Document:

EX-10.5

 Exhibit 10.5 

UPWORK INC. 
 2018
EMPLOYEE STOCK PURCHASE PLAN 
 1. PURPOSE. Upwork Inc. adopted the Plan effective as of the Effective Date. The
purpose of this Plan is to provide eligible employees of the Company and the Participating Corporations with a means of acquiring an equity interest in the Company, to enhance such employees’ sense of participation in the affairs of the
Company. Capitalized terms not defined elsewhere in the text are defined in Section 28. 
 2. ESTABLISHMENT OF
PLAN. The Company proposes to grant rights to purchase shares of Common Stock to eligible employees of the Company and its Participating Corporations pursuant to this Plan. The Company intends this Plan to qualify as an “employee
stock purchase plan” under Section 423 of the Code (including any amendments to or replacements of such Section), and this Plan shall be so construed, although the Company makes no undertaking or representation to maintain such
qualification. Any term not expressly defined in this Plan but defined for purposes of Section 423 of the Code shall have the same definition herein. In addition, with regard to offers of options to purchase shares of Common Stock under the
Plan to employees working for a Subsidiary or an Affiliate outside the United States, this Plan authorizes the grant of options under a Non- Section 423 Component that is not intended to meet
Section 423 requirements, provided, to the extent necessary under Section 423 of the Code, the other terms and conditions of the Plan are met. 

Subject to Section 14, a total One Million Seven Hundred Thousand (1,700,000) shares of Common Stock is reserved for issuance under this
Plan. In addition, on each January 1 of each calendar year, the aggregate number of shares of Common Stock reserved for issuance under the Plan shall be increased automatically by the number of shares equal to eight-tenths of one percent (0.8%)
of the total number of outstanding shares of Common Stock and shares of preferred stock of the Company outstanding (on an as converted to common stock basis) on the immediately preceding December 31 (rounded down to the nearest whole share);
provided, that the Board or the Committee may in its sole discretion reduce the amount of the increase in any particular year. Subject to Section 14, no more than Twenty Million Four Hundred Thousand (20,400,000) shares of Common Stock
may be issued over the term of this Plan. The number of shares initially reserved for issuance under this Plan and the maximum number of shares that may be issued under this Plan shall be subject to adjustments effected in accordance with
Section 14. Any or all such shares may be granted under the Section 423 Component. 
 3. ADMINISTRATION. The Plan
will be administered by the Committee. Subject to the provisions of this Plan and the limitations of Section 423 of the Code or any successor provision in the Code, all questions of interpretation or application of this Plan shall be determined
by the Committee and its decisions shall be final and binding upon all eligible employees and Participants. The Committee will have full and exclusive discretionary authority to construe, interpret and apply the terms of the Plan, to determine
eligibility, to designate the Participating Corporations, to determine whether Participating Corporations shall participate in the Section 423 Component or Non-Section 423 Component and to decide upon any
and all claims filed under the Plan. Every finding, decision and determination made by the Committee will, to the full extent permitted by law, be final and binding upon all parties. Notwithstanding any provision to the contrary in this Plan, the
Committee may adopt rules, sub-plans, and/or procedures relating to the operation and administration of the Plan designed to comply with local laws, regulations or customs or to achieve tax, securities law or
other objectives for eligible employees outside of the United States. The Committee will have the authority to determine the Fair Market Value of the Common Stock (which determination shall be final, binding and conclusive for all purposes) in
accordance with Section 8 below and to interpret Section 8 of the Plan in connection with circumstances that impact the Fair Market Value. Members of the Committee shall receive no compensation for their services in connection with the
administration of this Plan, other than standard fees as established from time to time by the Board for services rendered by Board members serving on Board committees. All 

 
expenses incurred in connection with the administration of this Plan shall be paid by the Company. For purposes of this Plan, the Committee may designate separate offerings under the Plan (the
terms of which need not be identical) in which eligible employees of one or more Participating Corporations will participate, and the provisions of the Plan will separately apply to each such separate offering even if the dates of the applicable
Offering Periods of each such offering are identical. To the extent permitted by Section 423 of the Code, the terms of each separate offering under the Plan need not be identical, provided that the rights and privileges established with respect
to a particular offering are applied in an identical manner to all employees of every Participating Corporation whose employees are granted options under that particular offering. The Committee may establish rules to govern the terms of the Plan and
the offering that will apply to Participants who transfer employment between the Company and Participating Corporations or between Participating Corporations, in accordance with requirements under Section 423 of the Code to the extent
applicable. 
 4. ELIGIBILITY. 

(a) Any employee of the Company or the Participating Corporations is eligible to participate in an Offering Period under this Plan, except that
one or more of the following categories of employees may be excluded from coverage under the Plan by the Committee (other than where such exclusion is prohibited by applicable law): 

(i) employees who do not meet eligibility requirements that the Committee may choose to impose (within the limits permitted by the Code); and

 (ii) individuals who provide services to the Company or any of its Participating Corporations who are reclassified as common law
employees for any reason except for federal income and employment tax purposes. 
 The foregoing notwithstanding, an individual shall not be eligible if his
or her participation in the Plan is prohibited by the law of any country that has jurisdiction over him or her, if complying with the laws of the applicable country would cause the Plan to violate Section 423 of the Code, or if he or she is
subject to a collective bargaining agreement that does not provide for participation in the Plan. 
 (b) No employee who, together with any
other person whose stock would be attributed to such employee pursuant to Section 424(d) of the Code, owns stock or holds options to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all classes
of stock of the Company or its Parent or Subsidiary or who, as a result of being granted an option under this Plan with respect to such Offering Period, would own stock or hold options to purchase stock possessing five percent (5%) or more of the
total combined voting power or value of all classes of stock of the Company or its Parent or Subsidiary shall be granted an option to purchase Common Stock under the Plan. Notwithstanding the foregoing, the rules of Section 424(d) of the Code
shall apply in determining share ownership and the extent to which shares held under outstanding equity awards are to be treated as owned by the employee. 

5. OFFERING DATES. 
 (a)
Each Offering Period of this Plan may be of up to twenty-seven (27) months duration and shall commence and end at the times designated by the Committee. Each Offering Period shall consist of one or more Purchase Periods during which
Contributions made by Participants are accumulated under this Plan. 
 (b) The initial Offering Period shall commence on the Effective Date
and shall end with the Purchase Date that occurs on a date selected by the Committee which is approximately twenty-four (24) months after the commencement of the initial Offering Period, but no more than twenty-seven (27) months after the
commencement of the initial Offering period. The initial Offering Period shall 

  
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consist of four Purchase Periods. Thereafter, a twenty-four (24) month Offering Period shall commence on each May 15 and November 15, with each such Offering Period also consisting
of four separate six (6)-month Purchase Periods, except as otherwise provided by an applicable sub-plan, or on such other date determined by the Committee. The Committee may at any time establish a different
duration for an Offering Period or Purchase Period to be effective after the next scheduled Purchase Date, up to a maximum duration of twenty-seven (27) months. 

6. PARTICIPATION IN THIS PLAN. 

(a) Any employee who is an eligible employee determined in accordance with Section 4 immediately prior to the initial Offering Period will
be automatically enrolled in the initial Offering Period under this Plan for the minimum number of shares of Common Stock purchasable. With respect to subsequent Offering Periods, any eligible employee determined in accordance with Section 4
will be eligible to participate in this Plan, subject to the requirement of Section 6(b) hereof and the other terms and provisions of this Plan. 

(b) With respect to Offering Periods after the initial Offering Period, a Participant may elect to participate in this Plan by submitting an
enrollment agreement prior to the commencement of the Offering Period (or such earlier date as the Committee may determine) to which such agreement relates. 

(c) Once an employee becomes a Participant in an Offering Period, then such Participant will automatically participate in each subsequent
Offering Period commencing immediately following the last day of the prior Offering Period unless the Participant withdraws or is deemed to withdraw from this Plan or terminates further participation in an Offering Period as set forth in
Section 11 below. A Participant who is continuing participation pursuant to the preceding sentence is not required to file any additional enrollment agreement in order to continue participation in this Plan; a Participant who is not continuing
participation pursuant to the preceding sentence is required to file an enrollment agreement prior to the commencement of the Offering Period (or such earlier date as the Committee may determine) to which such agreement relates. 

