AMENDED AND RESTATED EXECUTIVE SEVERANCE BENEFIT AGREEMENT

Exhibit 10.2

AMENDED AND RESTATED

EXECUTIVE SEVERANCE BENEFIT AGREEMENT

THIS AMENDED AND RESTATED EXECUTIVE SEVERANCE BENEFIT AGREEMENT (the “Agreement”) is entered into by and between WageWorks, Inc., a Delaware corporation (the “Corporation”), and              (the “Executive”), effective             , 2017 (the “Effective Date”).

WHEREAS, the Corporation and the Executive previously entered into an Executive Severance Benefit Agreement effective                      (the “Previous Agreement”).

WHEREAS, the Corporation and the Executive desire to amend and restate the Previous Agreement from and after the Effective Date.

WHEREAS, the Administrator believes that it is in the best interests of the Corporation and its stockholders (i) to assure that the Corporation will have the continued dedication and objectivity of the Executive, notwithstanding the possibility, threat, or occurrence of a Change in Control and (ii) to provide the Executive with an incentive to continue the Executive’s employment prior to a Change in Control and to motivate the Executive to maximize the value of the Corporation upon a Change in Control for the benefit of stockholders.

WHEREAS, the Administrator believes that it is imperative to provide the Executive with certain severance benefits upon the Executive’s termination of employment under certain circumstances that are competitive. These benefits will provide the Executive with enhanced financial security and incentive and encouragement to remain with the Corporation notwithstanding the possibility of a Change in Control.

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the Executive and the Corporation agree as follows:

PART ONE – DEFINITIONS

For purposes of this Agreement, the following definitions shall be in effect:

Administrator means the compensation committee of the Board.

Board means the Corporation’s Board of Directors.

Change in Control shall have the same meaning as defined in the Plan.

Change in Control Severance Benefits means the various payments and benefits to which the Executive may become entitled under Part Three of this Agreement.

Change in Control Severance Period means the period commencing with the Corporation’s execution of the definitive agreement for a Change in Control and continuing until the end of the twenty-four (24)-month period measured from the closing date of that Change in Control.

Code means the Internal Revenue Code of 1986, as amended.

Common Stock means the Corporation’s common stock.

Equity Awards means the Executive’s equity awards to purchase shares of Common Stock, including restricted stock units, Performance Equity Awards, and the Options.

Government Agencies means any federal, state or local government agency or commission, including the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, and the National Labor Relations Board.

Incapacity means the inability of the Executive, by reason of any injury or illness, to properly perform the Executive’s normal duties and responsibilities of the Executive’s position with the Corporation for a period of more than one hundred eighty (180) consecutive days.

Involuntary Termination means the Executive’s Separation from Service as a result of either: (i) the Corporation’s termination of the Executive’s employment for any reason other than a Termination for Cause, or due to the Executive’s death or Incapacity or (ii) the Executive’s voluntary resignation within ninety (90) days following the end of the notice period following the occurrence of one or more of the following without the Executive’s written consent: (A) a material reduction in the Executive’s total cash compensation opportunity as in effect immediately prior to the earlier of: (1) the date of the Executive’s Separation from Service or (2) the Change in Control; provided, however, that a reduction of ten percent (10%) or more is deemed to be material for such purpose, (B) a material relocation of the Executive’s principal place of employment, with a relocation that is more than twenty-five (25) miles from the location of the Executive’s principal place of employment as in effect immediately prior to the Change in Control, (C) a material breach by the Corporation of any of its obligations under any written agreement between Executive and the Corporation, or (D) a material reduction in the Executive’s job duties, authority, or responsibilities as in effect immediately prior to the earlier of: (1) the date of the Executive’s Separation from Service or (2) the Change in Control; provided, however, that a reduction in duties, authority or responsibilities solely by virtue of the Corporation being acquired and made part of a larger entity (as, for example, when the                      of the Corporation remains as such following a Change in Control but is not made the                      of the acquiring corporation) is deemed to be material for such purpose; provided, however, that none of the events specified in this clause (ii) shall constitute grounds for an Involuntary Termination unless the Executive first provides written notice to the Corporation describing the applicable event within ninety (90) days following the occurrence of that event and the Corporation fails to cure such event within thirty (30) days after receipt of such written notice.

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Option means any option granted to the Executive under the Plan or otherwise to purchase shares of Common Stock which is outstanding at the time of the Executive’s Involuntary Termination.

Performance Equity Awards means any Equity Awards that are eligible to vest, in whole or in part, based on achievement of one or more performance metrics.

Plan means the Corporation’s 2010 Equity Incentive Plan and any successor stock incentive plan subsequently implemented by the Corporation.

