Document:

EX-10.6.(d)

 Exhibit 10.6(d) 

FOURTH LOAN MODIFICATION AGREEMENT 
 This Fourth Loan Modification Agreement (this “Loan Modification Agreement”) is entered into as of February 17, 2012, by and between SILICON VALLEY BANK, a California corporation,
with its principal place of business at 3003 Tasman Drive, Santa Clara, California 95054 and with a loan production office located at 230 West Monroe Street, Chicago, Illinois 60606 (“Bank”) and EXACTTARGET, INC., a
Delaware corporation with its chief executive office located at 20 North Meridian Street, Suite 200, Indianapolis, Indiana 46204 (“Borrower”). 
 1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan arrangement
dated as of November 18, 2010, evidenced by, among other documents, a certain Loan and Security Agreement dated as of November 18, 2010, between Borrower and Bank, as amended by a certain First Loan Modification Agreement dated as of
March 30, 2011, between Borrower and Bank, as further amended by a certain Second Loan Modification Agreement dated as of September 19, 2011, between Borrower and Bank, and as further amended by a certain Third Loan Modification Agreement
dated as of October 31, 2011, between Borrower and Bank (as amended, the “Loan Agreement”). Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Loan Agreement. 

2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the (a) Collateral as described in the Loan Agreement, and
(b) the Intellectual Property Collateral as described in that certain Intellectual Property Security Agreement dated as of November 18, 2010, by and between Borrower and Bank (the “IP Agreement”, and together with the Loan
Agreement and any other collateral security granted to Bank, the “Security Documents”). Hereinafter, the Security Documents, together with all other documents evidencing or securing the Obligations shall be referred to as the
“Existing Loan Documents”. 
 3. DESCRIPTION OF CHANGE IN TERMS. 

 

	 	A.	Modifications to Loan Agreement. 

  

	 	1	The Loan Agreement shall be amended by deleting the following, appearing as Section 6.7 thereof (entitled “Financial Covenants”), in its entirety:

 “6.7 Financial Covenants. Maintain at all times, to be tested as of the last day of each fiscal
quarter, unless otherwise noted, on a consolidated basis with respect to Borrower and its Subsidiaries: 
 (a)
Recurring Revenue. Maintain Recurring Revenue for Borrower’s fiscal quarter ending (i) December 31, 2010 of at least $28,500,000.00, (ii) March 31, 2011 of at least $37,938,000, (iii) June 30, 2011 of at
least $42,381,000, (iv) September 30, 2011 of at least $45,662,000.00, and (v) December 31, 2011 of at least $48,463,000.00. In addition, commencing with Borrower’s fiscal quarter ending on March 31, 2012, and for each
fiscal quarter thereafter, Borrower shall maintain at all times, to be tested as of the last day of each fiscal quarter, minimum Recurring Revenue of greater than or equal to the greater of: (i) ninety (90%) of the Recurring Revenue
projected for each fiscal quarter pursuant to Borrower’s Board of Directors’ approved projections, which projections shall be acceptable to Bank in its reasonable discretion, and (ii) the minimum Recurring Revenue required for the
previous fiscal quarter. 
 (b) Unfinanced Capital Expenditures. Borrower’s unfinanced
capital expenditures shall not exceed (i) Ten Million Dollars ($10,000,000) in the aggregate for Borrower’s fiscal year ending December 31, 2010, and (ii) Thirty-Four Million Dollars ($34,000,000.00) in the aggregate for
Borrower’s fiscal year ending December 31, 2011. In addition, commencing with 

 
Borrower’s fiscal year beginning January 1, 2012, and for each fiscal year thereafter, Borrower’s unfinanced capital expenditures shall not exceed one hundred twenty percent
(120%) of the unfinanced capital expenditures projected for each such fiscal year pursuant to Borrower’s Board of Directors’ approved projections, which projections shall be acceptable to Bank in its reasonable discretion. 

