Document:

EX-4.3

 Exhibit 4.3 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR ANY STATE SECURITIES LAWS. NO SALE OR
DISPOSITION MAY BE EFFECTED WITHOUT (i) EFFECTIVE REGISTRATION STATEMENTS RELATED THERETO, (ii) AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATIONS ARE NOT REQUIRED, (iii) RECEIPT
OF NO-ACTION LETTERS FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES, OR (iv) OTHERWISE COMPLYING WITH THE PROVISIONS OF SECTION 8 OF THIS WARRANT. 

ELANCE, INC. 

WARRANT 
 THIS CERTIFIES
THAT, for value received and subject to the provisions and upon the terms and conditions set forth in this Warrant, SILVER LAKE WATERMAN FUND, L.P. and its assignees are entitled to subscribe for and purchase the Applicable Number of Shares
of Applicable Stock of ELANCE, INC., a Delaware corporation (the “Company”), at the price of $0.4083 per share (such price and such other price as shall result, from time to time, from the adjustments
specified in 5 hereof is referred to as the “Exercise Price”). 
 1. Definitions. As used herein, capitalized
terms not otherwise defined herein shall have the following respective meanings: 
 (a) “Acquisition” means any
transaction or series of related transactions involving (i) any consolidation or merger of the Company with another entity (other than a merger or consolidation effected exclusively to change the Company’s domicile) or any other corporate
reorganization, in which the stockholders of the Company in their capacity as such immediately prior to such merger, consolidation or reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s)
outstanding voting power immediately after such merger, consolidation or reorganization, or (ii) the sale of all or substantially all of the assets of the Company. 

(b) “Act” means the Securities Act of 1933, as amended. 

(c) “Applicable Number of Shares” means (i) 1,524,693, plus (ii) from and after, and contingent upon, the funding
of the Loan made under Tranche 1, 1,016,462, plus (iii) from and after, and contingent upon, the funding of the Loan made under Tranche 2, 508,231. 

(d) “Applicable Stock” means (i) (A) initially the Company’s presently authorized Series F Preferred Stock,
(ii) after the conversion of all of the outstanding shares of Series F Preferred Stock into Common Stock, either automatically or by vote of the requisite holders thereof, the Company’s Common Stock, (iii) upon any conversion,
exchange, reclassification or change, any security into which the securities described in clauses (i) or (ii) of this definition may be converted, exchanged, reclassified or otherwise changed; (iv) if Pay to Play Provisions are applied to
the securities issuable on exercise of this Warrant, the security that a holder of such securities would have received had such holder participated in the manner necessary to receive or retain the security having the rights more favorable to the
holder. “Pay to Play Provisions” means (i) provisions that require the holder of a security to participate in a subsequent round of equity financing or lose all or a portion of the benefit of antidilution protection applicable to a
security or have such security automatically convert to common stock or another series of capital stock, or (ii) an exchange transaction having the same or similar economic effect. 

 (e) “Common Stock” means the Common Stock of the Company. 

(f) “Date of Grant” means September 26, 2013. 

(g) “Exercise Price” means, as it may be adjusted from time to time pursuant to Section 5, the Series F Price. 

(h) “Holder” means the initial holder of this Warrant set forth in the first
paragraph of this Warrant and any other person or entity which becomes a holder of this Warrant pursuant to the terms of this Warrant. 
 (i)
“IPO” means the initial public offering of the Company’s Common Stock effected pursuant to a registration statement on Form S-1 (or its successor) filed under the Act. 

(j) “Loan” has the meaning given to it in the Loan Agreement. 

(k) “Loan Agreement” means the Loan and Security Agreement, dated as of September 26, 2013, among the Company, Silver
Lake Waterman Fund, L.P., as Agent and the lenders party thereto. 
 (1) “Series F Price” means $0.4083. 

(m) “Shares” means the shares of Applicable Stock of Company issuable upon exercise of this Warrant. 

(n) “Tranche 1” has the meaning given to it in the Loan Agreement. 

(o) “Tranche 2” has the meaning given to it in the Loan Agreement. 

2. Term. The purchase right represented by this Warrant is exercisable, in whole or in part, at any time and from time to time from the
Date of Grant through the seventh anniversary of the Date of Grant. 
 Notwithstanding the foregoing, in the event of an Acquisition (as
defined in Section 1(a)) where the consideration received by holders of Applicable Stock in such Acquisition is all cash, then this Warrant (i) to the extent the cash consideration per share of Applicable Stock exceeds the Exercise Price,
shall be deemed exercised in accordance with the provisions of Section 3(b) immediately prior to the closing of the Acquisition, or (ii) to the extent the cash consideration per share of Applicable Stock does not exceed the Exercise Price,
shall terminate. 
 3. Method of Exercise; Payment; Issuance of New Warrant; Net Issuance. 

(a) Subject to Section 2 hereof, the purchase right represented by this Warrant may be exercised by the Holder, in whole or in part and
from time to time, at the election of the Holder, by (a) the delivery of the notice of exercise substantially in the form attached hereto as Exhibit A-1, duly completed and executed, at the principal
office of the Company and by the payment to the Company, by certified or bank check, or by wire transfer to an account designated by the Company of an amount equal to the then applicable Exercise Price multiplied by the number of Shares then being
purchased; (b) if in connection with 

  
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a registered public offering of the Company’s securities, the delivery of the notice of exercise form attached hereto as Exhibit A-2, duly completed
and executed, at the principal office of the Company together with notice of arrangements reasonably satisfactory to the Company for payment to the Company from the proceeds of the sale of shares to be sold by the Holder in such public offering of
an amount equal to the then applicable Exercise Price per share multiplied by the number of Shares then being purchased; or (c) exercise of the “net issuance” right provided for in Section 3(b) hereof. The person or persons in
whose name(s) Shares shall be registered upon exercise of this Warrant shall be deemed to have become the holder(s) of record of, and shall be treated for all purposes as the record holder(s) of, the shares represented thereby (and such shares shall
be deemed to have been issued) immediately prior to the close of business on the date or dates upon which this Warrant is exercised. In the event of any exercise of this Warrant, certificates for the shares of stock so purchased shall be delivered
to the Holder as soon as possible and in any event within thirty (30) days after such exercise and, unless this Warrant has been fully exercised or expired, a new Warrant representing the portion of the Shares, if any, with respect to which
this Warrant shall not then have been exercised shall also be issued to the Holder (subject to delivery of the old Warrant to the Company) as soon as possible and in any event within such thirty-day period;
provided, however, that at such time as the Company is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, if requested by the Holder, the Company shall cause its transfer agent to deliver the certificate
representing Shares issued upon exercise of this Warrant to, or credit the securities account of, a broker or other person (as directed by the Holder exercising this Warrant) within the time period required to settle any trade made by the Holder
after exercise of this Warrant. 
 (b) Right to Convert Warrant into Stock: Net Issuance. 

(i) Right to Convert. In addition to and without limiting the rights of the Holder under the terms of this Warrant, the Holder shall
have the right to convert this Warrant or any portion thereof (the “Conversion Right”) into shares of Applicable Stock as provided in this Section 3(b) at any time or from time to time during the term of this
Warrant. Upon exercise of the Conversion Right with respect to a particular number of shares subject to this Warrant (the “Converted Warrant Shares”), the Company shall deliver to the Holder (without payment by the
Holder of any exercise price or any cash or other consideration) that number of shares of fully paid and nonassessable Applicable Stock as is determined according to the following formula: 

 

					
	X =	  	B - A Y	  	
			
	Where:	  	X =	  	the number of shares of Applicable Stock that shall be issued to Holder
			
		  	Y =	  	the fair market value of one share of Applicable Stock
			
		  	A =	  	the aggregate Exercise Price of the specified number of Converted Warrant Shares immediately prior to the exercise of the Conversion Right (i.e., the number of Converted Warrant Shares multiplied by the Exercise
Price)
			
		  	B =	  	the aggregate fair market value of the specified number of Converted Warrant Shares (i.e., the number of Converted Warrant Shares multiplied by the fair market value of one Converted Warrant Share)