Separation from Service means the cessation of the Executive’s status as an Employee of the Corporation and shall be deemed to occur at such time as the level of the bona fide services Executive is to perform as an Employee (or as a consultant or other independent contractor) permanently decreases to a level that is not more than twenty percent (20%) of the average level of services Executive rendered in Employee status during the immediately preceding thirty-six (36) months (or such shorter period for which Executive may have rendered such service). Any such determination as to Separation from Service, however, shall be made in accordance with the applicable standards of the Treasury Regulations issued under Code Section 409A. For purposes of determining whether Executive has incurred a Separation from Service, the Executive will be deemed to continue in “Employee” status for so long as he remains in the employ of one or more members of the Employer Group, subject to the control and direction of the employer entity as to both the work to be performed and the manner and method of performance. “Employer Group” means the Corporation and any other corporation or business controlled by, controlling or under common control with, the Corporation as determined in accordance with Sections 414(b) and (c) of the Code and the Treasury Regulations thereunder, except that in applying Sections 1563(1), (2) and (3) for purposes of determining the controlled group of corporations under Section 414(b), the phrase “at least 50 percent” shall be used instead of “at least 80 percent” each place the latter phrase appears in such sections, and in applying Section 1.414(c)-2 of the Treasury Regulations for purposes of determining trades or businesses that are under common control for purposes of Section 414(c), the phrase “at least 50 percent” shall be used instead of “at least 80 percent” each place the latter phrase appears in Section 1.4.14(c)-2 of the Treasury Regulations. In addition to the foregoing, a Separation from Service will not be deemed to have occurred while the Executive is on a sick leave or other bona fide leave of absence if the period of such leave does not exceed six (6) months or any longer period for which the Executive is provided with a right to reemployment with the Corporation either by statute or contract; provided, however, that in the event of a leave of absence due to any medically determinable physical or mental impairment that can be expected to result in death or to last for a continuous period of not less than six (6) months and that causes the Executive to be unable to perform the Executive’s duties as an Employee, no Separation from Service shall be deemed to occur during the first twenty-nine (29) months of such leave. If the period of leave exceeds six (6) months (or twenty-nine (29) months in the event of disability as indicated above) and the Executive is not provided with a right to reemployment by either statute or contract, then the Executive will be deemed to have Separated from Service on the first day immediately following the expiration of the applicable six (6)-month or twenty-nine (29)-month period.

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Termination for Cause means a Separation from Service as a result of the termination of the Executive’s employment by the Corporation due to (i) the commission of any act of fraud, embezzlement or by the Executive or the Executive’s commission of, or plea of nolo contendere to, a felony, (ii) any intentional use or intentional disclosure by the Executive of confidential information or trade secrets of the Corporation (or any parent or subsidiary of the Corporation), (iii) any other intentional misconduct by the Executive adversely affecting the business or affairs of the Corporation (or any parent or subsidiary of the Corporation), (iv) the Executive’s failure to cure any breach of the Executive’s obligations under the Executive’s Proprietary Information and Inventions Agreement with the Corporation after written notice of such breach from the Corporation and a reasonable cure period of at least thirty (30) days (v) the Executive’s continued failure to perform the duties and responsibilities of the Executive’s position after there has been delivered to the Executive a written demand for performance from the Executive’s supervisor which describes the basis for the supervisor’s belief that the Executive has not substantially performed the Executive’s duties and provides the Executive with at least fourteen (14) days to take corrective action, or (vi) intentional disregard of the Corporation’s policies and procedures so as to cause loss, damage or injury to the property, reputation or employees of the Corporation (or any parent or subsidiary of the Corporation). The foregoing definition shall not be deemed to be inclusive of all the acts or omissions which the Corporation (or any parent or subsidiary of the Corporation) may consider as grounds for the dismissal or discharge of the Executive or any other individual in the service of the Corporation (or any parent or subsidiary of the Corporation), but a dismissal for such other acts or omissions shall not constitute a Termination for Cause for purposes of this Agreement.

PART TWO – SEVERANCE BENEFITS

1. Entitlement. Upon the Executive’s Involuntary Termination at any time other than during the Change in Control Severance Period, then the Executive shall become eligible to receive the severance benefits provided under this Part Two. Those benefits shall be in lieu of any other severance benefits for which the Executive might otherwise be eligible by reason of the Executive’s termination of employment or Separation from Service under such circumstances.

Notwithstanding the foregoing, the Executive’s entitlement to severance benefits under this Part Two shall be subject to the following requirements (the “Severance Benefit Conditions”):

(a) In order to receive any severance benefits under this Part Two, but not less than an amount equal to one (1) month of salary continuation payments and at least one (1) month of reimbursed Coverage Costs under Part Two – 2(a) and Part Two – 2(b) of this Part Two, the Executive must comply with each of the following requirements:

(i) The Executive shall, within sixty (60) days of the date after such Separation from Service, execute and deliver to the Corporation a Severance & General Release Agreement, in substantially the form of attached Exhibit A hereto (the “Release”) which must become effective and irrevocable, in accordance with applicable law, no later than sixty (60) days following such Separation from Service (such deadline, the “Release Deadline”). If the Release does not become effective and irrevocable by the Release Deadline, the Executive will forfeit any rights to severance benefits under this Agreement. No severance benefits will be paid or provided until the Release becomes effective and irrevocable. Upon the Release becoming effective, any

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payments delayed from the date of the Executive’s Separation from Service through the effective date of the Release will be payable in a lump sum without interest as soon as administratively practicable after the Release becomes effective and irrevocable and all other amounts will be payable in accordance with the payment schedule applicable to each payment or benefit. In the event the Executive’s Separation from Service occurs at a time during the calendar year where the Release Deadline is in the calendar year following the calendar year in which the Executive’s Separation from Service occurs, then any severance payments under this Agreement that would be considered deferred compensation under Code Section 409A will be paid on, or in the case of installments, will not commence until, the sixty-first (61^st) day after the Executive’s Separation from Service, or such later date as provided in Part Five – 3 of this Agreement.

