Document:

EX-10.4

 Exhibit 10.4 
 FORM OF 
 EMPLOYMENT AGREEMENT1 

This Employment Agreement (“Agreement”) is made and entered into by and between ExactTarget, Inc., a Delaware corporation
(“Company”), and [NOTE 1] (“Executive”), effective November 22, 2011. 
 Background

 A. The Executive currently serves as the Company’s [NOTE 2], pursuant to the terms of an Employment Agreement,
originally effective [NOTE 3], and amended, effective [NOTE 4] (“Prior Agreement(s)”). 
 B. The Company wishes to
continue the Executive’s employment as its [NOTE 2], on the terms and conditions provided herein, and the Executive wishes to continue in such capacity on such terms and conditions. 

C. The Company is in the business of developing and providing web-based software to its customers, which enables its customers to engage
in e-mail marketing for their businesses. The Company shall employ the Executive in a position of trust and confidence, and the Executive will become acquainted with the Company’s business; employees; strategic and operating plans; business
practices, processes, and relationships; trade secrets; and other confidential and proprietary information. 
 D. To provide for
the Executive’s continued employment, the Company and the Executive wish to enter into this Agreement. 
 In consideration
of the premises and mutual promises and covenants contained in this Agreement, and intending to be legally bound, the parties agree as follows: 
 Agreement 
 Section 1. Continuation of Employment. The
Company agrees to employ the Executive, and the Executive agrees to be employed by the Company, on the terms and conditions hereof. This Agreement shall supersede the Prior Agreement(s) in its entirety. 

Section 2. Defined Terms. Throughout this Agreement, when the first letter of a word (or the first letter of each word in a
phrase) is capitalized, the word or phrase shall have the meaning specified in Appendix A to this Agreement. 
 Section
3. Term. The Term of the Executive’s employment hereunder shall begin on November 22, 2011, and shall continue until the Termination of Executive’s Employment hereunder. Notwithstanding the preceding sentence, the
provisions of Sections 11 through 14 shall continue after the Term, as provided in such Sections. 
  

 

	1Form	 Employment Agreement is supplemented by the individual information referenced in the Schedule at the end of this Exhibit 10.4.

  
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 Section 4. Position and Duties. At all times during the Term, the Executive
shall serve as the Company’s [NOTE 2], and shall have such duties, responsibilities, powers, and authority consistent with such title and position as the Company’s President and/or Board may assign from time to time. In performing these
duties, the Executive shall (i) devote his/her working hours on a full-time basis to his/her duties under this Agreement; (ii) faithfully and loyally serve the Company; (iii) comply in all respects with the lawful and reasonable
directions and instructions of the President and/or the Board; and (iv) use his/her best efforts to promote and serve the interests of the Company. 
 Section 5. Compensation, Benefits, and Expense Reimbursement. During the Term and through the Executive’s Termination Date, the Company shall compensate the Executive for his/her
services as follows: 
 (a) Base Salary. The Company shall pay to the Executive, pursuant to its established payroll
procedures, as in effect from time to time, base salary at an annual rate of [NOTE 5] or such greater rate as established by the Board from time to time. 
 (b) Annual Bonus Opportunity. The Company shall provide the Executive with an annual bonus opportunity, as determined by the Board from time to time. 

(c) Employee Benefits. The Executive shall be eligible to participate in such benefit plans as are made available to, and on such
terms and conditions applicable to, other similarly situated employees of the Company. The Company may change or terminate any such benefit plan at any time, in its sole discretion, subject to applicable legal requirements. 

(d) Paid Time Off. The Executive shall be entitled to paid time off per year, which shall accrue and be governed by the terms of
the Company’s paid time off policies, as in effect from time to time. 
 (e) Reimbursement of Expenses. The Company
shall reimburse the Executive for reasonable and necessary business expenses incurred in accordance with its established reimbursement policies and procedures, as in effect from time to time. 

Section 6. Termination of Employment. The Executive is an at-will employee. His/Her employment shall automatically
Terminate upon his/her death or Disability while an employee. Subject to its payment obligations pursuant to this Section and Section 7 or 8, as applicable, the Company may terminate the Executive’s employment at any time, with or without
cause or advance notice, and the Executive may resign at any time, with or without cause or advance notice. Upon Termination of Employment, the Executive shall be entitled to the following, in addition to any amounts payable under Section 7 or
8: 
 (a) Any earned but unpaid base salary, at the Executive’s then effective annual rate, through his/her Termination
Date, plus any accrued paid days off due to the Executive under the Company’s paid days off program through his/her Termination Date, shall be paid to the Executive not later than the payroll date for the payroll period next following his/her
Termination Date. 

  
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 (b) Any reimbursements to which the Executive is entitled under the Company’s
established reimbursement procedures shall be paid to the Executive as soon as administratively practicable after the Executive presents the required documentation for such reimbursement (and not later than sixty (60) days after the
Executive’s Termination Date). 
 (c) Any benefits (other than severance) payable to the Executive under any of the
Company’s incentive compensation or employee benefit plans or programs shall be payable in accordance with the provisions of those plans or programs. 
 Section 7. Non-Change of Control Severance Benefit. 
 (a) If, during
the Term and before the occurrence of a Change of Control, either (i) the Company Terminates the Executive’s Employment (other than an automatic termination on account of death or Disability or pursuant to Section 9 on account of
Unacceptable Performance), or (ii) the Executive voluntarily Terminates his/her Employment for Adequate Reason pursuant to Section 10, the Company shall make a lump sum payment to the Executive as soon as practicable (and not more than
thirty (30) working days) after his/her Termination Date equal to [NOTE 6] of Executive’s annual base salary, at the rate then in effect, but determined without regard to any reduction in base salary that would be an event of Adequate
Reason. Furthermore, Company shall pay all premiums associated with continued benefits coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) for Executive and his/her eligible dependents on Executive’s behalf for
a period of [NOTE 7] months from the Termination Date. Notwithstanding the preceding provisions of this Subsection, the Executive shall not be entitled to a payment pursuant to this Section if he/she is entitled to a payment pursuant to
Section 8. 
 Section 8. Change in Control Severance Benefit. 

(a) If, during the Term and concurrent with or within twelve (12) months after a Change in Control, either (i) the Company
Terminates the Executive’s Employment (other than an automatic termination on account of death or Disability or pursuant to Section 9 on account of Cause), or (ii) the Executive voluntarily Terminates his/her Employment for Good
Reason pursuant to Section 10, the Company shall make a lump sum payment to the Executive as soon as practicable (and not more than thirty (30) working days) after his/her Termination Date equal to the sum of (i) [NOTE 8] of his/her
annual base salary, at the rate then in effect, but determined without regard to any reduction in base salary that would be an event of Good Reason, plus (ii) 50% of his/her bonus for the calendar year immediately preceding the year in which
his/her Termination Date occurs. Furthermore, Company shall pay all premiums associated with COBRA continuation coverage for Executive and his/her eligible dependents on Executive’s behalf for a period of [NOTE 9] months from the Termination
Date 
 Section 9. Termination by Company for Unacceptable Performance or Cause. The Company, by Board action, may
Terminate the Executive’s Employment for Unacceptable Performance or Cause by providing written notice to the Executive (i) informing him/her that the 

