Document:

EX-10.27

 Exhibit 10.27 
 WAGEWORKS INC. 
 2012 BONUS PLAN 

EXECUTIVE OFFICERS 

PURPOSE OF THE PLAN 
 This 2012 Bonus Plan (the “Plan”) is intended to promote the financial interests of WageWorks, Inc., a Delaware corporation (the “Company”), by providing Executive Officers with the
opportunity to receive additional compensation (“Bonus”) above their base salaries in an amount determined on the basis of the Company’s financial performance and attainment of Company and individual goals during the 2012 fiscal year.

 ADMINISTRATION OF THE PLAN 
 The Company’s Chief Executive Officer and Senior Vice President of Human Resources, along with the Plan Administrator (as such term is defined below) shall have the sole and exclusive power and
authority to select the Executive Officers who are eligible to participate in the Plan (each a “Participating Officer,” as defined in further detail below). 
 For purposes of this Plan, the term “Plan Administrator” shall refer to The Compensation Committee of the Company’s Board of Directors. 

The Plan Administrator, acting within the scope of its administrative functions under the Plan, is hereby authorized to establish such
rules and regulations, as it may deem appropriate, for proper administration of the Plan, and to make such determinations under and issue such interpretations of the Plan, as it may deem necessary or advisable. Decisions of the Plan Administrator
shall be final and binding on all Participating Officers. 
 ELIGIBILITY 

The Plan Administrator, in consult with the Company’s Senior Vice President of Human Resources and Company’s Chief Executive
Officer, shall have full authority to determine which individuals are eligible to participate in the Plan, and the time when such individuals commence and cease to be Participating Officers. 
 PARTICIPATION 
 A “Participating Officer” is defined as an
officer of the Company who is selected by the Plan Administrator to participate in this Plan and who has executed the Plan document. No Bonus under this Plan shall be payable unless the individual selected for participation has agreed to the terms
of this Plan and executed the Plan document. Participating Officers will be eligible to receive a Bonus 

 
that is calculated as a percentage of the Bonus Target identified for that individual on the attached Exhibit A, subject to the requirements further outlined below. 

EMPLOYMENT CONDITIONS 

Employment. 

Notwithstanding any other provision of this Plan, or any other policies, procedures or any other agreement between the Company and the
Participating Officer, an individual shall cease to be a Participating Officer, and shall not be eligible or otherwise entitled to any Bonus payment under the Plan, if that Participating Officer’s employment with the Company terminates for any
reason at any time prior to the completion of the Bonus Period (as defined below) or the date of payment of the Bonus; provided, however, that should the Participating Officer’s employment terminate by reason of death or Disability (as defined
below) after completion of the Bonus Period but prior to the date of payment of the Bonus payment, then such individual’s Bonus (if any) shall be determined in accordance with the language below. 

Termination Due to Death or Disability. 

Death. 
 Should a
Participating Officer die after the completion of the Bonus Period, but prior to the date of the Bonus payment, then the representative of the Participating Officer’s estate shall be paid any Bonus to which the Participating Officer would have
otherwise been entitled under the terms of this Plan, based on the Company’s actual financial performance for such fiscal year, had he or she continued in the Company’s employ through the date of the Bonus payment. The payment of such
Bonus (if any) shall be made in accordance with the payment provisions outlined below. Such representative must provide official documents to the Company that identifies it as the official representative of the Participating Officer’s estate.

 Disability. 

Should the Participating Officer’s employment terminate due to his or her Disability after the completion of the Bonus Period, but
prior to the date of the Bonus payment, then the Participating Officer shall be paid any Bonus to which he or she would have otherwise been entitled under the terms of this Plan, based on the Company’s actual financial performance for such
fiscal year, had he or she continued in the Company’s employ through the date of the Bonus payment. The payment of such Bonus (if any) shall be made in accordance with the payment provisions outlined below. 

For the sole purpose of this Plan, the term “Disability” shall mean the inability of the Participating Officer, by reason of
any injury or illness, to properly perform the normal duties and responsibilities of his/her position with the Company for a period of more than one hundred eighty (180) consecutive days. 