7. GRANT OF OPTION ON ENROLLMENT. Becoming a Participant with respect to an Offering Period will constitute the grant (as of the
Offering Date) by the Company to such Participant of an option to purchase on the Purchase Date up to that number of shares of Common Stock determined by a fraction, the numerator of which is the amount accumulated in such Participant’s
Contribution account during such Purchase Period and the denominator of which is the lower of (i) eighty-five percent (85%) of the Fair Market Value of a share of Common Stock on the Offering Date (but in no event less than the par value
of a share of the Common Stock), or (ii) eighty-five percent (85%) of the Fair Market Value of a share of the Common Stock on the Purchase Date; provided, however, that for the Purchase Period within the initial Offering Period
the numerator shall be fifteen percent (15%) of the Participant’s compensation for such Purchase Period, or such lower percentage as determined by the Committee prior to the start of the Offering Period, and provided, further,
that the number of shares of Common Stock subject to any option granted pursuant to this Plan shall not exceed the lesser of (x) the maximum number of shares set by the Committee pursuant to Section 10(b) below with respect to the
applicable Purchase Date, or (y) the maximum number of shares which may be purchased pursuant to Section 10(a) below with respect to the applicable Purchase Date. 

8. PURCHASE PRICE. The Purchase Price per share at which a share of Common Stock will be sold in any Offering Period shall be
eighty-five percent (85%) of the lesser of: 
 (a) The Fair Market Value on the Offering Date; or 

(b) The Fair Market Value on the Purchase Date. 

  
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 9. PAYMENT OF PURCHASE PRICE; CONTRIBUTION CHANGES; SHARE ISSUANCES. 

(a) The Purchase Price shall be accumulated by regular payroll deductions made during each Offering Period, unless the Committee determines
that contributions may be made in another form (including but not limited to with respect to categories of Participants outside the United States that Contributions may be made in another form due to local legal requirements). The Contributions are
made as a percentage of the Participant’s Compensation in one percent (1%) increments not less than one percent (1%), nor greater than fifteen percent (15%) or such lower limit set by the Committee. “Compensation” shall
mean base salary or regular hourly wages; however, the Committee shall have discretion to adopt a definition of Compensation from time to time of all cash compensation reported on the employee’s Form W-2
or corresponding local country tax return, including without limitation base salary or regular hourly wages, bonuses, incentive compensation, commissions, overtime, shift premiums, pay during leaves of absence, and draws against commissions (or in
foreign jurisdictions, equivalent cash compensation). For purposes of determining a Participant’s Compensation, any election by such Participant to reduce his or her regular cash remuneration under Sections 125 or 401(k) of the Code (or in
foreign jurisdictions, equivalent deductions) shall be treated as if the Participant did not make such election. Contributions shall commence on the first payday following the last Purchase Date (with respect to the initial Offering Period, as soon
as practicable following the effective date of filing with the U.S. Securities and Exchange Commission a securities registration statement for the Plan) and shall continue to the end of the Offering Period unless sooner altered or terminated as
provided in this Plan. Notwithstanding the foregoing, the terms of any sub-plan may permit matching shares without the payment of any purchase price. 

(b) A Participant may decrease the rate of Contributions during an Offering Period by filing with the Company or a third party designated by
the Company a new authorization for Contributions, with the new rate to become effective no later than the second payroll period commencing after the Company’s receipt of the authorization and continuing for the remainder of the Offering Period
unless changed as described below. A decrease in the rate of Contributions may be made once during an Offering Period or more frequently under rules determined by the Committee. A Participant may increase or decrease the rate of Contributions for
any subsequent Offering Period by filing with the Company or a third party designated by the Company a new authorization for Contributions prior to the beginning of such Offering Period, or such other time period as specified by the Committee. 

(c) A Participant may reduce his or her Contribution percentage to zero during an Offering Period by filing with the Company or a third party
designated by the Company a request for cessation of Contributions. Such reduction shall be effective beginning no later than the second payroll period after the Company’s receipt of the request and no further Contributions will be made for the
duration of the Offering Period. Contributions credited to the Participant’s account prior to the effective date of the request shall be used to purchase shares of Common Stock in accordance with Subsection (e) below. A reduction of the
Contribution percentage to zero shall be treated as such Participant’s withdrawal from such Offering Period and the Plan, effective as of the day after the next Purchase Date following the filing date of such request with the Company. 

(d) All Contributions made for a Participant are credited to his or her book account under this Plan and are deposited with the general funds
of the Company, except to the extent local legal restrictions outside the United States require segregation of such Contributions. No interest accrues on the Contributions, except to the extent required due to local legal requirements. All
Contributions received or held by the Company may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such Contributions, except to the extent necessary to comply with local legal requirements
outside the United States. 

  
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 (e) On each Purchase Date, so long as this Plan remains in effect and provided that the
Participant has not submitted a signed and completed withdrawal form before that date which notifies the Company that the Participant wishes to withdraw from that Offering Period under this Plan and have all Contributions accumulated in the account
maintained on behalf of the Participant as of that date returned to the Participant, the Company shall apply the funds then in the Participant’s account to the purchase of whole shares of Common Stock reserved under the option granted to such
Participant with respect to the Offering Period to the extent that such option is exercisable on the Purchase Date. The Purchase Price per share shall be as specified in Section 8 of this Plan. Any fractional share, as calculated under this
Subsection (e), shall be rounded down to the next lower whole share, unless the Committee determines with respect to all Participants that any fractional share shall be credited as a fractional share. Any amount remaining in a Participant’s
account on a Purchase Date which is less than the amount necessary to purchase a full share of the Common Stock shall be carried forward without interest (except to the extent necessary to comply with local legal requirements outside the United
States) into the next Purchase Period or Offering Period, as the case may be; however, the Committee may from time to time provide that such amounts shall be refunded without interest. In the event that this Plan has been over-subscribed, all funds
not used to purchase shares on the Purchase Date shall be returned to the Participant, without interest (except to the extent required due to local legal requirements outside the United States). No Common Stock shall be purchased on a Purchase Date
on behalf of any employee whose participation in this Plan has terminated prior to such Purchase Date, except to the extent required due to local legal requirements outside the United States. 

(f) As promptly as practicable after the Purchase Date, the Company shall issue shares for the Participant’s benefit representing the
shares purchased upon exercise of his or her option. 
 (g) During a Participant’s lifetime, his or her option to purchase shares
hereunder is exercisable only by him or her. The Participant will have no interest or voting right in shares covered by his or her option until such option has been exercised. 

(h) To the extent required by applicable federal, state, local or foreign law, a Participant shall make arrangements satisfactory to the
Company and the Participating Corporation employing the Participant for the satisfaction of any withholding tax obligations that arise in connection with the Plan. The Company or any Subsidiary or Affiliate, as applicable, may withhold, by any
method permissible under the applicable law, the amount necessary for the Company or Subsidiary or Affiliate, as applicable, to meet applicable withholding obligations, including any withholding required to make available to the Company or
Subsidiary or Affiliate, as applicable, any tax deductions or benefits attributable to the sale or early disposition of shares of Common Stock by a Participant. The Company shall not be required to issue any shares of Common Stock under the Plan
until such obligations are satisfied. 
 10. LIMITATIONS ON SHARES TO BE PURCHASED. 

(a) Any other provision of the Plan notwithstanding, no Participant shall purchase Common Stock with a Fair Market Value in excess of the
following limit: 
 (i) In the case of Common Stock purchased during an Offering Period that commenced in the current calendar year, the
limit shall be equal to (A) $25,000 minus (B) the Fair Market Value of the Common Stock that the Participant previously purchased in the current calendar year (under this Plan and all other employee stock purchase plans of the Company or
any Parent or Subsidiary). 
 (ii) In the case of Common Stock purchased during an Offering Period that commenced in the immediately
preceding calendar year, the limit shall be equal to (A) $50,000 minus (B) the Fair Market Value of the Common Stock that the Participant previously purchased (under this Plan and all other employee stock purchase plans of the Company or
any Parent or Subsidiary) in the current calendar year and in the immediately preceding calendar year. 