(c) Adjusted EBITDA. Adjusted EBITDA for Borrower’s fiscal quarter ending (i) December 31, 2010 of
at least ($750,000.00), (ii) March 31, 2011 of at least ($3,255,000.00), (iii) June 30, 2011 of at least ($2,949,000.00), (iv) September 30, 2011 of at least ($820,000.00), and (v) December 31, 2011 of at
least ($28,000.000). In addition, commencing with Borrower’s fiscal quarter ending on March 31, 2012, and for each fiscal quarter thereafter, Borrower shall maintain at all times, to be tested as of the last day of each fiscal quarter,
Adjusted EBITDA of greater than or equal to eighty (80%) of the Adjusted EBITDA projected for each fiscal quarter pursuant to Borrower’s Board of Directors’ approved projections, which projections shall be acceptable to Bank in its
reasonable discretion.” 
 and inserting in lieu thereof the following: 

“6.7 Financial Covenants. Maintain at all times, to be tested as of the last day of each fiscal quarter, unless otherwise
noted, on a consolidated basis with respect to Borrower and its Subsidiaries: 
 (a) Recurring Revenue. Maintain
Recurring Revenue for Borrower’s fiscal quarter ending (i) December 31, 2010 of at least $28,500,000.00, (ii) March 31, 2011 of at least $37,938,000.00, (iii) June 30, 2011 of at least $42,381,000.00,
(iv) September 30, 2011 of at least $45,662,000.00, and (v) December 31, 2011 of at least $48,463,000.00. In addition, commencing with Borrower’s fiscal quarter ending on March 31, 2012, and for each fiscal quarter
thereafter, Borrower shall maintain at all times, to be tested as of the last day of each fiscal quarter, minimum Recurring Revenue of greater than or equal to the greater of: (i) ninety percent (90%) of the Recurring Revenue projected for
each fiscal quarter pursuant to Borrower’s Board of Directors’ most recently approved projections, which projections shall be acceptable to Bank in its reasonable discretion, and (ii) the minimum Recurring Revenue required for the
previous fiscal quarter. 
 (b) Net Unfinanced Capital Expenditures. Borrower’s net unfinanced capital
expenditures shall not exceed (i) Ten Million Dollars ($10,000,000.00) in the aggregate for Borrower’s fiscal year ending December 31, 2010, and (ii) Thirty-Four Million Dollars ($34,000,000.00) in the aggregate for
Borrower’s fiscal year ending December 31, 2011. In addition, commencing with Borrower’s fiscal year beginning January 1, 2012, and for each fiscal year thereafter, Borrower’s net unfinanced capital expenditures shall not
exceed one hundred twenty-five percent (125%) of the net unfinanced capital expenditures projected for each such fiscal year pursuant to Borrower’s Board of Directors’ most recently approved projections for such fiscal year,
which projections shall be acceptable to Bank in its reasonable discretion. For clarity, lease incentives and leasehold improvement allowances received by Borrower from lessors related to Borrower’s occupation of lessors’ facilities shall
be netted against Borrower’s total unfinanced capital expenditures to determine Borrower’s net unfinanced capital expenditures. 

 (c) Adjusted EBITDA. Adjusted EBITDA for Borrower’s fiscal quarter ending
(i) December 31, 2010 of at least ($750,000.00), (ii) March 31, 2011 of at least ($3,255,000.00), (iii) June 30, 2011 of at least ($2,949,000.00), (iv) September 30, 2011 of at least ($820,000.00), and
(v) December 31, 2011 of at least ($28,000.00). In addition, commencing with Borrower’s fiscal quarter ending on March 31, 2012, and for each fiscal quarter thereafter, Borrower shall maintain at all times, to be tested as of the
last day of each fiscal quarter, Adjusted EBITDA of greater than or equal to the Adjusted EBITDA projected for each fiscal quarter pursuant to Borrower’s Board of Directors’ most recently approved projections for such quarter, which
projections shall be acceptable to Bank in its reasonable discretion, minus $3,000,000.00.” 
  

	 	2	The Compliance Certificate appearing as Exhibit D to the Loan Agreement is hereby replaced with the Compliance Certificate attached as Schedule 1 hereto.

 4. FEES. Borrower shall reimburse Bank for all legal fees and expenses incurred in connection with this amendment to the
Existing Loan Documents. 
 5. RATIFICATION OF IP AGREEMENT. Borrower hereby ratifies, confirms and reaffirms, all and singular, the
terms and conditions of the IP Agreement, and acknowledges, confirms and agrees that the IP Agreement, together with the Intellectual Property notices provided by Borrower to Bank pursuant to Section 6.2(j) of the Loan Agreement and the
Intellectual Property rights set forth in Schedule 4(a) of the Perfection Certificate attached as Schedule 2 hereto, contain an accurate and complete listing of all Intellectual Property Collateral as defined the IP Agreement and shall remain
in force and effect. In addition, Borrower hereby acknowledges and agrees that all references in the IP Agreement to “Loan Agreement” shall include the Loan Agreement, as modified by this Loan Modification Agreement. 

6. RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby ratifies and confirms, all and singular, the terms and disclosures contained in the
Perfection Certificate attached as Schedule 2 hereto, which Perfection Certificate shall replace the Perfection Certificate dated as of November 18, 2010 between Borrower and Bank. 

7. AUTHORIZATION TO FILE. Borrower hereby authorizes Bank to file UCC financing statements without notice to Borrower, with all appropriate
jurisdictions, as Bank deems appropriate, in order to further perfect or protect Bank’s interest in the Collateral, including a notice that any disposition of the Collateral, by either the Borrower or any other Person, shall be deemed to
violate the rights of the Bank under the Code. 
 8. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever
necessary to reflect the changes described above. 
 9. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms
all terms and conditions of all security or other collateral granted to the Bank, and confirms that the indebtedness secured thereby includes, without limitation, the Obligations. 
 10. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that as of the date hereof Borrower has no offsets, defenses, claims, or counterclaims against Bank with respect to the
Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against Bank, whether known or unknown, at law or in equity, all of them are hereby expressly WAIVED and Borrower hereby
RELEASES Bank from any liability thereunder. 
 11. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the existing
Obligations, Bank is relying upon Borrower’s representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan Modification Agreement, the terms of the Existing Loan
Documents remain unchanged and in full force and effect. Bank’s agreement to modifications to the existing Obligations pursuant to this Loan Modification Agreement in no way shall obligate Bank to make any future

 
modifications to the Obligations. Nothing in this Loan Modification Agreement shall constitute a satisfaction of the Obligations. It is the intention of Bank and Borrower to retain as liable
parties all makers of Existing Loan Documents, unless the party is expressly released by Bank in writing. No maker will be released by virtue of this Loan Modification Agreement. 
 12. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it shall have been executed by Borrower and Bank. 

[The remainder of this page is intentionally left blank] 

 This Loan Modification Agreement is executed as of the date first written above. 

 

									
	BORROWER:	 		 	BANK:
			
	EXACTTARGET, INC.	 		 	SILICON VALLEY BANK
					
	By:	 	/s/ Steven Collins	 		 	By:	 	/s/ Kurt Nichols
					
	Name:	 	Steven Collins	 		 	Name:	 	Kurt Nichols
					
	Title:	 	CFO	 		 	Title:	 	RM II

 Schedule 1 

EXHIBIT D 
 COMPLIANCE CERTIFICATE 

			
	TO:       SILICON VALLEY BANK	  	Date: _______________________
	FROM: EXACTTARGET, INC.	  	

 The undersigned authorized officer of EXACTTARGET, INC. (“Borrower”) certifies that under the
terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”): 

(1) Borrower is in complete compliance for the period ending _______________ with all required covenants except as noted below;
(2) there are no Events of Default; (3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be
applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true,
accurate and complete in all material respects as of such date; (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes,
assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.9 of the Agreement; and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries
relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Bank. 

Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with
GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in
compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement.

 Please indicate compliance status by circling Yes/No under “Complies” column. 

 

							
	 Reporting Covenant
	  	 Required
	  	Complies	 
	 Monthly financial statements with Compliance Certificate
	  	Monthly within 30 days	  	 	Yes No	  
	 Annual financial statement (CPA Audited)
	  	FYE within 120 days	  	 	Yes No	  
	 Board Projections
	  	FYE within 45 days	  	 	Yes No	  
	 10-Q, 10-K and 8-K
	  	Within 5 days after filing with SEC	  	 	Yes No	  
	 Borrowing Base Certificate with A/R & A/P Agings
	  	Monthly within 30 days	  	 	Yes No	  
	 Bank Statements
	  	Monthly within 5 Business Days	  	 	Yes No	  
	
	The following Intellectual Property was registered (or a registration application submitted) after the Effective Date (if no registrations, state
“None”)	   
	
	
                        
                                         
                                         
                                         
                                         
                
	   

	
	
                        
                                         
                                         
                                         
                                         
                
	   

  
  

													
	 Financial Covenant
	  	Required	 	 	Actual	 	  	Complies	 
	 Maintain on a Quarterly Basis (unless otherwise specified):
	  				 				  			
	 Minimum Recurring Revenue
	  	 	*	  	 	 	$_______	  	  	 	Yes    No	  
	 Maximum Net Unfinanced CAPEX
	  	 	*	* 	 	 	$_______	  	  	 	Yes    No	  
	 Minimum Adjusted EBITDA
	  	 	*	** 	 	 	$_______	  	  	 	Yes    No	  

  

	*	As set forth in Section 6.7(a) of the Agreement. 

