the reason for such termination and whether or not later found to be invalid or in breach of
applicable laws or the terms of your service agreement, if any). In case of any dispute as to whether and when your termination of Service has occurred for purposes of the RSUs, the Board shall have sole discretion to determine whether such
termination has occurred (including whether you may still be considered to be providing Services while on a leave of absence) and the effective date of such termination. 

6. Responsibility for Taxes. Regardless of any action the Company takes with respect to any or all income tax,
social insurance, payroll tax, fringe benefits tax, payment on account and other tax-related items related to your participation in the Plan and legally applicable to you (“Tax-Related Obligations”), you acknowledge that the ultimate liability for all Tax-Related Obligations is and remains your responsibility and may exceed the
amount actually withheld by the Company (to the extent withholding is applicable). You further acknowledge that the Company (a) makes no representations or undertakings regarding the treatment of any
Tax-Related Obligations in connection with any aspect of the award, including the grant, vesting or settlement of the RSUs, the subsequent sale of Shares acquired pursuant to such settlement and the receipt of
any dividends; and (b) does not commit to and is under no obligation to structure the terms of the award or any aspect of the RSUs to reduce or eliminate your liability for Tax-Related Obligations or
achieve any particular tax result. You acknowledge that if you are subject to Tax-Related Obligations in more than one jurisdiction, the Company may be required to withhold or account for Tax-Related Obligations in more than one jurisdiction. Prior to any relevant taxable or tax withholding event, as applicable, you shall pay or make adequate arrangements satisfactory to the Company to satisfy any
withholding obligation the Company may have for Tax-Related Obligations. If the obligation for Tax-Related Obligations is satisfied by withholding in Shares, for tax
purposes, you are deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related
Obligations. Finally, you acknowledge that the Company has no obligation to deliver Shares or proceeds from the sale of Shares to you until you have satisfied the obligations in connection with the Tax-Related
Obligations as described in this Section. 

  
 1 

 7. Nature of Grant. In accepting this award of RSUs, you
acknowledge, understand and agree that: 
 (a) the Plan is established voluntarily by the Company, it is discretionary in nature and it may
be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan; 
 (b) all decisions with
respect to future RSUs or other grants, if any, will be at the sole discretion of the Company; 
 (c) you are voluntarily participating in
the Plan; 
 (d) the future value of the underlying Shares is unknown, indeterminable and cannot be predicted with certainty; and 

(e) no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs resulting from the termination of your Service
(for any reason whatsoever whether or not later found to be invalid or in breach of applicable laws or the terms of your service agreement, if any). 

8. Data Privacy. 

(a) Declaration of Consent. By accepting this award of RSUs and indicating consent by signing this RSU
Agreement or via the Company’s online acceptance procedure, you are declaring that you agree with the data processing practices described herein and consent to the collection, processing and use of Data by the Company and the transfer of Data
to the recipients mentioned below, including recipients located in countries which may not have a similar level of protection from the perspective of your country’s data protection law. 

(b) Data Collection and Usage. The Company may collect, process and use certain personal information
about you, including, but not limited to, your name, home address and telephone number, email address, date of birth, social insurance number, passport or other identification number, salary, nationality, job title, any shares of stock or
directorships held in the Company, details of all RSUs granted under the Plan or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in your favor (“Data”), for the purposes of
implementing, administering and managing the Plan. The legal basis, where required, for the processing of Data is your consent. 

(c) Stock Plan Administration Service Providers. The Company transfers Data to [insert broker] (“Plan Broker”),
an independent service provider based in the United States, which is assisting the Company with the implementation, administration and management of the Plan. In the future, the Company may select a different service provider and share Data with
such other provider serving in a similar manner. You may be asked to agree on separate terms and data processing practices with the service provider, with such agreement being a condition to the ability to participate in the Plan. 

(d) International Data Transfers. The Company and its service providers are based in the United
States. Your country or jurisdiction may have different data privacy laws and protections than the United States. For example, the European Commission has issued a limited adequacy finding with respect to the United States that applies only to the
extent companies register for the EU-U.S. Privacy Shield program. The Company’s legal basis, where required, for the transfer of Data is your consent. 

(e) Data Retention. The Company will hold and use the Data only as long as is necessary to implement,
administer and manage your participation in the Plan, or as required to comply with legal or regulatory obligations, including under tax and security laws. 

  
 2 

 (f) Voluntariness and Consequences of Consent Denial or
Withdrawal. Participation in the Plan is voluntary and you are providing the consents herein on a purely voluntary basis. If you do not consent, or if you later seek to revoke your consent, the Company would not be
able to grant the RSUs under the Plan to you or administer or maintain your participation in the Plan. 
 (g) Data
Subject Rights. You may have a number of rights under data privacy laws in your jurisdiction. Depending on where you are based, such rights may include the right to (i) request access or copies of Data the
Company processes, (ii) rectification of incorrect Data, (iii) deletion of Data, (iv) restrictions on processing of Data, (v) portability of Data, (vi) lodge complaints with competent authorities in your jurisdiction, and/or
(vii) receive a list with the names and addresses of any potential recipients of Data. To receive clarification regarding these rights or to exercise these rights, you understand that you can contact your local human resources
representative. 
 9. Acknowledgement. The Company and you agree that the RSUs are granted under and
governed by the Notice, this RSU Agreement and the provisions of the Plan (incorporated by reference). You: (i) acknowledge receipt of a copy of the Plan and the Plan prospectus, (ii) represent that you have carefully read and are familiar
with their provisions and the provisions of the Notice and this Agreement, and (iii) hereby accept the RSUs subject to all of the terms and conditions set forth in this RSU Agreement and those set forth in the Plan and the Notice. You hereby
agree to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions relating to the Plan, the Notice and this RSU Agreement. 

10. Entire Agreement; Enforcement of Rights. This RSU Agreement, the Plan and the Notice constitute the entire
agreement and understanding of the parties relating to the subject matter herein and supersede all prior discussions between them. Any prior agreements, commitments or negotiations concerning the acquisition of the Shares hereunder are superseded.
No modification of or amendment to this RSU Agreement, nor any waiver of any rights under this RSU Agreement, shall be effective unless in writing and signed by the parties to this RSU Agreement. The failure by either party to enforce any rights
under this RSU Agreement shall not be construed as a waiver of any rights of such party. 
 11. Compliance with Laws and
Regulations. The issuance of Shares will be subject to and conditioned upon compliance by the Company and you with all applicable state, federal and foreign laws and regulations and with all applicable requirements of any stock
exchange or automated quotation system on which the Company’s common stock may be listed or quoted at the time of such issuance or transfer, which compliance the Company shall, in its absolute discretion, deem necessary or advisable. You
understand that the Company is under no obligation to register or qualify the Company’s common stock with any state, federal or foreign securities commission or to seek approval or clearance from any governmental authority for the issuance or
sale of the Shares. Further, you agree that the Company shall have unilateral authority to amend the Plan and this RSU Agreement without your consent to the extent necessary to comply with securities or other laws applicable to issuance of
Shares. Finally, the Shares issued pursuant to this RSU Agreement shall be endorsed with appropriate legends, if any, determined by the Company. 

12. No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company
making any recommendations regarding your participation in the Plan, or your acquisition or sale of the underlying Shares. You should consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before
taking any action related to the Plan. 
 13. Governing Law; Venue. This RSU Agreement, all acts and transactions
pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of conflict of laws. For purposes of
litigating any dispute that may arise directly or indirectly from the Plan, the Notice and this RSU Agreement, the parties hereby submit and consent to litigation in the exclusive jurisdiction of the State of California and agree that any such
litigation shall be conducted only in the courts of California in Santa Clara County, California or the federal courts of the United States for the Northern District of California and no other courts. 

  
 3 

 14. Severability. If one or more provisions of this RSU
Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then
(i) such provision shall be excluded from this RSU Agreement, (ii) the balance of this RSU Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of this RSU Agreement shall be enforceable in
accordance with its terms. 
 15. No Rights as Employee, Director or Consultant. Nothing in this RSU Agreement shall
create a right to employment or other Service or be interpreted as forming or amending an employment, service contract or relationship with the Company and this RSU Agreement shall not affect in any manner whatsoever any right or power of the
Company, or a Parent, Subsidiary or Affiliate, to terminate your Service, for any reason, with or without Cause. 
 16. Consent
to Electronic Delivery and Acceptance of All Plan Documents and Disclosures. By your acceptance of this award of RSUs, you consent to the electronic delivery of the Notice, this RSU Agreement, the Plan, account statements, Plan prospectuses
required by the U.S. Securities and Exchange Commission, U.S. financial reports of the Company, and all other documents that the Company is required to deliver to its securityholders (including, without limitation, annual reports and proxy
statements) or other communications or information related to the RSUs. Electronic delivery may include the delivery of a link to a Company intranet or the internet site of a third party involved in administering the Plan, the delivery of the
document via e-mail or such other delivery determined at the Company’s discretion. You acknowledge that you may receive from the Company a paper copy of any documents delivered electronically at no cost
if you contact the Company by telephone, through a postal service or electronic mail at [insert email]. You further acknowledge that you will be provided with a paper copy of any documents delivered electronically if electronic delivery
fails; similarly, you understand that you must provide on request to the Company or any designated third party a paper copy of any documents delivered electronically if electronic delivery fails. You agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. Also, you understand that your consent may be revoked or changed, including any change in the
electronic mail address to which documents are delivered (if you have provided an electronic mail address), at any time by notifying the Company of such revised or revoked consent by telephone, postal service or electronic mail at [insert email].
Finally, you understand that you are not required to consent to electronic delivery. 
 17. Insider Trading Restrictions/Market
Abuse Laws. You acknowledge that, depending on the laws of applicable jurisdictions, you may be subject to insider trading restrictions and/or market abuse laws, which may affect your ability to accept, acquire, sell or otherwise
dispose of Shares, rights to Shares (e.g., RSUs) or rights linked to the value of Shares under the Plan during such times as you are considered to have “material non-public information”
or “inside information” regarding the Company (as defined by the laws or regulations in the relevant jurisdictions). Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed
under any applicable Company insider trading policy. You acknowledge that it is your responsibility to comply with any applicable restrictions, and you should speak to your personal advisor on this matter. 