  
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 (ii) Method of Exercise. The Conversion Right may be exercised by the Holder by the
delivery by Holder of a written statement (which may be in the form of Exhibit A-1 or Exhibit A-2 hereto) specifying that the Holder thereby intends to exercise the
Conversion Right and indicating the number of shares subject to this Warrant which are being surrendered (referred to in Section 3(b)(i) hereof as the Converted Warrant Shares) in exercise of the Conversion Right. Such conversion shall be
effective upon receipt by the Company of the aforesaid written statement, or on such later date as is specified therein, and, at the election of the Holder, may be made contingent upon the closing of the sale of the Company’s Common Stock to
the public in a public offering pursuant to a registration statement under the Act (a “Public Offering”). 
 (iii)
Determination of Fair Market Value. For purposes of this Section 3(b), “fair market value” of a share of Applicable Stock (or Common Stock if the Applicable Stock has been automatically converted into Common Stock) as of a
particular date (the “Determination Date”) shall mean: 
 (1) If the Conversion Right is exercised in connection with and
contingent upon a Public Offering, and if the Company’s registration statement relating to such Public Offering (“Registration Statement”) has been declared effective by the Securities and Exchange Commission, then the
initial “Price to Public” specified in the final prospectus with respect to such Public Offering. 
 (2) If the Conversion Right
is not exercised in connection with and contingent upon a Public Offering, then as follows: 
 (A) If regularly traded on a
nationally recognized securities exchange, interdealer quotation system or over-the-counter market (not including any secondary market for securities of non-public companies), the fair market value of the Common Stock shall be deemed to be the closing price or last sale price of the Common Stock on the trading day immediately prior to the Determination Date, and the
fair market value of the Applicable Stock shall be deemed to be such fair market value of the Common Stock multiplied (if the Applicable Stock is not then constituted as Common Stock) by the number of shares of Common Stock into which each share of
Applicable Stock is then convertible; and 
 (B) If there is no liquid public market for the Common Stock, then fair market
value shall be reasonably determined in good faith by the board of directors of the Company. 
 (iv) If closing prices or last sale prices
are no longer reported by a securities exchange or other trading system, the closing price or last sale price shall be that which is reported by such securities exchange or other trading system at 4:00 p.m. New York City time on the applicable
trading day. 
 4. Stock Fully Paid; Reservation of Shares. All Shares that may be issued upon the exercise of the rights represented
by this Warrant will, upon issuance pursuant to the terms and conditions herein, be fully paid and nonassessable, and free from all preemptive rights and taxes, liens and charges with respect to the issue thereof. During the period within which the
rights represented by this Warrant may be exercised, the Company will at all times have authorized, and reserved for the purpose of the issue upon exercise of the purchase rights evidenced by this Warrant, a sufficient number of shares of its
Applicable Stock to provide for the exercise of the rights represented by this Warrant and, while applicable, a sufficient number of shares of its Common Stock to provide for the conversion of the Applicable Stock into Common Stock. 

  
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 5. Adjustment of Exercise Price and Number of Shares. The number and kind of securities
purchasable upon the exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time upon the occurrence of certain events, as follows: 

(a) Corporate Events. In case of any reclassification or change of securities of the class issuable upon exercise of this Warrant (other
than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination), or in case of any merger of the Company with or into another corporation (other than a merger with
another corporation in which the Company is the acquiring and the surviving corporation and which does not result in any reclassification or change of outstanding securities issuable upon exercise of this Warrant and other than an Acquisition that
results in the exercise or termination of this Warrant) (each, a “Corporate Event”), the Company, or such successor corporation, as the case may be, shall duly execute and deliver to the Holder a new Warrant (in form and
substance satisfactory to the Holder), or the Company shall make appropriate provision without the issuance of a new Warrant, so that the Holder shall have the right to receive upon exercise of this Warrant, at a total purchase price not to exceed
that payable upon the exercise of the unexercised portion of this Warrant, and in lieu of the shares of Applicable Stock theretofore issuable upon exercise of this Warrant, the kind and amount of shares of stock, other securities, money and property
receivable upon such Corporate Event by a holder of the number of shares of Applicable Stock then purchasable under this Warrant. Any new Warrant shall provide for adjustments that shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Section 5. The provisions of this Section 5(a) shall similarly apply to successive Corporate Events. 

(b) Subdivision or Combination of Shares. If the Company at any time while this Warrant remains outstanding and unexpired shall
subdivide or combine its outstanding shares of Applicable Stock, the Exercise Price shall be proportionately decreased and the number of Shares issuable hereunder shall be proportionately increased in the case of a subdivision and the Exercise Price
shall be proportionately increased and the number of Shares issuable hereunder shall be proportionately decreased in the case of a combination. 

(c) Stock Dividends and Other Distributions. If the Company at any time while this Warrant is outstanding and unexpired shall
(i) pay a dividend with respect to Applicable Stock payable in Applicable Stock, then the Exercise Price shall be adjusted, from and after the date of determination of shareholders entitled to receive such dividend or distribution, to that
price determined by multiplying the Exercise Price in effect immediately prior to such date of determination by a fraction (A) the numerator of which shall be the total number of shares of Applicable Stock outstanding immediately prior to such
dividend or distribution, and (B) the denominator of which shall be the total number of shares of Applicable Stock outstanding immediately after such dividend or distribution; or (ii) make any other distribution with respect to Applicable
Stock (except any distribution specifically provided for in Sections 5(a) and 5(b)), then, in each such case, provision shall be made by the Company such that the Holder shall receive upon exercise of this Warrant a proportionate share of any such
dividend or distribution as though it were the holder of the Applicable Stock (or Common Stock issuable upon conversion thereof) as of the record date fixed for the determination of the shareholders of the Company entitled to receive such dividend
or distribution. 
 (d) Adjustment of Number of Shares. Upon each adjustment in the Exercise Price, the number of Shares of Applicable
Stock purchasable hereunder shall be adjusted, to the nearest whole share, to the product obtained by multiplying the number of Shares purchasable immediately prior to such adjustment in the Exercise Price by a fraction, the numerator of which shall
be the Exercise Price immediately prior to such adjustment and the denominator of which shall be the Exercise Price immediately thereafter. 

  
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 (e) Antidilution Rights. The other antidilution rights applicable to the Shares of
Applicable Stock purchasable hereunder are set forth in the Company’s Certificate of Incorporation, as amended through the Date of Grant, a true and complete copy of which is attached hereto as Exhibit B (the “Charter”).
The Company shall provide the Holder with any restatement, amendment, modification or waiver of the Charter promptly after the same has been made. 

6. Notice of Adjustments. Whenever the Exercise Price or the number of Shares purchasable hereunder shall be adjusted pursuant to
Section 5 hereof, the Company shall deliver to Holder a certificate signed by its chief financial officer setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment
was calculated, and the Exercise Price and the number of Shares purchasable hereunder after giving effect to such adjustment. In addition, whenever the conversion price or conversion ratio of the Applicable Stock shall be adjusted, the Company shall
deliver to Holder a certificate signed by its chief financial officer setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the conversion price
or ratio of the Applicable Stock after giving effect to such adjustment. Whenever the Exercise Price or the number of Shares purchasable hereunder shall be fixed according to a formula based upon the occurrence of an event or events subsequent to
the Date of Grant, at the end of the period during which the event or events can occur, the Company shall deliver to Holder a certificate signed by its chief financial officer setting forth the Exercise Price and/or number of Shares purchasable
hereunder, and, in reasonable detail, the calculation of the Exercise Price and/or such number of Shares. 
 7. Fractional Shares. No
fractional shares of Applicable Stock will be issued in connection with any exercise or conversion hereunder, but in lieu of such fractional shares the Company shall make a cash payment therefor based on the fair market value of the Applicable Stock
on the date of exercise or conversion as reasonably determined in good faith by the Company’s Board of Directors. 
 8. Compliance
with Act; Disposition of Warrant or Shares of Applicable Stock. 
 (a) Compliance with Act. The Holder, by acceptance hereof,
agrees that this Warrant, and the shares of Applicable Stock to be issued upon exercise hereof and any Common Stock issued upon conversion thereof are being acquired for investment and that the Holder will not offer, sell or otherwise dispose of
this Warrant, or any shares of Applicable Stock to be issued upon exercise hereof or any Common Stock issued upon conversion thereof except under circumstances which will not result in a violation of the Act or any applicable state securities laws.
Upon exercise of this Warrant, unless such exercise is registered under the Act and any applicable state securities laws or an exemption from such registration is available, the Holder shall confirm in writing that the shares of Applicable Stock so
purchased (and any Common Stock issued upon conversion thereof) are being acquired for investment and not with a view toward distribution or resale in violation of the Act and shall confirm such other matters related thereto as may be reasonably
requested by the Company. This Warrant and all shares of Applicable Stock issued upon exercise of this Warrant and all Common Stock issued upon conversion thereof (unless no longer required under applicable law) shall be stamped or imprinted with a
legend in substantially the following form: 
 “THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR ANY STATE SECURITIES LAWS. NO SALE OR DISPOSITION MAY BE EFFECTED WITHOUT (i) EFFECTIVE REGISTRATION STATEMENTS RELATED THERETO, (ii) AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH
REGISTRATIONS ARE NOT REQUIRED, (iii) RECEIPT OF NO-ACTION LETTERS FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES, OR (iv) OTHERWISE COMPLYING WITH THE PROVISIONS OF SECTION 8 OF THE WARRANT UNDER
WHICH THESE SECURITIES WERE ISSUED, DIRECTLY OR INDIRECTLY.” 

