EX-4.1





 Exhibit 4.1 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES
LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 6.3 AND 6.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY, SUCH
OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 
 WARRANT TO PURCHASE COMMON STOCK 

Company: BIGCOMMERCE HOLDINGS, INC., a Delaware corporation 

Number of Shares of Common Stock: As set forth in Paragraph A below 

Warrant Price: As set forth in Paragraph A below 
 Issue
Date: February 28, 2020 
 Expiration Date: February 28, 2030    See also Section 6.1(b). 

			
	Credit Facility:	    	This Warrant to Purchase Common Stock (“Warrant”) is issued in connection with that certain Mezzanine Loan and Security Agreement of even date herewith by and among WestRiver Innovation Lending Fund
VIII, L.P., and the Company, BigCommerce, Inc., a Texas corporation, and BigCommerce Pty Ltd ACN 107 422 631, a company incorporated under the laws of Australia (as the same may from time to time be amended, modified, supplemented or restated,
collectively, the “Loan Agreement”).

 THIS WARRANT CERTIFIES THAT, for good and valuable consideration, WESTRIVER INNOVATION LENDING FUND VIII, L.P.
(together with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase the number of fully paid and
non-assessable Shares of the above-stated common stock (the “Common Stock”) of the above-named company (the “Company”) determined pursuant to Paragraph A below,
at a purchase price per share equal to the Warrant Price (as defined below), subject to the provisions and upon the terms and conditions set forth in this Warrant. Capitalized terms used, but not otherwise defined herein shall have the meanings set
forth in the Loan Agreement. 
 A.    Number of Shares; Warrant Price. 

(1) Number of Shares. This Warrant shall be exercisable for the Initial Shares, plus the Additional Shares, if any (collectively, and
as may be adjusted from time to time pursuant to the provisions of this Warrant, the “Shares”). 
 (a) Initial
Shares. As used herein, “Initial Shares” means 149,346 Shares of Common Stock, subject to adjustment from time to time pursuant to the provisions of this Warrant. 

(b) Additional Shares. Upon the making (if any) of the first Term Loan Advance (as defined in the Loan Agreement) to the Company in
any amount, this 

  
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Warrant automatically shall become exercisable for an additional 149,346 Shares of Common Stock, as such number may be adjusted from time to time in accordance with the provisions of this Warrant
(the “Additional Shares”), including, without limitation, adjustments in respect of events occurring prior to the date, if any, on which this Warrant becomes exercisable for the Additional Shares as if they were
“Shares” hereunder for such purpose at all times from and after the Issue Date. 
 (2)    Warrant
Price. The purchase price per Share hereunder shall be the greater of (a) $1.29, subject to adjustment from time to time in accordance with the provisions of this Warrant or (b) the fair market value of a Share of Common Stock reported in
the 409A Valuation (as hereinafter defined) received by the Company and approved or accepted by its Board of Directors most recently prior to March 31, 2020, as adjusted for any event(s) described in Section 2 hereof that occur following
the effective date of such valuation and on or before the date on which this Warrant first becomes exercisable for the Additional Shares, and subject to further adjustment thereafter from time to time in accordance with the provisions of this
Warrant (the “Warrant Price”). Promptly following the date (if any) on which this Warrant first becomes exercisable for the Additional Shares, the Company shall provide to Holder, at its address set forth in Section 6.5
below, (i) the certificate required by Section 2.4 below setting forth the Warrant Price for the Additional Shares, and (ii) if the Warrant Price for the Additional Shares shall be different from the then-effective Warrant Price, a
copy of the 409A Valuation on which the Warrant Price was determined, together with evidence of the approval or acceptance thereof by the Board of Directors of the Company. 

SECTION 1. EXERCISE. 