18. Imposition of Other Requirements. The Company reserves the right to impose other requirements on your
participation in the Plan, on the RSUs and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require you to sign any additional agreements or
undertakings that may be necessary to accomplish the foregoing. 
 19. Waiver. You acknowledge that a waiver by
the Company of breach of any provision of this RSU Agreement shall not operate or be construed as a waiver of any other provision of this RSU Agreement, or of any subsequent breach by you or any other Participant. 

  
 4 

 20. Code Section 409A. To the
extent any payment under this RSU Agreement may be classified as a “short-term deferral” within the meaning of Section 409A of the Code and the regulations thereunder
(“Section 409A”), such payment shall be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A. Payments
pursuant to this section are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 

21. Lock-Up Agreement. In connection with the initial public offering of the
Company’s securities and upon request of the Company or the underwriters managing any underwritten offering of the Company’s securities, you hereby agree not to sell, make any short sale of, loan, grant any option for the purchase of, or
otherwise dispose of any securities of the Company however and whenever acquired (other than those included in the registration), except pursuant to a transfer for no consideration in accordance with Section 5 above, without the prior written
consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed one hundred eighty (180) days) from the effective date of such registration as may be requested by the Company or such managing underwriters
and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the public offering; provided however that, if during the last seventeen (17) days of the restricted period the Company issues an
earnings release or material news or a material event relating to the Company occurs, or prior to the expiration of the restricted period the Company announces that it will release earnings results during the sixteen
(16)-day period beginning on the last day of the restricted period, then, upon the request of the managing underwriter, to the extent required by any Financial Industry Regulatory Authority rules, the
restrictions imposed by this Section shall continue to apply until the end of the third trading day following the expiration of the fifteen (15)-day period beginning on the issuance of the earnings release or
the occurrence of the material news or material event. In no event will the restricted period extend beyond two hundred sixteen (216) days after the effective date of the registration statement. 

22. Award Subject to Company Clawback or Recoupment. To the extent permitted by applicable law, the RSUs shall be subject
to clawback or recoupment pursuant to any clawback or recoupment policy adopted by the Board or the Committee or required by law during the term of your employment or other Service that is applicable to you. In addition to any other remedies
available under such policy, applicable law may require the cancellation of your RSUs (whether vested or unvested) and the recoupment of any gains realized with respect to your RSUs. 

BY ACCEPTING THIS AWARD OF RSUS, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN. 

  
 5 

 NOTICE OF RESTRICTED STOCK AWARD 

UPWORK INC. 
 2018 EQUITY
INCENTIVE PLAN 
 Unless otherwise defined herein, the terms defined in the Upwork Inc. (the “Company”) 2018 Equity Incentive
Plan (the “Plan”) shall have the same meanings in this Notice of Restricted Stock Award (the “Notice”) and the attached Restricted Stock Agreement (the “Restricted Stock
Agreement”). You have been granted the opportunity to purchase Shares that are subject to restrictions (the “Restricted Shares”) and the terms and conditions of the Plan, this Notice and the attached Restricted
Stock Agreement. 
  

			
	Name of Purchaser:                               
                                         
                                         
                                         
                     
		
	Total Number of Restricted Shares Awarded:	  	                                      
                                         
                 
		
	Fair Market Value per Restricted Share:	  	$                                      
                                         
               
		
	Total Fair Market Value of Award:	  	$                                      
                                         
               
		
	Purchase Price per Restricted Share:	  	$                                      
                                         
               
		
	Total Purchase Price for all Restricted Shares:	  	$                                      
                                         
               
		
	Date of Grant:	  	                                      
                                         
                 
		
	Vesting Commencement Date:	  	                                      
                                         
                 
		
	Vesting Schedule:	  	[Sample vesting language:] [Subject to the limitations set forth in this Notice, the Plan and the Restricted Stock Agreement, 25% of the total number of Restricted Shares will vest when you complete 12 months of continuous
Service from the Vesting Commencement Date. Thereafter, an additional 1/16th of the total number of Restricted Shares will vest when you complete each quarter of Service.] [Note: actual vesting language to match vesting schedule approved by the
Board or Committee]

 This Notice may be executed and delivered electronically, whether via the Company’s intranet or the Internet site of a
third party or via email or any other means of electronic delivery specified by the Company. By purchasing the Restricted Shares, you consent to the electronic delivery and acceptance as further set forth in the Restricted Stock Agreement. You
acknowledge that the vesting of the Restricted Shares pursuant to this Notice is earned only by continuing Service, but you understand that your employment or consulting relationship with the Company or a Parent or Subsidiary is for an unspecified
duration and can be terminated at any time, and that nothing in this Notice, the Restricted Stock Agreement or the Plan changes the nature of that relationship. By accepting the Restricted Shares, you and the Company agree that the Restricted Shares
are granted under and governed by the terms and conditions of the Plan, this Notice and the Restricted Stock Agreement. If the Restricted Stock Agreement is not executed by you within thirty (30) days of the Company’s
delivery of this Agreement to you, then this award shall be void. 
  

							
	PARTICIPANT:	  	            	  	UPWORK INC.
				
	Signature                                    
                                         
	  		  	By:	  	  

				
	Date:                                     
                                         
      	  		  	Its:	  	  

 RESTRICTED STOCK AGREEMENT 

UPWORK INC. 
 2018 EQUITY
INCENTIVE PLAN 
 THIS RESTRICTED STOCK AGREEMENT (this “Agreement”) is made by and between Upwork Inc., a
Delaware corporation (the “Company”), and the purchaser (“you”) named on the Notice of Restricted Stock Award (the “Notice”) pursuant to the Company’s 2018 Equity Incentive
Plan (the “Plan”) as of the date you have executed the Notice. Unless otherwise defined herein, the terms defined in the Plan shall have the same meanings in this Agreement. 

1. Sale of Stock. Subject to the terms and conditions of this Agreement, on the Purchase Date (as defined below) the Company will
issue and sell to you, and you agree to purchase from the Company, the number of Restricted Shares shown on the Notice at the Purchase Price per Restricted Share set forth on the Notice. The term “Restricted Shares” refers to
the purchased Restricted Shares and all securities received in replacement of or in connection with the Restricted Shares pursuant to stock dividends or splits, all securities received in replacement of the Restricted Shares in a recapitalization,
merger, reorganization, exchange or the like, and all new, substituted or additional securities or other properties to which you are entitled by reason of your ownership of the Restricted Shares. 

2. Time and Place of Purchase. The purchase and sale of the Restricted Shares under this Agreement shall occur at the principal
office of the Company simultaneously with the execution of this Agreement by the parties, or on such other date as the Company and you shall agree (the “Purchase Date”). On the Purchase Date, the Company will issue a stock
certificate registered in your name, or uncertificated shares designated for you in book entry form on the records of the Company’s transfer agent, representing the Restricted Shares to be purchased by you against payment of the purchase price
therefor by you by (a) check or wire transfer made payable to the Company, (b) cancellation of indebtedness of the Company to you, (c) your personal Services that the Committee has determined have already been or will be rendered to
the Company, or (d) a combination of the foregoing. 
 3. Restrictions on Resale. By signing this Agreement, you agree not
to sell any Restricted Shares acquired pursuant to the Plan and this Agreement at a time when applicable laws, regulations or Company or underwriter trading policies prohibit exercise or sale. This restriction will apply as long as you are providing
Service to the Company or a Subsidiary of the Company. 
 4. Company’s Repurchase Right for Unvested Shares. The Company,
or (subject to Section 4.4) its assignee, shall have the right (but not the obligation) to repurchase a portion of the Restricted Shares that are Unvested Shares (as defined below) at the times and on the terms and conditions set forth in this
Section (the “Repurchase Right”) if your Service terminates for any reason, or no reason, including without limitation, death, Disability (as defined in the Plan), voluntary resignation or termination by the Company with or
without Cause. 
 4.1 Termination of Service. In case of any dispute as to whether your Service has terminated, the Committee
shall have discretion to determine in good faith whether your Service has been terminated and the effective date of your termination of Service. 

