Document:

exv10w14

Exhibit 10.14

CONFIDENTIAL DOCUMENT

SEPTEMBER 24, 2009

EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (this “Agreement”), is made this 24th day of September, 2009, (the
“Effective Date”) by and between William Van Valkenberg, an individual resident of the State of
Washington, (the “Executive”) with a residence at [***] and RealPage,
Inc., a Delaware corporation (the “Employer”), having its chief offices at 4000 International
Parkway, Carrollton, Texas 75007.

     WHEREAS, Employer desires to retain the services of Executive on the terms and conditions
hereinafter set forth; and

     WHEREAS, Executive desires to furnish services to Employer on the terms and conditions
hereinafter set forth; and

     WHEREAS, the parties desire to enter into this Agreement setting forth the terms and
conditions of the employment relationship between Executive and Employer.

     NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth below,
the parties hereby agree as follows:

1. Employment. Employer hereby agrees to employ Executive, and Executive hereby accepts
such employment, on the terms and conditions hereinafter set forth.

2. Employment Screening. Executive shall successfully complete a pre-employment drug test,
pre-employment consumer report verification, and the Employer new hire paperwork.

3. Employment Period. The period during which Executive shall furnish services to Employer
hereunder (the “Employment Period”) shall commence on the Effective Date and shall end on the Date
of Termination (as defined in Section 8(b) below). Nothing in this Section shall limit the right
of Employer or Executive to terminate Executive’s employment hereunder on the terms and conditions
set forth in Section 7 hereof.

4. Position and Duties.

          (a) Office; Reporting; Duties. During the Employment Period, Executive shall serve as
Executive Vice President, Secretary and Chief Legal Officer, and shall report to the Chief
Executive Officer of Employer. Executive shall have those powers, duties and perquisites
consistent with a senior management position and such other powers and duties as may be prescribed
by the Chief Executive Officer of Employer, provided that such other powers and duties are
consistent with the scope, dignity and perquisites of Executive’s position.

          (b) Commitment of Full Time Efforts. Executive agrees to devote substantially his
full working time, attention and energies to the performance of his duties for Employer,

 

 

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provided,however, that it shall not be a violation of this Agreement for Executive to (i) serve on civic or
charitable boards or committees, (ii) serve on corporate boards or committees, with the prior
consent of Employer, which consent shall not be unreasonably withheld, (iii) give speeches and make
media appearances to discuss matters of public interest (so long as such shall not involve Employer
in matters of political, religious or social controversy), and (iv) manage his personal
investments, in each case so long as the foregoing activities do not interfere materially with the
performance of Executive’s responsibilities in accordance with this Agreement.

5. Place of Performance. Executive shall perform his duties for Employer at Employer’s
corporate offices at 4000 International Parkway, Carrollton, Texas 75007, or at any other address
in Dallas County or Collin County, Texas to which the corporate offices may be moved in the future.

6. Compensation and Related Matters.

          (a) Base Salary. As compensation for the performance by Executive of his obligations
hereunder, during the Employment Period, Employer shall pay Executive a base salary at a rate not
less than Twenty-five Thousand and no/100ths Dollars ($25,000.00) per month, or Three Hundred
Thousand and no/100ths Dollars (US$300,000.00) on an annualized basis (the base salary, at the rate
in effect from time to time, is hereinafter referred to as the “Base Salary”). Base Salary shall
be paid in approximately equal installments in accordance with Employer’s customary payroll
practices and legal requirements regarding withholding and deductions. During the Employment
Period, the Base Salary shall be reviewed no less frequently than annually (commencing in 2010) to
determine whether the same should be adjusted in light of the duties, responsibilities and
performance of Executive and other relevant factors.

          (b) Annual Bonus. Beginning for the calendar year in 2009, which will be calculated
on a pro rata basis based on the commencement date of Executive’s employment, Executive shall be
eligible to receive an annual bonus under the terms of the Employer Management Incentive Plan
(“Plan”) of 50% of his Base Salary for achievement of Plan at 100%, with the potential to receive
up to 100% of his Base Salary if the performance criteria for this potential is achieved as set
forth in the Plan. To be eligible for the Annual Bonus, Executive must be employed by Employer on
December 31 of the year with regard to which the Annual Bonus is applicable and must be employed on
the date the Annual Bonus is paid.

          (c) Grant of Option to Purchase Common Stock. The President shall recommend to the
Compensation Committee of Employer’s Board of Directors that it should grant to Executive, an
option (the “Option”) to purchase Three Hundred Thousand (300,000) shares of Employer’s common
stock (“Common Stock”) with a grant date as of the Committee’s action and an exercise price of not
less than fair market value of Employer’s Common Stock on the date of grant. The Option shall be
subject to the Amended and Restated RealPage, Inc. 1998 Stock Incentive Plan
(the “Plan”) and the Non-Qualified Stock Option Agreement issued pursuant to the Plan, a copy
of which Non-Qualified Stock Option Agreement is attached as Exhibit A hereto.

 

 

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          (d) Relocation Bonus. Executive shall commence working full-time at Employer’s
headquarters office no later than September 29, 2009. Employer will pay on Executive’s behalf
relocation expenses in accordance with Employer’s standard relocation policy in an amount up to One
Hundred Twenty-five Thousand Dollars (US$125,000.00) (“Relocation Expenses”), subject to Employer’s
customary payroll practices and legal requirements regarding withholding. Executive shall submit
promptly to Employer invoices, but in any event no later than two weeks prior to any due date for
such invoices, for actual incurred Relocation Expenses, and Employer shall remit payment for such
Relocation Expenses in accordance with its standard accounts payable practices, but in any event no
later than the due date of the invoice. “Relocation Expenses “ shall include, inter alia, the cost
of Employer and his family’s relocation to the Dallas/Ft. Worth metroplex, but does include payment
of commissions, points or other costs associated with buying or selling a home. Until Executive
relocates, Employer will (i) rent a furnished two bedroom apartment within proximity of the office
in Carrollton for his use and (ii) reimburse the cost of travel of Executive and his spouse between
Seattle, Washington, and Dallas, Texas, in accordance with Employer’s standard travel policy.
Given that trips to the headquarters office can be scheduled, Executive and his spouse shall use
commercially reasonable efforts to take advantage of reduced airfares. Employer also will
reimburse Executive prior to relocation the cost of an automobile rental for the time Executive is
in Carrollton

          (e) Expenses and Vacations. Employer, according to its standard travel policy, shall
reimburse Executive for all reasonable, in-policy business expenses upon the presentation of
itemized statements of such expenses. Executive shall be entitled to three weeks paid vacation per
year, in accordance with Employer’s vacation policy and practice applicable to senior executives of
Employer.

          (f) Fringe Benefits and Perquisites. During the Employment Period, Employer shall
make available to Executive the fringe benefits and perquisites that are made available to other
senior Executives of Employer.

          (g) Other Benefits. During the Employment Period, Executive shall be eligible to
participate in all other employee welfare benefit plans and other benefit programs (including group
life insurance, medical and dental insurance, and accident and disability insurance) made available
generally to employees or senior executives of Employer.

7. Termination. Executive’s employment hereunder may be terminated under the following
circumstances, in each case subject to the provisions of this Agreement:

          (a) Death. Executive’s employment hereunder shall terminate upon his death.

          (b) Disability. If, as a result of Executive’s incapacity due to physical or mental
disability, Executive shall have been absent from his duties hereunder on a full-time basis (i) for
a period of six consecutive months or (ii) for shorter periods aggregating six months during any
twelve month period, and, in either case, within thirty (30) days after written Notice of
Termination (as

 

 

CONFIDENTIAL DOCUMENT
SEPTEMBER 24, 2009

described in Section 8(a) hereof) is given, Executive shall not have returned to
the performance of his duties hereunder on a full-time basis, Employer may terminate Executive’s
employment hereunder for “Disability.”

          (c) Cause. Employer may terminate Executive’s employment hereunder for Cause. In the
event of a termination under this Section 7(c), the Date of Termination shall be the date set forth
in the Notice of Termination. For purposes of this Agreement, “Cause” means the occurrence of any
of the following events: (i) Executive’s conviction of a felony; (ii) Executive’s making a
materially false statement to Employer’s auditors or legal counsel; (iii) Executive’s falsification
of any corporate document or form; (iv) any material breach by Executive of Executive’s material
obligations to Employer or of any published policy of Employer, which breach is not cured within
ten (10) days after receipt of written notice of breach; (v) any material breach by Executive of
the provisions of this Agreement, which breach is not cured within ten (10) days after receipt of
written notice of breach; (vi) Executive’s making a material misrepresentation of fact or omission
to disclose material facts in relation to transactions occurring in the business and financial
matters of Employer; (vii) Executive’s continued performance of Executive’s duties in an
incompetent, unprofessional, unsuccessful, insubordinate or negligent manner subsequent to written
notice thereof by Employer which notice specifies with reasonable clarity the failure to perform
alleged to give rise to Cause (in no case, however, shall Employer be required to give more than
one notice as to a particular type of failure).

          (d) Good Reason. Executive may terminate his employment hereunder for “Good Reason”
in the event of any material failure on the part of Employer to comply with any of its material
obligations of this Agreement, which failure has not been cured within ten (10) days after written
notice thereof has been given by Executive to Employer specifying the acts or omissions of Employer
alleged to give rise to Good Reason.

          (e) Other Terminations. Employer may terminate Executive’s employment hereunder other
than for Cause or Disability, and Executive may terminate his employment other than for Good Reason
in each case subject to the provisions of this Agreement.

8. Termination Procedure.

          (a) Notice of Termination. Any termination of Executive’s employment by Employer or
by Executive (other than termination pursuant to Section 7(a) hereof) shall be communicated by
written Notice of Termination to the other party hereto in accordance with Section 15.

          (b) Date of Termination. “Date of Termination” shall mean (i) if Executive’s
employment is terminated by his death, the date of his death, (ii) if Executive’s employment is
terminated pursuant to Section 7(b), thirty (30) days after Notice of Termination is given
(provided that Executive shall not have returned to the performance of his duties on a full-time
basis during such thirty (30) day period), (iii) if Executive’s employment is terminated pursuant
to Section 7(c),

 

 

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the date specified in the Notice of Termination, (iv) if Executive terminates his
employment for Good Reason, ten (10) days after Notice of Termination if Employer’s breach shall be
uncured, and (v) if Executive’s employment is terminated pursuant to Section 7(e), immediately upon
written notice delivered by the terminating party to the other, unless such notice designates a
different termination date.