	**	As set forth in Section 6.7(b) of the Agreement. 

	***	As set forth in Section 6.7(c) of the Agreement. 

 The following financial covenant analyses and information set forth in Schedule 1 attached hereto are true and accurate as of the date of this Certificate. 

The following are the exceptions with respect to the certification above: (If no exceptions exist, state “No exceptions to
note.”) 
  
  

 
  
  

 
  

									
	EXACTTARGET, INC.	 		 	BANK USE ONLY
					
		 		 		 	Received by:	 	 
	By:	 	 	 		 		 	AUTHORIZED SIGNER
					
	Name:	 	 	 		 	Date:	 	 
					
	Title:	 	 	 		 	Verified:	 	 
		 		 		 		 	AUTHORIZED SIGNER
					
		 		 		 	Date:	 	 
				
		 		 		 	Compliance Status:     Yes     No

 Schedule 1 to Compliance Certificate 

Financial Covenants of Borrower 
 In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. 
 Dated: ____________________ 
 I. Recurring Revenue (Section 6.7(a)) 

 

	Required:    	Borrower shall maintain at all times, to be tested as of the last day of each fiscal quarter, minimum Recurring Revenue of greater than or equal to the greater of:
(i) ninety percent (90%) of the Recurring Revenue projected for each fiscal quarter pursuant to Borrower’s Board of Directors’ most recently approved projections, which projections shall be acceptable to Bank in its reasonable
discretion, and (ii) the minimum Recurring Revenue required for the previous fiscal quarter. 

 Actual:
$______________________ 
  

							
	 A.    	  	 Recurring subscription revenue, any service revenue and messaging
revenue directly attributable to software licensed by Borrower’s parent, calculated on a consolidated basis with respect to Borrower and its Subsidiaries, on a basis consistent with Borrower’s financial statements delivered pursuant to
Section 6.2 (to the extent not inconsistent with then current GAAP) and in accordance with GAAP
  
	  	 	$          
      	  

 Is line A equal to or greater than the amount applicable above? 
 _____ No, not in compliance
                                         
    ________ Yes, in compliance 
 II. Net Unfinanced Capital Expenditures (Section 6.7(b)) 

 

	Required:        	Borrower’s net unfinanced capital expenditures shall not exceed one hundred twenty-five percent (125%) of the net unfinanced capital expenditures
projected for each such fiscal year pursuant to Borrower’s Board of Directors’ most recently approved projections for such fiscal year, which projections shall be acceptable to Bank in its reasonable discretion. For clarity, lease
incentives and leasehold improvement allowances received by Borrower from lessors related to Borrower’s occupation of lessors’ facilities shall be netted against Borrower’s total unfinanced capital expenditures to determine
Borrower’s net unfinanced capital expenditures. 

 Actual: $___________________ 

Is the actual amount equal to or greater than the amount applicable above? 
 _____ No, not in compliance
                                         
    ________ Yes, in compliance 
 III.         Adjusted EBITDA (Section 6.7(c))

 Required*: See below. 
 Actual:
$___________________ 

  

							
			
	 A.    	  	Net Income (as defined in the Agreement) for Borrower and its Subsidiaries	  	$
	                
	  

			
	 B.    	  	To the extent included in the determination of Net Income for Borrower and its Subsidiaries	  			
			
		  	 1.      Income tax Expense
	  	$
	                
	  

			
		  	 2.      Depreciation expense
	  	$
	                
	  

			
		  	 3.      Amortization expense from intangible assets
	  	$
	                
	  

			
		  	 4.      Interest Expense
	  	$
	                
	  

			
		  	 5.      Acquisition Expenses (as defined in the Agreement)
	  	$
	                
	  

			
		  	 6.      Non-cash compensation paid to employees in the form of equity
	  	$
	                
	  

			
		  	 7.      The sum of lines 1 through 6
	  	$
	                
	  

			
	  C.    	  	Adjusted EBITDA (line A plus line B.7)	  	   
	________  
	    

 Is line C at least greater than or equal to the Adjusted EBITDA projected for each fiscal quarter pursuant to
Borrower’s Board of Directors’ most recently approved projections for such quarter which projections shall be acceptable to Bank in its reasonable discretion, minus $3,000,000.00? 