  
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 Leave of Absence. 
 Should a Participating Officer take an approved leave of absence during the Bonus Period, then the Bonus that may be payable under this Plan for that Participating Officer shall be limited to the dollar
amount obtained by multiplying (i) the Bonus which would have otherwise been payable to such Participating Officer under this Plan had he or she not taken such leave of absence by (ii) a fraction, the numerator of which is the total number
of months of the Participating Officer’s actual service during the Bonus Period and the denominator of which is the twelve (12) calendar months comprising the Bonus Period. For purposes of such calculation, an individual shall, to the
extent not prohibited by law, be credited with a full month of service for each month during which that individual is not on a leave of absence for fifty percent (50%) or more of the business days in that month. Any Bonus payable to a
Participating Officer who is subject to this section shall be paid in accordance with the provisions outlined below. 
 Mid-Year Designations
of Participation and Changes in Eligibility. 
 For individuals who are initially designated as Participating Officers due to
commencement of employment with the Company, or as a result of other employment-related action in which the effective date of the action is after January 1, 2012, but prior to October 1, 2012, the bonus that may be payable under this Plan
for that Participating Officer shall be limited to the dollar amount obtained by multiplying (i) the Bonus which would have otherwise been payable to such Participating Officer under this Plan had he or she been designated as a Participating
Officer for the full Bonus Period by (ii), a fraction, the numerator of which is the total number of months during the Bonus Period in which the Participating Officer was designated as such and the denominator of which is the twelve
(12) calendar months comprising the Bonus Period. For purposes of this calculation, an individual shall, to the extent not prohibited by law, be credited with a full month of service for each month in which the individual was designated as a
Participating Officer for fifty percent (50%) or more of the business days in that month. 
 Individuals may not be
designated as Participating Officers, and are not eligible to participate in the Plan for the 2012 Bonus Period, if (i) their employment with the Company begins on or after October 1, 2012 or (ii) the effective date of the
employment-related action that would result in their designation as a Participating Officer is on or after October 1, 2012. 

EFFECTIVE DATE AND TERM OF PLAN/BONUS PERIOD 
 1. The Plan shall become effective on the date it is adopted by the Plan Administrator. 
 2. The “Bonus Period” for any Bonus payable to a Participating Officer under the Plan shall be the period beginning on January 1, 2012 and ending on December 31, 2012. Payment of
Bonuses for such Bonus Period shall be made as soon as reasonably practical following the close of the 2012 fiscal year, unless the Compensation Committee determines it is in the Company’s best interest to wait until the Audit Committee of the
Company’s Board of Directors has certified the results of the audit of the 2012 fiscal year. In no event shall any Bonus be paid under the Plan prior to January 1, 2013 or later than December 31, 2013. In order for a Participating
Officer to be eligible 

  
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to receive a Bonus for such period, the Participating Officer must be actively employed and in good standing on the date of any Bonus payout, except as otherwise provided in herein. 

3. The Plan may be terminated at any time if the Company deems it advisable to discontinue the Plan. 

DETERMINATION OF BONUS 
 Determinations of actual Bonuses to be paid to Participating Officers are determined in the sole discretion of the Plan Administrator, taking into account the following three factors that are more
specifically defined below: (a) the Company’s financial performance, as measured by actual adjusted EBITDA against the Company’s 2012 EBIDTA Target (45%), (b) achievement of an overall Company objective (45%), and
(c) achievement of individual objectives (10%), as well as any other factors that the Plan Administrator deems relevant at the time it determines the actual Bonuses to be paid to Participating Officers. 

 

	 	(a)	For Bonus purposes, EBITDA will be adjusted as follows: 

  

	 	(i)	The compensation costs for the 2012 fiscal year for share based payments that must otherwise be amortized for financial reporting purposes pursuant to ASC Topic 718
Compensation – Stock Compensation (Statement of Financial Accounting Standards No. 123 (as revised)) shall be added back into the determination of EBITDA for that fiscal year. 

 

	 	(ii)	The financial results of any businesses acquired by the Company during the 2012 fiscal year shall not be taken into account in the calculation of EBITDA for that fiscal
year, unless the EBITDA of the acquired business was included in the budgeted EBITDA Target approved by the Board. 

  

	 	(iii)	EBITDA will be calculated to include the effect of Bonuses paid to Officers of the Company, including Bonuses paid according to this plan. 

 

	 	(b)	2012 Company Financial Performance (45%) 

 Each Participating Officer will be eligible to receive an amount ranging from 40.5% to a maximum of 67.5% of his or her Bonus Target based on actual adjusted 2012 EBITDA, calculated according to the
following formula: 
  

	 	(i)	If actual adjusted 2012 EBITDA is equal to $37.0 Million (Target EBITDA), then each Participating Officer shall be eligible to receive a payment of up to 45% of his or
her Bonus Target. 