  
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Company has Terminated his/her Employment for Unacceptable Performance or Cause, as applicable, (ii) specifying the effective date of such Termination, (iii) specifying in detail the
events of Unacceptable Performance or Cause on which the Termination is based, and (iv) informing the Executive that he/she has the right to be heard by the Board regarding the existence of Unacceptable Performance or Cause by making a written
request to the Board within fifteen (15) days after receiving the Board’s notice of Termination. If the Executive requests a hearing pursuant to clause (iv) of the preceding sentence, the Board shall hold a meeting (which may be held
telephonically, at the Board’s discretion) as soon as administratively feasible thereafter, at which a quorum shall be present. The Executive and his/her representative shall be given the opportunity to present evidence regarding the issue of
Unacceptable Performance or Cause at such meeting. After considering the Executive’s evidence, the Board shall re-consider its determination of Unacceptable Performance or Cause, and it shall provide the Executive with written notice of its
decision as soon as administratively feasible thereafter. Termination of the Executive’s Employment other than as provided in this Subsection shall be deemed a Termination of Employment for reasons other than Unacceptable Performance or Cause,
as applicable. 
 Section 10. Termination for Adequate Reason or Good Reason by Executive. The Executive may
voluntarily Terminate his/her Employment for Adequate Reason or Good Reason, as applicable, on the condition that (i) he/she provides the Company at least thirty (30) days’ prior written notice identifying, in reasonable detail, the
acts or omissions of the Company constituting Adequate Reason or Good Reason, (ii) such notice is given within ninety (90) days after the first occurrence of such act or omission, (iii) the Company is given ample opportunity to cure
any deficiency stated in such written notice during such thirty-day period, and (iv) such cure does not occur by the end of the thirty-day cure period. 
 Section 11. Confidential Information. The Executive acknowledges that he/she will have access to, or knowledge of, trade secrets and other Confidential Information. 

(a) Confidential Information Defined. “Confidential Information” shall include all information, whether or not
originated by the Executive, that (i) is used in the business any ExactTarget Entity and (i) (A) proprietary to or created by or on behalf of any ExactTarget Entity and from which the ExactTarget Entity derives actual or potential
economic value due to its confidential nature, (B) designated as confidential by any ExactTarget Entity in writing, or (C) not generally available to persons other than personnel of any ExactTarget Entity and that the Company takes
reasonable efforts to protect from disclosure, including, but not limited to the following types of information (whether or not designated as confidential): 
 (1) Information regarding any ExactTarget Entity’s customers, clients, and their representatives, potential customers, or leads; the content of any contracts to which any ExactTarget Entity is or was
a party or is or was bound; data provided by any ExactTarget Entity; and the type, quantity, and specifications of products and services being sold to, purchased, leased, licensed, or received by any of ExactTarget Entity; 

(2) Information received by any ExactTarget Entity from third parties (such as vendors) under an obligation of
confidentiality, restricted disclosure, or restricted use; 

  
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 (3) Any ExactTarget Entity’s internal personnel and financial
information (including the revenue, costs, or profits associated with any ExactTarget Entity’s products); payroll information, purchasing and internal cost information, internal service and operational manuals, and other information of any
ExactTarget Entity and the manner and methods of conducting the ExactTarget Entity’s businesses; 
 (4)
Information with respect to any ExactTarget Entity’s products, facilities, methods, systems, trade secrets, and intellectual property, including but not limited to design, development, or construction information; 

(5) Work product and other information related to work or projects performed or about to be performed for any ExactTarget
Entity or for any of its customers; 
 (6) Marketing and developmental plans, price and cost data, price and fee
amounts, pricing and billing policies, quotation procedures, marketing techniques, methods of obtaining business, forecasts, forecast assumptions and volumes, future plans, and potential strategies of any ExactTarget Entity; 

(7) Hardware, software, computer programs, and other technology developed or used by any ExactTarget Entity; and

 (8) Any other proprietary information relating to any ExactTarget Entity that may have been obtained by the
Executive before or after the date of this Agreement. 
 Information or documents that are generally available or accessible to the public shall
be deemed Confidential Information, if the information was retrieved, gathered, assembled, or maintained by the Company in a manner not available to the public. From time to time, the Company or another ExactTarget Entity may, for its own benefit,
choose to place certain of its Confidential Information or records in the public domain. The fact that such Confidential Information may be made available to the public in a limited form and under limited circumstances does not change the
confidential and proprietary nature of such information, and does not release the Executive from his/her duties with respect to such Confidential Information, except to the extent of such limited form or limited circumstance as set forth in this
Agreement. 
 (b) Ownership of Confidential Information. All Confidential Information is and shall remain the exclusive
property of the ExactTarget Entities, whether or not prepared in whole or in part by the Executive and whether or not disclosed to or entrusted to the custody of the Executive. Upon the Termination of the Executive’s Employment, or upon the
request of the Company at any time, the Executive shall promptly deliver to the Company all documents, tapes, disks, software, or other storage media and any other materials, and all copies thereof in whatever form, in the possession of the
Executive pertaining to the business of the ExactTarget Entities, including, but not limited to, any materials containing Confidential Information, and all other property of an ExactTarget Entity in the Executive’s possession or under the
Executive’s custody or control. 
 (c) Non-Disclosure and Non-Use of Confidential Information. The Executive and the
Company acknowledge and agree that disclosure of any Confidential Information to a third party, especially to any Competitor or unauthorized Vendor of the ExactTarget Entities, would be 

  
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extremely detrimental and prejudicial to the ExactTarget Entities. Therefore, the Executive shall hold all Confidential Information in strict confidence and solely for the benefit of the
ExactTarget Entities. The Executive shall use all Confidential Information only as required in the course of the Executive’s employment with the Company as provided hereunder and for no other purpose. Except as directed by a superior officer or
the Board, the Executive shall not disclose any Confidential Information to anyone except the ExactTarget Entities, their authorized representatives, and third parties as required in the ordinary course of the Executive’s performance of his/her
duties under this Agreement. The Executive shall follow all Company policies and procedures to protect all Confidential Information and shall take any additional precautions necessary under the circumstances to preserve and protect the use or
disclosure of any Confidential Information. These confidentiality obligations shall continue during the Restricted Period. None of the obligations and restrictions set forth in this Subsection applies to any part of the Confidential Information that
the Executive demonstrates (i) was or became generally available to the public other than as a result of a direct or indirect disclosure by the Executive, (ii) is required to be disclosed pursuant to an enforceable court order, or
(iii) is required to be disclosed by applicable law. 
 Section 12. Restrictive Covenants. 

(a) Non-Competition. During the Restricted Period, the Executive shall not, directly or indirectly, perform on behalf of any
Competitor, Vendor, or Customer the same or similar services as those performed by the Executive for the Company at any time during the Executive’s latest twelve (12) months of service to the Company, to the extent that such services would
be competitive with the Company’s Business, and shall not own, manage, operate, join, control, lend money or other assistance to, participate in, or otherwise be connected with any Competitor in (i) any market served by the Company or any
ExactTarget Entity; (ii) any market within a seventy-five (75) mile radius of Marion County, Indiana; (iii) any market in the State of Indiana; or (iv) any market within the broadest enforceable geographic area, including, but
not limited to, each state and other jurisdiction within the United States of America. Due to the nature of the Company’s Business of providing web-based services, the potential irreparable harm that will occur to the Company as a result of
competition by the Executive is not necessarily tied to the physical location or presence of the Company or any Customer. 
 (b)
Non-Solicitation. During the Restricted Period, the Executive shall not contact or solicit, either on behalf of the Executive or on behalf of others, any Customer in order to (i) divert or influence or attempt to divert or influence any
business of the Company or another ExactTarget Entity to a Competitor, (ii) market, distribute, sell, or provide any products or services in competition with the Company, or (iii) otherwise interfere in any fashion with the Company’s
Business or operations then being conducted by the Company or another ExactTarget Entity. 
 (c) No Hire. During the
Restricted Period, the Executive shall not, on behalf of the Executive or on behalf of persons other than the ExactTarget Entities, hire, employ, or attempt to hire or employ any Service Provider who is an employee, or in any way (i) cause or
assist or attempt to cause or assist any Service Provider to leave the Company or any other ExactTarget Entity, or (ii) directly or indirectly seek to solicit, induce, bring about, influence, promote, facilitate, or encourage any Service
Provider to leave the Company or any other ExactTarget Entity. 

