Document:

EX-10.3

 Exhibit 10.3 

ANAPLAN, INC. 

2018 EQUITY INCENTIVE PLAN 

(AS ADOPTED ON AUGUST 31, 2018) 

 

 ANAPLAN, INC. 

2018 EQUITY INCENTIVE PLAN 

ARTICLE 1.    INTRODUCTION. 

The Board adopted the Plan to become effective immediately, although no Awards may be granted prior to the IPO Date. The purpose of the Plan is
to promote the long-term success of the Company and the creation of stockholder value by (a) encouraging Service Providers to focus on critical long-range corporate objectives, (b) encouraging the attraction and retention of Service
Providers with exceptional qualifications and (c) linking Service Providers directly to stockholder interests through increased stock ownership. The Plan seeks to achieve this purpose by providing for Awards in the form of Options (which may be
ISOs or NSOs), SARs, Restricted Shares and Restricted Stock Units, any of which may be structured as performance-based awards. Capitalized terms used in this Plan are defined in Article 14. 

ARTICLE 2.    ADMINISTRATION. 

2.1    General. The Plan may be administered by the Board or one or more Committees to which the Board (or an
authorized Board committee) has delegated authority. If administration is delegated to a Committee, the Committee shall have the powers theretofore possessed by the Board, including, to the extent permitted by applicable law, the power to delegate
to a subcommittee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to either the Board or the Administrator shall hereafter also encompass the Committee or subcommittee, as applicable). The Board
may abolish the Committee’s delegation at any time and the Board shall at all times also retain the authority it has delegated to the Committee. The Administrator shall comply with rules and regulations applicable to it, including under the
rules of any exchange on which the Common Shares are traded, and shall have the authority and be responsible for such functions as have been assigned to it. 

2.2    Section 16. To the extent desirable to qualify transactions hereunder as exempt under Exchange Act
Rule 16b-3, the transactions contemplated hereunder will be approved by the entire Board or a Committee of two or more “non-employee directors” within the
meaning of Exchange Act Rule 16b-3. 
 2.3    Powers of
Administrator. Subject to the terms of the Plan, and in the case of a Committee, subject to the specific duties delegated to the Committee, the Administrator shall have the authority to (a) select the Service Providers who are to receive
Awards under the Plan, (b) determine the type, number, vesting requirements and other features and conditions of such Awards, (c) interpret the Plan and Awards granted under the Plan, (d) make, amend and rescind rules relating to the
Plan and Awards granted under the Plan, including rules relating to sub-plans established for the purposes of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable
foreign laws, (e) impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by a Participant of any Common Shares issued pursuant to an Award, including restrictions under an

 
insider trading policy and restrictions as to the use of a specified brokerage firm for such resales, and (f) make all other decisions relating to the operation of the Plan and Awards
granted under the Plan. In addition, with regard to the terms and conditions of Awards granted to Service Providers outside of the United States, the Administrator may vary from the provisions of the Plan to the extent it determines it necessary and
appropriate to do so. 
 2.4    Effect of Administrator’s Decisions. The Administrator’s
decisions, determinations and interpretations shall be final and binding on all interested parties. 

2.5    Governing Law. The Plan shall be governed by, and construed in accordance with, the laws of the State
of Delaware (except its choice-of-law provisions). 
 ARTICLE
3.    SHARES AVAILABLE FOR GRANTS. 
 3.1    Basic Limitation. Common Shares issued
pursuant to the Plan may be authorized but unissued shares or treasury shares. The aggregate number of Common Shares issued under the Plan shall not exceed the sum of (a) the number of Common Shares reserved under the Predecessor Plan that are
not issued or subject to outstanding awards under the Predecessor Plan on the IPO Date, (b) any Common Shares subject to outstanding awards under the Predecessor Plan on the IPO Date that subsequently are forfeited, expire or lapse unexercised
or unsettled, as applicable, and Common Shares issued pursuant to awards granted under the Predecessor Plan that are outstanding on the IPO Date and that are subsequently forfeited to or repurchased by the Company, and (c) the additional Common
Shares described in Articles 3.2 and 3.3; provided, however, that no more than 39,000,000 Common Shares shall be added to the Plan pursuant to clauses (a) and (b). The number of Common Shares that are subject to Awards outstanding at
any time under the Plan may not exceed the number of Common Shares that then remain available for issuance under the Plan. The numerical limitations in this Article 3.1 shall be subject to adjustment pursuant to Article 9. 

3.2    Annual Increase in Shares. On the first day of
each fiscal year of the Company during the term of the Plan, commencing on February 1, 2019 and ending on (and including) February 1, 2028, the aggregate number of Common Shares that may be issued under the Plan shall automatically
increase by a number equal to the least of (a) 5% of the total number of Common Shares actually issued and outstanding on the last day of the preceding fiscal year, (b) 7,500,000 of Common Shares (subject to adjustment pursuant to Article 9.1
below), or (c) a number of Common Shares determined by the Board. Notwithstanding the foregoing, the Board retains the right in its sole discretion to forego an increase for any fiscal year following an annual review by the Board of the share
reserve of the Plan. 
 3.3    Shares Returned to Reserve. To the extent that Options, SARs, Restricted
Stock Units or other Awards are forfeited, cancelled or expire for any reason before being exercised or settled in full, the Common Shares subject to such Awards shall again become available for issuance under the Plan. If SARs are exercised or
Restricted Stock Units are settled, then only the number of Common Shares (if any) actually issued to the Participant upon exercise of such SARs or settlement of such Restricted Stock Units, as applicable, shall reduce the number of Common Shares
available under Article 3.1 and the balance shall again become available for issuance under the Plan. If Restricted Shares or Common Shares issued upon the 

  
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exercise of Options are reacquired by the Company pursuant to a forfeiture provision (including pursuant to Article 11.5), repurchase right or for any other reason, then such Common Shares shall
again become available for issuance under the Plan. Common Shares applied to pay the Exercise Price of Options or to satisfy tax withholding obligations related to any Award shall again become available for issuance under the Plan. To the extent
that an Award is settled in cash rather than Common Shares, the cash settlement shall not reduce the number of Shares available for issuance under the Plan. 

3.4    Awards Not Reducing Share Reserve. To the extent permitted under applicable stock exchange listing
standards, any dividend equivalents paid or credited under the Plan with respect to Restricted Stock Units shall not be applied against the number of Common Shares that may be issued under the Plan, whether or not such dividend equivalents are
converted into Restricted Stock Units. In addition, Common Shares subject to Substitute Awards granted by the Company shall not reduce the number of Common Shares that may be issued under Article 3.1, nor shall shares subject to Substitute Awards
again be available for Awards under the Plan in the event of any forfeiture, expiration or cash settlement of such Substitute Awards. 

3.5    Code Section 422 and Other Limits. Subject to adjustment in accordance with
Article 9: 
 (a)    The grant date fair value of Awards granted to an Outside Director during any one fiscal year of
the Company, together with the value of any cash compensation paid to the Outside Director apart from this Plan during such fiscal year, may not exceed $750,000 (on a per-Director basis); provided however
that the limitation that will apply in the fiscal year in which the Outside Director is initially appointed or elected to the Board shall instead be $1,000,000. For purposes of this limitation, grant date fair value of an Award shall be
determined in accordance with the assumptions that the Company uses to estimate the value of share-based payments for financial reporting purposes.. For the sake of clarity, Awards granted to an individual while he or she was an Employee or
Consultant, but not an Outside Director, shall not count towards this limitation. 
 (b)    The maximum number of
shares that may be issued under the Plan upon the exercise of ISOs shall equal the share number stated in the proviso of the second sentence of Article 3.1 (subject to adjustment pursuant to Article 9). 

ARTICLE 4.    ELIGIBILITY. 

4.1    Incentive Stock Options. Only Employees who are common-law
employees of the Company, a Parent or a Subsidiary shall be eligible for the grant of ISOs. In addition, an Employee who owns more than 10% of the total combined voting power of all classes of outstanding stock of the Company or any of its Parents
or Subsidiaries shall not be eligible for the grant of an ISO unless the additional requirements set forth in Code Section 422(c)(5) are satisfied. 