The provisions of this Agreement are intended to be exempt from or in compliance with the requirements of Code Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Code Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to so comply. The Corporation and the Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to the Executive under Code Section 409A.

(ii) The Executive shall comply with all of Executive’s obligations under the Executive’s Proprietary Information and Inventions Agreement with the Corporation, attached as Exhibit B hereto (“PIIA”).

(b) In order to receive additional severance benefits under this Part Two in excess of one (1) month of salary continuation payments and one (1) month of reimbursed Coverage Costs (“Additional Severance Benefits”), the Executive must comply with each of the additional requirements as follows:

(i) The Executive must comply with all of the Executive’s obligations under the PIIA that survive the termination of the Executive’s employment with the Corporation.

(ii) The Executive must comply with the restrictive covenants set forth in Part Five – 4 of this Agreement.

In the event the Executive violates the PIIA, or elects to engage or otherwise engages in any of the activities precluded by the restrictive covenants set forth in Part Five – 4 of this Agreement, the Executive shall not be entitled, after the date of such violation or activity (as the case may be), to receive any Additional Severance Benefits.

2. Severance Benefits. Subject to the requirements of Part Two – 1, the severance benefits to which the Executive may become entitled under this Part Two shall consist of the following:

(a) Salary Continuation Payments. The Executive shall be eligible to receive the Executive’s base salary for a total period of            months at the annualized rate in effect for him

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at the time of the Executive’s Involuntary Termination; provided, however, that if the Executive’s Involuntary Termination is due to an event set forth in clause (ii)(A) of the “Involuntary Termination” definition, then such salary continuation payments shall be based on the annualized rate of base salary in effect for the Executive immediately prior to the applicable reduction. The salary continuation payments shall be made at periodic intervals in accordance with the Corporation’s payroll practices for salaried employees, beginning with the first pay date within the sixty (60)-day period measured from the date of Executive’s Separation from Service due to such Involuntary Termination on which the requisite Release is effective. In no event shall the first such payment be made later than the last day of such sixty (60)-day period on which the Release is so effective, unless a further deferral is required pursuant to Part Five – 3 of this Agreement. The salary continuation payments to which the Executive becomes entitled in accordance with this Part Two – 2(a) (or Part Three – 2, if applicable) shall be treated as a right to a series of separate payments for purposes of Code Section 409A.

(b) Health Care Coverage. Provided the Executive and the Executive’s eligible dependents elect to continue medical care coverage under the Corporation’s group health care plans pursuant to the applicable COBRA provisions, the Corporation shall reimburse the Executive for the costs he incurs to obtain such continued coverage for himself and the Executive’s eligible dependents (collectively, the “Coverage Costs”) until the earliest to occur of (i) the expiration of the                     -month period measured from the first day of the calendar month following the calendar month in which the Executive’s Involuntary Termination occurs, (ii) the first date on which the Executive and the Executive’s eligible dependents are covered under another employer’s health benefit program without exclusion for any pre-existing medical condition or (iii) the first date on which the Executive elects to engage or otherwise engages in any of the activities precluded by the restrictive covenants set forth in Part Five – 4 of this Agreement. In order to obtain reimbursements for the Coverage Costs, the Executive must submit appropriate evidence to the Corporation of each periodic payment within sixty (60) days after the payment date, and the Corporation shall within thirty (30) days after such submission reimburse the Executive for that payment. During the period such medical care coverage remains in effect hereunder, the following provisions shall govern the arrangement: (i) the amount of Coverage Costs eligible for reimbursement in any one calendar year of such coverage shall not affect the amount of Coverage Costs eligible for reimbursement in any other calendar year for which such reimbursement is to be provided hereunder; (ii) no Coverage Costs shall be reimbursed after the close of the calendar year following the calendar year in which those Coverage Costs were incurred; and (iii) the Executive’s right to reimbursement of such Coverage Costs cannot be liquidated or exchanged for any benefit. To the extent the reimbursed Coverage Costs are treated as taxable income to the Executive, the Corporation shall report the reimbursement as taxable W-2 wages and collect the applicable withholding taxes, and the resulting tax liability shall be the Executive’s sole responsibility. Any additional health care coverage to which the Executive and the Executive’s dependents may be entitled under COBRA, following the period of such Coverage Cost reimbursement under this Part Two – 2(b), shall be at the Executive’s sole cost and expense.