  
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 Said legend shall be removed by the Company, upon the request of the Holder, at such time as the
restrictions on the transfer of the applicable security shall have terminated. In addition, in connection with the issuance of this Warrant, the Holder specifically represents to the Company by acceptance of this Warrant as follows: 

(1) The Holder is aware of the Company’s business affairs and financial condition, and has acquired information about the Company
sufficient to reach an informed and knowledgeable decision to acquire this Warrant. The Holder is acquiring this Warrant for its own account for investment purposes only and not with a view to, or for the resale in connection with, any
“distribution” thereof in violation of the Act. 
 (2) The Holder understands that this Warrant has not been registered under the
Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. 

(3) The Holder further understands that this Warrant must be held indefinitely unless subsequently registered under the Act and qualified
under any applicable state securities laws, or unless exemptions from registration and qualification are otherwise available. The Holder is aware of the provisions of Rule 144, promulgated under the Act. 

(4) The Holder is an “accredited investor” as such term is defined in Rule 501 of Regulation D promulgated under the Act. 

(b) Disposition of Warrant or Shares. With respect to any offer, sale or other disposition of this Warrant or any shares of Applicable
Stock acquired pursuant to the exercise of this Warrant, the Holder agrees to give written notice to the Company prior thereto, describing briefly the manner thereof, together with a written opinion of counsel (at the Holder’s expense, unless a
blanket opinion covering this Warrant or any shares of Applicable Stock acquired pursuant to the exercise of this Warrant is being rendered by Company counsel upon which it shall be at the Company’s expense), or other evidence, if reasonably
satisfactory to the Company, to the effect that such offer, sale or other disposition may be effected without registration or qualification (under the Act as then in effect or any federal or state securities law then in effect) of this Warrant or
such shares of Applicable Stock or Common Stock and indicating whether or not under the Act certificates for this Warrant or such shares of Applicable Stock to be sold or otherwise disposed of require any restrictive legend as to applicable
restrictions on transferability in order to ensure compliance with such law. Upon receiving such written notice and reasonably satisfactory opinion or other evidence, the Company, as promptly as practicable but no later than fifteen (15) days
after receipt of the written notice, shall notify the Holder that the Holder may sell or otherwise dispose of this Warrant or such shares of Applicable Stock or Common Stock, all in accordance with the terms of the notice delivered to the Company.
If a determination has been made pursuant to this Section 8(b) that the opinion of counsel or other evidence is not reasonably satisfactory to the Company, the Company shall so notify the Holder promptly with details thereof after such
determination has been made. Notwithstanding the foregoing, this Warrant or such shares of Applicable Stock or Common Stock may, as to such federal laws, be offered, sold or otherwise disposed of (i) pursuant to an effective registration
statement covering such securities or (ii) in accordance with Rule 144 or 144A under the Act, provided that the Company shall have been furnished with such information as the Company may reasonably request to provide a reasonable assurance that
the provisions of Rule 144 or 144A have been satisfied. Each certificate representing this Warrant or the shares of Applicable 

  
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Stock thus transferred (except a transfer pursuant to an effective registration statement or Rule 144 or 144A) shall bear a legend as to the applicable restrictions on transferability in order to
ensure compliance with such laws, unless in the aforesaid opinion of counsel for the Holder, such legend is not required in order to ensure compliance with such laws. The Company may issue stop transfer instructions to its transfer agent in
connection with such restrictions. 
 (c) Applicability of Restrictions. Neither any restrictions of any legend described in this
Warrant nor the requirements of Section 8(b) above shall apply to any transfer of, or grant of a security interest in, this Warrant (or the Applicable Stock obtainable upon exercise thereof) or any part hereof (i) to a partner of the
Holder if the Holder is a partnership or to a member of the Holder if the Holder is a limited liability company, (ii) to a partnership of which the Holder is a partner or to a limited liability company of which the Holder is a member, or
(iii) to a single affiliate of the Holder if the Holder is a corporation, where, in each case, the transferee is an “accredited investor”; provided, however, in any such transfer, if applicable, the transferee shall on
the Company’s request agree in writing to be bound by the terms of this Warrant as if an original holder hereof. 
 (d) “Market Stand-Off”. Holder hereby agrees that it shall not, to the extent requested by the Company or an underwriter of securities of the Company, sell or otherwise transfer or dispose of any Applicable Stock or
other shares of stock of the Company then owned by such Holder (other than to donees or partners of the Holder who agree to be similarly bound) for up to one hundred eighty (180) days following the effective date of a registration statement of
the Company filed under the Act; provided, however, that: 
 (i) such agreement shall be applicable only to the first such registration
statement of the Company that covers securities to be sold on its behalf to the public in an underwritten offering but not to registrable securities sold pursuant to such registration statement; 

(ii) all officers and directors of the Company then holding Common Stock of the Company, or other securities convertible into Common Stock of
the Company, enter into similar agreements, and all holders of at least five percent (5%) of the Company’s securities purchased from the Company (other than securities purchased from the Company at any time after the date of this Warrant in a
registered public offering) and all other persons with registration rights (whether or not pursuant to this Warrant) are bound by and have entered into a similar agreement and the restrictions on transfer have not been waived in whole or in part
with respect to any such officers, directors, holders or persons; and 
 (iii) In order to enforce the foregoing covenant, the Company shall
have the right to place restrictive legends on the certificates representing the shares subject to this Section 8(d) and to impose stop transfer instructions with respect to the securities and such other shares of stock of Holder (and the
shares or securities of every other person subject to the foregoing restriction) until the end of such period. 
 9. Rights as
Shareholders; Information. No Holder, as a holder of this Warrant, shall be entitled to vote or receive dividends or be deemed the holder of Applicable Stock for any purpose, nor shall anything contained herein be construed to confer upon the
Holder, as such, any of the rights of a shareholder of the Company or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, until this Warrant shall have been exercised or converted and
the Shares purchasable upon the exercise or conversion hereof shall have become deliverable, as provided herein. Notwithstanding the foregoing, the Company will transmit to the Holder such information, documents and reports as are generally
distributed to the holders of any class or series of the securities of the Company concurrently with the distribution thereof to the shareholders. In addition, the Company agrees to provide in a timely manner any information reasonably requested by
the Holder to enable the Holder and its affiliates to comply with their accounting reporting requirements. Prior to the effective date of an IPO, Company will also provide Holder the following information: 

  
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 (a) As soon as practicable (and in any event within thirty (30) days after the end of each
quarter), unaudited financial statements for such quarter, certified by Company’s Chief Executive Officer or Chief Financial Officer to fairly present in all material respects the data reflected therein. 

(b) As soon as practicable (and in any event within one hundred twenty (120) days after the end of each fiscal year), audited financial
statements for such year, setting forth in comparative form the corresponding figures for the preceding fiscal year, and accompanied by an audit report and unqualified opinion of the independent certified public accountants of recognized national
standing selected by Company. 
 (c) No later than thirty (30) days before the start of Company’s fiscal year, financial
projections for the next fiscal year approved by Company’s Board of Directors. 
 (d) Upon request by the Holder, the latest available
stockholder or shareholder valuation report of the Company that provides the latest valuation of the Company’s stock, which information shall be subject to the confidentiality provisions set forth in Section 12.12 of the Loan Agreement.

 (e) Upon request by the Holder, the latest available summary of the Company’s equity capital account showing share classes, number of
shares outstanding in each share class, common stock equivalents for each class, stock incentive plan amounts, amounts paid per share for each share class and valuation as of the last round of financing. 

