Document:

EX-10.4

 Exhibit 10.4 

SURVEYMONKEY 
 2018
EXECUTIVE BONUS COMPENSATION PLAN 
  

	 	•	 	Purpose—The purpose of the SurveyMonkey Inc. (including its parent and subsidiaries, collectively referred to as the “Company”) Executive Bonus Compensation Plan (“Plan”) is to reward
members of the Executive Team (each, an “Executive”) who contribute to the success of the Company and to provide an incentive for performance in 2018. 

  

	 	•	 	Eligibility – Members of the Executive Team are eligible to participate in the Plan, at the respective bonus percentages as approved by the Committee. An Executive must remain employed by the Company through
12/31/18, and remain an employee of the Company through the time of the bonus payout to be eligible for a bonus payout. New members of the Executive Team hired during 2018 will be eligible to receive a bonus on a pro rata basis if their start date
is before 10/01/18. Should an Executive’s offer letter set forth bonus terms that differ from this Plan, the offer letter will supersede the Plan. 

  

	 	•	 	Formula and Funding—Each Executive’s bonus payment is based on and funded by achievement of corporate objectives based on performance measures in three areas: Revenue (40% weight), Unlevered Free Cash
Flow (“uFCF”) (50% weight), and achievement of the 2018 Company OKRs (“OKR Metric”) (10% weight). The bonus pool is funded at the weighted average percentage of all of the performance measurements for the Plan. 

 

	 	•	 	For each measurement of the corporate objectives, there are Threshold, Target, and Outperformance levels. If performance for any measure is below the Threshold performance level, there is no payout with respect to that
measure. The potential payout for any measure is capped at the Outperformance level. Payouts for performance between Threshold and Outperformance for Revenue and uFCF levels are outlined in the following tables: 

 

																									
	 	  	2018 Revenue Curve	 	 	2018 Free Cash Flow Curve	 
	 	  	Achievement	 	 	Payout %	 	 	Achievement	 	 	Payout %	 
	 	  	Revenue
$MM	 	  	% of Target	 	 	 	Cash Flow
$MM	 	  	% of Target	 	 
		  	$	[***]	 	  	 	<94	% 	 	 	0	% 	 	$	[***]	 	  	 	<85	% 	 	 	0	% 
	 Threshold
	  	$	[***]	 	  	 	94	% 	 	 	50	% 	 	$	[***]	 	  	 	85	% 	 	 	50	% 
		  	$	[***]	 	  	 	98.3	% 	 	 	90	% 	 	$	[***]	 	  	 	95.6	% 	 	 	90	% 
	 Target
	  	$	[***]	 	  	 	100	% 	 	 	100	% 	 	$	[***]	 	  	 	100	% 	 	 	100	% 
		  	$	[***]	 	  	 	101.7	% 	 	 	110	% 	 	$	[***]	 	  	 	104.4	% 	 	 	110	% 
	 Outperformance
	  	$	[***]	 	  	 	106	% 	 	 	150	% 	 	$	[***]	 	  	 	115	% 	 	 	150	% 
		  	$	[***]	 	  	 	>106	% 	 	 	150	% 	 	$	[***]	 	  	 	>115	% 	 	 	150	% 

 Payouts for performance between points shown on the tables above will be calculated using straight-line
interpolation. 
  

	[***]	Information has been omitted and submitted separately to the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 Payout for the OKR Metric will be based on achievement as measured by the Executive Team and
certified by the Company’s Chief Executive Officer. Payout for performance between Threshold and Outperformance for the OKR Metric is as follows: 

2018 Company OKRs 

									
	 	  	% Achievement of
Company OKRs	 	 	Payout %	 
		  	 	<75	% 	 	 	0	% 
	 Threshold
	  	 	75	% 	 	 	50	% 
	 Target
	  	 	90	% 	 	 	100	% 
	 Outperformance
	  	 	125	% 	 	 	150	% 

 Payouts for performance between points shown on the table above will be calculated using straight-line
interpolation. 
  