_________ No, not in
compliance                                        
                         ________ Yes, in complianceEX-10.50

 EXHIBIT 10.50 
 MANHATTAN ASSOCIATES, INC. 
 RESTRICTED STOCK UNIT AWARD AGREEMENT FOR
EMPLOYEES 
  

			
	 Name of Employee:
	  	Number of Units:
		
	 Award Date:
	  	Vesting Start Date:

  

	*	If the information above is not completed, and this Agreement (as defined below) is being executed and delivered via an online grant acceptance system (an
“OLGA,” and an Agreement that is executed and delivered via OLGA, an “OLGA Grant”), then the information appearing on the OLGA grant summary screen with respect to the Units (as defined below) covered
by this Agreement that corresponds to the information called for above is hereby incorporated by reference into this Agreement and hereby made a part hereof. 

 THIS AGREEMENT (the “Agreement”) is made and entered into as of the Award Date noted above (or if not noted above, and this is an OLGA Grant, the Award Date set forth on the
OLGA grant summary screen with respect to these Units), by and between Manhattan Associates, Inc., a Georgia corporation (the “Company”), and the individual employee noted above (or if not noted above, and this is an OLGA
Grant, the individual employee accessing OLGA with respect to these Units) (“Employee”). 
 W I T N E
S S E T H: 
 WHEREAS, the Company has adopted the Manhattan Associates, Inc. 2007 Stock Incentive Plan (the
“Plan”) for the purpose of securing and retaining the services of officers, directors, key employees, and consultants of the Company, and providing incentives to those who are primarily responsible for the operations of the
Company to shape and carry out the long-range plans of the Company and aiding in its continued growth and financial success; and 
 WHEREAS, the Plan achieves such goals by providing the opportunity to receive compensation which is based upon appreciation in the value of the shares of the common stock, par value $.01
(“Common Stock”), of the Company (the “Shares” or the “Shares of Common Stock”); 
 WHEREAS, the Compensation Committee of the Board of Directors of the Company (the “Committee”) has authorized the grant to Employee under the Plan of an award of restricted
stock units (“Units”) representing the right to receive Shares under the circumstances described below, and the Company and Employee wish to confirm herein the terms, conditions, and restrictions of the Units; 

NOW, THEREFORE, in consideration of the premises, the mutual covenants contained herein, and other good and valuable
consideration, the parties hereto agree: 
 SECTION 1 

AWARD OF RESTRICTED STOCK UNITS 
 1.1 Award of Restricted Stock Units. Subject to the terms, restrictions, limitations, and conditions stated herein and in the Plan, the Company hereby awards to Employee that number of Units set
forth at the top of this page (or if not set forth above, and this is an OLGA Grant, as set forth on the OLGA grant summary screen with respect to these Units), with each Unit representing the right to receive a Share of Common Stock at a future
date and time, subject to the terms, restrictions, limitations, and conditions stated herein and in the Plan. 

 1.2 Vesting of Units. Employee shall become vested in the Units as set forth in
Schedule I hereto, which is incorporated by reference herein and hereby made a part hereof. References herein to this Agreement shall be deemed to include Schedule I. Each date on which one or more Units vest is referred to as a
“Vesting Date.” 
 For purposes of this Agreement, “Continuous Service” means a
period of continuous performance of services by Employee for the Company, a parent, or a subsidiary. Continuous Service shall end upon Employee’s termination of employment, unless determined otherwise by the Committee or its designee in its
sole and absolute discretion. Any question or dispute as to when the Employee’s Continuous Service begins or ends shall be determined by the Committee or its designee in its sole and absolute discretion. 