  
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 (iii) In the case of Common Stock purchased during an Offering Period that commenced two
calendar years prior, the limit shall be equal to (A) $75,000 minus (B) the Fair Market Value of the Common Stock that the Participant previously purchased (under this Plan and all other employee stock purchase plans of the Company or any
Parent or Subsidiary) in the current calendar year and in the two immediately preceding calendar years. 
 For purposes of this Subsection (a), the
Fair Market Value of Common Stock shall be determined in each case as of the beginning of the Offering Period in which such Common Stock is purchased. Employee stock purchase plans not described in Section 423 of the Code shall be disregarded.
If a Participant is precluded by this Subsection (a) from purchasing additional Common Stock under the Plan, then his or her Contributions shall automatically be discontinued and shall automatically resume at the beginning of the earliest
Purchase Period that will end in the next calendar year (if he or she then is an eligible employee), provided that when the Company automatically resumes such Contributions, the Company must apply the rate in effect immediately prior to such
suspension. 
 (b) In no event shall a Participant be permitted to purchase more than 3,500 shares on any one Purchase Date or such lesser
number as the Committee shall determine. If a lower limit is set under this Subsection (b), then all Participants will be notified of such limit prior to the commencement of the next Offering Period for which it is to be effective. 

(c) If the number of shares to be purchased on a Purchase Date by all Participants exceeds the number of shares then available for issuance
under this Plan, then the Company will make a pro rata allocation of the remaining shares in as uniform a manner as shall be reasonably practicable and as the Committee shall determine to be equitable. In such event, the Company will give notice of
such reduction of the number of shares to be purchased under a Participant’s option to each Participant affected. 
 (d) Any
Contributions accumulated in a Participant’s account which are not used to purchase stock due to the limitations in this Section 10, and not covered by Section 9(e), shall be returned to the Participant as soon as practicable after
the end of the applicable Purchase Period, without interest (except to the extent required due to local legal requirements outside the United States). 

11. WITHDRAWAL. 
 (a) Each
Participant may withdraw from an Offering Period under this Plan pursuant to a method specified for such purpose by the Company. Such withdrawal may be elected at any time prior to the end of an Offering Period, or such other time period as
specified by the Committee. 
 (b) Upon withdrawal from this Plan, the accumulated Contributions shall be returned to the withdrawn
Participant, without interest (except to the extent required due to local legal requirements outside the United States), and his or her interest in this Plan shall terminate. In the event a Participant voluntarily elects to withdraw from this Plan,
he or she may not resume his or her participation in this Plan during the same Offering Period, but he or she may participate in any Offering Period under this Plan which commences on a date subsequent to such withdrawal by filing a new
authorization for Contributions in the same manner as set forth in Section 6 above for initial participation in this Plan. 
 (c) To the
extent applicable, if the Fair Market Value on the first day of the current Offering Period in which a participant is enrolled is higher than the Fair Market Value on the first day of any subsequent Offering Period, the Company will automatically
enroll such participant in the subsequent Offering Period. Any funds accumulated in a Participant’s account prior to the first day of such subsequent Offering Period will be applied to the purchase of shares on the Purchase Date immediately
prior to the first day of such subsequent Offering Period, if any. 

  
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 12. TERMINATION OF EMPLOYMENT. Termination of a Participant’s employment
for any reason, including retirement, death, disability, or the failure of a Participant to remain an eligible employee of the Company or of a Participating Corporation, immediately terminates his or her participation in this Plan (except as
required due to local legal requirements outside the United States). In such event, accumulated Contributions credited to the Participant’s account will be returned to him or her or, in the case of his or her death, to his or her legal
representative, without interest (except to the extent required due to local legal requirements outside the United States). For purposes of this Section 12, an employee will not be deemed to have terminated employment or failed to remain in the
continuous employ of the Company or of a Participating Corporation in the case of sick leave, military leave, or any other leave of absence approved by the Company; provided that such leave is for a period of not more than ninety
(90) days or reemployment upon the expiration of such leave is guaranteed by contract or statute. The Company will have sole discretion to determine whether a Participant has terminated employment and the effective date on which the Participant
terminated employment, regardless of any notice period or garden leave required under local law. 
 13. RETURN OF
CONTRIBUTIONS. In the event a Participant’s interest in this Plan is terminated by withdrawal, termination of employment or otherwise, or in the event this Plan is terminated by the Board, the Company shall deliver to the Participant all
accumulated Contributions credited to such Participant’s account. No interest shall accrue on the Contributions of a Participant in this Plan (except to the extent required due to local legal requirements outside the United States). 

14. CAPITAL CHANGES. If the number of outstanding shares is changed by a stock dividend, recapitalization, stock split, reverse
stock split, subdivision, combination, reclassification or similar change in the capital structure of the Company, without consideration, then the Committee shall adjust the number and class of Common Stock that may be delivered under the Plan, the
Purchase Price per share and the number of shares of Common Stock covered by each option under the Plan which has not yet been exercised, and the numerical limits of Sections 2 and 10 shall be proportionately adjusted, subject to any required
action by the Board or the stockholders of the Company and in compliance with the applicable securities laws; provided that fractions of a share will not be issued. 

15. NONASSIGNABILITY. Neither Contributions credited to a Participant’s account nor any rights with regard to the exercise
of an option or to receive shares under this Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as provided in Section 22 below) by the Participant. Any
such attempt at assignment, transfer, pledge or other disposition shall be void and without effect. 
 16. USE OF PARTICIPANT FUNDS
AND REPORTS. The Company may use all Contributions received or held by it under the Plan for any corporate purpose, and the Company will not be required to segregate Participant Contributions (except to the extent required due to local legal
requirements outside the United States). Until shares are issued, Participants will only have the rights of an unsecured creditor unless otherwise required under local law. Each Participant shall receive, or have access to, promptly after the end of
each Purchase Period a report of his or her account setting forth the total Contributions accumulated, the number of shares purchased, the per share price thereof and the remaining cash balance, if any, carried forward to the next Purchase Period or
Offering Period, as the case may be. 
 17. NOTICE OF DISPOSITION. Each U.S. taxpayer Participant shall notify the Company in
writing if the Participant disposes of any of the shares purchased in any Offering Period pursuant to this Plan if such disposition occurs within two (2) years from the Offering Date or within one (1) year from the Purchase Date on which
such shares were purchased (the “Notice Period”). The Company may, at any time during the Notice Period, place a legend or legends on any certificate representing shares acquired pursuant to this Plan requesting the
Company’s transfer agent to notify the Company of any transfer of the shares. The obligation of the Participant to provide such notice shall continue notwithstanding the placement of any such legend on the certificates. 

  
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 18. NO RIGHTS TO CONTINUED EMPLOYMENT. Neither this Plan nor the grant of any
option hereunder shall confer any right on any employee to remain in the employ of the Company or any Participating Corporation, or restrict the right of the Company or any Participating Corporation to terminate such employee’s employment. 

19. EQUAL RIGHTS AND PRIVILEGES. All eligible employees granted an option under the Section 423 Component of this Plan shall
have equal rights and privileges with respect to this Plan or within any separate offering under the Plan so that this Plan qualifies as an “employee stock purchase plan” within the meaning of Section 423 or any successor provision of
the Code and the related regulations. Any provision of this Plan which is inconsistent with Section 423 or any successor provision of the Code, without further act or amendment by the Company, the Committee or the Board, shall be reformed to
comply with the requirements of Section 423. This Section 19 shall take precedence over all other provisions in this Plan. 

