Exhibit 10.5.6


FIFTH LOAN MODIFICATION AGREEMENT


 


This Fifth Loan Modification Agreement
(this “Loan Modification Agreement”) is entered into as of September 23, 2013, by and among (a) SILICON VALLEY
BANK, a California corporation (“Bank”), with its principal place of business at 3003 Tasman Drive, Santa
Clara, California 95054 with a loan production office located at 505 Fifth Avenue, 11th Floor, New York, New York
10017, and (b) EVERYDAY HEALTH, INC., a Delaware corporation (“Everyday Health”), with its principal place
of business at 345 Hudson Street, 16th Floor, New York, New York 10014, EVERYDAY HEALTH MEDIA, LLC, a
Delaware limited liability company (“Media”), with its principal place of business at 345 Hudson
Street, 16th Floor, New York, New York 10014 and MEDPAGE TODAY, L.L.C., a New Jersey limited liability
company (“MedPage”), with its principal place of business at 345 Hudson Street, 16th Floor, New York,
New York 10014 (Everyday Health, Media and MedPage are hereinafter jointly and severally, individually and collectively,
referred to as “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 September 22, 2010, evidenced by, among other documents, a certain Loan and Security Agreement dated as
of September 22, 2010, as amended by a certain First Loan Modification Agreement dated as of April 27, 2011, as affected by a
certain Joinder Agreement dated as of July 8, 2011, as further amended by a certain Second Loan Modification Agreement dated as
of December 21, 2011, as further amended by a certain Third Loan Modification Agreement dated as of August 10, 2012, and as further
amended by a certain Fourth Loan Modification Agreement dated as of October 22, 2012 (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, among other property, (a) the Collateral, (b) the Intellectual Property Collateral as defined in a certain Intellectual
Property Security Agreement dated as of October 22, 2012, between Everyday Health and Bank (as amended, the “Everyday Health
IP Agreement”), (c) the Intellectual Property Collateral as defined in a certain Intellectual Property Security Agreement
dated as of October 22, 2012, between Media and Bank (as amended, the “Media IP Agreement”), and (d) the Intellectual
Property Collateral as defined in a certain Intellectual Property Security Agreement dated as of October 22, 2012, between MedPage
and Bank (as amended, the “MedPage IP Agreement”) (together with 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 text, appearing in
                                                                           Section 6.7(a) thereof:






 


“(a) Adjusted EBITDA. Subject
to subsection (c) below, maintain, to be tested as of the last day of each quarter, Adjusted EBITDA of at least (i) ($1,300,000)
for the quarter ending September 30, 2010, (ii) $1,700,000 for the quarter ending December 31, 2010, (iii) ($4,800,000) for the
quarter ending March 31, 2011, (iv) ($1,000,000) for the quarter ending June 30, 2011, (v) $750,000 for the quarter ending September
30, 2011, (vi) ($3,000,000) for the quarter ending September 30, 2012 and (vii) $4,000,000 for the quarter ending December 31,
2012.


  


With respect to the quarter ending
on March 31, 2013 and each quarter thereafter, the Adjusted EBITDA covenant levels will be established by mutual



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agreement of Borrower and Bank based upon
the Borrower’s board-approved projections and budget. With respect thereto:


 


(i) the failure of Bank and Borrower
to mutually agree in writing (which agreement shall be set forth in a written amendment to this Agreement), no later than January
31, 2013, to any such covenant levels proposed by Bank in good faith and in accordance with Borrower’s board-approved projections
and budget with respect to calendar year 2013 shall result in an immediate Event of Default for which there shall be no grace or
cure period;


  


(ii) the failure of Bank and Borrower to mutually agree in writing
(which agreement shall be set forth in a written amendment to this Agreement), no later than January 31, 2014, to any such covenant
levels proposed by Bank in good faith and in accordance with Borrower’s board-approved projections and budget with respect
to calendar year 2014 shall result in an immediate Event of Default for which there shall be no grace or cure period; and


  


(ii) the failure of Bank and Borrower to mutually agree in writing
(which agreement shall be set forth in a written amendment to this Agreement), no later than January 31, 2015, to any such covenant
levels proposed by Bank in good faith and in accordance with Borrower’s board-approved projections and budget with respect
to calendar year 2015 shall result in an immediate Event of Default for which there shall be no grace or cure period.”