9. Compensation Upon Termination.

          (a) Death; Disability; Termination By Employer without Cause or By Executive for Good
Reason. If Executive’s employment is terminated by reason of his death or Disability or by
Employer without Cause or by Executive for Good Reason, Employer shall pay to Executive (or his
legal representatives or estate or as may be directed by the legal representatives of his estate,
as the case may be), (i) six (6) equal monthly installments of an amount per installment equal to
one-twelfth of Executive’s Base Salary (determined as of the Date of Termination), and (ii) a lump
sum cash payment, within five days following such Date of Termination, of an amount equal to any
earned but unpaid Base Salary or bonus due to Executive in respect of periods through the Date of
Termination plus accrued vacation in accordance with Employer’s vacation policy (as described in
Section 9(a)(ii), the “Accrued Amounts”). All sums outlined in Sections 9(a)(i) and 9(a)(ii) shall
be subject to all required deductions and withholdings. The amount set forth in Section 9(a)(i)
shall be payable if and only if the Executive shall have executed and not revoked on no later than
the 30th day following the Date of Termination a full Release and Covenant not to sue the Employer
and its employees, officers, directors and stockholders.

          (b) Cause or By Executive Other than for Good Reason. If Executive’s employment is
terminated by Employer for Cause or by Executive other than for Good Reason, then Employer shall
pay Executive, within five (5) days following such Date of Termination, in a lump sum cash payment,
the Accrued Amounts.

10. No Mitigation. Executive shall not be required to mitigate amounts payable pursuant to
Section 9 of this Agreement by seeking other employment or otherwise, nor shall such payments be
reduced on account of any remuneration earned by Executive attributable to employment by another
employer, by retirement benefits, by offset against any amount claimed to be owed by Executive to
Employer or otherwise.

11. Confidentiality; Non-Competition.

          (a) Non-Disclosure and Non-Use of Confidential Information. Executive shall not
disclose any Employer Confidential Information to any third party (other than accountants,
lawyers and other third parties engaged by and working at the behest of Employer) without the
specific written consent of Employer and shall use Employer Confidential Information solely for the
benefit of Employer. Executive shall hold all and any Employer Confidential Information in
confidence.

 

 

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          (b) Definition of Employer Confidential Information. For purposes of this Agreement,
“Employer Confidential Information” includes, in whatever form or format, all non-public
information — disclosed to or known to Executive as a direct or indirect consequence of or through
Executive’s employment with Employer — about Employer, its parents or subsidiaries, its
technology, finances, business methods, plans, operations, services, products and processes
(whether existing or contemplated), or any of its directors, executives, employees, clients,
prospective clients, agents or suppliers, including all information relating to software programs,
source codes or object codes; computer systems; computer systems analyses, testing results; flow
charts and designs; product specifications and documentation; user documentation; sales plans;
sales records; sales literature; customer lists, prospect list and files; research and development
projects or plans; marketing and merchandising plans and strategies; pricing strategies; price
lists; sales or licensing terms and conditions; consulting sources; supply and service sources;
procedure or policy manuals; legal matters; financial statements; financing methods; financial
projections; and the terms and conditions of business arrangements with its parent, clients,
suppliers, banks, or other financial institutions. Employer Confidential Information shall not
include information that is in his possession legally and without restriction as of the Effective
Date of this Agreement.

          (c) Proprietary Information Obligations. Employer respects the right of every
employer to protect its confidential and proprietary information. Employer specifically wishes to
prevent Executive or any individual interested in employment with Employer from using on behalf of
Employer or disclosing to Employer at any time before, during or after Executive’s employment with
Employer any confidential or proprietary information belonging to any other employer. Executive
represents to Employer that he will not use or otherwise exploit third party confidential or
proprietary information in the performance of his duties hereunder. Further, between the date of
this Employment Agreement and the date Executive begins employment with Employer, Executive will
continue to comply with any executory obligations to protect Executive’s current employer’s
confidential and proprietary information. Executive’s failure to observe those continuing
obligations could result in Employer’s refusal to hire or, if discovered after Executive has
already begun employment with Employer, disciplinary action up to and including termination of
Executive’s employment.

          (d) Non-Competition. In consideration of Employer’s promises and payments under this
Agreement, Executive agrees that, during the Employment Period and for a period of six (6) months
thereafter (the “Restricted Period”), Executive shall not (as principal, agent, executive,
consultant, volunteer or otherwise), engage (other than on behalf of Employer or its Affiliates)
directly or indirectly, in a Competing Business (as defined below) anywhere in the territory of the
United States, or, without the prior consent of Employer, directly or indirectly, advise, own an
interest in, manage, operate, join, control, lend money or render financial, technical or other
assistance (other than customary professional courtesies afforded to members of the business
community) to or participate in or be connected with, as an officer, executive, partner,
stockholder, consultant, advisor or other similar capacity, any Competing Business; provided,
however, that ownership of securities having no more than one percent of the outstanding voting
power of any competitor which are listed on any national securities exchange or traded actively in
the national

 

 

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over-the-counter market shall not be deemed to be in violation of this sub-section so
long as Executive has no other connection or relationship with such competitor that would not be
permitted hereby. For purposes hereof, “Competing Business” means the business of developing,
designing, publishing, marketing, maintaining or distributing databases and software applications
and services that are competitive with products or services of Employer, are generally referred to
as “multi- tenant real estate management applications” and are generally used at multi-tenant real
estate developments by personnel engaged in the operation, leasing, pricing, promotion and
maintenance of multi-tenant units. Without limitation of the foregoing, multi-multi-tenant real
estate development management applications, data bases and services shall include software used in
screening potential tenants, performing accounting functions, providing a community web site,
providing tenant incentives, performing market research, and communicating via the Internet with
applicants, residents, service providers, suppliers and advertising providers, providing utility
billing management solutions, providing electronic payment solutions or marketing resident
insurance solutions.

          (e) Non-Interference with Licensees. Executive hereby agrees that, during the
Restricted Period (other than on behalf of Employer or its Affiliates), Executive shall not in any
way directly or indirectly, for the purpose of conducting or engaging in a Competing Business, call
upon, solicit, respond to, advise or otherwise do, or attempt to do business with any then-existing
or Past customer or licensee of Employer or any Affiliate of Employer or take away or attempt to
interfere with any then-existing or Past customer, licensee, trade, business or patronage of
Employer or any Affiliate. For purposes of this Section 11(e), the term “Past” customer or “Past”
licensee shall refer to any former customer or licensee of Employer within six (6) months of their
having ceased to be a customer or licensee of Employer.

          (f) Non-Interference with Employees. Executive hereby agrees, during the Restricted
Period, not to, directly or indirectly, hire or retain, attempt to hire or retain, any of
Employer’s then- existing or Past officers, executives, employees, representatives, consultants or
agents, not to induce any such to give up employment with or representation of Employer or any
Affiliate and not to otherwise interfere with, or attempt to interfere with, the relationship of
any such with Employer or any Affiliate. For purposes of this Section 11(f), the term “Past”
officer, executive, employee, representative, consultant or agent of Employer shall refer to any
former officer, executive, employee, representative, consultant or agent of Employer within six (6)
months of their having ceased to be an officer, executive, employee, representative, consultant or
agent of Employer or any Affiliate.

          (g) Non-Interference with Business Relationships. Executive hereby agrees, during the
Restricted Period, that Executive shall not, directly or indirectly, for the purpose of
conducting or engaging in a Competing Business, attempt to interfere with, impair, or
adversely affect any contractual relationships or business relationships between the Company and
any of the technology or distribution companies with whom the Company has strategic relationships.

 

 

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          (h) Non-Disparagement. Executive hereby agrees, that during the Restricted Period,
Executive shall not disparage either orally or in writing the Company, its products or services, or
its officers, directors, or employees.

          (i) Injunctive Relief. Executive recognizes and agrees that the injury the Company
will suffer in the event of a breach of this Section 11 may cause the Company irreparable injury
that cannot adequately be compensated by monetary damages alone. Therefore, in the event of a
breach of this Section 11 by Executive, or any attempted or threatened breach, Executive agrees
that the Company, without limiting any legal or equitable remedies available to it, may be entitled
to equitable relief by preliminary and permanent injunction or otherwise, without the necessity of
posting any bond or undertaking, against Executive and/or the business enterprise with which
Executive may have become associated, from any court of competent jurisdiction.

12. Reasonableness of Restrictions. Executive expressly acknowledges and agrees that the
covenants and restrictive agreements contained in this Agreement are reasonable as to scope,
location, and duration and that observation thereof will not cause Executive undue hardship or
unreasonably interfere with Executive’s ability to earn a livelihood and practice Executive’s
present skills and trades. Executive has consulted with legal counsel of his selection regarding
the meaning of such covenants and restrictions, which have been explained to his satisfaction.

13. Successors; Binding Agreement.

          (a) Employer’s Successors. Employer shall require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of its
businesses and/or assets (“Transaction”) to assume and agree to perform this Agreement in the same
manner and to the same extent that Employer would be required to perform it if no such succession
had taken place. Employer may honor the obligation set forth in the preceding sentence through
execution in the course of consummating the Transaction of either a specific assignment and
assumption agreement relating to the obligations set forth herein, or a general assignment and
assumption agreement. Failure of Employer to obtain such assumption and agreement prior to the
effectiveness of any such succession shall be a material breach of a material provision of this
Agreement and shall entitle Executive to compensation in the same amount and on the same terms as
he would be entitled to hereunder if he terminated his employment for Good Reason, except that for
purposes of implementing the foregoing, the date on which any such succession becomes effective
shall be deemed the Date of Termination. As used in this Agreement, the “Employer” shall mean
Employer as hereinbefore defined and any successor to the business and/or assets as aforesaid which
executes and delivers the agreement provided for in this Section 13 or which otherwise becomes
bound by all the terms and provisions of this Agreement by operation of law.