20. NOTICES. All notices or other communications by a Participant to the Company under or in connection with this Plan shall be
deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

21. TERM; STOCKHOLDER APPROVAL. This Plan will become effective on the Effective Date. This Plan shall be approved by the
stockholders of the Company, in any manner permitted by applicable corporate law, within twelve (12) months before or after the date this Plan is adopted by the Board. No purchase of shares that are subject to such stockholder approval before
becoming available under this Plan shall occur prior to stockholder approval of such shares and the Board or Committee may delay any Purchase Date and postpone the commencement of any Offering Period subsequent to such Purchase Date as deemed
necessary or desirable to obtain such approval (provided that if a Purchase Date would occur more than six (6) months after commencement of the Offering Period to which it relates, then such Purchase Date shall not occur and instead such
Offering Period shall terminate without the purchase of such shares and Participants in such Offering Period shall be refunded their Contributions without interest). This Plan shall continue until the earlier to occur of (a) termination of this
Plan by the Board (which termination may be effected by the Board at any time pursuant to Section 25 below), (b) issuance of all of the shares of Common Stock reserved for issuance under this Plan, or (c) the tenth anniversary of the
Effective Date. 
 22. DESIGNATION OF BENEFICIARY. 

(a) If authorized by the Committee, a Participant may file a written designation of a beneficiary who is to receive any cash from the
Participant’s account under this Plan in the event of such Participant’s death prior to a Purchase Date. Such form shall be valid only if it was filed with the Company at the prescribed location before the Participant’s death. 

(b) If authorized by the Company, such designation of beneficiary may be changed by the Participant at any time by written notice filed with
the Company at the prescribed location before the Participant’s death. In the event of the death of a Participant and in the absence of a beneficiary validly designated under this Plan who is living at the time of such Participant’s death,
the Company shall deliver such cash to the executor or administrator of the estate of the Participant or to the legal heirs of the Participant. 

23. CONDITIONS UPON ISSUANCE OF SHARES; LIMITATION ON SALE OF SHARES. Shares shall not be issued with respect to an option unless
the exercise of such option and the issuance and delivery of such shares pursuant thereto shall comply with all applicable provisions of law, domestic or foreign, including, without limitation, the U.S. Securities Act of 1933, as amended, the
Exchange Act, the rules and regulations promulgated thereunder, and the requirements of any stock exchange or automated quotation system upon which the shares may then be listed, exchange control restrictions and/or securities law restrictions
outside the United States, and shall be further subject to the approval of counsel for the Company with respect to such compliance. Shares may be held in trust or subject to further restrictions as permitted by any subplan. 

  
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 24. APPLICABLE LAW. The Plan shall be governed by the substantive laws
(excluding the conflict of laws rules) of the State of Delaware. 
 25. AMENDMENT OR TERMINATION. The Committee, in its sole
discretion, may amend, suspend, or terminate the Plan, or any part thereof, at any time and for any reason. Unless otherwise required by applicable law, if the Plan is terminated, the Committee, in its discretion, may elect to terminate all
outstanding Offering Periods either immediately or upon completion of the purchase of shares of Common Stock on the next Purchase Date (which may be sooner than originally scheduled, if determined by the Committee in its discretion), or may elect to
permit Offering Periods to expire in accordance with their terms (and subject to any adjustment pursuant to Section 14). If an Offering Period is terminated prior to its previously-scheduled expiration, all amounts then credited to
Participants’ accounts for such Offering Period, which have not been used to purchase shares of Common Stock, shall be returned to those Participants (without interest thereon, except as otherwise required under local laws) as soon as
administratively practicable. Further, the Committee will be entitled to change the Purchase Periods and Offering Periods, limit the frequency and/or number of changes in the amount contributed during an Offering Period, establish the exchange ratio
applicable to amounts contributed in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a Participant in order to adjust for delays or mistakes in the administration of the Plan, establish reasonable
waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each Participant properly correspond with amounts contributed from the Participant’s base salary
and other eligible compensation, and establish such other limitations or procedures as the Committee determines in its sole discretion advisable which are consistent with the Plan. Such actions will not require stockholder approval or the consent of
any Participants. However, no amendment shall be made without approval of the stockholders of the Company (obtained in accordance with Section 21 above) within twelve (12) months of the adoption of such amendment (or earlier if required by
Section 21) if such amendment would: (a) increase the number of shares that may be issued under this Plan; or (b) change the designation of the employees (or class of employees) eligible for participation in this Plan. In addition, in
the event the Board or Committee determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the Board or Committee may, in its discretion and, to the extent necessary or desirable, modify, amend or
terminate the Plan to reduce or eliminate such accounting consequences including, but not limited to: (i) amending the definition of compensation, including with respect to an Offering Period underway at the time; (ii) altering the
Purchase Price for any Offering Period including an Offering Period underway at the time of the change in Purchase Price; (iii) shortening any Offering Period by setting a Purchase Date, including an Offering Period underway at the time of the
Committee’s action; (iv) reducing the maximum percentage of Compensation a participant may elect to set aside as Contributions; and (v) reducing the maximum number of shares a Participant may purchase during any Offering Period. Such
modifications or amendments will not require approval of the stockholders of the Company or the consent of any Participants. 
 26.
CORPORATE TRANSACTIONS. In the event of a Corporate Transaction, the Offering Period for each outstanding right to purchase Common Stock will be shortened by setting a new Purchase Date and will end on the new Purchase Date. The new Purchase
Date shall occur on or prior to the consummation of the Corporate Transaction, as determined by the Board or Committee, and the Plan shall terminate on the consummation of the Corporate Transaction. 

  
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 27. CODE SECTION 409A; TAX QUALIFICATION. 

(a) Options granted under the Plan generally are exempt from the application of Section 409A of the Code. However, options granted to U.S.
taxpayers which are not intended to meet the Code Section 423 requirements are intended to be exempt from the application of Section 409A of the Code under the short-term deferral exception and any ambiguities shall be construed and
interpreted in accordance with such intent. Subject to Subsection (b), options granted to U.S. taxpayers outside of the Code Section 423 requirements shall be subject to such terms and conditions that will permit such options to satisfy the
requirements of the short-term deferral exception available under Section 409A of the Code, including the requirement that the shares of Common Stock subject to an option be delivered within the short-term deferral period. Subject to Subsection
(b), in the case of a Participant who would otherwise be subject to Section 409A of the Code, to the extent the Committee determines that an option or the exercise, payment, settlement or deferral thereof is subject to Section 409A of the
Code, the option shall be granted, exercised, paid, settled or deferred in a manner that will comply with Section 409A of the Code, including Treasury regulations and other interpretive guidance issued thereunder, including without limitation
any such regulations or other guidance that may be issued after the Effective Date. Notwithstanding the foregoing, the Company shall have no liability to a Participant or any other party if the option that is intended to be exempt from or compliant
with Section 409A of the Code is not so exempt or compliant or for any action taken by the Committee with respect thereto. 
 (b)
Although the Company may endeavor to (i) qualify an option for favorable tax treatment under the laws of the United States or jurisdictions outside of the United States or (ii) avoid adverse tax treatment (e.g., under
Section 409A of the Code), the Company makes no representation to that effect and expressly disavows any covenant to maintain favorable or avoid unfavorable tax treatment, notwithstanding anything to the contrary in this Plan, including
Subsection (a). The Company shall be unconstrained in its corporate activities without regard to the potential negative tax impact on Participants under the Plan. 

28. DEFINITIONS. 
 (a)
“Affiliate” means any entity, other than a Subsidiary or Parent, (i) that, directly or indirectly, is controlled by, controls or is under common control with, the Company and (ii) in which the Company has a
significant equity interest, in either case as determined by the Committee, whether now or hereafter existing. 
 (b)
“Board” shall mean the Board of Directors of the Company. 
 (c) “Code” shall mean the U.S.
Internal Revenue Code of 1986, as amended. 
 (d) “Committee” shall mean the Compensation Committee of the Board that
consists exclusively of one or more members of the Board appointed by the Board. 
 (e) “Common Stock” shall mean the
common stock of the Company. 
 (f) “Company” shall mean Upwork Inc. 

