Document:

EX-10.28

 Exhibit 10.28 
 WAGEWORKS INC. 
 2013 BONUS PLAN 

EXECUTIVE OFFICERS 

PURPOSE OF THE PLAN 
 This 2013 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 2013 fiscal year.

 ADMINISTRATION OF THE PLAN 
 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 consultation 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 (each, a “Participating Officer,” as defined in further detail below), 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) and 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. 
 Subject to a more favorable provision in the Participating
Officer’s employment arrangement with the Company, 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. 

Subject to a more favorable provision in the Participating Officer’s employment arrangement with the Company, 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, 2013, but prior to October 1, 2013, 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 2013 Bonus Period, if (i) their employment with the Company begins on or after October 1, 2013 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, 2013. 

EFFECTIVE DATE AND TERM OF PLAN/BONUS PERIOD 
 A. The Plan shall become effective on the date it is adopted by the Plan Administrator. 
 B. The “Bonus Period” for any Bonus payable to a Participating Officer under the Plan shall be the period beginning on January 1, 2013 and ending on December 31, 2013. Payment of
Bonuses for such Bonus Period shall be made as soon as reasonably practical following the close of the 2013 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 2013 fiscal year. In no event shall any 

  
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Bonus be paid under the Plan prior to January 1, 2014 or later than December 31, 2014. In order for a Participating Officer to be eligible 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 herein. 
 C. 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 2013 EBITDA 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. Notwithstanding the foregoing, the Plan Administrator, in its sole discretion and at any time prior to the payment of the actual Bonuses, may make
adjustments to the factors and/or the applicable weightings in its determination of the actual Bonuses (if any) to be paid to the Participating Officers under this Plan. 

 

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

  

	 	(i)	The compensation costs for the 2013 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 this fiscal year. 

 

	 	(ii)	The financial results of any businesses acquired by the Company during the 2013 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. 

  
 4 

	 	b.	2013 Company Financial Performance (45%) 

 Each Participating Officer will be eligible to receive an amount ranging from 40.5% to a maximum of 61.875% of his or her Bonus Target based on actual adjusted 2013 EBITDA, calculated according to the
following formula: 
  

	 	(i)	If actual adjusted 2013 EBITDA is equal to [**] Million (Target EBITDA), 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 EBITDA is equal to or greater than [**] Million, then each Participating Officer shall be eligible to receive a payment ranging from 40.5% to 61.875%
of his or her Bonus Target, calculated as outlined below, between actual adjusted 2013 EBITDA and Target EBITDA. In no event shall this payment exceed 61.875% of the Bonus Target. 

 

	 	•	 	 [**] 

  

	 	•	 	 [**] 

  

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

 

	 	(iii)	Unless otherwise determined by the Plan Administrator, if actual adjusted 2013 EBITDA is less than [**] 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 2013 EBITDA is equal to or greater than [**] 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. 
 Unless otherwise determined by the Plan Administrator, if actual adjusted 2013 EBITDA is less than
[**] Million, then no Participating Officer shall be eligible to receive any payment towards this 45% portion of his or her Bonus Target. 

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

 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 61.875% 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 [**], 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 [**] growth, then each Participating Officer shall be eligible to receive a payment ranging from
40.5% to 61.875% of his or her Bonus Target, calculated on a pro rata basis, between actual adjusted organic revenue growth and Target organic revenue growth. In no event shall this payment exceed 61.875% of the Bonus Target.

  

	 	(iii)	Unless otherwise determined by the Plan Administrator, if actual adjusted organic revenue growth is less than [**], 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 2014) Divided By (Actual 

Adjusted Organic Revenue in January 2013) -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 2013, and any client credits approved by management, which will be reviewed
by the Plan Administrator for possible adjustment within the calculation. 
 2013 January Adjusted Organic Revenue is [**]
(WageWorks + MHM + PBS + Fringe Benefits Management Company + Choice Strategies + TransitChek+BCI) 
  

	 	d.	Achievement of Individual Objectives (10%) 

 If actual adjusted 2013 EBITDA is equal to or greater than [**] 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. 
 Unless otherwise determined by the Plan Administrator, if actual adjusted 2013 EBITDA is less than [**] Million, then no Participating Officer shall be eligible to receive any payment towards this 10%
portion of his or her Bonus Target. 

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

 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. 
 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. 