4.2    Other Awards. Awards other than ISOs may be granted to both Employees and other Service
Providers. 

  
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 ARTICLE 5.    OPTIONS. 

5.1    Stock Option Agreement. Each grant of an Option under the Plan shall be evidenced by a Stock Option
Agreement between the Optionee and the Company. Such Option shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The Stock Option Agreement shall specify whether the
Option is intended to be an ISO or an NSO. The provisions of the various Stock Option Agreements entered into under the Plan need not be identical. 

5.2    Number of Shares. Each Stock Option Agreement shall specify the number of Common Shares subject to
the Option, which number shall adjust in accordance with Article 9. 
 5.3    Exercise Price. Each
Stock Option Agreement shall specify the Exercise Price, which shall not be less than 100% of the Fair Market Value of a Common Share on the date of grant. The preceding sentence shall not apply to an Option that is a Substitute Award granted in a
manner that would satisfy the requirements of Code Section 409A and, if applicable, Code Section 424(a). 

5.4    Exercisability and Term. Each Stock Option Agreement shall specify the date or event when all or any
installment of the Option is to become vested and/or exercisable. The vesting and exercisability conditions applicable to the Option may include service-based conditions, performance-based conditions, such other conditions as the Administrator may
determine, or any combination of such conditions. The Stock Option Agreement shall also specify the term of the Option; provided that, except to the extent necessary to comply with applicable foreign law, the term of an Option shall in no event
exceed 10 years from the date of grant. A Stock Option Agreement may provide for accelerated vesting and/or exercisability upon certain specified events and may provide for expiration prior to the end of its term in the event of the termination
of the Optionee’s service. 
 5.5    Death of Optionee. After an Optionee’s death, any vested
and exercisable Options held by such Optionee may be exercised by his or her beneficiary or beneficiaries. Each Optionee may designate one or more beneficiaries for this purpose by filing the prescribed form with the Company. A beneficiary
designation may be changed by filing the prescribed form with the Company at any time before the Optionee’s death. If no beneficiary was designated or if no designated beneficiary survives the Optionee, then any vested and exercisable Options
held by the Optionee may be exercised by his or her estate. 
 5.6    Modification or Assumption of
Options. Within the limitations of the Plan, the Administrator may modify, reprice, extend or assume outstanding options or may accept the cancellation of outstanding options (whether granted by the Company or by another issuer) in return for
the grant of new Options for the same or a different number of shares and at the same or a different exercise price or in return for the grant of a different type of Award. The foregoing notwithstanding, no modification of an Option shall, without
the consent of the Optionee, impair his or her rights or obligations under such Option. 
 5.7    Buyout
Provisions. The Administrator may at any time (a) offer to buy out for a payment in cash or cash equivalents an Option previously granted or (b) authorize an Optionee to elect to cash out an Option previously granted, in either case at
such time and based upon such terms and conditions as the Administrator shall establish. 

  
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 5.8    Payment for Option Shares. The entire Exercise
Price of Common Shares issued upon exercise of Options shall be payable in cash or cash equivalents at the time when such Common Shares are purchased. In addition, the Administrator may, in its sole discretion and to the extent permitted by
applicable law, accept payment of all or a portion of the Exercise Price through any one or a combination of the following forms or methods: 

(a)    Subject to any conditions or limitations established by the Administrator, by surrendering, or attesting to the
ownership of, Common Shares that are already owned by the Optionee with a value on the date of surrender equal to the aggregate exercise price of the Common Shares as to which such Option will be exercised; 

(b)    By delivering (on a form prescribed by the Company) an irrevocable direction to a securities broker approved by the
Company to sell all or part of the Common Shares being purchased under the Plan and to deliver all or part of the sales proceeds to the Company; 

(c)    Subject to such conditions and requirements as the Administrator may impose from time to time, through a net
exercise procedure; or 
 (d)    Through any other form or method consistent with applicable laws, regulations and
rules. 
 ARTICLE 6.    STOCK APPRECIATION RIGHTS. 

6.1    SAR Agreement. Each grant of a SAR under the Plan shall be evidenced by a SAR Agreement between the
Optionee and the Company. Such SAR shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The provisions of the various SAR Agreements entered into under the Plan need not
be identical. 
 6.2    Number of Shares. Each SAR Agreement shall specify the number of Common Shares to
which the SAR pertains, which number shall adjust in accordance with Article 9. 
 6.3    Exercise
Price. Each SAR Agreement shall specify the Exercise Price, which shall in no event be less than 100% of the Fair Market Value of a Common Share on the date of grant. The preceding sentence shall not apply to a SAR that is a Substitute Award
granted in a manner that would satisfy the requirements of Code Section 409A. 
 6.4    Exercisability
and Term. Each SAR Agreement shall specify the date when all or any installment of the SAR is to become vested and exercisable. The vesting and exercisability conditions applicable to the SAR may include service-based conditions,
performance-based conditions, such other conditions as the Administrator may determine, or any combination thereof. The SAR Agreement shall also specify the term of the SAR; provided that except to the extent necessary to comply with applicable
foreign law, the term of a SAR shall not exceed 10 years from the date of grant. A SAR Agreement may provide for accelerated vesting and exercisability upon certain specified events and may provide for expiration prior to the end of its term in the
event of the termination of the Optionee’s service. 

  
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 6.5    Exercise of SARs. Upon exercise of a SAR, the
Optionee (or any person having the right to exercise the SAR after his or her death) shall receive from the Company (a) Common Shares, (b) cash or (c) a combination of Common Shares and cash, as the Administrator shall determine. The
amount of cash and/or the Fair Market Value of Common Shares received upon exercise of SARs shall, in the aggregate, not exceed the amount by which the Fair Market Value (on the date of surrender) of the Common Shares subject to the SARs exceeds the
Exercise Price. If, on the date when a SAR expires, the Exercise Price is less than the Fair Market Value on such date but any portion of such SAR has not been exercised or surrendered, then such SAR shall automatically be deemed to be exercised as
of such date with respect to such portion. A SAR Agreement may also provide for an automatic exercise of the SAR on an earlier date. 

6.6    Death of Optionee. After an Optionee’s death, any vested and exercisable SARs held by such
Optionee may be exercised by his or her beneficiary or beneficiaries. Each Optionee may designate one or more beneficiaries for this purpose by filing the prescribed form with the Company. A beneficiary designation may be changed by filing the
prescribed form with the Company at any time before the Optionee’s death. If no beneficiary was designated or if no designated beneficiary survives the Optionee, then any vested and exercisable SARs held by the Optionee at the time of his or
her death may be exercised by his or her estate. 
 6.7    Modification or Assumption of SARs. Within the
limitations of the Plan, the Administrator may modify, reprice, extend or assume outstanding stock appreciation rights or may accept the cancellation of outstanding stock appreciation rights (whether granted by the Company or by another issuer) in
return for the grant of new SARs for the same or a different number of shares and at the same or a different exercise price or in return for the grant of a different type of Award. The foregoing notwithstanding, no modification of a SAR shall,
without the consent of the Optionee, impair his or her rights or obligations under such SAR. 
 ARTICLE 7.    RESTRICTED SHARES.

 7.1    Restricted Stock Agreement. Each grant of Restricted Shares under the Plan shall be evidenced
by a Restricted Stock Agreement between the recipient and the Company. Such Restricted Shares shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The provisions of the
various Restricted Stock Agreements entered into under the Plan need not be identical. 
 7.2    Payment for
Awards. Restricted Shares may be sold or awarded under the Plan for such consideration as the Administrator may determine, including (without limitation) cash, cash equivalents, property, cancellation of other equity awards, promissory notes,
past services and future services, and such other methods of payment as are permitted by applicable law. 

7.3    Vesting Conditions. Each Award of Restricted Shares may or may not be subject to vesting and/or other
conditions as the Administrator may determine. Vesting shall occur, in full or in installments, upon satisfaction of the conditions specified in the Restricted Stock Agreement. Vesting conditions may include service-based conditions,
performance-based 

  
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conditions, such other conditions as the Administrator may determine, or any combination thereof. A Restricted Stock Agreement may provide for accelerated vesting upon certain specified events.