  
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 (d) Non-Disparagement. The Executive shall not make any negative or disparaging
remarks about the Company or any other ExactTarget Entity to any Competitor, Vendor, Customer, Service Provider, the media, or any other person. 
 (e) Exceptions. The prohibitions in this Section shall apply to any employment with, involvement or engagement in, or control of another business or entity, whether as an employee, owner, manager,
director, officer, agent, sole proprietor, joint venturer, partner, member, stockholder, independent contractor, or in any other capacity; provided, however, these prohibitions shall not prevent (i) the ownership of stock or other equity
interests that are publicly traded, provided that (A) the investment is passive, (B) the Executive has no other involvement with the corporation or other entity, and (C) the Executive’s interest is less than five
(5%) percent of the outstanding shares or other equity interests of the company, and (D) the Executive makes full disclosure to the Company of the ownership of the stock or other equity interests at the time that he/she acquires the shares
of stock or other equity interests; or (ii) the Executive from starting, investing in, or providing services to a business that develops or provides on-demand software for the management of (A) commercial real estate, (B) regulatory
assessments and deficiencies, (C) long-term financial commitments of organizations (e.g., leases, software maintenance agreements, service agreements), provided that none of the foregoing businesses are the same as or substantially similar to
the Company’s Business or competing with the Company or another ExactTarget Entity with respect to its Customers or employees. 
 (f) Reasonable Restrictions. The Executive agrees that the terms and covenants contained in this Section are fair, reasonable, and necessary to protect the legitimate interests of the ExactTarget
Entities. Notwithstanding anything contained herein to the contrary, if the scope of any restriction or covenant contained in this Section is found by a court of competent jurisdiction to be too broad to permit enforcement of such restriction or
covenant to its full extent, the such restriction or covenant shall be enforced to the maximum extent permitted by law. The parties hereby acknowledge and agree that a court of competent jurisdiction shall invoke and exercise the blue pencil
doctrine to the fullest extent permitted by law to enforce this Agreement. 
 Section 13. Remedies. 

(a) Damages. To the extent calculable, the Company and the Executive shall each be liable to the other for any monetary damages
caused by any breach of this Agreement. In the event of the breach by the Executive of Section 11 or 12, the Company shall also be entitled to recover from the Executive its lost profits, and the parties agree that any gross
profits earned by the Executive’s new employer as a direct or indirect result of any violation of Section 11 or 12 shall be deemed lost profits of the Company. 

(b) Injunctive Relief. The Executive understands that any violation by the Executive of this Agreement, including but not limited
to any provision of Section 11 or 12, shall cause the Company to suffer irreparable harm for which the Company will have no adequate remedy at law. Therefore, if the Executive threatens to violate or violates any provision of this
Agreement, 

  
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the Company shall be entitled to seek injunctive relief, including but not limited to a temporary restraining order and/or a preliminary or permanent injunction to restrain or enjoin any
violation or threatened violation of this Agreement. The Company shall be entitled to seek immediate injunctive relief without notice and without the posting of any bond. The Company’s right to injunctive relief shall be in addition to, and not
in lieu of, any other remedy that it may seek. 
 (c) Attorneys’ Fees and Costs. If Company does not pay amounts due
hereunder following a Change in Control, and the Executive successfully brings an action to enforce his/her rights hereunder, the Company shall promptly reimburse the Executive for all reasonable attorneys’ fees and other costs incurred in
bringing such action. 
 Section 14. Assignment of Inventions. Any and all inventions, improvements, discoveries,
designs, works of authorship, concepts or ideas, or expressions thereof, whether or not subject to patents, copyrights, trademarks, or service mark protections, and whether or not reduced to practice, that are conceived or developed by the Executive
(whether alone or in conjunction with the efforts of others) while employed with the Company and which relate to or result from the actual or anticipated business, work, research, or investigation of the Company (collectively,
“Inventions”), shall be the sole and exclusive property of the Company. The Executive shall do all things reasonably requested by the Company to assign to and vest in the Company the entire right, title, and interest to any such Inventions
and to obtain full protection therefor. Notwithstanding the foregoing, the provisions of this Agreement do not apply to an Invention for which no equipment, supplies, facility, or Confidential Information of the Company was used and which was
developed entirely on the Executive’s own time, unless (i) the Invention relates to (A) the Company’s Business or (B) the Company’s actual or demonstrably anticipated research or development, or (ii) the Invention
results from any work performed by the Executive for the Company. 
 Section 15. Statutory and Common Law Duties.
The duties that the Executive owes to the Company under this Agreement shall be deemed to include statutory and common law obligations of the Executive and do not in any way supersede or limit any of the obligations or duties that the Executive
otherwise owes to the Company. This Agreement is intended, among other things, to supplement, but not displace, the provisions of the Indiana Uniform Trade Secrets Act, as enacted and amended from time to time. 

Section 16. Excise Tax. If any payment or benefit due under this Agreement, together with all other payments and benefits
(including, without limitation, the acceleration of vesting of stock options and/or other equity-based compensation awards) to which the Executive is entitled from the Company, or any affiliate thereof, would (if paid or provided) constitute an
“excess parachute payment” (as defined in Section 280G(b)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), or any successor provision), the amounts otherwise payable and benefits otherwise due under this
Agreement will either (i) be delivered in full, or (ii) be limited to the minimum extent necessary to ensure that no portion thereof will fail to be tax-deductible to the Company by reason of Section 280G of the Code, whichever of the
foregoing amounts, taking into account the applicable federal, state or local income and employment taxes and the excise tax imposed under Section 4999 of the Code, results in Executive’s receipt, on an after-tax basis, of the greatest
amount of benefits, notwithstanding that all or some portion of such benefits may be subject to the excise tax imposed under Section 4999 of the Code. In the event that the 

  
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payments and/or benefits are to be reduced pursuant to this Section 16, such payments and benefits shall be reduced such that the reduction of compensation to be provided to the Executive as
a result of this Section 16 is minimized. In applying this principle, the reduction shall be made in a manner consistent with the requirements of Section 409A of the Code and where two economically equivalent amounts are subject to
reduction but payable at different times, such amounts shall be reduced on a pro rata basis but not below zero. 
 Section
17. Section 409A Compliance. 
 (a) To the extent applicable, this Agreement shall be interpreted in accordance
with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder. To the maximum extent permitted by applicable law, amounts payable to the Executive pursuant to Sections 7 and 8 shall be
made in reliance upon Treasury Regulation Section 1.409A-1(b)(9) (with respect to separation pay plans) or Treasury Regulation Section 1.409A-1(b)(4) (with respect to short-term deferrals). 