  
 7EX-10.29

 Exhibit 10.29 

 
 

 
 Award Agreement – Stock Options 
 [Date] 
 Dear [First Name Last Name (legal name)]: 

WageWorks’ Compensation Committee has granted you an Option to purchase Shares (the “Award”) pursuant to WageWorks’ 2010 Equity
Incentive Plan (the “Plan”). 
 This Award Agreement – Stock Options, including the Terms and Conditions of Stock Options
attached hereto as Exhibit A (the “Agreement”) includes the following summary of certain terms of your Award. If there is any discrepancy between this Agreement and the Plan, the Plan shall control. All terms and conditions not
defined herein shall have the same meaning as defined in the Plan. Notwithstanding anything herein, if your written employment or service agreement with the Company (or the Parent or Subsidiary employing or retaining you) provides for more favorable
vesting or exercise terms, the more favorable terms shall control. 
  

			
		
	Participant:	  	[(legal name)]
		
	Date of Award:	  	[Date of CC meeting/Established by BOD]
		
	Type of Award:	  	Nonstatutory Stock Option (NSO)
		
	Number of Shares:	  	[# of Shares]
		
	Exercise Price:	  	$[price per Share]
		
	 Effective Date

(Vesting Commencement Date):
	  	[Date as outlined in the Equity Grant Process]
		
	Term of Option:	  	[10 years from the Date of Award]
		
	Vesting & Exercisability:	  	[Twenty-five percent (25%) of the Option Shares shall vest on the first anniversary of the Effective Date, and an additional 1/48th of the Option Shares shall vest on each of the
thirty-six (36) succeeding monthly anniversaries of the Effective Date. In no event shall any additional Option Shares vest after Participant’s termination as a Service Provider. No unvested Option Shares may be exercised.]
		
	Termination of Service:	  	The Participant may exercise any or all vested Options within [ninety (90) day]s following termination of as a Service Provider, provided that the Participant’s termination
is not the result of the Participant’s death, Disability or termination for Cause. Notwithstanding herein, in no event may this Option be exercised after the Term of Option as provided above and this Option may be subject to earlier termination
as provided in Section 13 of the Plan. For purposes of this Agreement, “Cause” shall include, but is not limited to, termination of a Participant due to: (i) the failure of the Participant to perform the duties, responsibilities and
obligations of the Participant’s position; (ii) engagement in any unlawful activity, including, without limitation, the commission of any act of fraud, embezzlement or dishonesty by the Participant or the commission of a felony; (iii) any
intentional disclosure or use by the Participant of any confidential information or trade secrets of the Company (or any parent or subsidiary); (iv) any other intentional misconduct by the Participant that adversely affects the business or affairs
of the Company; or (v) any failure of the Participant to observe Company policies and procedures.

 This Agreement must be signed, dated and returned to Human Resources by [DATE]. 

Human Resources will provide you with a fully executed copy of this Agreement for your records. For general questions regarding this Agreement, please
contact Human Resources. For financial questions, Participants are encouraged to consult with an independent financial advisor. 

 

 
 By executing this Agreement, you and the Company hereby agree that this Award is granted under and governed by the
terms and conditions of the Plan, a copy of which is enclosed herewith and made a part of this Agreement. 
  

									
	WageWorks, Inc.:	 	  
	 		 	Date:	 	  

					
	Participant:	 	  
	 		 	Date:	 	  

 EXHIBIT A 

TERMS AND CONDITIONS OF STOCK OPTIONS 
 1. Grant of Option. The Company hereby grants to the Participant named in the Award Agreement – Stock Options (the “Participant”) an option (the “Option”) to purchase the
number of Shares, as set forth in the Award Agreement – Stock Options, at the exercise price per Share set forth in the Award Agreement – Stock Options (the “Exercise Price”), subject to the terms and conditions in this Award
Agreement – Stock Options, including these Terms and Conditions of Stock Options (the “Agreement”) and the Plan, which is incorporated herein by reference. Subject to Section 18(c) of the Plan, in the event of a conflict between
the terms and conditions of the Plan and the terms and conditions of this Agreement, the terms and conditions of the Plan shall prevail. 
 If designated in the Award Agreement – Stock Options as an Incentive Stock Option (“ISO”), this Option is intended to qualify as an Incentive Stock Option as defined in Section 422 of
the Code. Nevertheless, to the extent that it exceeds the $100,000 rule of Code Section 422(d), this Option shall be treated as a Nonstatutory Stock Option (“NSO”). Further, if for any reason this Option (or portion thereof) shall not
qualify as an ISO, then, to the extent of such nonqualification, such Option (or portion thereof) shall be regarded as a NSO granted under the Plan. In no event shall the Administrator, the Company or any Parent or Subsidiary or any of their
respective employees or directors have any liability to Participant (or any other person) due to the failure of the Option to qualify for any reason as an ISO. 
 2. Administrator Discretion. The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser portion of the balance, of the unvested Option at any time, subject to
the terms of the Plan. If so accelerated, such Option shall be considered as having vested as of the date specified by the Administrator. 
 3. Exercise of Option. 
 (a) Right to Exercise. This Option shall be
exercisable during its term in accordance with the Vesting Schedule set out in the Award Agreement – Stock Options and with the applicable provisions of the Plan. 
 (b) Method of Exercise. This Option shall be exercisable by delivery of an exercise notice in the form attached as Exhibit A (the “Exercise Notice”) or in a manner and
pursuant to such procedures as the Administrator may determine, which shall state the election to exercise the Option, the number of Shares with respect to which the Option is being exercised (the “Exercised Shares”), and such other
representations and agreements as may be required by the Company. The Exercise Notice shall be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares, together with any applicable tax withholding. This Option shall be
deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price, together with any applicable tax withholding. 