(g) “Contributions” means payroll deductions taken from a Participant’s Compensation and used to purchase shares
of Common Stock under the Plan and, to the extent payroll deductions are not permitted by applicable laws (as determined by the Committee in its sole discretion) contributions by other means, provided, however, that allowing such other contributions
does not jeopardize the qualification of the Plan as an “employee stock purchase plan” under Section 423 of the Plan. 
 (h)
“Corporate Transaction” means the occurrence of any of the following events: (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner”
(as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s
then outstanding voting securities; or (ii) the consummation of the sale or disposition by the 

  
 - 10 - 

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

(i) “Effective Date” shall mean the date on which the Registration Statement covering the initial public offering of
the shares of Common Stock is declared effective by the U.S. Securities and Exchange Commission. 
 (j) “Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended. 
 (k) “Fair Market Value” shall mean,
as of any date, the value of a share of Common Stock determined as follows: 
 i. if such Common Stock is then quoted on the Nasdaq Global
Select Market, the Nasdaq Global Market or the Nasdaq Capital Market (collectively, the “Nasdaq Market”), its closing price on the Nasdaq Market on the date of determination, or if there are no sales for such date, then the
last preceding business day on which there were sales, as reported in The Wall Street Journal or such other source as the Board or the Committee deems reliable; 

ii. if such Common Stock is publicly traded and is then listed on a national securities exchange, its closing price on the date of
determination on the principal national securities exchange on which the Common Stock is listed or admitted to trading as reported in The Wall Street Journal or such other source as the Board or the Committee deems reliable; 

iii. if such Common Stock is publicly traded but is neither quoted on the Nasdaq Market nor listed or admitted to trading on a national
securities exchange, the average of the closing bid and asked prices on the date of determination as reported in The Wall Street Journal or such other source as the Board or the Committee deems reliable; 

iv. with respect to the initial Offering Period, Fair Market Value on the Offering Date shall be the price at which shares of Common Stock are
offered to the public pursuant to the Registration Statement covering the initial public offering of shares of Common Stock; or 
 v. if
none of the foregoing is applicable, by the Board or the Committee in good faith. 
 (l) “Non-Section 423 Component”
means the part of the Plan which is not intended to meet the requirements set forth in Section 423 of the Code. 
 (m)
“Notice Period” shall mean within two (2) years from the Offering Date or within one (1) year from the Purchase Date on which such shares were purchased. 

(n) “Offering Date” shall mean the first business day of each Offering Period. However, for the initial Offering Period
the Offering Date shall be the Effective Date. 
 (o) “Offering Period” shall mean a period with respect to which the
right to purchase Common Stock may be granted under the Plan, as determined by the Committee pursuant to Section 5(a). 

  
 - 11 - 

 (p) “Parent” shall have the same meaning as “parent
corporation” in Sections 424(e) and 424(f) of the Code. 
 (q) “Participant” shall mean an eligible
employee who meets the eligibility requirements set forth in Section 4 and who is either automatically enrolled in the initial Offering Period or who elects to participate in this Plan pursuant to Section 6(b). 

(r) “Participating Corporation” shall mean any Parent, Subsidiary or Affiliate that the Committee designates from time
to time as eligible to participate in this Plan. For purposes of the Section 423 Component, only the Parent and Subsidiaries may be Participating Corporations, provided, however, that at any given time a Parent or Subsidiary that is a
Participating Corporation under the Section 423 Component shall not be a Participating Corporation under the Non-Section 423 Component. The Committee may provide that any Participating Corporation shall
only be eligible to participate in the Non-Section 423 Component. 
 (s)
“Plan” shall mean this Upwork Inc. 2018 Employee Stock Purchase Plan, as may be amended from time to time. 
 (t)
“Purchase Date” shall mean the last business day of each Purchase Period. 
 (u) “Purchase
Period” shall mean a period during which Contributions may be made toward the purchase of Common Stock under the Plan, as determined by the Committee pursuant to Section 5(b). 

(v) “Purchase Price” shall mean the price at which Participants may purchase shares of Common Stock under the Plan, as
determined pursuant to Section 8. 
 (w) “Section 423 Component” means the part of the Plan, which excludes the Non-Section 423 Component, pursuant to which options to purchase shares of Common Stock under the Plan that satisfy the requirements for “employee stock purchase plans” set forth in Section 423 of the
Code may be granted to eligible employees. 
 (x) “Subsidiary” shall have the same meaning as “subsidiary
corporation” in Sections 424(e) and 424(f) of the Code. 

  
 - 12 - 

			
	 UPWORK INC. (THE “COMPANY”)

2018 EMPLOYEE STOCK PURCHASE PLAN
	  	 ENROLLMENT CONFIRMATION / CHANGE FORM

FOR INITIAL OFFERING PERIOD COMMENCING ON IPO

  

			
	 SECTION 1:
  

ACTIONS
	  	 CHECK DESIRED ACTION: AND COMPLETE
SECTIONS:
  
 ☐ Confirm / Elect Contribution
Percentage 2 + 4 + 7
  
 ☐ Withdraw from ESPP 2 + 5 + 7

 

	 SECTION 2:
  

PERSONAL DATA
	  	
Name:                         
                                         
   
  
 Home
Address:                                       
               

                          
                                         
             
  

Employee
ID:                                        
                 
  

	 SECTION 3:
  

ENROLLMENT CONFIRMED
	  	 I understand that I have been automatically enrolled in the Company’s 2018 Employee Stock Purchase Plan (the
“ESPP”). I understand that my enrollment in the ESPP was effective at the beginning of the initial Offering Period and, as a result of that enrollment, I am electing to purchase shares of Common Stock of the Company pursuant
to the terms and conditions of the ESPP and this Enrollment Confirmation Form. I understand that the shares purchased on my behalf will be issued in street name and deposited directly into my brokerage account. I hereby agree to take all steps, and
sign all forms, required to establish an account with the Company’s broker for this purpose.
  

My participation will continue as long as I remain eligible, unless I withdraw from the ESPP by filing an Enrollment/Change Form with the Company or any third
party designated by the Company. I understand that I must notify the Company of any disposition of shares purchased under the ESPP.
  

	 SECTION 4:
  

ELECT/CHANGE CONTRIBUTION PERCENTAGE
	  	 I understand that I am currently enrolled in the ESPP at a contribution level equal to 1% of my compensation (base salary). My contributions,
plus any accumulated contributions thus far during the current Offering Period if this is a change, will be applied to the purchase of shares of Common Stock pursuant to the ESPP.

 
 I hereby authorize the Company to either (i) continue the enrollment at the 1%
contribution level or (ii) continue the enrollment, but increase the contribution level, in either case by withholding from each of my paychecks such amount as is necessary to equal at the end of each Purchase Period the specified percentage of
my compensation paid during such Purchase Period, as long as I continue to participate in the ESPP. The percentage must be a whole number (from 1% up to a maximum of 15%). 

 
 ☐ Continue my contribution level at 1%

 
 ☐ Increase my contribution level to
        % (the increased percentage must be a whole number from 2%, up to a maximum of 15%)
  

Note: After this initial election, you may not increase your contributions at any time within an ongoing Offering Period. After this initial election,
an increase in your contribution percentage can only take effect with the next Offering Period. You may decrease your contribution percentage to a percentage other than 0% only one time within an ongoing Purchase Period to be effective during that
Purchase Period. A change will become effective as soon as reasonably practicable after the form is received by the Company.

			
	 SECTION 5:
  

WITHDRAW FROM ESPP / DISCONTINUE CONTRIBUTIONS
	  	 DO NOT CHECK THE BOX BELOW IF YOU WISH TO CONTINUE TO PARTICIPATE IN THE ESPP

 
 ☐ I understand that my enrollment in the ESPP was automatically effective at the
beginning of the initial Offering Period. I hereby elect to withdraw from the ESPP and stop my contributions under the ESPP, effective as soon as reasonably practicable after this form is received by the Company. Accumulated contributions
will be returned to me without interest, pursuant to Section 11 of the ESPP.
  