(b) For purposes of Section 409A of the Code (including, without limitation, for purposes of Treasury Regulation
Section 1.409A-2(b)(2)(iii)), the Executive’s right to receive the foregoing payments shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment shall at all times be considered a
separate and distinct payment. 
 (c) Notwithstanding anything herein to the contrary, to the extent any payments to the
Executive pursuant to Sections 7, 8 or otherwise hereunder are treated as non-qualified deferred compensation subject to Section 409A of the Code, then (i) to the extent required by Section 409A of the Code, no amount shall be payable
pursuant to such section unless the Executive’s termination of employment constitutes a “separation from service” with the Company (as such term is defined in Treasury Regulation Section 1.409A-1(h) and any successor provision
thereto) (a “Separation from Service”), and (ii) if the Executive, at the time of his or her Termination, is determined by the Company to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code
and the Company determines that delayed commencement of any portion of the termination benefits payable to the Executive pursuant to this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the
Code (any such delayed commencement, a “Payment Delay”), then such portion of the Executive’s termination benefits described in Sections 7, 8 or otherwise shall not be provided to the Executive prior to the earlier of (A) the
expiration of the six-month period measured from the date of the Executive’s Separation from Service, (B) the date of the Executive’s death or (C) such earlier date as is permitted under Section 409A of the Code. Upon the
expiration of the applicable Section 409A(a)(2)(B)(i) of the Code deferral period, all payments deferred pursuant to a Payment Delay shall be paid in a lump sum to the Executive within thirty (30) days following such expiration, and any
remaining payments due under the Agreement shall be paid as otherwise provided herein. The determination of whether the Executive is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of his or
her Separation from Service shall made by the Company in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including without limitation Treasury Regulation Section 1.409A-1(i) and any successor
provision thereto). 

  
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 Section 18. Assignment and Binding Effect. The Company’s rights and
obligations hereunder shall inure to the benefit of and be binding on the Company’s successors and assigns. This Agreement shall also be binding on the Executive’s heirs and the executor and personal representative of the Executive’s
estate. The Executive’s obligations hereunder are personal in nature and may not be assigned by the Executive to any other person. 
 Section 19. Severability. If a court of competent jurisdiction makes a final determination that any term or provision of this Agreement is invalid or unenforceable, and all rights to appeal
the determination have been exhausted or the period of time during which any appeal of the determination may be perfected has been exhausted, the remaining terms and provisions shall be unimpaired and shall be deemed valid and enforceable.

 Section 20. Entire Agreement and Modifications. This Agreement constitutes the entire agreement by and between
the Company and the Executive with respect to the terms of the Executive’s employment by the Company (other than any option to purchase securities of the Company or other similar agreement previously, contemporaneously, or subsequently entered
into between the Company and the Executive) and shall supersede all prior and contemporaneous negotiations, agreements, commitments, representations, discussions, and understandings with respect thereto, whether written or oral, except obligations
imposed by law, which shall be deemed a part of this Agreement. Any amendment of, change to, or modification of this Agreement shall be effective only if such amendment, change, or modification is in writing and signed by an authorized
representative of the parties hereto. No agreement or representation, oral or otherwise, express or implied, with respect to the subject matter hereof has been made by any party which is not expressly set forth in this Agreement. 

Section 21. Interpretation. This Agreement shall be construed as a whole, according to its fair meaning, and not construed
for or against either party. 
 Section 22. Waiver. No act or omission by the Company shall be deemed a waiver by
the Company of any of its rights under this Agreement absent a writing to that effect signed by the Company. The waiver by any party of compliance by any other party with any provision of this Agreement shall not operate or be construed as a waiver
of any other provision of this Agreement (whether or not similar), or a continuing waiver or a waiver of any subsequent breach by a party of a provision of this Agreement. Performance by any party of any act not required of it under the terms and
conditions of this Agreement shall not constitute a waiver of the limitations on its obligations under this Agreement, and no performance shall estop that party from asserting those limitations as to any further or future performance of its
obligations. The Executive acknowledges that every situation is unique, and the Company may need to respond to the actions by one employee, consultant, or service provider differently from its response to the actions of another employee, consultant,
or service provider. Therefore, the failure of the Company to enforce the same, similar, or different restrictions against another employee or to seek a different remedy shall not be construed as a waiver or estoppel to the enforcement of the
restrictions against the Executive. 
 Section 23. Withholdings. All compensation paid to the Executive pursuant
to this Agreement shall be subject to required withholdings under federal, state, and local laws and shall be payable in accordance with the Company’s standard payroll practices and polices as they are applied to similarly situated employees.

  
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 Section 24. Governing Law, Venue, and Jurisdiction. The validity,
performance, enforcement, interpretation, and any other aspect of this Agreement shall be governed by the laws of the State of Indiana, notwithstanding the choice of law provisions of any jurisdiction. The Executive hereby consents to the exclusive
jurisdiction of the local, state, and federal courts, as applicable, within Marion County, Indiana, and waives any defense of lack of personal jurisdiction or improper venue to a claim brought in such court. EACH OF THE PARTIES EXPRESSLY WAIVE ANY
RIGHTS TO A JURY TRIAL THAT IT MAY OTHERWISE HAVE IN ANY COURT WITH RESPECT TO THIS AGREEMENT TO THE EXTENT PERMITTED BY LAW. 

Section 25. Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and
shall be deemed to have been duly given (i) on the date of service, if served personally on the party to whom notice is to be given, (ii) when sent by confirmed electronic mail or facsimile, if sent during the normal business hours of the
recipient to the work facsimile number or e-mail address of the recipient, and if not sent during such normal business hours, then on the next business day, or (iii) on the third day after mailing, if mailed to the party to whom notice is to be
given by registered or certified mail, return receipt requested, postage prepaid, to the following addresses: 
 (a) If to the
Company, to: 
 ExactTarget, Inc. 
 Attn: CEO 
 20 N. Meridian 

Suite 200 

Indianapolis, IN 46204 
 (b) If to the Executive, to the Executive’s last known residential address. 
 Either party
hereto may, by giving written notice to the other party hereto as provided above, change the foregoing contact information to which notice shall then be sent. 
 Section 26. Headings. Section headings are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect its interpretation. 

Section 27. Counterparts. This Agreement may be executed in two counterparts, each of which shall be deemed to be an
original, but both of which together shall constitute one and the same Agreement. Only one counterpart signed by the party against which enforcement is sought needs to be produced to evidence the existence of this Agreement. 

Section 28. Executive Warranties. The Executive warrants and represents to the Company that his/her execution and
performance of this Agreement do not and will not violate any express or implied obligations of the Executive to any other individual or entity and that the Executive shall provide a copy of this Agreement to any person or entity that employs or
attempts to employ or otherwise engage the services of the Executive after the Termination of his/her Employment. 

  
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 Section 29. Acknowledgment. THE COMPANY AND THE EXECUTIVE HAVE READ THIS
AGREEMENT, UNDERSTAND IT, AND VOLUNTARILY AGREE TO BE BOUND BY ITS TERMS. THE COMPANY AND THE EXECUTIVE ACKNOWLEDGE THAT THEY HAVE HAD ADEQUATE OPPORTUNITY TO CONSULT WITH LEGAL COUNSEL OR OTHER ADVISORS BEFORE SIGNING THIS AGREEMENT. 

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

									
	 EXECUTIVE
	 		 	EXACTTARGET, INC.
					