4.2 Vested and Unvested Shares. Restricted Shares that are vested pursuant to the Vesting Schedule set forth in the Notice are
“Vested Shares.” Restricted Shares that are not vested pursuant to the Vesting Schedule set forth in the Notice are “Unvested Shares.” On the Date of Grant, all of the Restricted
Shares will be Unvested Shares. No fractional Restricted Shares shall be issued. No 

 
Restricted Shares will become Vested Shares after your termination of Service unless as set forth in the Vesting Schedule in the Notice of Grant. The number of the Restricted Shares that are
Vested Shares or Unvested Shares will be proportionally adjusted to reflect any stock split, reverse stock split or similar change in the capital structure of the Company as set forth in Section 2.6 of the Plan occurring after the Date of
Grant. 
 4.3 Exercise of Repurchase Right. Unless the Company provides written notice to you within 90 days from the date of
termination of your Service to the Company that the Company does not intend to exercise its Repurchase Right with respect to some or all of the Unvested Shares, the Repurchase Right shall be deemed automatically exercised by the Company as of the
90th day following such termination, provided that the Company may notify you that it is exercising its Repurchase Right as of a date prior to such 90th day. Unless you are otherwise notified by the Company pursuant to the preceding sentence that
the Company does not intend to exercise its Repurchase Right as to some or all of the Unvested Shares, execution of this Agreement by you constitutes written notice to you of the Company’s intention to exercise its Repurchase Right with respect
to all Unvested Shares to which such Repurchase Right applies at the time of your termination of Service. The Company, at its choice, may satisfy its payment obligation to you with respect to exercise of the Repurchase Right by either
(A) delivering a check to you or wiring funds in the amount of the purchase price for the Unvested Shares being repurchased, or (B) in the event you are indebted to the Company, canceling an amount of such indebtedness equal to the
purchase price for the Unvested Shares being repurchased, or (C) by a combination of (A) and (B) so that the combined payment and cancellation of indebtedness equals such purchase price. In the event of any deemed automatic exercise of the
Repurchase Right by canceling an amount of such indebtedness equal to the purchase price for the Unvested Shares being repurchased, such cancellation of indebtedness shall be deemed automatically to occur as of the date of termination of your
Service unless the Company otherwise satisfies its payment obligations. As a result of any repurchase of Unvested Shares pursuant to the Repurchase Right, the Company shall become the legal and beneficial owner of the Unvested Shares being
repurchased and shall have all rights and interest therein or related thereto, and the Company shall have the right to transfer to its own name the number of Unvested Shares being repurchased by the Company, without further action by you. 

4.4 Assignment. The Repurchase Right may be assigned by the Company in whole or in part to any persons or organization. 

4.5 Additional or Exchanged Securities and Property. Subject to the provisions of Section 4.2 above, in the event of a
merger or consolidation of the Company with or into another entity, any other corporate reorganization, a stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination, reclassification or similar change in the capital
structure of the Company, without consideration, any securities or other property (including cash or cash equivalents) that are by reason of such transaction exchanged for, or distributed or issued with respect to, any Unvested Shares shall
immediately be subject to the Repurchase Right. Appropriate adjustments shall be made to the price per share to be paid for Unvested Shares upon the exercise of the Repurchase Right (by allocating such price among the Unvested Shares and such other
securities or property), provided that the aggregate purchase price payable for the Unvested Shares and all such other securities and property shall remain the same price that was original payable under the Repurchase Right to
repurchase such Unvested Shares. Subject to the provisions of Section 4.2 above, in the event of a merger or consolidation of the Company with or into another entity or any other corporate reorganization, the Repurchase Right may be exercised
by the Company’s successor. 

 5. Non-Transferability of Unvested
Shares. In addition to any other limitation on transfer created by applicable securities laws or any other agreement between the Company and you, you may not transfer any Unvested Shares, or any interest therein, unless consented to in writing
by a duly authorized representative of the Company. Any purported transfer is void and of no effect, and no purported transferee thereof will be recognized as a holder of the Unvested Shares for any purpose whatsoever. Should such a transfer purport
to occur, the Company may refuse to carry out the transfer on its books, set aside the transfer, or exercise any other legal or equitable remedy. In the event the Company consents to a transfer of Unvested Shares, all transferees of Restricted
Shares or any interest therein will receive and hold such Restricted Shares or interest subject to the provisions of this Agreement, including, insofar as applicable, the Repurchase Right. In the event of any purchase by the Company hereunder where
the Restricted Shares or interest are held by a transferee, the transferee shall be obligated, if requested by the Company, to transfer the Restricted Shares or interest you for consideration equal to the amount to be paid by the Company hereunder.
In the event the Repurchase Right is deemed exercised by the Company, the Company may deem any transferee to have transferred the Restricted Shares or interest to you prior to their purchase by the Company, and payment of the purchase price by the
Company to such transferee shall be deemed to satisfy your obligation to pay such transferee for such Restricted Shares or interest, and also to satisfy the Company’s obligation to pay you for such Restricted Shares or interest. 

6. Acceptance of Restrictions. Purchase of the Restricted Shares shall constitute your agreement to such restrictions and the
legending of your certificates or the notation in the Company’s direct registration system for stock issuance and transfer of such restrictions and accompanying legends set forth in Section 7.1 with respect thereto. Notwithstanding such
restrictions, however, so long as you are the holder of the Restricted Shares, or any portion thereof, he or she shall be entitled to receive all dividends declared on and to vote the Restricted Shares and to all other rights of a stockholder with
respect thereto. 
 7. Stop Transfer Orders. 

7.1 Stop-Transfer Notices. You agree that, in order to ensure compliance with the restrictions referred to herein, the Company
may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. 

7.2 Refusal to Transfer. The Company shall not be required (i) to transfer on its books any Restricted Shares that have been
sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as the owner or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Restricted Shares shall have
been so transferred. 
 8. No Rights as Employee, Director or Consultant. You understand that your employment or consulting
relationship with the Company is for an unspecified duration, can be terminated at any time (i.e., is “at-will”), and that nothing in this Agreement changes the at-will nature of that relationship. Nothing in this Agreement shall affect in
any manner whatsoever the right or power of the Company, or a Parent, Subsidiary or Affiliate of the Company, to terminate your Service, for any reason, with or without Cause. 

9. Miscellaneous. 

9.1 Acknowledgement. The Company and you agree that the Restricted Shares are granted under and governed by the Notice, this
Agreement and the provisions of the Plan (incorporated herein by reference). You: (i) acknowledge receipt of a copy of the Plan and the Plan prospectus, (ii) represent that you have carefully read and are familiar with their provisions and
the provisions of the Notice and this Agreement, and (iii) hereby accept the Restricted Shares subject to all of the terms and conditions set forth herein and those set forth in the Plan and the Notice. You hereby agree to accept as binding,
conclusive and final all decisions or interpretations of the Committee upon any questions relating to the Plan, the Notice and the Restricted Stock Agreement. 

 9.2 Entire Agreement; Enforcement of Rights. This Agreement, the Plan and the
Notice constitute the entire agreement and understanding of the parties relating to the subject matter herein and supersede all prior discussions between them. Any prior agreements, commitments or negotiations concerning the purchase of the
Restricted Shares hereunder are superseded. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in writing and signed by the parties to this Agreement. The failure by either
party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such party. 
 9.3 Compliance
with Laws and Regulations. The issuance of Restricted Shares will be subject to and conditioned upon compliance by the Company and you with all applicable state, federal and foreign laws and regulations and with all applicable requirements of
any stock exchange or automated quotation system on which the Company’s common stock may be listed or quoted at the time of such issuance or transfer. The Restricted Shares issued pursuant to this Agreement shall be endorsed with appropriate
legends, if any, determined by the Company. 
 9.4 Governing Law; Severability. If one or more provisions of this Agreement are
held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such
provision shall be excluded from this Agreement, (ii) the balance of this Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of this Agreement shall be enforceable in accordance with its terms. This
Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of
conflicts of law. For purposes of litigating any dispute that may arise directly or indirectly from the Plan, the Notice and this Agreement, the parties hereby submit and consent to litigation in the exclusive jurisdiction of the State of California
and agree that any such litigation shall be conducted only in the courts of California in Santa Clara County, California or the federal courts of the United States for the Northern District of California and no other courts. 

9.5 Construction. This Agreement is the result of negotiations between and has been reviewed by each of the parties hereto and
their respective counsel, if any; accordingly, this Agreement shall be deemed to be the product of all of the parties hereto, and no ambiguity shall be construed in favor of or against any one of the parties hereto. 