10. Additional Rights. 

(a) Notice of Transactions. The Company shall provide the Holder with at least twenty (20) days’ written notice prior to
closing thereof of the terms and conditions of any of the following transactions (to the extent the Company has notice thereof): (i) any Acquisition of the Company or any liquidation or winding up of the Company, (ii) any declaration of a
dividend or distribution, whether in cash, property, stock, or other securities; or (iii) any offer for subscription or sale pro rata to the holders of the outstanding shares of Applicable Stock any additional shares of any class or series of
the Company’s stock (other than pursuant to contractual pre-emptive rights). 
 (b) Exercise
Prior to Expiration. To the extent this Warrant is not previously exercised as to all of the Shares subject hereto, and if the fair market value of one share of the Applicable Stock is greater than the Exercise Price then in effect, this Warrant
shall be deemed automatically exercised pursuant to Section 3(b) above (even if not surrendered) immediately before its expiration. For purposes of such automatic exercise, the fair market value of one share of the Applicable Stock upon such
expiration shall be determined pursuant to Section 3(b). To the extent this Warrant or any portion thereof is deemed automatically exercised pursuant to this Section 10(b), the Company agrees to promptly notify the Holder of the number of
Shares, if any, the Holder is to receive by reason of such automatic exercise. 
 (c) Down Rounds. If the Company conducts a private
offering of equity securities of the Company for the purpose of raising capital after the original date of issuance of this Warrant at a price per share lower than the Exercise Price then in effect (such offering being referred to herein as a
“Down Round”), the Company shall give the Holder the opportunity to purchase up to that number of shares of equity securities of the Company to be sold through the Down Round as will enable the Holder to own or

  
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acquire immediately after completion of the Down Round the same percentage of the equity securities of the Company (on a fully diluted basis) as the Holder owned and/or had the right to purchase
under this Warrant immediately prior to commencement of the Down Round offering. In this regard, the Company shall provide written notice to the Holder reasonably in advance of a proposed Down Round, which notice shall state, to the extent then
known by the Company, the number and type of shares of equity securities proposed to be sold through the Down Round and the per share price, and shall establish a deadline, not less than 20 days after the giving of such notice, by which the Holder
must deliver its written election to purchase shares in the Down Round. The per share price payable by the Holder in the Down Round shall be the same per share price payable by the lead investor in the Down Round. If the Company fails timely to
afford the Holder the opportunity to participate in the Down Round in the foregoing manner, then the Holder shall be entitled to purchase under this Warrant (in addition to the securities previously purchasable upon exercise of this Warrant), the
securities the Holder was entitled to purchase under this Section 10(c) at the price specified in this Section 10(c). 
 11.
Representations and Warranties. The Company represents and warrants to the Holder as follows: 
 (a) This Warrant has been duly
authorized and executed by the Company and is a valid and binding obligation of the Company enforceable in accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors and the rules
of law or principles at equity governing specific performance, injunctive relief and other equitable remedies. 
 (b) The Shares have been
duly authorized and reserved for issuance by the Company and, when issued in accordance with the terms hereof, will be validly issued, fully paid and nonassessable and free from preemptive rights. 

(c) The rights, preferences, privileges and restrictions granted to or imposed upon the Applicable Stock and the holders thereof are as set
forth in the Charter, and on the Date of Grant, each share of the Applicable Stock represented by this Warrant is convertible into one share of Common Stock. 

(d) The shares of Common Stock issuable upon conversion of the Shares have been duly authorized and reserved for issuance by the Company and,
when issued in accordance with the terms of the Charter will be validly issued, fully paid and nonassessable. 
 (e) The execution and
delivery of this Warrant are not, and the issuance of the Shares upon exercise of this Warrant in accordance with the terms hereof will not be, inconsistent with the Company’s Charter or by-laws, do not
and will not contravene any law, governmental rule or regulation, judgment or order applicable to the Company, and do not and will not conflict with or contravene any provision of, or constitute a default under, any indenture, mortgage, contract or
other instrument of which the Company is a party or by which it is bound or require the consent or approval of, the giving of notice to, the registration or filing with or the taking of any action in respect of or by, any Federal, state or local
government authority or agency or other person, except for the filing of notices pursuant to federal and state securities laws, which filings will be effected by the time required thereby. 

(f) There are no actions, suits, audits, investigations or proceedings pending or, to the knowledge of the Company, threatened against the
Company in any court or before any governmental commission, board or authority which, if adversely determined, could have a material adverse effect on the ability of the Company to perform its obligations under this Warrant. 

  
 -10- 

 (g) The number of shares of Common Stock of the Company outstanding on the date hereof, on a
fully diluted basis (assuming the conversion of all outstanding convertible securities and the exercise of all outstanding options and warrants, but not counting shares issuable pursuant to this warrant), does not exceed [304,938,663] shares. 

12. Modification and Waiver. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an
instrument in writing signed by the party against which enforcement of the same is sought. 
 13. Notices. Any notice, request,
communication or other document required or permitted to be given or delivered to the Holder or the Company shall be delivered, or shall be sent by certified or registered mail, postage prepaid, to the Holder at its address as shown on the books of
the Company or to the Company at the address indicated therefor on the signature page of this Warrant. Such notice, request, communication or other document may also be delivered by any other means of transmission so long as reasonable confirmation
of receipt by the addressee is obtained. 
 14. Binding Effect on Successors. This Warrant shall be binding upon any corporation
succeeding the Company by merger, consolidation or acquisition of all or substantially all of the Company’s assets, and all of the obligations of the Company relating to the Applicable Stock issuable upon the exercise or conversion of this
Warrant shall survive the exercise, conversion and termination of this Warrant and all of the covenants and agreements of the Company shall inure to the benefit of the successors and assigns of the Holder. 

15. Lost Warrants or Stock Certificates. The Company covenants to the Holder that, upon receipt of evidence reasonably satisfactory to
the Company of the loss, theft, destruction or mutilation of this Warrant or any stock certificate and, in the case of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to the Company, or in the case of any
such mutilation upon surrender and cancellation of such Warrant or stock certificate, the Company will make and deliver a new Warrant or stock certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant or stock
certificate. 
 16. Descriptive Headings. The descriptive headings of the various Sections of this Warrant are inserted for
convenience only and do not constitute a part of this Warrant. The language in this Warrant shall be construed as to its fair meaning without regard to which party drafted this Warrant. 

17. Governing Law. This Warrant shall be construed and enforced in accordance with, and the rights of the parties shall be governed by,
the laws of the State of California. 
 18. Survival of Representations, Warranties and Agreements. All representations and warranties
of the Company and the Holder contained herein shall survive the Date of Grant, the exercise or conversion of this Warrant (or any part hereof) or the termination or expiration of rights hereunder. All agreements of the Company and the Holder
contained herein shall survive indefinitely until, by their respective terms, they are no longer operative. 
 19. Remedies. In case
any one or more of the covenants and agreements contained in this Warrant shall have been breached, the Holder (in the case of a breach by the Company), or the Company (in the case of a breach by the Holder), may proceed to protect and enforce their
or its rights either by suit in equity and/or by action at law, including, but not limited to, an action for damages as a result of any such breach and/or an action for specific performance of any such covenant or agreement contained in this
Warrant. 

  
 -11- 

 20. Severability. The invalidity or unenforceability of any provision of this Warrant in
any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction, or affect any other provision of this Warrant, which shall remain in full force and effect. 

21. Recovery of Litigation Costs. If any legal action or other proceeding is brought for the enforcement of this Warrant, or because of
an alleged dispute, breach, default, or misrepresentation in connection with any of the provisions of this Warrant, the successful or prevailing party or parties shall be entitled to recover reasonable attorneys’ fees and other costs incurred
in that action or proceeding, in addition to any other relief to which it or they may be entitled. 
 22. Entire Agreement. This
Warrant constitutes the entire agreement between the parties pertaining to the subject matter contained in it and supersedes all prior and contemporaneous agreements, representations, and undertakings of the parties, whether oral or written, with
respect to such subject matter. 
 The Company has caused this Warrant to be duly executed and delivered as of the Date of Grant specified
above. 
  

			
	ELANCE, INC.
		