  
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	 	(ii)	If actual adjusted EBITDA is equal to or greater than $36.5 Million, then each Participating Officer shall be eligible to receive a payment ranging from 40.5% to 67.5%
of his or her Bonus Target, calculated as outlined below, between actual adjusted 2012 EBITDA and Target EBITDA. In no event shall this payment exceed 67.5% of the Bonus Target. 

 

	 	•	 	 Less than $36.5M = 0% 

  

	 	•	 	 $36.5M = 40.5% 

  

	 	•	 	 $37.0M = 45.0% 

  

	 	•	 	 $37.5M = 48.3% 

  

	 	•	 	 $40.0M = 64.9% 

  

	 	•	 	 $40.4M = 67.5% 

  

	 	•	 	 $40.4M and greater = 67.5% 

  

	 	•	 	 Calculation between each designated segment above is determined on a linear basis. 

 

	 	(iii)	If actual adjusted 2012 EBITDA is less than $36.5 Million, then no Participating Officer shall be eligible to receive any payment towards this 45% portion of his or her
Bonus Target. 

  

	 	(c)	Achievement of an Overall Company Objective (45%) 

 If actual adjusted 2012 EBITDA is equal to or greater than $36.5 Million, each Participating Officer will be eligible to receive up to 45% of his or her Bonus Target based on achievement of the Company
objective as listed herein. 
 If actual adjusted 2012 EBITDA is less than $36.5 Million, then no Participating Officer shall be
eligible to receive any payment towards this 45% portion of his or her Bonus Target. 
 For Executive Officers of the Company,
the overall Company objective will be as follows: 
 Each Participating Officer will be eligible to receive an amount ranging
from 40.5% to a maximum of 56.25% of his or her Bonus Target based on organic revenue growth, calculated according to the following formula: 
  

	 	(i)	If actual adjusted organic revenue growth is equal to 7%, then each Participating Officer shall be eligible to receive a payment of up to 45% of his or her Bonus
Target. 

  

	 	(ii)	 If actual adjusted organic revenue growth is equal to or greater than 6.3% growth, then each Participating Officer shall be eligible to receive a
payment ranging from 40.5% to 56.25% of his or her Bonus Target, calculated on a pro rata basis, between actual adjusted organic revenue growth and Target organic 

  
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revenue growth. In no event shall this payment exceed 56.25% of the Bonus Target. 

  

	 	(iii)	If actual adjusted organic revenue growth is less than 6.3%, then no Participating Officer shall be eligible to receive any payment towards this 45% portion of his or
her Bonus Target. 

 Actual Adjusted Organic Revenue Growth Calculation: 

(Actual Adjusted Organic Revenue in January 2013) Divided By 
 (Actual Adjusted Organic Revenue in January 2012) -1 = percentage growth 

Actual Adjusted Organic Revenue is defined as: 
 Total revenue, less “run out” and “grace period” fees, less any revenue from any portfolio purchased during 2012, and any client credits approved by management, which will be reviewed
by the Administrator for possible adjustment within the calculation (Note: The TransitChek number included is their January actual adjusted organic revenue number prior to acquisition). 

2012 January Adjusted Organic Revenue is $15,024,887.40 (WageWorks + MHM + PBS + Fringe Benefits Management Company + Choice
Strategies + TransitChek) 
  

	 	(d)	Achievement of Individual Objectives (10%) 

 If actual adjusted 2012 EBITDA is equal to or greater than $36.5 Million, each Participating Officer will be eligible to receive up to 10% of his or her Bonus Target based on achievement of his or her
individual objectives, as determined by the Plan Administrator in its sole discretion, listed on Exhibit A attached hereto and incorporated herein by reference. 
 If actual adjusted 2012 EBITDA is less than $36.5 Million, then no Participating Officer shall be eligible to receive any payment towards this 10% portion of his or her Bonus Target. 

UNFUNDED PLAN/NO ASSIGNABILITY 
 No amounts payable under this Plan shall actually be funded, set aside, or otherwise segregated prior to actual payment. The obligation to pay Bonuses, if any, under this Plan will at all times be an
unfunded and unsecured obligation of the Company. The Participating Officers will have the status of general creditors of the Company and shall look solely and exclusively to the general assets of the Company for payment. 