          (b) Executive’s Successors. This Agreement shall not be assignable by Executive.
This Agreement and all rights of Executive hereunder shall inure to the benefit of and be
enforceable by Executive’s personal or legal representatives, executors, administrators,
successors,

 

 

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heirs, distributees, devisees and legatees. If Executive should die while any amounts
would still be payable to him hereunder if he had continued to live, all such amounts unless
otherwise provided herein, shall be paid in accordance with the terms of this Agreement to
Executive’s devisee, legatee, or other designee or, if there be no such designee, to Executive’s
estate.

14. Indemnification. To the fullest extent permitted by law, Employer shall indemnify
Executive (including the advancement of legal, accounting and other expert expenses) for any
judgments, fines, amounts paid in settlement and reasonable expenses, including attorneys’ fees,
incurred by Executive in connection with the defense of any lawsuit or other claim to which he is
made a party by reason of performing his responsibilities as an officer or executive of Employer or
any of its subsidiaries.

15. Notice. For the purposes of this Agreement, notices, demands and all other
communications provided for in this Agreement shall be in writing and shall be deemed to have been
duly given when delivered to a national overnight delivery service or (unless otherwise specified)
mailed by United States certified or registered mail, return receipt requested, postage prepaid,
addressed as set forth in the Preamble of this Agreement or to such other address as any party may
have furnished to the others in writing in accordance herewith, except that notices of change of
address shall be effective only upon receipt. No notices may be given via e-mail or facsimile
transmission.

16. Severability. Should any term, condition, provision or part of this Agreement be found
to be unlawful, invalid, illegal or unenforceable, that portion shall be deemed null and void and
severed from the Agreement for all purposes, but such illegality, or invalidity or unenforceability
shall not affect the legality, validity or enforceability of the remaining parts of this Agreement,
and the remainder of the Agreement shall remain in full force and effect, unless such would be
manifestly inequitable or would serve to deprived either party of a material part of what it
bargained for in entering in this Agreement.

17. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original but all of which together will constitute one and the same
instrument.

18. Withholding. Notwithstanding any other provision of this Agreement, Employer may
withhold from amounts payable under this Agreement all federal, state, local and foreign taxes that
are required to be withheld by applicable laws or regulations.

19. Executive’s Representations, Warranties and Covenants. Executive represents, warrants
and covenants to Employer that (i) the terms of this Agreement and his employment by the Employer
do not and will not breach any agreement between Executive and any other entity; (ii) that Executive has not previously assumed any obligations inconsistent with those of
this Agreement; (iii) that Executive will not disclose to the Employer, or to any director,
officer, executive or agent thereof, any confidential or proprietary information or material

 

 

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belonging to any other entity, including, without limitation, Executive’s previous employer; and
(iv) that during Executive’s employment by the Corporation, he will not use or attempt to use
without prior permission of the owner thereof, any confidential or proprietary information or
material belonging to any other entity in behalf of the Employer. Executive further agrees and
covenants that, during the term of this Agreement and his employment by Employer, he will not
breach any agreement to keep in confidence proprietary information, knowledge, or data acquired by
Executive in confidence or in trust prior to employment with Employer, and Executive will not
disclose to Employer, or induce or cause Employer to use, any confidential or proprietary
information or material belonging to any previous employer or others.

20. Governance of Employment Relationship. To the extent not governed by the specific
provisions hereof, the employment relationship between Executive and Employer shall be governed by
the Employer’s general rules, policies, procedures and plans relating to employment and executive
benefits.

21. Outside Fees. Executive agrees and covenants not to solicit or receive any income or
other compensation from any third party doing business with Employer, including, without
limitation, any supplier, client, customer, or executive of Employer, in connection with his
employment with Employer.

22. Miscellaneous. No provision of this Agreement may be modified, waived or discharged
unless such waiver, modification or discharge is agreed to in writing signed by Executive and an
authorized officer of Employer. No waiver by any party hereto at any time of any breach by the
other parties hereto of, or compliance with, any condition or provision of this Agreement to be
performed by any such other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time. Any termination of Executive’s
employment or of this Agreement shall have no effect on any continuing obligations arising under
this Agreement, including without limitation, the right of Executive to receive payments pursuant
to Section 9 hereof and the obligations of Executive described in Section 11 hereof.

23. Applicable Law, Venue, Jurisdiction and Arbitration. This Agreement shall be governed,
construed, and enforced in accordance with the laws of the State of Texas (without regard to the
principles of conflicts of law). This Agreement has been entered into in Denton County, Texas and
it shall be performable for all purposes in Denton County, Texas. Any action or proceeding
concerning, related to, regarding, or commenced in connection with the Agreement must be brought in
a state or federal court located in Denton or Dallas County, Texas, and the parties to the
Agreement hereby irrevocably submit to the personal jurisdiction of such courts and waive any
objection they may now or hereafter have as to the venue of any such action or proceeding brought
in any such court, or that any such court is an inconvenient forum. Each party shall have the
option, in the event of a dispute arising out of or relating to this Agreement, to submit said dispute to arbitration in Denton County, Texas, pursuant to the
rules of the American Arbitration Association. The decision of the Arbitrator shall be final

 

 

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and binding on the parties and judgment upon the award may be entered in any of the aforementioned
courts having jurisdiction over this Agreement.

24. Entire Agreement. This Agreement sets forth the entire agreement of the parties hereto
in respect of the subject matter contained herein and supersedes all prior agreements, letters of
intent, promises, covenants, arrangements, communications, representations or warranties, whether
oral or written, by an officer, executive or representative of any party hereto; and any prior
agreement of the parties hereto in respect to the subject matter contained herein. Executive
acknowledges and agrees that no officer, executive or representative of Employer is authorized to
offer any term or condition of employment which is in addition to or different than those set forth
in this Agreement.

[SIGNATURE PAGE TO FOLLOW]

 

 

CONFIDENTIAL DOCUMENT

SEPTEMBER 24, 2009

     IN WITNESS WHEREOF, the parties, intending to be legally bound, have executed this Agreement
on the Effective Date.

REALPAGE, INC.

	 	 	 	 	 
	By:

	 	/s/ Stephen T. Winn
 

	 	 
	By:

	 	     Stephen T. Winn	 	 
	Its:

	 	     President and Chief Executive Officer	 	 

	 	 	 
	/s/ William Van Valkenberg
 

	 	 
	William Van Valkenberg, an individual
	 	 

 

 

Exhibit A

REALPAGE, INC,

AMENDED AND RESTATED 1998 STOCK INCENTIVE PLAN

NOTICE OF STOCK OPTION GRANT

     Unless otherwise defined herein, the terms defined in the Amended and Restated 1998 Stock
Incentive Plan (the “Plan”) will have the same defined meanings in this Notice of Grant of Stock
Option (the “Notice of Grant”) and Terms and Conditions of Stock Option Grant, attached hereto as
Exhibit A (together, the “Option Agreement”).

     Name:

     Address:

     The undersigned (the “Participant”) has been granted an Option to purchase Common Stock of the
Corporation, subject to the terms and conditions of the Plan and this Option Agreement, as follows:

	 	 	 	 	 
	 	 	Date of Grant:
	 	 
	 	 	 
	 
	 	 	 
	 	 
	 	 	Vesting Commencement Date:
	 	 
	 	 	 
	 
	 	 	 
	 	 
	 	 	Exercise Price per Share:
	$
	 	 	 
	 
	 	 	 
	 	 
	 	 	Total Number of Shares Granted:
	 	 
	 	 	 
	 
	 	 	 
	 	 
	 	 	Total Exercise Price :
	$
	 	 	 
	 
	 	 	 
	 	 
	 	 	Type of Option:
	Incentive Stock Option
	 	 	 
	 
	 	 	 
	 	 
	 	 	 
	Non-Qualified Stock Option
	 	 	 
	 
	 	 	 
	 	 
	 	 	Term/Expiration Date:
	 	 
	 	 	 
	 

        Vesting Schedule:

     Subject to any accelerated vesting provisions in the Plan, this Option shall be exercisable,
in whole or in part, according to the following vesting schedule:

     Five percent (5%) of the Shares subject to the Option shall vest quarterly beginning on the
first day of the calendar quarter immediately following the Vesting Commencement Date for fifteen
(15) consecutive calendar quarters, and the remaining twenty-five percent (25%) of the Shares
subject to the Option shall vest on the first day of the next following calendar quarter so that
the Option shall be fully vested on                     , subject to Participant continuing to be an Employee or

 

 

Consultant of the Corporation, a Parent Corporation or a Subsidiary (a “Service Provider”)
through each such vesting date.

     Termination Period:

     This Option shall be exercisable for nintey (90) days after Participant ceases to be a Service
Provider, unless such termination is due to Participant’s death or Disability or after having
reached Retirement Age, in which case this Option shall be exercisable for twelve (12) months after
Participant ceases to be a Service Provider. Notwithstanding the foregoing sentence, in no event
may this Option be exercised after the Term/Expiration Date as provided above and this Option may
be subject to earlier termination as provided in Section 20.03 of the Plan.

     If the Optionee’s employment with the Corporation terminates, the unvested portion of this
Option will immediately terminate except as otherwise provided by Article XVI of the Plan.

     Notwithstanding the foregoing, Participant acknowledges and agrees that, (i) if Optionee’s
employment terminates for Cause, or (ii) if Participant’s employment terminates by reason of a
Voluntary Termination, and Participant engages in any Acts Harmful to the Interest of the
Corporation within one (1) year after the Voluntary Termination, or (iii) if Participant engages in
any Acts Harmful to the Interest of the Corporation within one (1) year after the Voluntary
Termination, then the Participant will immediately forfeit any right to exercise this Option,
whether it is vested or unvested.

     Participant acknowledges receipt of a copy of the Plan and represents that he or she is
familiar with the terms and provisions thereof, and hereby accepts this Option subject to all of
the terms and provisions thereof. Participant has reviewed the Plan and this Option in their
entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option and
fully understands all provisions of the Option. Participant hereby agrees to accept as binding,
conclusive and final all decisions or interpretations of the Committee upon any questions arising
under the Plan or this Option. Participant further agrees to notify the Corporation upon any
change in the residence address indicated below.

	 	 	 
	PARTICIPANT

	 	REALPAGE, INC.
	 