 7.4    Voting and Dividend Rights. The holders of Restricted Shares awarded under the Plan shall have
the same voting, dividend and other rights as the Company’s other stockholders, unless the Administrator otherwise provides. A Restricted Stock Agreement, however, may require that any cash dividends paid on Restricted Shares (a) be
accumulated and paid when such Restricted Shares vest, or (b) be invested in additional Restricted Shares. Such additional Restricted Shares shall be subject to the same conditions and restrictions as the shares subject to the Award with
respect to which the dividends were paid. In addition, unless the Administrator provides otherwise, if any dividends or other distributions are paid in Common Shares, such Common Shares shall be subject to the same restrictions on transferability
and forfeitability as the Restricted Shares with respect to which they were paid. 
 7.5    Modification or
Assumption of Restricted Shares. Within the limitations of the Plan, the Administrator may modify or assume outstanding Restricted Shares or may accept the cancellation of outstanding restricted shares (whether granted by the Company or by
another issuer) in return for the grant of new Restricted Shares for the same or a different number of shares or in return for the grant of a different type of Award. The foregoing notwithstanding, no modification of Restricted Shares shall, without
the consent of the Participant, impair his or her rights or obligations under such Restricted Shares. 
 ARTICLE 8.    RESTRICTED
STOCK UNITS. 
 8.1    Restricted Stock Unit Agreement. Each grant of Restricted Stock Units
under the Plan shall be evidenced by a Restricted Stock Unit Agreement between the recipient and the Company. Such Restricted Stock Units shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not
inconsistent with the Plan. The provisions of the various Restricted Stock Unit Agreements entered into under the Plan need not be identical. 

8.2    Payment for Awards. To the extent that an Award is granted in the form of Restricted Stock Units, no
cash consideration shall be required of the Award recipients. 
 8.3    Vesting Conditions. Each Award of
Restricted Stock Units may or may not be subject to vesting, as determined by the Administrator. Vesting shall occur, in full or in installments, upon satisfaction of the conditions specified in the Restricted Stock Unit Agreement. Vesting
conditions may include service-based conditions, performance-based conditions, such other conditions as the Administrator may determine, or any combination thereof. A Restricted Stock Unit Agreement may provide for accelerated vesting upon certain
specified events. 
 8.4    Voting and Dividend Rights. The holders of Restricted Stock Units shall have
no voting rights. Prior to settlement or forfeiture, Restricted Stock Units awarded under the Plan may, at the Administrator’s discretion, provide for a right to dividend equivalents. Such right entitles the holder to be credited with an amount
equal to all cash dividends paid on one Common Share while the Restricted Stock Unit is outstanding. Dividend equivalents may be 

  
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converted into additional Restricted Stock Units. Settlement of dividend equivalents may be made in the form of cash, in the form of Common Shares, or in a combination of both. Prior to
distribution, any dividend equivalents shall be subject to the same conditions and restrictions as the Restricted Stock Units to which they attach. 

8.5    Form and Time of Settlement of Restricted Stock Units. Settlement of vested Restricted
Stock Units may be made in the form of (a) cash, (b) Common Shares or (c) any combination of both, as determined by the Administrator. The actual number of Restricted Stock Units eligible for settlement may be larger or smaller than
the number included in the original Award, based on predetermined performance factors. Methods of converting Restricted Stock Units into cash may include (without limitation) a method based on the average value of Common Shares over a series of
trading days. Vested Restricted Stock Units shall be settled in such manner and at such time(s) as specified in the Restricted Stock Unit Agreement. Until an Award of Restricted Stock Units is settled, the number of such Restricted Stock Units shall
be subject to adjustment pursuant to Article 9. 
 8.6    Death of Recipient. Any Restricted Stock
Units that become payable after the recipient’s death shall be distributed to the recipient’s beneficiary or beneficiaries. Each recipient of Restricted Stock Units under the Plan may designate one or more beneficiaries for this purpose by
filing the prescribed form with the Company. A beneficiary designation may be changed by filing the prescribed form with the Company at any time before the Award recipient’s death. If no beneficiary was designated or if no designated
beneficiary survives the Award recipient, then any Restricted Stock Units that become payable after the recipient’s death shall be distributed to the recipient’s estate. 

8.7    Modification or Assumption of Restricted Stock Units. Within the limitations of the
Plan, the Administrator may modify or assume outstanding restricted stock units or may accept the cancellation of outstanding restricted stock units (whether granted by the Company or by another issuer) in return for the grant of new Restricted
Stock Units for the same or a different number of shares or in return for the grant of a different type of Award. The foregoing notwithstanding, no modification of a Restricted Stock Unit shall, without the consent of the Participant, impair his or
her rights or obligations under such Restricted Stock Unit. 
 8.8    Creditors’
Rights. A holder of Restricted Stock Units shall have no rights other than those of a general creditor of the Company. Restricted Stock Units represent an unfunded and unsecured obligation of the Company, subject to the terms and conditions of
the applicable Restricted Stock Unit Agreement. 
 ARTICLE 9.    ADJUSTMENTS; DISSOLUTIONS AND LIQUIDATIONS; CORPORATE TRANSACTIONS.

 9.1    Adjustments. In the event of a subdivision of the outstanding Common Shares, a declaration of
a dividend payable in Common Shares, a combination or consolidation of the outstanding Common Shares (by reclassification or otherwise) into a lesser number of Common Shares or any other increase or decrease in the number of issued Common Shares
effected without receipt of consideration by the Company, proportionate adjustments shall be made to the following: 

  
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 (a)    The number and kind of shares available for issuance under
Article 3, including the numerical share limits in Articles 3.1 and 3.2; 
 (b)    The number and kind of shares
covered by each outstanding Option, SAR and Restricted Stock Unit; and/or 
 (c)    The Exercise Price applicable to
each outstanding Option and SAR, and the repurchase price, if any, applicable to Restricted Shares. 
 In the event of a declaration of an extraordinary
dividend payable in a form other than Common Shares in an amount that has a material effect on the price of Common Shares, a recapitalization, a spin-off or a similar occurrence, the Administrator may make
such adjustments as it, in its sole discretion, deems appropriate to the foregoing. Any adjustment in the number of shares subject to an Award under this Article 9.1 shall be rounded down to the nearest whole share, although the Administrator in its
sole discretion may make a cash payment in lieu of a fractional share. Except as provided in this Article 9, a Participant shall have no rights by reason of any issuance by the Company of stock of any class or securities convertible into stock
of any class, any subdivision or consolidation of shares of stock of any class, the payment of any stock dividend or any other increase or decrease in the number of shares of stock of any class. For the sake of clarity, a stock split, if any,
conducted in connection with an initial public offering of the Company’s common stock shall trigger an adjustment under this paragraph. 

9.2    Dissolution or Liquidation. To the extent not previously exercised or settled, Options, SARs and
Restricted Stock Units shall terminate immediately prior to the dissolution or liquidation of the Company. 

9.3    Corporate Transactions. In the event that the Company is a party to a merger, consolidation, or a
Change in Control (other than one described in Article 14.6(d)), all Common Shares acquired under the Plan and all Awards outstanding on the effective date of the transaction shall be treated in the manner described in the definitive transaction
agreement (or, in the event the transaction does not entail a definitive agreement to which the Company is party, in the manner determined by the Administrator, with such determination having final and binding effect on all parties), which agreement
or determination need not treat all Awards (or portions thereof) in an identical manner. Unless an Award Agreement provides otherwise, the treatment specified in the transaction agreement or by the Administrator may include (without limitation) one
or more of the following with respect to each outstanding Award: 
 (a)    The continuation of such
outstanding Award by the Company (if the Company is the surviving entity); 
 (b)    The assumption of
such outstanding Award by the surviving entity or its parent, provided that the assumption of an Option or a SAR shall comply with applicable tax requirements; 

(c)    The substitution by the surviving entity or its parent of an equivalent award for such outstanding
Award (including, but not limited to, an award to acquire the same consideration paid to the holders of Common Shares in the transaction), provided that the substitution of an Option or a SAR shall comply with applicable tax requirements; 

  
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 (d)    In the case of an Option or SAR, the cancellation
of such Award without payment of any consideration. An Optionee shall be able to exercise his or her outstanding Option or SAR, to the extent such Option or SAR is then vested or becomes vested as of the effective time of the transaction, during a
period of not less than five full business days preceding the closing date of the transaction, unless (i) a shorter period is required to permit a timely closing of the transaction and (ii) such shorter period still offers the Optionee a
reasonable opportunity to exercise such Option or SAR. Any exercise of such Option or SAR during such period may be contingent on the closing of the transaction; 