No Participating Officer shall have the right to any amount of Bonus under this Plan, to alienate, pledge or encumber his or her interest
in the Plan, and such interest shall not (to the extent permitted by law) be subject in any way to the claims of the Participating Officer’s creditors or to attachment, execution or other process of law. 

  
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 AMENDMENT OF THE PLAN 
 Subject to the requirements of applicable laws, the Plan Administrator shall have complete and exclusive power and authority to amend or modify the Plan in any or all respects and for any reason, and at
any time prior to completion of the Bonus Period. This power and authority includes, without limitation and without consideration for whether the amendment or modification adversely affects the Participating Officers, amending the Plan, cancelling
the Plan and/or modifying Target Bonuses, Bonus potentials or any performance objectives. 
 WITHHOLDING 

Any amounts payable to a Participating Officer under the Plan shall be subject to the Company’s collection of all applicable Federal,
state, local and foreign income and employment tax withholding requirements. 
 NO EMPLOYMENT OR SERVICE RIGHTS 

Nothing in the Plan shall confer upon any individual any right to continue in service for any period of specific duration or interfere
with or otherwise restrict in any way the rights of the Company to terminate such person’s employment or service relationship at any time for any reason, with or without cause. 
 CHOICE OF LAW 
 The laws of the state in which the Officer declares
his or her state of residency for tax purposes for the fiscal year shall govern the interpretation of this Agreement. 

  
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 Exhibit 10.9 
 SEVERANCE AND CHANGE IN CONTROL AGREEMENT 

This Severance and Change in Control Agreement is entered into as of
                 , 2013 (the “Effective Date”) by and between
                     (the “Executive”) and MARIN SOFTWARE INCORPORATED, a Delaware corporation (the “Company”).

  

	1.	Term of Agreement. 

Except to the extent renewed as set forth in this Section 1, this Agreement shall terminate the earlier of June 30, 2016 (the
“Expiration Date”) or the date the Executive’s employment with the Company terminates for a reason other than a Qualifying Termination as described in Section 4(e); however, if a definitive agreement relating to a Change in
Control has been signed by the Company on or before June 30, 2016, then this Agreement shall remain in effect through the earlier of: 
 (a) The date the Executive’s employment with the Company terminates for a reason other than a Qualifying Termination as described in Section 4(e) or 

(b) The date the Company has met all of its obligations under this Agreement following a termination of the Executive’s employment
with the Company. 
 This Agreement shall renew automatically and continue in effect for three year periods measured from the
initial Expiration Date, unless the Company provides Executive notice of non-renewal at least 90 days prior to the date on which this Agreement would otherwise expire. 
  

	2.	Severance Benefit in Absence of Change in Control. 

 (a) Severance Payment. If the Executive’s employment is terminated by the Company without Cause and Executive has a Separation that is not a Qualifying Termination under Section 3, then,
subject to Section 4 below, the Company shall pay the Executive [six (6)][nine (9)] months of his or her monthly base salary (at the rate in effect immediately prior to the actions that resulted in the Separation). Such severance payment shall
be paid in accordance with the Company’s standard payroll procedures. The Executive will receive his or her severance payment in a cash lump-sum which will be made on the sixtieth (60th) day following the Separation. 
 (b) Health Care Benefit. If the Executive is eligible for the severance benefit set forth in Section 2(a) above, and if the Executive elects to continue his or her health insurance coverage
under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) following the termination of his or her employment, then the Company shall pay the Executive’s monthly premium under COBRA until the earliest of (i) the close of
the [six][nine]-month period following cessation of his or her employment or (ii) the expiration of the Executive’s continuation coverage under COBRA. 
 (c) Special Cash Payments in Lieu of COBRA Premiums. Notwithstanding the foregoing, if the Company determines, in its sole discretion, that it cannot pay the COBRA premiums without a substantial
risk of violating applicable law (including Section 2716 of the 

 
Public Health Service Act), the Company instead shall pay to the Executive, on the first day of each calendar month, a fully taxable cash payment equal to the applicable COBRA premiums for that
month (including premiums for the Executive and the Executive’s eligible dependents who have elected and remain enrolled in such COBRA coverage), subject to applicable tax withholdings (such amount, the “Special Cash Payment”), for
the remainder of the period the Executive remains eligible for the benefit under Section 2(b) above. The Executive may, but is not obligated to, use such Special Cash Payments toward the cost of COBRA premiums. In the event the Company opts for
the Special Cash Payments, then on the sixtieth
(60th) day following the Separation, the Company will
make the first payment to the Executive under this Section, in a lump sum, equal to the aggregate Special Cash Payments that the Company would have paid through such date had the Special Cash Payments commenced on the first day of the first month
following the Separation through such sixtieth
(60th) day, with the balance of the Special Cash
Payments paid monthly thereafter. 
  