1.1    Method of Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part,
by delivering to the Company this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in
Section 1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares being
purchased. In no event shall an original ink-signed paper copy of this Warrant be required for any exercise of a Holder’s rights hereunder, nor shall this Warrant or any physical copy thereof be required
to be physically surrendered at the time of any exercise hereof. As a condition to the exercise of the Warrant, the Company shall be entitled to require the Holder to join the Company’s Fourth Amended and Voting Agreement, dated as of
April 19, 2018, as may be amended from time to time. 
 1.2    Cashless Exercise. On any exercise of this
Warrant, in lieu of payment of the aggregate Warrant Price in the manner as specified in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal to the value of this
Warrant, or portion hereof as to which this Warrant is being exercised. Thereupon, the Company shall issue to the Holder such number of fully paid and non-assessable Shares as are computed using the following
formula: 

  
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	 	X =	 Y(A-B)/A 



where: 
  

	 	X =	 the number of Shares to be issued to the Holder; 



 

	 	Y =	 the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered
to the Company in payment of the aggregate Warrant Price); 


  

	 	A =	 the fair market value (as determined pursuant to Section 1.3 below) of one Share; and



  

	 	B =	 the Warrant Price. 



1.3    Fair Market Value. If the Company’s Common Stock is then traded or quoted on a nationally recognized
securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading Market”), the fair market value of a Share shall be the
closing price or last sale price of a share of Common Stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company. If the Company’s Common Stock is
not traded in a Trading Market, the Board of Directors of the Company shall determine the fair market value of a Share in its reasonable good faith judgment. 

1.4    Delivery of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in the
manner set forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder (or in the event that the Company is then traded or quoted on a Trading Market, a screen shot from the
Company’s transfer agent reflecting the issuance of the Shares) upon such exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant of like tenor representing the Shares not so acquired. 

1.5    Replacement of Warrant. 

(a)    Paper Original Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or, in the case of mutilation, on surrender of this
Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount. 

(b)    Electronic Original Warrant. If at any time this Warrant is rejected by any person (including but not
limited to, paying or escrow agents) or any such person fails to comply with the terms of this Warrant based on this Warrant being presented to such person as an electronic record, a printout thereof, or any signature hereto being in electronic
form, the Company, shall, promptly upon Holder’s request without indemnity, execute and deliver to Holder, in lieu of electronic original versions of this warrant, a new warrant of like tenor and amount in paper form with original signatures.


  
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 1.6    Treatment of Warrant upon Acquisition of Company. 

(a)    Acquisition. For the purpose of this Warrant, “Acquisition” means any transaction or
series of related transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company (ii) any merger or consolidation of the Company into or with another person or
entity (other than a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity as such immediately prior to such merger,
consolidation or reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization; or (iii) any sale or other
transfer by the stockholders of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting power. Notwithstanding the foregoing, a transaction (or series of related transactions) shall not
constitute an “Acquisition” if (i) its sole purpose is to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the
Company’s securities immediately prior to such transaction (or series of related transactions) or (ii) the sale of the Company’s equity securities in a bona fide equity financing transaction for capital raising purposes provided that
the Company is the surviving entity and no change in control occurs. 
 (b)    Treatment of Warrant at
Acquisition. In the event of an Acquisition in which the consideration to be received by the Company’s stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a
“Cash/Public Acquisition”), and the fair market value of one Share as determined in accordance with Section 1.3 above would be greater than the Warrant Price in effect on such date immediately prior to such Cash/Public
Acquisition, and Holder has not exercised this Warrant pursuant to Section 1.1 above as to all Shares, then this Warrant shall automatically be deemed to be exercised pursuant to Section 1.2 above (a “Cashless
Exercise”) as to all Shares effective immediately prior to and contingent upon the consummation of a Cash/Public Acquisition. In connection with such Cashless Exercise, Holder shall be deemed to have restated each of the representations
and warranties in Section 4 of the Warrant as of the date thereof and the Company shall promptly notify the Holder of the number of Shares (or such other securities) issued upon exercise. In the event of a Cash/Public Acquisition where the fair
market value of one Share as determined in accordance with Section 1.3 above would be less than the Warrant Price in effect immediately prior to such Cash/Public Acquisition, then this Warrant will expire immediately prior to the consummation
of such Cash/Public Acquisition. 
 (c)    Upon the closing of any Acquisition other than a Cash/Public Acquisition
defined above, the acquiring, surviving or successor entity shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the Shares issuable
upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this Warrant. 