	  	 	  	 		 	By:	 	  
		 	[NOTE 1]	 		 		 	[NOTE 10]
					
	Date:	 	 	 		 	Date:	 	 

  
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 Appendix A 
 Defined Terms 
 For purposes of this Agreement, the following terms, when
capitalized, shall be the meanings specified below: 
 “Adequate Reason” means, without the Executive’s written
consent, the Company’s (i) material breach of this Agreement, (ii) material reduction of the Executive’s base compensation, or (iii) requirement that the Executive perform the principal duties of employment at a location
that is more than forty (40) miles from the Company’s headquarters in Indianapolis, Indiana (or such other location as previously agreed to by the Executive). 
 “Board” or “Board of Directors” means the Company’s Board of Directors or the committee of the Company’s Board of Directors to which authority to determine a matter has been
delegated (to the extent of such delegation). 
 “Cause” means the Executive’s (i) act or omission
constituting fraud that is materially injurious to the Company; (ii) commission of a felony that is materially injurious to the Company, (iii) intentional disclosure of Confidential Information that is materially injurious to the Company;
or (iv) material neglect of duty or serious misconduct that is materially injurious to the Company; provided, in the case of this clause (iv), that the Executive has failed to correct such neglect or misconduct within thirty (30) days
after receiving a written statement from the Board identifying such neglect and/or misconduct in reasonable detail. “Cause” does not include the Executive’s failure or refusal to follow an unreasonable or unlawful instruction or
direction from the Board or the Company’s President. 
 “Change in Control” means (i) the Company’s
consummation of a merger, consolidation, reorganization, or similar business transaction, unless immediately after such transaction, more than 50% of the outstanding voting power of the surviving or resulting entity is held by persons who were
shareholders of the Company immediately before the transaction; or (ii) the Company’s consummation of a sale of all or substantially all of its assets. 
 “Company’s Business” means the business conducted by the Company, including the development and provision of web-based software to its customers, which enables its customers to engage in
e-mail marketing for their businesses. 
 “Company” means Exact Target, Inc. and any successor to substantially all of
the business of Exact Target, Inc. by merger, consolidation, reorganization, or similar transaction. 
 “Competitor”
means any person or entity that competes with the Company or any other ExactTarget Entity in a business that is the same as or substantially similar to the Company’s Business. 

“Confidential Information” has the meaning specified in Subsection 11(a). 

“Customer” means any person or entity that, at any time during the Executive’s latest twelve (12) months of service
to the Company, used or purchased or contracted to use or purchase any products or services from the Company or any other ExactTarget Entity or was in discussion with, or being solicited by, the Company or any other ExactTarget Entity with respect
to such use or purchase. 

  
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 “Disability” means that the Executive is eligible for benefits under the
Company’s long-term disability program. 
 “ExactTarget Entities” means, collectively, the Company and its
subsidiaries, and “ExactTarget Entity” means the Company or one of its subsidiaries. 
 “Good Reason” means,
without the Executive’s prior written consent, the Company’s (i) material breach of this Agreement, (ii) material reduction of the Executive’s base compensation, (iii) requirement that the Executive perform the
principal duties of employment at a location that is more than forty (40) miles from [NOTE 11], (iv) material diminution of the Executive’s authority, duties, or responsibilities, (v) material diminution in the budget over which
the Executive retains authority, or (vi) material diminution in the authority, duties, responsibilities of the supervisor to whom the Executive is required to report. 
 “Restricted Period” means the period of time during the Executive’s employment with the Company and continuing for twelve (12) months after the Executive’s Termination Date. If
the Executive breaches Section 12 of the Agreement during the Restricted Period, the Restricted Period shall be extended automatically by the number of days during which the Executive is in breach of such Section. 

“Service Provider” means any person or entity that was, at any time during the Executive’s latest twelve (12) months
of service to the Company, an employee, consultant, or other service provider of the Company or any other ExactTarget Entity. 

“Term” has the meaning specified in Section 3. 
 “Termination Date” means the effective date of the Executive’s Termination of Employment. 
 “Termination,” “Termination of Employment,” “Terminate the Executive’s Employment,” or any variation thereof means a separation from service within the meaning of Code
Section 409A(a)(2)(A)(i). If the Company sells all or substantially all of its business assets to an unrelated entity, to the extent permitted by Code Section 409A and the guidance thereunder, the Company and the purchaser of such assets
may agree that such purchaser will stand in place of the Company hereunder, and that a Termination of Employment shall not have occurred with respect to the Executive, if the Executive becomes an employee of such purchaser immediately after the
sale. In the case of such an agreement, the term “Company” shall include such purchaser. 
 “Unacceptable
Performance” means the Executive’s (i) act or omission constituting Cause, (ii) willful and material failure to perform the duties of his/her employment (except in the case of a Termination of Employment for Adequate Reason or on
account of the Executive’s physical or mental inability to perform such duties), provided that the Executive does not cure such failure within five (5) days after receiving written notice from the Board specifying such failure in detail,
(iii) willful and material violation of the Company’s code of ethics or written 

  
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harassment policies, or (iv) intentional breach of a material term or condition of this Agreement, provided that the Executive does not cure such failure within five (5) days after
receiving written notice from the Board specifying such failure in detail. 
 “Vendor” means any person or entity
that, at any time during the Executive’s latest twelve (12) months of service to the Company, provided or contracted to provide services or products to the Company or any other ExactTarget Entity. 

  
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 SCHEDULE 
 Schedule to Notes in Form of Employment Agreement 
  

																					
	Note 1	  	Note 2	  	 Note 3
	  	Note 4	  	Note 5	  	Note 6	 	Note 7	  	Note 8	 	Note 9	  	Note 10
	  	Note 11
	(Name)	  	(Title)	  	(Original
Effective Date)	  	(Effective Date of
Amendment(s))	  	(Base
Salary)	  	  
	 	  
	  	  
	 	  
	  	  
	  	  

	Scott Dorsey	  	Chief Executive
Officer, Director
and Chairman	  	July 15, 2004	  	September 24, 2007

December 14, 2007
	  	$385,000	  	100%	 	12	  	150%	 	18	  	Compensation
Committee
Chair	  	*
	Traci Dolan	  	Chief
 Administrative
Officer
and
Secretary
	  	October 1,
2004	  	September 24, 2007
 December 14,
2007
	  	$275,000	  	50%	 	6	  	100%	 	12	  	President and
CEO	  	*
	Steve Collins	  	Chief Financial
Officer	  	June 20, 2011	  	N/A	  	$300,000	  	50%	 	6	  	100%	 	12	  	President and
CEO	  	*
	Scott McCorkle	  	Chief Operating
Officer	  	August 15,
2005	  	September 24, 2007
 December 14,
2007
	  	$325,000	  	50%	 	6	  	100%	 	12	  	President and
CEO	  	*
	Andy Kofoid	  	Executive Vice
President, Global
Sales	  	May 24, 2010	  	N/A	  	$245,000	  	50%	 	6	  	100%	 	12	  	President and
CEO	  	Chicago,
IL
	Tim Kopp	  	Chief Marketing
Officer	  	December 17,
2007	  	September 26, 2011	  	$260,000	  	50%	 	6	  	100%	 	12	  	President and
CEO	  	*

  

	*	the location at which he/she was required to perform such duties immediately before the Change in ControlEX-10.5

 Exhibit 10.5 
 FORM OF 
 INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (this “Agreement”) is entered into as of __________, (the “Effective
Date”) by and between ExactTarget, Inc., a Delaware corporation (the “Company”), and ____________ (the “Indemnitee”). 
 RECITALS 
 WHEREAS, the Board of Directors has determined that the
inability to attract and retain qualified persons as directors and officers is detrimental to the best interests of the Company’s stockholders and that the Company should act to assure such persons that there shall be adequate certainty of
protection through insurance and indemnification against risks of claims and actions against them arising out of their service to and activities on behalf of the Company; 
 WHEREAS, the Company has adopted provisions in its Bylaws providing for indemnification and advancement of expenses of its directors and officers to the fullest extent authorized by the General
Corporation Law of the State of Delaware (the “DGCL”), and the Company wishes to clarify and enhance the rights and obligations of the Company and the Indemnitee with respect to indemnification and advancement of expenses;