	By	 	 /s/ Servaes Tholen

		 	 Servaes Tholen
  

	Title	 	 Chief Financial Officer
  

	 Address:
 441 Logue Avenue

Mountain View, CA 94043

  

  
 -12- 

 EXHIBIT A-1 

NOTICE OF EXERCISE 
 To: ELANCE, INC. (the
“Company”) 
 Re: Warrant dated
                    , 2013, issued by the Company to SILVER LAKE WATERMAN FUND, L.P. (the “Warrant”) 

1. The undersigned hereby: 
  

	 	☐	elects to purchase              shares of Series F Preferred Stock of the Company pursuant to the terms of the Warrant, and tenders herewith payment of
the purchase price of such shares in full, or 

  

	 	☐	elects to exercise its net issuance rights pursuant to Section 3(b) of the Warrant with respect to              Shares of Series F Preferred Stock
of the Company. 

 2. Please issue a certificate or certificates representing      shares in the
name of the undersigned or in such other name or names as are specified below: 
  

                       
                                         
                 
 (Name) 

 

                       
                                         
                 
  

                       
                                         
                 
 (Address) 

3. The undersigned represents that the aforesaid shares are being acquired for the account of the 

undersigned for investment and not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention
of distributing or reselling such shares, all except as in compliance with applicable securities laws. 
  

	
	  

	(Signature)

  

                         

      (Date) 

 EXHIBIT A-2 

NOTICE OF EXERCISE 
 To: ELANCE, INC. (the
“Company”) 
 Re: Warrant dated
                    , 2013, issued by the Company to SILVER LAKE WATERMAN FUND, L.P. (the “Warrant”) 

1. Contingent upon and effective immediately prior to the closing (the “Closing”) of the Company’s public offering contemplated
by the Registration Statement on Form S             , filed             , 20_, the undersigned hereby: 

 

	 	☐	elects to purchase              shares of Series F Preferred Stock of the Company (or such lesser number of shares as may be sold on behalf of the
undersigned at the Closing) pursuant to the terms of the Warrant, or 

  

	 	☐	elects to exercise its net issuance rights pursuant to Section 3(b) of the Warrant with respect to              Shares of Series F Preferred Stock.

 2. Please deliver to the custodian for the selling shareholders a stock certificate representing such
             shares. 
 3. The undersigned has instructed the custodian
for the selling shareholders to deliver to the Company $             or, if less, the net proceeds due the undersigned from the sale of shares in the aforesaid public offering. If
such net proceeds are less than the purchase price for such shares, the undersigned agrees to deliver the difference to the Company prior to the Closing. 
  

	
	  

	(Signature)

  

                         

      (Date) 

 EXHIBIT B 

CHARTER 

 CERTIFICATE OF ADJUSTMENT OF WARRANT 

In connection with this Certificate of Adjustment of Warrant (this “Certificate”), reference is made to that certain Warrant
issued by Elance, Inc., a Delaware corporation (“Elance”) to Silver Lake Waterman Fund, L.P. (the “Holder”) on September 26, 2013 (the “Warrant”) whereby Elance granted to the Holder the right
to purchase shares of Series F Preferred Stock of Elance, subject to the terms and conditions set forth in the Warrant. Unless otherwise defined herein, all other capitalized terms used herein shall have the respective meanings given to those terms
in the Warrant. 
 WHEREAS, pursuant to that certain Agreement and Plan of Reorganization dated December 17, 2013 (the
“Agreement”), oDesk Corporation, a California corporation, and Elance, each became wholly owned subsidiaries of Elance-oDesk, Inc., a Delaware corporation (“Parent”), through two simultaneous merger transactions
(collectively, the “Transaction”). 
 WHEREAS, in connection with the Transaction, the Warrant has been assumed by Parent
and is now exercisable for a combination of Parent’s Series A-1 Preferred Stock and Parent’s Series A-2 Preferred Stock. 

WHEREAS, Section 6 of the Warrant requires Parent to acknowledge its obligations under the Warrant. 

NOW THEREFORE, Elance and Parent each hereby certifies to Holder as follows: 

1. Acknowledgement of Warrant. Parent and Elance each hereby acknowledge that Elance’s obligations under the Warrant have been
assumed by Parent and that the Holder’s rights and obligations, each as set forth in the Warrant, are enforceable against and by, respectively, Parent. 

2. Acknowledgement of Warrant Stock and Warrant Price; Waiver. Parent hereby agrees and acknowledges that: 

(i) upon the exercise of the Warrant, the Holder shall be entitled to receive in place of each such share of Series F Preferred
Stock previously exercisable under the Warrant, 0.040830 shares of Parent’s Series A-1 Preferred Stock and 0.089797 shares of Parent’s Series A-2 Preferred
Stock, and the term “Applicable Stock” as used in Section 1(d)(i)(A) of the Warrant shall reference such Series A-1 Preferred Stock and Series A-2
Preferred Stock issued or issuable upon the exercise of the Warrant; 
 (ii) (a) on the date hereof, the Warrant is
exercisable for an aggregate of up to 103,755 shares of Parent’s Series A-1 Preferred Stock and 228,187 shares of Parent’s Series A-2 Preferred Stock, issued
in a fixed ratio set forth above based on the number of shares of Series F Preferred Stock otherwise issuable upon the exercise of the Warrant, subject to further adjustment pursuant to the terms of the Warrant, and (b) from and after, and
contingent upon, the funding of the Loan made under Tranche 2, the Warrant will be exercisable for an aggregate of up to 124,506 shares of Parent’s Series A-1 Preferred Stock and 273,825 shares of
Parent’s Series A-2 Preferred Stock, issued in a fixed ratio set forth above based on the number of shares of Series F Preferred Stock otherwise issuable upon the exercise of the Warrant, subject to
further adjustment pursuant to the terms of the Warrant; and 
  

 (iii) the exercise price per share of the Warrant is fixed at $0.4083 per share
of Series F Preferred Stock otherwise issuable upon the exercise of the Warrant, subject to further adjustment pursuant to the terms of the Warrant. 

3. Entire Agreement. This Certificate, together with the Warrant, sets forth the entire agreement and understanding of the parties with
respect to the subject matter hereof and supersedes and replaces all prior agreements, understandings, and negotiations among the parties with respect to the subject matter hereof. Except as expressly set forth herein, nothing in this Certificate
shall be deemed to amend, alter or supersede the terms of the Warrant. Parent and Elance shall have no obligation to the Holder with respect to the Warrant except as expressly set forth in the Warrant as modified by this Certificate. 

4. Counterparts. This Certificate may be executed in one or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. 
 5. Governing Law; Forum. This Certificate shall be construed under
the substantive laws of the State of California and all matters pertaining to this Certificate shall be governed by the laws of the State of California. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, the parties hereto have executed this Notice of Adjustment of Warrant
effective as of March 31, 2014. 
  

			
	ELANCE-ODESK, INC.
		
	By:	 	 /s/ Servaes Tholen

	Name:	 	Servaes Tholen
	Title:	 	Chief Financial Officer
	
	ELANCE, INC.
		
	By:	 	 /s/ Servaes Tholen

	Name:	 	Servaes Tholen
	Title:	 	Chief Financial Officer

 ACKNOWLEDGED AND AGREED: 

By signing below, the Holder hereby acknowledges receipt of the foregoing, agrees with the adjustments set forth herein and waives any and all
notice provisions in the Warrant with regards to the Transaction. 
  

			
	SILVER LAKE WATERMAN FUND, LP
	
	 By: SILVER LAKE TECHNOLOGY ASSOCIATES

       WATERMAN, L.L.C., its general partner

			
		
	By:	 	 /s/ Shawn K. O’Neill

	Name:	 	Shawn K. O’Neill
	Title:	 	Managing Director

 SIGNATURE PAGE TO THE NOTICE OF ADJUSTMENT OF WARRANTEX-4.4

 Exhibit 4.4 

NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR UNDER THE SECURITIES LAWS OF APPLICABLE STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE
APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION UNDER SUCH LAWS OR EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD
OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 UPWORK INC. 

WARRANT TO PURCHASE 

COMMON STOCK 
 THIS CERTIFIES THAT, for
value received, Tides Foundation (the “Holder”) is entitled to purchase, on the terms and subject to the conditions hereof, the number of shares of Common Stock, par value $0.0001 per share (the “Common Stock”), of
Upwork Inc., a Delaware corporation (the “Company”), set forth below, at a per share purchase price of $0.01 (the “Exercise Price”), subject to adjustment as provided herein. 