9.6 Notices. Any notice to be given under the terms of the Plan shall be addressed to the Company in care of its principal
office, and any notice to be given to you shall be addressed to you at the address maintained by the Company for such person or at such other address as you may specify in writing to the Company. Any and all notices required or permitted to be given
to a party pursuant to the provisions of this Agreement will be in writing and will be effective and deemed to provide such party sufficient notice under this Agreement on the earliest of the following: (a) at the time of personal delivery, if
delivery is in person; (b) at the time of transmission by facsimile, addressed to the other party at its facsimile number specified herein (or hereafter modified by subsequent notice to the parties hereto), with confirmation of receipt made by
both telephone and printed confirmation sheet verifying successful transmission of the facsimile; (c) one (1) business day after deposit with an express overnight courier for United States deliveries, or two (2) business days after such
deposit for deliveries outside of the United States, with proof of delivery from the courier requested; or (d) three (3) business days after deposit in the United States mail by certified mail (return receipt requested) for United States
deliveries. All notices for delivery outside the United States will be sent by facsimile or by express courier. All notices not 

 
delivered personally or by facsimile will be sent with postage and/or other charges prepaid and properly addressed to the party to be notified at the address or facsimile number set forth below
the signature lines of this Agreement, or at such other address or facsimile number as such other party may designate by one of the indicated means of notice herein to the other parties hereto. Notices to the Company will be marked “Attention:
Chief Financial Officer.” 
 9.7 U.S. Tax Consequences. Unless an Election (defined below) is made, upon vesting of
Restricted Shares, you will include in taxable income the difference between the fair market value of the vesting Restricted Shares, as determined on the date of their vesting, and the price paid for the Restricted Shares. This will be treated as
ordinary income by you and will be subject to withholding by the Company when required by applicable law. In the absence of an Election, the Company shall satisfy the withholding requirements as set forth in Section 10 below. If you make an
Election, then you must, prior to making the Election, pay in cash (or cash equivalent) to the Company an amount equal to the amount the Company is required to withhold for income and employment taxes. 

10. Responsibility for Taxes. Regardless of any action the Company or, if different, your employer (the
“Employer”) takes with respect to any or all income tax, social insurance, payroll tax, fringe benefits tax, payment on account and other tax-related items related to your participation
in the Plan and legally applicable to you (“Tax-Related Obligations”), you acknowledge that the ultimate liability for all Tax-Related
Obligations is and remains your responsibility and may exceed the amount actually withheld by the Company or the Employer. You further acknowledge that the Company and the Employer (a) make no representations or undertakings regarding the
treatment of any Tax-Related Obligations in connection with any aspect of the Restricted Shares purchased under this award, including the issuance of the Restricted Shares or vesting of such Restricted Shares,
the subsequent sale of Restricted Shares and the receipt of any dividends; and (b) do not commit to and are under no obligation to structure the terms of the award or any aspect of the Restricted Shares to reduce or eliminate your liability for
Tax-Related Obligations or achieve any particular tax result. You acknowledge that if you are subject to Tax-Related Obligations in more than one jurisdiction, the
Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Obligations in more than one jurisdiction. 

The Company will only recognize you as a record holder of Restricted Shares if you have paid or made, prior to any relevant taxable or tax
withholding event, as applicable, adequate arrangements satisfactory to the Company and/or the Employer to satisfy any withholding obligation the Company and/or the Employer may have for Tax-Related
Obligations. In this regard, you authorize the Company and/or the Employer, and their respective agents, at their discretion, to withhold all applicable Tax-Related Obligations from your wages or other cash
compensation paid to you by the Company and/or the Employer or by one or a combination of the following methods: (a) payment by you to the Company or the Employer of an amount equal to the Tax-Related
Obligations in cash, (b) having the Company withhold otherwise deliverable Restricted Shares that would otherwise be released from the Repurchase Right when they vest having a value equal to the
Tax-Related Obligations to be withheld, (c) delivering to the Company already-owned Shares having a value equal to the Tax-Related Obligations to be withheld,
(d) withholding from proceeds of the sale of the Restricted Shares either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf and you hereby authorize such sale pursuant to this authorization), or
(e) any other arrangement approved by the Company and permissible under applicable law; in all cases, under such rules as may be established by the Committee and in compliance with the Company’s Insider Trading Policy and 10b5-1 Trading Plan Policy, if applicable; provided, however, that if you are a Section 16 officer of the Company under the Exchange Act, then the method of withholding shall be a mandatory sale under
(d) above (unless the Committee shall establish an alternate method prior to the taxable or withholding event). You shall pay to the Company or the Employer any amount of Tax-Related Obligations that the
Company or the Employer may be required to withhold as a result of your Participation in the Plan or your purchase of Restricted Shares that cannot be satisfied by the means previously described. 

 Depending on the withholding method, the Company may withhold or account for Tax-Related Obligations by considering applicable statutory withholding rates or other applicable withholding rates, including up to the maximum applicable rate in which case you may receive a refund of any
over-withheld amount in cash and will have no entitlement to the Restricted Shares that would otherwise be released from the Repurchase Right when they vest. If the obligation for Tax-Related Obligations is
satisfied by withholding in Restricted Shares that would otherwise be released from the Repurchase Right when they vest, for tax purposes, you are deemed to have been issued the full number of Restricted Shares, notwithstanding that a number of the
Restricted Shares are held back solely for the purpose of paying the Tax-Related Obligations. 

Finally, you acknowledge that the Company has no obligation to deliver Restricted Shares or proceeds from the sale of Restricted Shares to you
or to release Restricted Shares from the Repurchase Right when they vest until you have satisfied the obligations in connection with the Tax-Related Obligations as described in this Section. 

11. Section 83(b) Election. You hereby acknowledge that you have been informed that, with respect to the
purchase of the Restricted Shares, an election may be filed by you with the Internal Revenue Service, within 30 days of the purchase of the Restricted Shares, electing for United States tax purposes pursuant to Section 83(b) of the Code to be
taxed currently on any difference between the purchase price of the Restricted Shares and their Fair Market Value on the date of purchase (the “Election”). Making the Election will result in recognition of taxable income to
you on the date of purchase, measured by the excess, if any, of the Fair Market Value of the Restricted Shares over the purchase price for the Restricted Shares. Absent such an Election, taxable income will be measured and recognized by you at the
time or times on which the Company’s Repurchase Right lapses. You are strongly encouraged to seek the advice of your own tax advisors in connection with the purchase of the Restricted Shares and the advisability of filing of the Election. YOU
ACKNOWLEDGE THAT IT IS SOLELY YOUR RESPONSIBILITY, AND NOT THE COMPANY’S RESPONSIBILITY, TO TIMELY FILE THE ELECTION UNDER SECTION 83(b) OF THE CODE, EVEN IF YOU REQUEST THE COMPANY, OR ITS REPRESENTATIVE, TO MAKE THIS FILING ON YOUR
BEHALF. 
 12. Consent to Electronic Delivery and Acceptance of All Plan Documents and Disclosures. By acceptance of this
Restricted Stock Award, you consent to the electronic delivery of the Notice, this Agreement, the Plan, account statements, Plan prospectuses required by the Securities and Exchange Commission, U.S. financial reports of the Company, and all other
documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy statements) or other communications or information related to the Restricted Stock Award. Electronic delivery may
include the delivery of a link to a Company intranet or the internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other delivery determined at the
Company’s discretion. You acknowledge that you may receive from the Company a paper copy of any documents delivered electronically at no cost if you contact the Company by telephone, through a postal service or electronic mail at [insert
email]. You further acknowledge that you will be provided with a paper copy of any documents delivered electronically if electronic delivery fails; similarly, you understand that you must provide on request to the Company or any designated third
party a paper copy of any documents delivered electronically if electronic delivery fails. You agree to participate in the Plan through an on-line or electronic system established and maintained by the Company
or a third party designated by the Company. Also, you understand that your consent may be revoked or changed, including any change in the electronic mail address to which documents are delivered (if you have provided an electronic mail address), at
any time by notifying the Company of such revised or revoked consent by telephone, postal service or electronic mail at [insert email]. Finally, you understand that you are not required to consent to electronic delivery. 

 13. Award Subject to Company Clawback or Recoupment. To the extent permitted
by applicable law, the Restricted Shares shall be subject to clawback or recoupment pursuant to any compensation clawback or recoupment policy adopted by the Board or the Committee or required by law during the term of your employment or other
Service that is applicable to you. In addition to any other remedies available under such policy, applicable law may require the cancellation of your Restricted Shares (whether vested or unvested) and the recoupment of any gains realized with
respect to your Restricted Shares. 
 BY ACCEPTING THIS RESTRICTED STOCK AWARD, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED ABOVE
AND IN THE PLAN. 

 RECEIPT 

Upwork Inc. hereby acknowledges receipt of (check as applicable): 

☐ A check or wire transfer in the amount of $_______________ 

☐ The cancellation of indebtedness in the amount of $_______________ 

☐ Given by _____________________ as consideration for the book entry in your name or Certificate No. -__ for ____________ shares of Common Stock of
Upwork Inc. 
 ☐ Other method as permitted by the Plan and specifically approved by the Board or Committee, and described here: 

 
  

Dated: _____________________ 
  

			
	UPWORK INC.
		
	By:	 	  

		
	Its:	 	  

 NOTICE OF STOCK APPRECIATION
RIGHT AWARD 
 UPWORK INC. 

2018 EQUITY INCENTIVE PLAN 
 Unless
otherwise defined herein, the terms defined in the Upwork Inc. (the “Company”) 2018 Equity Incentive Plan (the “Plan”) shall have the same meanings in this Notice of Stock Appreciation Right Award (the
“Notice of Grant”) and the attached Stock Appreciation Right Agreement (the “SAR Agreement”). You have been granted an award of Stock Appreciation Rights (the “SAR”) of the
Company under the Plan subject to the terms and conditions of the Plan, this Notice of Grant and the SAR Agreement. 
  