Note:No contributions will be made if you elect to withdraw from the ESPP. You may enroll in subsequent Offering Periods.

 

	 SECTION 6:
  

ELECTRONIC DELIVERY AND ACCEPTANCE
	  	 The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the ESPP by electronic
means. I hereby consent to receive such documents by electronic delivery and agree to participate in the ESPP through an on-line or electronic system established and maintained by the Company or a third party
designated by the Company.
  

	 SECTION 7:
  

ACKNOWLEDGMENT AND SIGNATURE
	  	 I acknowledge that I have received a copy of the ESPP and the ESPP Prospectus (which summarizes the major features of the ESPP). I have read
the ESPP and the ESPP Prospectus and my signature below indicates that I hereby agree to be bound by the terms of the ESPP.
  

Signature:                        
     
      Date:                             

			
	 UPWORK INC. (THE “COMPANY”)

2018 EMPLOYEE STOCK PURCHASE PLAN
	  	 ENROLLMENT / CHANGE FORM

FOR OFFERING PERIODS COMMENCING AFTER INITIAL
OFFERING PERIOD

  

			
	 SECTION 1:

 
 ACTIONS
	  	 CHECK DESIRED ACTION:
AND COMPLETE SECTIONS:
  

☐ Enroll in the ESPP 2 + 3 + 4 + 7
  

☐ Elect / Change Contribution Percentage 2 + 4 + 7

 
 ☐ Withdraw from ESPP 2 + 5 + 7

 

	 SECTION 2:

 
 PERSONAL
DATA
	  	
Name:                  
                                         
  
  
 Home
Address:                                       
        

                          
                                         
     
  
 Employee
ID:                                        
         
  

	 SECTION 3:

 
 ENROLL
	  	 ☐ I hereby elect to participate in Company’s 2018 Employee Stock Purchase Plan (the “ESPP”), effective
at the beginning of the next Offering Period. I elect to purchase shares of Common Stock of the Company pursuant to the terms and conditions of the ESPP and this Enrollment/Change Form. I understand that the shares purchased on my behalf will be
issued in street name and deposited directly into my brokerage account. I hereby agree to take all steps, and sign all forms, required to establish an account with the Company’s broker for this purpose.

 
 My participation will continue as long as I remain eligible, unless I withdraw from the
ESPP by filing a new Enrollment/Change Form with the Company or any third party designated by the Company. I understand that I must notify the Company of any disposition of shares purchased under the ESPP.

 

	 SECTION 4:

 
 ELECT/CHANGE
CONTRIBUTION PERCENTAGE
	  	 I hereby authorize the Company to withhold from each of my paychecks such amount as is necessary to equal at the end of the applicable
Purchase Period         % of my compensation (base salary) paid during such Purchase Period, as long as I continue to participate in the ESPP. My contributions, plus any accumulated contributions thus far
during the current Purchase Period if this is a change, will be applied to the purchase of shares of Common Stock pursuant to the ESPP. The percentage must be a whole number (from 1%, up to a maximum of 15% contribution). 

 
 If this is a change to my current enrollment, this represents an ☐-increase
☐-decrease to my contribution percentage.
  
 Note: You may not increase
your contributions at any time within an ongoing Offering Period. An increase in your contribution percentage can only take effect with the next Offering Period. You may decrease your contribution percentage to a percentage other than 0% only once
within a Purchase Period to be effective during that Purchase Period. A change will become effective as soon as reasonably practicable after the form is received by the Company.

 

	 SECTION 5:

 
 WITHDRAW FROM
ESPP / DISCONTINUE CONTRIBUTIONS
	  	 DO NOT CHECK THE BOX BELOW IF YOU WISH TO CONTINUE TO PARTICIPATE IN THE ESPP

 
 ☐ I hereby elect to withdraw from the ESPP and stop my contributions under the
ESPP, effective as soon as reasonably practicable after this form is received by the Company. Accumulated contributions will be returned to me without interest, pursuant to Section 11 of the ESPP.

 
 Note: No future contributions will be made if you elect to withdraw from the
ESPP. You may enroll in subsequent Offering Periods.

			
	 SECTION 6:
  

ELECTRONIC DELIVERY AND ACCEPTANCE
	  	 The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the ESPP by electronic
means. I hereby consent to receive such documents by electronic delivery and agree to participate in the ESPP through an on-line or electronic system established and maintained by the Company or a third party
designated by the Company.
  

	 SECTION 7:
  

ACKNOWLEDGMENT AND SIGNATURE
	  	 I acknowledge that I have received a copy of the ESPP and the ESPP Prospectus (which summarizes the major features of the ESPP). I have read
the ESPP and the ESPP Prospectus and my signature below indicates that I hereby agree to be bound by the terms of the ESPP.
  

Signature:                        
     
      Date:EX-10.6

 Exhibit 10.6 

UPWORK INC. 
 2017
PERFORMANCE BONUS PLAN 

 UPWORK INC. 

2017 PERFORMANCE BONUS PLAN 

Preamble 
 This
document sets forth the terms of the Upwork Inc. 2017 Performance Bonus Plan (the “Plan”). The purpose of the Plan is to advance the interests of the Company and its subsidiaries by motivating selected service providers to
contribute to the growth and profitability of the Company by keying a portion of their 2017 compensation to the Company’s gross services volume and EBITDA metrics for the Company’s fiscal year ending December 31, 2017. The Plan is
effective January 1, 2017. 
 ARTICLE 1 

Definitions 
 For
the purposes of the Plan, unless otherwise clearly apparent from the context, the following capitalized phrases or terms shall have the following indicated meanings: 
  

	 	1.1.	 “2017 Base Salary” means with respect to each Participant, the amount of base salary or base
fees actually earned and paid to Participant during Fiscal Year 2017, excluding (i) bonuses, commissions, overtime, or the value of any equity securities, or any employee benefits or other compensation paid to Participant (e.g., 401(k) plan
employer match), and (ii) any compensation paid to Participant in respect of inactive employment by the Company (e.g., a leave of absence from the Company). 

 

	 	1.2.	 “Adjusted Net Revenue” means for Fiscal Year 2017, the Company’s GAAP revenue, as
regularly computed by the Company in its sole discretion and reported to and approved by the Board of Directors, less the absolute value of provider cost associated with the Company’s managed services business, plus the absolute value of
freelancer service fees cost-of-sales associated with the Company’s managed services business. 

 

	 	1.3.	 “Actual Gross Services Volume” for Fiscal Year 2017 means the Company’s standard gross
services volume metric in effect from time to time, as regularly computed by the Company and reported to and approved by the Board of Directors in connection with the Company’s Fiscal Year 2017 budget. The computation of Actual Gross Services
Volume will be determined in the sole discretion of the Company. 

  

	 	1.4.	 “Bonus EBITDA” means for Fiscal Year 2017, on a consolidated basis, an amount equal to
the earnings of the Company before the sum of (i) taxes, plus (ii) depreciation and amortization, plus (iii) interest, plus (iv) any non-cash stock compensation expenses, plus (v) any
expenses in connection with warrants, plus (vi) write-off or impairment of intangible assets, plus (vii) losses or gains (to be presented as a negative number in the case of gains) on sales or
transfers of assets, plus (viii) foreign currency gains or losses; but excluding (x) any extraordinary or one-time gains, losses, profits or expenses identified and approved by the Board of
Directors, and (y) any accruals for Performance Bonus Payments and associated payroll taxes under the Plan. The computation of Bonus EBITDA will be determined in the sole discretion of the Company. 

	 	1.5.	 “Additional Bonus Pool” has the meaning ascribed to such term in Section 2.2.b(i).

  

	 	1.6.	 “Affiliate” means any corporation or other entity (including, but not limited to, partnerships
and joint ventures) controlled by the Company. 