(e)    The cancellation of such Award and a payment to the Participant with respect to each share subject
to the portion of the Award that is vested or becomes vested as of the effective time of the transaction equal to the excess of (A) the value, as determined by the Administrator in its absolute discretion, of the property (including cash)
received by the holder of a Common Share as a result of the transaction, over (if applicable) (B) the per-share Exercise Price of such Award (such excess, if any, the “Spread”). Such payment shall be made in the form of
cash, cash equivalents, or securities of the surviving entity or its parent having a value equal to the Spread. In addition, any escrow, holdback, earn-out or similar provisions in the transaction
agreement may apply to such payment to the same extent and in the same manner as such provisions apply to the holders of Common Shares. If the Spread applicable to a Award (whether or not vested) is zero or a negative number, then the
Award may be cancelled without making a payment to the Participant. In the event that a Award is subject to Code Section 409A, the payment described in this clause (e) shall be made on the settlement date specified in the applicable Award
Agreement, provided that settlement may be accelerated in accordance with Treasury Regulation Section 1.409A-3(j)(4); or 

(f)    The assignment of any reacquisition or repurchase rights held by the Company in respect of an Award
of Restricted Shares to the surviving entity or its parent, with corresponding proportionate adjustments made to the price per share to be paid upon exercise of any such reacquisition or repurchase rights. 

Unless an Award Agreement provides otherwise, each outstanding Award held by a Participant who remains a Service Provider as of the effective time of a
merger, consolidation or Change in Control (other than one described in Article 14.6(d)) (a “Current Participant”) shall become fully vested and, if applicable, exercisable immediately prior to the effective time of the transaction.
However the prior sentence shall not apply, and an outstanding Award shall not become vested and, if applicable, exercisable, if and to the extent the Award is continued, assumed or substituted as provided for in clauses (a), (b) or
(c) above. In addition, the prior two sentences will not apply to a Award held by a Participant who is not a Current Participant, unless an Award Agreement provides otherwise or unless the Company and the acquirer agree otherwise. 

  
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 For avoidance of doubt, the Administrator shall have the discretion, exercisable either at the time a Award
is granted or at any time while the Award remains outstanding, to provide for the acceleration of vesting upon the occurrence of a Change in Control, whether or not the Award is to be assumed or replaced in the transaction, or in connection with a
termination of the Participant’s service following a transaction. 
 Any action taken under this Article 9.3 shall either preserve a Award’s
status as exempt from Code Section 409A or comply with Code Section 409A. 
 ARTICLE 10.    OTHER AWARDS. 

Subject in all events to the limitations under Article 3 above as to the number of Common Shares available for issuance under this Plan, the
Company may grant other forms of Awards not specifically described herein and may grant awards under other plans or programs, where such awards are settled in the form of Common Shares issued under this Plan. Such Common Shares shall be treated for
all purposes under the Plan like Common Shares issued in settlement of Restricted Stock Units and shall, when issued, reduce the number of Common Shares available under Article 3. 

ARTICLE 11.    LIMITATION ON RIGHTS. 

11.1    Retention Rights. Neither the Plan nor any Award granted under the Plan shall be deemed to give any
individual a right to remain a Service Provider. The Company and its Parents, Subsidiaries and Affiliates reserve the right to terminate the service of any Service Provider at any time, with or without cause, subject to applicable laws, the
Company’s certificate of incorporation and by-laws and a written employment agreement (if any). 

11.2    Stockholders’ Rights. Except as set forth in Article 7.4 or 8.4 above, a
Participant shall have no dividend rights, voting rights or other rights as a stockholder with respect to any Common Shares covered by his or her Award prior to the time when a stock certificate for such Common Shares is issued or, if applicable,
the time when he or she becomes entitled to receive such Common Shares by filing any required notice of exercise and paying any required Exercise Price. No adjustment shall be made for cash dividends or other rights for which the record date is
prior to such time, except as expressly provided in the Plan. 
 11.3    Regulatory Requirements. Any
other provision of the Plan notwithstanding, the obligation of the Company to issue Common Shares under the Plan shall be subject to all applicable laws, rules and regulations and such approval by any regulatory body as may be required. The Company
reserves the right to restrict, in whole or in part, the delivery of Common Shares pursuant to any Award prior to the satisfaction of all legal requirements relating to the issuance of such Common Shares, to their registration, qualification or
listing or to an exemption from registration, qualification or listing. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed necessary by the Company’s counsel to be necessary
to the lawful issuance and sale of any Common Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Common Shares as to which such requisite authority will not have been obtained. 

  
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 11.4    Transferability of Awards. The
Administrator may, in its sole discretion, permit transfer of an Award in a manner consistent with applicable law. Unless otherwise determined by the Administrator, Awards shall be transferable by a Participant only by (a) beneficiary
designation, (b) a will or (c) the laws of descent and distribution; provided that, in any event, an ISO may only be transferred by will or by the laws of descent and distribution and may be exercised during the lifetime of the Optionee
only by the Optionee or by the Optionee’s guardian or legal representative 
 11.5    Recoupment
Policy. All Awards granted under the Plan, all amounts paid under the Plan and all Common Shares issued under the Plan shall be subject to recoupment, clawback or recovery by the Company in accordance with applicable law and with Company policy
(whenever adopted) regarding same, whether or not such policy is intended to satisfy the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Sarbanes-Oxley Act, or other applicable law, as well as any implementing
regulations and/or listing standards thereunder.  
 11.6    Other Conditions and Restrictions on Common
Shares. Any Common Shares issued under the Plan shall be subject to such forfeiture conditions, rights of repurchase, rights of first refusal, other transfer restrictions and such other terms and conditions as the Administrator may determine.
Such conditions and restrictions shall be set forth in the applicable Award Agreement and shall apply in addition to any restrictions that may apply to holders of Common Shares generally. In addition, Common Shares issued under the Plan shall be
subject to such conditions and restrictions imposed either by applicable law or by Company policy, as adopted from time to time, designed to ensure compliance with applicable law or laws with which the Company determines in its sole discretion to
comply including in order to maintain any statutory, regulatory or tax advantage. 
 ARTICLE 12.    TAXES. 

12.1    General. It is a condition to each Award under the Plan that a Participant or his or her successor
shall make arrangements satisfactory to the Company for the satisfaction of any federal, state, local or foreign withholding tax obligations that arise in connection with any Award granted under the Plan. The Company shall not be required to issue
any Common Shares or make any cash payment under the Plan unless such obligations are satisfied. 

12.2    Share Withholding. To the extent that applicable law subjects a Participant to tax withholding
obligations, the Administrator may permit such Participant to satisfy all or part of such obligations by having the Company withhold all or a portion of any Common Shares that otherwise would be issued to him or her or by surrendering all or a
portion of any Common Shares that he or she previously acquired. Such Common Shares shall be valued on the date when they are withheld or surrendered. Any payment of taxes by assigning Common Shares to the Company may be subject to restrictions
including any restrictions required by SEC, accounting or other rules. 
 12.3    Section 409A Matters. Except as
otherwise expressly set forth in an Award Agreement, it is intended that Awards granted under the Plan either be exempt from, or comply with, the requirements of Code Section 409A. To the extent an Award is subject to Code Section 409A (a
“409A Award”), the terms of the Plan, the Award and any written agreement governing the Award shall be interpreted to comply with the requirements of Code Section 409A so that the

  
 12 

 
Award is not subject to additional tax or interest under Code Section 409A, unless the Administrator expressly provides otherwise. A 409A Award shall be subject to such additional rules and
requirements as specified by the Administrator from time to time in order for it to comply with the requirements of Code Section 409A. In this regard, if any amount under a 409A Award is payable upon a “separation from service” to an
individual who is considered a “specified employee” (as each term is defined under Code Section 409A), then no such payment shall be made prior to the date that is the earlier of (i) six months and one day after the
Participant’s separation from service or (ii) the Participant’s death, but only to the extent such delay is necessary to prevent such payment from being subject to Code Section 409A(a)(1). 