Notwithstanding the preceding provisions, the Committee may, in its sole discretion, accelerate the vesting of the Units in
whole or in part. The Units that have become vested pursuant to the above provisions are herein referred to as the “Vested Units” and all Units that are not Vested Units are sometimes herein referred to as the
“Unvested Units.” EMPLOYEE ACKNOWLEDGES AND AGREES THAT HE HAS BEEN FULLY
ADVISED TO CONSULT WITH HIS OWN TAX CONSULTANTS REGARDING THE AWARD
OF UNITS DESCRIBED HEREIN. 
 1.3 Settlement of Units by
Delivery of Shares. Each Vested Unit shall be settled by the delivery of a Share of Common Stock on the Vesting Date for that Unit, or as soon as administratively practicable, but no more than 30 days, thereafter; provided however, if
(a) Section 409A of the Internal Revenue Code of 1986 (the “Code”) applies to the vesting of the Unit or the delivery of the underlying Share, (b) the delivery is on account of Employee’s “separation
from service” as defined in Code Section 409A and the regulations thereunder, and (c) Employee is a “specified employee” as defined in Code Section 409A(a)(2)(B)(i) on the delivery date, the delivery of the Share shall
automatically be delayed until the first business day after the date that is six months after Employee’s separation from service (or, if earlier, the date of Employee’s death). 

The Company may deliver the Shares by delivery of physical stock certificates or by certificateless book-entry issuance. The Company may
also deliver the Shares to Employee’s or, following Employee’s death, Employee’s estate’s broker-dealer or similar custodian and/or issue the Shares in “street name,” either by delivery of physical certificates or
electronically. 
 1.4 Payment of Withholding Taxes. 

(a) General. Prior to the delivery of Shares to Employee as provided in Section 1.3 above, Employee must arrange for the
satisfaction of the minimum amount of any domestic or foreign tax withholding obligation, whether national, federal, state or local (the “Tax Withholding Obligation”) in a manner acceptable to the Company. 

(b) Methods. Payment of the Tax Withholding Obligation may be made: (i) by Employee’s delivery to the Company no later
than the business day immediately prior to the expected delivery date of the Shares, which expected delivery date shall be the Vesting Date unless the Company notifies Employee of some other expected delivery date, of the full Tax Withholding
Obligation in U.S. dollars in cash or check; or (ii) by the Company withholding Shares otherwise issuable pursuant to the vesting and settlement of the Units having a Fair Market Value equal to the Tax Withholding Obligation. If Employee does
not timely satisfy the Tax Withholding Obligation in accordance with subsection (i) of 

  
 - 2 -

 
this Section 1.4(b, then the Company shall withhold Shares in accordance with subsection (ii) of this Section 1.4(b). In addition, Employee may satisfy the Tax Withholding
Obligation by any other method available under the Plan if approved by the Committee or its designee. 
 (c) Right to Retain
Shares, Salary, etc. The Company may refuse to issue any Shares to Employee until Employee satisfies the Tax Withholding Obligation. To the maximum extent permitted by law and the Plan, the Company has the right to retain, without notice, from
Shares issuable under the Units or from salary or other amounts payable to Employee, Shares or cash having a value sufficient to satisfy the Tax Withholding Obligation. 
 1.5 No Rights as Shareholder. Unless and until such time as Shares are delivered in settlement of the Vested Units, Employee shall have no ownership of the Shares subject to the Units and shall
have no right to dividends or to vote such Shares. 
 SECTION 2 

RESTRICTIONS AND FORFEITURE OF UNITS 
 2.1 Forfeiture of Unvested Units. In addition to any forfeiture conditions set forth in Schedule I, if Employee’s Continuous Service ends for any reason, Employee shall forfeit to the
Company all Unvested Units, along with any and all rights or subsequent rights attached thereto, effective immediately. 
 2.2
Restrictions on Transfer of Unvested Units. Without the prior written consent of the Committee or its designee, the granting of which shall be within the sole and complete discretion of the Committee, or as applicable, its designee, no
Unvested Units may be in any manner conveyed, pledged, assigned, transferred, hypothecated, encumbered, or otherwise disposed of by Employee, in whole or in part. 
 SECTION 3 
 GENERAL PROVISIONS 