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

 4. Method of Payment. Payment of the aggregate Exercise Price shall be by any of the
following, or a combination thereof, at the election of the Participant: 
 (a) cash; 

(b) check; 

(c) consideration received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; or

 (d) surrender of other Shares which (i) shall be valued at its Fair Market Value on the date of exercise, and
(ii) must be owned free and clear of any liens, claims, encumbrances or security interests, if accepting such Shares, in the sole discretion of the Administrator, shall not result in any adverse accounting consequences to the Company.

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

 6. Term of Option. This Option may be exercised only within the term set out in the Award Agreement – Stock
Options, and may be exercised during such term only in accordance with the Plan and the terms of this Agreement. 
 7. Tax
Obligations. 
 (a) Tax Withholding. Participant agrees to make appropriate arrangements with the Company (or the
Parent or Subsidiary employing or retaining Participant) for the satisfaction of all Federal, state, local and foreign income and employment tax withholding requirements applicable to the Option exercise. No certificate representing the Shares shall
be issued to Participant, unless and until satisfactory arrangements (as determined by the Administrator) shall have been made by Participant with respect to the payment of income, employment, social insurance, payroll and other taxes which the
Company determines must be withheld with respect to such Shares. To the extent determined appropriate by the Company in its discretion, it shall have the right (but not the obligation) to satisfy any tax withholding obligations by reducing the
number of Shares otherwise deliverable to Participant. Participant acknowledges and agrees that the Company may refuse to honor the exercise and refuse to deliver the Shares if such withholding amounts are not delivered at the time of exercise.

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

  
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 (c) Code Section 409A. Under Code Section 409A, an Option that vests after
December 31, 2004 (or that vested on or prior to such date but which was materially modified after October 3, 2004) that was granted with a per Share exercise price that is determined by the Internal Revenue Service (the “IRS”)
to be less than the Fair Market Value of a Share on the date of grant (a “discount option”) may be considered “deferred compensation.” An Option that is a “discount option” may result in (i) income recognition by
Participant prior to the exercise of the Option, (ii) an additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest charges. The “discount option” may also result in additional state income,
penalty and interest tax to the Participant. Participant acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the per Share exercise price of this Option equals or exceeds the Fair Market Value of a Share on the
date of grant in a later examination. Participant agrees that if the IRS determines that the Option was granted with a per Share exercise price that was less than the Fair Market Value of a Share on the date of grant, Participant shall be solely
responsible for Participant’s costs related to such a determination. 
 8. Rights as Stockholder. Neither
Participant nor any person claiming under or through Participant shall have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares shall
have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to Participant. After such issuance, recordation and delivery, Participant shall have all the rights of a stockholder of the Company with
respect to voting such Shares and receipt of dividends and distributions on such Shares. 
 9. Entire Agreement; Governing
Law. The Plan is incorporated herein by reference. The Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the
Company and Participant with respect to the subject matter hereof, and may not be modified adversely to the Participant’s interest except by means of a writing signed by the Company and Participant. This Agreement is governed by the internal
substantive laws but not the choice of law rules of California. 
 10. No Guarantee of Continued Service. PARTICIPANT
ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) AND NOT THROUGH
THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN
EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR SUBSIDIARY
EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 

  
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 11. Address for Notices. Any notice to be given to the Company under the terms of
this Agreement shall be addressed to the Company at WageWorks, Inc., 1100 Park Place, Suite 400, San Mateo, California 94403, or at such other address as the Company may hereafter designate in writing. 

12. Binding Agreement. Subject to the limitation on the transferability of this grant contained herein, this Agreement shall be
binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 
 13. Additional Conditions to Issuance of Stock. If at any time the Company shall determine, in its discretion, that the listing, registration, qualification or rule compliance of the Shares upon
any securities exchange or under any state, federal or foreign law, the tax code and related regulations or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the purchase by, or issuance of
Shares to, Participant (or his or her estate) hereunder, such purchase or issuance shall not occur unless and until such listing, registration, qualification, rule compliance, consent or approval shall have been completed, effected or obtained free
of any conditions not acceptable to the Company. The Company shall make all reasonable efforts to meet the requirements of any such state, federal or foreign law or securities exchange and to obtain any such consent or approval of any such
governmental authority or securities exchange. Assuming such compliance, for income tax purposes the Exercised Shares shall be considered transferred to Participant on the date the Option is exercised with respect to such Exercised Shares.