The following terms shall apply to this Warrant: 

1.                Exercise of Warrant. The terms and conditions upon
which this Warrant may be exercised, and the Common Stock covered hereby (the “Warrant Shares”) may be purchased, are as follows: 

1.1    Number of Shares. This Warrant shall be exercisable for up to 500,000 Warrant Shares, which number shall be subject to
adjustment in accordance with Section 2 of this Warrant. The Warrant shall vest and become exercisable by the Holder as follows: (i) on the one-year anniversary of the closing date of the
Company’s first firm commitment underwritten public offering of its Common Stock registered under the Securities Act of 1933, as amended (the “Initial Offering”), with respect to 50,000 Warrant Shares (which number shall be
subject to adjustment in accordance with Section 2 of this Warrant) and (ii) on each subsequent one-year anniversary of the Initial Offering thereafter, with respect to 50,000 additional Warrant
Shares (which number shall be subject to adjustment in accordance with Section 
 2 of this Warrant). 

1.2    Exercise. Holder may not exercise this Warrant with respect to any unvested portion of this Warrant. Any vested portion of
the Warrant may be exercised in whole or in part prior to the earlier of (a) the date that is eleven years from the closing of the Initial Offering (the “Termination Date”) and (b) the closing date of a Sale of the
Company. If not exercised on or prior to the Termination Date or a Sale of the Company, this Warrant shall be void thereafter. Furthermore, this Warrant may not be exercised if the issuance of the Warrant Shares upon such exercise would constitute a
violation of any applicable federal or state securities laws or regulations. The exercise of the purchase rights hereunder, in whole or in part, shall be effected by (i) the surrender of this Warrant, together with a duly executed copy
of the form of the subscription attached as Exhibit A hereto, to the Company at its principal executive offices, and (ii) the delivery of the Exercise Price by (x) cashier’s or certified check or bank draft payable

 
to the Company’s order, (y) by wire transfer to the Company’s account, or (z) pursuant to Section 1.4 of this Warrant for the number of Warrant Shares for which the
purchase rights hereunder are being exercised. 
 1.3    Automatic Exercise. Notwithstanding any provision herein to the
contrary, this Warrant shall automatically be deemed to be exercised in full with respect to any vested portion of this Warrant in the manner set forth in Section 1.4 of this Warrant, without any further action on behalf of Holder (other than
the payment of the exercise price in the manner set forth in Section 1.4 of this Warrant) on the earliest date immediately prior to (a) the time this Warrant would otherwise expire or (b) immediately prior to a Sale of the Company. A
“Sale of the Company” shall mean either of the following: (A) a merger or consolidation (each a “Combination”) in which (i) the Company is a constituent party or (ii) a subsidiary of the Company is a
constituent party and the Company issues shares of its capital stock pursuant to such Combination, except any such Combination involving the Company or a subsidiary in which the shares of capital stock of the Company outstanding immediately prior to
such Combination continue to represent, or are converted into or exchanged for equity securities that represent, immediately following such Combination, at least a majority, by voting power, of the equity securities of (1) the surviving or
resulting party or (2) if the surviving or resulting party is a wholly owned subsidiary of another party immediately following such Combination, the parent of such surviving or resulting party; or (B) the sale, lease, transfer, exclusive
license or other disposition, in a single transaction or series of related transactions, by the Company or any subsidiary or subsidiaries of the Company, of all or substantially all the assets (or in the case of an exclusive license, of all or
substantially all of the Company’s intellectual property) of the Company and its subsidiaries taken as a whole (or, if substantially all of the assets of the Company and its subsidiaries taken as a whole are held by one or more subsidiaries,
the sale or disposition (whether by consolidation, merger, conversion or otherwise) of such subsidiaries of the Company), except where such sale, lease, transfer or other disposition is made to the Company or one or more wholly owned subsidiaries of
the Company. In connection with the exercise of this Warrant pursuant to clause (b) above, such exercise shall be conditioned upon the closing of such Sale of the Company, and the Warrant shall not be deemed to have been exercised until the
closing of such Sale of the Company. 
 1.4    Net Issue Election. 

(a)    Upon automatic exercise of this Warrant as provided in Section 1.3 of this Warrant or at any time or from time to time as
Holder may elect with respect to any vested portion of this Warrant, Holder shall be entitled to receive, without the payment by Holder of any additional consideration, shares of Common Stock equal to the value of this Warrant or any portion hereof
by the surrender of this Warrant or such portion to the Company, with the net issue election notice attached hereto as Exhibit B duly executed (other than exercise pursuant to Section 1.3), at the Company’s executive principal
offices. Thereupon, the Company shall issue to Holder such number of fully paid and non-assessable shares of Common Stock as is computed using the following formula: 

X = Y (A-B) 

A 

where: 
 X =    the number of shares of
Common Stock to be issued to Holder 
 Y =    the number of shares of Common Stock purchasable under this Warrant in respect of which the
net issue election is made 
 A =    the fair market value of one share of Common Stock, as determined pursuant to Section 1.4(b)
of this Warrant, as at the time the net issue election is made 

 B =    the Exercise Price in effect under this Warrant at the time the net issue election is
made 
 (b)    For purposes of this Section 1.4, fair market value of one share of Common Stock as of a particular date shall mean:

 (i)                If the Company’s Common Stock is listed on a
security exchange, the average closing price of the Company’s Common Stock on such exchange for the five trading days prior to the day notice of exercise is provided to the Company; 

(ii)    In the case of an automatic exercise in connection with a Sale of the Company, the effective per share consideration to be
received by the holders of the Common Stock; or 
 (iii)    If Sections 1.4(b)(i) or (ii) of this Warrant do not apply, then as
determined by the Company’s board of directors in good faith. 
 1.5    Issuance of Shares. In the event of any exercise of
the rights represented by this Warrant in accordance with and subject to the terms and conditions hereof, (a) certificates or book-entry entitlements for the shares of Common Stock so purchased shall be dated the date of issuance and, together
with any other securities issuable upon such exercise and any other property to which the Holder may be entitled upon such exercise, shall be delivered to the Holder hereof within a reasonable time, with the certificates or book-entry entitlements
for the shares of Common Stock so purchased being in such denominations as may be specified in the applicable Exercise Notice, and registered in the name of the Holder or such other name or names as shall be specified in the applicable Exercise
Notice, and the Holder hereof (or such other person(s)) shall be deemed for all purposes to be the holder of record of the shares of Common Stock so purchased as of the date of such exercise, and (b) unless this Warrant has expired, a new
warrant representing the number of shares of Common Stock, if any, with respect to which this Warrant shall not then have been exercised (less any amount thereof which shall have been cancelled in payment or partial payment of the Exercise Price as
hereinafter provided) shall also be issued to the Holder hereof within such time. The issuance of certificates or book-entry entitlements for shares of Common Stock upon exercise of this Warrant shall be made without charge to the Holder for any
issuance tax in respect thereof or other cost incurred by the Company in connection with such exercise and the related issuance of shares of Common Stock. 

1.6    Written Acknowledgement. Upon any issuance of shares in accordance with and pursuant to the terms of this Warrant, Holder
shall provide written acknowledgement of such issuance to the Company in accordance with Holder’s standard practice for charitable donations of this type. 

2.       Certain Adjustments. 

2.1    Merger, Sale of Assets, Etc. If at any time while this Warrant, or any portion hereof, is outstanding and unexpired there
shall be (a) a reorganization (other than a combination, reclassification, exchange or subdivision of shares otherwise provided for herein), (b) a merger or consolidation of the Company with or into another corporation in which the Company is
not the surviving entity, or a reverse triangular merger in which the Company is the surviving entity but the shares of the Company’s capital stock outstanding immediately prior to the merger are converted by virtue of the merger into other
property, whether in the form of securities, cash, or otherwise, or (c) a sale or transfer of the Company’s properties and assets as, or substantially as, an entirety to any other person, then, as a part of such reorganization, merger,
consolidation, sale or transfer, lawful provision shall be made so that Holder shall thereafter be entitled to receive upon exercise of this Warrant in accordance with the terms hereof, during the period and upon the events specified herein and upon
payment of the Exercise Price then in effect, the 

 
number of shares of stock or other securities or property of the successor corporation resulting from such reorganization, merger, consolidation, sale or transfer that a holder of the shares
deliverable upon exercise of this Warrant would have been entitled to receive in such reorganization, consolidation, merger, sale or transfer if this Warrant had been exercised immediately before such reorganization, consolidation, merger,
consolidation, sale or transfer, all subject to further adjustment as provided in this Section 2. The foregoing provisions of this Section 2.1 shall similarly apply to successive reorganizations, consolidations, mergers, sales and
transfers and to the stock or securities of any other corporation that are at the time receivable upon the exercise of this Warrant. If the per-share consideration payable to Holder for shares in connection
with any such transaction is in a form other than cash or marketable securities, then the value of such consideration shall be determined in good faith by the Company’s board of directors. In all events, appropriate adjustment, as determined in
good faith by the Company’s board of directors, shall be made in the application of the provisions of this Warrant with respect to the rights and interests of Holder after the transaction, to the end that the provisions of this Warrant shall be
applicable after that event, as near as reasonably may be, in relation to any shares or other property deliverable after that event upon exercise of this Warrant. 