	 	•	 	Bonus payouts to eligible Executives will be based solely on achievement of the bonus pool targets set forth below. Each Executive’s target bonus will be a percentage of the sum of actual salary payments during the
Plan year. Any earned bonus amount for Executives that have not participated in the Plan for the full Plan year will be prorated based on the amount of the Plan year they were actively providing services for the Company and what would have been
earned had any such Executive remained employed through the full Plan year, subject to the other provisions contained herein. 

  

	 	•	 	Bonuses paid pursuant to the Plan will be subject to all applicable federal, state and local withholding taxes. 

  

	 	•	 	The maximum total bonus payout is 150% of each Executive’s target bonus. 

  

	 	•	 	Payout of the Plan is formulaic and self-effectuating. 

  

	 	•	 	Nothing in the Plan will interfere with or limit in any way the right of the Company to terminate any participant’s employment or service at any time, with or without cause. Employment with the Company (or any
parent or subsidiary) is on an at-will basis only. 

  

	 	•	 	Timing of Payment—Bonuses earned pursuant to the terms of the Plan will be paid no later than the later of (i) March 15 of the year following the year in which the bonus has been earned and is no
longer subject to a substantial risk of forfeiture, or (ii) the fifteenth day of the third month of the Company’s fiscal year following the Company’s fiscal year during which the bonus has been earned and is no longer subject to a
substantial risk of forfeiture. It is intended that this Plan complies with, or is exempt from, the requirements of Section 409A of the Internal Revenue Code of 1986, as amended and any final regulations and guidance promulgated thereunder
(“Section 409A”) so that none of the benefits to be provided under the Plan will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. 

 

	 	•	 	Termination or Amendment—The Board and/or the Compensation Committee, in its sole discretion, may amend or terminate this Plan, or any part thereof, at any time and for any reason. Any rule or decision by
the Compensation Committee that is not inconsistent with the provisions of the Plan shall be conclusive and binding on all persons, and shall be given the maximum deference permitted by law. 

 Executive Bonus Target
Percentages1  
  

					
	 Name of Executive
	  	Percent of Annual Salary	 
	 Zander Lurie
	  	 	100	% 
	 Tom Hale
	  	 	85	% 
	 Tim Maly
	  	 	75	% 
	 Lora Blum
	  	 	50	% 
	 Becky Cantieri
	  	 	50	% 
	 Jon Cohen
	  	 	20	% 

  

	1	John Schoenstein (Chief Sales Officer) remains on a Sales Compensation Plan for 2018, with an incentive target equal to 100% of base salaryEX-10.5

 Exhibit 10.5 
 

 
 SURVEYMONKEY 

FY18 SALES INCENTIVE PLAN 

(Effective January 1, 2018 and subject to the FY18 Sales Incentive Plan Policies, Terms and Conditions) 

Sales Executive 
 Plan
Contents: 
  

	 	•	 	This Plan Design & Acknowledgement Sheet (the “Details Sheet”) 

  

	 	•	 	The Plan Policies, Terms, and Conditions (the “Plan Rules”) 

 Plan Overview 

SurveyMonkey’s Leadership is excited to have you on board and is pleased to present you with your FY18 Sales Incentive Plan, which is comprised of this
document and the Plan Rules (the “Plan”). This is an exciting time to be at SurveyMonkey as we accelerate growth through building relationships with new and existing partners. 

Our FY18 plan goals include the following: 
  

	a)	align to company sales strategy and compensation philosophy 

  

	b)	reflect company revenue and profitability goals 

  

	c)	compensate individuals for their contribution to the business 

  

	d)	be market competitive and pay for performance to attract and retain high caliber sales talent 

 This document
must be read together with the Plan Rules. If there is any inconsistency between this document and the Plan Rules, this document will prevail to the extent of any inconsistency. 