 14. Administrator Authority. The Administrator shall have the power to interpret the Plan and this Agreement and to
adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any Shares subject to the
Option have vested). All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon Participant, the Company and all other interested persons. No member of the Administrator shall
be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Agreement. 
 15. Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to Options awarded under the Plan or future options that may be awarded under the Plan by
electronic means or request Participant’s consent to participate in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through any on-line or
electronic system established and maintained by the Company or another third party designated by the Company. 
 16.
Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 
 17. Agreement Severable. In the event that any provision in this Agreement shall be held invalid or unenforceable, such provision shall be severable from, and such invalidity or unenforceability
shall not be construed to have any effect on, the remaining provisions of this Agreement. 

  
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 18. Modifications to the Agreement. This Agreement constitutes the entire
understanding of the parties on the subjects covered. Participant expressly warrants that he or she is not accepting this Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this
Agreement or the Plan can be made only in an express written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Agreement, the Company reserves the right to revise this
Agreement as it deems necessary or advisable, in its sole discretion and without the consent of Participant, to comply with Code Section 409A or to otherwise avoid imposition of any additional tax or income recognition under Section 409A
of the Code in connection to this Option. 
 19. Amendment, Suspension or Termination of the Plan. By accepting this
Award, Participant expressly warrants that he or she has received an Option under the Plan, and has received, read and understood a description of the Plan. Participant understands that the Plan is discretionary in nature and may be amended,
suspended or terminated by the Company at any time. 
 20. Governing Law. This Agreement shall be governed by the laws of
California, without giving effect to the conflict of law principles thereof. For purposes of litigating any dispute that arises under this Option or this Agreement, the parties hereby submit to and consent to the jurisdiction of the State of
California, and agree that such litigation shall be conducted in the courts of San Mateo County, California, or the federal courts for the United States for the Northern District of California, and no other courts, where this Option is made
and/or to be performed. 

  
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 EXHIBIT B 

2010 EQUITY INCENTIVE PLAN 
 EXERCISE NOTICE 
 WageWorks, Inc. 
 1100 Park Place, Suite 400 
 San Mateo, CA 94403 

Attention: Stock Administration 

1. Exercise of Option. Effective as of today,             ,
            , the undersigned (“Purchaser”) hereby elects to exercise Purchaser’s option (the “Option”) to purchase
            shares of the Common Stock (the “Shares”) of WageWorks, Inc. (the “Company”) under and pursuant to the 2010 Equity Incentive Plan (the “Plan”) and
the Award Agreement – Stock Options, dated             ,             , including the Terms and Conditions of Stock Options
(the “Agreement”). 
 2. Delivery of Payment. Purchaser herewith delivers to the Company the full purchase
price of the Shares as set forth in the Agreement and any and all withholding taxes due in connection with the exercise of the Option. 
 3. Representations of Purchaser. Purchaser acknowledges that Purchaser has received, read and understood the Plan and the Agreement and agrees to abide by and be bound by their terms and
conditions. 
 4. Rights as Stockholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the
books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Common Stock subject to an Award, notwithstanding the exercise of
the Option. The Shares shall be issued to Participant as soon as practicable after the Option is exercised in accordance with the Option Agreement. No adjustment shall be made for a dividend or other right for which the record date is prior to the
date of issuance except as provided in Section 13 of the Plan. 
 5. Tax Consultation. Purchaser understands that
Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase or disposition of the Shares. Purchaser represents that Purchaser has consulted with any tax consultants Purchaser deems advisable in connection with the purchase
or disposition of the Shares and that Purchaser is not relying on the Company for any tax advice 
 6. Successors and
Assigns. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on
transfer herein set forth, this Exercise Notice shall be binding upon Participant and his or her heirs, executors, administrators, successors and assigns 

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

 8. Entire Agreement; Governing Law. The Plan and Agreement are incorporated herein by reference. This Exercise Notice,
the Plan and the Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Purchaser with respect to the subject matter
hereof, and may not be modified adversely to the Purchaser’s interest except by means of a writing signed by the Company and Purchaser. This agreement is governed by the internal substantive laws, but not the choice of law rules, of California.

  

					
	Submitted by:	 		 	Accepted by:
			
	PURCHASER	 		 	WAGEWORKS, INC.
			
	  
	 		 	  

	Signature	 		 	By
			
	  
	 		 	  

	Print Name	 		 	Its
			
	Address:	 		 	
			
	  
	 		 	
			
	  
	 		 	

  
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