 WHEREAS, in order to induce and encourage highly experienced and capable persons such as the Indemnitee to serve and continue
to serve as directors and officers of the Company and in any other capacity with respect to the Company as the Company may request, and to otherwise promote the desirable end that such persons shall resist what they consider unjustified lawsuits and
claims made against them in connection with the good faith performance of their duties to the Company, with the knowledge that certain costs, judgments, penalties, fines, liabilities, and expenses incurred by them in their defense of such litigation
are to be borne by the Company and they shall receive the maximum protection against such risks and liabilities as may be afforded by applicable law, the Board of Directors of the Company has determined that the following Agreement is reasonable and
prudent to promote and ensure the best interests of the Company and its stockholders; and 
 WHEREAS, the Company desires to
have the Indemnitee continue to serve as a director or officer of the Company and in any other capacity with respect to the Company as the Company may request, as the case may be, free from undue concern for unpredictable, inappropriate, or
unreasonable legal risks and personal liabilities by reason of the Indemnitee acting in good faith in the performance of the Indemnitee’s duty to the Company; and the Indemnitee desires to continue so to serve the Company, provided, and
on the express condition, that he or she is furnished with the indemnity set forth hereinafter. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the Indemnitee’s continued service as a director or officer of the Company, the parties hereto
agree as follows: 
 1. Definitions. For purposes of this Agreement: 

 (a) A “Change in Control” will be deemed to have occurred if the
individuals who, as of the Effective Date, constitute the Board of Directors of the Company (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors; provided, however,
that any individual becoming a director subsequent to such effective date whose election, or nomination for election by the stockholders of the Company, was approved by a vote of at least a majority of the directors then comprising the Incumbent
Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with
respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board of Directors. 

(b) “Disinterested Director” means a director of the Company who is not or was not a party to the Proceeding in respect
of which indemnification is being sought by the Indemnitee. 
 (c) “Expenses” includes, without limitation,
expenses incurred in connection with the defense or settlement of any action, suit, arbitration, alternative dispute mechanism, inquiry, judicial, administrative, or legislative hearing, investigation, or any other threatened, pending, or completed
proceeding, whether brought by or in the right of the Company or otherwise, including any and all appeals, whether of a civil, criminal, administrative, legislative, investigative, or other nature, attorneys’ fees, witness fees and expenses,
fees and expenses of accountants and other advisors, retainers and disbursements and advances thereon, the premium, security for, and other costs relating to any bond (including cost bonds, appraisal bonds, or their equivalents), and any expenses of
establishing a right to indemnification or advancement under Sections 9, 11, 13, and 16 hereof, but shall not include the amount of judgments, fines, ERISA excise taxes, or penalties actually levied against the Indemnitee, or any amounts paid
in settlement by or on behalf of the Indemnitee. 
 (d) “Independent Counsel” means a law firm or a member of a
law firm that neither is presently nor in the past five years has been retained to represent (i) the Company or the Indemnitee in any matter material to either such party or (ii) any other party to the Proceeding giving rise to a request
for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in
representing either the Company or the Indemnitee in an action to determine the Indemnitee’s right to indemnification under this Agreement. 
 (e) “Proceeding” means any action, suit, arbitration, alternative dispute mechanism, inquiry, judicial, administrative, or legislative hearing, investigation, or any other threatened,
pending, or completed proceeding, whether brought by or in the right of the Company or otherwise, including any and all appeals, whether of a civil, criminal, administrative, legislative, investigative, or other nature, to which the Indemnitee was
or is a party or is threatened to be made a party or is otherwise involved in by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or
trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a 

  
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partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of anything done or not done by the Indemnitee in any such
capacity, whether or not the Indemnitee is serving in such capacity at the time any expense, liability, or loss is incurred for which indemnification or advancement can be provided under this Agreement. 

2. Service by the Indemnitee. The Indemnitee shall serve and/or continue to serve as a director or officer of the Company
faithfully and to the best of the Indemnitee’s ability so long as the Indemnitee is duly elected or appointed and until such time as the Indemnitee’s successor is elected and qualified or the Indemnitee is removed as permitted by
applicable law or tenders a resignation in writing. 
 3. Indemnification and Advancement of Expenses. The Company shall
indemnify and hold harmless the Indemnitee, and shall pay to the Indemnitee in advance of the final disposition of any Proceeding all Expenses incurred by the Indemnitee in defending any such Proceeding, to the fullest extent authorized by the DGCL,
as the same exists or may hereafter be amended, all on the terms and conditions set forth in this Agreement. Without diminishing the scope of the rights provided by this Section, the rights of the Indemnitee to indemnification and advancement of
Expenses provided hereunder shall include but shall not be limited to those rights hereinafter set forth, except that no indemnification or advancement of Expenses shall be paid to the Indemnitee: 

(a) to the extent expressly prohibited by applicable law or the Bylaws of the Company; 

(b) for and to the extent that payment is actually made to the Indemnitee under a valid and collectible insurance policy or under a valid
and enforceable indemnity clause, provision of the certificate of incorporation or bylaws, or agreement of the Company or any other company or other enterprise where the Indemnitee is or was serving at the request of the Company (and the Indemnitee
shall reimburse the Company for any amounts paid by the Company and subsequently so recovered by the Indemnitee); 
 (c) in
connection with an action, suit, or proceeding, or part thereof initiated by the Indemnitee (including claims and counterclaims, whether such counterclaims are asserted by (i) the Indemnitee, or (ii) the Company in an action, suit, or
proceeding initiated by the Indemnitee), except a judicial proceeding pursuant to Section 11 to enforce rights under this Agreement, unless the action, suit, or proceeding, or part thereof, was authorized or ratified by the Board of Directors
of the Company; or 
 (d) with respect to any Proceeding brought by or in the right of the Company against the Indemnitee that
is authorized by the Board of Directors of the Company, except as provided in Sections 5, 6, and 7 below. 
 4. Action
or Proceedings Other than an Action by or in the Right of the Company. Except as limited by Section 3 above, the Indemnitee shall be entitled to the indemnification rights provided in this Section if the Indemnitee was or is a party or is
threatened to be made a party to, or was or is otherwise involved in, any Proceeding (other than an action by or in the 

  
 3 

 
right of the Company) by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee
of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee
benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes or
penalties, amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee in connection with such Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe his or her conduct was unlawful. 

5. Indemnity in Proceedings by or in the Right of the Company. Except as limited by Section 3 above, the Indemnitee shall be
entitled to the indemnification rights provided in this Section if the Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise involved in, any Proceeding brought by or in the right of the Company to procure a
judgment in its favor by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee of the Company is or was serving at the request of
the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of anything done or not
done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes or penalties, amounts paid in settlement by or on
behalf of the Indemnitee, and Expenses actually and reasonably incurred by the Indemnitee in connection with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best
interests of the Company; provided, however, that no such indemnification shall be made in respect of any claim, issue, or matter as to which the DGCL expressly prohibits such indemnification by reason of any adjudication of liability
of the Indemnitee to the Company, unless and only to the extent that the Court of Chancery of the State of Delaware or the court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but in
view of all the circumstances of the case, the Indemnitee is entitled to indemnification for such expense, liability, and loss as such court shall deem proper. 
 6. Indemnification for Costs, Charges, and Expenses of Successful Party. Notwithstanding any limitations of Sections 3(c), 3(d), 4 and 5 above, to the extent that the Indemnitee has been
successful, on the merits or otherwise, in whole or in part, in defense of any Proceeding, or in defense of any claim, issue, or matter therein, including, without limitation, the dismissal of any action without prejudice, or if it is ultimately
determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that the Indemnitee is otherwise entitled to be indemnified against Expenses, the Indemnitee shall be indemnified against all
Expenses actually and reasonably incurred by the Indemnitee in connection therewith. 