	 	 
	 

	 	 
	Signature

	 	By
	 
	 	 
	 

	 	 
	Print Name

	 	Print Name
	 
	 	 
	 

	 	 
	 

	 	Title
	 
	 	 
	 

Residence Address

	 	 

 

 

EXHIBIT A

TERMS AND CONDITIONS OF STOCK OPTION GRANT

     1. Grant of Option. The Committee hereby grants to the Participant named in the
Notice of Stock Option Grant (“Participant”), an option (the “Option”) to purchase the number of
shares of Common Stock set forth in the Notice of Stock Option Grant (the “Shares”), at the
exercise price per Share set forth in the Notice of Stock Option Grant (the “Exercise Price”), and
subject to the terms and conditions of the Plan, which is incorporated herein by reference.
Subject to Section 21.02 of the Plan, in the event of a conflict between the terms and conditions
of the Plan and this Option Agreement, the terms and conditions of the Plan shall prevail.

          If designated in the Notice of Stock Option Grant as an Incentive Stock Option (“ISO”), this
Option is intended to qualify as an Incentive Stock Option as defined in Section 422 of the Code.
Nevertheless, to the extent that it exceeds the $100,000 rule of Code Section 422(d), this Option
shall be treated as a Non-Qualified Stock Option (“NSO”). Further, if for any reason this Option
(or portion thereof) shall not qualify as an ISO, then, to the extent of such nonqualification,
such Option (or portion thereof) shall be regarded as a NSO granted under the Plan. In no event
shall the Committee, the Corporation or any Parent Corporation or Subsidiary or any of their
respective employees or directors have any liability to Participant (or any other person) due to
the failure of the Option to qualify for any reason as an ISO.

     2. Exercise of Option.

          (a) Right to Exercise. This Option shall be exercisable during its term in accordance
with the Vesting Schedule set out in the Notice of Stock Option Grant and with the applicable
provisions of the Plan and this Option Agreement.

          (b) Method of Exercise. This Option shall be exercisable by delivery of an exercise
notice in the form attached as Exhibit B (the “Exercise Notice”) or in a manner and
pursuant to such procedures as the Committee may determine, which shall state the election to
exercise the Option, the number of Shares with respect to which the Option is being exercised in
accordance with Section 11.04 of the Plan which specifies that the Option shall not be exercised at
any time as to less than one hundred (100) Shares (or less than the number of Shares as to which
the Option is then exercisable, if that number is less than one hundred (100) Shares), and such
other representations and agreements as may be required by the Corporation. The Exercise Notice
shall be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares,
together with any applicable tax withholding. This Option shall be deemed to be exercised upon
receipt by the Corporation of such fully executed Exercise Notice accompanied by the aggregate
Exercise Price, together with any applicable tax withholding.

          No Shares shall be issued pursuant to the exercise of an Option unless such issuance and such
exercise comply with applicable laws. Assuming such compliance, for income tax purposes the Shares
shall be considered transferred to Participant on the date on which the Option is exercised with
respect to such Shares.

 

 

     3. Participant’s Representations. In the event the Shares have not been registered
under the Securities Act of 1933, as amended (the “Securities Act”), at the time this Option is
exercised, Participant shall, if required by the Corporation, concurrently with the exercise of all
or any portion of this Option, deliver to the Corporation his or her Investment Representation
Statement in the form attached hereto as Exhibit C.

     4. Lock-Up Period. Participant hereby agrees that Participant shall not offer,
pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or
dispose of, directly or indirectly, any Common Stock (or other securities) of the Corporation or
enter into any swap, hedging or other arrangement that transfers to another, in whole or in part,
any of the economic consequences of ownership of any Common Stock (or other securities) of the
Corporation held by Participant (other than those included in the registration) for a period
specified by the representative of the underwriters of Common Stock (or other securities) of the
Corporation not to exceed one hundred and eighty (180) days following the effective date of any
registration statement of the Corporation filed under the Securities Act (or such other period as
may be requested by the Corporation or the underwriters to accommodate regulatory restrictions on
(i) the publication or other distribution of research reports and (ii) analyst recommendations and
opinions, including, but not limited to, the restrictions contained in NASD Rule 2711(f)(4) or NYSE
Rule 472(f)(4), or any successor provisions or amendments thereto).

          Participant agrees to execute and deliver such other agreements as may be reasonably requested
by the Corporation or the underwriter which are consistent with the foregoing or which are
necessary to give further effect thereto. In addition, if requested by the Corporation or the
representative of the underwriters of Common Stock (or other securities) of the Corporation,
Participant shall provide, within ten (10) days of such request, such information as may be
required by the Corporation or such representative in connection with the completion of any public
offering of the Corporation’s securities pursuant to a registration statement filed under the
Securities Act. The obligations described in this Section 4 shall not apply to a registration
relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be
promulgated in the future, or a registration relating solely to a Commission Rule 145 transaction
on Form S-4 or similar forms that may be promulgated in the future. The Corporation may impose
stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject
to the foregoing restriction until the end of said one hundred and eighty (180) day (or other)
period. Participant agrees that any transferee of the Option or shares acquired pursuant to the
Option shall be bound by this Section 4.

          (a) Method of Payment. Payment of the aggregate Exercise Price shall be in a manner
in accordance with Section 11.05 of the Plan.

     5. Restrictions on Exercise. This Option may not be exercised until such time as the
Plan has been approved by the stockholders of the Corporation, or if the issuance of such Shares
upon such exercise or the method of payment of consideration for such shares would constitute a
violation of any Applicable Law.

 

 

     6. Non-Transferability of Option. This Option may not be transferred in any manner
otherwise than by will or by the laws of descent or distribution and may be exercised during the
lifetime of Participant only by Participant. The terms of the Plan and this Option Agreement shall
be binding upon the executors, administrators, heirs, successors and assigns of Participant.

     7. Term of Option. This Option may be exercised only within the term set out in the
Notice of Stock Option Grant, and may be exercised during such term only in accordance with the
Plan and the terms of this Option.

     8. Tax Obligations.

          (a) Tax Withholding. Participant agrees to make appropriate arrangements with the
Corporation (or the Parent Corporation or Subsidiary employing or retaining Participant) for the
satisfaction of all federal, state, local and foreign income and employment tax withholding
requirements applicable to the Option exercise. Participant acknowledges and agrees that the
Corporation may refuse to honor the exercise and refuse to deliver the Shares if such withholding
amounts are not delivered at the time of exercise.

          (b) Notice of Disqualifying Disposition of ISO Shares. If the Option granted to
Participant herein is an ISO, and if Participant sells or otherwise disposes of any of the Shares
acquired pursuant to the ISO on or before the later of (i) the date two (2) years after the Date of
Grant, or (ii) the date one (1) year after the date of exercise, Participant shall immediately
notify the Corporation in writing of such disposition. Participant agrees that Participant may be
subject to income tax withholding by the Corporation on the compensation income recognized by
Participant.

          (c) Code Section 409A. Under Code Section 409A, an Option that vests after December
31, 2004 (or that vested on or prior to such date but which was materially modified after October
3, 2004) that was granted with a per Share exercise price that is determined by the Internal
Revenue Service (the “IRS”) to be less than the Fair Market Value Per Share on the date of grant (a
“discount option”) may be considered “deferred compensation.” An Option that is a “discount
option” may result in (i) income recognition by Participant prior to the exercise of the Option,
(ii) an additional twenty percent (20%) federal income tax, and (iii) potential penalty and
interest charges. The “discount option” may also result in additional state income, penalty and
interest tax to the Participant. Participant acknowledges that the Corporation cannot and has not
guaranteed that the IRS will agree that the per Share exercise price of this Option equals or
exceeds the Fair Market Value Per Share on the date of grant in a later examination. Participant
agrees that if the IRS determines that the Option was granted with a per Share exercise price that
was less than the Fair Market Value Per Share on the date of grant, Participant shall be solely
responsible for Participant’s costs related to such a determination.

     9. Entire Agreement; Governing Law. The Plan is incorporated herein by reference.
The Plan and this Option Agreement constitute the entire agreement of the parties with respect to
the subject matter hereof and supersede in their entirety all prior undertakings and agreements of
the Corporation and Participant with respect to the subject matter hereof, and may not be modified
adversely to the Participant’s interest except by means of a writing signed by the Corporation and

 

 

Participant. This Agreement is governed by the internal substantive laws but not the choice
of law rules of the State of Texas.

     10. No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE
VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE
PROVIDER AT THE WILL OF THE CORPORATION (OR THE PARENT CORPORATION OR SUBSIDIARY EMPLOYING OR
RETAINING PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR
ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE
TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN
EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD,
FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT
OF THE CORPORATION (OR THE PARENT CORPORATION OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO
TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE.

 

 

EXHIBIT B 

AMENDED AND RESTATED 1998 STOCK INCENTIVE PLAN

EXERCISE NOTICE

RealPage, Inc.

4000 International Parkway

Carrollton, Texas 75007-1913

Attention: Secretary

     1. Exercise of Option. Effective as of today,                     , ___, the undersigned
(“Participant”) hereby elects to exercise Participant’s option (the “Option”) to purchase
                                         shares of the Common Stock (the “Shares”) of RealPage, Inc. (the “Corporation”)
under and pursuant to the Amended and Restated 1998 Stock Incentive Plan (the “Plan”) and the Stock
Option Agreement dated                                         ,                      (the “Option Agreement”).

     2. Delivery of Payment. Participant herewith delivers to the Corporation the full
purchase price of the Shares, as set forth in the Option Agreement, and any and all withholding
taxes due in connection with the exercise of the Option.

     3. Representations of Participant. Participant acknowledges that Participant has
received, read and understood the Plan and the Option Agreement and agrees to abide by and be bound
by their terms and conditions.

     4. Rights as Stockholder. Until the issuance of the Shares (as evidenced by the
appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the
Corporation), no right to vote or receive dividends or any other rights as a stockholder shall
exist with respect to the Common Stock subject to the Option, notwithstanding the exercise of the
Option. The Shares shall be issued to Participant as soon as practicable after the Option is
exercised in accordance with the Option Agreement. No adjustment shall be made for a dividend or
other right for which the record date is prior to the date of issuance except as provided in
Article XIX of the Plan.