(d)    As used in this Warrant, “Marketable Securities” means securities meeting all of the
following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the 

  
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“Exchange Act”), and is then current in its filing of all required reports and other information under the Act and the Exchange Act; (ii) the class and series of
shares or other security of the issuer that would be received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing thereof is then traded in a Trading Market, and (iii) following the
closing of such Acquisition, Holder would not be restricted from publicly re-selling all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition were Holder to
exercise or convert this Warrant in full on or prior to the closing of such Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend
beyond six (6) months from the closing of such Acquisition. 
 SECTION 2. ADJUSTMENTS TO THE SHARES AND WARRANT PRICE. 

2.1    Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding
shares of the Common Stock payable in securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and
property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred. If the Company subdivides the outstanding shares of the Common Stock by reclassification or otherwise into a
greater number of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares of the Common Stock are combined or consolidated, by
reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased. 

2.2    Reclassification, Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding
shares of the Common Stock are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of such event, this Warrant will be
exercisable for the number, class and series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to further adjustment thereafter from time to time in
accordance with the provisions of this Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations substitutions, replacements or other similar events. 

2.3    No Fractional Share. No fractional Share shall be issuable upon exercise of this Warrant and the number of
Shares to be issued shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by
multiplying the fractional interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the then-effective Warrant Price. 

2.4    Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price, Common Stock and/or number
of Shares, the Company, at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, class and/or number of Shares and facts upon which such adjustment is based. The
Company shall, upon written request from Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant Price, class and number of Shares in effect upon the date of such
adjustment. 

  
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 SECTION 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 

3.1    Representations and Warranties. The Company represents and warrants to, and agrees with, the Holder as
follows: 
 (a)    The number of Initial Shares first set forth above, together with the Additional Shares first set
forth above, collectively represent not less than 0.075% of the Company’s total issued and outstanding shares of common stock, calculated on and as of the Issue Date hereof on a fully-diluted basis assuming (i) the conversion into common
stock of all outstanding securities and instruments (including, without limitation, securities deemed to be outstanding convertible by their terms into shares of common stock (regardless of whether such securities or instruments are by their terms
now so convertible, other than pursuant to (a) the Contingent Convertible Debt Agreement by and between the Company, Silicon Valley Bank and the other parties thereto dated October 27, 2017 and (b) the 2020 Contingent Convertible Debt
Agreement among the Company, Silicon Valley Bank and the other parties thereto dated on or about the date hereof), and (ii) the inclusions of all shares of common stock reserved for issuance under all of the Company’s incentive stock and
stock option plans and not then subject to outstanding grants or options. 
 (b)    The initial Warrant Price referenced
in Paragraph A is not greater than the price per share at which shares of the Company Common Stock or options to purchase shares of Company Common Stock were issued immediately prior to the Issue Date hereof. 

(c)    All Shares which may be issued upon the exercise of this Warrant, shall, upon issuance, be duly authorized, validly
issued, fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws. The Company
covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued capital stock such number of securities as will be sufficient to permit the exercise in full of this Warrant. 

3.2    Notice of Certain Events. If the Company, prior to an IPO, proposes at any time to: 

(a)    declare any dividend or distribution upon the outstanding shares of the Company’s stock, whether in cash,
property, stock, or other securities and whether or not a regular cash dividend; 
 (b)    offer for subscription or
sale pro rata to the holders of the outstanding shares any additional shares of any class or series of the Company’s stock (other than pursuant to contractual pre-emptive rights); 

(c)    effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the
outstanding shares of the Common Stock; 
 (d)    effect an Acquisition or to liquidate, dissolve or wind up; or 

  
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 (e)    effect its initial, underwritten offering and sale of its
securities to the public pursuant to an effective registration statement under the Act (the “IPO”); 
 then, in connection with each
such event, the Company shall give Holder: 
 (1)    in the case of the matters referred to in (a)
and (b) above, at least seven (7) Business Days prior written notice of the earlier to occur of the effective date thereof or the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying
the date on which the holders of outstanding shares of the Common Stock will be entitled thereto) or for determining rights to vote, if any, 