  


and inserting in lieu thereof the following:


  


“(a) Adjusted EBITDA. Subject
to subsection (c) below, maintain, to be tested as of the last day of each quarter, Adjusted EBITDA of at least (i) ($1,300,000)
for the quarter ending September 30, 2010, (ii) $1,700,000 for the quarter ending December 31, 2010, (iii) ($4,800,000) for the
quarter ending March 31, 2011, (iv) ($1,000,000) for the quarter ending June 30, 2011, (v) $750,000 for the quarter ending September
30, 2011, (vi) ($3,000,000) for the quarter ending September 30, 2012, (vii) $4,000,000 for the quarter ending December 31, 2012,
(viii) ($3,000,000) for the quarter ending September 30, 2013 and (ix) $11,000,000 for the quarter ending December 31, 2013.


 


With respect to the quarter ending on March 31, 2014 and each
quarter thereafter, the Adjusted EBITDA covenant levels will be established by mutual agreement of Borrower and Bank based upon
the Borrower’s board-approved projections and budget. With respect thereto:


 


(i) the failure of Bank and Borrower to mutually agree in writing
(which agreement shall be set forth in a written amendment to this Agreement), no later than January 31, 2014, to any such covenant
levels proposed by Bank in good faith and in accordance with Borrower’s board-approved projections and budget with respect
to calendar year 2014 shall result in an immediate Event of Default for which there shall be no grace or cure period; and











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(ii) the failure of Bank and Borrower to mutually agree in writing
(which agreement shall be set forth in a written amendment to this Agreement), no later than January 31, 2015, to any such covenant
levels proposed by Bank in good faith and in accordance with Borrower’s board-approved projections and budget with respect
to calendar year 2015 shall result in an immediate Event of Default for which there shall be no grace or cure period.”


 


	2	The Loan Agreement
                                                                     shall be amended by deleting the Compliance Certificate that
                                                                     is attached to the Loan Agreement as Exhibit C
                                                                     and inserting in lieu thereof the Compliance Certificate
                                                                     attached hereto as Schedule 1.



 


4. FEES AND EXPENSES. Borrower shall reimburse Bank
for all legal fees and expenses incurred in connection with this amendment to the Existing Loan Documents.


 


5. RATIFICATION OF PERFECTION CERTIFICATES.


 


(a) Everyday Health hereby ratifies, confirms and reaffirms,
all and singular, the terms and disclosures contained in a certain Perfection Certificate dated as of October 22, 2012 executed
and delivered by Everyday Health, and acknowledges, confirms and agrees that the disclosures and information Everyday Health provided
to Bank in such Perfection Certificate have not changed, as of the date hereof.


  


(b) Media hereby ratifies, confirms and reaffirms, all and singular,
the terms and disclosures contained in a certain Perfection Certificate dated as of October 22, 2012 executed and delivered by
Media, and acknowledges, confirms and agrees that the disclosures and information Media provided to Bank in such Perfection Certificate
have not changed, as of the date hereof.


  


(c) MedPage hereby ratifies, confirms and reaffirms, all and
singular, the terms and disclosures contained in a certain Perfection Certificate dated as of October 22, 2012 executed and delivered
by MedPage, and acknowledges, confirms and agrees that the disclosures and information MedPage provided to Bank in such Perfection
Certificate have not changed, as of the date hereof.


  


6. RATIFICATION OF IP AGREEMENTS.


  


(a) Everyday Health hereby ratifies, confirms and reaffirms,
all and singular, the terms and conditions of the Everyday Health IP Agreement, and acknowledges, confirms and agrees that the
Everyday Health IP Agreement contains an accurate and complete listing of all Intellectual Property Collateral, as defined in the
Everyday Health IP Agreement, and shall remain in full force and effect.


  


(b) Media hereby ratifies, confirms and reaffirms, all and singular,
the terms and conditions of the Media IP Agreement, and acknowledges, confirms and agrees that the Media IP Agreement contains
an accurate and complete listing of all Intellectual Property Collateral, as defined in the Media IP Agreement, and shall remain
in full force and effect.


 


(c) MedPage hereby ratifies, confirms and reaffirms, all and
singular, the terms and conditions of the MedPage IP Agreement, and acknowledges, confirms and agrees that the MedPage IP Agreement
contains an accurate and complete listing of all Intellectual Property Collateral, as defined in the MedPage IP Agreement, and
shall remain in full force and effect.