     5. Corporation’s Right of First Refusal. Before any Shares held by Participant or any
transferee (either being sometimes referred to herein as the “Holder”) may be sold or otherwise
transferred (including transfer by gift or operation of law), the Corporation or its assignee(s)
shall have a right of first refusal to purchase the Shares on the terms and conditions set forth in
this Section 5 (the “Right of First Refusal”).

          (a) Notice of Proposed Transfer. The Holder of the Shares shall deliver to the
Corporation a written notice (the “Notice”) stating: (i) the Holder’s bona fide intention to sell
or otherwise transfer such Shares; (ii) the name of each proposed purchaser or other transferee
(“Proposed Transferee”); (iii) the number of Shares to be transferred to each Proposed Transferee;
and (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer
the

 

 

Shares (the “Offered Price”), and the Holder shall offer the Shares at the Offered Price to
the Corporation or its assignee(s).

          (b) Exercise of Right of First Refusal. At any time within thirty (30) days after
receipt of the Notice, the Corporation and/or its assignee(s) may, by giving written notice to the
Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred to
any one or more of the Proposed Transferees, at the purchase price determined in accordance with
subsection (c) below.

          (c) Purchase Price. The purchase price (“Purchase Price”) for the Shares purchased by
the Corporation or its assignee(s) under this Section 5 shall be the Offered Price. If the Offered
Price includes consideration other than cash, the cash equivalent value of the non-cash
consideration shall be determined by the Board of Directors of the Corporation in good faith.

          (d) Payment. Payment of the Purchase Price shall be made, at the option of the
Corporation or its assignee(s), in cash (by check), by cancellation of all or a portion of any
outstanding indebtedness of the Holder to the Corporation (or, in the case of repurchase by an
assignee, to the assignee), or by any combination thereof within thirty (30) days after receipt of
the Notice or in the manner and at the times set forth in the Notice.

          (e) Holder’s Right to Transfer. If all of the Shares proposed in the Notice to be
transferred to a given Proposed Transferee are not purchased by the Corporation and/or its
assignee(s) as provided in this Section 5, then the Holder may sell or otherwise transfer such
Shares to that Proposed Transferee at the Offered Price or at a higher price, provided that such
sale or other transfer is consummated within one hundred and twenty (120) days after the date of
the Notice, that any such sale or other transfer is effected in accordance with any applicable
securities laws and that the Proposed Transferee agrees in writing that the provisions of this
Section 5 shall continue to apply to the Shares in the hands of such Proposed Transferee. If the
Shares described in the Notice are not transferred to the Proposed Transferee within such period, a
new Notice shall be given to the Corporation, and the Corporation and/or its assignees shall again
be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise
transferred.

          (f) Exception for Certain Family Transfers. Anything to the contrary contained in
this Section 5 notwithstanding, the transfer of any or all of the Shares during the Participant’s
lifetime or on the Participant’s death by will or intestacy to the Participant’s immediate family
or a trust for the benefit of the Participant’s immediate family shall be exempt from the
provisions of this Section 5. “Immediate Family” as used herein shall mean spouse, lineal
descendant or antecedent, father, mother, brother or sister. In such case, the transferee or other
recipient shall receive and hold the Shares so transferred subject to the provisions of this
Section 5, and there shall be no further transfer of such Shares except in accordance with the
terms of this Section 5.

          (g) Termination of Right of First Refusal. The Right of First Refusal shall terminate
as to any Shares upon the earlier of (i) the first sale of Common Stock of the Corporation to the
general public, or (ii) a transaction described in Section 20.02 of the Plan in which the successor
corporation has equity securities that are publicly traded.

 

 

     6. Tax Consultation. Participant understands that Participant may suffer adverse tax
consequences as a result of Participant’s purchase or disposition of the Shares. Participant
represents that Participant has consulted with any tax consultants Participant deems advisable in
connection with the purchase or disposition of the Shares and that Participant is not relying on
the Corporation for any tax advice.

     7. Restrictive Legends and Stop-Transfer Orders.

          (a) Legends. Participant understands and agrees that the Corporation shall cause the
legends set forth below or legends substantially equivalent thereto, to be placed upon any
certificate(s) evidencing ownership of the Shares together with any other legends that may be
required by the Corporation or by state or federal securities laws:

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
(THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED
UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE
ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN
COMPLIANCE THEREWITH.

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER
AND A RIGHT OF FIRST REFUSAL HELD BY THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE
EXERCISE NOTICE BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH
MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS AND RIGHT
OF FIRST REFUSAL ARE BINDING ON TRANSFEREES OF THESE SHARES.

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOR A
PERIOD OF TIME FOLLOWING THE EFFECTIVE DATE OF THE UNDERWRITTEN PUBLIC OFFERING OF THE
CORPORATION’S SECURITIES SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL
HOLDER OF THESE SHARES AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER PRIOR TO
THE EXPIRATION OF SUCH PERIOD WITHOUT THE CONSENT OF THE CORPORATION OR THE MANAGING
UNDERWRITER

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

          (c) Refusal to Transfer. The Corporation shall not be required (i) to transfer on its
books any Shares that have been sold or otherwise transferred in violation of any of the provisions
of this Exercise Notice or (ii) to treat as owner of such Shares or to accord the right to

 

 

vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been
so transferred.

     8. Successors and Assigns. The Corporation may assign any of its rights under this
Exercise Notice to single or multiple assignees, and this Exercise Notice shall inure to the
benefit of the successors and assigns of the Corporation. Subject to the restrictions on transfer
herein set forth, this Exercise Notice shall be binding upon Participant and his or her heirs,
executors, administrators, successors and assigns.

     9. Interpretation. Any dispute regarding the interpretation of this Exercise Notice
shall be submitted by Participant or by the Corporation forthwith to the Committee, which shall
review such dispute at its next regular meeting. The resolution of such a dispute by the Committee
shall be final and binding on all parties.

     10. Governing Law; Severability. This Exercise Notice is governed by the internal
substantive laws, but not the choice of law rules, of the State of Texas. In the event that any
provision hereof becomes or is declared by a court of competent jurisdiction to be illegal,
unenforceable or void, this Exercise Notice shall continue in full force and effect.

     11. Entire Agreement. The Plan and Option Agreement are incorporated herein by
reference. This Exercise Notice, the Plan, the Option Agreement and the Investment Representation
Statement constitute the entire agreement of the parties with respect to the subject matter hereof
and supersede in their entirety all prior undertakings and agreements of the Corporation and
Participant with respect to the subject matter hereof, and may not be modified adversely to the
Participant’s interest except by means of a writing signed by the Corporation and Participant.

	 	 	 
	Submitted by:

	 	Accepted by:
	 
	 	 
	PARTICIPANT

	 	REALPAGE, INC.
	 
	 	 
	 
	 	 
	 

	 	 
	Signature

	 	By
	 
	 	 
	 

	 	 
	Print Name

	 	Print Name
	 
	 	 
	 

	 	 
	 

	 	Title
	 
	 	 
	Address:

	 	Address:
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 

	 	Date Received

 

 

EXHIBIT C

INVESTMENT REPRESENTATION STATEMENT

	 	 	 	 	 
	PARTICIPANT

	 	:	 	 
	 
	 	 	 	 
	CORPORATION

	 	:
	 	REALPAGE, INC.
	 
	 	 	 	 
	SECURITY

	 	:
	 	COMMON STOCK
	 
	 	 	 	 
	AMOUNT

	 	:	 	 
	 
	 	 	 	 
	DATE

	 	:	 	 

     In connection with the purchase of the above-listed Securities, the undersigned Participant
represents to the Corporation the following:

     (a) Participant is aware of the Corporation’s business affairs and financial condition and has
acquired sufficient information about the Corporation to reach an informed and knowledgeable
decision to acquire the Securities. Participant is acquiring these Securities for investment for
Participant’s own account only and not with a view to, or for resale in connection with, any
“distribution” thereof within the meaning of the Securities Act of 1933, as amended (the
“Securities Act”).

     (b) Participant acknowledges and understands that the Securities constitute “restricted
securities” under the Securities Act and have not been registered under the Securities Act in
reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the
bona fide nature of Participant’s investment intent as expressed herein. In this connection,
Participant understands that, in the view of the Securities and Exchange Commission, the statutory
basis for such exemption may be unavailable if Participant’s representation was predicated solely
upon a present intention to hold these Securities for the minimum capital gains period specified
under tax statutes, for a deferred sale, for or until an increase or decrease in the market price
of the Securities, or for a period of one (1) year or any other fixed period in the future.
Participant further understands that the Securities must be held indefinitely unless they are
subsequently registered under the Securities Act or an exemption from such registration is
available. Participant further acknowledges and understands that the Corporation is under no
obligation to register the Securities. Participant understands that the certificate evidencing the
Securities shall be imprinted with any legend required under applicable state securities laws.

     (c) Participant is familiar with the provisions of Rule 701 and Rule 144, each promulgated
under the Securities Act, which, in substance, permit limited public resale of “restricted
securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering
subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies
under Rule 701 at the time of the grant of the Option to Participant, the exercise shall be exempt
from registration

 

 

under the Securities Act. In the event the Corporation becomes subject to the reporting
requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, ninety (90) days
thereafter (or such longer period as any market stand-off agreement may require) the Securities
exempt under Rule 701 may be resold, subject to the satisfaction of the applicable conditions
specified by Rule 144, including in the case of affiliates (1) the availability of certain public
information about the Corporation, (2) the amount of Securities being sold during any three (3)
month period not exceeding specified limitations, (3) the resale being made in an unsolicited
“broker’s transaction”, transactions directly with a “market maker” or “riskless principal
transactions” (as those terms are defined under the Securities Exchange Act of 1934) and (4) the
timely filing of a Form 144, if applicable.

          In the event that the Corporation does not qualify under Rule 701 at the time of grant of the
Option, then the Securities may be resold in certain limited circumstances subject to the
provisions of Rule 144, which may require (i) the availability of current public information about
the Corporation; (ii) the resale to occur more than a specified period after the purchase and full
payment (within the meaning of Rule 144) for the Securities; and (iii) in the case of the sale of
Securities by an affiliate, the satisfaction of the conditions set forth in sections (2), (3) and
(4) of the paragraph immediately above.