2.2    Reclassification, etc. If the Company, at any time while this Warrant, or any portion hereof, remains outstanding and
unexpired by reclassification of securities or otherwise, shall change any of the securities as to which purchase rights under this Warrant exist into the same or a different number of securities of any other class or classes, this Warrant shall
thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the securities that were subject to the purchase rights under this Warrant immediately prior to
such reclassification or other change and the Exercise Price therefor shall be appropriately adjusted, all subject to further adjustment as provided in this Section 2. 

2.3    Split, Subdivision or Combination of Shares. If the Company at any time while this Warrant, or any portion hereof, remains
outstanding and unexpired shall split, subdivide or combine the securities as to which purchase rights under this Warrant exist, into a different number of securities of the same class, the Exercise Price for such securities shall be proportionately
decreased in the case of a split or subdivision or proportionately increased in the case of a combination. 
 2.4    Adjustments for
Dividends in Stock or Other Securities or Property. If while this Warrant, or any portion hereof, remains outstanding and unexpired, the holders of the securities as to which purchase rights under this Warrant exist at the time shall have
received, or, on or after the record date fixed for the determination of eligible stockholders, shall have become entitled to receive, without payment therefor, other or additional stock or other securities or property, other than cash, of the
Company by way of dividend, then and in each case, this Warrant shall represent the right to acquire, in addition to the number of shares of the security receivable upon exercise of this Warrant, and without payment of any additional consideration
therefor, the amount of such other or additional stock or other securities or property, other than cash, of the Company that Holder would hold on the date of such exercise had it been the holder of record of the security receivable upon exercise of
this Warrant on the date hereof and had thereafter, during the period from the date hereof to and including the date of such event, retained such shares and/or all other additional stock available by it as aforesaid during such period, giving effect
to all adjustments called for during such period by the provisions of this Section 2. 
 2.5    Certificate as to
Adjustments. Upon the occurrence of each adjustment or readjustment pursuant to this Section 2, the Company at its expense shall promptly compute such adjustment or readjustment in accordance with the terms hereof and furnish to Holder a
certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based. The Company shall, upon the written request, t any time, of Holder, furnish or cause to be furnished to
Holder a like certificate setting forth: (a) such adjustments 
 and readjustments; (b) the Exercise Price at the time in effect; and (c) the
number of shares and the amount, if any, of other property that at the time would be received upon the exercise of this Warrant. 

 3.       Representations and Warranties of Holder. 

3.1    The execution and delivery of this Warrant, and the consummation of the transactions and obligations contemplated hereby have been
duly and validly authorized by all necessary action on Holder’s part. This Warrant has been duly and validly executed and delivered by Holder and is the valid and binding obligation of Holder, enforceable against Holder in accordance with its
terms except to the extent the enforceability hereof is limited by applicable bankruptcy, insolvency, moratorium and other laws affecting creditors’ rights generally and by equitable principles (regardless of whether enforcement is sought in
equity or at law). 
 3.2    Holder hereby warrants and represents that Holder is (a) acquiring this Warrant, and any Warrant
Shares issued upon exercise of this Warrant, for Holder’s own account, not as a nominee or agent, and not with a view to their resale or distribution, and that Holder has no present intention of selling, granting any participation in, or
otherwise distributing the same and (b) Holder is an “accredited investor” as such term is defined under Rule 501 promulgated under the Securities Act of 1933, as amended (the “1933 Act”). 

3.3    Holder is aware of the Company’s business affairs and financial condition and has received or has had full access to all the
information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions and receive answers from
the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort
or expense) necessary to verify any information furnished to Holder or to which Holder has access. 
 3.4    Holder acknowledges that
this Warrant has not been registered under the 1933 Act, on the ground that the issuance of this Warrant is exempt from registration pursuant to Section 4(a)(2) of the 1933 Act, and that the Company’s reliance on such exemption is
predicated on the representations of Holder set forth herein. 
 3.5    In connection with the investment representations made herein,
Holder represents that it is able to fend for itself in the transactions contemplated by this Warrant, has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of his investment, has the
ability to bear the economic risks of its investment and has been furnished with and has had access to such information as it has requested and deemed appropriate to its investment decision. 

3.6    Holder hereby confirms that Holder has been informed that this Warrant, and the Warrant Shares issued upon exercise of this
Warrant, are restricted securities under the 1933 Act and may not be resold or transferred unless this Warrant, or the Warrant Shares issued upon exercise of this Warrant, as the case may be, are first registered under the federal securities laws or
unless an exemption from such registration is available. Holder acknowledges that the Company has no obligation to register the Warrant Shares. Holder hereby acknowledges that Holder is prepared to hold this Warrant, and the Warrant Shares issued
upon exercise of this Warrant, for an indefinite period and that Holder is aware that Rule 144 of the Securities and Exchange Commission issued under the 1933 Act is not presently available to exempt the issuance of this Warrant from the
registration requirements of the 1933 Act. Notwithstanding the foregoing, the Company will work with Holder in good faith to take commercially reasonable efforts to remove any restrictive legends on the Warrant Shares, including by providing the
transfer agent with an appropriate opinion of counsel, as soon as counsel to the Company determines that there is no legal requirement to maintain such restrictive legends. 

 3.7    Holder hereby agrees that Holder shall make no disposition of this Warrant or the
Warrant Shares issued upon exercise of this Warrant unless and until Holder shall have furnished the Company with a statement of the circumstances surrounding the proposed disposition and provided the Company with assurances and, upon request of the
Company, with an opinion of counsel, at the expense of Holder or its transferee, reasonably satisfactory to the Company, that (a) the proposed disposition does not require registration of the Warrant Shares under the 1933 Act, or (b) all
appropriate action necessary for compliance with the registration requirements of the 1933 Act or of any exemption from registration available under the 1933 Act has been taken. 

3.8    Holder agrees to be bound by and comply with the limitations on transfer contained in the Bylaws of the Company (the
“Bylaws”), including, but not limited to, Article X (Restriction on Transfer) of the Bylaws. 
 3.9    In order to
reflect the restrictions on disposition of the Warrant Shares, the stock certificates or book-entry entitlements for the Warrant Shares will be endorsed with restrictive legends set forth below or similar legends, together with any other legends
that may be required by state or federal securities laws, the Company’s Certificate of Incorporation (“Charter”) or Bylaws, any other agreement affecting the Warrant Shares between Holder and the Company, or any other agreement
applicable to Holder: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE
SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION TO THE REGISTRATION
REQUIREMENTS OF SUCH ACT OR SUCH LAWS. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A 180 DAY MARKET
STAND-OFF RESTRICTION AS SET FORTH IN A CERTAIN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. AS A RESULT OF SUCH
AGREEMENT, THESE SHARES MAY NOT BE TRADED PRIOR TO 180 DAYS AFTER THE EFFECTIVE DATE OF THE PUBLIC OFFERING OF THE COMMON STOCK OF THE ISSUER HEREOF. SUCH RESTRICTION IS BINDING ON TRANSFEREES OF THESE SHARES. 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE HOLDER, A COPY
OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER CONTAINED IN
THE BYLAWS OF THE COMPANY.” 
 3.10  Holder hereby represents and warrants that it is an organization qualified under section 170(c)(2) of
the Internal Revenue Code of 1986, as amended. 
 4.      Representations, Warranties and Covenants of the Company.
This Warrant is issued and delivered by the Company and accepted by Holder on the basis of the following representations, warranties and covenants made by the Company: 

4.1    The Company covenants that it will at all times from and after the date hereof reserve and keep available, free and clear of all
preemptive or similar rights, such number of its authorized shares of Common Stock as will be sufficient to permit, respectively, the exercise of this Warrant in full. The Company covenants further that such shares as may be issued pursuant to such
exercise will, upon issuance, be duly and validly issued, fully paid and non-assessable and free from all taxes, liens and charges with respect to the issuance thereof. 