  
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 7. Partial Indemnification. If the Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for some or a portion of the expense, liability, and loss (including judgments, fines, ERISA excise taxes or penalties, amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually
and reasonably incurred in connection with any Proceeding, or in connection with any judicial proceeding pursuant to Section 11 to enforce rights under this Agreement, but not, however, for all of the total amount thereof, the Company shall
nevertheless indemnify the Indemnitee for the portion of such expense, liability, and loss actually and reasonably incurred to which the Indemnitee is entitled. 
 8. Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the maximum extent permitted by the DGCL, the Indemnitee shall be entitled to indemnification
against all Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee’s behalf if the Indemnitee appears as a witness or otherwise incurs legal expenses as a result of or related to the Indemnitee’s service as a
director or officer of the Company, in any threatened, pending, or completed action, suit, arbitration, alternative dispute mechanism, inquiry, judicial, administrative, or legislative hearing, investigation, or any other threatened, pending, or
completed or proceeding, whether of a civil, criminal, administrative, legislative, investigative, or other nature, to which the Indemnitee neither is, nor is threatened to be made, a party. 

9. Determination of Entitlement to Indemnification. To receive indemnification under this Agreement, the Indemnitee shall submit a
written request to the Secretary of the Company. Such request shall include documentation or information that is necessary for such determination and is reasonably available to the Indemnitee. Upon receipt by the Secretary of the Company of a
written request by the Indemnitee for indemnification pursuant to Sections 4, 5, 6, 7 or 8, the entitlement of the Indemnitee to indemnification, to the extent not provided pursuant to the terms of this Agreement, shall be determined by the
following person or persons who shall be empowered to make such determination: (a) the Board of Directors of the Company by a majority vote of Disinterested Directors, whether or not such majority constitutes a quorum; (b) a committee of
Disinterested Directors designated by a majority vote of such directors, whether or not such majority constitutes a quorum; (c) if there are no Disinterested Directors, or if the Disinterested Directors so direct, by Independent Counsel in a
written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee; (d) the stockholders of the Company; or (e) in the event that a Change in Control has occurred, by Independent Counsel in a written opinion to
the Board of Directors, a copy of which shall be delivered to the Indemnitee. Such Independent Counsel shall be selected by the Board of Directors and approved by the Indemnitee, except that in the event that a Change in Control has occurred,
Independent Counsel shall be selected by the Indemnitee. Upon failure of the Board of Directors so to select such Independent Counsel or upon failure of the Indemnitee so to approve (or so to select, in the event a Change in Control has occurred),
such Independent Counsel shall be selected upon application to a court of competent jurisdiction. The determination of entitlement to indemnification shall be made and, unless a contrary determination is made, such indemnification shall be paid in
full by the Company not later than 60 calendar days after receipt by the Secretary of the Company of a written request for indemnification. If the person making such determination shall determine that the Indemnitee is entitled to indemnification as
to part (but not all) of the application for indemnification, such person shall reasonably prorate such 

  
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partial indemnification among the claims, issues, or matters at issue at the time of the determination. 
 10. Presumptions and Effect of Certain Proceedings. The Secretary of the Company shall, promptly upon receipt of the Indemnitee’s written request for indemnification, advise in writing the
Board of Directors or such other person or persons empowered to make the determination as provided in Section 9 that the Indemnitee has made such request for indemnification. Upon making such request for indemnification, the Indemnitee shall be
presumed to be entitled to indemnification hereunder and the Company shall have the burden of proof in making any determination contrary to such presumption. If the person or persons so empowered to make such determination shall have failed to make
the requested determination with respect to indemnification within 60 calendar days after receipt by the Secretary of the Company of such request, a requisite determination of entitlement to indemnification shall be deemed to have been made and the
Indemnitee shall be absolutely entitled to such indemnification, absent actual fraud in the request for indemnification. The termination of any Proceeding described in Sections 4 or 5 by judgment, order, settlement, or conviction, or upon a
plea of nolo contendere or its equivalent, shall not, of itself (a) create a presumption that the Indemnitee did not act in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of
the Company, or with respect to any criminal Proceeding, had reasonable cause to believe his or her conduct was unlawful or (b) otherwise adversely affect the rights of the Indemnitee to indemnification except as may be provided herein.

 11. Remedies of the Indemnitee in Cases of Determination Not to Indemnify or to Advance Expenses; Right to Bring Suit.
In the event that a determination is made that the Indemnitee is not entitled to indemnification hereunder or if payment is not timely made following a determination of entitlement to indemnification pursuant to Sections 9 and 10, or if an
advancement of Expenses is not timely made pursuant to Section 16, the Indemnitee may at any time thereafter bring suit against the Company in a court of competent jurisdiction in the State of Delaware seeking an adjudication of entitlement to
such indemnification or advancement of Expenses. The Company shall not oppose the Indemnitee’s right to seek any such adjudication. In any suit brought by the Indemnitee to enforce a right to indemnification hereunder (but not in a suit brought
by the Indemnitee to enforce a right to an advancement of Expenses), it shall be a defense that the Indemnitee did not act in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company
and, with respect to any criminal Proceeding, had no reasonable cause to believe his or her conduct was unlawful. Further, in any suit brought by the Company to recover an advancement of Expenses pursuant to the terms of an undertaking, the
Company shall be entitled to recover such Expenses upon a final judicial decision of a court of competent jurisdiction from which there is no further right to appeal that the Indemnitee has not met the standard of conduct described above. Neither
the failure of the Company (including the Disinterested Directors, a committee of Disinterested Directors, Independent Counsel, or its stockholders) to have made a determination prior to the commencement of such suit that indemnification of the
Indemnitee is proper in the circumstances because the Indemnitee has met the standard of conduct described above, nor an actual determination by the Company (including the Disinterested Directors, a committee of Disinterested Directors, Independent
Counsel, or its stockholders) that the Indemnitee has not met the standard of conduct described above shall create a presumption that the Indemnitee has not met the standard of conduct described above, or, in the case of such a suit brought by the

  
 6 

 
Indemnitee, be a defense to such suit. In any suit brought by the Indemnitee to enforce a right to indemnification or to an advancement of Expenses hereunder, or brought by the Corporation to
recover an advancement of Expenses pursuant to the terms of an undertaking, the burden of proving that the Indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Section 11 or otherwise shall be on the
Company. If a determination is made or deemed to have been made pursuant to the terms of Section 9 or 10 that the Indemnitee is entitled to indemnification, the Company shall be bound by such determination and is precluded from asserting
that such determination has not been made or that the procedure by which such determination was made is not valid, binding, and enforceable. The Company further agrees to stipulate in any court pursuant to this Section 11 that the Company is
bound by all the provisions of this Agreement and is precluded from making any assertions to the contrary. If the court shall determine that the Indemnitee is entitled to any indemnification or advancement of Expenses hereunder, the Company shall
pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such adjudication (including, but not limited to, any appellate proceedings) to the fullest extent permitted by law, and in any suit brought by the Company to
recover an advancement of Expenses pursuant to the terms of an undertaking, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such suit to the extent the Indemnitee has been successful, on the
merits or otherwise, in whole or in part, in defense of such suit, to the fullest extent permitted by law. 
 12.
Non-Exclusivity of Rights. The rights to indemnification and to the advancement of Expenses provided by this Agreement shall not be deemed exclusive of any other right that the Indemnitee may now or hereafter acquire under any applicable law,
agreement, vote of stockholders or Disinterested Directors, provisions of the Certificate of Incorporation or Bylaws, or otherwise. 
 13. Expenses to Enforce Agreement. In the event that the Indemnitee is subject to or intervenes in any action, suit, or proceeding in which the validity or enforceability of this Agreement is at
issue or seeks an adjudication to enforce the Indemnitee’s rights under, or to recover damages for breach of, this Agreement, the Indemnitee, if the Indemnitee prevails in whole or in part in such action, suit, or proceeding, shall be entitled
to recover from the Company and shall be indemnified by the Company against any Expenses actually and reasonably incurred by the Indemnitee in connection therewith. 
 14. Continuation of Indemnity. All agreements and obligations of the Company contained herein shall continue during the period the Indemnitee is a director, officer, employee, agent, or trustee of
the Company or while a director, officer, employee, agent, or trustee is serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise,
including service with respect to an employee benefit plan, and shall continue thereafter with respect to any possible claims based on the fact that the Indemnitee was a director, officer, employee, agent, or trustee of the Company or was serving at
the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan. This Agreement shall be
binding upon all successors and assigns of the Company (including any transferee of all or substantially all of its assets and any successor by merger or operation of law) and shall inure to the benefit of the Indemnitee’s heirs, executors, and
administrators. 