  

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

 

	 	1.8.	 “Bonus Percentage” means twenty-five percent (25%) for the Leadership Team; twenty percent
(20%) for Vice Presidents (if not a member of the Leadership Team); fifteen percent (15%) for employees at Level 5 or Level 6; ten percent (10%) for employees at Level 3 or Level 4; and five percent (5%) for all other
Participants. 

  

	 	1.9.	 “Bonus Pool” means the aggregate amount available for GSV Performance Bonus Payments under the
Plan pursuant to Section 2.2.a, prior to the EBITDA Reduction (if any). 

  

	 	1.10.	 “Code” means the Internal Revenue Code of 1986, as amended. Reference to a specific section of
the Code or regulation thereunder will include such section or regulation, any valid regulation promulgated thereunder, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or
regulation. 

  

	 	1.11.	 “Company” means Upwork Inc., a Delaware corporation. 

 

	 	1.12.	 “Discretionary Performance Bonus Payment” means a payment made to a Participant pursuant to
Section 2.2.b. 

  

	 	1.13.	 “EBITDA Quotient” means, with respect to a given Participant, the quotient obtained by
dividing (i) the amount of such Participant’s GSV Performance Bonus Payment prior to the EBITDA Reduction by (ii) the aggregate amount of all Participants’ GSV Performance Bonus Payments prior to the EBITDA Reduction.

  

	 	1.14.	 “EBITDA Reduction” has the meaning ascribed to such term in Section 2.2.a(v).

  

	 	1.15.	 “EBITDA Target” for Fiscal Year 2017 means $7,100,000. 

 

	 	1.16.	 “Executive Administrators” means the Company’s Chief Executive Officer and Chief
Financial Officer. 

  

	 	1.17.	 “Fiscal Year 2017” means the Company’s fiscal year ending December 31, 2017. 

  

	 	1.18.	 “GSV Performance Bonus Payment” means a payment made to a Participant pursuant to
Section 2.2.a. 

  

	 	1.19.	 “GSV Maximum” for Fiscal Year 2017 means $1,425,000,000 (or as modified by the Board of
Directors in its sole discretion). 

	 	1.20.	 “GSV Threshold 1” for Fiscal Year 2017 means $1,237,000,000 (or as modified by the Board of
Directors in its sole discretion). 

  

	 	1.21.	 “GSV Threshold 2” for Fiscal Year 2017 means $1,275,000,000 (or as modified by the
Board of Directors in its sole discretion). 

  

	 	1.22.	 “Leadership Team” means the Company’s Chief Executive Officers and each of his or her
direct reports, as well as any individual who has been designated by the Board of Directors in writing as a member of the Leadership Team, in each case to the extent each such individual is also a Participant. 

 

	 	1.23.	 “Participant” means a full-time regular employee of the Company (“Employee”)
who (i) has been designated by the Company in writing as one who will participate in the Plan and (ii) is not covered by the 2017 Upwork Sales Compensation Plan or any other bonus, commission or incentive plan (unless such other bonus,
commission or incentive plan expressly permits concurrent participation in the Plan). The Plan excludes employees who are “part-time” and employees who are not expressly classified by the Company as “regular full-time,” including
but not limited to, interns, or temporary or leased employees. Notwithstanding the foregoing, “Participant” may also include an individual, other than an Employee, continuously providing services to the Company who has been designated by
the Company in writing as a Participant in the Plan (any such individual, a “Service Provider”). 

  

	 	1.24.	 “Performance Bonus Payment” means any GSV Performance Bonus Payment made to a Participant
pursuant to Section 2.2.a and any Discretionary Performance Bonus Payment made to a Participant pursuant to Section 2.2.b. 

  

	 	1.25.	 “Plan” means the Upwork Inc. 2017 Performance Bonus Plan, which shall be evidenced by this
instrument. 

 ARTICLE 2 

Payments 
  

	 	2.1.	 Eligibility for Payment. A Participant shall be eligible to receive a Performance Bonus Payment
pursuant to Section 2.2 below only if he or she is employed by the Company at the time of payment of such Performance Bonus Payment as specified in Section 2.3 or serving in the capacity as a Service Provider at the time of payment of such
Performance Bonus Payment as specified in Section 2.3 if the award was granted to the Participant in such capacity. 

  

	 	2.2.	 Performance Bonus Payments. 

a. GSV Performance Bonus. 

(i) If the Actual Gross Services Volume is equal to or less than the GSV Threshold 1, no Participant shall be paid any GSV
Performance Bonus Payment for Fiscal Year 2017. 

 (ii) If the Actual Gross Services Volume is greater than the GSV Threshold
1 and less than or equal to the GSV Threshold 2, then the GSV Performance Bonus Payment will be a percentage of Participant’s 2017 Base Salary that is between zero percent (0%) and fifty percent (50%) times the applicable Bonus Percentage,
calculated on a straight line basis between those two percentages. For example, if the Actual Gross Services Volume is $1,259,800,000, then the GSV Performance Bonus Payment will be an amount equal to thirty percent (30%) times the applicable Bonus
Percentage times Participant’s 2017 Base Salary [with the foregoing thirty percent (30%) calculated as follows: ((1,259,800,000 – 1,237,000,000) / (1,275,000,000 – 1,237,000,000)) × 50% = 30%]. 

(iii) If the Actual Gross Services Volume is greater than the GSV Threshold 2 and less than or equal to the GSV Maximum, then
the GSV Performance Bonus Payment will be a percentage of Participant’s 2017 Base Salary that is between fifty percent (50%) and one hundred fifty percent (150%) times the applicable Bonus Percentage, calculated on a straight line basis between
those two percentages, provided that for purposes of this calculation, the Actual Gross Services Volume shall in no event be deemed to exceed the GSV Maximum. For example, if the Actual Gross Services Volume is $1,350,000,000, then the GSV
Performance Bonus Payment will be an amount equal to one hundred percent (100%) times the applicable Bonus Percentage times Participant’s 2017 Base Salary [with the foregoing one hundred percent (100%) calculated as follows: 50% +
(((1,350,000,000 – 1,275,000,000) / (1,425,000,000 – 1,275,000,000)) × (150% – 50%)) = 50% + 50% = 100%]. 

(iv) If the Actual Gross Services Volume is greater than the GSV Maximum, then the Company shall pay to each Participant
eligible under Section 2.1 above a GSV Performance Bonus Payment in an amount equal to one hundred fifty percent (150%) times the applicable Bonus Percentage times such Participant’s 2017 Base Salary. 

(v) Notwithstanding anything to the contrary, the Bonus Pool shall be reduced by $1.00 for every $1.00 that Bonus EBITDA is
less than the EBITDA Target (the total amount of such reduction “EBITDA Reduction”). To the extent there is an EBITDA Reduction, it shall reduce each Participant’s final GSV Performance Bonus Payment on a pro rata basis by an
amount equal to the product of (a) the EBITDA Reduction times (b) the EBITDA Quotient. For example, if a Participant’s GSV Performance Bonus Payment prior to the EBITDA Reduction is $100,000, and the total value of all
Participants’ GSV Performance Bonus Payments is $5,000,000, then the applicable Participant’s EBITDA Quotient is 0.02 [calculated as follows: 100,000 / 5,000,000 = 0.02]. If the EBITDA Reduction is $10,000, then the Participant’s GSV
Performance will be $90,800 [calculated as follows: $100,000 – ($10,000 x 0.02) = $99,800)]. 

 b. Discretionary Performance Bonus. 