  


7. CONSISTENT CHANGES. The Existing Loan Documents are
hereby amended wherever necessary to reflect the changes described above.



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8. 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.


 


9. NO DEFENSES OF BORROWER. Borrower hereby acknowledges
and agrees that 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.


 


10. 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.


 


11. COUNTERSIGNATURE. This Loan Modification Agreement
shall become effective only when it shall have been executed by Borrower and Bank.


 


[Signature page follows.]



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


 


	BORROWER:	 
	 	 	 
	EVERYDAY HEALTH, INC.	 
	 	 	 
	By:	/s/ Alan Shapiro	 
	Name: 	Alan Shapiro	 
	Title:	EVP and General Counsel	 
	 	 	 
	EVERYDAY HEALTH MEDIA, LLC	 
	 	 	 
	By:	/s/ Alan Shapiro	 
	Name:	Alan Shapiro	 
	Title:	EVP and General Counsel	 
	 	 	 
	MEDPAGE TODAY, L.L.C.	 
	 	 	 
	By:	/s/ Alan Shapiro	 
	Name:	Alan Shapiro	 
	Title:	President	 
	 	 	 
	BANK:	 
	 	 	 
	SILICON VALLEY BANK	 
	 	 	 
	By:	/s/ Michael McMahon	 
	Name:	Michael McMahon	 
	Title:	Vice President	 





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Schedule 1


 


EXHIBIT C


 


COMPLIANCE CERTIFICATE


 


	TO:	SILICON VALLEY BANK	 	Date: 	 
	FROM: 	 	 	 	 




 


     The undersigned
authorized officer of EVERYDAY HEALTH, INC., EVERYDAY HEALTH MEDIA, LLC and MEDPAGE TODAY, L.L.C. (jointly and severally, individually
and collectively, “Borrower”) certifies that under the terms and conditions of the Loan and Security Agreement among
Borrower and Bank (as amended, 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 180 days	 	Yes  No
	Unbilled Revenue Reports	 	15th and last days of each month	 	Yes  No
	10-Q, 10-K and 8-K	 	Within 5 days after filing with SEC	 	Yes  No  N/A



 


The following Intellectual Property was registered (or a registration
application submitted) after the Fourth LMA Effective Date (if no registrations, state “None”)


 


  



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	Financial
    Covenants	 	Required	 	 	Actual	 	 	Complies
	 	 	 	 	 	 	 	 	 	 	 
	Adjusted EBITDA (quarterly)	 	$              *	 	 	$                   	 	 	Yes  No  N/A
	Adjusted Quick Ratio** (monthly)	 	1.25:1.0	 	 	               :1.0	 	 	Yes  No  N/A
	Minimum Unrestricted and Unencumbered Cash at Bank	 	$10,000,000	 	 	$                   	 	 	Yes  No  N/A




 


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






 


**Only
applicable upon Bank’s receipt of written notice from Borrower within thirty (30) days of the occurrence of the Equity Event
of Borrower’s election of the Adjusted Quick Ratio covenant in lieu of the Adjusted EBITDA covenant, 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.”)


 


 


 


 


	Everyday Health, Inc.	 	BANK USE ONLY
	Everyday Health Media, LLC	 	 	 	 
	MedPage Today, L.L.C.	 	Received by:                                                       
	 	 	 	authorized
    signer
	 	 	 	Date:	 	 
	By:	 	 	 	 	 
	Name: 	 	 	Verified:	 	 
	Title:	 	 	authorized
    signer
	 	 	 	Date:	 	 
	 	 	 	 	 	 
	 	 	 	Compliance Status:      Yes    No 





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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. Adjusted
EBITDA (Section 6.7(a))


 


Required:  See chart below  



  