12.4    Limitation on Liability. Neither the Company nor any person serving as Administrator shall have any
liability to a Participant in the event an Award held by the Participant fails to achieve its intended characterization under applicable tax law. 

ARTICLE 13.    FUTURE OF THE PLAN. 

13.1    Term of the Plan. The Plan, as set forth herein, shall become effective on the date of its adoption
by the Board, subject to approval of the Company’s stockholders under Article 13.3 below. The Plan shall terminate automatically 10 years after the date when the Board adopted the Plan. 

13.2    Amendment or Termination. The Board may, at any time and for any reason, amend or terminate the
Plan. No Awards shall be granted under the Plan after the termination thereof. The termination of the Plan, or any amendment thereof, shall not affect any Award previously granted under the Plan. 

13.3    Stockholder Approval. To the extent required by applicable law, the Plan will be subject to the
approval of the Company’s stockholders within 12 months of its adoption date. An amendment of the Plan shall be subject to the approval of the Company’s stockholders only to the extent required by applicable laws, regulations or rules.

 ARTICLE 14.    DEFINITIONS. 

14.1    “Administrator” means the Board or any Committee administering the Plan in accordance with Article
2. 
 14.2    “Affiliate” means any entity other than a Subsidiary, if the Company and/or one or more
Subsidiaries own not less than 50% of such entity. 
 14.3    “Award” means any award granted under the
Plan, including as an Option, a SAR, a Restricted Share award, a Restricted Stock Unit award or another form of equity-based compensation award. 

14.4    “Award Agreement” means a Stock Option Agreement, a SAR Agreement, a Restricted Stock Agreement,
a Restricted Stock Unit Agreement or such other agreement evidencing an Award granted under the Plan. 

  
 13 

 14.5    “Board” means the Company’s Board of
Directors, as constituted from time to time and, where the context so requires, reference to the “Board” may refer to a Committee to whom the Board has delegated authority to administer any aspect of this Plan. 

14.6    “Change in Control” means: 

(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; 
 (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 or into any other entity, 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) more than 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; or 
 (d)    Individuals who are members of the Board (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board over a period of 12 months; provided, however, that if the appointment or election (or nomination for election) of any new Board
member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member shall, for purposes of this Plan, be considered as a member of the Incumbent Board. 

A transaction shall not constitute a Change in Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding
company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. In addition, if a Change in Control constitutes a payment event with respect to any
Award which provides for a deferral of compensation and is subject to Code Section 409A, then notwithstanding anything to the contrary in the Plan or applicable Award Agreement the transaction with respect to such Award must also constitute a
“change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5) to the extent required by Code Section 409A. 

14.7    “Code” means the Internal Revenue Code of 1986, as amended. 

14.8    “Committee” means a committee of one or more members of the Board, or of other individuals
satisfying applicable laws, appointed by the Board to administer the Plan. 
 14.9    “Common Share”
means one share of the Company’s common stock. 
 14.10    “Company” means Anaplan, Inc., a
Delaware corporation. 

  
 14 

 14.11    “Consultant” means a consultant or adviser who
provides bona fide services to the Company, a Parent, a Subsidiary or an Affiliate as an independent contractor and who qualifies as a consultant or advisor under Instruction A.1.(a)(1) of Form S-8
under the Securities Act. 
 14.12    “Employee” means a
common-law employee of the Company, a Parent, a Subsidiary or an Affiliate. 

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

14.14    “Exercise Price,” in the case of an Option, means the amount for which one Common Share may be
purchased upon exercise of such Option, as specified in the applicable Stock Option Agreement. “Exercise Price,” in the case of a SAR, means an amount, as specified in the applicable SAR Agreement, which is subtracted from the Fair Market
Value of one Common Share in determining the amount payable upon exercise of such SAR. 
 14.15    “Fair Market
Value” means the closing price of a Common Share on any established stock exchange or a national market system on the applicable date or, if the applicable date is not a trading day, on the last trading day prior to the applicable date, as
reported in a source that the Administrator deems reliable. If Common Shares are not traded on an established stock exchange or a national market system, the Fair Market Value shall be determined by the Administrator in good faith on such basis as
it deems appropriate. The Administrator’s determination shall be conclusive and binding on all persons. 

14.16    “IPO Date” means the effective date of the registration statement filed by the Company with the
Securities and Exchange Commission for its initial offering of the Common Shares to the public. 

14.17    “ISO” means an incentive stock option described in Code Section 422(b). 

14.18    “NSO” means a stock option not described in Code Sections 422 or 423. 

14.19    “Option” means an ISO or NSO granted under the Plan and entitling the holder to purchase Common
Shares. 
 14.20    “Optionee” means an individual or estate holding an Option or SAR. 

14.21    “Outside Director” means a member of the Board who is not an Employee. 

14.22    “Parent” means any corporation (other than the Company) in an unbroken chain of corporations
ending with the Company, if each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the
status of a Parent on a date after the adoption of the Plan shall be considered a Parent commencing as of such date. 

14.23    “Participant” means an individual or estate holding an Award. 

  
 15 

 14.24    “Plan” means this Anaplan, Inc. 2018 Equity
Incentive Plan, as amended from time to time. 
 14.25    “Predecessor Plan” means the Company’s
2012 Stock Plan. 
 14.26    “Restricted Share” means a Common Share awarded under the Plan. 

14.27    “Restricted Stock Agreement” means the agreement consistent with the terms of the Plan between
the Company and the recipient of a Restricted Share that contains the terms, conditions and restrictions pertaining to such Restricted Share. 

14.28    “Restricted Stock Unit” means a bookkeeping entry representing the equivalent of one Common
Share, as awarded under the Plan. 
 14.29    “Restricted Stock Unit Agreement” means the agreement
consistent with the terms of the Plan between the Company and the recipient of a Restricted Stock Unit that contains the terms, conditions and restrictions pertaining to such Restricted Stock Unit. 

14.30    “SAR” means a stock appreciation right granted under the Plan. 

14.31    “SAR Agreement” means the agreement consistent with the terms of the Plan between the Company
and an Optionee that contains the terms, conditions and restrictions pertaining to his or her SAR. 

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

14.33    “Service Provider” means any individual who is an Employee, Outside Director or Consultant. 

14.34    “Stock Option Agreement” means the agreement between the Company and an Optionee that contains
the terms, conditions and restrictions pertaining to his or her Option. 
 14.35    “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 50% or more of the total combined
voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such date 

14.36    “Substitute Awards” means Awards or Common Shares issued by the Company in assumption of, or
substitution or exchange for, awards previously granted, or the right or obligation to make future awards, in each case by a corporation acquired by the Company or any Affiliate or with which the Company or any Affiliate combines to the extent
permitted by the applicable exchange listing requirements. 

  
 16EX-10.4

 Exhibit 10.4 

CHANGE IN CONTROL AND SEVERANCE AGREEMENT - CEO 

This Change In Control and Severance Agreement (the “Agreement”) is made by and between Anaplan, Inc. (the
“Company”) and Frank Calderoni (the “Executive”), effective on the date of the Company’s signature below (the “Effective Date”). 

The Agreement provides certain change in control and severance protections to the Executive in connection with the involuntary termination of the
Executive’s employment under the circumstances described in the Agreement. 
 The Company and the Executive agree as follows: 

1. Term of Agreement. The Agreement will terminate on the earlier of: (i) the date on which all of the obligations under the
Agreement have been satisfied; or (ii) the date on which the Executive experiences a Non-Qualified Termination. 

2. At-Will Employment. The Company and the Executive acknowledge that the Executive’s
employment is and will continue to be at-will, as defined under applicable law, except if otherwise specifically provided under the confirmatory employment letter between the Company and the Executive dated
September 28, 2018 (the “Confirmatory Employment Letter”) or any subsequently adopted written formal employment agreement between the Company and the Executive. 