(i) If the Actual Gross Services Volume is between $1,350,000,000 and $1,425,000,000, the Board of Directors may, in its sole
discretion, establish an additional bonus pool in an aggregate amount of between $0 and $2,000,0000, calculated on a straight line basis between those two dollar values, or such greater amount that the Board of Directors determines in its sole
discretion (the “Additional Bonus Pool”).     
 (ii) Subject to
Section 2.2(b)(iii) below, the Board of Directors will, in its sole discretion, determine the performance goals applicable to any Discretionary Performance Bonus Payment under the Additional Bonus Pool, the period of time, if any, over which
performance goals may be measured and the individual Discretionary Performance Bonus Payments under the Plan. The goals may be on the basis of any such factors the Board of Directors determines relevant, and may be on an individual, divisional,
business unit or Company-wide basis. The performance goals may differ from Participant to Participant. 
 (iii) The Board of
Directors hereby delegates to the Executive Administrators the approval of the performance goals applicable to any Discretionary Performance Bonus Payment under the Additional Bonus Pool, and the period of time over which performance goals may be
measured. Notwithstanding the foregoing, the approval of the Board of Directors shall be required for the approval of the Plan itself and any amendments to the Plan, approval of the aggregate payouts under the Plan and approval of individual
payouts under the Plan. Any action that requires the approval of the Executive Administrators must be approved unanimously, and any action that requires the approval of the Executive Administrators may instead also be approved by the Board of
Directors. 
 c. Each Performance Bonus Payment will be paid in cash (or its equivalent) in a single lump sum. 

d. To the extent any payment under this Plan may be classified as a “short-term deferral” within the meaning of
Section 409A, such payment shall be deemed a short-term deferral, even if it may also qualify for another exemption from Section 409A. To the extent that any provision of this Plan is ambiguous as to its exemption from or compliance
with Section 409A, the provision will be read in such a manner that the applicable payments hereunder are exempt from Section 409A to the maximum permissible extent, and for any payments where such construction is not tenable, that those
payments comply with Section 409A to the maximum permissible extent. Each Participant acknowledges and agrees that the Company and its Affiliates make no representations with respect to the application of Code Section 409A to any
Performance Bonus Payment and other tax consequences to any payments under the Plan and, by the acceptance of any Performance Bonus Payment, the Participant agrees to accept the potential application of Code Section 409A and the other tax
consequences of any payments made pursuant to the Plan. 
  

	 	2.3.	 Time of Payment. Any Performance Bonus Payment shall be made on or by February 28, 2018.

  

	 	2.4.	 Taxes. All payments made under the Plan shall be subject to applicable income, FICA, and other
employment taxes and tax withholding requirements. 

	 	2.5.	 Restriction on Payments. Notwithstanding anything to the contrary set forth herein, no
Performance Bonus Payments shall be made to any Participant if such payments would result in the Company’s breach of or default under any terms of that certain Loan and Security Agreement dated January 21, 2016, as amended, by and between
the Company, Pacific Western Bank and certain other parties named therein. 

 ARTICLE 3 

Termination and Amendment 
  

	 	3.1	 Termination. The Plan shall terminate upon completion of all payments pursuant to Article 2.

  

	 	3.2.1	 Amendment. The Company may, at any time, amend the Plan to (i) accelerate the time of any
payment, provided that in no event will a payment be made prior to the end of Fiscal Year 2017, or (ii) make such other changes as do not adversely affect any Participant without the consent of such Participant. 

ARTICLE 4 

Administration 
  

	 	4.1.	 Board of Directors Duties. The Plan shall be administered by the Board of Directors. No provision
of the Plan shall be construed as imposing on the Board of Directors any fiduciary duty under any law. 

  

	 	4.2.	 Board of Directors Authority. The Board of Directors shall enforce the Plan in accordance with
its terms, shall be charged with the general administration of the Plan, and shall have all powers necessary to accomplish its purposes, including, but not by way of limitation, the following: 

 

	 	a)	 To construe and interpret the terms and provisions of the Plan; 

 

	 	b)	 To adopt such procedures and subplans as are necessary or appropriate to permit participation in the Plan by
Participants who are foreign nationals or perform services outside of the United States; 

  

	 	c)	 To compute and certify to the Adjusted Net Revenue, Actual Gross Services Volume, Bonus EBITDA and each
Participant’s Performance Bonus Payment(s); and 

  

	 	d)	 To maintain all records that may be necessary for the administration of the Plan. 

 

	 	4.3.	 Binding Effect of Decisions. The decision or action of the Board of Directors with respect to any
question arising out of or in connection with the administration, interpretation, computation and application of the Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any
interest in the Plan and shall be given the maximum deference permitted by law. 

  

	 	4.4.	 Delegation by Board of Directors. The Board of Directors, in its sole discretion and on such
terms and conditions as it may provide, may delegate all or part of its authority and powers under the Plan to one or more directors and/or officers of the Company. 

 ARTICLE 5 

Miscellaneous 
  

	 	5.1.	 Transfers. Participants who transfer to a new position not covered by the Plan and instead
covered by another bonus, sales or incentive plan may be considered for a Performance Bonus Payment calculated on a pro-rata basis for the applicable period. The Board of Directors will coordinate and
administer the Plan with the other bonus, sales, or incentive plan and its determinations shall be final and binding. 

  

	 	5.2.	 Status of Plan. The Plan is intended to be a plan that is an unfunded bonus arrangement for
Participants. The Plan shall be administered and interpreted to the extent possible in a manner consistent with that intent. 

  

	 	5.3.	 Unsecured General Creditor. The Company’s obligation under the Plan shall be merely that of
an unfunded and unsecured promise of the Company to pay money in the future, and the rights of the Participants shall be no greater than those of unsecured general creditors. Participants and their heirs, successors, and assigns shall have no legal
or equitable rights, claims, or interest in any specific property or assets of the Company. No assets of the Company shall be held under any trust or held in any way as collateral security for the fulfilling of the obligations of the Company under
the Plan. Any and all of the Company’s assets shall be, and remain, the general unpledged, unrestricted assets of the Company. 

  

	 	5.4.	 Participant’s Liability. The Company’s liability for the payment of benefits shall be
defined only by the Plan. The Company shall have no obligation to a Participant under the Plan except as expressly provided in the Plan. 

  

	 	5.5.	 Nonassignability. A Participant shall have no right to commute, sell, assign, transfer, pledge,
anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or convey in advance of actual receipt, the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are expressly declared to be,
unassignable and non-transferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure, attachment, garnishment (except to the extent the Company may be required to garnish
amounts from payments due under the Plan pursuant to applicable law) or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, be transferable by operation of law in the
event of a Participant’s or any other person’s bankruptcy or insolvency or be transferable to a spouse as a result of a property settlement or otherwise. 

 

	 	5.6.	 Not a Contract of Employment. The terms and conditions of the Plan shall not be deemed to
constitute a contract of employment or continued engagement between the Company or any of its Affiliates and the Participant. Nothing in the Plan shall be deemed to give a Participant the right to be retained in the service of the Company or any of
its Affiliates or to interfere with the right of the Company or any of its Affiliates to discipline or discharge the Participant at any time for any or no reason, with or without notice (subject to applicable law). The Participant’s employment
(if applicable) with the Company or any of its Affiliates remains at will (subject to applicable law). 

	 	5.7.	 Terms. Whenever any words are used herein in the masculine, they shall be construed as though
they were in the feminine in all cases where they would so apply; and whenever any words are used herein in the singular or in the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in all
cases where they would so apply. 

  

	 	5.8.	 Captions. The captions of the articles, sections and paragraphs of the Plan are for convenience
only and shall not control or affect the meaning or construction of any of its provisions. 

  

	 	5.9.	 Governing Law. The provisions of the Plan shall be construed and interpreted according to the
laws of the State of California without regard to its conflicts of laws principles. 

  

	 	5.10.	 Successors. The provisions of the Plan shall bind and inure to the benefit of the Company, all
Participants, and their successors in interest. 

  

	 	5.11.	 Bonus Plan. The Plan is intended to be a “bonus program” as defined under U.S.
Department of Labor regulation 2510.3-2(c) and will be construed and administered in accordance with such intention. 

  

	 	5.12.	 Validity. In case any provision of the Plan shall be illegal or invalid for any reason, said
illegality or invalidity shall not affect the remaining parts hereof, but the Plan shall be construed and enforced as if such illegal or invalid provision had never been inserted herein. 

[Remainder of page intentionally left blank.] 

 IN WITNESS WHEREOF, the Company has signed the Plan document as of February __, 2017. 

 

			
	Upwork Inc., a Delaware corporation.
		
	By:	 	  

		
	Its:

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