(2)    in the case of the matters referred to in (c) and (d) above at least seven
(7) Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding shares of Common Stock will be entitled to exchange their shares for the securities or other property
deliverable upon the occurrence of such event and such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection with such event giving rise to the notice); and 

(3)    with respect to the IPO, at least seven (7) Business Days prior written notice of the date on
which the Company proposes to file its registration statement in connection therewith. 
 Company will also provide information requested by Holder that is
reasonably necessary to enable Holder to comply with Holder’s accounting or reporting requirements. With respect to any confidential information that Holder receives under this Warrant, Holder agrees to be bound by the confidentiality
provisions contained in Section 12.9 of the Loan Agreement whether or not the Loan Agreement otherwise remains in effect. 
 SECTION 4.
REPRESENTATIONS, WARRANTIES OF THE HOLDER. 
 The Holder represents and warrants to the Company as follows: 

4.1    Purchase for Own Account. This Warrant and the Shares to be acquired upon exercise of this Warrant by Holder
are being acquired for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents that it has not been formed for the specific
purpose of acquiring this Warrant or the Shares. 
 4.2    Disclosure of Information. Holder is aware of the
Company’s business affairs and financial condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and
its underlying securities. Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional
information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access. 

  
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 4.3    Investment Experience. Holder understands that the
purchase of this Warrant and its underlying securities involves substantial risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s
investment in this Warrant and its underlying securities and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities
and/or has a preexisting personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial
circumstances of such persons. 
 4.4    Accredited Investor Status. Holder is an “accredited investor”
within the meaning of Regulation D promulgated under the Act. 
 4.5    The Act. Holder understands that this
Warrant and the Shares issuable upon exercise hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment
intent as expressed herein. Holder understands that this Warrant and the Shares issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless
exemption from such registration and qualification are otherwise available. Holder is aware of the provisions of Rule 144 promulgated under the Act. 

4.6    No Voting Rights. Holder, as a Holder of this Warrant, will not have any voting rights until the exercise of
this Warrant. 
 SECTION 5. GOVERNING LAW, VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE. 

5.1    Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of
Delaware, without giving effect to its principles regarding conflicts of law. 
 5.2    Jurisdiction and Venue.
The Company and Holder each submit to the exclusive jurisdiction of the State and Federal courts in the State of Delaware; provided, however, that nothing in this Warrant shall be deemed to operate to preclude the Company or Holder from bringing
suit or taking other legal action in any other jurisdiction in each case to enforce a judgment or other court order in favor of such party. The Company and Holder expressly submit and consent in advance to such jurisdiction in any action or suit
commenced in any such court, and the Company and Holder hereby waive any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable
relief as is deemed appropriate by such court. The Company and Holder hereby waive personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other process
may be made in accordance with Section 6.5 of this Warrant. 

  
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 5.3    Jury Trial Waiver. TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, THE COMPANY AND HOLDER EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS WARRANT, THE LOAN AGREEMENT OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND
ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE PARTIES’ AGREEMENT TO THIS WARRANT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 