3. Change in Control and Severance Benefits. 

(a) Change in Control. If the Company is subject to a Change in Control before the Executive’s service with the Company terminates,
then: (1) 50% of the then-unvested shares subject to each of the Executive’s then-outstanding Equity Awards will immediately vest and, to the extent applicable, become exercisable; and (2) if the Executive remains in continuous service
with the Company through the first anniversary of the Change in Control, then 100% of the then-unvested shares subject to each of the Executive’s then-outstanding Equity Awards will immediately vest and, to the extent applicable, become
exercisable; provided that with respect to then-outstanding restricted stock units, the accelerated vesting described in (1) or (2) shall only apply to the satisfaction of the applicable time-based requirement (and the satisfaction of the
liquidity event requirement shall continue to be governed under the original terms of the applicable award agreement(s)). 
 (b) Non-CIC Qualified Termination. If the Executive is subject to a Non-CIC Qualified Termination, the Executive will be eligible to receive the following payments and
benefits from the Company: 
 (i) Salary and Bonus Severance. The Company will provide the Executive with severance payments over the
12 month period following the Non-CIC Qualified Termination in an aggregate amount equal to: (A) 100% of the Executive’s Base Salary, plus (B) 100% of the Executive’s then applicable target annual
bonus (the sum of (A) and (B), the “Base Severance Amount”); provided that if the Non-CIC Qualified Termination is on account of the Executive’s death or Disability, the Executive will
instead receive a one-time lump-sum payment equal to the Base Severance Amount. 

 (ii) COBRA Payment. A lump-sum payment equal
to 18 multiplied by the monthly COBRA premium that the Executive would be required to pay to continue group health coverage for the Executive and the Executive’s eligible covered dependents in effect on the date of termination of employment,
based on the premium for the first month of COBRA coverage. Such cash payment will be taxable and will be made regardless of whether the Executive elects COBRA continuation coverage. 

(iii) Equity Vesting. The number of then-unvested shares subject to each of the Executive’s then-outstanding equity awards that
would have vested during the 6 month period following the Executive’s Non-CIC Qualified Termination shall vest (and, in the case of options and stock appreciation rights, become exercisable) immediately
prior to the Non-CIC Qualified Termination; provided that with respect to then-outstanding restricted stock units, the accelerated vesting shall only apply to the satisfaction of the applicable time-based
requirement (and the satisfaction of the liquidity event requirement shall continue to be governed under the original terms of the applicable award agreement). In the case of any portion of the equity awards that: (A) will become vested in
accordance with this Section 3(b)(iii); and (B) have performance-based vesting, all performance goals and other vesting criteria will be deemed achieved at the greater of actual performance or 100% of target levels. In addition, subject to
earlier termination in accordance with the terms of the applicable stock plan (e.g., upon the consummation of a merger), the vested portion of any options and stock appreciation rights held by the Executive shall remain exercisable until the earlier
of: (i) 10 years from the date of grant; and (ii) the one-year anniversary of the Executive’s Non-CIC Qualified Termination. 

(c) CIC Qualified Termination. If the Executive is subject to a CIC Qualified Termination, the Executive will be eligible to receive the
following payments and benefits from the Company: 
 (i) Salary Severance. A lump-sum payment
equal to 150% of the Executive’s Base Salary. 
 (ii) Bonus Severance. A lump-sum
payment equal to 150% of the Executive’s target annual bonus as in effect for the fiscal year in which the CIC Qualified Termination occurs. 

(iii) COBRA Payment. A lump-sum payment equal to 18 multiplied by the monthly COBRA premium
that the Executive would be required to pay to continue group health coverage for the Executive and the Executive’s eligible covered dependents in effect on the date of termination of employment, based on the premium for the first month of
COBRA coverage. Such cash payment will be taxable and will be made regardless of whether the Executive elects COBRA continuation coverage. 

(iv) Equity Vesting. All of the then-unvested shares subject to each of the Executive’s then-outstanding equity awards will
immediately vest and, in the case of options and stock appreciation rights, will become exercisable (for avoidance of doubt, no more than 100% of the shares subject to the then-outstanding portion of an equity award may vest and become exercisable
under this provision). In the case of equity awards with performance-based vesting, all performance goals and other vesting criteria will be deemed achieved at the greater of actual 

  
 2 

 
performance or 100% of target levels. Unless otherwise required under the next following two sentences or, with respect to awards subject to Section 409A of the Code, under Section 5(b)
below, any restricted stock units, performance shares, performance units, and/or similar full value awards that vest under this paragraph will be settled on the 61st day following the CIC Qualified Termination. For the avoidance of doubt, if the
Executive’s Qualified Termination occurs prior to a Change in Control, then any unvested portion of the Executive’s then-outstanding equity awards will remain outstanding for 3 months or the occurrence of a Change in Control (whichever is
earlier) so that any additional benefits due on a CIC Qualified Termination can be provided if a Change in Control occurs within 3 months following the Qualified Termination (provided that in no event will the Executive’s stock options or
similar equity awards remain outstanding beyond the equity award’s maximum term to expiration). In such case, if no Change in Control occurs within 3 months following a Qualified Termination, any unvested portion of the Executive’s equity
awards automatically will be forfeited permanently on the 3-month anniversary of the Qualified Termination without having vested. In addition, subject to earlier termination in accordance with the terms of the
applicable stock plan (e.g., upon the consummation of a merger), the vested portion of any options and stock appreciation rights held by the Executive shall remain exercisable until the earlier of: (i) 10 years from the date of grant; and
(ii) the one-year anniversary of the Executive’s CIC Qualified Termination. 
 (d)
Termination other than a Qualified Termination. If the termination of Executive’s employment with the Company is a Non-Qualified Termination, then the Executive will not be entitled to receive
severance or other benefits under the Agreement, other than the accrued rights described in Section 4 below. 
 (e) Non-Duplication of Payment or Benefits. If: (i) the Executive’s Qualified Termination occurs prior to a Change in Control that qualifies Executive for severance payments and benefits under
Section 3(b); and (ii) a Change in Control occurs within the 3-month period following Executive’s Qualified Termination that qualifies Executive for severance payments and benefits under
Section 3(c), then (A) the Executive will cease receiving any further payments or benefits under Section 3(b) and (B) the Executive will receive the payments and benefits under Section 3(c) instead but each of the
payments and benefits otherwise payable under Section 3(c) will be offset by the corresponding payments or benefits the Executive already received under Section 3(b). 

(f) Death of the Executive. If the Executive dies before all payments or benefits the Executive is entitled to receive under the
Agreement have been paid, such unpaid amounts will be paid to the Executive’s designated beneficiary, if living, or otherwise to the Executive’s personal representative in a lump-sum payment as soon
as possible following the Executive’s death. 
 (g) Exclusive Remedy. In the event of a termination of the Executive’s
employment with the Company, the provisions of the Agreement are intended to be and are exclusive and in lieu of any other rights or remedies to which the Executive may otherwise be entitled, whether at law, tort or contract, in equity. The
Executive will be entitled to no benefits, compensation or other payments or rights upon termination of employment other than those benefits expressly set forth in the Agreement. Notwithstanding the foregoing, the Agreement shall not limit any
rights the Executive has with respect to accelerated vesting of any equity award under the applicable grant agreement or the applicable stock plan. 

  
 3 

 4. Accrued Compensation. On any termination of the Executive’s employment with
the Company, the Executive will be entitled to receive all expense reimbursements, accrued wages, and other benefits due to the Executive under any applicable Company-provided plan, policy or arrangement, including any earned but unpaid bonus amount
for the Company’s immediately preceding fiscal year. The Executive’s rights under this Section 4 shall survive the termination of this Agreement until all such rights have been satisfied. 