	3.	Change in Control Benefit. 

 (a) Severance Payment. If the Executive is subject to a Qualifying Termination, then, subject to Section 4 below, the Company shall pay the Executive [six (6)][nine (9)] months of his or her
monthly base salary (at the rate in effect immediately prior to the actions that resulted in the Qualifying Termination). Such severance payment shall be paid in accordance with the Company’s standard payroll procedures. The Executive will
receive his or her severance payment in a cash lump-sum which will be made on the sixtieth (60th) day following the Separation. 
 (b) Equity. Each of Executive’s
then outstanding unvested Equity Awards, including awards that would otherwise vest only upon satisfaction of performance criteria, shall accelerate and become vested and exercisable with respect to 100% of the then unvested shares subject thereto.
“Equity Awards” means all options to purchase shares of the Company common stock as well as any and all other stock-based awards granted to the Executive, including but not limited to stock bonus awards, restricted stock, restricted
stock units or stock appreciation rights. Subject to Section 4, the accelerated vesting described above shall be effective as of the Separation. In the event of a Qualifying Termination preceding the consummation of the Change in Control,
Executive’s Equity Awards shall not be cancelled but shall remain outstanding until the earlier of (i) the closing of the Change in Control or (ii) three months after Executive’s Separation. If the Change in Control closes within
three (3) months of Executive’s Separation, then Executive shall receive the benefits set forth in this Section 3(b) as of the date of closing of the Change in Control. 

(c) Health Care Benefit. If the Executive is subject to a Qualifying Termination, and if the Executive elects to continue his or
her health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) following the termination of his or her employment, then the Company shall pay the Executive’s monthly premium under COBRA until the
earliest of (i) the close of the [six][nine]-month period following cessation of his or her employment or (ii) the expiration of the Executive’s continuation coverage under COBRA. 

  
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 (d) Special Cash Payments in Lieu of COBRA Premiums.
Notwithstanding the foregoing, if the Company determines, in its sole discretion, that it cannot pay the COBRA premiums without a substantial risk of violating applicable law (including Section 2716 of the Public Health Service Act), the
Company instead shall pay to the Executive, on the first day of each calendar month, a fully taxable cash payment equal to the applicable COBRA premiums for that month (including premiums for the Executive and the Executive’s eligible
dependents who have elected and remain enrolled in such COBRA coverage), subject to applicable tax withholdings (such amount, the “Special Cash Payment”), for the remainder of the period the Executive remains eligible for the
benefit under Section 3(c) above. The Executive may, but is not obligated to, use such Special Cash Payments toward the cost of COBRA premiums. In the event the Company opts for the Special Cash Payments, then on the sixtieth (60th) day following the Separation, the Company will make the first
payment to the Executive under this Section, in a lump sum, equal to the aggregate Special Cash Payments that the Company would have paid through such date had the Special Cash Payments commenced on the first day of the first month following the
Separation through such sixtieth (60th) day, with the
balance of the Special Cash Payments paid monthly thereafter. 
  

	4.	Release Requirement; Covenants; Accrued Compensation and Benefits. 

 (a) General Release. Any other provision of this Agreement notwithstanding, Executive shall not be entitled to the benefits of Section 2 or 3 above unless the Executive (i) has executed a
general release (in a form prescribed by the Company) of all known and unknown claims that he or she may then have against the Company or persons affiliated with the Company and (ii) has agreed not to prosecute any legal action or other
proceeding based upon any of such claims. The release must be in the form prescribed by the Company, without alterations. The Company will deliver the form to the Executive within 30 days after the Executive’s Separation. The Executive must
execute and return the release within the time period specified in the form. 
 (b) Non-Competition. The Executive agrees
that, during his or her employment with the Company, he or she shall not engage in any other employment, consulting or other business activity (whether full-time or part-time) that would create a conflict of interest with the Company. 