5.4    Judicial Reference. WITHOUT INTENDING IN ANY WAY TO LIMIT THE PARTIES’ AGREEMENT TO WAIVE THEIR
RESPECTIVE RIGHT TO A TRIAL BY JURY, if the waiver of the right to a trial by jury in Section 5.3 above is not enforceable, the parties agree that any and all disputes or controversies of any nature between them arising at any time shall be
decided by a reference to a private judge, mutually selected by the parties (or, if they cannot agree, by the Presiding Judge of the Santa Clara County, California Superior Court) appointed in accordance with California Code of Civil Procedure
Section 638 (or pursuant to comparable provisions of federal law if the dispute falls within the exclusive jurisdiction of the federal courts), sitting without a jury, in Santa Clara County, California; and the parties hereby submit to the
jurisdiction of such court. The reference proceedings shall be conducted pursuant to and in accordance with the provisions of California Code of Civil Procedure §§ 638 through 645.1, inclusive. The private judge shall have the power, among
others, to grant provisional relief, including without limitation, entering temporary restraining orders, issuing preliminary and permanent injunctions and appointing receivers. All such proceedings shall be closed to the public and confidential and
all records relating thereto shall be permanently sealed. If during the course of any dispute, a party desires to seek provisional relief, but a judge has not been appointed at that point pursuant to the judicial reference procedures, then such
party may apply to the Santa Clara County, California Superior Court for such relief. The proceeding before the private judge shall be conducted in the same manner as it would be before a court under the rules of evidence applicable to judicial
proceedings. The parties shall be entitled to discovery which shall be conducted in the same manner as it would be before a court under the rules of discovery applicable to judicial proceedings. The private judge shall oversee discovery and may
enforce all discovery rules and orders applicable to judicial proceedings in the same manner as a trial court judge. The parties agree that the selected or appointed private judge shall have the power to decide all issues in the action or
proceeding, whether of fact or of law, and shall report a statement of decision thereon pursuant to California Code of Civil Procedure § 644(a). Nothing in this paragraph shall limit the right of any party at any time to exercise self-help
remedies or obtain provisional remedies. The private judge shall also determine all issues relating to the applicability, interpretation, and enforceability of this paragraph. 

5.5    Survival. This Section 5 shall survive the termination of this Warrant. 

SECTION 6. MISCELLANEOUS. 

6.1    Term and Automatic Conversion upon Expiration. 

(a)    Term. Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part
at any time and from time to time on or before 6:00 PM, Pacific time, on the Expiration Date and shall be void thereafter. 

  
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 (b)    Automatic Cashless Exercise upon Expiration. In the event
that, upon the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this
Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the Company shall, within a
reasonable time, deliver a certificate representing the Shares (or such other securities) issued upon such exercise to Holder. 

6.2    Legends. The Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if
any) shall be imprinted with a legend in substantially the following form: 
 THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE COMMON STOCK ISSUED BY THE ISSUER TO WESTRIVER
INNOVATION LENDING FUND VIII, L.P. DATED FEBRUARY 28, 2020, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE,
PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 
 6.3    Compliance with Securities Laws on Transfer.
This Warrant and the Shares issuable upon exercise of this Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part except in compliance with
applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by
the Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to any affiliate of Holder, provided that any such transferee is an “accredited investor” as defined in Regulation D promulgated under
the Act. Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the availability of Rule 144 promulgated under the Act. 

6.4    Transfer Procedure. Subject to the provisions of Section 6.3 and upon providing the Company with
written notice, Holder and any subsequent Holder may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the securities issuable directly or indirectly, upon conversion of the Shares, if any) to any
transferee, provided, however, in connection with any such transfer, Holder or any subsequent Holder will give the Company notice of the portion of the Warrant and/or Shares being transferred with the name, address and taxpayer identification number
of the transferee and Holder will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable); and provided further, that any subsequent transferee shall agree in writing with the Company to be bound by all
of the terms and conditions of this Warrant. Notwithstanding any contrary provision herein, at all times prior to the IPO, Holder may not, without the Company’s prior written consent, transfer this Warrant or


  
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any portion hereof, or any Shares issued upon any exercise hereof, or any shares or other securities issued upon any conversion of any Shares issued upon any exercise hereof, to any person or
entity who directly competes with the Company as reasonably determined by mutual agreement between the Holder and the Company, except in connection with (i) an Acquisition of the Company by such a direct competitor and pursuant to the terms of
the definitive agreements between the Company and such direct competitor, (ii) assignments by the Holder due to a forced divestiture at the request of a regulatory agency, or (y) upon the occurrence of a default, event of default or
similar occurrence with respect to Holder’s own financing or securitization transactions. 
 6.5    Notices.
All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class
registered or certified mail, postage prepaid, (iii) upon actual receipt if given by electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight
courier service, courier fee prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this
Section 6.5. All notices to Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise: 

WestRiver Innovation Lending Fund VIII, L.P. 

c/o WestRiver Management, LLC 

Attn: 
 Email: 

Notice to the Company shall be addressed as follows until Holder receives notice of a change in address: 

BigCommerce Holdings, Inc. 