			
		
	Name:	  	
                     

	Address:	  	
                 

		
	Date of Grant:	  	
                     
    

			
		
	Vesting Commencement Date:	  	
                     
                            

			
		
	Exercise Price:	  	
                     
            

			
		
	Total Number of Shares:	  	
                     
    

			
		
	Expiration Date:	  	
                     
    

			
		
	Vesting Schedule:            	  	[Sample vesting language:] [The SAR becomes vested and exercisable with respect to the first 25% of the Shares subject to the SAR when you complete 12 months of continuous Service from the Vesting Commencement Date.
Thereafter, the SAR becomes vested and exercisable with respect to an additional 1/16th of the Shares subject to the SAR when you complete each quarter of Service.] [Note: actual vesting language to match vesting schedule approved by the Board or
Committee]

 This Notice of Grant may be executed and delivered electronically, whether via the Company’s intranet or the Internet
site of a third party or via email or any other means of electronic delivery specified by the Company. By accepting the SAR, you consent to the electronic delivery and acceptance as further set forth in the SAR Agreement. You acknowledge that the
vesting of the SAR pursuant to this Notice of Grant is earned only by continuing Service, but you understand that your employment or consulting relationship with the Company or a Parent or Subsidiary is for an unspecified duration and can be
terminated at any time and that nothing in this Notice of Grant, the SAR Agreement or the Plan changes the nature of that relationship. By accepting the SAR, you and the Company agree that the SAR is granted under and governed by the terms and
conditions of the Plan, the Notice of Grant and the SAR Agreement. 
  

									
	PARTICIPANT:	 		 	UPWORK INC.
					
	Signature:	 	
                     
        
	 		 	By:	 	
                     
        

					
	Print Name:	 	
                     
            
	 		 	Its:	 	
                     
                                         
   

 STOCK APPRECIATION RIGHT AWARD
AGREEMENT 
 UPWORK INC., INC. 

2018 EQUITY INCENTIVE PLAN 
 You have been
granted an award of Stock Appreciation Rights (the “SAR”) by Upwork Inc. (the “Company”) under the 2018 Equity Incentive Plan (the “Plan”), subject to the terms and conditions
of the Plan, the Notice of Stock Appreciation Right Award (the “Notice of Grant”) and this Stock Appreciation Right Agreement (the “Agreement”). 

1. Grant of SAR. You have been granted a SAR for the number of Shares set forth in the Notice of Grant with the Exercise
Price set forth in the Notice of Grant. In the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Agreement, the terms and conditions of the Plan shall prevail. 

2. Termination Period. 

(a) General Rule. If your Service terminates for any reason except death or Disability, and other than for Cause, then this SAR will
expire at the close of business at Company headquarters on the date three months after your termination of Service (subject to the expiration detailed in Section 6 or as provided in the Plan). In no event shall this SAR be exercised later than
the Expiration Date set forth in the Notice of Grant. If your Service is terminated for Cause, this SAR will expire upon the date of such termination. The Company determines when your Service terminates for all purposes under this Agreement. 

You acknowledge and agree that the vesting schedule set forth in the Notice of Grant may change prospectively in the event that your service
status changes between full and part-time status in accordance with Company policies relating to work schedules and vesting of awards. You acknowledge that the vesting of the SARs pursuant to this Agreement is earned only by continuing Service. 

(b) Death; Disability. If you die before your Service terminates (or you die within three months of your termination of Service other
than for Cause), then this SAR will expire at the close of business at Company headquarters on the date 12 months after the date of death (subject to the expiration detailed in Section 6 or as provided in the Plan). If your Service terminates
because of your Disability, then this SAR will expire at the close of business at Company headquarters on the date 12 months after your termination date (subject to the expiration detailed in Section 6 or as provided in the Plan).
 
 (c) No Notice. You are responsible for keeping track of these exercise periods following your termination of Service for
any reason. The Company will not provide further notice of such periods. In no event shall this SAR be exercised later than the Expiration Date set forth in the Notice of Grant. 

3. Exercise of SAR. 

(a) Right to Exercise. Subject to the applicable provisions of the Plan and this Agreement, this SAR is exercisable during its term in
accordance with the Vesting Schedule set forth in the Notice of Grant and the applicable provisions of the Plan and this Agreement. In the event of your death, Disability, or other cessation of Service, the exercisability of the SAR is governed by
the applicable provisions of the Plan, the Notice of Grant and this Agreement. This SAR may not be exercised for a fraction of a Share. 

(b) Method of Exercise. This SAR is exercisable by delivery of an exercise notice in a form specified by the Company (the
“Exercise Notice”), which shall state the election to exercise the SAR, the number of Shares in respect of which the SAR is being exercised, and such other representations and agreements as may be required by the Company
pursuant to the provisions of the Plan. The Exercise Notice shall be delivered in person, by mail, via electronic mail or facsimile or by other authorized method to the Secretary of the Company or other person designated by the Company. This SAR
shall be deemed to be exercised upon receipt by the Company of a fully executed Exercise Notice and any applicable withholding of Tax-Related Obligations that are required to be withheld as detailed in
Section 7 below. 

 (c) No Shares shall be issued pursuant to the exercise of this SAR unless such issuance and
exercise complies with all relevant provisions of law and the requirements of any stock exchange or quotation service upon which the Shares are then listed. Assuming such compliance, for income tax purposes the exercised Shares shall be considered
transferred to you on the date the SAR is exercised with respect to such exercised Shares. 
 4.
Non-Transferability of SAR. This SAR may not be transferred in any manner other than by will or by the laws of descent or distribution or court order and may be exercised during your lifetime
only by you unless otherwise permitted by the Committee on a case-by-case basis. The terms of the Plan and this Agreement shall be binding upon your executors,
administrators, heirs, successors and assigns. 
 5. Term of SAR. This SAR shall in any event expire on the Expiration
Date set forth in the Notice of Grant, which date is ten years after the Date of Grant. You are responsible for keeping track of the Expiration Date. The Company is not obligated to provide notice of the Expiration Date and you should not
depend on the Company providing any such notice (even if such notices have been provided in the past or are provided in some but not all circumstances). 

6. Tax Consequences. You should consult a tax adviser for tax consequences relating to this SAR in the jurisdiction in
which you are subject to tax. YOU SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THIS SAR OR DISPOSING OF THE SHARES. You will not be allowed to exercise this SAR unless you make arrangements acceptable to the Company to pay Tax-Related Obligations that are required to be withheld as further described in Section 7 below. 

7. Responsibility for Taxes. Regardless of any action the Company or, if different, your employer (the
“Employer”) takes with respect to any or all income tax, social insurance, payroll tax, fringe benefits tax, payment on account and other tax-related items related to your participation
in the Plan and legally applicable to you (“Tax-Related Obligations”), you acknowledge that the ultimate liability for all Tax-Related
Obligations is and remains your responsibility and may exceed the amount actually withheld by the Company or the Employer. You further acknowledge that the Company and the Employer (a) make no representations or undertakings regarding the
treatment of any Tax-Related Obligations in connection with any aspect of this SAR, including the grant, vesting or exercise of this SAR, the subsequent sale of Shares acquired pursuant to such exercise and
the receipt of any dividends; and (b) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the SAR to reduce or eliminate your liability for Tax-Related
Obligations or achieve any particular tax result. You acknowledge that if you are subject to Tax-Related Obligations in more than one jurisdiction, the Company and/or the Employer (or former employer, as
applicable) may be required to withhold or account for Tax-Related Obligations in more than one jurisdiction. 

Prior to any relevant taxable or tax withholding event, as applicable, you shall pay or make adequate arrangements satisfactory to the Company
and/or the Employer to satisfy any withholding obligation the Company and/or the Employer may have for Tax-Related Obligations. In this regard, you authorize the Company and/or the Employer, and their
respective agents, at their discretion, to withhold all applicable Tax-Related Obligations from your wages or other cash compensation paid to you by the Company and/or the Employer or by one or a combination
of the following methods: (a) payment by you to the Company or the Employer of an amount equal to the Tax-Related Obligations in cash, (b) having the Company withhold otherwise deliverable cash or
Shares having a value equal to the Tax-Related Obligations to be withheld, (c) delivering to the Company already-owned Shares having a value equal to the
Tax-Related Obligations to be withheld, (d) withholding from proceeds of the sale of the Shares either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf and you
hereby authorize such sale pursuant to this authorization), or (e) any other arrangement approved by the Company and permissible under applicable law; in 

 
all cases, under such rules as may be established by the Committee and in compliance with the Company’s Insider Trading Policy and 10b5-1 Trading Plan
Policy, if applicable; provided, however, that if you are a Section 16 officer of the Company under the Exchange Act, then the method of withholding shall be a mandatory sale under (d) above (unless the Committee shall establish an
alternate method prior to the taxable or withholding event). You shall pay to the Company or the Employer any amount of Tax-Related Obligations that the Company or the Employer may be required to withhold as a
result of your participation in the Plan or your issuance of Shares upon exercise of the SARs that cannot be satisfied by the means previously described. 