     (d) Participant further understands that in the event all of the applicable requirements of
Rule 701 or 144 are not satisfied, registration under the Securities Act, compliance with
Regulation A, or some other registration exemption shall be required; and that, notwithstanding the
fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission
has expressed its opinion that persons proposing to sell private placement securities other than in
a registered offering and otherwise than pursuant to Rules 144 or 701 shall have a substantial
burden of proof in establishing that an exemption from registration is available for such offers or
sales, and that such persons and their respective brokers who participate in such transactions do
so at their own risk. Participant understands that no assurances can be given that any such other
registration exemption shall be available in such event.

	 	 	 
	 

	 	PARTICIPANT
	 
	 	 
	 

	 	 
	 

	 	Signature
	 
	 	 
	 

	 	 
	 

	 	Print Name
	 
	 	 
	 

	 	 
	 

	 	Dateexv10w15

Exhibit 10.15

MASTER AGREEMENT FOR CONSULTING SERVICES

(Individual)

This Master Agreement for Consulting Services (“Master Agreement”) is made and entered into
effective as of the 28th day of June, 2009 (“Effective Date”) by and between William Van
Valkenberg, an individual residing in the State of Washington at [***]
(“Consultant”), and RealPage, Inc., a Delaware corporation with its principal place of
business at 4000 International Parkway, Carrollton, Texas 75007-1913 (“Client”).
Consultant and Client are hereinafter collectively called the “Parties”.

1. Scope and Content of Agreement

(a) This Master Agreement sets forth the overall terms, conditions and agreements pursuant to which
Consultant from time to time shall provide consulting services to Client of the following general
type: legal services on a project by project basis (collectively the “Services”).

(b) From time to time Client will engage Consultant to perform Services with respect to a
“Project,” which, for purposes of this Master Agreement, means a separately identifiable
and severable set of Services with respect to which the Parties have executed a “Work
Order”. A “Work Order” means (i) a written proposal by Consultant setting forth the Services
which it proposes to perform for the benefit of the Client and which has been accepted by Client in
the form presented to it (or if accepted with modification by Client, has also been accepted by
Consultant), or (ii) a written statement by Client of the Services which it desires Consultant to
perform and which has been accepted by Consultant In the form presented to it (or, if accepted with
modification by Consultant, has also been accepted by Client). The Parties may mutually agree in
writing to deem any engagement letter, request for proposal or other document produced by either
Party to be a Work Order for a particular Project. Any Work Order may be changed only by a written
‘Protect Change Order signed by both Parties.

(c) So long as this Master Agreement is in effect, it shall govern the performance of all Services
and Projects. Thus, each and every Work Order and each and every Project Change Order shall be
subject to and governed by this Master Service Agreement. With regard to each Project, this Master
Agreement, together with (i) any attached exhibits or schedules (which are expressly incorporated
herein by this reference); (ii) any written amendments to this Master Agreement which have been
executed by the Parties; (iii) the Work Order, and (iv) any Project Change Orders (collectively,
the “Documents”) shall constitute the entire agreement between the Parties. If there is any
conflict between the terms of this Master Agreement and any other Document, the terms of this
Master Agreement shall control.

2. Relationship of the Parties. The Parties represent and acknowledge that Consultant shall
perform all Services hereunder as an independent contractor and that any and all work product and
intellectual property created in the course of performing any Services shall be deemed to be a
“work made for hire” pursuant to 17 U.S.C., § 201(b) (the Copyright Act) and as such all such work
shall be specially commissioned work belonging to Client.

 

 

Unless provided to the contrary in any Work Order, only Consultant himself shall perform Services
hereunder. Consultant shall not employ any sub-contractors unless such are expressly provided for
in a Work Order signed by Client. In all instances where sub-contractors are used, Consultant
agrees to assume complete responsibility for such sub-contractors with regard to all applicable
federal, state and local laws, regulations and rules relating to employment of sub-contractors and
shall require all such sub-contractors, as a condition of employment, to execute assignments to
Client of all work product and all intellectual property associated therewith.

If any of the Services provided under this Master Agreement will be performed at Client’s premises,
without modifying the relationship among the Parties, Client shall provide office space and
facilities to Consultant to the extent reasonably necessary to perform the Services. On the
premises of Client, Consultant shall conduct himself with decorum in a manner appropriate for a
business environment. Consultant shall observe all of Client’s security, drug, alcohol, firearms,
and other site rules and regulations of which he has been given reasonable notice. Consultant is
hereby given notice that Client has a policy of enforcing a drug free work environment and
Consultant agrees to fully comply with this policy. Client’s premises shall be safe from
unreasonable hazards and risks.

3. Services. While the specific Services to be performed with respect to a Project will be defined
in the applicable Work Order and any Project Change Orders, the following general provisions shall
apply to all Work Orders and Services provided under this Master Agreement

(a) Each Work Order shall describe any Project in sufficient detail to ensure that the scope of
Services is finite, definable and measurable and that the method of calculating Consultant’s fee is
dear and unambiguous. Consultant shall not commence performance of any Services until it shall be
satisfied that such condition has been met. Consultant shall use his/her superior knowledge of the
tasks and costs necessarily involved in projects of the type being undertaken to advise Client as
to necessary inclusions in the Work Order. No additional Services or Fees shall be implied by
reason of the Services expressly described in the Work Order.

(b) Consultant shall provide the Services with no less a degree of skill, quality and care as is
utilized by (i) persons (A) in the same industry, (B) charging the same or similar fees, (C) in the
locale in which the Services are to be performed, and (ii) the Consultant in projects of a similar
nature for other clients.

(c) Subject at all times and in all cases to the requirements of confidentiality set forth in
Section 5 of this Master Agreement, Client acknowledges that Consultant may from time to time other
than during the Project Period perform similar services for others, and that this Master Agreement
shall not prevent Consultant from performing such services.

(d) Consultant shall deliver the Services for a Project In accordance with the delivery schedule
contained in the Documents. Consultant will use reasonable care to notify Client of all
anticipated delays. If Consultant fails to maintain substantial compliance with any schedule of
time set forth in the Documents by reason of his own acts or omissions, Client may, upon fifteen
(15) days written notice and opportunity to cure, terminate the Project. If Client terminates a
Project pursuant to this Section 3(e), Consultant shall be entitled to payment for all Services
rendered

 

 

through the date of termination at a rate commensurate with the value of such Services in such
circumstances.

4. Pricing and Payment for Services. The pricing and payment for all Services rendered by
Consultant shall be governed by the following provisions:

(a) For each Project, the Work Order shall specify the method of pricing of “Fees” (charges
for Services provided), which shall be either: Actual Time and Materials (“Actual T&M”) or
Fixed Price (“Fixed”).

(b) Any estimates of cost or time made by Consultant, if made in a Document, shall be made in good
faith and shall be binding on the Consultant unless specific provision shall be made in the same
Document for grace periods or percentages of permitted time and/or cost overruns or unless the
Project is initially priced on a Fixed Fee basis.

(c) In the case of Actual T&M Projects, Consultant will notify Client as soon as practicable if a
permitted cost or time overrun will be exceeded, and Client shall have the option to require
continued performance subject to its claim for damages and/or a reduction of the Fee or to
terminate the Project by delivering to Consultant written notice of termination not less than three
(3) business days prior to the effective date of the termination in which case Consultant’s Fee for
all Services rendered through the date of the termination shall be reduced to a rate commensurate
with the value of such Services in such circumstances minus Client’s damages.

(d) All Fees for Actual T&M Projects shall be based an the schedule of rates, fees, rate
classification and minimum hours (“Rates”) set forth in the Work Order. Rates for a
particular Project will be fixed for the duration of such Project, unless otherwise provided in the
Work Order. For actual T&M Projects, the Work Order shall set forth a Maximum Fee, the amount of
which Consultant shall not exceed without prior written approval of Client

(e) No expenses for overtime work (work in excess of 40 hours per calendar week) shall be incurred
in connection with any Project unless the Documents shall expressly permit such, and then only to
the extent permitted by the provisions of the Documents. The Fees associated with overtime work
wilt be billed at time and a half.

(f) In addition to Fees, Client shall pay all “Reimbursable Expenses” and “Applicable
Taxes” related to the Services provided by Consultant.

          (i) “Reimbursable Expenses” means all out-of-pocket expenses reasonably incurred by
Consultant in connection with the Services under this Master Agreement. Reimbursable Expenses
shall include but are not limited to travel expenses, lodging and meals, long distance telephone
and facsimile charges, photocopying, postage and delivery charges. All Reimbursable Expenses are
subject to reasonable itemization and documentation upon request by Client in order for an expense
to be considered a Reimbursable Expense it must be in conformance with the travel and lodging
policies of the Client which Client shall provide to Consultant from time to time during the Term
hereof.

 

 

          (ii) “Applicable Taxes” means state and local sales or services taxes paid or incurred
by Consultant with respect to the Fees but excludes all other types of taxes, levies and
assessments whatsoever, including taxes based on net income.

(g) Unless otherwise set forth on the applicable “Work Order:

          (i) Consultant shall Invoice Client on a monthly basis for all Fees, Reimbursable Expenses and
Applicable Taxes. All invoices shall be paid within forty-five (45) days of the Client’s receipt
of invoice. Invoices for Actual T&M shall be for the actual amounts incurred according to the
“Work Order” then in effect and shall be payable in full without retainage. Fixed Price Projects
shall be invoiced on a percentage of completion based on Consultant’s good faith estimate of
progress to the data of the invoice.

          (ii) Unless otherwise provided in the Documents, all billings will be in U.S. dollars and all
payments shall be made in U.S. dollars in currently available funds.

          (iii) Any undisputed invoice that is not paid within forty-five (45) days from the date of the
invoice shall bear interest at the lessor of 12% per annum or the highest rate of interest allowed
under applicable law. Consultant may suspend the performance of Services with regard to any
Project pending payment of any undisputed, past due amounts then owing for work in regard to such
Project. If a good faith dispute shall arise as to any amount to be paid by Client to Consultant
with regard to a Project, Client and Consultant shall, within ninety (90) days from the date of the
invoice, engage in good faith negotiations to resolve the dispute, if necessary, escalating the
issue to senior management. At the end of such ninety (90) day period, if the dispute shall remain
unresolved, the Client shall, for a period of ten (10) days, have the option of (i) making payment
to Consultant “under protest”, by giving written notice conspicuously setting forth the protest,
without waiver or prejudice to its right to recover from Consultant any amounts finally determined
not to be due and owing hereunder, or (ii) initialing appropriate declaratory proceedings. After
such ten (10) day period, each Party may exercise all legal rights which it may then have (failure
by Client to exercise either option during the ten (10) day period shall not be construed as a
waiver of any right or remedy).