 4.2    The Company has all necessary authority to issue, execute and deliver this Warrant and
to perform its obligations hereunder. This Warrant has been duly authorized, issued, executed and delivered by the Company and is the valid and binding obligation of the Company, enforceable in accordance with its terms. 

4.3    The issuance, execution and delivery of this Warrant do not, and the issuance of the shares of Common Stock upon the exercise of
this Warrant in accordance with the terms hereof will not, (a) violate or contravene the Company’s Charter or Bylaws, (b) violate or contravene any law, statute, regulation, rule, judgment or order applicable to the Company,
(c) violate, contravene or result in a breach or default under any contract, agreement or instrument to which the Company is a party or by which the Company or any of its assets are bound or (d) require the consent or approval of or the
filing of any notice or registration with any person or entity, except for any filing required under applicable securities laws, in each case, with respect to clauses (b), (c) and (d), as would have a material adverse effect on the Company’s
ability to perform its obligations under this Warrant. 
 4.4    The Company acknowledges that (a) this Warrant is being granted to
Holder as a charitable gift and that the net proceeds realized by Holder from the disposition of the Warrant Shares (the “Proceeds”) will be granted to one or more charitable organizations or charitable purposes, and (b) the
Company has been provided with documentation whereby it can recommend specific foundations or charities to which Holder will allocate the Proceeds (such foundations and/or charities, the “Company Designees”). If at the time the
Proceeds are realized the Company has not identified any Company Designees by completing such documentation, if any of the Company Designees no longer exist or decline to receive the Proceeds, or if Company determines, in its good faith assessment,
that grants to such Company Designees are not consistent with Company’s charitable purposes, Holder shall promptly provide written notice to the Company informing the Company of the same. The Company may identify replacement Company Designees
by notifying Holder in writing of its choice of replacement Company Designees no later than ten (10) business days following receipt of such notice, whereupon Holder will review and, subject to the above, allocate the Proceeds to such
replacement Company Designees. If the Company has not nominated replacement Company Designees at the end of such ten (10) business days, Holder may reallocate the Proceeds or transfer all unallocated Proceeds to the Tides Foundation. 

5.      Fractional Shares. No fractional shares shall be issued in connection with any exercise of this Warrant. In lieu
of the issuance of such fractional shares, the Company shall make a cash payment equal to the then fair market value of such fractional share as determined in good faith by the Company’s board of directors. 

6.      No Privilege of Stock Ownership. Prior to the exercise of this Warrant, Holder shall not be entitled, by virtue
of holding this Warrant, to any rights of a stockholder of the Company, including, without limitation, the right to vote, receive dividends or other distributions, or exercise preemptive rights, and such holder shall not be entitled to any notice or
other communication concerning the business or affairs of the Company. Nothing in this Section 6 shall limit the right of Holder to be provided the notices required herein or to participate in distributions described in Section 2 of this
Warrant if Holder ultimately exercises this Warrant. 
 7.      “Market
Stand-Off” Agreement. Holder hereby agrees that it shall not sell, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the
same economic effect as a sale, any Common Stock (or other securities) of the Company held by such Holder (other than those included in the registration or purchased in the registration or aftermarket) for the
180-day period following the effective date of the Initial Offering. Holder agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriter that are
consistent with the Holder’s obligations under this Section 7 or that are 

 
necessary to give further effect thereto. The obligations described in this Section 7 shall not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a transaction on Form S-4
or similar forms that may be promulgated in the future. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to such securities until the end of such period. The underwriters of the
Company’s stock are intended third party beneficiaries of this Section 7 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 

8.      Transfers or Exchanges. This Warrant shall not be transferable. 

9.      Successors and Assigns. The terms and provisions of this Warrant shall be binding upon the Company, Holder, and
their respective successors and assigns, subject at all times to the restrictions set forth in this Warrant. 
 10.    Loss, Theft,
Destruction or Mutilation of Warrant. Upon (i) receipt of notice by the Company of the loss, theft, destruction, or mutilation of this Warrant (including, if mutilated, surrender and cancellation of this Warrant), (ii) reimbursement to the
Company of all reasonable expenses incidental thereto and (iii) if requested by the Company, the execution of an affidavit of the fact of such loss, theft, destruction or mutilation, the Company will make and deliver a new warrant, in identical
form, and dated as of such cancellation, in lieu of this Warrant; provided that the Company may in its discretion and as a condition precedent to the issuance thereof, require Holder to execute an indemnification agreement as indemnity against any
claim that may be made against the Company or any of its respective representatives or agents with respect to such lost documents. 

11.    Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action, or the expiration of any right
required or granted herein shall be a Saturday, or Sunday, or shall be a legal holiday, then such action may be taken or such right may be exercised, except as to the purchase price, on the next succeeding day not a legal holiday. 

12.    Amendments and Waivers. Any term of this Warrant may be amended, and the observance of any term of this Warrant may be
waived (either generally or in a particular instance, and either retroactively or prospectively), with the written consent of the Company and Holder. 

13.    Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of California
without regard to the conflict of law provisions thereof. 
 14.    Notices. Any notice, demand or delivery pursuant to the
provisions of this Warrant shall be in writing, shall be addressed as set forth below and shall be sufficiently delivered or made on the second business day if delivered by Federal Express or any other reliable overnight courier. 

 

					
	If to the Company:                	  	Legal Department	  	
		  	Upwork Inc.	  	
		  	441 Logue Avenue	  	
		  	Mountain View, CA 94043	  	
			
	If to the Holder:                	  	General Counsel	  	
		  	Tides Foundation	  	
		  	1012 Torney Avenue	  	
		  	San Francisco, CA 94129	  	

 Either the Company or Holder may change its address for notice purpose by providing written notice to the other
party in accordance with this Section 14. 
 15.    Severability. If one or more provisions of this Warrant are held to be
unenforceable under applicable law, then such provision(s) shall be excluded from this Warrant to the extent they are unenforceable and the remainder of this Warrant shall be interpreted as if such provision(s) were so excluded and shall be
enforceable in accordance with its terms. 
 16.    Entire Agreement. This Warrant constitutes the entire agreement and
understanding of the parties with respect to the subject matter hereof and supersedes any and all prior negotiations, correspondence, warrants, agreements, understandings duties or obligations between the parties with respect to the subject matter
hereof. 
 [remainder of page intentionally left blank] 

 The Company has executed this Warrant as of May 1, 2018 

 

			
	UPWORK INC.
		
	By:	 	 /s/ Brian Levey

 
			
	Print Name:	 	 Brian Levey

 
			
	Title:	 	 Secretary

  

			
	 AGREED AND ACKNOWLEDGED:

	
	 TIDES FOUNDATION

		
	By:	 	 /s/ Judith Hill

			
	Print Name:	 	 Judith Hill

			
	Title:	 	 Chief Financial Officer

 EXHIBIT A 

Subscription 
  

	
	  

	  

	  

 Attention: ________________________________ 

Ladies and Gentlemen: 
 The undersigned hereby elects to
purchase, pursuant to the provisions of the Warrant dated ________ __, 20__, __________ shares of Common Stock of Upwork Inc., a Delaware corporation. 
 In
exercising the Warrant, the undersigned Holder hereby confirms and acknowledges that the representations and warranties set forth in the Warrant as they apply to the undersigned Holder are true and complete as of this date. 

Dated: _________ ____, 20__ 
  

			
	By:	 	  

 
			
	Print Name:	 	  

 
			
	Title:	 	  

 EXHIBIT B 

Net Issue Election 
  

	
	  

	  

	  

 Attention: ________________________________ 

Ladies and Gentlemen: 
 The undersigned hereby elects under
Section 1.4 of the Warrant dated ________ __, 20___, (the “Warrant”), to exercise its right to receive                 
shares of Common Stock pursuant to the Warrant. The certificate(s) for such shares issuable upon such net issue election shall be issued in the name of the undersigned or as otherwise indicated below: 

 

			
	 Name for Registration:
	 	  

			
	 Mailing Address:
	 	  

 In exercising the Warrant, the undersigned Holder hereby confirms and acknowledges that the representations and warranties set
forth in the Warrant as they apply to the undersigned Holder are true and complete as of this date. 
  

			
	By:	 	  

 
			
	Print Name:	 	  

 
			
	Title:

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