(c) Cooperation and Non-Disparagement. The Executive agrees that, during the six-month period following his or her cessation of
employment, he or she shall cooperate with the Company in every reasonable respect and shall use his or her best efforts to assist the Company with the transition of Executive’s duties to his or her successor. The Executive further agrees that,
during this six-month period, he or she shall not in any way or by any means disparage the Company, the members of the Company’s Board of Directors or the Company’s officers and employees. 

(d) Accrued Compensation and Benefits. In connection with any termination of employment, the Company shall pay Executive’s
earned but unpaid base salary and other vested but unpaid cash entitlements for the period through and including the termination of employment, including unused earned vacation pay and unreimbursed documented business expenses incurred by Executive
prior to the date of termination (collectively “Accrued Compensation and Expenses”), as required by law and the applicable Company plan or policy. In 

  
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addition, Executive shall be entitled to any other vested benefits earned by Executive for the period through and including the termination date of Executive’s employment under any other
employee benefit plans and arrangements maintained by the Company, in accordance with the terms of such plans and arrangements, except as modified herein (collectively “Accrued Benefits”). Any Accrued Compensation and Expenses to which the
Executive is entitled shall be paid to the Executive in cash as soon as administratively practicable after the termination, and, in any event, no later than two and one-half (2 1/2) months after the end of the taxable year of the Executive in which the termination occurs. Any Accrued Benefits to which the Executive is entitled shall be paid to the Executive as provided in the
relevant plans and arrangement. 
  

	5.	Definitions. 

 (a)
“Cause” means (i) Executive’s continued refusal or material failure to perform Executive’s material duties reasonably expected of Executive in connection with his or her arrangement to provide services to the Company
or any Parent or Subsidiary, as applicable; (ii) unprofessional, unethical or fraudulent conduct or conduct that materially discredits the Company or any Parent or Subsidiary, as applicable, or is materially detrimental to the reputation,
character or standing of the Company or any Parent or Subsidiary, as applicable; (iii) dishonest conduct with respect to a material matter, or a deliberate attempt to do an injury to the Company or any Parent or Subsidiary, as applicable;
(iv) Executive’s material breach of any material term of any agreement between Executive and; (v) a criminal act which would reflect badly on the Company or any Parent or Subsidiary, as applicable; (vi) Executive’s failure
to cooperate with the Company in any investigation or formal proceeding; or (vii) Executive’s death or total disability (for these purposes Executive shall be deemed totally disabled if, in the judgment of a licensed physician, Executive
is physically or mentally incapacitated or disabled or otherwise unable to fully discharge Executive’s duties as a service provider to the Company or any Parent or Subsidiary, as applicable, for a period of 180 consecutive days or for 180 days
in any 365 calendar day period); provided that Executive must be provided with written notice of Executive’s termination for “Cause” and Executive must be provided with a 30-day period following Executive’s receipt of such notice
to cure the event(s) that trigger “Cause” (if curable), with the Compensation Committee of the Company’s Board of Directors making the final determination whether Executive has cured any Cause. 

(b) “Code” means the Internal Revenue Code of 1986, as amended. 

(c) “Change in Control” shall mean a Corporate Transaction, as such term is defined in the 2013 Equity Incentive Plan.

 (d) “Good Reason” means Executive’s Employment by the Company or any Parent or Subsidiary, as
applicable, is voluntarily terminated by Executive for any one or more of the following reasons: (i) a material diminution in the Executive’s authority, duties or responsibilities, provided, however, if by virtue of the Company being
acquired and made a division or business unit of a larger entity following a Change in Control, Executive retains substantially similar authority, duties or responsibilities for such division or business unit of the acquiring corporation but not for
the entire acquiring corporation, such reduction in authority, duties or responsibilities shall not constitute Good Reason for purposes of this sub-clause (d)(i); (ii) a 10% or greater reduction in his or her level of compensation, which will
be determined based on an average of the Executive’s annual total target cash compensation (annual base salary plus target annual cash incentives) for the prior three calendar years or, if less, the number of years the Executive has