5. Confidentiality, Non-Competition and Intellectual Property Matters

(a) Consultant shall consider all information about the Clients business to be confidential,
including, without limitation, information relating to Client’s financial, technical, legal,
strategic, and personnel affairs, where such information has been learned by Consultant as a result
of his/her consulting relationship with Client (“Client Confidential Information”). Consultant
will instruct his/her employees, agents and third parties engaged by Consultant in connection with
the Services under this Master Agreement to keep such information confidential using commercially
reasonable care and discretion. Consultant will use Client Confidential Information solely for
purposes of performing Projects. However, Consultant shall not be required to keep confidential
any data, which is or becomes publicly available, is already in Consultants possession, is
independently developed by Consultant outside the scope of this Master Agreement or is rightfully
obtained from third parties.

 

 

(b) All Client Confidential Information shall remain the exclusive property of Client. All ideas,
concepts, know-how, or techniques developed by Consultant prior to the Effective Date or developed
by Consultant outside of this Master Agreement and used by Consultant to fulfill his/her
obligations under this Master Agreement shall remain the exclusive property of Consultant. In no
case shall the term “Work Product” include any of Consultants pre-existing overall know-how or
trade secrets, nor shall such term include data, modules, components, designs, utilities, subsets,
objects, processes, tools, models and specifications owned or developed by Consultant prior to or
independently from any Project pursuant to this Master Agreement (the “Consultant Property”). Use
of Consultant Property in the course of performing any Project shall in no way affect nor derogate
from Consultants exclusive ownership of any such Consultant Property. To the extent that Client’s
use of any Work Product depends upon the use of any Consultant Property, Consultant hereby grants
to Client a perpetual, non-exclusive, worldwide, fully paid-up limited license to use such but
solely in connection with the dependent Work Product.

(c) All work product, regardless of whether copyrightable or patentable and regardless of whether
tangible or intangible, developed for Client by Consultant (collectively, the “Work Product”) in
the course of performing any Project pursuant to this Master Agreement, shall be deemed to be the
sole and exclusive property of Client, regardless of whether such Work Product is considered a
“work made for hire” or an employment to invent. Work Product shall include all background notes,
research, source code, and other information whether or not submitted to Client as part of any
final report or finished product. All Work Product shall be considered to be confidential, trade
secret property of Client and shall not be copied (except in the course of performing services
hereunder), removed from Client’s premises, or disclosed to third parties by Consultant without
Clients prior written approval. Consultant agrees that Client shall have all copyright and patent
rights with respect to any Work Product discovered, created or developed under this Master
Agreement without regard to the origin of the Work Product. If and to the extent that Consultant
may, under applicable law, be entitled to claim any ownership interest or moral rights in the Work
Product, Consultant hereby sells, transfers, grants, conveys, assigns, and relinquishes exclusively
to Client any and all right, title, and interest it now has or may hereafter acquire in and to the
Work Product under patent, copyright, trade secret, trademark or other Intellectual property law in
perpetuity or for the longest period otherwise permitted by law. Upon request of Client, Consultant
shall, without any additional charge, promptly execute, acknowledge and deliver to Client all
instruments (including, without limitation, any assignment of
proprietary right, assignment of
contract right, assignment of choses in action, bill of sale, assignment of copyright, assignment
of copyright registration, or assignment of renewal of copyright registration) which Client deems
necessary or desirable to enable Client to establish ownership or to file and prosecute
applications for, and to acquire, maintain and enforce, all trademarks, service marks,
registrations, copyrights, licenses and patents covering the Work Product.

(d) Upon termination of this Master Agreement, Client shall be placed in possession of all Work
Product and Client Confidential Information, and no copies shall be retained by Consultant or any
employee or agent of Consultant, unless (i) Consultant has requested in writing permission to
retain in his/her work papers certain specifically identified Client Confidential Information and
Client has approved such request in writing, or (ii) Consultant is required by law to retain Client
Confidential information and then only to the extent and for the time so required by law.

 

 

(e) Other than as may be prohibited through operation of independently executed documents and
subject to the provisions of Section 5(h) and so long as no Client Confidential Information,
Intellectual property or any Work Product are used, this Master Agreement shall not preclude
Consultant from providing services to others which may result in the independent creation or
improvement of products, techniques, processes, procedures or services that are competitive and/or
similar to those which might be developed by Consultant pursuant to this Master Agreement.

(f) Consultant acknowledges and agrees (i) that Client will suffer immediate and irreparable harm
in the event of an actual or threatened breath by Consultant of the obligations of non-disclosure
and non-use assumed hereunder, and (ii) that Client shall be entitled to immediate injunctive
relief restraining the Consultant from the breach or threatened breach, in addition to any other
remedies available to it in law or in equity.

(g) Consultant’s obligations pursuant to this Section 5 shall continue beyond and survive the
termination of this Agreement

6. Hiring of Personnel. During the term of this Master Agreement and for a period of twelve (12)
months following the termination, Consultant shall not employ or engage as an independent
contractor any full-time or part-time employee or contract worker of Client who has had contact
with Consultant as a result of the relationship between Client and Consultant during the twelve
(12) months preceding such hiring or engagement. Acknowledging that the damage resulting from the
breach of this paragraph would be difficult or impossible to calculate, Consultant agrees to pay
Client for each such breach a sum equal to twelve (12) times the average monthly base compensation
rate for the affected employee (based on the last six (6) months of employment with Client), such
amount being deemed liquidated damages. The Parties agree that the liquidated damage is a
reasonable forecast of probable damages and that the liquidated damages are the exclusive remedy
for breach of this covenant

7. Infringement Indemnification. Consultant covenants and agrees to fully indemnify, protect,
defend and hold Client harmless with respect to any allegation, claim, action or proceeding that
any Work Product or other material (including, but not limited to any software licensed through or
by Consultant or written by Consultant) furnished by Consultant infringes a patent, copyright trade
secret or proprietary right or that this Master Agreement violates any agreement between Consultant
and any ether Party. Client must notify Consultant in writing of any such action as soon as
practicable upon its commencement or threatened commencement. Client shall have full authority to
control and conduct the defense, including the retention of counsel of its choice. Consultant’s
indemnification of Client includes, but is not limited to, losses, damages, suits, actions,
responsibilities, reasonable attorneys fees, accounting fees, experts’ fees, losses, liabilities,
costs, expenses, fines penalties, interest, judgments, awards and settlements.

Client shall have the right independently and at its own expense to take any action it may deem
necessary, in its sole discretion, to protect or defend itself against any threatened action
subject to indemnification hereunder, without regard to forum or other parties that may be
involved. The Parties shall have sole and exclusive control over their respective defenses of any
such action, as well as the right to be represented by separate counsel of their own choosing.

 

 

Consultant’s obligations pursuant to this Section 7 shall continue beyond and survive the
termination of this Agreement

8. Breach. Failure by Consultant or Client to comply with any material term or provision of the
Documents relating to a Project shall entitle the non-defaulting Party to give the defaulting Party
written notice requiring it to cure the default. If the defaulting Party has not cured the default
within thirty (30) days after receipt of notice, the non-defaulting Party shall be entitled, in
addition to any other rights it may have under this Master Agreement or otherwise by law, to
terminate such Project by giving notice to take effect immediately. The right of either Party to
terminate a Project hereunder shall not be affected in any way by its wavier of or failure to take
action with respect to any previous default.

9. Limitation of Liability.

(a) No action, regardless of form, arising out of the Services under this Master Agreement may be
brought by either Party more then one (1) year after the date of the final performance of the
Services by Consultant with regard to a particular Project, including any action brought by
Consultant for alleged non-payment of sums due Consultant under this Master Agreement

(b) The term “Force Majeure Event” refers to fire, flood, earthquake, elements of nature or acts of
God, acts of war, terrorism, riots, civil disorders, rebellions or revolutions, or any other
similar exogenous cause beyond the reasonable control of Consultant, provided such default or delay
could not have been prevented by reasonable precautions and cannot reasonably be circumvented by
Consultant through the use of alternate sources, work-around plans or other means. The term “Force
Majeure Event” shall not refer to Consultant’s labor difficulties or to strikes by or lockouts of
Consultant’s personnel. Consultant shall not be liable to Client for any delay in performance or
any failure in performance of any services or projects hereunder caused in whole or in part by
reason of the occurrence of a Force Majeure Event. Client shall not refuse to accept delivery by
reason of delays occasioned by reason of the occurrence of a Force Majeure Event. Any delay
resulting from the occurrence of a Force Majeure Event shall correspondingly extend the time for
performance by Consultant.

(c) Other than as elsewhere set forth in this Master Agreement CONSULTANT MAKES NO EXPRESSED OR
IMPLIED WARRANTIES, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE.

NEITHER PARTY SHALL BE LIABLE FOR CONSEQUENTIAL OR INCIDENTAL DAMAGES INCLUDING, WITHOUT
LIMITATION, LOST PROFITS OR ANY CLAIM OR DEMAND AGAINST THE OTHER PARTY BY ANY OTHER PARTY DUE TO
ANY CAUSE WHATSOEVER, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, EXCEPT FOR DAMAGES
ARISING FROM BREACH OF WARRANTY OF NON-INFRINGEMENT AS SET FORTH IN SECTION 7 OF THIS MASTER
AGREEMENT.

The provisions of this Section 9 shall continue beyond and survive the termination of this
Agreement

 

 

10. Term and Termination.

(a) This Master Agreement shall be effective until terminated. Either Party may terminate this
Master Agreement by giving the other Party not less than thirty (30) days’ written notice prior to
the day the terminating Party desires this Master Agreement to terminate; provided,
however, that this Master Agreement shall remain effective until completion of all Projects
initiated hereunder.