Depending on the withholding method, the Company may withhold or account for Tax-Related Obligations
by considering applicable statutory withholding rates or other applicable withholding rates, including up to the maximum applicable rate in which case you may receive a refund of any over-withheld amount in cash and will have no entitlement to the
equivalent in Shares. If the obligation for Tax-Related Obligations is satisfied by withholding in Shares, for tax purposes, you are deemed to have been issued the full number of Shares subject to the vested
SARs, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Obligations. 

Finally, you acknowledge that the Company has no obligation to deliver Shares or proceeds from the sale of Shares to you until you have
satisfied the obligations in connection with the Tax-Related Obligations as described in this Section. 

8. Acknowledgement. The Company and you agree that the SAR is granted under and governed by the Notice of Grant, this
Agreement and the provisions of the Plan (incorporated herein by reference). You: (i) acknowledge receipt of a copy of the Plan and the Plan prospectus, (ii) represent that you have carefully read and are familiar with their provisions and
the provisions of the Notice of Grant and this Agreement, and (iii) hereby accept the SAR subject to all of the terms and conditions set forth in this SAR Agreement and those set forth in the Plan and the Notice of Grant. You hereby agree to
accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions relating to the Plan, the Notice of Grant and the SAR Agreement. 

9. Entire Agreement; Enforcement of Rights. This Agreement, the Plan and the Notice of Grant constitute the entire
agreement and understanding of the parties relating to the subject matter herein and supersede all prior discussions between them. Any prior agreements, commitments or negotiations concerning this SAR are superseded. No modification of or amendment
to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in writing and signed by the parties to this Agreement. The failure by either party to enforce any rights under this Agreement shall not be construed as
a waiver of any rights of such party. 
 10. Compliance with Laws and Regulations. The issuance of Shares will be
subject to and conditioned upon compliance by the Company and you with all applicable state, federal and foreign laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the
Company’s common stock may be listed or quoted at the time of such issuance or transfer. The Shares issued pursuant to this Agreement shall be endorsed with appropriate legends, if any, determined by the Company. 

11. Governing Law; Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable
law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this Agreement,
(ii) the balance of this Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of this Agreement shall be enforceable in accordance with its terms. This Agreement and all acts and transactions pursuant
hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law. For purposes of litigating any
dispute that may arise directly or indirectly from the Plan, the Notice of Grant and this Agreement, the parties hereby submit and consent to litigation in the exclusive jurisdiction of the State of California and agree that any such litigation
shall be conducted only in the courts of California in Santa Clara County, California or the federal courts of the United States for the Northern District of California and no other courts. 

 12. No Rights as Employee, Director or Consultant. Nothing in this
Agreement shall affect in any manner whatsoever the right or power of the Company, or a Parent, Subsidiary or Affiliate of the Company, to terminate your Service, for any reason, with or without Cause. 

13. Consent to Electronic Delivery and Acceptance of All Plan Documents and Disclosures. By your acceptance of this
SAR, you consent to the electronic delivery of the Notice of Grant, this Agreement, the Plan, account statements, Plan prospectuses required by the U.S. Securities and Exchange Commission, U.S. financial reports of the Company, and all other
documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy statements) or other communications or information related to the SAR. Electronic delivery may include the delivery of
a link to a Company intranet or the internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other delivery determined at the Company’s
discretion. You acknowledge that you may receive from the Company a paper copy of any documents delivered electronically at no cost if you contact the Company by telephone, through a postal service or electronic mail at [insert email]. You further
acknowledge that you will be provided with a paper copy of any documents delivered electronically if electronic delivery fails; similarly, you understand that you must provide on request to the Company or any designated third party a paper copy of
any documents delivered electronically if electronic delivery fails. You agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party
designated by the Company. Also, you understand that your consent may be revoked or changed, including any change in the electronic mail address to which documents are delivered (if you have provided an electronic mail address), at any time by
notifying the Company of such revised or revoked consent by telephone, postal service or electronic mail at [insert email]. Finally, you understand that you are not required to consent to electronic delivery. 

14. Award Subject to Company Clawback or Recoupment. To the extent permitted by applicable law, the SAR shall be subject
to clawback or recoupment pursuant to any compensation clawback or recoupment policy adopted by the Board or the Committee or required by law during the term of your employment or other Service that is applicable to you. In addition to any other
remedies available under such policy, applicable law may require the cancellation of your SAR (whether vested or unvested) and the recoupment of any gains realized with respect to your SAR. 

BY ACCEPTING THIS SAR, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN. 

 NOTICE OF STOCK BONUS AWARD 

UPWORK INC. 
 2018 EQUITY
INCENTIVE PLAN 
 Unless otherwise defined herein, the terms defined in the Upwork Inc. (the “Company”) 2018 Equity
Incentive Plan (the “Plan”) shall have the same meanings in this Notice of Stock Bonus Award (the “Notice”) and the attached Stock Bonus Award Agreement (the “Stock Bonus
Agreement”). You have been granted an award of Shares under the Plan (the “Stock Bonus Award”) subject to the terms and conditions of the Plan, this Notice and the attached Stock Bonus Agreement. 

 

			
		
	Name:	 	
                   
                                         
        

		
	Address:	 	
                   
                                         
        

		
	Number of Shares:	 	
                   
                                         
        

		
	Date of Grant:	 	
                   
                                         
        

		
	Fair Market Value on Date of Grant:	 	
                   
                                         
        

 This Notice may be executed and delivered electronically, whether via the Company’s intranet or the Internet site of a
third party or via email or any other means of electronic delivery specified by the Company. By accepting the Stock Bonus Award, you consent to the electronic delivery and acceptance as further set forth in the Stock Bonus Agreement. You understand
that your employment or consulting relationship with the Company or a Parent or Subsidiary is for an unspecified duration and can be terminated at any time, and that nothing in this Notice, the Stock Bonus Agreement or the Plan changes the nature of
that relationship. By accepting this Stock Bonus Award, you and the Company agree that this Stock Bonus Award is granted under and governed by the terms and conditions of the Plan, the Notice and the Stock Bonus Agreement. 

 

							
	PARTICIPANT	 	UPWORK INC.
				
	Signature:	 	                                      
                      	 	By:	 	                                      
                          
			
	Date:                                   
                             	 	Its:	 	                                      
                          

 STOCK BONUS AWARD AGREEMENT 

UPWORK INC. 
 2018 EQUITY
INCENTIVE PLAN 
 You have been granted a Stock Bonus Award (“Stock Bonus Award”) by Upwork Inc. (the
“Company”), subject to the terms, restrictions and conditions of the Company’s 2018 Equity Incentive Plan (the “Plan”), the Notice of Stock Bonus Award (the
“Notice”) and this Stock Bonus Award Agreement (this “Agreement”). 
 1.
Issuance. Your Stock Bonus Award shall be issued in Shares, and the Company’s transfer agent shall record ownership of such Shares in your name as soon as reasonably practicable. 

2. No Stockholder Rights. Unless and until you are recorded as the holder of such Shares on the stock records of the Company and
its transfer agent, you shall have no right to dividends or to vote Shares. 
 3. Restrictions on Resale. By signing this Agreement, you
agree not to sell any Shares acquired pursuant to the Plan and this Agreement at a time when applicable laws, regulations or Company or underwriter trading policies prohibit exercise or sale. This restriction will apply as long as you are providing
Service to the Company or a Subsidiary of the Company. 
 4. Tax Consequences. YOU SHOULD CONSULT A TAX ADVISER BEFORE ACQUIRING
THE SHARES IN THE JURISDICTION IN WHICH YOU ARE SUBJECT TO TAX. Shares shall not be issued under this Agreement unless you make arrangements acceptable to the Company to pay any withholding taxes that may be due as a result of the acquisition of
Shares. 
 5. Responsibility for Taxes. Regardless of any action the Company or, if different, your employer (the
“Employer”) takes with respect to any or all income tax, social insurance, payroll tax, fringe benefits tax, payment on account and other tax-related items related to your participation
in the Plan and legally applicable to you (“Tax-Related Obligations”), you acknowledge that the ultimate liability for all Tax-Related
Obligations is and remains your responsibility and may exceed the amount actually withheld by the Company or the Employer. You further acknowledge that the Company and the Employer (a) make no representations or undertakings regarding the
treatment of any Tax-Related Obligations in connection with any aspect of the Stock Bonus Award, including the grant of the Stock Bonus Award, the issuance of the Shares subject to the Stock Bonus Award, the
subsequent sale of such Shares and the receipt of any dividends; and (b) do not commit to and are under no obligation to structure the terms of the Stock Bonus Award to reduce or eliminate your liability for
Tax-Related Obligations or achieve any particular tax result. You acknowledge that if you are subject to Tax-Related Obligations in more than one jurisdiction, the
Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Obligations in more than one jurisdiction. 