	 Period	 	  EBITDA	 
	Quarter ending September 30, 2010	 	($1,300,000)	 
	Quarter ending December 31, 2010	 	$1,700,000	 
	Quarter ending March 31, 2011	 	($4,800,000)	 
	Quarter ending June 30, 2011	 	($1,000,000)	 
	Quarter ending September 30, 2011	 	$750,000	 
	Quarter ending December 31, 2011	 	  N/A 	 
	Quarter ending March 31, 2012	 	  N/A 	 
	Quarter ending June 30, 2012	 	  N/A 	 
	Quarter ending September 30, 2012	 	($3,000,000)	 
	Quarter ending December 31, 2012	 	$4,000,000	 
	Quarter ending September 30, 2013	 	($3,000,000)	 
	Quarter ending December 31, 2013	 	$11,000,000	 
	Quarter ending March 31, 2014 and each quarter thereafter	 	$                 *	 
	*To be set in accordance with Section 6.7(a)	 



  


Actual:


  


	A. 	EBITDA
    (earnings before interest, taxes, depreciation and amortization in accordance with GAAP)	 	$ 	 
	B.  	Unfinanced
    capital expenditures of Borrower (including capitalized software and development costs)	 	$	 
	C.	Non-cash stock compensation
    expense	 	$ 	 
	D.  	Reasonable
    add-backs for non-cash items for which Borrower provided written details to Bank	 	$	 
	E.    	 Up to Two Million Seven
    Hundred Thousand Dollars ($2,700,000.00) for fiscal year 2012 and up
    to One Million Four Hundred Fifty Thousand ($1,450,000.00) for fiscal year 2013 in aggregate earn-out expense made
    as a result of the 2011 acquisition of DDC Internet, Inc.	 	$ 	 




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	F.	Up to Five Hundred Fifty Thousand Dollars ($550,000.00) in respect of the write-off of deferred financing costs relating to the Horizon and Square 1 Bank credit facilities	 	 $	 
	G. 	For fiscal year 2012, to the extent approved by Bank in writing in its reasonable discretion, one-time restructuring charges incurred as a result of the acquisition by Borrower of Eqal in September 2012	 	$	 
	H.        	For fiscal years 2013 and 2014, as applicable, only to the extent disclosed in its profit and loss statements delivered to Bank, up to Ten Million Dollars ($10,000,000.00) in aggregate earn-out expense (which expense shall not exceed Five Million Dollars ($5,000,000.00) in cash expense and Five Million Dollars ($5,000,000.00) in stock expense) made as a result of the acquisition by Borrower of Eqal in September 2012	 	$	 
	I.	Other one-times charges approved by Bank in writing in its sole discretion	 	$	 
	J.	Adjusted EBITDA (line A minus line B plus line C plus line D plus
    line E plus line F plus line G plus line H plus line I)	 	$	 


 


Is line J equal to or greater than $_______ (see chart
above)?


  


	 	                
    No, not in compliance	                
    Yes, in compliance


 


II. Adjusted Quick Ratio (Section 6.7(e) –
if applicable)


 


Required:  ≥1.25:1.0  



 


Actual:   


 


	A.	Aggregate value of the unrestricted cash and cash equivalents of Borrower maintained with Bank	 	$	 
	B.	Aggregate value of the net billed accounts receivable of Borrower	 	$	 
	C.	Quick Assets (the sum of lines A through B)	 	$	 
	D.	Aggregate value of Obligations to Bank (excluding Borrower’s obligations and liabilities solely with respect to the Term Loan Advance as defined in the Subordinated Loan Agreement)	 	$	 
	E.	Aggregate value of liabilities that should, under GAAP, be classified as liabilities on Borrower’s consolidated balance sheet, including all Indebtedness, and not otherwise reflected in line D above that matures within one (1) year (excluding Borrower’s obligations and liabilities solely with respect to the Term Loan Advance as defined in the Subordinated Loan Agreement)	 	$	 
	F.	Current Liabilities (the sum of lines D and E)	 	$	 
	G.	Current portion of the aggregate value of all amounts received or invoiced by Borrower in advance of performance under contracts and not yet recognized as revenue	 	$	 
	H.	Line F minus line G	 	$	 
	I.	Adjusted Quick Ratio (line C divided by line H)	 	 	 


 


Is line I equal to or greater than 1.25:1:0?






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    No,     not in compliance	                
    Yes, in compliance


  


III.
Minimum Cash (Section 6.7(d)) 



  


	Required		$10,000,000




 


Actual    


 


	A.	Aggregate value of the unrestricted and unencumbered cash of Borrower maintained with Bank	$	 


 


Is line A equal to or greater than the required amount set forth
above?


  


	 	                
    No, not in compliance	                
    Yes, in compliance




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