5. Conditions to Receipt of Severance. 

(a) Separation Agreement and Release of Claims. The Executive’s receipt of any severance payments or benefits upon the
Executive’s Qualified Termination under Section 3 is subject to the Executive signing and not revoking the Company’s then-standard separation agreement and release of claims (which may include an agreement not to disparage any member
of the Company, non-solicit provisions, and other standard terms and conditions) (the “Release” and such requirement, the “Release Requirement”), which must become effective
and irrevocable no later than the date specified by the Company in the Release (the “Release Deadline”); provided that the Release Deadline will be no later than 60 days following the Executive’s Qualified Termination. If the
Release does not become effective and irrevocable by the Release Deadline, the Executive will forfeit any right to severance payments or benefits under Section 3. In no event will severance payments or benefits under Section 3 be paid or
provided until the Release actually becomes effective and irrevocable. None of the severance payments and benefits payable upon such Executive’s Qualified Termination under Section 3 will be paid or otherwise provided prior to the 60th day
following the Executive’s Qualified Termination. Except to the extent that payments are delayed under Section 5(b), on the first regular payroll pay day following the 60th day following the Executive’s Qualified Termination, the
Company will pay or provide the Executive the severance payments and benefits that the Executive would otherwise have received under Section 3 on or prior to such date, with the balance of such severance payments and benefits being paid or
provided as originally scheduled. 
 (b) Section 409A. The Company intends that all payments and benefits provided
under the Agreement or otherwise are exempt from, or comply with, the requirements of Section 409A of the Code and any guidance promulgated under Section 409A of the Code (collectively, “Section 409A”)
so that none of the payments or benefits will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted in accordance with this intent. No payment or benefits to be paid to the Executive, if
any, under the Agreement or otherwise, when considered together with any other severance payments or separation benefits that are considered deferred compensation under Section 409A (together, the “Deferred Payments”), will be
paid or otherwise provided until the Executive has a “separation from service” within the meaning of Section 409A. If, at the time of the Executive’s termination of employment, the Executive is a “specified
employee” within the meaning of Section 409A, then the payment of any Deferred Payments that are subject to Section 409A will be delayed to the extent necessary to avoid the imposition of the additional tax imposed under
Section 409A, which generally means that the Executive will receive payment on the first payroll date that occurs on or after the date that is 6 months and 1 day following the Executive’s separation from service.

  
 4 

 
Notwithstanding anything to the contrary above, if the accelerated vesting and/or settlement of any restricted stock units or other awards under Section 3(c)(iv) would subject such awards to
imposition of the additional tax imposed under Section 409A, then the shares or property subject thereto shall be distributed or paid only at the time(s) and according to the schedule on which such distributions or payments were scheduled to be
made under the original terms of the applicable award agreement(s). The Company reserves the right to amend the Agreement as it considers necessary or advisable, in its sole discretion and without the consent of the Executive or any other
individual, to comply with any provision required to avoid the imposition of the additional tax imposed under Section 409A or to otherwise avoid income recognition under Section 409A prior to the actual payment of any benefits or
imposition of any additional tax. Each payment, installment, and benefit payable under the Agreement is intended to constitute a separate payment for purposes of U.S. Treasury Regulation
Section 1.409A-2(b)(2). In no event will any member of the Company reimburse the Executive for any taxes that may be imposed on the Executive as a result of Section 409A. 

6. Limitation on Payments. 

(a) Reduction of Severance Benefits. If any payment or benefit that the Executive would receive from any Company member or any other
party whether in connection with the provisions herein or otherwise (the “Payment”) would: (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this
sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment will be equal to the Best Results Amount. The “Best Results Amount” will be either (x) the
full amount of such Payment or (y) such lesser amount as would result in no portion of the Payment being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local employment
taxes, income taxes and the Excise Tax, results in the Executive’s receipt, on an after-tax basis, of the greater amount. If a reduction in payments or benefits constituting parachute payments is
necessary so that the Payment equals the Best Results Amount, reduction will occur in the following order: reduction of cash payments; cancellation of accelerated vesting of stock awards; reduction of employee benefits. In the event that
acceleration of vesting of stock award compensation is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant of the Executive’s equity awards. The Executive will be solely responsible for the
payment of all personal tax liability that is incurred as a result of the payments and benefits received under the Agreement, and the Executive will not be reimbursed by any member of the Company Group or any of their respective affiliates. 

(b) Determination of Excise Tax Liability. The Company will select a professional services firm to make all of the determinations
required to be made under these paragraphs relating to parachute payments. The Company will request that firm provide detailed supporting calculations both to the Company and the Executive prior to the date on which the event that triggers the
Payment occurs if administratively feasible, or subsequent to such date if events occur that result in parachute payments to the Executive at that time. For purposes of making the calculations required under these paragraphs relating to parachute
payments, the firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith determinations concerning the application of the Code. The Company and the Executive will furnish to the firm
such information and documents as the firm may reasonably request in order to make a determination under these paragraphs relating to parachute payments. 

  
 5 

 
The Company will bear all costs the firm may reasonably incur in connection with any calculations contemplated by these paragraphs relating to parachute payments. Any such determination by the
firm will be binding upon the Company and the Executive, and the Company will have no liability to the Executive for the determinations of the firm. 

7. Definitions. The following terms referred to in the Agreement will have the following meanings: 

(a) “Base Salary” means the Executive’s annual base salary as in effect immediately prior to the Executive’s
Qualified Termination (or if the termination is due to a resignation for Good Reason based on a material reduction in base salary, then the Executive’s annual base salary in effect immediately prior to such reduction) or, if the
Executive’s Qualified Termination is a CIC Qualified Termination and such amount is greater, at the level in effect immediately prior to the Change in Control. 

(b) “Cause” means the occurrence of any of the following: (i) the Executive’s conviction of, or plea of “no
contest” to, a felony under the laws of the United States or any State; (ii) the Executive’s willful misconduct relating to services provided by the Executive to the Company; (iii) the Executive’s material failure to
perform the Executive’s employment duties (other than as a result of a mental or physical incapacity); (iv) the Executive’s unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any other
member of the Company Group, which use or disclosure causes material harm to the Company; (v) the Executive’s material failure to comply with the material written policies of the Company or any other member of the Company Group or the
material breach by the Executive of the Confirmatory Employment Letter, any of the equity grant agreements or the information and inventions assignment agreement with the Company; or (vi) the Executive’s failure to cooperate in good faith
with the Company or any other member of the Company Group in a governmental or internal investigation of the Company or any other member of the Company Group or any of their respective directors, officers or employees, if the Company has reasonably
requested the Executive’s cooperation. The Company will not terminate the Executive’s employment for Cause without the Board of Directors first providing the Executive with written notice specifically identifying the acts or omissions
constituting the grounds for a Cause termination and, with respect to clauses (ii), (iii), (v), and (vi), a reasonable cure period of not less than 30 days following such notice to the extent such events are curable (as determined by the Company).

 (c) “Change in Control” means the occurrence of any of the following events: 

(i) Change in Ownership of the Company. A change in the ownership of the Company which occurs on the date that any one person, or more
than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, with the stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company; provided, that
for this subsection, the acquisition of additional stock by any one Person, who prior to such acquisition is considered to own more than 50% of the total voting power of the stock of the Company will not be considered a Change in Control. Further,
if the stockholders of the Company immediately before such change in ownership continue to retain immediately after the change in ownership, in substantially the same proportions as their ownership of shares of the Company’s voting stock
immediately prior to the change in ownership, direct or indirect beneficial 

  
 6 

 
ownership of 50% or more of the total voting power of the stock of the Company, such event shall not be considered a Change in Control under this clause (i). For this purpose, indirect beneficial
ownership shall include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other business entities which own the Company, as the case may be, either directly or through one or more
subsidiary corporations or other business entities; or 
 (ii) Change in Effective Control of the Company. Individuals who are
members of the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board over a period of 12 months; provided however that if the appointment or election (or nomination for
election) of any new Board member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member shall, for purposes hereunder, be considered as a member of the Incumbent Board; or 

(iii) Change in Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial portion of
the Company’s assets which occurs on the date that any Person acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from
the Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of
this subsection, the following will not constitute a change in the ownership of a substantial portion of the Company’s assets: (A) a transfer of assets by the Company to an entity, 50% or more of the total value or voting power of which is
owned, directly or indirectly, by the Company; or (B) a transfer of assets to a Person, that owns, directly or indirectly, 50% or more of the total value or voting power of all the then-outstanding stock of the Company. 

For this definition, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of,
determined without regard to any liabilities associated with such assets. For this definition, Persons will 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. 
 A transaction will not be a Change in Control unless the transaction qualifies as a change
in control event within the meaning of Section 409A (as defined below). 
 Further and for the avoidance of doubt, a transaction will
not constitute a Change in Control if: (i) its sole purpose is to change the state of the Company’s incorporation; or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the
persons who held the Company’s securities immediately before such transaction. 
 (d) “Change in Control Period” means
the period beginning 3 months prior to the occurrence of a Change in Control and ending 18 months following the occurrence of a Change in Control. 