3.1 Change in Capitalization. If the number of outstanding Shares of the Common Stock shall be increased or decreased by a change
in par value, split-up, stock split, reverse stock split, reclassification, distribution of common stock dividend, or other similar capital adjustment, an appropriate adjustment shall be made by the Committee in the number and kind of shares
underlying the Units such that Employee’s proportionate interest shall be maintained as before the occurrence of the event; provided, however, that no fractional shares shall be issued in making such adjustment. All adjustments made by the
Committee under this Section shall be final, binding, and conclusive. 
 3.2 Legends. Employee agrees that the
Company may endorse the Share certificates with any legends required by applicable federal or state securities laws. The Company need not register a transfer of the Shares, and may also instruct its transfer agent, if any, not to register the
transfer of the Shares unless the conditions specified in the foregoing legends are satisfied. 
 3.3 Governing Laws.
This Agreement shall be construed, administered and enforced according to the laws of the State of Georgia, without regard to its conflict of laws principles. 
 3.4 Successors. This Agreement shall be binding upon and inure to the benefit of the heirs, legal representatives, successors, and permitted assigns of the parties. 

  
 - 3 -

 3.5 Notice. Except as otherwise specified herein, all notices and other
communications under this Agreement shall be in writing and shall be deemed to have been given if personally delivered or if sent by registered or certified United States mail, return receipt requested, postage prepaid, addressed to the proposed
recipient at the last known address of the recipient. Any party may designate any other address to which notices shall be sent by giving notice of the address to the other parties in the same manner as provided herein. 

3.6 Severability. In the event that any one or more of the provisions or portion thereof contained in this Agreement shall for any
reason be held to be invalid, illegal, or unenforceable in any respect, the same shall not invalidate or otherwise affect any other provisions of this Agreement, and this Agreement shall be construed as if the invalid, illegal or unenforceable
provision or portion thereof had never been contained herein. 
 3.7 Entire Agreement. Subject to the terms and
conditions of the Plan, this Agreement, and any applicable OLGA screen, expresses the entire understanding and agreement of the parties with respect to the subject matter. This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original but all of which shall constitute one and the same instrument. 
 3.8 Violation. Any
transfer, pledge, sale, assignment, or hypothecation of the Units or any portion thereof in contravention of this Agreement shall be a violation of the terms of this Agreement and shall be null, void and without effect ab initio. 

3.9 Headings. Paragraph headings used herein are for convenience of reference only and shall not be considered in construing this
Agreement. 
 3.10 Specific Performance. In the event of any actual or threatened default in, or breach of, any of the
terms, conditions and provisions of this Agreement, the party or parties who are thereby aggrieved shall have the right to specific performance and injunction in addition to any and all other rights and remedies at law or in equity, and all such
rights and remedies shall be cumulative. 
 3.11 No Employment Rights Created. Neither the establishment of the Plan nor
the award of Units hereunder shall be construed as giving Employee the right to continued employment with the Company. 
 3.12
Compliance with Code Section 409A. This Agreement and these Units are intended to be exempt from or otherwise to satisfy the requirements of Section 409A of the Code and any regulations or guidance that may be adopted thereunder
from time to time and shall be interpreted by the Committee as it determines necessary or appropriate in accordance with Section 409A of the Code to avoid a plan failure under Section 409A(a)(1) of the Code. 

[Signatures on following page] 

  
 - 4 -

 IN WITNESS WHEREOF, the parties have executed this Agreement to be effective as of
the Award Date noted above. 
  

			
	MANHATTAN ASSOCIATES, INC.
		
	By:	 	
		 	 

 Employee hereby acknowledges receipt of Agreement and has read and understands the terms and provisions of the Plan
and any applicable OLGA screen, and accepts the award of Units subject to all the terms and conditions of the Agreement, the Plan and any applicable OLGA screen. 
 If Employee is executing and delivering this Agreement via OLGA, Employee’s clicking of the on-screen button labeled “Accept” (or similarly labeled button) constitutes Employee’s
acceptance of, and express agreement to be bound by, the terms and conditions hereof, and his or her execution and delivery of this Agreement, without the necessity for a manual signature below or completion of the date and address fields below.
Employee consents to the use of his or her electronic signature in the foregoing manner, and consents to the retention of this executed Agreement solely in electronic form and to the delivery to Employee via electronic methods of records related to
this Agreement. 
  

							
	Employee Signature:	  	 	  	Date:	 	 

  

							
	Employee Printed Name:	 	 	 	 	  	 

  

  
 - 5 -

 RESTRICTED STOCK UNIT AWARD AGREEMENT FOR EMPLOYEES 

SCHEDULE I 
 Unit
Vesting Provisions 

  
 I-l

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