Notwithstanding the foregoing, if the Corporation determines, in its sole discretion, that it cannot provide the foregoing Coverage Costs without potentially violating, or being subject to an excise tax under, applicable law (including, without limitation, Section 2716 of the Public Health Service Act, the Patient Protection and Affordable Care Act, and the Health Care

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and Education Reconciliation Act of 2010), the Corporation will in lieu thereof provide to the Executive a taxable monthly payment, payable on the last day of a given month (except as provided by the following sentence), in an amount equal to the portion of the monthly Coverage Costs, which payments will be made regardless of whether Executive or his eligible dependents elect COBRA continuation coverage on the same payment schedule as the Coverage Costs and will end on the earliest to occur of (i) the expiration of the                      -month period measured from the first day of the calendar month following the calendar month in which the Executive’s Involuntary Termination occurs, (ii) the first date on which the Executive and the Executive’s eligible dependents are covered under another employer’s health benefit program without exclusion for any pre-existing medical condition or (iii) the first date on which the Executive elects to engage or otherwise engages in any of the activities precluded by the restrictive covenants set forth in Part Five – 4 of this Agreement. For the avoidance of doubt, the taxable payments in lieu of Coverage Costs may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject to all applicable tax withholdings.

(c) Tax Gross-Up Payment. To the extent any reimbursements of Coverage Costs under Part Two – 2(b) or the payments in lieu of Coverage Costs under Part Two – 2(b) constitute taxable income to the Executive, he shall be entitled to an additional cash payment in a dollar amount sufficient to cover the federal and state income tax liability attributable to such taxable income and the additional tax gross-up payment made hereunder. Unless a further deferral is required pursuant to Part Five – 4 of this Agreement, each such tax gross-up payment shall be paid to or on behalf of the Executive within ten (10) business days after the federal and state income taxes to which it relates are remitted to the appropriate tax authorities. In no event shall any further payments be made under this Part Two – 2(c) should the Executive fail to comply with the Severance Benefit Conditions.

(d) No Equity Award Vesting Acceleration. All vesting of the Executive’s outstanding Equity Awards shall cease at the time of the Executive’s Involuntary Termination, and with respect to any Option, the Executive shall not have more than the period of time specified in the applicable stock option agreement in which to exercise each such Option following such Involuntary Termination for any shares of Common Stock for which that Option is vested and exercisable at the time of such termination, subject to earlier termination under the Plan.

PART THREE – CHANGE IN CONTROL SEVERANCE BENEFITS

1. Change in Control Severance Benefits Entitlement. Upon the Executive’s Involuntary Termination within the Change in Control Severance Period, then the Executive shall become eligible to receive the Change in Control Severance Benefits provided under Part Three – 2, subject to the conditions set forth therein. The Change in Control Severance Payments provided under this Part Three shall be in lieu of any other severance benefits to which the Executive might otherwise, by reason of the Executive’s termination of employment or Separation from Service during the Change in Control Severance Period, be eligible under any other severance plan, program or arrangement of the Corporation, including (without limitation) Part Two of this Agreement.

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2. Change in Control Severance Benefits. Subject to the requirements of Part Two – 1 of this Agreement, the Change in Control Severance Benefits for which the Executive may become eligible under this Part Three shall consist of the following payments and benefits:

(a) Severance Benefits. The Executive shall be eligible to receive the same level of salary continuation payments, Coverage Cost reimbursements (or payments in lieu of Coverage Cost reimbursements) and tax gross-up payments and at the same times as set forth in Part Two – 2 of this Agreement.

(b) Payment Equal to Target Bonus. The Executive shall become entitled to receive an amount equal to the annual target bonus in effect for the Executive for the year in which the Executive’s Involuntary Termination occurs (the “Termination Bonus”). Such amount shall be paid in a lump sum on the first business day, within the sixty (60)-day period measured from the later of (i) the date of the Executive’s Separation from Service due to such Involuntary Termination or (ii) the closing date of the Change in Control, on which the Release is effective, unless a further deferral is required pursuant to Part Five – 4 of this Agreement. The payment shall be subject to the Corporation’s collection of all applicable withholding taxes, and the Executive shall receive only the net amount remaining after such taxes have been collected. In no event shall any Termination Bonus be paid unless the Change in Control transaction is in fact consummated.

(c) Equity Award Vesting Acceleration. If the Executive holds one or more unvested Equity Awards that remain outstanding as of immediately prior to the Executive’s Involuntary Termination within the Change in Control Severance Period, then              percent (     %) of the unvested portion of each of those Equity Awards shall immediately vest and become exercisable, within the sixty (60)-day period measured from the later of (i) the date of the Executive’s Separation from Service due to such Involuntary Termination or (ii) the closing date of the Change in Control, on which the Release is effective, unless a further deferral is required pursuant to Part Five – 4 of this Agreement.

Any Options for which vesting is so accelerated, together with all other Options held by the Executive that are vested and exercisable as of immediately prior to such Involuntary Termination, may be exercised for any or all of the underlying option shares as fully-vested shares. The Options as so accelerated and all other vested Options held by the Executive shall remain outstanding until the earlier of (i) the expiration date of the maximum option term or (ii) the expiration of the limited period of time specified in the applicable stock option agreement for which the Option is to remain exercisable following the Executive’s termination of employment with the Corporation, subject to earlier termination under the Plan.

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PART FOUR – TERMINATION DUE TO DEATH OR INCAPACITY

1. Effect of Termination due to Death or Incapacity. If the Executive undergoes a Separation from Service due to the Executive’s death or Incapacity, the Executive shall become eligible to receive the benefits provided under Part Four – 1, subject to the conditions set forth herein.