  
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been employed by the Company; or (iii) a relocation of Executive to a facility or a location that would increase Executive’s one-way commute by more than 35 miles from Executive’s
then current place of employment, provided and only if such change, reduction or relocation is effected by the Company without Executive’s consent. For the Executive to receive the benefits under this Agreement as a result of a voluntary
resignation under this subsection (d), all of the following requirements must be satisfied: (1) the Executive must provide notice to the Company of his or her intent to assert Good Reason within 120 days of the initial existence of one or more
of the conditions set forth in subclauses (i) through (iii); (2) the Company will have 30 days from the date of such notice to remedy the condition and, if it does so, the Executive may withdraw his or her resignation or may resign with no
benefits under this Agreement; and (3) any termination of employment under this provision must occur within six months of the initial existence of one or more of the conditions set forth in subclauses (i) through (iii). Should the Company
remedy the condition as set forth above and then one or more of the conditions arises again within twelve months following the occurrence of a Change in Control, the Executive may assert Good Reason again subject to all of the conditions set forth
herein. 
 (e) “Qualifying Termination” means a Separation as a result of (i) the Company terminates the
Executive’s employment for any reason other than Cause or (ii) the Executive voluntarily resigns his or her employment for Good Reason, within twelve (12) months following a Change in Control or within three (3) months preceding
a Change in Control if after a Potential Change in Control. A “Potential Change in Control” means the date of execution of a definitive agreement whereby the Company will consummate a Change in Control if such transaction is consummated.
In the case of a termination following a Potential Change in Control and before a Change in Control, solely for purposes of benefits under this Agreement, the date of Separation will be deemed the date the Change in Control is consummated.

 (f) “Separation” means a “separation from service,” as defined in the regulations under
Section 409A of the Code. 
  

	6.	Successors. 

 (a)
Company’s Successors. The Company shall require any successor (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or
assets, by an agreement in substance and form satisfactory to the Executive, to assume this Agreement and to agree expressly to perform this Agreement in the same manner and to the same extent as the Company would be required to perform it in the
absence of a succession. For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business and/or assets or which becomes bound by this Agreement by operation of law. 

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

  
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	7.	Golden Parachute Taxes. 

(a) Best After-Tax Result. In the event that any payment or benefit received or to be received by Executive pursuant to this
Agreement or otherwise (“Payments”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for this subsection (a), be subject to the excise tax imposed by
Section 4999 of the Code, any successor provisions, or any comparable federal, state, local or foreign excise tax (“Excise Tax”), then, subject to the provisions of Section 7(b) hereof, such Payments shall be either
(A) provided in full pursuant to the terms of this Agreement or any other applicable agreement, or (B) provided as to such lesser extent which would result in no portion of such Payments being subject to the Excise Tax (“Reduced
Amount”), whichever of the foregoing amounts, taking into account the applicable federal, state, local and foreign income, employment and other taxes and the Excise Tax (including, without limitation, any interest or penalties on such taxes),
results in the receipt by Executive, on an after-tax basis, of the greatest amount of payments and benefits provided for hereunder or otherwise, notwithstanding that all or some portion of such Payments may be subject to the Excise Tax. Unless the
Company and Executive otherwise agree in writing, any determination required under this Section shall be made by independent tax counsel designated by the Company and reasonably acceptable to Executive (“Independent Tax Counsel”), whose
determination shall be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required under this Section, Independent Tax Counsel may make reasonable assumptions and approximations concerning
applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code; provided that Independent Tax Counsel shall assume that Executive pays all taxes at the highest marginal rate.
The Company and Executive shall furnish to Independent Tax Counsel such information and documents as Independent Tax Counsel may reasonably request in order to make a determination under this Section. The Company shall bear all costs that
Independent Tax Counsel may reasonably incur in connection with any calculations contemplated by this Section. In the event that Section 7(a)(ii)(B) above applies, then based on the information provided to Executive and the Company by
Independent Tax Counsel, Independent Tax Counsel shall determine which and how much of the Payments (including the accelerated vesting of equity compensation awards) to be otherwise received by Executive shall be eliminated or reduced (as long as
after such determination the value (as calculated by Independent Tax Counsel in accordance with the provisions of Sections 280G and 4999 of the Code) of the amounts payable or distributable to Executive equals the Reduced Amount). If the Internal
Revenue Service (the “IRS”) determines that any Payment is subject to the Excise Tax, then Section 7(b) hereof shall apply, and the enforcement of Section 7(b) shall be the exclusive remedy to the Company. 