Plan Components 
 Your
On-Target Earnings (“OTE”) is comprised of: 
  

	 	•	 	Base Salary 

  

	 	•	 	Commission-based Target Incentive (“TI”) 

 The “Self-Serve Bookings” include
SurveyMonkey, Wufoo and Audience core, platform & integrations and total solutions. 
 The “Corporate Sales Bookings” refers to new
business and renewals for SurveyMonkey Enterprise, TechValidate, CX, Engage and Apply. 
 Table 1: Plan Components 

 

							
	 Performance Measure
	  	 Mechanic
	  	 Performance Period
	  	 Payout Frequency

	 Corporate Sales Bookings (80%)
	  	Commission Formula	  	Quarterly	  	Monthly
	 Self-Serve Bookings (20%)
	  	Commission Formula	  	Quarterly	  	Monthly

					
		 	CONFIDENTIAL	 	SurveyMonkey Inc (US)

  

 Plan Measure Details 

A Transaction is “Booked” when it fulfills all of the following criteria: 

1) the Terms & Conditions of the transaction have been approved by the Company’s legal department 

2) the Company’s Finance department has approved the transaction; and 

3) the Company has received a copy of the fully executed sales agreement. 

Please see the Plan Rules for the terms governing definitions, crediting, splits, un-earnable commissions (de-bookings), reassignments, and new-hire practices. 
 Your commission payout is
calculated by multiplying three things: 1) Percentage Attainment, 2) Accelerator Rate at that Percentage Attainment, and 3) Target Incentive (TI). The rate depends on level of total attainment. For attainment from
0-100% of Quota, the accelerator rate is 1.0x. For all attainment above 100%, the accelerator rate is 1.5x. Please see below for an example payout. 

Table 2 below provides the commission rates for each tier. 

Table 2: Measure Commission Rate Table 
  

							
	 Quota
Attainment
	  	Target Incentive	 	 	Accelerator Rate
	 0%
	  	 	100	% 	 	1x
	 >100%
	  				 	1.5x

 Monthly Payout Calculation Example 

Example: $25M Annual Quota for Corporate Sales Bookings with $100K Annual Target Incentive and 80% measure weighting. $100M Annual Quota for Self-Serve
Bookings with 20% measure weighting. Booked Corporate Sales of $2.5M and Self-Serve of $10M in January. 
 Calculation Example: 

Step 1. Calculate your weighted incentive.  

$100,000 Annual Incentive x 80% Measure Weighting = $80,000 

$100,000 Annual Incentive x 20% Measure Weighting = $20,000 

Step 2. Calculate your commission payout in each tier of attainment based on your accelerator rates, then sum for total commission payout. 

 

																																	
	 Bookings
	  	 	 	  	%QA	 	 	 	 	  	Rate	 	  	 	 	  	Weighted Target
Incentive	 	  	 	 	  	Commission Earned in January	 
	 $2.5M
	  	 	=	 	  	 	10	% 	 	 	x	 	  	 	1x	 	  	 	x	 	  	$	80,000.00	 	  	 	=	 	  	$	8,000.00	 
	 $10M
	  	 	=	 	  	 	20	% 	 	 	X	 	  	 	1x	 	  	 	x	 	  	$	20,000.00	 	  	 	=	 	  	$	4,000.000	 
	 $12.5M
	  				  				 				  				  				  				  				  	$	12,000.00	 

 Remaining Contract Value (RCV) Example 

QV for multi-year Subscriptions or non-subscription products and services 

  
 2 

					
		 	CONFIDENTIAL	 	SurveyMonkey Inc (US)

  

	 	•	 	If the Transaction consists of the Sale of a Subscription, the QV for that Transaction will be the Actual Contract Value (ACV). If the Transaction consists of the Renewal of a Subscription, the QV for the Transaction
will be for the Net Increase in Value of the first 12 months of fees of the renewal term only. No QV is attained for fees beyond the ACV, but commissions are earned at the non-accelerated base rate on the
Remaining Contract Value (RCV). 

 Example: A customer purchases a three-year Subscription. The first year is priced at $30,000 and the
second and third years are priced at $60,000 each. A Total Contract Value 
  

													
	 Year 1
	  	 Year 2
	  	 Year 3
	  	 TCV
	  	 TCT
	  	 ACV/QV
	  	 RCV

	 $30,000
	  	$60,000	  	$60,000	  	$150,000	  	3	  	$50,000	  	$100,000

 (TCV) of $150,000 / 3 year TCT= $50,000 ACV. 