(a) Health Care Coverage. The Executive and/or his eligible dependents shall be eligible to receive the same level of Coverage Cost reimbursements (or payments in lieu of Coverage Cost reimbursements) and tax gross-up payments and at the same times as set forth in Part Two - 2(b) of this Agreement.

(b) Equity Award Vesting Acceleration. If the Executive holds one or more unvested Equity Awards immediately prior to the Separation from Service due to the Executive’s death or Incapacity, then              percent (    %) of the unvested portion of each of those Equity Awards shall immediately vest and become exercisable. Any Options for which vesting is so accelerated, together with all other Options held by the Executive that are vested and exercisable as of immediately prior to such Separation from Service, may be exercised for any or all of the underlying option shares as fully-vested shares. The Options as so accelerated and all other vested Options held by the Executive shall remain outstanding until the earlier of (i) the one (1)-year anniversary of Executive’s termination date or (ii) the expiration of the limited period of time specified in the applicable stock option agreement for which the Option is to remain exercisable following the Executive’s termination of employment with the Corporation due to death or “Disability” (as such term is defined in the Plan), subject to earlier termination under the Plan.

PART FIVE – LIMITATION ON BENEFITS

1. No Duplication of Benefits. In no event shall the Executive be entitled to severance benefits under both Parts Two and Three of this Agreement.

2. Benefit Limit. The benefit limitations of this Part Five shall be applicable in the event the Executive receives any benefits under this Agreement that are deemed to constitute parachute payments under Code Section 280G.

In the event that any payments to which the Executive becomes entitled in accordance with the provisions of this Agreement or otherwise would otherwise constitute a parachute payment under Code Section 280G, then such payments will be subject to reduction to the extent necessary to assure that the Executive receives only the greater of (i) the amount of those payments which would not constitute such a parachute payment or (ii) the amount which yields the Executive the greatest after-tax amount of benefits after taking into account any excise tax imposed on the payments provided to the Executive under this Agreement (or on any other benefits to which the Executive may become entitled in connection with any change in control or ownership of the Corporation or the subsequent termination of the Executive’s employment with the Corporation) under Code Section 4999.

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Should a reduction in benefits be required to satisfy the benefit limit of this Part Five – 2, then the Executive’s salary continuation payments under Part Two – 2 or Part Three – 2, as applicable, shall accordingly be reduced (with such reduction to be effected pro-rata to each payment) to the extent necessary to comply with such benefit limit. Should such benefit limit still be exceeded following such reduction, then the amount of the Executive’s bonus payment under Part Three – 2(b) shall be reduced next, and finally the number of shares as to which the Executive’s outstanding Equity Awards (including Options) would otherwise vest on an accelerated basis in accordance with Part Three – 2(b) shall be reduced (based on the value of the parachute payment attributable to each such accelerated equity award under Code Section 280G), to the extent necessary to eliminate such excess, with such reduction to be effected in the same chronological order in which those awards were granted.

3. Code Section 409A.

(a) Notwithstanding any provision to the contrary in this Agreement (other than Part Five – 3(b) below), no payments, benefits or reimbursements to which the Executive otherwise becomes entitled under Part Two or Part Three of this Agreement (other than reimbursement of Coverage Costs during the applicable period of COBRA coverage) shall be made or provided to the Executive prior to the earlier of (i) the first business day of the seventh month following the date of the Executive’s Separation from Service or (ii) the date of the Executive’s death, if the Executive is deemed at the time of such Separation from Service to be a “specified employee” within the meaning of that term under Code Section 416(i) and the Corporation’s stock is publicly traded on an established securities market and such delayed commencement is otherwise required in order to avoid a prohibited distribution under Code Section 409A(a)(2). Upon the expiration of the applicable deferral period, all payments, benefits and reimbursements deferred pursuant to this Section (whether they would have otherwise been payable in a single sum or in installments in the absence of such deferral) shall be paid or made to the Executive in a lump sum, and any remaining payments, benefits and reimbursements due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

If the Executive is, at any time during the twelve-month period ending on the last day of any calendar year, deemed to be a “key employee” within the meaning of that term under Code Section 416(i), then the Executive shall be deemed to be a specified employee subject to the delayed payment provisions of this Part Five – 3(a) for the period beginning on the April 1 of the following calendar year and ending on the March 31 of the next year thereafter.

(b) The six (6) month holdback set forth in the subsection Part Five – 3(a) above shall not be applicable to (i) any severance payments under Part Two or Part Three of this Agreement that qualify as Short-Term Deferral Payments and (ii) any remaining portion of the severance payments due the Executive under Part Two or Part Three of this Agreement to the extent (I) that the dollar amount of those payments does not exceed two (2) times the lesser of (x) the Executive’s annualized compensation (based on the Executive’s annual rate of pay for the calendar year preceding the calendar year of the Executive’s Separation from Service, adjusted to reflect any increase during that calendar year which was expected to continue indefinitely had Executive’s Separation from Service not occurred) or (y) the maximum amount of compensation that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in

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which the Executive’s Separation from Service occurs, and (II) such severance payments are to be made to the Executive no later than the last day of the second calendar year following the calendar year in which the Separation from Service occurs.