The Company will only recognize you as a record holder of Shares subject to the Stock Bonus Award if you have paid or made, prior to any
relevant taxable or tax withholding event, as applicable, adequate arrangements satisfactory to the Company and/or the Employer to satisfy any withholding obligation the Company and/or the Employer may have for
Tax-Related Obligations. In this regard, you authorize the Company and/or the Employer, and their respective agents, at their discretion, to withhold all applicable
Tax-Related Obligations from your wages or other cash compensation paid to you by the Company and/or the Employer or by one or a combination of the following methods: (a) payment by you to the Company or
the Employer of an amount equal to the Tax-Related Obligations in cash, (b) having the Company withhold Shares subject to the Stock Bonus Award having a value equal to the
Tax-Related Obligations to be withheld, (c) delivering to the Company already-owned Shares having a value equal to the Tax-Related Obligations to be withheld,
(d) withholding from proceeds of the sale of the Shares subject to the Stock Bonus Award either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf and you hereby authorize such sale pursuant to this
authorization), or (e) any other arrangement approved by the Company and permissible under applicable law; in all cases, under such rules as may be established by the Committee and in 

  
 1 

 
compliance with the Company’s Insider Trading Policy and 10b5-1 Trading Plan Policy, if applicable; provided, however, that if you are a
Section 16 officer of the Company under the Exchange Act, then the method of withholding shall be a mandatory sale under (d) above (unless the Committee shall establish an alternate method prior to the taxable or withholding event). You
shall pay to the Company or the Employer any amount of Tax-Related Obligations that the Company or the Employer may be required to withhold as a result of your participation in the Plan or the issuance of
Shares subject to this Stock Bonus Award that cannot be satisfied by the means previously described. 
 Depending on the withholding method,
the Company may withhold or account for Tax-Related Obligations by considering applicable statutory withholding rates or other applicable withholding rates, including up to the maximum applicable rate in which
case you may receive a refund of any over-withheld amount in cash and will have no entitlement to the Shares subject to the Stock Bonus Award that would otherwise be issued to you. If the obligation for
Tax-Related Obligations is satisfied by withholding in Shares subject to the Stock Bonus Award that would otherwise be issued to you, for tax purposes, you are deemed to have been issued the full number of
such Shares, notwithstanding that a number of the such Shares are held back solely for the purpose of paying the Tax-Related Obligations. 

Finally, you acknowledge that the Company has no obligation to deliver Shares subject to the Stock Bonus Award to you until you have satisfied
the obligations in connection with the Tax-Related Obligations as described in this Section. 
 6.
Acknowledgement. The Company and you agree that the Stock Bonus Award is granted under and governed by the Notice, this Agreement and the provisions of the Plan (incorporated herein by reference). You: (i) acknowledge
receipt of a copy of the Plan and the Plan prospectus, (ii) represent that you have carefully read and are familiar with their provisions and the provisions of the Notice and this Agreement, and (iii) hereby accept the Stock Bonus Award
subject to all of the terms and conditions set forth herein and those set forth in the Plan and the Notice. You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions relating to
the Plan, the Notice and the Stock Bonus Award. 
 7. Entire Agreement; Enforcement of Rights. This Agreement, the Plan and the
Notice constitute the entire agreement and understanding of the parties relating to the subject matter herein and supersede all prior discussions between them. Any prior agreements, commitments or negotiations concerning the purchase of the Shares
hereunder are superseded. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in writing and signed by the parties to this Agreement. The failure by either party to enforce
any rights under this Agreement shall not be construed as a waiver of any rights of such party. 
 8.
Compliance with Laws and Regulations. The issuance of Shares will be subject to and
conditioned upon compliance by the Company and you with all applicable state, federal and foreign laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Company’s common stock
may be listed or quoted at the time of such issuance or transfer. The Shares issued pursuant to this Agreement shall be endorsed with appropriate legends, if any, determined by the Company. 

9. Stop Transfer Orders. 

(a) Stop-Transfer Notices. You agree that, in order to ensure compliance with the restrictions referred to herein, the Company
may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. 

(b) Refusal to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold or
otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as the owner or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.

  
 2 

 10.
Governing Law; Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate
such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of this Agreement
shall be interpreted as if such provision were so excluded and (iii) the balance of this Agreement shall be enforceable in accordance with its terms. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of
the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law. For purposes of litigating any dispute that may arise directly or
indirectly from the Plan, the Notice and this Agreement, the parties hereby submit and consent to litigation in the exclusive jurisdiction of the State of California and agree that any such litigation shall be conducted only in the courts of
California in Santa Clara County, California or the federal courts of the United States for the Northern District of California and no other courts. 

10. No Rights as Employee, Director or Consultant. Nothing in this Agreement shall affect in any manner whatsoever the right or
power of the Company, or a Parent, Subsidiary or Affiliate of the Company, to terminate your Service, for any reason, with or without Cause. 
 11.
Consent to Electronic Delivery and Acceptance of All Plan Documents and Disclosures. By acceptance of this Stock Bonus Award, you consent to the electronic delivery of the Notice, this Agreement, the Plan, account statements, Plan
prospectuses required by the Securities and Exchange Commission, U.S. financial reports of the Company, and all other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy
statements) or other communications or information related to the Stock Bonus Award. Electronic delivery may include the delivery of a link to a Company intranet or the internet site of a third party involved in administering the Plan, the delivery
of the document via e-mail or such other delivery determined at the Company’s discretion. You acknowledge that you may receive from the Company a paper copy of any documents delivered electronically at no
cost if you contact the Company by telephone, through a postal service or electronic mail at [insert email]. You further acknowledge that you will be provided with a paper copy of any documents delivered electronically if electronic delivery
fails; similarly, you understand that you must provide on request to the Company or any designated third party a paper copy of any documents delivered electronically if electronic delivery fails. You agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. Also, you understand that your consent may be revoked or changed, including any change in the
electronic mail address to which documents are delivered (if you have provided an electronic mail address), at any time by notifying the Company of such revised or revoked consent by telephone, postal service or electronic mail at [insert email].
Finally, you understand that you are not required to consent to electronic delivery. 
 12. Award Subject to Company Clawback or
Recoupment. To the extent permitted by applicable law, the Stock Bonus Award shall be subject to clawback or recoupment pursuant to any compensation clawback or recoupment policy adopted by the Board or the Committee or required by law
during the term of your employment or other Service that is applicable to you. In addition to any other remedies available under such policy, applicable law may require the cancellation of your Stock Bonus Award and the recoupment of any gains
realized with respect to your Stock Bonus Award. 
 BY ACCEPTING THE STOCK BONUS AWARD, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS
DESCRIBED ABOVE AND IN THE PLAN. 

  
 3 

 NOTICE OF PERFORMANCE SHARES AWARD 

UPWORK INC. 
 2018 EQUITY
INCENTIVE PLAN 
 Unless otherwise defined herein, the terms defined in the Upwork Inc. (the “Company”) 2018 Equity
Incentive Plan (the “Plan”) shall have the same meanings in this Notice of Performance Shares Award (the “Notice”) and the attached Performance Shares Award Agreement (the
“Performance Shares Agreement”). You have been granted an award of Shares (the “Performance Shares Award”) under the Plan subject to the terms and conditions of the Plan, this
Notice and the attached Performance Shares Agreement. 
  

			
		
	Name:	  	                                      
                          
		
	Address:	  	                                      
                          
		
	Number of Shares:	  	                                      
                          
		
	Date of Grant:	  	                                      
                          
		
	Fair Market Value on Date of Grant:	  	                                      
                          
		
	Vesting Commencement Date:	  	                                      
                          
		
	Vesting Schedule:	  	Subject to the limitations set forth in this Notice, the Plan and the Performance Shares Agreement, the Shares will vest in accordance with the following schedule: [INSERT VESTING SCHEDULE]

 This Notice may be executed and delivered electronically, whether via the Company’s intranet or the Internet site of a
third party or via email or any other means of electronic delivery specified by the Company. By accepting the Performance Shares Award, you consent to the electronic delivery and acceptance as further set forth in the Performance Shares Agreement.
You acknowledge that the vesting of the Shares subject to the Performance Shares Award pursuant to this Notice is earned only by continuing Service and meeting the performance factors enumerated under the Vesting Schedule above, but you understand
that your employment or consulting relationship with the Company or a Parent or Subsidiary is for an unspecified duration and can be terminated at any time, and that nothing in this Notice, the Performance Shares Agreement or the Plan changes the
nature of that relationship. By accepting the Performance Shares Award, you and the Company agree that the Performance Shares Award is granted under and governed by the terms and conditions of the Plan, the Notice and the Performance Shares
Agreement 
  

							
	PARTICIPANT	 	UPWORK INC.
		
	Print Name:
                                         
                       	 	By:                                   
                     
		
	Signature:
                                         
               	 	Its:                                   
                     

 PERFORMANCE SHARES AGREEMENT 

UPWORK INC. 
 2018 EQUITY
INCENTIVE PLAN 
 You have been granted a Performance Shares Award (“Performance Shares Award”) by Upwork Inc. (the
“Company”), subject to the terms, restrictions and conditions of the Company’s 2018 Equity Incentive Plan (the “Plan”), the Notice of Performance Shares Award
(“Notice”) and this Performance Shares Agreement (this “Agreement”). 

1. Settlement. Your Performance Shares Award shall be settled in Shares and the Company’s transfer agent shall record
ownership of such Shares in your name as soon as reasonably practicable after achievement of the performance factors enumerated under the Vesting Schedule in the Notice. 