In this example, the QV is $50,000. This is the value of a Transaction eligible to be counted towards your attainment of QV. The RCV is $100,000. It is
not included in QV, is ineligible for accelerators, and commissions are paid on that amount at the base rate. 
 If the Transaction is for the Sale of a
product or service other than a Subscription, the QV for that Transaction will be for the ACV only, no additional commissions will be earned beyond that amount. 

Sales Executive 
 Employee Information
and Total Pay Details 
  

							
	 Employee Name
	  	John Schoenstein	  	Period	  	Annual
	 Role Title
	  	Sales Executive	  	Base Salary	  	$325,000
	 Business Title
	  	Chief Sales Officer	  	Target Incentive	  	$325,000
	 Office
	  	San Mateo	  	On Target Earnings	  	$650,000
	 Plan Effective Date
	  	January 1, 2018	  	Target Pay Mix	  	50/50
	 Salary Effective Date
	  	February 1, 2018	  		  	

 Payments under the Plan may be subject to limitations, deductions, and withholding taxes. 

  
 3 

					
		 	CONFIDENTIAL	 	SurveyMonkey Inc (US)

  

 Quota Details 
  

					
	 Measure
	  	Quarter	  	Quota
	 Corporate Sales Bookings
	  	Q1	  	$[***]
		  	Q2	  	$[***]
		  	Q3	  	$[***]
		  	Q4	  	$[***]
		  	  
	  	  

		  	TOTAL	  	$[***]
		  	  
	  	  

	 Self-Serve Bookings
	  	Q1	  	$[***]
		  	Q2	  	$[***]
		  	Q3	  	$[***]
		  	Q4	  	$[***]
		  	  
	  	  

		  	TOTAL	  	$[***]
		  	  
	  	  

 Commission Rate Details 
  

							
	 Quota
Attainment
	  	Target Incentive	 	 	Accelerator Rate
	0%	  	 	100	% 	 	1x
	>100%	  				 	1.5x

 Approval / Acceptance 

The Plan is effective on January 1, 2018 and, subject to the Plan Rules, will replace, cancel and supersede any and all prior
compensation plans or arrangements in effect. The Salary portion of this Plan is effective on February 1, 2018. 
 Your
participation in the Plan does not give you any right to continued employment with SurveyMonkey. 
 The Plan, including target incentive amounts and quotas,
may be varied, amended, withdrawn or cancelled at any time in the absolute discretion of SurveyMonkey upon written notice to you from SurveyMonkey. However, no Plan Amendments to this Plan will have a retroactive effect on any Closed Transactions
and such Transactions shall be subject to the terms and conditions in effect at the time the Booked Transaction converted to a Closed Transaction. 
 By
signing below, you acknowledge and agree that: 
  

	 	•	 	you have read and understood the Plan, and accept and agree to be bound by its terms; 

  

	 	•	 	any future commissions advanced under the Plan will be reduced by the pre-paid amount of any prior un-earnable commissions. If your
employment with the Company is terminated for any reason before the un-earnable amount has been fully repaid to the Company, then you will be responsible for the repayment of any outstanding amount; and

  

	 	•	 	you have had the opportunity to confer with an independent legal advisor in advance of signing below, and have either obtained such advice or declined to do so. 

 

	[***]	Information has been omitted and submitted separately to the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 4 

					
		 	CONFIDENTIAL	 	SurveyMonkey Inc (US)

  

 Acknowledged & Agreed: 

 

							
	 Plan approved
by:
	  	 Name
	  	 Signature
	  	 Date (m/d/y)

	 Director, Sales Operations
	  	Aditi Mahajan	  	/s/ Aditi Mahajan	  	

  

							
	 Plan approved
by:
	  	 Name
	  	 Signature
	  	 Date (m/d/y)

	 CEO
	  	Zander Lurie	  	/s/ Zander Lurie	  	

  

							
	 Participant:
	  	 Name
	  	 Signature
	  	 Date (m/d/y)

	 Chief Sales Officer
	  	John Schoenstein	  	/s/ John Schoenstein	  	

  

							
	 Plan approved
by:
	  	 Name
	  	 Signature
	  	 Date (m/d/y)

	 Controller
	  	Dharti Patel	  	/s/ Dharti Patel	  	

  
 5

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