4. Restrictive Covenant: Non-Solicitation. During Executive’s employment and for the a period of twelve (12) months immediately following the termination of Executive’s relationship with the Corporation for any reason, whether voluntary or involuntary, with or without cause, Executive will not directly or indirectly solicit any of the Corporation’s employees to leave their employment at the Corporation. Nothing in this Part Five – 4 shall affect Executive’s continuing obligations under this Agreement or the PIIA during and after this twelve (12) month period.

5. No Entitlement to Benefits. In no event shall the Executive be entitled to any benefits under Part Two or Part Three of this Agreement if the Executive’s employment ceases by reason of a Termination for Cause, if Executive’s termination is due to his death or Incapacity, or if he voluntarily resigns other than for a reason which qualifies as grounds for an Involuntary Termination.

PART SIX – MISCELLANEOUS PROVISIONS

1. All Terminations. Upon any termination of the Executive’s employment with the Corporation, including an Involuntary Termination, the Corporation shall pay the Executive (i) any unpaid base salary earned for services rendered through the date of termination, (ii) the value of any accrued but unused paid vacation benefits or paid time-off (“PTO”) benefits, as applicable, and (iii) any bonus amount actually earned and vested at time of such termination but not previously paid to the Executive. In addition, except as otherwise provided in Part Three – 2(c) and Part Four – 1 herein, Executive’s outstanding Equity Awards, if any, shall be governed by the terms of the applicable award agreement and the Plan. Notwithstanding the foregoing, any vested amounts deferred by the Executive under one or more of the Corporation’s non-qualified deferred compensation programs or arrangements subject to Code Section 409A that remain unpaid on the date of such termination of the Executive’s employment shall be paid at such time and in such manner as set forth in each applicable plan or agreement, subject, however, to the deferred payment provisions of Part Five – 3.

2. Successors and Assigns. The provisions of this Agreement shall inure to the benefit of, and shall be binding upon, (i) the Corporation and its successors and assigns, including any successor entity by merger, consolidation or transfer of all or substantially all of the Corporation’s assets (whether or not such transaction constitutes a Change in Control), and (ii) the Executive, the personal representative of the Executive’s estate and the Executive’s heirs and legatees.

3. General Creditor Status. The benefits to which the Executive may become entitled under Part Two or Part Three of this Agreement shall be paid, when due, from the Corporation’s general assets, and no trust fund, escrow arrangement or other segregated account shall be established as a funding vehicle for such payments. Accordingly, the Executive’s right (or the right of the executors or administrators of the Executive’s estate) to receive such benefits shall at all times be that of a general creditor of the Corporation and shall have no priority over the claims of other general creditors.

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4. Governing Law. The provisions of this Agreement shall be construed and interpreted under the laws of the State in which Executive was employed by the Corporation at the time of Executive’s Involuntary Termination. If any provision of this Agreement as applied to any party or to any circumstance should be adjudged by a court of competent jurisdiction or determined by an arbitrator to be void or unenforceable for any reason, the invalidity of that provision shall in no way affect (to the maximum extent permissible by law) the application of such provision under circumstances different from those adjudicated by the court or determined by the arbitrator, the application of any other provision of this Agreement, or the enforceability or invalidity of this Agreement as a whole. Should any provision of this Agreement become or be deemed invalid, illegal or unenforceable by reason of the scope, extent or duration of its coverage, then such provision shall be deemed amended to the extent necessary to conform to applicable law so as to be valid and enforceable and consistent with the intent of the parties hereto. If such provision cannot be so amended without altering the intention of the parties, then such provision, including any consideration specifically tied to such provision, will be stricken, and the remainder of this Agreement shall continue in full force and effect. It is the intent of the parties to this Agreement that should any of the Severance Benefit Conditions of Part Two – 1(b) be void or unenforceable as written herein, then the Executive shall not be entitled to any Additional Severance Benefits under Part Two or Part Three (as the case may be).

5. Arbitration.

(a) Each party agrees that any and all disputes which arise out of or relate to the Executive’s employment, the termination of the Executive’s employment or the terms of this Agreement shall be resolved through final and binding arbitration. Such arbitration shall be in lieu of any trial before a judge and/or jury, and the Executive and Corporation expressly waive all rights to have such disputes resolved through trial before a judge and/or jury. Such disputes shall include, without limitation, claims for breach of contract or of the covenant of good faith and fair dealing, claims of discrimination, violation of public policy, claims under any federal, state or local law or regulation now in existence or hereinafter enacted and as amended from time to time concerning in any way the subject of the Executive’s employment with the Corporation or its termination. Executive understands that Executive may bring a proceeding as a Private Attorney General, as permitted by California law. Executive understands that this Agreement does not prohibit Executive from pursuing an administrative claim with a local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, including, but not limited to, the Department of Fair Employment and Housing, the Equal Employment Opportunity Commission, the National Labor Relations Board, the Securities and Exchange Commission, or the Workers’ Compensation Board. This Agreement does, however, preclude Executive from pursuing a court action regarding any such claim, except as permitted by law. Executive further understands that this agreement to arbitrate also applies to any disputes that the company may have with Executive. Executive understands that nothing in this Agreement constitutes a waiver of any rights Executive may have under applicable law, including, but not necessarily limited to, Section 7 of the National Labor Relations Act or the Sarbanes-Oxley Act, including any rights prohibiting compulsory arbitration. Similarly, nothing in this agreement prohibits Executive from engaging in protected activity (as defined herein).