  
 7 

 (e) “COBRA” means the Consolidated Omnibus Budget Reconciliation Act of
1985, as amended. 
 (f) “CIC Qualified Termination” means a Qualified Termination that occurs during a Change in Control
Period. 
 (g) “Code” means the Internal Revenue Code of 1986, as amended. 

(h) “Company Group” means the Company and each of its subsidiaries. 

(i) “Disability” means the Executive is, 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, either: (i) unable to engage in any substantial gainful activity; or (ii) receiving income replacement benefits for a period of not
less than 3 months under an accident and health plan covering employees of the Company member that is employing the Executive. 
 (j)
“Good Reason” means the termination of the Executive’s employment with the Company or such other applicable member of the Company Group by the Executive in accordance with the next sentence after the occurrence of one or more
of the following events without the Executive’s express written consent: (i) a material reduction of the Executive’s duties, authorities, or responsibilities relative to the Executive’s duties, authorities, or responsibilities in
effect immediately prior to such reduction; provided that it will be considered a substantial reduction in duties and responsibilities if after a Change in Control, the Executive is not the Chief Executive Officer of the ultimate parent of the
resulting company and, if such Change in Control occurs after the Company’s IPO, if such ultimate parent is not a publicly traded company; (ii) a reduction of more than 10% by the Company in the Executive’s rate of annual base salary
or the target amount of the Executive’s annual bonus; provided, however, that, a proportional reduction of annual base salary and/or target bonus amount that also applies to all other similarly situated employees of the Company will not
constitute “Good Reason”; (iii) a material change in the geographic location of the Executive’s primary work facility or location; provided, that a relocation of less than 35 miles from the Executive’s then present
location will not be considered a material change in geographic location; or (iv) the failure of the Company to obtain from any successor or transferee of the Company an express written and unconditional assumption of the Company’s
obligations to the Executive under the Agreement. In order for the termination of the Executive’s employment with the Company to be for Good Reason, the Executive must not terminate employment without first providing written notice to the
Company of the acts or omissions constituting the grounds for “Good Reason” within 90 days of the initial existence of the grounds for “Good Reason” and a cure period of 30 days following the date of written notice
(the “Cure Period”), such grounds must not have been cured during such time, and the Executive must terminate the Executive’s employment within 30 days following the last day of the Cure Period. 

(k) “Equity Awards” shall mean the options and restricted stock units granted to the Executive in connection with the
commencement of his employment on January 20, 2017, and any subsequent grants. 

  
 8 

 (l) “IPO” shall mean the consummation of the first firm commitment
underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, covering the offer and sale by the Company of its equity securities, as a result of or following which the shares of common
stock of the Company shall be publicly held. 
 (m) “Non-CIC Qualified Termination”
means a Qualified Termination that occurs outside of a Change in Control Period. 
 (n)
“Non-Qualified Termination” means a termination of the Executive’s employment for any reason that is not a Qualified Termination. 

(o) “Qualified Termination” means a termination of the Executive’s employment either: (A) due to the
Executive’s death or Disability; (B) by the Company without Cause; or (C) by the Executive for Good Reason. 
 8.
Successors. 
 (a) The Company’s Successors. Any successor (whether direct or indirect and whether by purchase, merger,
consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets must assume the obligations under the Agreement and agree expressly to perform the obligations under the Agreement in the same manner
and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under the Agreement, the terms “Company” and “Company Group” will include any
successor to their business and/or assets which executes and delivers the assumption agreement described in this Section 8(a) or which becomes bound by the terms of the Agreement by operation of law. 

(b) The Executive’s Successors. The terms of the Agreement and all rights of the Executive under the Agreement will inure to the
benefit of, and be enforceable by, the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees, and legatees. 

9. Notice. 
 (a)
General. All notices and other communications required or permitted under the Agreement shall be in writing and will be effectively given: (i) upon actual delivery to the party to be notified; (ii) 24 hours after confirmed facsimile
transmission; (iii) 1 business day after deposit with a recognized overnight courier; or (iv) 3 business days after deposit with the U.S. Postal Service by first class certified or registered mail, return receipt requested, postage
prepaid, addressed (A) if to the Executive, at the address the Executive shall have most recently furnished to the Company in writing, (B) if to the Company, at the following address: 

Anaplan, Inc. 
 50 Hawthorne
Street 
 San Francisco, CA 94105 

Attention: Legal Department 
 E-mail: legal@anaplan.com 

  
 9 

 (b) Notice of Termination. Any termination by the Company for Cause will be
communicated by a notice of termination to the Executive, and any termination by the Executive for Good Reason will be communicated by a notice of termination to the Company, in each case given in accordance with Section 9(a) of the
Agreement. Such notice will indicate the specific termination provision in the Agreement relied upon, will set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and
will specify the termination date (which will be not more than 30 days after the later of: (i) the giving of such notice; or (ii) the end of any applicable cure period). The failure by the Executive to include in the notice any fact or
circumstance that contributes to a showing of Good Reason will not waive any right of the Executive under the Agreement or preclude the Executive from asserting such fact or circumstance in enforcing the Executive’s rights under the Agreement.

 10. Resignation. The termination of the Executive’s employment for any reason will also constitute, without any further
required action by the Executive, the Executive’s voluntary resignation from all officer and/or director positions held at any member of the Company, and at the Board’s request, the Executive will execute any documents reasonably necessary
to reflect such resignation. 
 11. Arbitration. Any controversy or claim arising out of or relating to the Agreement, or any breach
of the Agreement, remains subject to the Alternative Dispute Resolution Agreement signed as a condition of employment with the Company and attached as an exhibit to the Confirmatory Employment Letter.  

12. Miscellaneous Provisions. 

(a) No Duty to Mitigate. The Executive will not be required to mitigate the amount of any payment contemplated by the Agreement, nor
will any such payment be reduced by any earnings that the Executive may receive from any other source. 
 (b) Waiver; Amendment. No
provision of the Agreement will be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by an authorized officer of the Company (other than the Executive) and by the Executive. No waiver by
either party of any breach of, or of compliance with, any condition or provision of the Agreement by the other party will be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(c) Headings. All captions and section headings used in the Agreement are for convenient reference only and do not form a part of the
Agreement. 
 (d) Entire Agreement. The Agreement, together with the Confirmatory Employment Letter and the Alternative Dispute
Resolution Agreement, constitutes the entire agreement of the parties hereto and supersedes in their entirety all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied) of the
parties with respect to the subject matter hereof. 
 (e) Choice of Law. This Agreement will be governed by the laws of the State of
California without regard to California’s conflicts of law rules that may result in the application of the laws of any jurisdiction other than California. To the extent that any lawsuit is permitted under this Agreement, the Executive hereby
expressly consents to the personal and exclusive jurisdiction and venue of the state and federal courts located in California for any lawsuit filed against the Executive by the Company. 

  
 10 

 (f) Severability. The invalidity or unenforceability of any provision or provisions
of the Agreement will not affect the validity or enforceability of any other provision hereof, which will remain in full force and effect. 

(g) Withholding. All payments and benefits under the Agreement will be paid less applicable withholding taxes. The Company and the other
members of the Company Group are authorized to withhold from any payments or benefits all federal, state, local and/or foreign taxes required to be withheld from such payments or benefits and make any other required payroll deductions. Neither the
Company nor any other member of the Company Group will pay the Executive’s taxes arising from or relating to any payments or benefits under the Agreement. 

(h) Counterparts. The Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together
will constitute one and the same instrument. 
 [Signature page follows.] 

  
 11 

 By its signature below, each of the parties signifies its acceptance of the terms of the
Agreement, in the case of the Company by its duly authorized officer. 
  

			
	COMPANY
		
	By:	 	 /s/ Standish O’Grady

		 	Name: Standish O’Grady
		 	Title: Director, Chair of Compensation Committee
		 	Date: September 28, 2018
	
	THE EXECUTIVE
		
	By:	 	 /s/ Frank Calderoni

		 	Name: Frank Calderoni
		 	Title: CEO and President
		 	Date: September 28, 2018

 [SIGNATURE PAGE TO CHANGE IN
CONTROL AND SEVERANCE AGREEMENT (TIER 1)]

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