11305 Four Points Drive, Building II, Third Floor 

Austin, TX 78726 
 Attn: 

Fax: 
 Email:

With a copy (which shall not constitute notice) to: 

DLA Piper LLP (US) 
 401
Congress Avenue, Suite 2500 
 Austin, Texas 78701-3799 

Attn: 
 Fax: 

Email: 

6.6    Waiver. Notwithstanding any contrary provision herein or in the Loan Agreement, this Warrant and any term
hereof may be changed, waived, discharged or terminated (either generally or in a particular instance and either retroactively or prospectively) only by an instrument in writing signed by Holder and any party against which enforcement of such
change, waiver, discharge or termination is sought. 

  
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 6.7    Attorneys’ Fees. In the event of any dispute between
the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

6.8    Counterparts; Electronic Signatures; Status as Certificated Security. This Warrant may be executed in
counterparts, all of which together shall constitute one and the same agreement. Company, Holder and any other party hereto may execute this Warrant by electronic means and each party hereto recognizes and accepts the use of electronic signatures
and records by any other party hereto in connection with the execution and storage hereof. To the extent that this Warrant or any agreement subject to the terms hereof or any amendment hereto is executed, recorded or delivered electronically, it
shall be binding to the same extent as though it had been executed on paper with an original ink signature. The fact that this Warrant is executed, signed, stored or delivered electronically shall not prevent the transfer by any Holder of this
Warrant pursuant to Section 6.4 or the enforcement of the terms hereof. This Warrant, and any copies hereof, shall NOT be deemed to be a “certificated security” within the meaning of Section 8102(a)(4) of the California
Commercial Code. Physical possession of the original of this Warrant or any paper copy thereof shall confer no special status to the bearer thereof. 

6.9    Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise
affect the meaning of any provision of this Warrant. 
 6.10    Business Days. “Business
Day” is any day that is not a Saturday, Sunday or a day on which Holder is closed. 
 [Remainder of page left blank
intentionally] 
 [Signature page follows] 

  
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 IN WITNESS WHEREOF, the parties have caused this Warrant to Purchase Common Stock to be
executed by their duly authorized representatives effective as of the Issue Date written above. 
  

			
	“COMPANY”
	
	BIGCOMMERCE HOLDINGS, INC.
		
	By:	 	 /s/ Robert Alvarez

	Name:	 	 Robert Alvarez

	Title:	 	 Chief Financial Officer

	
	“HOLDER”
	
	WESTRIVER INNOVATION LENDING FUND VIII, L.P.
		
	By:	 	 /s/ Trent Dawson

	Name:	 	 Trent Dawson

	Title:	 	 Chief Financial Officer


 [Signature Page to Warrant to Purchase Common Stock] 

  
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 APPENDIX 1 

NOTICE OF EXERCISE OF WARRANT 

1.    The undersigned Holder hereby exercises its right to purchase
                     shares of the Common Stock of BIGCOMMERCE HOLDINGS, INC., a Delaware corporation (the
“Company”) in accordance with the attached Warrant To Purchase Common Stock, and tenders payment of the aggregate Warrant Price for such shares as follows: 

[    ] check in the amount of $             payable to the
order of the Company enclosed herewith 
 [    ] Wire transfer of immediately available funds to the Company’s
account 
 [    ] Cashless Exercise pursuant to Section 1.2 of the Warrant 

[    ] Other [Describe]
                                         
                                         
                                   

2.    Please issue a certificate or certificates representing the Shares in the name specified below: 

 
  

Holder’s Name 
  

 
  

 
 (Address) 

3.    By its execution below and for the benefit of the Company, Holder hereby restates each of the representations and
warranties in Section 4 of the Warrant to Purchase Common Stock as of the date hereof. 
  

			
	HOLDER:
	  





			
		
	By:	 	  



 
			
	Name:	 	  



 
			
	Title:	 	  



 
			
	(Date):