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(b) Arbitration shall be held in San Mateo County, California and conducted in accordance with the Employment Arbitration Rules and Mediation Procedures of the American Arbitration Association (“AAA Rules”), provided, however, that the arbitrator shall allow the discovery authorized by California Code of Civil Procedure section 1282, et seq., or any other discovery authorized or required by applicable law in arbitration proceedings. To the extent that any of the AAA Rules or anything in this Part Six – 5 conflict with applicable law, the arbitration procedures required by applicable law shall govern.

(c) During the course of the arbitration, the Corporation will pay the arbitrator’s fee and any other type of expense or cost that the Executive would not otherwise be required to bear if he were free to bring the dispute or claim in court and any other expense or cost that is unique to arbitration. The Corporation and the Executive shall each bear their own respective attorneys’ fees incurred in connection with the arbitration, and the arbitrator shall award reasonable attorneys’ fees and costs of arbitration to the prevailing party. If there is a dispute as to whether the Executive or the Corporation is the prevailing party in the arbitration, the arbitrator will decide the issue. Executive acknowledges and agrees that Executive is executing this agreement voluntarily and without any duress or undue influence by the Corporation or anyone else. Executive further acknowledges and agrees that Executive has carefully read this Part Six – 5 and has asked any questions needed for Executive to understand the terms, consequences, and binding effect of this arbitration provision and fully understand it, including that Executive is waiving Executive’s right to a jury trial. Finally, Executive agrees that Executive has been provided an opportunity to seek the advice of an attorney of my choice before signing this Agreement.

(d) The arbitrator shall issue a written award that sets forth the essential findings of fact and conclusions of law on which the award is based. The arbitrator shall have the authority to award any relief authorized by law in connection with the asserted claims or disputes. The arbitrator’s award shall be subject to correction, confirmation, or vacation, as provided by applicable law setting forth the standard of judicial review of arbitration awards. Judgment upon the arbitrator’s award may be entered in any court having jurisdiction thereof.

6. Protected Activity Not Prohibited. Executive understands that nothing in this Agreement limits or prohibits Executive from filing a charge or complaint with, or otherwise communicating or cooperating with or participating in any investigation or proceeding that may be conducted by Government Agencies including disclosing documents or other information as permitted by law, without giving notice to, or receiving authorization from, the Corporation. Notwithstanding, in making any such disclosures or communications, Executive agrees to take all reasonable precautions to prevent any unauthorized use or disclosure of any information that may constitute Corporation Confidential Information to any parties other than the Government Agencies. Executive further understands that Executive is not permitted to disclose the Corporation’s attorney-client privileged communications or attorney work product. In addition, Executive hereby acknowledges that the Corporation has provided Executive with notice in compliance with the Defend Trade Secrets Act of 2016 regarding immunity from liability for limited disclosures of trade secrets. The full text of the notice is attached in Exhibit C.

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7. Modification; Severability.

(a) This Agreement may be amended by the parties only by a written agreement signed by the Executive and an authorized officer of the Corporation.

(b) In the event that, any one or more of the restrictive covenants of Part Five – 4 of this Agreement shall for any reason be held to be unenforceable for any reason including, but not limited to, being excessively broad as to duration, geographical scope, activity or subject, it shall be construed or modified by limiting and reducing it, so as to provide the Corporation with the maximum protection of its business interests and yet be enforceable under the applicable law as it shall then exist.

8. Counterparts. This Agreement may be executed in more than one counterpart, each of which shall be deemed an original, but all of which together shall constitute but one and the same instrument.

9. Complete Agreement. This Agreement, together with the Executive’s PIIA, shall constitute the entire agreement and understanding of the Corporation and the Executive with respect to subjects covered and replace all prior and contemporaneous written or verbal agreements and understandings between the Executive and the Corporation regarding such subjects, including the Previous Agreement.

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year written above.

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EXHIBIT A

SEVERANCE & GENERAL RELEASE AGREEMENT

I,                     , of behalf of myself, my heirs, administrators and representatives, enter into this Severance & General Release Agreement (“Release”) in exchange for the severance benefits under [Part Two / Part Three] of that certain Amended and Restated Executive Severance Benefit Agreement between WageWorks, Inc. (the “Corporation”) and myself, dated             , 2017 (the “Agreement”), following the [DATE] Involuntary Termination of my employment with the Corporation.