(b) Adjustments. If, notwithstanding any reduction described in Section 7(a) hereof (or in the absence of any such
reduction), the IRS determines that Executive is liable for the Excise Tax as a result of the receipt of one or more Payments, then Executive shall be obligated to surrender or pay back to the Company, within 120 days after a final IRS
determination, an amount of such payments or benefits equal to the “Repayment Amount.” The Repayment Amount with respect to such Payments shall be the smallest such amount, if any, as shall be required to be surrendered or paid to the
Company so that Executive’s net proceeds with respect to such Payments (after taking into account the payment of the Excise Tax imposed on such Payments) shall be maximized. Notwithstanding the foregoing, the Repayment Amount with

  
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respect to such Payments shall be zero if a Repayment Amount of more than zero would not eliminate the Excise Tax imposed on such Payments or if a Repayment Amount of more than zero would not
maximize the net amount received by Executive from the Payments. If the Excise Tax is not eliminated pursuant to this Section 7(b), Executive shall pay the Excise Tax. 

 

	8.	Miscellaneous Provisions. 

(a) Section 409A. For purposes of Section 409A of the Code, if the Company determines that Executive is a “specified
employee” under Code Section 409A(a)(2)(B)(i) at the time of a Separation, then (i) the severance benefits under Section 2 and 3, to the extent subject to Code Section 409A, will commence during the seventh month after the
Executive’s Separation and (ii) will be paid in a lump sum on the earliest practicable date permitted by Section 409A(a)(2) of the Code. It is intended that each installment of the payments provided hereunder constitute separate
“payments” for purposes of Treasury Regulation Section 1.409A-2(b)(2)(i). It is further intended that payments hereunder satisfy, to the greatest extent possible, the exemption from the application of Section 409A of the Code
(and any state law of similar effect) provided under Treasury Regulation Section 1.409A-1(b)(4) (as a “short-term deferral”). To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A
of the Code, the provision will be read in such a manner so that all payments hereunder comply with Section 409A of the Code. 
 (b) Other Severance Arrangements. For any equity award that is outstanding on the Effective Date, Executive shall receive the vesting acceleration provisions set forth in the existing equity award
agreement or the vesting acceleration benefits set forth in this Agreement, whichever arrangement would cause Executive to vest in the largest number of shares or largest portion of the Equity Award. Except as set forth in the preceding sentence,
this Agreement supersedes any and all cash severance arrangements and vesting acceleration arrangements on change in control under any prior option agreement, restricted stock unit agreement, severance and salary continuation arrangements, programs
and plans which were previously offered by the Company to the Executive, including change in control severance arrangements pursuant to an employment agreement or offer letter, and Executive hereby waives Executive’s rights to such other
benefits. In no event shall any individual receive cash severance benefits under both this Agreement and any other severance pay or salary continuation program, plan or other arrangement with the Company. 

(c) Dispute Resolution. To ensure rapid and economical resolution of any and all disputes that might arise in connection with this
Agreement, Executive and the Company agree that any and all disputes, claims, and causes of action, in law or equity, arising from or relating to this Agreement or its enforcement, performance, breach, or interpretation, will be resolved solely and
exclusively by final, binding, and confidential arbitration, by a single arbitrator, in Santa Clara County, and conducted by Judicial Arbitration & Mediation Services, Inc. (“JAMS”) under its then-existing employment rules
and procedures. Nothing in this section, however, is intended to prevent either party from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Each party to an arbitration or litigation
hereunder shall be responsible for the payment of its own attorneys’ fees. 

  
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 (d) Notice. Notices and all other communications contemplated by this Agreement shall
be in writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid or deposited with Federal Express Corporation, with shipping
charges prepaid. In the case of the Executive, mailed notices shall be addressed to him or her at the home address which he or she most recently communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to
its corporate headquarters, and all notices shall be directed to the attention of its Secretary. 
 (e) Waiver. No
provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by the Executive and by an authorized officer of the Company (other than the Executive). No waiver by
either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(f) Withholding Taxes. All payments made under this Agreement shall be subject to reduction to reflect taxes or other charges
required to be withheld by law. 
 (g) Severability. The invalidity or unenforceability of any provision or provisions of
this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 
 (h) No Retention Rights. Nothing in this Agreement shall confer upon the Executive any right to continue in service for any period of specific duration or interfere with or otherwise restrict in
any way the rights of the Company or any subsidiary of the Company or of the Executive, which rights are hereby expressly reserved by each, to terminate his or her service at any time and for any reason, with or without Cause. 

(i) Choice of Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of
the State of California (other than their choice-of-law provisions). 

  
 8 

 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the
Company by its duly authorized officer, as of the day and year first above written. 
  

					
		 		  	MARIN SOFTWARE INCORPORATED
			
	  
	 		  	  

	[Executive Name]	 		  	By:
		 		  	Title:

  
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