(b) Except as otherwise provided herein, neither of the Parties may at any time terminate the
performance of any Project for which a Work Order has been executed by both Parties, except for
breach of the terms and conditions of the Documents; provided, however, that Client
may at any time and without prior notice state its intention to terminate the Project, and the date
upon which the termination shall be effective, if, within thirty (30) days of such termination,
Client shall pay Consultant for all Services rendered by Consultant up to the date of termination
for which payment has not already been received by Consultant plus a termination fee equal to 25%
of the total of all amounts previously paid by Client to Consultant in regard to the terminated
Project.

11. Miscellaneous.

(a) This Master Agreement may be modified or amended only by a written instrument signed by
authorized signatories of both Parties, which expressly refers to this Master Agreement. No
subsequent agreement will be treated as a waiver, cancellation, novation, merger or superseding
agreement to this Master Agreement unless such subsequent agreement specifically and unambiguously
states that it is intended to be a waiver, cancellation, novation, merger or superseding agreement
and such subsequent agreement is signed by an authorized officer of both Parties.

(b) Failure to invoke any right, condition or covenant in the Documents by either Party shall not
be deemed to imply or constitute a waiver of any other right, condition or covenant. No custom or
practice which may evolve between the Parties during the term of this Master Agreement shall be
deemed or construed to waive or lessen the right of either of the Parties to insist upon strict
compliance with the terms of this Master Agreement.

(c) This Master Agreement supersedes any and all other prior agreements, understandings,
statements, promises, or practices between the Parties, either oral or in writing, with respect to
the subject matter hereof and constitutes the sole and only agreement between the Parties with
respect to these matters. Each Party to this Master Agreement acknowledges that no
representations, inducements, promises or other agreements, orally or otherwise, have been made by
any Party hereto or by anyone acting on behalf of any Party hereto, which are not embodied herein,
and that no agreement, statement or promise not contained in this Master Agreement or in any
Documents shall be valid or binding or of any force or effect except for any formal, written
presentations by Consultant of Consultant’s experience, capabilities and expertise.

(d) The terms, provisions, covenants and agreements that are contained in this Master Agreement
shall apply to, be binding upon and inure to the benefit of the Parties and their respective
successors and assigns.

 

 

(e) Each Party acknowledges and represents that it and its counsel have had an opportunity to
review this Master Agreement and that the rule of construction to the effect that any ambiguities
are to be resolved against the drafting Party shall not be employed in the interpretation of this
Master Agreement or any amendment hereto.

(f) Since Client has entered into this Master Agreement based upon the unique skills and its
singular relationship with Consultant, Consultant shall not be entitled to assign any of its
respective rights or delegate any of its respective duties or obligations hereunder.

(g) Consultant acknowledges that Client has a policy of enforcing a drug free work environment and
that Client requires its own employees to consent to drug screening as a condition of employment
and/or continued employment. In addition, Client has a policy of obtaining a Consumer Report
Verification for all new employees. Consultant agrees to fully comply with this policy and, where
requested by Client, to submit and require its employees to submit, to such screening and
verification as may reasonably be requested by Client.

(h) The headings that are used in this Master Agreement are used for reference and convenience
purposes only and do not constitute substantive matters to be considered in construing the terms
and provisions of this Master Agreement

(i) Words of any gender that are used in this Master Agreement shall be held and construed to
include any other gender and words in the singular number shall be held to include the plural, and
vice versa, unless the context requires otherwise.

(j) Any notice required or permitted to be delivered hereunder shall be deemed to be delivered only
when actually received by Consultant or by Client, as the case may be, at the addresses set forth
above in the Preamble, or at such other addresses as either shall have specified prior to the time
of giving notice.

(k) In the event that one or more of the terms, provisions or agreements that are contained in this
Master Agreement shall be held by a Court of competent jurisdiction to be invalid, illegal or
unenforceable in any respect for any reason, the invalid, illegal or unenforceable term, provision
or agreement shall not affect any other term, provision or agreement that is contained in this
Master Agreement and this Master Agreement shall be construed as if the invalid, illegal or
unenforceable term, provision or agreement had never been contained herein, unless to do so would
create a manifest injustice.

(l) THIS MASTER AGREEMENT SHALL BE DEEMED TO HAVE BEEN EXECUTED BY THE PARTIES IN AND SHALL BE
GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS
(EXCLUDING ANY CONFLICTS-OF-LAW RULE OR PRINCIPLE OF TEXAS LAW THAT MIGHT REFER THE GOVERNANCE,
CONSTRUCTION OR INTERPRETATION OF THIS MASTER AGREEMENT TO THE LAWS OF ANOTHER STATE). IN THE
EVENT OF A DISPUTE OR IN THE EVENT OF ANY OTHER LEGAL ACTION ARISING OUT OF OR IN CONNECTION WITH
THIS AGREEMENT THE EXCLUSIVE JURISDICTION AND VENUE FOR SUCH LEGAL ACTION OR PROCEEDING SHALL BE
THE GENERAL CIVIL TRIAL

 

 

COURTS OF DENTON COUNTY, TEXAS, OR THE UNITED STATES DISTRICT COURT HAVING JURISDICTION IN DENTON
COUNTY, TEXAS. EACH PARTY IRREVOCABLY WAIVES ANY OBJECTION ON THE GROUNDS OF VENUE, FORUM
NON-CONVENIENCE OR ANY SIMILAR GROUNDS AND IRREVOCABLY CONSENTS TO SERVICE OF PROCESS BY MAIL OR IN
ANY OTHER MATTER PERMITTED BY APPLICABLE LAW AND CONSENTS TO THE JURISDICTION OF SAID COURTS.
CLIENT SHALL HAVE THE OPTION, IN THE EVENT OF A DISPUTE ARISING OUT OF OR RELATING TO THIS
AGREEMENT, TO SUBMIT SAID DISPUTE TO ARBITRATION IN DENTON COUNTY, TEXAS, PURSUANT TO THE RULES OF
THE AMERICAN ARBITRATION ASSOCIATION. THE DECISION OF THE ARBITRATOR SHALL BE FINAL AND BINDING ON
THE PARTIES AND JUDGMENT UPON THE AWARD MAY BE ENTERED IN ANY OF THE AFOREMENTIONED COURTS HAVING
JURISDICTION OVER THIS AGREEMENT.

(m) The obligations of the Parties under this Master Agreement shall be and are performable in
Denton County, Texas. THE PARTIES CONSENT AND AGREE THAT VENUE OF ANY ACTION BROUGHT IN STATE OR
FEDERAL COURT UNDER THIS MASTER AGREEMENT SHALL BE IN DENTON COUNTY, TEXAS.

 

 

     IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this
Master Agreement.

	 	 	 	 	 
	CONSULTANT: WILLIAM VAN VALKENBERG

 	 	 
	/s/ William Van Valkenberg
 	 	 
	 	 	 
	 	 	 
	 
	REALPAGE, INC.

 	 	 
	/s/ Stephen T. Winn
 	 	 
	By: Stephen T. Winn 	 	 
	Its: President and CEO 	 	 

 

 

	 	 	 	 	 

WORK ORDER

PURSUANT TO MASTER AGREEMENT FOR CONSULTING SERVICES

BY AND BETWEEN WILLIAM VAN VALKENBERG AND REALPAGE, INC.

DATED JUNE 28, 2009

Work Order 1 for William Van Valkenberg

Effective Date: June 28, 2009

Project Period: June 28, 2009

Consulting Services (each a “Project”):

Consultant shall provide legal services relating to Yardi Voyager and associated legal issues.

Project Tools:

RealPage shall supply all reasonable and necessary computer equipment, telephone, supplies and
other materials reasonably required by Consultant to complete Projects. Upon completion of the
Project Term, Consultant shall return to RealPage all such equipment, unused, supplies and
materials.

Deliverables:

Dependent upon the nature of the Project, to be determined by RealPage’ Chief Executive Officer from time to time.

Work Order Expiration Date:

September 1, 2009

RealPage Contact:

Steve Winn, CEO

Fee:

$1,000.00 per day

	 	 	 	 	 
	Consultant

 	 	 
	/s/ William Van Valkenberg
 	 	 
	By: William Van Valkenberg 	 	 
	Individual 	 	 
	 
	RealPage, Inc.

 	 	 
	/s/ Stephen T. Winn
 	 	 
	By: Stephen T. Winn 	 	 
	Its: President and CEO 	 	 
	 

Effective Date: June 28, 2009

 

 

WORK ORDER

PURSUANT TO MASTER AGREEMENT FOR CONSULTING SERVICES

BY AND BETWEEN WILLIAM VAN VALKENBERG AND REALPAGE, INC.

DATED JULY 12, 2009

Work Order 2 for William Van Valkenberg

Effective Data: July 12, 2009

Project Period: Effective Date — August 31, 20091

Consulting Services (each a “Project”):

     Consultant shall provide legal services relating to:

	 	•	 	RealPage’s loan transaction for a credit facility with Wells Fargo Foothill and
Comerica.
	 
	 	•	 	RealPage’s equity raise, and issuance of a new class of preferred shares;
	 
	 	•	 	RealPage’s Price Optimizer and limitations on the use or display of software
products produced by other companies on RealPage’s web site;
	 
	 	•	 	Formation of a new company to provide open technology services, including Yardi
hosting;
	 
	 	•	 	Such other matters as the RealPage’s Chief Executive Officer may require from
time to time during the Project Period.

Project Tools:

RealPage shall supply all reasonable and necessary computer equipment, telephone, supplies and
other materials reasonably required by Consultant to complete Projects. Upon completion of the
Project Term, Consultant shall return to RealPage all such equipment, unused, supplies and
materials.

Deliverables:

Dependent upon the nature of the Project, to be determined by RealPage’ Chief Executive Officer from time to time.

Work Order Expiration Date:

September 1, 2009

RealPage Contact:

Steve Winn, CEO

Fee:

$1,000.00 per day

	 	 	 	 	 
	Consultant

 	 	 
	/s/ William Van Valkenberg
 	 	 
	By: William Van Valkenberg 	 	 
	Individual 	 	 
	 
	RealPage, Inc.

 	 	 
	/s/ Stephen T. Winn
 	 	 
	By: Stephen T. Winn 	 	 
	Its: President and CEO 	 	 
	 

 

			
	1	 	Subject to renewal upon the mutual written
agreement of the parties.

 

 

Effective Date: July 12, 2009

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