  
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 15. Notification and Defense of Proceeding. Promptly after receipt by the Indemnitee
of notice of any Proceeding, the Indemnitee shall, if a request for indemnification or an advancement of Expenses in respect thereof is to be made against the Company under this Agreement, notify the Company in writing of the commencement thereof;
but the omission so to notify the Company shall not relieve it from any liability that it may have to the Indemnitee. Notwithstanding any other provision of this Agreement, with respect to any such Proceeding of which the Indemnitee notifies the
Company: 
 (a) The Company shall be entitled to participate therein at its own expense; 

(b) Except as otherwise provided in this Section 15(b), to the extent that it may wish, the Company, jointly with any other
indemnifying party similarly notified, shall be entitled to assume the defense thereof, with counsel satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election so to assume the defense thereof, the Company shall
not be liable to the Indemnitee under this Agreement for any expenses of counsel subsequently incurred by the Indemnitee in connection with the defense thereof except as otherwise provided below. The Indemnitee shall have the right to employ the
Indemnitee’s own counsel in such Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of the Indemnitee unless (i) the employment of
counsel by the Indemnitee has been authorized by the Company, (ii) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of the defense of such Proceeding,
or (iii) the Company shall not within 60 calendar days of receipt of notice from the Indemnitee in fact have employed counsel to assume the defense of the Proceeding, in each of which cases the fees and expenses of the Indemnitee’s counsel
shall be at the expense of the Company. The Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company or as to which the Indemnitee shall have made the conclusion provided for in (ii) above;
and 
 (c) The Company shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement
of any Proceeding effected without the Company’s written consent, or for any judicial award if the Company was not given an opportunity, in accordance with this Section 15, to participate in the defense of such Proceeding. The Company
shall not settle any Proceeding in any manner that would impose any penalty or limitation on or disclosure obligation with respect to the Indemnitee without the Indemnitee’s written consent. Neither the Company nor the Indemnitee shall
unreasonably withhold its consent to any proposed settlement. 
 16. Advancement of Expenses. All Expenses incurred by
the Indemnitee in defending any Proceeding described in Section 4 or 5 shall be paid by the Company in advance of the final disposition of such Proceeding at the request of the Indemnitee. To receive an advancement of Expenses under this
Agreement, the Indemnitee shall submit a written request to the Secretary of the Company. Such request shall reasonably evidence the Expenses incurred by the Indemnitee and shall include or be accompanied by an undertaking, by or on behalf of the
Indemnitee, to repay all amounts so advanced if it shall ultimately be determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that the Indemnitee is not entitled to be indemnified
for such Expenses by the Company 

  
 8 

 
as provided by this Agreement or otherwise. The Indemnitee’s undertaking to repay any such amounts is not required to be secured. Each such advancement of Expenses shall be made within 20
calendar days after the receipt by the Secretary of the Company of such written request. The Indemnitee’s entitlement to Expenses under this Agreement shall include those incurred in connection with any action, suit, or proceeding by the
Indemnitee seeking an adjudication pursuant to Section 11 of this Agreement (including the enforcement of this provision) to the extent the court shall determine that the Indemnitee is entitled to an advancement of Expenses hereunder.

 17. [Primacy of Indemnification. [NOTE: INCLUDE SECTION 17 ONLY IF INDEMNITEE IS REPRESENTING A VC FUND ON THE BOARD]
The Company hereby acknowledges that Indemnitee has certain rights to indemnification, advancement of expenses and/or insurance provided by [name of VC or other sponsoring organization] and certain of its affiliates (collectively, the “Fund
Indemnitors”). The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for
the same expenses or liabilities incurred by Indemnitee are secondary), (ii) that it shall be required to advance the full amount of Expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, without regard to any
rights Indemnitee may have against the Fund Indemnitors, and (iii) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other
recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of the Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall
affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and Indemnitee agree
that the Fund Indemnitors are express third party beneficiaries of the terms hereof.] 
 18. Severability; Prior
Indemnification Agreements. If any provision or provisions of this Agreement shall be held to be invalid, illegal, or unenforceable for any reason whatsoever, (a) the validity, legality, and enforceability of the remaining provisions of
this Agreement (including, without limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal, or unenforceable, that are not by themselves invalid, illegal, or unenforceable) shall not in
any way be affected or impaired thereby, and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision held to be invalid,
illegal, or unenforceable, that are not themselves invalid, illegal, or unenforceable) shall be construed so as to give effect to the intent of the parties that the Company provide protection to the Indemnitee to the fullest enforceable extent. This
Agreement shall supersede and replace any prior indemnification agreements entered into by and between the Company and the Indemnitee and any such prior agreements shall be terminated upon execution of this Agreement. 

19. Headings; References; Pronouns. The headings of the sections of this Agreement are inserted for convenience only and shall not
be deemed to constitute part of this Agreement or to affect the construction thereof. References herein to section numbers are to sections of this 

  
 9 

 
Agreement. All pronouns and any variations thereof shall be deemed to refer to the singular or plural as appropriate. 
 20. Other Provisions. 
 (a) This Agreement and all disputes or
controversies arising out of or related to this Agreement shall be governed by, and construed in accordance with, the internal laws of the State of Delaware, without regard to the laws of any other jurisdiction that might be applied because of
conflicts of laws principles of the State of Delaware. 
 (b) This Agreement may be executed in two or more counterparts, all of
which shall be considered one and the same instrument and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party. 

(c) This Agreement shall not be deemed an employment contract between the Company and any Indemnitee who is an officer of the Company,
and, if the Indemnitee is an officer of the Company, the Indemnitee specifically acknowledges that the Indemnitee may be discharged at any time for any reason, with or without cause, and with or without severance compensation, except as may be
otherwise provided in a separate written contract between the Indemnitee and the Company. 
 (d) In the event of payment under
this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including
the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights. 
 (e) This
Agreement may not be amended, modified, or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing specifically designated as an amendment hereto, signed on behalf of each party. No failure or delay
of either party in exercising any right or remedy hereunder shall operate as a waiver thereof, and no single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course
of conduct, shall preclude any other or further exercise thereof or the exercise of any other right or power. 
 [The remainder
of this page is intentionally left blank.] 

  
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 IN WITNESS WHEREOF, the Company and the Indemnitee have caused this Agreement to be executed
as of the date first written above. 
  

							
	 	 	 	 	EXACTTARGET, INC.
				
		 		 	By:	 	 
		 		 		 	Name:
		 		 		 	Title:
				
		 		 	 	 	 
		 		 	Indemnitee

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