1. I represent that (i) I have received from the Corporation all wages earned by me and other amounts owed to me as a result of my employment with the Corporation through my Involuntary Termination; (ii) I have returned to the Corporation all items of property that the Corporation paid for and/or provided to me for my use during employment with the Corporation; and (iii) I have returned the Corporation all documents, materials and writings made or received by me during the course of my employment with the Corporation (including copies, excerpts and summaries, whether in paper or electronic form) except my personal copies of documents evidencing my hire, compensation, benefits and stock options, the Agreement, my Proprietary Information and Inventions Agreement with the Corporation (“PIIA”), and any documents I received from the Corporation as a stockholder of the Corporation.

2. I hereby waive, release and forever discharge the Corporation, its current and former officers, directors, agents, employees, stockholders, successors, assigns, parent, subsidiary and affiliated entities (collectively, “Releasees”) from any and all claims, liabilities, demands, causes of action, costs, expenses, attorney fees, damages and obligations of every kind and nature, in law, equity or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising from or relating to any acts or omissions occurring on and prior to the date I sign this Release, including (without limitation) those arising from or relating to my hiring and employment with the Corporation and the termination of that employment (collectively, “Claims”), including (without limitation) Claims of wrongful discharge, infliction of emotional distress, defamation, fraud, breach of contractual obligations, violation of public policy, discrimination, harassment and retaliation in violation of applicable law, including under the federal Age Discrimination in Employment Act of 1967 (“ADEA”), and all Claims for violation of any other applicable federal, state and/or local law.

(a) In furtherance of my intent to waive, release and forever discharge all Claims against the Releasees, including those that are presently “known and unknown, suspected and unsuspected, disclosed and undisclosed,” I also waive all rights and benefits conferred on me (if any) by Section 1542 of the California Civil Code and by any comparable provision of other applicable law. I understand that Section 1542 provides:

A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor.

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I understand that this means that, if I later discover facts different from or in addition to those that I know or believe to be true as of the date this Release becomes effective, that this Release shall be and remain in full force and effect in all respects notwithstanding such different or additional facts or my later discovery of such facts.

(b) The only exceptions to my waiver, release and discharge of this Paragraph 2 are any Claims I may have (i) for severance benefits under the Agreement; (ii) for benefits under a government-administered benefits program such as, but not limited to, unemployment insurance benefits; (iii) for workers’ compensation benefits under any of the Corporation’s workers’ compensation insurance policy or fund (and I represent that I have provided written report(s) to the Corporation’s General Counsel of all work-related illnesses or injuries I have incurred during my employment with the Corporation); (iv) for any benefits vested under any written employee benefit plan sponsored by the Corporation and governed by ERISA; (v) arising from acts or omissions by any Releasees occurring after the date I sign this Release; and (v) which, under applicable law, are not waivable.

3. I acknowledge that I am waiving and releasing any rights I may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary. I agree that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the effective date of this Release. I acknowledge that the consideration given for this waiver and release is in addition to anything of value to which I am already entitled. I further acknowledge that I have been advised by this writing that: (a) I should consult with an attorney prior to executing this Release; (b) I have twenty-one (21) days within which to consider this Release; (c) I have seven (7) days following my execution of this Release to revoke this Release; (d) this Release shall not be effective until after the revocation period has expired; and (e) nothing in this Release prevents or precludes me from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law. In the event I sign this Release and return it to the Corporation in less than the 21-day period identified above, I hereby acknowledge that I have freely and voluntarily chosen to waive the time period allotted for considering this Release. I acknowledge and understand that revocation must be accomplished by a written notification to the Corporation’s Vice President of Human Resources that is received prior to the Effective Date. The Parties agree that changes, whether material or immaterial, do not restart the running of the 21-day period. This Release will not become effective until the eighth day after I have signed this Release, provided that I have not timely revoked my signature agreement to this Release.

4. I understand that nothing in this Release shall in any way limit or prohibit me from engaging in any Protected Activity. For purposes of this Release, “Protected Activity” shall mean filing a charge, complaint, or report with, or otherwise communicating, cooperating, or participating in any investigation or proceeding that may be conducted by, any federal, state or local government agency or commission, including the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, and the National

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Labor Relations Board (“Government Agencies”). I understand that in connection with such Protected Activity, I am permitted to disclose documents or other information as permitted by law, and without giving notice to, or receiving authorization from, the Corporation. Notwithstanding the foregoing, I agree to take all reasonable precautions to prevent any unauthorized use or disclosure of any information that may constitute Corporation confidential information to any parties other than the Government Agencies. I further understand that “Protected Activity” does not include the disclosure of any Corporation attorney-client privileged communications. In addition, pursuant to the Defend Trade Secrets Act of 2016, I am notified that an individual will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made in confidence to a federal, state, or local government official (directly or indirectly) or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if (and only if) such filing is made under seal. In addition, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the individual’s attorney and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

5. I represent and warrant that (i) I have carefully read and understand the terms and conditions of the Agreement, my PIIA and this Release (collectively, “My Agreements”), (ii) I am not signing this Release in reliance on any promise or representation not contained in any of My Agreements; and (iii) I sign this Release knowingly, voluntarily and without coercion or duress.

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EXHIBIT B

EXECUTIVE’S

PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT

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EXHIBIT C

SECTION 7 OF THE DEFEND TRADE SECRETS ACT OF 2016

“ . . . An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that—(A) is made—(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. . . . An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual—(A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.”

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