2. No Stockholder Rights. Unless and until you are recorded as the holder of such Shares on the stock records of the
Company and its transfer agent, you shall have no right to dividends or to vote Shares. 
 3.
No-Transfer. Your interest in this Performance Shares Award shall not be sold, assigned, transferred, pledged, hypothecated, or otherwise disposed of by you or any person whose
interest derives from your interest. 
 4. Restrictions on Resale. By signing this Agreement, you agree not to sell any Shares acquired
pursuant to the Plan and this Agreement at a time when applicable laws, regulations or Company or underwriter trading policies prohibit exercise or sale. This restriction will apply as long as you are providing Service to the Company or a Subsidiary
of the Company. 
 5. Termination. If your Service terminates for any reason, all of your rights under the Plan, this Agreement
and the Notice in respect of this Award shall immediately terminate. In case of any dispute as to whether a termination of Service has occurred, the Committee shall have sole discretion to determine whether such termination has occurred and the
effective date of such termination. 
 6. Tax Consequences. YOU SHOULD CONSULT A TAX ADVISER BEFORE ACQUIRING THE SHARES IN THE
JURISDICTION IN WHICH YOU ARE SUBJECT TO TAX. Shares shall not be issued under this Agreement unless you make arrangements acceptable to the Company to pay any withholding taxes that may be due as a result of the acquisition or vesting of Shares.

 7. Responsibility for Taxes. Regardless of any action the Company or, if different, your employer (the
“Employer”) takes with respect to any or all income tax, social insurance, payroll tax, fringe benefits tax, payment on account and other
tax-related items related to your participation in the Plan and legally applicable to you (“Tax-Related
Obligations”), you acknowledge that the ultimate liability for all Tax-Related Obligations is and remains your responsibility and may exceed the amount actually withheld by
the Company or the Employer. You further acknowledge that the Company and the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Obligations in connection with
any aspect of the Performance Shares Award, including the grant of the Performance Shares Award, the issuance of the Shares subject to the Performance Shares Award, the vesting of such Shares, the subsequent sale of such Shares and the receipt of
any dividends; and (b) do not commit to and are under no obligation to structure the terms of the Performance Shares Award to reduce or eliminate your liability for Tax-Related Obligations or achieve any
particular tax result. You acknowledge that if you are subject to Tax-Related Obligations in more than one jurisdiction, the Company and/or the Employer (or former employer, as applicable) may be required to
withhold or account for Tax-Related Obligations in more than one jurisdiction. 

 The Company will only recognize you as a record holder of Shares subject to the Performance
Shares Award if you have paid or made, prior to any relevant taxable or tax withholding event, as applicable, adequate arrangements satisfactory to the Company and/or the Employer to satisfy any withholding obligation the Company and/or the Employer
may have for Tax-Related Obligations. In this regard, you authorize the Company and/or the Employer, and their respective agents, at their discretion, to withhold all applicable
Tax-Related Obligations from your wages or other cash compensation paid to you by the Company and/or the Employer or by withholding from proceeds of the sale of the Shares subject to the Performance Shares
Award either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf and you hereby authorize such sale pursuant to this authorization). The Committee may also authorize one or a combination of the following
methods to satisfy Tax-Related Obligations: (a) payment by you to the Company or the Employer of an amount equal to the Tax-Related Obligations in cash,
(b) having the Company withhold Shares subject to the Performance Shares Award that would otherwise be issued to you when they vest having a value equal to the Tax-Related Obligations to be withheld,
(c) delivering to the Company already-owned Shares having a value equal to the Tax-Related Obligations to be withheld, or (d) any other arrangement approved by the Company and permissible under
applicable law; in all cases, under such rules as may be established by the Committee and in compliance with the Company’s Insider Trading Policy and 10b5-1 Trading Plan Policy, if applicable; provided,
however, that if you are a Section 16 officer of the Company under the Exchange Act, then the method of withholding shall be a mandatory sale (unless the Committee shall establish an alternate method prior to the taxable or withholding event).
You shall pay to the Company or the Employer any amount of Tax-Related Obligations that the Company or the Employer may be required to withhold as a result of your participation in the Plan or the issuance of
Shares subject to this Performance Shares Award or vesting thereof that cannot be satisfied by the means previously described. 
 Depending
on the withholding method, the Company may withhold or account for Tax-Related Obligations by considering applicable statutory withholding rates or other applicable withholding rates, including up to the
maximum applicable rate in which case you may receive a refund of any over-withheld amount in cash and will have no entitlement to the Shares subject to the Performance Shares Award that would otherwise be released when they vest. If the obligation
for Tax-Related Obligations is satisfied by withholding in Shares that would otherwise be subject to release when they vest, for tax purposes, you are deemed to have been issued the full number of such Shares,
notwithstanding that a number of the such Shares are held back solely for the purpose of paying the Tax-Related Obligations. 

Finally, you acknowledge that the Company has no obligation to deliver Shares subject to the Performance Shares Award to you until you have
satisfied the obligations in connection with the Tax-Related Obligations as described in this Section. 
 8.
Acknowledgement. The Company and you agree that the Performance Shares Award is granted under and governed by the Notice, this Agreement and the provisions of the Plan (incorporated herein by reference). You:
(i) acknowledge receipt of a copy of the Plan and the Plan prospectus, (ii) represent that you have carefully read and are familiar with their provisions and the provisions of the Notice and this Agreement, and (iii) hereby accept the
Performance Shares Award subject to all of the terms and conditions set forth herein and those set forth in the Plan and the Notice. You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Committee upon
any questions relating to the Plan, the Notice and this Agreement. 
 9. Entire Agreement; Enforcement of Rights. This Agreement,
the Plan and the Notice constitute the entire agreement and understanding of the parties relating to the subject matter herein and supersede all prior discussions between them. Any prior agreements, commitments or negotiations concerning the
purchase of the Shares hereunder are superseded. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in writing and signed by the parties to this Agreement. The failure by
either party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such party. 
 10. Stop Transfer
Orders. 
 (a) Stop-Transfer Notices. You agree that, in order to ensure compliance with the restrictions referred to
herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. 

 (b) Refusal to Transfer. The Company shall not be required (i) to
transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as the owner or to accord the right to vote or pay dividends to any purchaser or other
transferee to whom such Shares shall have been so transferred. 
 11.
Compliance with Laws and Regulations. The issuance of Shares will be subject to and
conditioned upon compliance by the Company and you with all applicable state, federal and foreign laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Company’s common stock
may be listed or quoted at the time of such issuance or transfer. The Shares issued pursuant to this Agreement shall be endorsed with appropriate legends, if any, determined by the Company. 

12. Governing Law; Severability. If one or more provisions of
this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then
(i) such provision shall be excluded from this Agreement, (ii) the balance of this Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of this Agreement shall be enforceable in accordance with
its terms. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to
principles of conflicts of law. For purposes of litigating any dispute that may arise directly or indirectly from the Plan, the Notice and this Agreement, the parties hereby submit and consent to litigation in the exclusive jurisdiction of the State
of California and agree that any such litigation shall be conducted only in the courts of California in Santa Clara County, California or the federal courts of the United States for the Northern District of California and no other courts. 

10. No Rights as Employee, Director or Consultant. Nothing in this Agreement shall affect in any manner whatsoever the right or
power of the Company, or a Parent, Subsidiary or Affiliate of the Company, to terminate your Service, for any reason, with or without Cause. 
 11.
Consent to Electronic Delivery of All Plan Documents and Disclosures. By acceptance of this Performance Shares Award, you consent to the electronic delivery of the Notice, this Agreement, the Plan, account statements, Plan
prospectuses required by the Securities and Exchange Commission, U.S. financial reports of the Company, and all other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy
statements) or other communications or information related to the Performance Shares Award. Electronic delivery may include the delivery of a link to a Company intranet or the internet site of a third party involved in administering the Plan, the
delivery of the document via e-mail or such other delivery determined at the Company’s discretion. You acknowledge that you may receive from the Company a paper copy of any documents delivered
electronically at no cost if you contact the Company by telephone, through a postal service or electronic mail at [insert email]. You further acknowledge that you will be provided with a paper copy of any documents delivered electronically if
electronic delivery fails; similarly, you understand that you must provide on request to the Company or any designated third party a paper copy of any documents delivered electronically if electronic delivery fails. You agree to participate in the
Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. Also, you understand that your consent may be revoked or changed, including
any change in the electronic mail address to which documents are delivered (if you have provided an electronic mail address), at any time by notifying the Company of such revised or revoked consent by telephone, postal service or electronic mail at
[insert email]. Finally, you understand that you are not required to consent to electronic delivery. 

 12. Award Subject to Company Clawback or Recoupment. To the extent permitted by
applicable law, Performance Shares Award shall be subject to clawback or recoupment pursuant to any compensation clawback or recoupment policy adopted by the Board or the Committee or required by law during the term of your employment or other
Service that is applicable to you. In addition to any other remedies available under such policy, applicable law may require the cancellation of your Performance Shares Award (whether vested or unvested) and the recoupment of any gains realized with
respect to your Performance Shares Award. 
 BY ACCEPTING THE PERFORMANCE SHARES AWARD, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS
DESCRIBED ABOVE AND IN THE PLAN.

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